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Venerable Insurance and Annuity Company |
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and its Separate Account B |
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GoldenSelect DVA |
May 1, 2024, Notice Document
This notice document describes GoldenSelect DVA, 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 May 2000 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 investment options, which include:
| • | 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; and |
| • | Fixed interest allocation options, which may have various guaranteed interest periods (“Fixed Interest Options”) See APPENDIX B for more information about the Fixed Interest Options that may be available through the Contract. |
The full GoldenSelect DVA 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=380789503&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/.
New regulations adopted by the Securities and Exchange Commission (“SEC”) require paper copies of the shareholder reports for the Funds available through your Contract to be sent to you by mail, unless you specifically elect to receive copies of the reports from the Company electronically. To elect and consent to the electronic receipt of Fund shareholder reports and other required documents, like this prospectus, please access your account information at Venerable.com and navigate to the “My Profile” section to manage your delivery preferences. You may also write to Customer Service at P.O. Box 9271, Des Moines, Iowa 50306-9271 or call 1-800-366-0066.
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.
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TABLE OF CONTENTS |
Page |
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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.
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Annuitant |
The person designated by you to be the measuring life in determining annuity payments. The age of the Annuitant also determines the Death Benefit. The Annuitant cannot be changed after the Contract Date. |
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Annuity Start Date |
The date you start receiving annuity payments under your Contract. |
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Cash Surrender Value |
The amount you receive when you surrender the Contract. |
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Contract |
The legal agreement between the Contract Owner(s) and the Company that governs the terms of the GoldenSelect DVA variable annuity. The Contract has two phases: •
The accumulation phase (the period between the Contract Date and the Annuity 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 Annuity Start Date) during which you receive regular annuity payments from the Contract). |
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Contract Date |
The date the Contract became effective. |
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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). |
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Contract Value |
The total value of your investment in the Subaccounts of the Separate Account and the Fixed Interest Options available through the Contract. |
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Contract Year |
The time period between each anniversary of the Contract Date. |
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Death Benefit |
The amount paid to your designated beneficiaries upon your or the Annuitant’s death. If the Contract Owner or Annuitant is less than age 75 (80 years old for Contracts with a Contract Date before November 6, 1992) at the time of purchase, the Death Benefit is the greatest of: |
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Funds |
The underlying mutual funds in which the Subaccounts invest. |
2
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Separate Account |
Separate Account B, which is the 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. |
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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. |
3
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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.
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KEY INFORMATION |
Important information you should consider about the Contract:
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FEES AND EXPENSES |
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Charges for Early Withdrawals |
If you withdraw money from or surrender the Contract within six (6) years following a premium payment, you may be assessed a surrender charge. The surrender charge is generally a percentage of the premium withdrawn or surrendered, and the maximum surrender charge is 6% of each premium payment. 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 “Charges and Fees” in the full prospectus, as supplemented, for more information. |
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Transaction Charges |
In addition to surrender charges, there may be an additional charge if: •
You make additional premium payments (deducted at the end of each Contract Year after receipt of each premium for 6 years from the date we accept the premium payment); •
You transfer Contract Value between Subaccounts; •
You request that withdrawal proceeds be mailed for overnight delivery; •
You take more than one regular withdrawal in a Contract Year; or •
State or local premium taxes become due. See “Charges and Fees” in the full prospectus, as supplemented, for more information. |
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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. |
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Annual Fee |
Minimum |
Maximum |
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Base Contract (varies by Contract class) |
0.80%1 |
1.02%1 |
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Investment options (Fund fees and expenses) |
0.52%2 |
1.50%2 |
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See “Charges and Fees” in the full prospectus, as supplemented, for more information. |
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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. |
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Lowest Annual Cost: $1,188 |
Highest Annual Cost: $2,160 |
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Assumes: •
Investment of $100,000; •
5% annual appreciation; •
Least expensive Contract class and Fund fees and expenses; •
No Optional Benefits; and •
No additional purchase payments, transfers, or withdrawals. |
Assumes: •
Investment of $100,000; •
5% annual appreciation; •
Most expensive Contract class and combination of Optional Benefits and Fund fees and expenses; and •
