VARIABLE ANNUITY ACCT C OF VOYA RETIREMENT INSURANCE & ANNUITY Co

N-4

false

Charges for Early Withdrawals [Text Block]

Charges for Early Withdrawals We do not impose a charge for early withdrawals from the Contract.

Ongoing Fees and Expenses [Table Text Block]

Ongoing Fees and Expenses (annual charges) The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. These ongoing fees and expenses do not reflect any advisory fees due under an independent advisory services agreement with a participant, and if such charges were reflected, these ongoing fees and expenses would be higher.

Annual Fee Minimum Maximum

Base Contract Expenses 1.50%^{1, 2} 1.50%^{1, 2}

Investment Options
(Portfolio Company fees and expenses) 0.04%³ 0.83%³

¹		As a percentage of average Account Value.
²		The base contract expenses include (1) the mortality and expense risk charge, which compensates us for the mortality and expense risks we assume under the Contract, including those risks associated with our funding of the death benefit, including any guaranteed death benefits; and (2) a $75 annual maintenance fee converted to an annual percentage equal to 0.0014%. The administrative expense charge and the annual maintenance fee may be reduced or eliminated in certain circumstances. The minimum amount reflects these reductions or eliminations, while the maximum amount does not. Additionally, the minimum amount reflects the lower mortality and expense risk charge and the maximum amount reflects the higher mortality and expense risk charge for the Contracts. *See “CHARGES AND FEES - Periodic Fees and Charges.”*
³		These expenses, which include management fees, distribution (12b-1) and/or service fees and other expenses, do not take into account any fee waiver or expense reimbursement arrangements that may apply. These expenses are for the year ended December 31, 2022, and will vary from year to year.

Ongoing Fees and Expenses (annual charges)

Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year based on current charges. This estimate assumes that you do not take withdrawals from the Contract.

Lowest Annual Cost Estimate:

$1,512
Highest Annual Cost Estimate:
$2,112

Assumes:

•  Investment of $100,000;

•  5% annual appreciation;

•  No optional benefits;

•  No sales charges or advisory fees; and

•  No additional Purchase Payments, transfers or withdrawals.

Assumes:

•  Investment of $100,000;

•  5% annual appreciation;

•  No sales charges or advisory fees; and

•  No additional Purchase Payments, transfers or withdrawals.

See “FEE TABLES – Periodic Fees and Expenses” and “CHARGES AND FEES – Periodic Fees and Charges.”

Base Contract (of Average Annual Net Assets) (N-4) Maximum [Percent]

1.50%

Investment Options (of Average Annual Net Assets) Minimum [Percent]

0.04%

Investment Options Footnotes [Text Block]

These expenses, which include management fees, distribution (12b-1) and/or service fees and other expenses, do not take into account any fee waiver or expense reimbursement arrangements that may apply. These expenses are for the year ended December 31, 2022, and will vary from year to year.

Lowest Annual Cost [Dollars]

$ 1,512

Risks [Table Text Block]

RISKS

Risk of Loss

You An Investor can lose money by investing in the Contract.

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT.”

Not a Short-Term Investment
This Contract is not designed for short-term investing and is not appropriate for an Investor who needs ready access to cash. The Contract is typically most useful as part of a personal retirement plan. You should not participate in this Contract if you are looking for a short-term investment or expect to make withdrawals before you are age 59½.

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT.”

Risks Associated with Investment Options

An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment option available under the Contract. Each investment option (including the Fixed Interest Option) will have its own unique risks, and you should review these investment options before making an investment decision.

See “THE INVESTMENT OPTIONS – The Variable Investment Options” and “APPENDIX A and APPENDIX B.”

Insurance Company Risks
An investment in the Contract is subject to the risks related to VRIAC, including that any obligations, including under the Fixed Interest Option, guarantees or benefits are subject to the financial strength and claims paying ability of VRIAC. More information about VRIAC, including its financial strength and claims paying ability, is available upon request, by contacting Customer Service.

See “THE CONTRACT – The General Account.”

