VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
VOYA FLEXIBLE INCOME ANNUITY
A FIXED OR VARIABLE, GROUP AND/OR INDIVIDUAL
IMMEDIATE ANNUITY CONTRACT
(“THE CONTRACT” OR “CONTRACTS”)
issued to
A Traditional Individual Retirement Annuity
under Section 408(b)
or Retirement Plans under Tax Code Sections 401, 403(b) or 457
UPDATING SUMMARY PROSPECTUS
May 1, 2024
____________________________________________________________________________
There is one class of Contract described in this updating summary prospectus. The contract may be issued as either a nonqualified contract, or as a qualified contract for use with a traditional Individual Retirement Annuity (“IRA”) under Section 408(b) of the Internal Revenue Code of 1986 (“Tax Code”) or with retirement plans under Tax Code Sections 401, 403(b) or 457. Contracts sold in New York are not available to 457 plans.
The full prospectus for the Contracts contains more information about the Contracts, including the features, benefits, and risks. You can find the current prospectus and other information about the Contracts online at https://prospectus.voya.com/FlexIncome. You can also obtain this information at no cost by calling 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com.
Additional general information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at https://www.investor.gov/.
The U.S. Securities and Exchange Commission (the “SEC”) has not approved or disapproved this Contract or passed upon the adequacy of this summary prospectus. Any representation to the contrary is a criminal offense.
| USP.109622-24 |
| USP.109622-24 | 2 |
SPECIAL TERMS USED IN THIS SUMMARY PROSPECTUS
The following are some of the important terms used throughout this summary prospectus that have special meaning.
Account Value: The value of: (1) amounts allocated to the Fixed Interest Options, including interest earnings to date; less (2) any deductions from the Fixed Interest Options (e.g., withdrawals and fees); and plus (3) the current dollar value of amounts allocated to the Subaccounts of Variable Annuity Account C, which includes investment performance and fees deducted from the Subaccounts.
Contract or Contracts: The group or individual deferred fixed and variable annuity Contract offered by your Plan Sponsor as a funding vehicle for your retirement plan.
Contract Holder: The person to whom we issue the Contract. Generally, the Plan Sponsor or a trust.
Customer Service: The location from which we service the Contracts. The mailing address and telephone number of Customer Service is Payout Services, One Orange Way, Windsor, CT 06095-4774, 1-800-584-6001.
Fixed Interest Options: The Fixed Dollar Option is a Fixed Interest Option that may be available during the Accumulation Phase under some Contracts. Amounts allocated to the Fixed Dollar Option is held in the Company’s General Account which supports insurance and annuity obligations.
Fund(s): The underlying mutual Funds in which the Subaccounts invest.
General Account: The account that contains all of our assets other than those held in Variable Annuity Account C or one of our other separate accounts.
Immediate Annuity: The Investor receives a guaranteed income within one year from the date of a single premium purchase.
Investor (also “you” or “participant”): The individual who participates in the Contract through a retirement plan.
Loan Interest Rate Spread: The difference between the rate charged and the rate credited on loans under your Contract.
Plan Sponsor: The sponsor of your retirement plan. Generally, your employer.
Purchase Payment: Collectively, the initial purchase payment and any additional purchase payment.
Subaccount: Division(s) of Variable Annuity Account C that are investment options under the Contract. Each Subaccount invests in a corresponding underlying mutual Fund.
Tax Code: The Internal Revenue Code of 1986, as amended.
VRIAC, the Company, we, us and our: Voya Retirement Insurance and Annuity Company, a stock company domiciled in Connecticut, that issues the Contract described in this summary prospectus.
Variable Annuity Account C, the Separate Account: Voya Variable Annuity Account C, a segregated asset account established by us to fund the variable benefits provided by the Contract. The Variable Annuity Account C is registered as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”), as amended, and it also meets the definition of “separate account” under the federal securities laws.
Variable Investment Options: The Subaccounts of Variable Annuity Account C. Each one invests in a specific mutual Fund.