No additional purchase payments, transfers, or withdrawals. |
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| 1 | As a percentage of Account 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. We calculate the Base Contract fee by dividing the total amount of these charges collected during the last fiscal year by the total average net assets attributable to the Contracts for that year. The annual dollar based Administrative Charge is waived if your total premium payments were $100,000 or more in the first contract year. The minimum amount reflects this waiver, while the maximum amount does not. Your Contract class depends on when you purchased your Contract. Refer to your Contract schedule pages for the fees and charges that apply to your Contract. |
| 2 | As a percentage of Fund assets. |
4
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RISKS |
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Risk of Loss |
You can lose money investing in the Contract, including loss of principal. |
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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 six years after each premium payment. They will reduce the value of your Contract if you withdraw money from or surrender 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. |
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Risks Associated with the Investment Options |
An investment in the Contract is subject to the risk of poor investment performance of the Funds 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. |
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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. |
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Cyber-Security Risks. |
Like others in our industry, we are subject to operational and information security risks resulting from “cyber-attacks,” “hacking” or similar illegal or unauthorized intrusions into computer systems and networks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service attacks on websites and other operational disruption and unauthorized release of confidential customer information. Although we seek to limit our vulnerability to such risks through technological and other means and we rely on industry standard commercial technologies to maintain the security of our information systems, it is not possible to anticipate or prevent all potential forms of cyber-attack or to guarantee our ability to fully defend against all such attacks. In addition, due to the sensitive nature of much of the financial and similar personal information we maintain, we may be at particular risk for targeting. Cyber-attacks affecting us, any third-party administrator, the underlying Funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, cyber-attacks may interfere with our processing of Contract transactions, including the processing of orders from our website or with the underlying Funds, impact our ability to calculate Accumulation Unit values, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cyber security risks may also affect the issuers of securities in which the underlying Funds invest, which may cause the Funds underlying your Contract to lose value. There can be no assurance that we or the underlying Funds or our service providers will avoid losses affecting your Contract that result from cyber-attacks or information security breaches in the future. |
5
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RESTRICTIONS |
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Investment Options |
There may be a $25 charge for each transfer between Subaccounts after the first 12 in a Contract Year. See “Charges and Fees” 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 “THE ANNUITY CONTRACT - 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 |
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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 arrangement (“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% additional tax for withdrawals and surrenders before age 59½. |
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CONFLICTS OF INTEREST |
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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. |
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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. |
6
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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=380789503&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 Funds you choose may impact the benefits under the Optional Benefits you chose.
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.
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Open Funds |
Subaccounts that invest in the following Funds are open to new premiums and transfers of Contract Value.
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT |
AVERAGE ANNUAL |
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(as of 12/31/2023) |
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1 Year |
5 Year |
10 Year |
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Seeks high total investment return. |
BlackRock Global Allocation V.I. Fund Investment Adviser: BlackRock Advisors, LLC Subadviser: Blackrock (Singapore) Limited and Blackrock International Limited |
(Class III) |
12.49% |
7.39% |
4.63% |
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Seeks to maximize income while maintaining prospects for capital appreciation. |
Voya Balanced Income Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC Uses managed volatility strategies. |
(Class S) |
11.42% |
4.99% |
4.28% |
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Seeks long-term capital growth and current income. |
Voya Global High Dividend Low Volatility Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC Uses managed volatility strategies. |
(Class S) |
6.43% |
7.89% |
5.90% |
| 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
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT |
AVERAGE ANNUAL |
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(as of 12/31/2023) |
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1 Year |
5 Year |
10 Year |
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Seeks capital appreciation. |
Voya Global Insights Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
32.24% |
11.61% |
8.02% |
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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) |
4.68% |
1.60% |
0.98% |
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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) |
7.03% |
1.26% |
2.09% |
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Seeks maximum total return. |