Optional Benefit Restrictions [Text Block]

• We may discontinue or restrict the availability of an optional benefit.

• Benefits available to you may vary based on employer and state approval. Participants should refer to their plan documents for available benefits; and

• If a participant elects to pay advisory fees from the Variable Investment Options, such deductions will reduce the death benefit amount and also may be subject to federal and state income taxes and a 10% federal tax penalty.

See “THE CONTRACT – Contract Provisions and Limitations – The Asset Rebalancing Program,” “DEATH BENEFIT – Death Benefit Options,” “SYSTEMATIC DISTRIBUTION OPTIONS – Availability of Systematic Distribution Options” and “LOANS – Availability.”

Investment Professional Compensation [Text Block]

• We pay compensation to broker/dealers whose registered representatives sell the Contract.

• Compensation may be paid in the form of commissions or other compensation, depending upon the agreement between the broker/dealers and the registered representative.

• Because of this sales-based compensation, an investment professional may have a financial incentive to offer or recommend the Contract over another investment.

See “OTHER TOPICS – Contract Distribution.”

Item 4. Fee Table [Text Block]

FEE TABLE

The following tables describe the fees and expenses that you will pay when buying, owning and surrendering or making withdrawals from the Contract. These fees and expenses do not reflect any advisory fee paid to an independent investment advisor retained by a participant, and if such charges were reflected, these fees and expenses would be higher. See “THE INCOME PHASE” for fees that may apply after you begin receiving payment under the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.

The first table describes the fees and expenses that you will pay at the time you buy the Contract, surrender or make withdrawals from the Contract or take a loan from the Contract. State premium taxes may also be deducted.

Transaction Expenses
Loan Initiation Fee⁴	$100.00
Premium Tax⁵	0.00% to 4.00%

The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Fund fees and expenses).

Annual Contract Expenses

Base Contract Expenses^{6, 7} (as a percentage of average Account Value)	1.50%
Annual Maintenance Fee⁷	$75.00

The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. A complete list of the Funds available under the Contract, including their annual expenses, may be found in APPENDIX A of this prospectus.

Annual Fund Expenses

		Minimum		Maximum
Expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses (as of December 31, 2022).		0.04%		0.79%

⁴	We reserve the right to change the fee charged for loan initiation, but not to exceed $100. *See “Loans – Things to Consider Before Initiating a Loan.”*
⁵	We reserve the right to deduct a charge for premium taxes from your Account Value or from payments to the Account at any time, but not before there is a tax liability under state law. See “CHARGES AND Fees – Premium and Other Taxes.”
⁶	The mortality and expense risk charge, included in the base contract expenses, compensates us for the mortality and expense risks we assume under the Contract, including those risks associated with our funding of the death benefit, including any guaranteed death benefits. *See “CHARGES AND FEES – Periodic Fees and Charges* – Mortality and Expense Risk Charge.”**
⁷	These fees may be waived, reduced or eliminated in certain circumstances. See “CHARGES AND Fees.”

Other Transaction Fee, Maximum [Dollars]

$ 100.00

Other Transaction Fee (of Other Amount), Minimum [Percent]

0.00%

Annual Contract Expenses [Table Text Block]

Annual Contract Expenses

Base Contract Expenses^{6, 7} (as a percentage of average Account Value)	1.50%
Annual Maintenance Fee⁷	$75.00

Administrative Expense, Footnotes [Text Block]

These fees may be waived, reduced or eliminated in certain circumstances. See “CHARGES AND Fees.”

Base Contract Expense, Footnotes [Text Block]

The mortality and expense risk charge, included in the base contract expenses, compensates us for the mortality and expense risks we assume under the Contract, including those risks associated with our funding of the death benefit, including any guaranteed death benefits. See “CHARGES AND FEES – Periodic Fees and Charges – Mortality and Expense Risk Charge.”These fees may be waived, reduced or eliminated in certain circumstances. See “CHARGES AND Fees.”

