As filed with the Securities and Exchange
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Commission on May 1, 202 4
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Registration No. 811-02512
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It is proposed that this filing will become effective (check appropriate box):
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[ ]
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immediately upon filing pursuant to paragraph (b)
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[X ]
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on May 1, 202 4 , pursuant to paragraph (b)
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[]
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60 days after filing pursuant to paragraph (a)(1)
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[ ]
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on ____________, pursuant to paragraph (a)(1) of Rule 485 under the Securities Act.
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[ ]
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this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
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VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
Variable Annuity Account B VOYA VARIABLE ANNUITY CONTRACT
PROSPECTUS – MAY 1, 202 4
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If using the U.S. Postal Service:
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If using express mail:
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Customer Service
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Customer Service
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P.O. Box 9271
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699 Walnut Street
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Des Moines, IA 50306-9271
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Des Moines, IA 50309-3942
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FEES AND EXPENSES
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Location in
Prospectus
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|||||
Charges for Early Withdrawals
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The early withdrawal charges applicable to your contract depend on the type of contract that you own.
• For Contracts Issued Outside of the State of New York –
o Contracts Issued Outside of New
York (except Roth IRA Contracts Issued Before Sept. 20, 2000): If you withdraw money from your contract within 7 years following your last purchase payment, you may be assessed an early withdrawal charge of up to 7% (as a percentage
of purchase payments withdrawn), declining to 0% over that time period.
o Roth IRA Contracts Issued Outside
of New York Before Sept. 20, 2000: If you withdraw money from your contract within 5 account years, you may be assessed an early withdrawal charge of up to 5% (as a percentage of purchase payments withdrawn), declining to 0% over
that time period.
• For All Contracts Issued in the State of New
York: If you withdraw money from your contract within 7 years following your last purchase payment, you may be assessed an early withdrawal charge of up to 7% (as a percentage of purchase payments withdrawn), declining to 0% over
that time period.
For example, if you invest $100,000 in the contract and make an early withdrawal, you could be assessed an early withdrawal charge of up to $7,000 if
the maximum early withdrawal charge is 7% or up to $5,000 if the maximum early withdrawal charge is 5%.
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Fee Table p.8
Fees – Transaction Fees – Early Withdrawal Charge
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||||
Transaction Charges
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In addition to early withdrawal charges, you may also be charged for other transactions.
• We reserve the right to charge $10 for each transfer between investment options after the first 12 transfers during an account year. We do not currently impose this
charge.
• We charge up to $20.00 for each overnight delivery withdrawal request.
• Premium taxes may apply to purchase payments.
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Fee Table p.8
Fees – Transaction Fees
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||||
Ongoing Fees and Expenses
(annual charges)
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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.
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Fee Table p.8
Fees – Periodic Fees and Charges
Appendix III– Funds Available Under The Contract
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||||
Annual Fee
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Minimum
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Maximum
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||||
Base contract1
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0.80%
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0.80%
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||||
Investment options2
(fund fees and expenses)
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0. 34 %
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1. 44 %
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||||
Optional benefits available for an additional charge1
(for a single optional benefit, if elected)
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0.20%
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0.50%
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||||
1 As a percentage of amounts invested in the subaccounts, as well as an amount attributable to the annual maintenance fee.
2 As a percentage of fund net assets.
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 early withdrawal charges that substantially increase costs.
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Lowest Annual Cost:
$2 68.48
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Highest Annual Cost:
$59 0.19
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||||
Assumes:
• Investment of $100,000
• 5% annual appreciation
• Least expensive fund fees and expenses
• No optional benefits
• No surrender charges
• No premium bonuses
• No additional purchase payments, transfers or withdrawals
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Assumes:
• Investment of $100,000
• 5% annual appreciation
• Most expensive combination of optional benefits and fund fees and expenses
• No surrender charges
• No premium bonuses
• No additional purchase payments, transfers or withdrawals
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||||
RISKS
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Location in
Prospectus
|
||||
Risk of Loss
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You can lose money by investing in this contract, including loss of your principal investment.
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Principal Risks of Investing in the Contract p.11
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|||
Not a Short-Term Investment
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• This contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash.
• The contract’s tax deferral and long-term income features are generally more beneficial to investors with a long time horizon.