Vested: The amount of money in a participant’s individual account attributable to participant contributions. In an employer-sponsored retirement plan (i.e., a 401(k) or 403(b) plan), the Vested amount may include employer matching contributions.
| USP.109622-24 | 3 |
UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this summary prospectus is a summary of certain Contract features that have changed since May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.
| • | Fee Table |
| • | There have been no changes to the Fee Table since May 1, 2023. |
| • | Investment Options |
| • | On June 20, 2021, the Subaccount that invests in the Franklin Small Cap Value VIP Fund closed to new investment by new Investors. Existing retirement plans and individual Investors who have investment in the Subaccount that corresponds to this Fund may leave their investment in that Subaccount and may continue to make additional purchases and exchanges. |
| • | The Voya Large Cap Growth Portfolio and the VY® T. Rowe Price Growth Equity Portfolio each changed their classification from “diversified” to “non-diversified,” as such items are defined under the 1940 Act. |
| • | 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. |
| • | Supplement dated March 7, 2024, to correct certain erroneous information in Appendix A. |
| • | Effective on or about July 12, 2024, the Voya Balanced Portfolio (Class I shares) will merge into the Voya Solution Balanced Income Portfolio (Class I shares) (a series of Voya Partners, Inc.). |
| • | Effective on or about July 12, 2024, the Voya Strategic Allocation Conservative Portfolio (Class I shares) will merge into the Voya Solution Conservative Portfolio (Class I shares) (a series of Voya Partners, Inc.). |
| • | Effective on or about July 12, 2024, the Voya Strategic Allocation Growth Portfolio (Class I shares) will merge into the Voya Solution Aggressive Portfolio (Class I shares) (a series of Voya Partners, Inc.). |
| • | Effective on or about July 12, 2024, the Voya Strategic Allocation Moderate Portfolio (Class I shares) will merge into the Voya Solution Balanced Portfolio (Class I shares) (a series of Voya Partners, Inc.). |
| • | Effective on or about April 26, 2024, the Voya Global High Dividend Low Volatility Portfolio (Class I shares) will be liquidated. |
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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
| FEES AND EXPENSES | |
| Charges for Early Withdrawals | If the Investor withdraws money from the Contract within seven (7) years following a specified date, the Investor can be assessed an early withdrawal charge equal to a maximum of 7% of the remaining guaranteed Income Payments withdrawn. The specified date referenced in the preceding sentence can vary depending on the terms of the Contract and will be either: (1) the date the individual account was established; or (2) the date the Contract was established. There is no surrender charge under this Contract.
See “FEE TABLES – Transaction Expenses” and “CHARGES AND FEES – Transaction Fees – Early Withdrawal Charge” in the full prospectus for the Contract. |
| Transaction Charges | • In addition to the early withdrawal charge, the Investor may also be charged for other transactions; • Certain Funds may impose redemption fees as a result of withdrawals, transfers, or other Fund transactions you may initiate; and • Charges for advisory services due to an independent advisory services agreement between you and an investment advisor may be deducted from the Contract value.
See “FEE TABLES – Transaction Expenses” and “CHARGES AND FEES” in the full prospectus for the Contract. |
| 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. |
| Annual Fee | Minimum | Maximum | |
| Base Contract Expenses | 0.95%1, 2 | 2.75%1, 2 | |
Investment Options (Portfolio Company fees and expenses) |
0.47%3 | 1.39%3 |
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. This estimate assumes that you do not take withdrawals from the Contract, which could add early withdrawal charges that substantially increase costs. |
| 1 | As a percentage of average Account Value. |
| 2 | The base contract expenses include the (1) mortality and expense risk charge (0.95% for Contracts Without the Guaranteed Minimum Income Feature, and 1.50% for Contracts With the Five-Year Guaranteed Minimum Income Feature); and (2) an administrative expense charge equal to 0.25% annually of your Account Value invested in the Subaccounts. The administrative expense charge is currently not imposed; however, we reserve the right to impose this charge for new contracts. See “CHARGES AND FEES – Periodic Fees and Charges” in the full prospectus for the Contract. |
| 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, 2023, and will vary from year to year. |
| USP.109622-24 | 5 |
FEES AND EXPENSES (continued from previous page) | ||
| Ongoing Fees and Expenses (annual charges) | Lowest Annual Cost Estimate: $891 |
Highest
Annual Cost Estimate: $1,572 |
Assumes: • Investment of $100,000; • 5% annual appreciation; • Five-Year Guaranteed Minimum Income Feature; • 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” in the full prospectus for the Contract. | ||
| RISKS | |
| Risk of Loss | An Investor can lose money by investing in the Contract. Contact Customer Service at 1-800-584-6001 for questions regarding the Contract.