Portfolio Company Expenses [Text Block]

Expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses (as of December 31, 2022).

Portfolio Company Expenses Maximum [Percent]

0.79%

Surrender Expense, 1 Year, Maximum [Dollars]

$ 2,458

Surrender Expense, 5 Years, Maximum [Dollars]

12,939

No Surrender Example [Table Text Block]

Example B: If you do not withdraw your entire Account Value or if you select an Income Phase payment option at the end of the applicable time period:^* 1 Year 3 Years 5 Years 10 Years

$2,458 $7,565 $12,939 $27,631

No Surrender Expense, 3 Years, Maximum [Dollars]

7,565

No Surrender Expense, 10 Years, Maximum [Dollars]

$ 27,631

Item 10. Benefits Available (N-4) [Text Block]

BENEFITS AVAILABLE UNDER THE CONTRACT

The following table summarizes information about the benefits available under the Contract:

Name of Benefit	Purpose	Is Benefit Standard or Optional	Maximum Fee	Brief Description of Restrictions/Limitations
Adjusted Purchase Payment Guaranteed Death Benefit	The death benefit is the greater of (a) or (b), where: (a) Is the adjusted Purchase Payment total, which is the sum of all net Purchase Payments to your account, minus a proportional adjustment for withdrawals and amounts taken as a loan, which amount will never be less than zero; and (b) Is the current Account Value, excluding amounts taken as a loan, plus any positive aggregate market value adjustment, as applicable.	Standard	No additional fee for this benefit.	If the death benefit in (a) is less than the amount in (b), and the Beneficiary requests an immediate payment or begins Income Phase payments, the amount paid will be the current Account Value, excluding any amounts taken as a loan, plus any aggregate positive market value adjustment. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits. Any advisory fees deducted reduce Account Value and thus reduce the amount of this death benefit .
Asset Rebalancing Program	Allows you to reallocate your Account Value in the investments and percentages you identify.	Standard	No additional fee for this benefit.	Account Values invested in certain investment options may not be available for rebalancing under this program. Subaccount reallocations or changes outside of the asset rebalancing program may affect the program. Changes such as Fund mergers, substitutions or closures may also affect the program. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.
Systematic Distribution Options	Allows you to receive regular payments from your account without moving into the Income Phase.	Standard	No additional fee for this benefit.	If not required under the plan, VRIAC may discontinue the availability of one or all of the systematic distribution options at any time and/or change the terms of future elections. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.

Name of Benefit

Purpose

Is Benefit Standard or Optional

Maximum Fee

Brief Description of Restrictions/Limitations

Loans

Allows you to borrow against your Account Value.

Standard

Loan Initiation Fee: $100 per loan.

Loans from your Account Value may be subject to a loan initiation fee, which will not exceed $100 per loan. The loan initiation fee will be deducted from the Vested individual Account Value during the first month of the loan period. We reserve the right to change the loan initiation fee, but not to exceed $100 per loan. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.

Deduction of Advisory Fees from Participant Account

Contract permits adviser retained by participant to have its fees deducted from participant account.

Standard

No additional fee for this benefit.

Advisory fees deducted reduce the amount of death benefit and may be treated as a withdrawal upon proper authorization – see discussion of each death benefit in this table above.

Withdrawal of advisory fees from a participant’s account may be subject to federal and state income taxes and a 10% federal penalty tax.

DEATH BENEFIT

The Contract provides a death benefit in the event of your death, which is payable to the Beneficiary named under the Contract (“Contract Beneficiary”):

•

Under Contracts issued in connection with most types of plans except most voluntary 403(b) and Roth 403(b) plans, the Contract Holder must be named as the Contract Beneficiary, but may direct that we make any payments to the Beneficiary you name under the plan (“Plan Beneficiary”); and

•

Under most group Contracts issued in connection with voluntary 403(b) and Roth 403(b) plans and under individual Contracts, you may generally designate your own Contract Beneficiary who will normally be your Plan Beneficiary, as well.