• Early withdrawal charges under the contract may be significant.
• Withdrawals may be subject to income taxes, including a 10% federal penalty tax if taken before age 59½.
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||||
Risks Associated with Investment Options
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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 (e.g., the variable investment options). Each investment option (including each fixed interest option)
has its own unique risks. You should review the investment options before making an investment decision.
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||||
Insurance Company Risks
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An investment in the contract is subject to the risks related to us. Any obligations (including under the fixed interest options), guarantees and
benefits of the contract are subject to our claims-paying ability. More information about us, including our financial strength ratings, is available upon request by contacting Customer Service at 1-800-366-0066.
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RESTRICTIONS
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Location in
Prospectus
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||||
Investments
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• Certain investment options may not be available under your contract.
• During the accumulation phase, we reserve the right to charge you for each transfer between investment options after your first 12 transfers during an account year. During
the income phase, if you select a variable payment option, we allow you four free transfers each account year.
• Automatic rebalancing transactions do not count against your free transfers.
• Transfers involving the variable investment options are subject to restrictions designed to prevent frequent or disruptive trading.
• The fixed interest options are subject to special restrictions –
o The Fixed Account may be subject to special transfer restrictions that significantly limit your ability to make transfers from the Fixed Account. Transfers into the Fixed
Account from any other investment option are not allowed.
o The Guaranteed Account is subject to a market value adjustment (MVA) if your account value is withdrawn or transferred before the end of the guaranteed term. The MVA may
be positive or negative. You should review the separate prospectus for the Guaranteed Account.
• We reserve the right to remove or substitute funds as investment options.
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Investment Options p.17
Transfers Among Investment Options p.20
Appendix I – Voya Guaranteed Account
Appendix II – Fixed Account
Appendix III– Funds Available Under The Contract
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Optional Benefits
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• Additional restrictions and limitations may apply under an optional benefit that you have elected.
• Withdrawals may affect the availability of an optional benefit by reducing the benefit by
an amount greater than the value withdrawn and could terminate the benefit.
• Premium bonuses may be forfeited under certain circumstances, including if you make a withdrawal during the early withdrawal charge period applicable to your initial
purchase payment.
• Premium bonuses may not be included in the death benefit, including the standard death benefit.
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Premium Bonus Option p.16
Benefits Available Under the Contract p.23
Transfers Between Option Packages p.27
Death Benefit p.35
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TAXES
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Location in
Prospectus
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Tax Implications
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• You should consult with a tax professional to determine the tax implications of an investment in and payments received under the contract.
• If you purchased the contract through a tax-qualified plan or individual retirement account, there is no additional tax benefit under the contract.
• Any gain under your contract may be taxed at ordinary income rates when withdrawn. You may be subject to a 10% federal penalty tax if you take a withdrawal before age 59½.
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Federal Tax Considerations p.45
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CONFLICTS OF INTEREST
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Location in Prospectus
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Investment Professional Compensation
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Your investment professional may receive compensation for selling the contract to you in the form of
commissions, additional cash compensation (e.g., bonuses) and non-cash compensation. This conflict of interest may influence your investment
professional to recommend this contract over another investment for which the investment professional is not compensated or compensated less.
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Other Topics – Contract Distribution p.57
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Exchanges
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Some investment professionals may have a financial incentive to offer you a new variable annuity contract in
place of the one you already own. You should only exchange your current variable annuity contract if you determine, after comparing the features, fees and
risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.
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•
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Accumulation Phase. To help you accumulate
assets under the contract during the accumulation phase, you may allocate your purchase payments and account value (including premium bonuses, if applicable) among the contract’s investment options. The contract’s investment options include:
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o
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Variable Investment Options. Each variable
investment option (or subaccount) invests in the shares of a single underlying mutual fund (or fund). Each fund has its own investment objective, strategies and risks; investment adviser(s); expenses; and performance history that you should
consider before making an investment decision. Additional information about each fund is provided in an appendix to this prospectus. See APPENDIX
III – FUNDS AVAILABLE UNDER THE CONTRACT.
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o
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Fixed Interest Options. The fixed interest
options include the Guaranteed Account and the Fixed Account.
