Variable Annuity Acct C of Voya Retirement Insurance & Annuity Co.
08/09/2024 | Press release | Distributed by Public on 08/09/2024 04:04
Updating Summary Prospectus - Form 497VPU
Voya Retirement Insurance and Annuity Company
and its
Variable Annuity Account C
OPPORTUNITY PLUS
Supplement Dated August 2, 2024 to the Contract Prospectus,
Initial Summary Prospectus, and Updating Summary Prospectus,
each dated May 1, 2024, as amended
This supplement to the variable annuity contract prospectus ("contract prospectus"), initial summary prospectus and updating summary prospectus ("summary prospectuses"), updates and amends certain information contained in them. Please read this supplement carefully and keep it with the contract prospectus and summary prospectuses that you may have received, for future reference. Capitalized terms not defined in this supplement shall have the meaning given to them in the contract prospectus and summary prospectuses.
___________________________________________________________
NOTICE OF IMPORTANT INFORMATION
ABOUT YOUR CONTRACT PROSPECTUS AND SUMMARY PROSPECTUSES
Certain information has been corrected in the CURRENT EXPENSES and AVERAGE ANNUAL RETURNS section in APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT ("APPENDIX A"), of the contract prospectus and in APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT ("APPENDIX"), of the summary prospectuses. In that regard, the information in APPENDIX A of the contract prospectus and APPENDIX of the summary prospectuses for the funds listed below are hereby replaced in their entirety, with the following:
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks long-term capital appreciation. |
Alger Responsible Investing Fund (Class A)1 Investment Adviser: Fred Alger Management, LLC |
1.09% | 29.50% | 15.09% | 10.74% |
| Seeks long-term capital appreciation and current income. |
American Beacon Small Cap Value Fund (Investor Class)1 Investment Adviser: Saturna Capital Corporation |
1.12% | 16.29% | 11.75% | 7.08% |
| Seeks long-term growth of capital. |
BlackRock Health Sciences Opportunities Portfolio (Institutional Shares)1 Investment Adviser: BlackRock Advisors, LLC |
0.84% | 3.84% | 10.56% | 11.73% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| 1 | This Fund is available to the general public in addition to being available through variable annuity contracts. See "FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans" in the prospectus for the Contract for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts. |
| X.75962-24B | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks capital appreciation and, secondarily, income, by investing in securities, primarily equity securities that Fund management believes are undervalued and therefore represent an investment value. |
BlackRock Mid Cap Value Fund (Investor A Shares)2 Investment Adviser: BlackRock Advisors, LLC |
1.00% | 12.30% | 13.36% | 8.32% |
| Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500® Index. |
Fidelity® VIP Index 500 Portfolio (Initial Class) Investment Adviser: Fidelity Management & Research Company LLC ("FMR") Subadvisers: Geode Capital Management, LLC |
0.090%3 |
26.19% |
15.56% |
11.92% |
| Seeks capital appreciation and current income. |
JPMorgan Equity Income Fund (Class I)
Investment Adviser: J.P. Morgan Investment Management Inc. |
0.79% | 15.51% | 17.18% | 9.08% |
| Seeks a high level of current income with liquidity and safety of principal. |
JPMorgan Government Bond Fund Investment Adviser: J.P. Morgan Investment Management Inc. |
0.45% | 4.38% | 0.53% | 1.38% |
| Seeks long-term capital appreciation. |
Lazard International Equity Portfolio (Open Shares)2 Investment Adviser: Lazard Asset Management LLC |
1.10% | 16.11% | 6.46% | 2.92% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| 2 | This Fund is available to the general public in addition to being available through variable annuity contracts. See "FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans" in the prospectus for the Contract for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts. |
| 3 | Effective June 1, 2024, the current expenses reflect fees for the Fidelity® VIP Index 500 Portfolio (Initial Class). Prior to June 1, 2024, the fee was 0.10%. |
| X.75962-24B | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks maximum real return, consistent with prudent investment management. |
PIMCO CommodityRealReturn Strategy Fund® (Administrative Class)**,4 Investment Adviser: Pacific Investment Management Company LLC |
1.24%** | 8.74%** | 6.95%** | -1.67%** |
| Seeks current income and long-term growth of capital from a portfolio consisting primarily of income producing equity securities of U.S. corporations. |
Pioneer Equity Income Fund (Class Y) Investment Adviser: Amundi Asset Management US, Inc. |
0.78% |
7.20% |
9.57% |
8.46% |
| Seeks to provide long-term capital growth by investing primarily in common stocks. |
Victory Sycamore Established Value Fund (Class A)4,5 Investment Adviser: Victory Capital Management Inc. |
0.90% |
3.62% |
12.87% |
9.97% |
| Seeks total return consisting of capital appreciation (both realized and unrealized) and current income; the secondary investment objective is long-term capital appreciation. |
Voya Balanced Portfolio (Class I)***,4 Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.86% |
15.71% |
7.72% |
5.58% |
| Seeks to maximize income while maintaining prospectus for capital appreciation. |
Voya Balanced Income Portfolio (Class I)***,4 Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.61% | 11.68% | 5.27% | 4.52% |
| Seeks to outperform the S&P 500® Index. |