During the Accumulation Phase

For death benefit information applicable to the Income Phase, see “THE Income Phase – Death Benefit During the Income Phase.”

Payment Process

•

Following your death, the Contract Beneficiary (on behalf of the Plan Beneficiary, if applicable) must provide the Company with proof of death acceptable to us and a payment request in Good Order;

•

The payment request should include selection of a benefit payment option (see below); and

•

Within seven calendar days after Customer Service receives proof of death acceptable to us and a payment request in Good Order, we will mail payment, unless otherwise requested.

Until a death benefit request is in Good Order and a payment option is selected, account dollars will remain invested as at the time of your death and no distributions will be made.

Benefit Payment Options

The following payment options are available, if allowed by the Tax Code:

•

Lump-sum payment;

•

Payment in accordance with any of the available Income Phase payment options (see “Income Phase – Income Phase Payment Options”); or

•

Payment in accordance with an available systematic distribution option (subject to certain limitations). See “Systematic Distribution Options.”

Leaving the Account Value invested in the Contract is also an available option under some contracts; however, the Tax Code limits how long the death benefit proceeds may be left in the Contract.

Payment of Death Benefit or Proceeds

Subject to the conditions and requirements of state law, full payment of the death benefit or proceeds (“Proceeds”) to a Beneficiary may be made either into an interest bearing retained asset account that is backed by our General Account (described in “The Retained Asset Account” below) or by check. For additional information about the payment options available to you, please refer to your claim forms or contact Customer Service. Beneficiaries should carefully review all settlement and payment options available under the Contract and are encouraged to consult with a financial professional or tax adviser before choosing a settlement or payment option.

The Retained Asset Account. The retained asset account, known as the Voya Personal Transition Account, is an interest bearing account backed by our General Account. The retained asset account is not guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) and, as part of our General Account, is subject to the claims of our creditors. Beneficiaries that receive their payment through the retained asset account may access the entire Proceeds in the account at any time without penalty through a draftbook feature. The Company seeks to earn a profit on the account, and interest credited on the account may vary from time to time but will not be less than the minimum rate stated in the supplemental Contract delivered to the Beneficiary together with the paperwork to make a claim to the Proceeds. Interest earned on the Proceeds in the account may be less than could be earned if the Proceeds were invested outside of the account. Likewise, interest credited on the Proceeds in the account may be less than under other settlement or payment options available through the Contract.

Death Benefit Options

The death benefit option that is available under the Contract is listed below. For information about the death benefit applicable to you, please see your certificate/enrollment materials or the Contract (held by the Contract Holder).

Any advisory fee deducted reduces Account Value on a dollar-for-dollar basis, and this reduces the amount of this death benefit.

Adjusted Purchase Payment Guaranteed Death Benefit. The death benefit payable under the Contract will never be less than the amount of Adjusted Purchase Payments made to your account (as defined below), less a proportional adjustment for amounts withdrawn or borrowed from your account.

Calculating the Adjusted Purchase Payment Guaranteed Death Benefit. The death benefit under the Adjusted Purchase Payment Guaranteed Death Benefit is guaranteed to be the greater of (a) or (b) as calculated as of the next Valuation Date following Customer Service’s receipt of proof of death and a payment request in Good Order where:

(a)

is the adjusted Purchase Payment total, which is the sum of all net Purchase Payments to your account, minus a proportional adjustment for withdrawals and amounts taken as a loan, which amount will never be less than zero (see “Calculating Adjusted Purchase Payments” below); and

(b)

is the current Account Value, excluding amounts taken as a loan.

If the amount of the death benefit in (a) is greater than the amount in (b), the Company will deposit the difference into your account. The amount, if any, will be deposited into your account proportionally across your current investment allocations as of the Valuation Date following the date Customer Service receives proof of death acceptable to us and a payment request in Good Order.

If the Beneficiary in that situation requests an immediate payment or begins Income Phase payments, the amount paid will be the current Account Value, excluding any amounts taken as a loan, as of the Valuation Date following the date we deposit the difference into your account.