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◾
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The Guaranteed Account offers certain guaranteed minimum interest rates for a stated period of time. Amounts must remain in the Guaranteed Account
for specific periods to receive the quoted interest rates, or a market value adjustment will be applied. See APPENDIX I – VOYA GUARANTEED
ACCOUNT, as well as the separate prospectus for the Guaranteed Account.
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◾
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The Fixed Account guarantees payment of the minimum interest rate specified in the contract. The Fixed Account is only available in certain states.
See APPENDIX II – FIXED ACCOUNT.
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•
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Income Phase. When you want to begin
receiving regular payments from us under your contract (i.e., annuitize your contract), you may elect to begin the income phase. The
contract offers several income phase payment options. In general, you may receive income phase payments for a specified period of time or for life; receive income phase payments monthly, quarterly, semi-annually or annually; select an income
phase payment option that provides for payments to your beneficiary; or select income phase payments that are fixed or vary depending upon the performance of the variable investment options you select. If you do not wish to fully annuitize
your contract, the contract permits partial annuitizations.
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Option Package I
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Option Package II
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Option Package III
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Additional Charge?
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No
(least expensive option)
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Yes
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Yes
(most expensive option)
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Death Benefit
(Upon Death of Annuitant)
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The greater of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value on the claim date.
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The greatest of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value on the claim date; or
• The “step-up value” on the claim date.
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The greatest of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value on the claim date; or
• The “step-up value” on the claim date; or
• The “roll-up value” on the claim date.
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Free Withdrawals ‒ Waiver of Early Withdrawal Charge
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10% of your account value each account year, non-cumulative.
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10% of your account value each account year, non-cumulative.
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10% of your account value each account year, cumulative to a maximum of 30%.
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Nursing Home Waiver ‒ Waiver of Early Withdrawal Charge
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Not
Available
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Available
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Available
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Deferred Sales Load (Early Withdrawal Charge)
(as a percentage of purchase payments withdrawn)
Contracts Issued Outside of New
York (except Roth IRA Contracts Issued Before Sept. 20, 2000) 7%1
Roth IRA Contracts Issued Outside of New York Before Sept. 20, 2000 5%2
All Contracts Issued in New York 7%3
Exchange Fee (Transfer Charge) $10.004
(per transfer, after the first 12 transfers per account year)
Overnight Charge $20.00
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Contracts Issued Outside of New York (except Roth IRA Contracts Issued Before Sept. 20, 2000)
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Years from Receipt of Purchase Payment
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Early Withdrawal Charge
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Less than 2
2 or more but less than 4
4 or more but less than 5
5 or more but less than 6
6 or more but less than 7
7 or more
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7%
6%
5%
4%
3%
0%
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Roth IRA Contracts Issued Outside of New York Before Sept. 20, 2000
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Completed Account Years
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Early Withdrawal Charge
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Less than 1
1 or more but less than 2
2 or more but less than 3
3 or more but less than 4
4 or more but less than 5
5 or more
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5%
4%
3%
2%
1%
0%
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All Contracts Issued in New York
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Years from Receipt of Purchase Payment
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Early Withdrawal Charge
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Less than 1
1 or more but less than 2
2 or more but less than 3
3 or more but less than 4
4 or more but less than 5
5 or more but less than 6
6 or more but less than 7
7 or more
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7%
6%
5%
4%
3%
2%
1%
0%
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Administrative Expenses (Annual Maintenance Fee) $30.001
Base Contract Expenses (Option Package I) 0.95%2,
3
(as a percentage of amounts invested in the subaccounts)
Optional Benefit Expenses
(as a percentage of amounts invested in the subaccounts)
Option Package II 0.30%3
Option Package III 0.45%3
Premium Bonus Option 0.50%4
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Minimum
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Maximum
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(expenses that are deducted from fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)
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0. 34 %
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1. 44 %
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(1)
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If you surrender your contract at the end of the applicable time period:
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1 year
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3 years
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5 years
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10 years
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$1, 038
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$1, 531
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$2, 047
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$3, 473
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(2) |
If you annuitize your contract at the end of the applicable time period or do not surrender your Contract:
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1 year
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3 years
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5 years
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10 years
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$ 338
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$1, 031
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$1, 747
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$3, 473
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(1)
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If you surrender your contract at the end of the applicable time period:
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1 year
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3 years
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5 years
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10 years
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$ 38
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$1, 331
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$1,8 47
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$3, 473
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(2) |
If you annuitize your contract at the end of the applicable time period or do not surrender your Contract:
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1 year
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3 years
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5 years
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10 years
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$338
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$1,031
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$1,747
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$3,473
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(1)
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If you surrender your contract at the end of the applicable time period:
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1 year
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3 years
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5 years
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10 years
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$1, 038
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$1,5 31
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$2,0 47
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$3, 473
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(2) |
If you annuitize your contract at the end of the applicable time period or do not surrender your Contract:
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1 year
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3 years
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5 years
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10 years
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$338
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$1,031
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$1,747
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$3,473
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• |
Individual Contracts. In some states, where group contracts are not
available, you may purchase the contract directly from us by completing an application and delivering it and your initial purchase payment to us. Upon our approval we will issue you a contract and set up an account for you under the contract.