Voya Corporate Leaders 100 Fund (Class I) Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.49% | 19.37% | 14.35% | 10.58% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| ** | The data is as of December 31, 2022, as stated in the most recent prospectus dated July 31, 2023. |
| *** | Effective July 12, 2024, the Voya Balanced Portfolio (Class I) merged into the Voya Balanced Income Portfolio (Class I). |
| 4 | This Fund is available to the general public in addition to being available through variable annuity contracts. See "FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans" for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts. |
| 5 | The Victory Sycamore Established Value Fund is closed to new investors. The Fund will continue to be available for investment by existing investors and through retirement plans that currently offer the Fund. |
| X.75962-24B | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks capital appreciation. |
Voya Global Insights Portfolio (Class I)** Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC*** |
0.75% | 32.69% | 11.91% | 8.30% |
| Seeks maximum total return. |
Voya International High Dividend Low Volatility Portfolio (Class I)6 Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co., LLC |
0.74% |
14.87% |
6.34% |
2.67% |
| Seeks long-term capital appreciation. |
Voya MidCap Opportunities Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.75% |
23.54% |
13.62% |
9.91% |
| Seeks growth of capital. |
Voya Solution Aggressive Portfolio (Class I)****,7
Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.89% | 21.21% | 11.21% | 7.69% |
| Seeks to provide capital growth through a diversified asset allocation strategy. |
Voya Solution Balanced Portfolio (Class I)***** Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.80% | 15.38% | 7.73% | 5.96% |
| * | Operating | expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| ** | Effective December 1, 2023, the VY® Invesco Global Portfolio changed its name to Voya Global Insights Portfolio. |
| *** | Effective December 1, 2023, Invesco Advisors, Inc. was replaced as subadviser for the Voya Global Insights Portfolio with Voya Investment Management Co. LLC. |
| **** | Effective July 12, 2024, the Voya Strategic Allocation Growth Portfolio (Class I) merged into the Voya Solution Aggressive Portfolio (Class I). |
| ***** | Effective July 12, 2024, Voya Strategic Allocation Moderate Portfolio (Class I) merged into Voya Solution Balanced Portfolio (Class I). |
| 6 | This Fund employs a managed volatility strategy. | |
|
See "THE INVESTMENT OPTIONS - The Variable Investment Options - Funds with Managed Volatility Strategies" for more information. |
| 7 | This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See "THE INVESTMENT OPTIONS - The Variable Investment Options - Funds of Funds" for more information. |
| X.75962-24B | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement. |
Voya Solution Conservative Portfolio (Class I)**,8 Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.66% |
9.32% | 4.25% | 3.72% |
| Seeks long-term capital growth. Income is a secondary objective. |
VY® American Century Small-Mid Cap Value Portfolio
Investment Adviser: Voya Investments, LLC Subadviser: American Century Investment Management, Inc. |
0.85% | 9.09% | 12.36% | 8.99% |
| Seeks capital appreciation. |
VY® Baron Growth Portfolio (Class S) Investment Adviser: Voya Investments, LLC Subadviser: BAMCO, Inc. |
1.25% | 14.80% | 14.26% | 9.84% |
| Seeks growth from capital appreciation. |
VY® JPMorgan Mid Cap Value Portfolio
Investment Adviser: Voya Investments, LLC Subadviser: J.P. Morgan Investment Management Inc. |
0.85% | 10.89% | 10.89% | 8.05% |
| A non-diversified Portfolio that seeks long-term growth through investments in stocks. |
VY® T. Rowe Price Growth Equity Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.71% | 46.89% | 13.37% | 11.70% |
| Seeks long-term capital appreciation. |
Wanger International
Investment Adviser: Columbia Wanger Asset Management, LLC |
1.14% | 16.95% | 6.45% | 3.50% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| ** | Effective July 12, 2024, Voya Strategic Allocation Conservative Portfolio (Class I) merged into Voya Solution Conservative Portfolio (Class I). |
| 8 | This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See "THE INVESTMENT OPTIONS - The Variable Investment Options - Funds of Funds" for more information. |
| X.75962-24B | August 2024 |
*****
All references to the Voya RussellTM Mid Cap Growth Index Portfolio (Class I) in the CURRENT EXPENSES and AVERAGE ANNUAL RETURNS section in APPENDIX A, of the contract prospectus and in APPENDIX, of the summary prospectuses are hereby deleted.
*****
Effective August 19, 2024, the name of TCW Total Return Bond Fund will be changed to TCW Securitized Bond Fund.
*****
MORE INFORMATION IS AVAILABLE
More information about the funds available through your contract, including information about the risks associated with investing in them can be found in the contract prospectus, summary prospectuses, and Statement of Additional Information for each fund. You may obtain these documents by contacting Customer Service.
If you received a summary prospectus for any of the funds available through your contract, you may obtain a full contract prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the email address shown on the front of the fund's summary prospectus.
Please retain this supplement for future reference.
Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095. Securities are distributed by Voya Financial Partners, LLC (member SIPC). Securities may also be distributed through other broker-dealers with which Voya Financial Partners, LLC has selling agreements.
| X.75962-24B | August 2024 |