If the amount of the death benefit in (a) is less than the amount in (b), and the Beneficiary requests an immediate payment or begins Income Phase payments, the amount paid will be the current Account Value, excluding any amounts taken as a loan, as of the Valuation Date following the date Customer Service receives proof of death acceptable to us and a payment request in Good Order.

In the event a Beneficiary elects to defer distribution of the death benefit, the amount paid to the Beneficiary when the Beneficiary elects to begin distribution of the death benefit will equal the current Account Value, excluding any amounts taken as a loan, as of the next Valuation Date following Customer Service’s receipt of the distribution request in Good Order. The amount paid may be more or less than the amount of the death benefit determined above on the date notice of death and an election to defer payment was received. No additional death benefit is payable upon the Beneficiary’s death.

Calculating Adjusted Purchase Payments. The adjusted Purchase Payment total above is initially equal to the first Purchase Payment. The adjusted Purchase Payment total is then adjusted for each subsequent Purchase Payment, loan repayment, or partial withdrawal. The adjustment for subsequent Purchase Payments and loan repayments will be dollar for dollar. The adjustment for partial withdrawals, including loans taken, will be proportionate, reducing the adjusted Purchase Payment total in the same proportion that the current Account Value, excluding any amounts taken as loans, was reduced on the date of the partial withdrawal. The proportionate adjustment of the adjusted Purchase Payment total for each partial withdrawal is defined as the adjusted Purchase Payment total at that time, multiplied by the fraction A divided by B (A/B), where:

A

is the current Account Value, excluding amounts taken as a loan, immediately after the partial withdrawal; and

B

is the current Account Value, excluding amounts taken as a loan, before the partial withdrawal.

There is no additional fee associated with the Adjusted Purchase Payment Guaranteed Death Benefit option.

Any advisory fee deducted reduces Account Value on a dollar-for-dollar basis; and thus reduces the amount of this death benefit.

Tax Code Requirements

The Tax Code requires distribution of death benefit proceeds within a certain period of time and these requirements have recently changed generally for deaths after January 1, 2020. Failure to begin receiving death benefit payments within those time periods can result in tax penalties. Regardless of the method of payment, death benefit proceeds will generally be taxed to the Beneficiary in the same manner as if you had received those payments. See “FEDERAL Tax Considerations” for additional information.

Benefits Description [Table Text Block]

DEATH BENEFIT

The Contract provides a death benefit in the event of your death, which is payable to the Beneficiary named under the Contract (“Contract Beneficiary”):

•

Under Contracts issued in connection with most types of plans except most voluntary 403(b) and Roth 403(b) plans, the Contract Holder must be named as the Contract Beneficiary, but may direct that we make any payments to the Beneficiary you name under the plan (“Plan Beneficiary”); and

•

Under most group Contracts issued in connection with voluntary 403(b) and Roth 403(b) plans and under individual Contracts, you may generally designate your own Contract Beneficiary who will normally be your Plan Beneficiary, as well.

During the Accumulation Phase

For death benefit information applicable to the Income Phase, see “THE Income Phase – Death Benefit During the Income Phase.”

Payment Process

•

Following your death, the Contract Beneficiary (on behalf of the Plan Beneficiary, if applicable) must provide the Company with proof of death acceptable to us and a payment request in Good Order;

•

The payment request should include selection of a benefit payment option (see below); and

•

Within seven calendar days after Customer Service receives proof of death acceptable to us and a payment request in Good Order, we will mail payment, unless otherwise requested.

Until a death benefit request is in Good Order and a payment option is selected, account dollars will remain invested as at the time of your death and no distributions will be made.

Benefit Payment Options

The following payment options are available, if allowed by the Tax Code:

•

Lump-sum payment;

•

Payment in accordance with any of the available Income Phase payment options (see “Income Phase – Income Phase Payment Options”); or

•

Payment in accordance with an available systematic distribution option (subject to certain limitations). See “Systematic Distribution Options.”

Leaving the Account Value invested in the Contract is also an available option under some contracts; however, the Tax Code limits how long the death benefit proceeds may be left in the Contract.