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• |
Group Contracts. In most states we have distributors, usually
broker-dealers or banks, who hold the contract as a group contract (see “OTHER TOPICS – Contract Distribution”). You may purchase an interest (or, in other words, participate) in the group contract by contacting a distributor and completing an application
and delivering it with your initial purchase payment to that distributor. Upon our approval, we will set up an account for you under the group contract and issue you a certificate showing your rights under the contract.
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• |
Joint Contracts (generally spouses). For a nonqualified contract,
you may participate in a group contract as a joint contract holder. References to “contract holder” or “contract owner” in this prospectus mean both contract holders under joint contracts. Tax law prohibits the purchase of qualified contracts
by joint contract holders.
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•
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Long-Term Investment – This contract is
designed for people seeking long-term tax-deferred accumulation of assets, generally for retirement or other long-term purposes. Early withdrawals may cause you to incur surrender charges and/or tax penalties. The value of deferred taxation
on earnings grows with the amount of time funds are left in the contract. You should not buy this contract if you are looking for a short-term investment or expect to need to make withdrawals before you are 59½;
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•
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Investment Risk – The value of investment
options available under this contract may fluctuate with the markets and interest rates. You should not buy this contract in order to invest in these options if you cannot risk getting back less money than you put in;
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•
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Features and Fees – The fees for this
contract reflect costs associated with the features and benefits it provides. In some cases, you have the option to elect certain benefits that carry additional charges. As you consider this contract, you should determine the value that these
various benefits and features have for you, taking into account the charges for those features; and
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•
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Exchanges – If this contract will be a
replacement for another annuity contract, you should compare the two contracts carefully. You should consider whether any additional benefits under this contract justify any increased charges that might apply. Also, be sure to talk to your
sales representative or tax and/or legal adviser to make sure that the exchange will be handled so that it is tax-free.
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• |
Individual Contracts. You have all contract rights.
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• |
Group Contracts. The holder of the group contract has title to the
contract and, generally, only the right to accept or reject any modifications to the contract. You have all other rights to your account under the contract.
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• |
Joint Contracts. Joint contract holders have equal rights under the
contract with respect to their account. All rights under the contract must be exercised by both joint contract holders with the exception of transfers among investment options. See the “DEATH BENEFIT” section at p.35 for the rights of the surviving joint contract holder upon the death of a joint contract holder prior to the income phase start date.
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• |
One lump sum;
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• |
Periodic payments; or
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• |
Transfer or rollover from a pre-existing retirement plan or account.
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Option
Package I
|
Option
Package II
|
Option
Package III
|
||||
Minimum Initial Purchase Payment
|
Non-Qualified:
|
Qualified:*
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Non-Qualified:
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Qualified:*
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Non-Qualified:
|
Qualified:*
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$15,000
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$1,500
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$5,000
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$1,500
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$5,000
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$1,500
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• |
The size and type of the prospective group, if any, to which the reduction would apply;
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• |
The method and frequency of purchase payments to be made under the contract; and
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• |
The amount of compensation to be paid to distributors and their registered representative on each purchase payment.
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• |
If you exercise your free look privilege and cancel your contract. See “RIGHT TO CANCEL”, p.15.
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• |
If a death benefit is payable based on account value, step-up value or roll-up value, but only the amount of any premium bonus credited to the account after or within 12
months of the date of death. See “DEATH
BENEFIT”, p.35.