Voya International High Dividend Low Volatility Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC Uses managed volatility strategies. |
(Class S) |
14.52% |
6.06% |
2.40% |
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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 ADV) |
17.10% |
7.33% |
3.48% |
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A non-diversified Portfolio that seeks long-term capital growth. |
Voya Large Cap Growth Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class ADV) |
37.06% |
14.06% |
11.66% |
A-2
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT |
AVERAGE ANNUAL |
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(as of 12/31/2023) |
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1 Year |
5 Year |
10 Year |
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Seeks a high level of total return (consisting of capital appreciation and income) consistent with a level of risk that can be expected to be greater than that of Voya Retirement Moderate Growth Portfolio. |
Voya Retirement Growth Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC A Fund of Funds. |
(Class ADV) |
17.82% |
9.38% |
6.47% |
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Seeks a high level of total return (consisting of capital appreciation and income) consistent with a level of risk that can be expected to be greater than that of Voya Retirement Moderate Portfolio but less than that of Voya Retirement Growth Portfolio. |
Voya Retirement Moderate Growth Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC A Fund of Funds. |
(Class ADV) |
15.37% |
8.36% |
5.94% |
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Seeks a high level of total return (consisting of capital appreciation and income) consistent with a level of risk that can be expected to be greater than that of Voya Retirement Conservative Portfolio but less than that of Voya Retirement Moderate Growth Portfolio. |
Voya Retirement Moderate Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC A Fund of Funds. |
(Class ADV) |
11.24% |
6.34% |
4.69% |
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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 Russell™ Large Cap Growth Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
45.65% |
19.92% |
15.23% |
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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 Russell™ Large Cap Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
29.08% |
15.81% |
12.03% |
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Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Value Index. |
Voya Russell™ Large Cap Value Index Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
9.99% |
10.10% |
7.82% |
A-3
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT |
AVERAGE ANNUAL |
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(as of 12/31/2023) |
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1 Year |
5 Year |
10 Year |
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Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Growth Index. |
Voya Russell™ Mid Cap Growth Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
25.02% |
13.05% |
9.85% |
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Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Index. |
Voya Russell™ Mid Cap Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
16.51% |
11.98% |
8.74% |
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Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell 2000® Index. |
Voya Russell™ Small Cap Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
16.35% |
9.34% |
6.62% |
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Seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations. |
Voya Small Company Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC Sub-Sub-Adviser: Voya Investment Management (UK) Limited |
(Class S) |
17.68% |
9.57% |
6.75% |
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Seeks to provide capital growth through a diversified asset allocation strategy. |
Voya Solution Moderately Aggressive Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC A Fund of Funds. |
(Class S) |
18.61% |
9.51% |
6.55% |
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Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Bloomberg U.S. Aggregate Bond Index. |
Voya U.S. Bond Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
4.77% |
0.53% |
1.24% |
A-4
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT |
AVERAGE ANNUAL |
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(as of 12/31/2023) |
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1 Year |
5 Year |
10 Year |
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Seeks total return. |
Voya U.S. Stock Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
25.56% |
15.09% |
11.46% |
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Seeks high total return consisting of capital appreciation and current income. |
VY® CBRE Global Real Estate Portfolio Investment Adviser: Voya Investments, LLC Subadviser: CBRE Investment Management Listed Real Assets LLC |
(Class S) |
12.33% |
5.90% |
4.23% |
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Seeks long-term growth of capital. |
VY® Columbia Small Cap Value II Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Columbia Management |
(Class S) |
13.85% |
11.62% |
7.07% |
|
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 S2) |
9.83% |
9.42% |
6.64% |
|
Seeks long-term growth of capital and income. |
VY® Invesco Growth and Income Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Invesco Advisers, Inc. |
(Class S) |
12.34% |
11.85% |
8.25% |
|
Seeks capital appreciation. |
VY® JPMorgan Emerging Markets Equity Portfolio Investment Adviser: Voya Investments, LLC Subadviser: J.P. Morgan Investment Management Inc. |
(Class S) |
6.38% |
4.45% |
3.57% |
|
A non-diversified Portfolio that seeks long-term capital appreciation. |
VY® Morgan Stanley Global Franchise Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Morgan Stanley Investment Management Inc. |
(Class S) |
15.91% |
11.23% |
9.42% |
A-5
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT |
AVERAGE ANNUAL |
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|
(as of 12/31/2023) |
|||||
|
1 Year |
5 Year |
10 Year |
|||
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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) |
18.60% |
12.59% |
10.31% |
A-6
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Closed Funds |
Subaccounts that invest in the following Funds are closed to new premiums and transfers of Contract Value. Contract Owners who have value in any of the closed Funds may leave their Contract Value allocated to the Subaccounts that invest in these Funds.