Payment of Death Benefit or Proceeds

Subject to the conditions and requirements of state law, full payment of the death benefit or proceeds (“Proceeds”) to a Beneficiary may be made either into an interest bearing retained asset account that is backed by our General Account (described in “The Retained Asset Account” below) or by check. For additional information about the payment options available to you, please refer to your claim forms or contact Customer Service. Beneficiaries should carefully review all settlement and payment options available under the Contract and are encouraged to consult with a financial professional or tax adviser before choosing a settlement or payment option.

The Retained Asset Account. The retained asset account, known as the Voya Personal Transition Account, is an interest bearing account backed by our General Account. The retained asset account is not guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) and, as part of our General Account, is subject to the claims of our creditors. Beneficiaries that receive their payment through the retained asset account may access the entire Proceeds in the account at any time without penalty through a draftbook feature. The Company seeks to earn a profit on the account, and interest credited on the account may vary from time to time but will not be less than the minimum rate stated in the supplemental Contract delivered to the Beneficiary together with the paperwork to make a claim to the Proceeds. Interest earned on the Proceeds in the account may be less than could be earned if the Proceeds were invested outside of the account. Likewise, interest credited on the Proceeds in the account may be less than under other settlement or payment options available through the Contract.

Death Benefit Options

The death benefit option that is available under the Contract is listed below. For information about the death benefit applicable to you, please see your certificate/enrollment materials or the Contract (held by the Contract Holder).

Any advisory fee deducted reduces Account Value on a dollar-for-dollar basis, and this reduces the amount of this death benefit.

Adjusted Purchase Payment Guaranteed Death Benefit. The death benefit payable under the Contract will never be less than the amount of Adjusted Purchase Payments made to your account (as defined below), less a proportional adjustment for amounts withdrawn or borrowed from your account.

Calculating the Adjusted Purchase Payment Guaranteed Death Benefit. The death benefit under the Adjusted Purchase Payment Guaranteed Death Benefit is guaranteed to be the greater of (a) or (b) as calculated as of the next Valuation Date following Customer Service’s receipt of proof of death and a payment request in Good Order where:

(a)

is the adjusted Purchase Payment total, which is the sum of all net Purchase Payments to your account, minus a proportional adjustment for withdrawals and amounts taken as a loan, which amount will never be less than zero (see “Calculating Adjusted Purchase Payments” below); and

(b)

is the current Account Value, excluding amounts taken as a loan.

If the amount of the death benefit in (a) is greater than the amount in (b), the Company will deposit the difference into your account. The amount, if any, will be deposited into your account proportionally across your current investment allocations as of the Valuation Date following the date Customer Service receives proof of death acceptable to us and a payment request in Good Order.

If the Beneficiary in that situation requests an immediate payment or begins Income Phase payments, the amount paid will be the current Account Value, excluding any amounts taken as a loan, as of the Valuation Date following the date we deposit the difference into your account.

If the amount of the death benefit in (a) is less than the amount in (b), and the Beneficiary requests an immediate payment or begins Income Phase payments, the amount paid will be the current Account Value, excluding any amounts taken as a loan, as of the Valuation Date following the date Customer Service receives proof of death acceptable to us and a payment request in Good Order.

In the event a Beneficiary elects to defer distribution of the death benefit, the amount paid to the Beneficiary when the Beneficiary elects to begin distribution of the death benefit will equal the current Account Value, excluding any amounts taken as a loan, as of the next Valuation Date following Customer Service’s receipt of the distribution request in Good Order. The amount paid may be more or less than the amount of the death benefit determined above on the date notice of death and an election to defer payment was received. No additional death benefit is payable upon the Beneficiary’s death.