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• |
If all or part of a purchase payment for which a premium bonus was credited is withdrawn during the first seven account years. The amount of the premium bonus forfeited
will be in the same percentage as the amount withdrawn subject to an early withdrawal charge is to the total purchase payments made during the first account year. See “WITHDRAWALS”,
p.33.
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Date
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Purchase
Payment
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Premium
Bonus
|
Account
Value
|
Withdrawal
Amount
|
Explanation
|
May 2, 2008
|
$100,000
|
$4,000
|
$104,000
|
–
|
You make a $100,000 initial purchase payment and we credit your account with a 4% ($4,000) premium bonus. Your beginning account value equals $104,000.
|
May 2, 2011
|
–
|
–
|
$120,000
|
$30,000
|
Assume that your account value grows to $120,000 over the next three years and you request a $30,000 withdrawal. $18,000 of that $30,000 will be subject
to an early withdrawal charge ($30,000 minus $12,000 (the 10% free withdrawal amount, see “FEES – Transaction Fees – Free Withdrawals”)) and you would pay a $1,080 early withdrawal
charge (6% of $18,000). Additionally, because $18,000 is 18% of the $100,000 purchase payment made in the first account year, 18% of your $4,000 premium bonus, or $720, would be forfeited.*
|
•
|
Choose options appropriate for you. Your
sales representative can help you evaluate which investment options may be appropriate for your individual circumstances and your financial goals;
|
•
|
Understand the risks associated with the options
you choose. Some subaccounts invest in funds that are considered riskier than others. Funds with additional risks are expected to have values that rise and fall more rapidly and to a greater degree than other funds. For example,
funds investing in foreign or international securities are subject to risks not associated with domestic investments, and their investment performance may vary accordingly. Also, funds using derivatives in their investment strategy may be
subject to additional risks. Because investment risk is borne by you, you should carefully consider any decisions that you make regarding investment allocations. You bear the risk of any decline in your account value resulting from the
performance of the funds you have chosen; and
|
•
|
Be informed. Read this prospectus, all of
the information that is available to you regarding the funds − including each fund’s prospectus, statement of additional information, and annual and
semi-annual reports, the Guaranteed Account and Fixed Account appendices and the separate Guaranteed Account prospectus. After you select the options for your account dollars, you should monitor and periodically re-evaluate your allocations
to determine if they are still appropriate.
|
•
|
Shared − bought by more than one company.
|
•
|
Mixed − bought for annuities and life insurance.
|
•
|
A share of the management fee;
|
•
|
Service fees;
|
•
|
For certain share classes, 12b-1 fees; and
|
•
|
Additional payments (sometimes referred to as revenue sharing).
|
•
|
Communicating with customers about their fund holdings;
|
•
|
Maintaining customer financial records;
|
•
|
Processing changes in customer accounts and trade orders (e.g. purchase and redemption requests);
|
•
|
Recordkeeping for customers, including subaccounting services;
|
•
|
Answering customer inquiries about account status and purchase and redemption procedures;
|
•
|
Providing account balances, account statements, tax documents and confirmations of transactions in a customer’s account;
|
•
|
Transmitting proxy statements, annual and semi-annual reports, fund prospectuses and other fund communications to customers; and
|
•
|
Receiving, tabulating and transmitting proxies executed by customers.
|
•
|
Increased trading and transaction costs;
|
•
|
Forced and unplanned portfolio turnover;
|
•
|
Lost opportunity costs; and
|
•
|
Large asset swings that decrease the fund’s ability to provide maximum investment return to all contract owners.
|
•
|
We suspend the Electronic Trading Privileges, as defined below, of any individual or organization if we determine, in our sole
discretion, that the individual’s or organization’s transfer activity is disruptive or not in the best interest of other owners of our variable insurance and retirement products, or the participants in such products; and
|
•
|
Each underlying fund may limit or restrict fund purchases and we will implement any limitation or
restriction on transfers to an underlying fund as directed by that underlying fund.
|
•
|
Meets or exceeds our current definition of Excessive Trading, as defined below; or
|
•
|
Is determined, in our sole discretion, to be disruptive or not in the best interests of other owners of our variable insurance and retirement
products.