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT EXPENSES |
AVERAGE ANNUAL |
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|
(as of 12/31/2023) |
|||||
|
1 Year |
5 Year |
10 Year |
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Seeks to provide investors with a high level of current income and total return. |
Voya High Yield Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
12.01% |
4.60% |
3.87% |
|
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) |
25.71% |
14.45% |
11.05% |
|
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) |
17.54% |
7.59% |
3.74% |
|
A non-diversified Portfolio that seeks long-term capital growth. |
Voya Large Cap Growth Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
37.38% |
14.46% |
12.04% |
|
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) |
4.52% |
1.27% |
1.11% |
| 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-7
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT EXPENSES |
AVERAGE ANNUAL |
||
|
(as of 12/31/2023) |
|||||
|
1 Year |
5 Year |
10 Year |
|||
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Seeks long-term capital appreciation. |
Voya SmallCap Opportunities Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
20.65% |
8.83% |
5.98% |
|
Seeks total return including capital appreciation and current income. |
VY® CBRE Real Estate Portfolio Investment Adviser: Voya Investments, LLC Subadviser: CBRE Investment Management Listed Real Assets LLC |
(Class S) |
14.04% |
8.62% |
7.43% |
|
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) |
9.97% |
9.56% |
6.77% |
|
Seeks growth from capital appreciation. |
VY® JPMorgan Mid Cap Value Portfolio Investment Adviser: Voya Investments, LLC Subadviser: J.P. Morgan Investment |
(Class S) |
10.54% |
10.61% |
7.77% |
A-8
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APPENDIX B – FIXED INTEREST DIVISION |
A Fixed Interest Division option is available through certain group and individual deferred variable annuity contracts offered by the Company. The Fixed Interest Division is part of the VIAC General Account. Interests in the Fixed Interest Division have not been registered under the Securities Act of 1933, and neither the Fixed Interest Division nor the General Account are registered under the Investment Company Act of 1940. Except in a few states, the Fixed Interest Division is closed to new investments.
Where available, interests in the Fixed Interest Division are offered through an Offering Brochure, which has more complete information. Please read the Offering Brochure carefully before you invest in the Fixed Interest Division. If you are unsure whether the Fixed Interest Division is available in your state, please contact Customer Service at (800) 366-0066. When reading through the Prospectus, the Fixed Interest Division should be counted among the various investment options available for the allocation of your premiums. The Fixed Interest Division may not be available in some states. Some restrictions may apply.
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HOW TO GET MORE INFORMATION |
This notice document incorporates by reference the full GoldenSelect DVA 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=380789503&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.
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GoldenSelect DVA, Contract I.D. C00002519 |
May 1, 2024 |
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Venerable Insurance and Annuity Company |
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and its Separate Account B |
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GoldenSelect DVA Series 100 |
May 1, 2024, Notice Document
This notice document describes the GoldenSelect DVA Series 100, 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 May 2000 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 investment options, which include:
| • | 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; and |
| • | Fixed interest allocation options, which may have various guaranteed interest periods (“Fixed Interest Options”) See APPENDIX B for more information about the Fixed Interest Options that may be available through the Contract. |
The full GoldenSelect DVA Series 100 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=380789602&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/.
New regulations adopted by the Securities and Exchange Commission (“SEC”) require paper copies of the shareholder reports for the Funds available through your Contract to be sent to you by mail, unless you specifically elect to receive copies of the reports from the Company electronically. To elect and consent to the electronic receipt of Fund shareholder reports and other required documents, like this prospectus, please access your account information at Venerable.com and navigate to the “My Profile” section to manage your delivery preferences. You may also write to Customer Service at P.O. Box 9271, Des Moines, Iowa 50306-9271 or call 1-800-366-0066.
