Venerable Insurance and Annuity Company

Simplicity Variable Annuity

April 29, 2022, Notice Document

This notice document describesSimplicity Variable Annuity, a group and individual deferred combination variable annuity contract (the “Contract” or the “Contracts”) issued by Venerable Insurance and Annuity Company (the “Company,” “we,” “us” and “our”) through Separate Account B (the “Separate Account”).  The Contract has not been offered for new sales since August 2007 and this notice document describes the features and benefits of the Contract applicable to existing Contract Owners.

The Contract provides a means for the Contract Owner (“you” and “your”), to allocate your Contract Value to one or more available Subaccounts of the Separate Account, each which invests in an underlying mutual fund (the “Funds”) – See APPENDIX A for more information about the Funds available through the Contract.

The fullSimplicity Variable Annuity prospectus, as supplemented, contains more information about the Contract, including its features, benefits, and risks. You can find the most recent full prospectus and subsequent prospectus supplements and other information about the Contract online at https://docs.venerable.com/#/landing?prod=449815745&doctype=spros .

You can also obtain this information at no cost by calling 1-800-366-0066 or by sending an email request to smb-usa-mailbox@venerable.com.

Additional general information about certain investment products, including variable annuities, has been prepared by the staff of the SEC and is available at https://www.investor.gov/.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission (“SEC”), paper copies of the shareholder reports for the Funds available through your Contract will no longer be sent by mail, unless you specifically request paper copies of the reports from the Company.  Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.  You may elect to receive shareholder reports and other communications from the Company electronically by writing to Customer Service at P.O. Box 9271, Des Moines, Iowa 50306-9271 or calling 1-800-366-0066.

You may elect to receive all future reports in paper free of charge.  You can inform the Company that you wish to continue receiving paper copies of your shareholder reports by calling us at 1-800-366-0066.  Your election to receive reports in paper will apply to all Funds in which you choose to invest.

The SEC has not approved or disapproved the securities described in this notice or passed upon the adequacy of this notice document.  Any representation to the contrary is a criminal offense.

TABLE OF CONTENTS	Page
SPECIAL TERMS	2
KEY INFORMATION	3
APPENDIX A– Funds Available Under the Contract	A-1
HOW TO GET MORE INFORMATION	Back Cover

SPECIAL TERMS

The following terms have special meaning and are used throughout this notice document.   Other special terms are generally defined in the sections where those terms appear.

Cash Surrender Value	The amount you receive when you surrender the Contract.
Contract	The legal agreement between the Contract Owner(s) and the Company that governs the terms of the Simplicity Variable Annuity.  The Contract has two phases: •The accumulation phase (the period between the Contract Date and the Income Phase Start Date) during which the Contract Value may vary according to the investment experience of the Subaccounts of the Separate Account; and •The income phase (which begins on the Income Phase Start Date) during which you receive regular annuity payments from the Contract).
Contract Date	The date the Contract became effective.
Contract Owner(s)	The person(s) or entity with all of the rights and options available through the Contract.  Throughout this notice document we use “you” and “your” to refer to the Contract Owner(s).
Contract Value	The total value of your investment in the Subaccounts of the Separate Account available through the Contract.
Contract Year	The time period between each anniversary of the Contract Date.
Death Benefit	The amount paid to your designated beneficiaries upon your death.  The Contract has a standard Death Benefit and optional enhanced Death Benefits.
Funds	The underlying mutual funds in which the Subaccounts invest.
Income Phase Start Date	The date you start receiving annuity payments under your Contract.
Separate Account	Separate Account B, which is separate investment account of the Company that supports the Contract.  It is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the “1940 Act”).  We own all the assets in Separate Account B but such assets are kept separate from our other accounts.
Subaccounts	Divisions of the Separate Account, each which invests exclusively in one underlying Fund.  The value of each Subaccount will vary with the performance of its underlying Fund.

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UPDATED INFORMATION ABOUT YOUR CONTRACT

There have been no material changes to your Contract’s features or its underlying investment options since the date of your most recent prospectus, as subsequently supplemented.

KEY INFORMATION

Important information you should consider about the Contract:

FEES AND EXPENSES
Charges for Early Withdrawals	If you withdraw money from or surrender the Contract within five (5) years following a premium payment, you may be assessed a surrender charge.  The surrender charge is a percentage of the premium withdrawn or surrendered, and the maximum surrender charge is 6% of each premium payment withdrawn or surrendered.   For example, if you make an early withdrawal, you could pay a surrender charge of up to $6,000 on a $100,000 premium payment].  See “Surrender Charge” in the full prospectus, as supplemented,  for more information.
Transaction Charges	In addition to surrender charges, there may be an additional charge if: •You transfer Contract Value between Subaccounts; •You request that withdrawal proceeds be mailed for overnight delivery; or •State or local premium taxes become due. See “Charges Deducted from the Contract Value” in the full prospectus, as supplemented,  for more information.
Ongoing Fees and Expenses (annual amounts)	Minimum and Maximum Annual Fee Table.  The table below describes the lowest and highest current fees and expenses that you may pay each year, depending on the options you choose.   Refer to your Contract schedule pages for information about the specific fees you will pay each year based on the options you have elected.
	Annual Fee		Minimum	Maximum
	Base Contract		1.25%1	2.02%1
	Investment options (Fund fees and expenses)		0.53%2	0.96%2
	See “Fees and Expenses” in the full prospectus, as supplemented,  for more information.
	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, which could add surrender charges that substantially increase costs.
	Lowest Annual Cost: $1,572	Highest Annual Cost: $2,489
	Assumes: •Investment of $100,000; •5% annual appreciation; •Least expensive Contract and Fund fees and expenses; •No Optional Benefits; •No sales charges; and •No additional purchase payments, transfers, or withdrawals.	Assumes: •Investment of $100,000; •5% annual appreciation; •Most expensive Contract and combination of  Optional Benefits and Fund fees and expenses; •No sales charges; and •No additional purchase payments, transfers, or withdrawals.

1

As a percentage of Contract Value in each Subaccount.  This fee includes the Mortality and Expense Risk Charge, the Annual Asset Based Administrative Charge as described in the Contract and in prior prospectuses and the annual dollar based Administrative Charge converted into an annual percentage.  The annual dollar based Administrative Charge is waived if your total premium payments are $50,000 or more or if your Contract Value at the end of a Contract Year is $50,000 or more.  The minimum amount reflects this waiver, while the maximum amount does not.  Refer to your Contract schedule pages for the fees and charges that apply to your Contract.

2

As a percentage of Fund assets.

3

RISKS See “Purchase and Availability of the Contract” in the full prospectus, as supplemented,  for more information.
Risk of Loss	You can lose money investing in the Contract, including loss of principal.
Not a Short-Term Investment	The Contract is not a short-term investment and is not appropriate if you need ready access to cash. Surrender charges apply for up to seven years after each premium payment.   They will reduce the value of your Contract if you withdraw money from or surrendered your Contract during that time.      The benefits of tax deferral and living benefit protections also mean the Contract is more beneficial to investors with a long-term investment time horizon.
Risks Associated with the Investment Options	An investment in the Contract is subject to the risk of poor investment performance of the investment options you choose. Each available Fund has its own unique risks, and you should review information about each investment option, including the Fund prospectuses, before making an investment decision.
Insurance Company Risks	Any obligations, guarantees, and benefits of the Contract are subject to the financial strength and claims paying ability of the Company.   If the Company experiences financial distress, it may not be able to meet its obligations to you.   More information about the Company, including its financial strength, is available on request by calling Customer Service at 1-800-366-0066.

RESTRICTIONS

Investment Options

There may be a $25 charge for each transfer between Subaccounts after the first 12 in a Contract Year.  See “Charges Deducted from the Contract Value” in the full prospectus, as supplemented,  for more information. We reserve the right to close or remove Funds to future investment and to substitute Funds that are available under the Contract.     See “Addition, Deletion or Substitution of Subaccounts and Other Changes” in the full prospectus, as supplemented,  for more information. The Contract is not designed to serve as a vehicle for frequent transfers.  We monitor for excessive trading and reserve the right to limit the number of transfers you may make between investment options and may otherwise modify or terminate transfer privileges.   We may also suspend electronic trading privileges for those that are found to have violated our Excessive Trading Policy.  See “TRANSFERS AMONG YOUR INVESTMENTS (Excessive Trading Policy)” in the full prospectus, as supplemented,  for more information.

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TAXES See “FEDERAL TAX CONSIDERATIONS” in the full prospectus, as supplemented,  for more information.

Tax Implications

You should consult with a tax professional to determine the tax implications of an investment in and purchase payments received under the Contract. If you purchased the contract through a tax-qualified retirement plan or individual retirement account (“IRA”) you do not get any additional tax deferral. Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may pay a 10% penalty tax for withdrawals and surrenders before age 59 ½.

CONFLICTS OF INTEREST See “OTHER CONTRACT PROVISIONS – Selling the Contract” in the full prospectus, as supplemented,  for more information.
Investment Professional Compensation	Although the Contracts are no longer offered for new sales, firms and their registered representatives that sold the Contract may receive commissions on additional premium payments and may also be paid trail commissions for past sales activity based on the values of Contracts sold through the firm.  This compensation is not paid directly by Contract Owners or the Separate Account.  This compensation may have influenced your investment professional to offer or recommend the Contract over another investment and could influence your investment professional to recommend keeping the Contract.
Exchanges	Some investment professionals may have a financial incentive to offer you a new contract in place of the Contract you already own.   You should only exchange your Contract if you determine, after comparing the features, benefits, fees, and risks of both contracts, that it is preferable for you to exchange your Contract for a new contract rather than to continue to own your existing Contract.