See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the prospectus for 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. Early withdrawals may be restricted by the Tax Code or your plan and may expose you to early withdrawal charges or tax penalties. 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” in the full prospectus for 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 options available under the Contract. Each investment option (including the Fixed Dollar 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 B” in the full prospectus for the Contract and “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT” to this summary prospectus. |
| 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 Options, 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 at 1-800-584-6001.
See “THE CONTRACT – The General Account” in the full prospectus for the Contract. |
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| RESTRICTIONS | |
| Investment Options |
• Generally, the Contract Holder or you, if permitted by the plan, may select no more than 25 investment options at enrollment. Thereafter, more than 25 investment options can be selected at any one time; • Some Subaccounts and Fixed Interest Options may not be available through the Contract, your plan or in some states. See your Contract or certificate for any state specific variations; • Not all Fixed Interest Options may be available for current or future investment; • There are certain restrictions on transfers from the Fixed Interest Options; • The Company reserves the right to combine two or more Subaccounts, close Subaccounts or substitute a new Fund for a Fund in which a Subaccount currently invests; and • The Contract is not designed to serve as a vehicle for frequent transfers. We actively monitor Fund transfer and reallocation activity to identify violations of our Excessive Trading Policy. Electronic trading privileges will be suspended if the Company determines, in its sole discretion, that our Excessive Trading Policy has been violated.
See “THE INVESTMENT OPTIONS - Selecting Investment Options and Right to Change the Separate Account” and “THE CONTRACT - Limits on Frequent or Disruptive Transfers” in the full prospectus for the Contract. |
| Optional Benefits |
• We may discontinue or restrict the availability of an optional benefit; 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 - Death Benefit Options,” and “FEE TABLE – Annual Contract Expenses – For Contracts with the Five-Year Guaranteed Minimum Income Feature” in the full prospectus for the Contract. |
| TAXES | |
| Tax Implications | • You should consult with a tax and/or legal adviser to determine the tax implications of an investment in, and distributions received under, the Contract; • There is no additional tax benefit to the Investor if the Contract is purchased through a tax-qualified plan or individual retirement account (“IRA”); and • Withdrawals will be subject to ordinary income tax and may be subject to tax penalties.
See “FEDERAL TAX CONSIDERATIONS” in the full prospectus for the Contract. |
| CONFLICTS OF INTEREST | |
| Investment Professional Compensation | • 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” in the full prospectus for the Contract. |
| Exchanges | Some investment professionals may have a financial incentive to offer you a new contract in place of the one you own. You should exchange your Contract only if you determine, after comparing the features, fees and risks of the Contract, that it is preferable for you to purchase the new contract rather than continue to own the existing Contract.
See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the full prospectus for the Contract. |
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APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT
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=usp&cid=voyavpx&fid=92912K216. 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.
| 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 competitive total return through an actively managed portfolio of stocks, bonds and money market instruments which offer income and capital growth opportunity. | Calvert VP SRI Balanced Portfolio (Class I)
Investment Adviser: Calvert Research and Management |
0.65% | 16.82% | 10.27% | 7.46% |
| Seeks long-term capital appreciation. | Fidelity® VIP ContrafundSM Portfolio (Initial Class)
Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)
Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited |
0.56% | 33.45% | 16.65% | 11.61% |
| * | Current Expenses are each Fund’s total annual operating expenses as reported in the Fund’s prospectus. |
| USP.109622-24 | 8 |
| 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 reasonable income. Also considers the potential for capital appreciation. Seeks to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500® Index. | Fidelity® VIP Equity-Income PortfolioSM (Initial Class)
Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)
Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited |
0.47% | 10.65% | 12.30% | 8.58% |
| Seeks to achieve capital appreciation. | Fidelity® VIP Growth Portfolio (Initial Class)
Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)
Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited |
0.58% | 36.24% | 19.64% | 14.80% |
| Seeks long-term total return. Under normal market conditions, the Fund invests at least 80% of its net assets in investments of small-capitalization companies. | Franklin Small Cap Value VIP Fund (Class 2)1