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.
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TABLE OF CONTENTS |
Page |
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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.
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Annuitant |
The person designated by you to be the measuring life in determining annuity payments. The age of the Annuitant also determines the Death Benefit. The Annuitant cannot be changed after the Contract Date. |
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Annuity Start Date |
The date you start receiving annuity payments under your Contract. |
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Cash Surrender Value |
The amount you receive when you surrender the Contract. |
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Contract |
The legal agreement between the Contract Owner(s) and the Company that governs the terms of the GoldenSelect DVA Series 100 variable annuity. The Contract has two phases: •
The accumulation phase (the period between the Contract Date and the Annuity 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 Annuity Start Date) during which you receive regular annuity payments from the Contract). |
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Contract Date |
The date the Contract became effective. |
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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). |
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Contract Value |
The total value of your investment in the Subaccounts of the Separate Account available through the Contract. |
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Contract Year |
The time period between each anniversary of the Contract Date. |
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Death Benefit |
The amount paid to your designated beneficiaries upon your or the Annuitant’s death. If the Contract Owner or Annuitant is less than age 75 (80 years old for Contracts with a Contract Date before November 6, 1992) at the time of purchase, the Death Benefit is the greatest of: |
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Funds |
The underlying mutual funds in which the Subaccounts invest. |
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Separate Account |
Separate Account B, which is the 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. |
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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.
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KEY INFORMATION |
Important information you should consider about the Contract:
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FEES AND EXPENSES |
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Charges for Early Withdrawals |
There are no surrender charges when you take withdrawals from your Contract. |
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Transaction Charges |
There may be a charge if: •
You make additional premium payments (deducted at the end of each Contract Year after receipt of each premium for 10 years from the date we accept the premium payment); •
You transfer Contract Value between Subaccounts; •
You request that withdrawal proceeds be mailed for overnight delivery; •
You take more than one regular withdrawal in a Contract Year; or •
State or local premium taxes become due. See “Charges and Fees” in the full prospectus, as supplemented, for more information. |
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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. |
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Annual Fee |
Minimum |
Maximum |
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Base Contract |
1.35%1 |
1.35%1 |
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Investment options (Fund fees and expenses) |
0.53%2 |
1.50%2 |
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See “Charges and Fees” in the full prospectus, as supplemented, for more information. |
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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. |
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Lowest Annual Cost: $1,653 |
Highest Annual Cost: $2,406 |
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Assumes: •
Investment of $100,000; •
5% annual appreciation; •
Least expensive Contract and Fund fees and expenses; •
No Optional Benefits; 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; and •
No additional purchase payments, transfers, or withdrawals. |
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| 1 | As a percentage of Account Value in each Subaccount. This fee includes the Mortality and Expense Risk Charge and the Annual Asset Based Administrative Charge as described in the Contract. We calculate the Base Contract fee by dividing the total amount of these charges collected during the last fiscal year by the total average net assets attributable to the Contracts for that year. Refer to your Contract schedule pages for the fees and charges that apply to your Contract. |
| 2 | As a percentage of Fund assets. |
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RISKS |
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Risk of Loss |
You can lose money investing in the Contract, including loss of principal. |
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Not a Short-Term Investment |
The Contract is not a short-term investment and is not appropriate if you need ready access to cash. |
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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. |
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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. |
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Cyber-Security Risks. |
Like others in our industry, we are subject to operational and information security risks resulting from “cyber-attacks,” “hacking” or similar illegal or unauthorized intrusions into computer systems and networks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service attacks on websites and other operational disruption and unauthorized release of confidential customer information. Although we seek to limit our vulnerability to such risks through technological and other means and we rely on industry standard commercial technologies to maintain the security of our information systems, it is not possible to anticipate or prevent all potential forms of cyber-attack or to guarantee our ability to fully defend against all such attacks. In addition, due to the sensitive nature of much of the financial and similar personal information we maintain, we may be at particular risk for targeting. Cyber-attacks affecting us, any third-party administrator, the underlying Funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, cyber-attacks may interfere with our processing of Contract transactions, including the processing of orders from our website or with the underlying Funds, impact our ability to calculate Accumulation Unit values, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cyber security risks may also affect the issuers of securities in which the underlying Funds invest, which may cause the Funds underlying your Contract to lose value. There can be no assurance that we or the underlying Funds or our service providers will avoid losses affecting your Contract that result from cyber-attacks or information security breaches in the future. |
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RESTRICTIONS |
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Investment Options |
There may be a $25 charge for each transfer between Subaccounts after the first 12 in a Contract Year. See “Charges and Fees” 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 “THE ANNUITY CONTRACT - 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” in the full prospectus, as supplemented, for more information. |
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TAXES |
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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 arrangement (“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% additional tax for withdrawals and surrenders before age 59½. |
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CONFLICTS OF INTEREST |
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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. |
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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=380789602&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 Funds you choose may impact the benefits under the Optional Benefits you chose. See “LIVING BENEFIT RIDERS” in the full prospectus, as supplemented, for more information.