Calculating Adjusted Purchase Payments. The adjusted Purchase Payment total above is initially equal to the first Purchase Payment. The adjusted Purchase Payment total is then adjusted for each subsequent Purchase Payment, loan repayment, or partial withdrawal. The adjustment for subsequent Purchase Payments and loan repayments will be dollar for dollar. The adjustment for partial withdrawals, including loans taken, will be proportionate, reducing the adjusted Purchase Payment total in the same proportion that the current Account Value, excluding any amounts taken as loans, was reduced on the date of the partial withdrawal. The proportionate adjustment of the adjusted Purchase Payment total for each partial withdrawal is defined as the adjusted Purchase Payment total at that time, multiplied by the fraction A divided by B (A/B), where:

A

is the current Account Value, excluding amounts taken as a loan, immediately after the partial withdrawal; and

B

is the current Account Value, excluding amounts taken as a loan, before the partial withdrawal.

There is no additional fee associated with the Adjusted Purchase Payment Guaranteed Death Benefit option.

Any advisory fee deducted reduces Account Value on a dollar-for-dollar basis; and thus reduces the amount of this death benefit.

Tax Code Requirements

The Tax Code requires distribution of death benefit proceeds within a certain period of time and these requirements have recently changed generally for deaths after January 1, 2020. Failure to begin receiving death benefit payments within those time periods can result in tax penalties. Regardless of the method of payment, death benefit proceeds will generally be taxed to the Beneficiary in the same manner as if you had received those payments. See “FEDERAL Tax Considerations” for additional information.

Calculation Method of Benefit [Text Block]

Benefit Payment Options

The following payment options are available, if allowed by the Tax Code:

•

Lump-sum payment;

•

Payment in accordance with any of the available Income Phase payment options (see “Income Phase – Income Phase Payment Options”); or

•

Payment in accordance with an available systematic distribution option (subject to certain limitations). See “Systematic Distribution Options.”

Leaving the Account Value invested in the Contract is also an available option under some contracts; however, the Tax Code limits how long the death benefit proceeds may be left in the Contract.

Prospectuses Available [Text Block]

The following is a list of Funds available under the Contract. The Funds available to you may vary based on employer and state approval and participants should refer to their plan documents for a list of available Funds.

More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at https://vpx.broadridge.com/getcontract1.asp?dtype=isp&cid=voyavpx&fid=NVA003240. You can also request this information at no cost by calling Customer Service at 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com.

The current expenses and performance information below reflects fee and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Fund’s past performance is not necessarily an indication of future performance.

Principal Risk [Text Block]

Investment Risk – You bear the risk of any decline in the Account Value caused by the performance of the underlying Funds held by the Subaccounts. Those Funds could decline in value very significantly, and there is a risk of loss of your entire amount invested. The risk of loss varies with each underlying Fund. The investment risks are described in the prospectuses for the underlying Funds;

Prospectus:

Principal Risk [Text Block]

Insurance Company Insolvency - It is possible that we could experience financial difficulty in the future and even become insolvent, and therefore become unable to provide all of the guarantees and benefits that exceed the assets in the Separate Account that we have promised;

Prospectus:

Principal Risk [Text Block]

Short-Term Investment - You should not participate in this Contract if you are looking for a short-term investment or expect to need to make withdrawals before you are age 59½; and

Prospectus:

Principal Risk [Text Block]

Payment of Advisory Fee from Contract Value - The Advisory Fee will be paid from the Contract Value. The amount is subject to the financial strength and claims paying ability of the Company.

Prospectus:

Risk [Text Block]

This Contract is not designed for short-term investing and is not appropriate for an Investor who needs ready access to cash. The Contract is typically most useful as part of a personal retirement plan. You should not participate in this Contract if you are looking for a short-term investment or expect to make withdrawals before you are age 59½.

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT.”

Prospectus:

Risk [Text Block]

An investment in the Contract is subject to the risks related to VRIAC, including that any obligations, including under the Fixed Interest Option, guarantees or benefits are subject to the financial strength and claims paying ability of VRIAC. More information about VRIAC, including its financial strength and claims paying ability, is available upon request, by contacting Customer Service.

See “THE CONTRACT – The General Account.”