Investment Adviser: Franklin Mutual Advisers, LLC |
0.91% | 12.75% | 11.06% | 7.04% |
| A non-diversified Fund that seeks capital growth. | Invesco V.I. American Franchise Fund (Series I)
Investment Adviser: Invesco Advisers, Inc. |
0.86% | 40.93% | 16.16% | 11.70% |
| Seeks long-term growth of capital. | Invesco V.I. Core Equity Fund (Series I)
Investment Adviser: Invesco Advisers, Inc. |
0.80% | 23.36% | 12.95% | 7.79% |
| * | Current Expenses are each Fund’s total annual operating expenses as reported in the Fund’s prospectus. |
| 1 | On June 20, 2021, the Fund closed to new investment by new Investors. Existing retirement plans and individual Investors may leave their investment in the Fund and may continue to make additional purchases and exchanges. |
| USP.109622-24 | 9 |
| 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 deliver long-term growth of capital by investing primarily in stocks of mid-sized U.S. companies. | Lord Abbett Series Fund, Inc. – Mid Cap Stock Portfolio (Class VC)
Investment Adviser: Lord, Abbett & Co. LLC |
1.15% | 14.97% | 10.87% | 6.57% |
| 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)**
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.65% | 15.92% | 7.98% | 5.84% |
| Seeks to maximize total return through a combination of current income and capital appreciation. | Voya Global Bond Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.68% | 6.24% | 0.52% | 0.66% |
| Seeks long-term capital growth and current income. | Voya Global High Dividend Low Volatility Portfolio (Class I)***,2
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.60% | 6.74% | 8.17% | N/A |
| Seeks to provide high current return, consistent with preservation of capital and liquidity, through investment in high-quality money market instruments while maintaining a stable share price of $1.00. | Voya Government Money Market Portfolio (Class I)3
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.43% | 4.77% | 1.68% | 1.08% |
| * | Current Expenses are each Fund’s total annual operating expenses as reported in the Fund’s prospectus. |
| ** | Effective on or about July 12, 2024, the Voya Balanced Portfolio (Class I shares) will merge into the Voya Solution Balanced Income Portfolio (Class I shares) (a series of Voya Partners, Inc.). |
| *** | Effective on or about April 26, 2024, the Voya Global High Dividend Low Volatility Portfolio (Class I) will be liquidated. |
| 2 | This Fund employs a managed volatility strategy. See “THE INVESTMENT OPTIONS – The Variable Investment Options – Funds with Managed Volatility Strategies” for more information. |
| 3 | There is no guarantee that the Voya Government Money Market Portfolio Subaccount will have a positive or level return. |
| USP.109622-24 | 10 |
| 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 maximize total return through investments in a diversified portfolio of common stock and securities convertible into common stocks. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. | Voya Growth and Income Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.67% | 27.39% | 16.20% | 11.30 |
| Seeks to provide Investors with a high level of current income and total return. | Voya High Yield Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.47% | 12.28% | 4.87% | 4.13% |
| 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 (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.55% | 26.07% | 14.74% | 11.33% |
| 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 (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.60% | 17.52% | 12.10% | 8.15% |
| 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 (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.60% | 18.21% | 10.88% | 7.69% |
| * | Current Expenses are each Fund’s total annual operating expenses as reported in the Fund’s prospectus. |
| USP.109622-24 | 11 |
| 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 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 (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.55% | 7.28% | 1.50% | 2.34% |
| Seeks maximum total return. | Voya International High Dividend Low Volatility Portfolio (Class I)4
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co., LLC |
0.74% | 14.87% | 6.34% | 3.85% |
| 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 (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.46% | 17.74% | 7.88% | 3.99% |
| A non-diversified Portfolio that seeks long-term capital growth. | Voya Large Cap Growth Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.67% | 37.86% | 14.76% | 12.32% |
| * | Current Expenses are each Fund’s total annual operating expenses as reported in the Fund’s prospectus. |
| 4 | This Fund employs a managed volatility strategy. See “THE INVESTMENT OPTIONS – The Variable Investment Options – Funds with Managed Volatility Strategies” for more information. |
| USP.109622-24 | 12 |
| 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 growth of capital and current income. | Voya Large Cap Value Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.69% | 13.73% | 13.20% | 8.83% |
| Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Growth Index. | Voya RussellTM Large Cap Growth Index Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.43% | 45.99% | 20.21% | 15.52% |
| Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Index. | Voya RussellTM Large Cap Index Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.61% | 29.08% | 15.81% | 12.03% |
| Seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations. | Voya Small Company Portfolio (Class I)5
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.86% | 18.00% | 9.84% | 7.02% |
| Seeks long-term capital appreciation. | Voya SmallCap Opportunities Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.86% | 20.93% | 9.11% | 6.25% |
| * | Current Expenses are each Fund’s total annual operating expenses as reported in the Fund’s prospectus. |
| 5 | Voya Small Company Portfolio is only available to plans offering the fund prior to April 29, 2011. |
| USP.109622-24 | 13 |
| 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 total return (i.e., income and capital growth, both realized and unrealized) consistent with preservation of capital. | Voya Strategic Allocation Conservative Portfolio (Class I)**,6
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.71% | 11.92% | 5.29% | 4.45% |
| Seeks to provide capital appreciation. | Voya Strategic Allocation Growth Portfolio (Class I)***,6
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.77% | 18.65% | 9.55% | 6.74% |
| Seeks to provide total return (i.e., income and capital appreciation, both realized and unrealized). | Voya Strategic Allocation Moderate Portfolio (Class I)****,6
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.75% | 16.11% | 7.78% | 5.87% |
| Seeks long-term capital growth. Income is a secondary objective. | VY® American Century Small-Mid Cap Value Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: American Century Investment Management, Inc. |
1.10% | 8.77% | 12.07% | 8.72% |
| 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% |
| * | Current Expenses are each Fund’s total annual operating expenses as reported in the Fund’s prospectus. |
| ** | Effective on or about July 12, 2024, the Voya Strategic Allocation Conservative Portfolio (Class I shares) will merge into the Voya Solution Conservative Portfolio (Class I shares) (a series of Voya Partners, Inc.). |
| *** | Effective on or about July 12, 2024, the Voya Strategic Allocation Growth Portfolio (Class I shares) will merge into the Voya Solution Aggressive Portfolio (Class I shares) (a series of Voya Partners, Inc.). |
| **** | Effective on or about July 12, 2024, the Voya Strategic Allocation Moderate Portfolio (Class I shares) will merge into the Voya Solution Balanced Portfolio (Class I shares) (a series of Voya Partners, Inc.). |
| 6 | This Fund is structured as a fund of funds that invest directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – Fund of Funds” for additional information. |
| USP.109622-24 | 14 |
| 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 total return including capital appreciation and current income. | VY® CBRE Real Estate Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: CBRE Investment Management Listed Real Assets, LLC |
0.75% | 14.31% | 8.89% | 7.70% |
| Seeks total return consisting of long-term capital appreciation and current income. | VY® Columbia Contrarian Core Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: Columbia Management Investment Advisers, LLC |
0.96% | 31.76% | 16.51% | 11.58% |
| Seeks capital growth and income. | VY® Invesco Comstock Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: Invesco Advisers, Inc. |
0.95% | 12.03% | 13.26% | 8.79% |
| Seeks total return consisting of long-term capital appreciation and current income. | VY® Invesco Equity and Income Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Invesco Advisers, Inc. |
0.64% | 10.25% | 9.84% | 7.04% |
| Seeks capital appreciation. | Voya Global Insights Portfolio28 (Class I)**
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC*** |
0.61% | 32.69% | 11.91% | 8.30% |
| * | Current Expenses are each Fund’s total annual operating expenses as reported in the Fund’s prospectus. |
| ** | 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. |
| USP.109622-24 | 15 |
| 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 growth from capital appreciation. | VY® JPMorgan Mid Cap Value Portfolio (Class S)7
Investment Adviser: Voya Investments, LLC
Subadviser: J.P. Morgan Investment Management Inc. |
1.10% | 10.54% | 10.61% | 7.77% |
| Seeks long-term capital appreciation. | VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: T. Rowe Price Associates, Inc. |
0.80% | 20.96% | 13.50% | 10.80% |
| Seeks a high level of dividend income as well as long-term growth of capital primarily through investments in stocks. | VY® T. Rowe Price Equity Income Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: T. Rowe Price Associates, Inc. |
0.86% | 9.33% | 11.04% | 7.77% |
| 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% | 20.96% | 13.50% | 10.80% |
| * | Current Expenses are each Fund’s total annual operating expenses as reported in the Fund’s prospectus. |
| 7 | VY® JPMorgan Mid Cap Value Portfolio is only available to plans offering the Fund prior to the close of business on February 7, 2014. |
| USP.109622-24 | 16 |
This updating summary prospectus incorporates by reference the full Voya Flexible Income Annuity Contract prospectus and Statement of Additional Information, each dated May 1, 2024, as amended or supplemented. You can find these documents online at https://prospectus.voya.com/FlexIncome. You can also obtain these documents at no cost by calling 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com.
Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
EDGAR Contract Identifier: C000002963
| USP.109622-24 | 17 |