|
•
|
More than one purchase and sale of the same fund (including money market funds) within a 60 calendar day period (hereinafter, a purchase and sale
of the same fund is referred to as a “round-trip”). This means two or more round-trips involving the same fund within a 60 calendar day period would meet our definition of Excessive Trading; or
|
•
|
Six round-trips involving the same fund within a twelve month period.
|
•
|
Purchases or sales of shares related to non-fund transfers (for example, new purchase payments, withdrawals and loans);
|
•
|
Transfers associated with any scheduled dollar cost averaging, scheduled rebalancing or scheduled asset allocation programs;
|
•
|
Purchases and sales of fund shares in the amount of $5,000 or less;
|
•
|
Purchases and sales of funds that affirmatively permit short-term trading in their fund shares, and movement between such funds and a money market
fund; and
|
•
|
Transactions initiated by us, another member of the Voya family of insurance companies or a fund.
|
STANDARD BENEFITS
|
||||
Name of Benefit
|
Purpose
|
Base Fee
|
Brief Description of Restrictions / Limitations
|
|
Option Package I
|
Option Package that includes the standard death benefit and the standard free withdrawal right.
|
• 0.80% (as a percentage of amounts invested in the subaccounts)1
|
• Nursing Home Waiver is not available.
• Cumulative free withdrawals are not available.
• “Step-up value” and “roll-up value” death benefit are not available.
• Only one Option Package may be elected at any time.
• Transfers between Option Packages must occur on an account anniversary. We must receive request within 60 days beforehand.
|
|
Option Package I –
Death Benefit
|
Provides a death benefit equal to the greater of
• The sum of all purchase payments, as adjusted for partial withdrawals and partial annuitizations; or
• The account value.
|
• Included without additional charge in Option Package I.
|
• Withdrawals and partial annuitizations will reduce the value of the death benefit. Such reductions may be greater than the amount partially withdrawn or annuitized.
• Premium bonuses may not be included in the death benefit because they are not considered to be purchase payments.
|
|
Option Package I –
Free Withdrawals
(Non-Cumulative)
|
Allows 10% of your account value each account year to be withdrawn without early withdrawal charges.
|
• Included without additional charge in Option Package I.
|
• Unused free withdrawals during an account year do not carry forward to future account years.
• Withdrawals may have tax consequences, including tax penalties if taken before age 59½.
|
|
Account Rebalancing Program
|
Allows you to automatically reallocate your account value to match the investment allocations you originally selected.
|
• Included without additional charge in Option Package I.
|
• Only account value invested in the subaccounts may be automatically rebalanced.
• Account value may be automatically rebalanced annually (or more frequently as we allow).
• Program transfers do not count against free transfers that may be made each account year without charge.
|
|
Systematic Distribution Options
|
Allows you to receive regular payments from your contract without moving into the income phase and free of early withdrawal charges.
|
• Included without additional charge in Option Package I.
|
• At least three options may be available: (a) Systematic Withdrawal Option; (b) Estate Conservation Option/Recurring RMD Payment; (c) Life Expectancy Option.
• Annual withdrawals under this program are limited to the annual free withdrawal amount under the applicable Option Package.
• Withdrawals may have tax consequences, including tax penalties if taken before age 59½.
|
OPTIONAL BENEFITS
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions / Limitations
|
Option Package II
|
Option Package that includes an enhanced death benefit, the standard free withdrawal right and the Nursing Home Waiver.
|
0.30%
(as a percentage of amounts invested in the subaccounts)1
|
• Cumulative free withdrawals are not available.
• “Roll-up value” death benefit is not available.
• Only one Option Package may be elected at any time.
• Transferring from Option Package II to Option Package I will terminate benefits exclusive to Option Package II.
• Transfers between Option Packages must occur on an account anniversary. We must receive request within 60 days beforehand.
|
Option Package II – Death Benefit
|
The greatest of:
• The sum of all purchase payments, as adjusted for partial withdrawals and partial annuitizations; or
• The account value; or
• The “step-up value.”
|
Included in additional charge for Option Package II.
|
• Withdrawals and partial annuitizations will reduce the value of the death benefit. Such reductions may be greater than the amount partially withdrawn or annuitized.