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.
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Open Funds |
Subaccounts that invest in the following Funds are open to new premiums and transfers of Contract Value.
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT EXPENSES |
AVERAGE ANNUAL |
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(as of 12/31/2023) |
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1 Year |
5 Year |
10 Year |
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Seeks long-term capital growth and current income. |
Voya Global High Dividend Low Volatility Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC Uses managed volatility strategies. |
(Class S) |
6.43% |
7.89% |
5.90% |
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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) |
4.68% |
1.60% |
0.98% |
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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 Russell™ Large Cap Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
29.08% |
15.81% |
12.03% |
| 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. |
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT EXPENSES |
AVERAGE ANNUAL |
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(as of 12/31/2023) |
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1 Year |
5 Year |
10 Year |
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Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Value Index. |
Voya Russell™ Large Cap Value Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
9.99% |
10.10% |
7.82% |
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Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Growth Index. |
Voya Russell™ Mid Cap Growth Index Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
(Class S) |
25.02% |
13.05% |
9.85% |
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Seeks total return including capital appreciation and current income. |
VY® CBRE Real Estate Portfolio Investment Adviser: Voya Investments, LLC Subadviser: CBRE Investment Management Listed Real Assets LLC |
(Class S) |
14.04% |
8.62% |
7.43% |
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Seeks long-term growth of capital and income. |
VY® Invesco Growth and Income Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Invesco Advisers, Inc. |
(Class S) |
12.34% |
11.85% |
8.25% |
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Seeks capital appreciation. |
VY® JPMorgan Emerging Markets Equity Portfolio Investment Adviser: Voya Investments, LLC Subadviser: J.P. Morgan Investment Management Inc. |
(Class S) |
6.38% |
4.45% |
3.57% |
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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) |
18.60% |
12.59% |
10.31% |
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APPENDIX B – FIXED INTEREST DIVISION |
A Fixed Interest Division option is available through certain group and individual deferred variable annuity contracts offered by the Company. The Fixed Interest Division is part of the VIAC General Account. Interests in the Fixed Interest Division have not been registered under the Securities Act of 1933, and neither the Fixed Interest Division nor the General Account are registered under the Investment Company Act of 1940. Except in a few states, the Fixed Interest Division is closed to new investments.
Where available, interests in the Fixed Interest Division are offered through an Offering Brochure, which has more complete information. Please read the Offering Brochure carefully before you invest in the Fixed Interest Division. If you are unsure whether the Fixed Interest Division is available in your state, please contact Customer Service at (800) 366-0066. When reading through the Prospectus, the Fixed Interest Division should be counted among the various investment options available for the allocation of your premiums. The Fixed Interest Division may not be available in some states. Some restrictions may apply.
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HOW TO GET MORE INFORMATION |
This notice document incorporates by reference the full GoldenSelect DVA Series 100 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=380789602&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.
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GoldenSelect DVA Series 100, Contract I.D. C00002974 |
May 1, 2024 |