Prospectus:

Portfolio Company Name [Text Block]

Delaware Mid Cap Growth Equity Fund (Institutional Shares)^{1,
2}

Current Expenses [Percent]

0.79%

Average Annual Total Returns, 5 Years [Percent]

5.84%

Portfolio Company Objective [Text Block]

Achieve long-term capital appreciation.

Portfolio Company Adviser [Text Block]

Dimensional Fund Advisors LP

Current Expenses [Percent]

0.40%

Average Annual Total Returns, 5 Years [Percent]

(0.19%)

Portfolio Company Objective [Text Block]

Provide inflation protection and earn current income consistent with inflation-protected securities.

Portfolio Company Adviser [Text Block]

Dimensional Fund Advisors LP

Average Annual Total Returns, 1 Year [Percent]

(12.22%)

Average Annual Total Returns, 10 Years [Percent]

1.04%

Prospectus:

Portfolio Company Name [Text Block]

DFA U.S. Sustainability Core 1 Portfolio (Institutional Shares)¹

Current Expenses [Percent]

0.17%

Average Annual Total Returns, 5 Years [Percent]

9.41%

Portfolio Company Objective [Text Block]

Seeks long-term capital appreciation.

Portfolio Company Adviser [Text Block]

J.P. Morgan Investment Management

Average Annual Total Returns, 1 Year [Percent]

(11.92%)

Average Annual Total Returns, 10 Years [Percent]

15.72%

Prospectus:

Portfolio Company Name [Text Block]

Touchstone Value Fund (Institutional Shares)³

Portfolio Company Subadviser [Text Block]

Barrow, Hanley, Mewhinney & Strauss, LLC

Average Annual Total Returns, 1 Year [Percent]

(2.55%)

Average Annual Total Returns, 10 Years [Percent]

10.87%

Prospectus:

Portfolio Company Name [Text Block]

Vanguard^® Small-Cap Value Index Fund (Institutional Shares)⁴

Current Expenses [Percent]

0.06%

Average Annual Total Returns, 5 Years [Percent]

5.80%

Portfolio Company Objective [Text Block]

Seeks to track the performance of a broad, market-weighted bond index.

Portfolio Company Adviser [Text Block]

The Vanguard Group, Inc. (Vanguard)

Average Annual Total Returns, 1 Year [Percent]

(13.15%)

Average Annual Total Returns, 10 Years [Percent]

1.02%

Prospectus:

Portfolio Company Name [Text Block]

Vanguard^® Total International Stock Index Fund (Institutional Shares)⁴

Current Expenses [Percent]

0.08%

Average Annual Total Returns, 5 Years [Percent]

1.12%

Name of Benefit [Text Block]

Adjusted Purchase Payment Guaranteed Death Benefit

Standard Benefit [Flag]

true

Name of Benefit [Text Block]

Adjusted Purchase Payment Guaranteed Death Benefit

Prospectus:

Purpose of Benefit [Text Block]

Allows you to reallocate your Account Value in the investments and percentages you identify.

Brief Restrictions / Limitations [Text Block]

Account Values invested in certain investment options may not be available for rebalancing under this program. Subaccount reallocations or changes outside of the asset rebalancing program may affect the program. Changes such as Fund mergers, substitutions or closures may also affect the program. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.

Name of Benefit [Text Block]

Systematic Distribution Options

Standard Benefit [Flag]

true

Name of Benefit [Text Block]

Systematic Distribution Options

Prospectus:

Purpose of Benefit [Text Block]

Allows you to borrow against your Account Value.

Brief Restrictions / Limitations [Text Block]

Loans from your Account Value may be subject to a loan initiation fee, which will not exceed $100 per loan. The loan initiation fee will be deducted from the Vested individual Account Value during the first month of the loan period. We reserve the right to change the loan initiation fee, but not to exceed $100 per loan. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.

Name of Benefit [Text Block]

Deduction of Advisory Fees from Participant Account

Standard Benefit [Flag]

true

Name of Benefit [Text Block]

Deduction of Advisory Fees from Participant Account