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APPENDIX A - FUNDS AVAILABLE UNDER THE CONTRACT

The following is a list of the Funds available through the Subaccounts under the Contract. 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://docs.venerable.com/#/landing?prod=449815745&doctype=spros.

You can also request this information at no cost by calling 1-800-366-0066  or by sending an email request to smb-usa-mailbox@venerable.com.

The current expenses and performance information below reflects fee and expenses of the Funds, but does 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

Consult with your investment professional to determine if the Funds may be suited to your financial needs, investment time horizon and risk tolerance.  You should periodically review these factors to determine if you need to change your investment strategy.

Open Funds

Subaccounts that invest in the following Funds are open to new premiums and transfers of Contract Value.

INVESTMENT OBJECTIVE		FUND NAME INVESTMENT ADVISER/SUBADVISER	CURRENT EXPENSES1	AVERAGE ANNUAL TOTAL RETURNS
				(as of 12/31/2021)
				1 Year	5 Year	10 Year
Seeks high level of current income consistent with the preservation of capital and liquidity.		Voya Government Liquid Assets Portfolio Investment Adviser:  Voya Investments, LLC Subadviser:  Voya Investment Management Co. LLC	(Class S) 0.53%	0.03%	0.76%	0.39%
Seeks to outperform the total return performance of the S&P 500® Index while maintaining a market level of risk.		Voya Index Plus LargeCap Portfolio Investment Adviser:  Voya Investments, LLC Subadviser:  Voya Investment Management Co. LLC	(Class S) 0.80%	28.94%	17.45%	15.57%
Seeks to outperform the total return performance of the S&P MidCap 400® Index while maintaining a market level of risk.		Voya Index Plus MidCap Portfolio Investment Adviser:  Voya Investments, LLC Subadviser:  Voya Investment Management Co. LLC	(Class S) 0.85%	27.49%	11.06%	12.88%
Seeks to outperform the total return performance of the S&P SmallCap 600® Index while maintaining a market level of risk.		Voya Index Plus SmallCap Portfolio Investment Adviser:  Voya Investments, LLC Subadviser:  Voya Investment Management Co. LLC	(Class S) 0.85%	28.13%	9.41%	12.43%
1	Current Expenses are each Fund’s total net annual operating expenses and reflect any. temporary expense reimbursements or fee waiver arrangements that are in place and reported in the Fund’s prospectus..

A-1

INVESTMENT OBJECTIVE	FUND NAME INVESTMENT ADVISER/SUBADVISER	CURRENT EXPENSES1	AVERAGE ANNUAL TOTAL RETURNS
			(as of 12/31/2021)
			1 Year	5 Year	10 Year
Seeks to maximize total return consistent with reasonable risk. The Portfolio seeks its objective through investments in a diversified portfolio consisting primarily of debt securities. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return.	Voya Intermediate Bond Portfolio Investment Adviser:  Voya Investments, LLC Subadviser:  Voya Investment Management Co. LLC	(Class S) 0.80%	-1.07%	3.91%	3.88%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index.	Voya International Index Portfolio Investment Adviser:  Voya Investments, LLC Subadviser:  Voya Investment Management Co.LLC	(Class S) 0.70%	10.62%	9.09%	7.54%
Seeks highest current income consistent with low risk to principal and liquidity and secondarily, seeks to enhance its total return through capital appreciation when market factors, such as falling interest rates and rising bond prices, indicate that capital appreciation may be available without significant risk to principal.	Voya Limited Maturity Bond Portfolio Investment Adviser:  Voya Investments, LLC Subadviser:  Voya Investment Management Co. LLC	(Class S) 0.53%	-0.16%	1.86%	1.40%
Seeks total return consisting of long-term capital appreciation and current income.	VY® Invesco Equity and Income Portfolio Investment Adviser:  Voya Investments, LLC Subadviser:  Invesco Advisers, Inc.	(Class S) 0.89%	18.31%	9.25%	10.30%
Seeks, over the long-term, a high total investment return, consistent with the preservation of capital and with prudent investment risk.	VY® T. Rowe Price Capital Appreciation Portfolio Investment Adviser:  Voya Investments, LLC Subadviser:  T. Rowe Price Associates, Inc.	(Class S) 0.89%	18.40%	14.98%	13.62%

A-2

HOW TO GET MORE INFORMATION

This notice document incorporates by reference the full Simplicity Variable Annuity prospectus and Statement of Additional Information (“SAI”), as amended and supplemented, which contain more information about the Contract, including its features, benefits, and risks. You can find the most recent full prospectus and SAI and subsequent prospectus supplements and other information about the Contract online at https://docs.venerable.com/#/landing?prod=449815745&doctype=spros. You can also obtain this information at no cost by calling 1-800-366-0066 or by sending an email request to smb-usa-mailbox@venerable.com.

Simplicity Variable Annuity, Contract I.D. (C00002518) April 29, 2022