• No annual step-ups after the anniversary immediately preceding the annuitant’s 85th birthday.
• Bonus amounts may not be included in the death benefit because they are not considered to be purchase payments.
|
Option Package II – Free Withdrawals (Non-Cumulative)
|
Allows 10% of your account value each account year to be withdrawn without early withdrawal charges.
|
Included in additional charge for Option Package II.
|
• Same free withdrawal right as Option Package I.
• Unused free withdrawals during an account year do not carry forward to future account years.
• Withdrawals may have tax consequences, including tax penalties if taken before age 59½.
|
Option Package II – Nursing Home Waiver
|
Allows you to withdraw all or a portion of your account value without an early withdrawal charge if the annuitant is confined to a licensed nursing care
facility.
|
Included in additional charge for Option Package II.
|
• Cannot be exercised until one account year has elapsed since the benefit’s effective date.
• Cannot be exercised if the annuitant was in a nursing home during the two week period immediately preceding or following the benefit’s effective date.
• Must spend at least 45 consecutive days in a nursing home.
• Withdrawal subject to the waiver must be requested no more than three years after admission to a nursing home.
• State variations apply.
• Withdrawals may have tax consequences, including tax penalties if taken before age 59½.
• Waiver not available in New York (same as Option Package I).
|
Option Package III
|
Option Package that includes an enhanced death benefit, an enhanced free withdrawal right, and the Nursing Home Waiver.
|
0.45%
(as a percentage of amounts invested in the subaccounts)1
|
• Only one Option Package may be elected at any time.
• Transferring from Option Package III to Option Package I or II will terminate benefits exclusive to Option Package III.
• Transfers between Option Packages must occur on an account anniversary. We must receive request within 60 days beforehand.
|
Option Package III – Death Benefit
|
The greatest of:
• The sum of all purchase payments, as adjusted for partial withdrawals and partial annuitizations; or
• The account value; or
• The “step-up value;” or
• The “roll-up value.”
|
Included in additional charge for Option Package III.
|
• Withdrawals and partial annuitizations will reduce the value of the death benefit. Such reductions may be greater than the amount partially withdrawn or annuitized.
• No annual step-ups after the anniversary immediately preceding the annuitant’s 85th birthday.
• No annual roll-ups after the anniversary immediately preceding the annuitant’s 76th birthday.
• Roll-up value subject to a maximum limit.
• Roll-up value not available in New York (death benefit is the same as Option Package II).
• Bonus amounts may not be included in the death benefit because they are not considered to be purchase payments.
|
Option Package III – Free Withdrawal Right (Cumulative)
|
Allows 10% of your account value each account year to be withdrawn without early withdrawal charges.
|
Included in additional charge for Option Package III.
|
• Unused free withdrawals during an account year carry forward to future account years, subject to a maximum of 30%.
• Cumulative feature not available in New York (free withdrawal right is the same as Option Package I and II).
|
Option Package III – Nursing Home Waiver
|
Allows you to withdraw all or a portion of your account value without an early withdrawal charge if the annuitant is confined to a licensed nursing care
facility.
|
Included in additional charge for Option Package III.
|
• Cannot be exercised until one account year has elapsed since the benefit’s effective date.
• Cannot be exercised if the annuitant was in a nursing home during the two week period immediately preceding or following the benefit’s effective date.
• Must spend at least 45 consecutive days in a nursing home.
• Withdrawal subject to the waiver must be requested no more than three years after admission to a nursing home.
• State variations apply.
• Withdrawals may have tax consequences, including tax penalties if taken before age 59½.
• Waiver not available in New York (same as Option Package I).
|
Premium Bonus Option
(no longer available)
|
We credit your account with a 4% premium bonus for each purchase payment you make during the first account year.
|
0.50% for the first seven account years (as a percentage of amounts invested in the subaccounts)2
|
• Cannot be revoked once elected.
• Bonus amounts are subject to reduction or forfeit under certain circumstances.
• Bonus amounts may not be included in the death benefit.
• Death benefit will be reduced by any bonus amounts credited to account after or within 12 months of the date of death.
• Withdrawals may forfeit bonus amounts.
|
•
|
Transfers must occur on an account anniversary.
|
•
|
A written request for the transfer must be received by us within 60 days before an account anniversary.
|
Transfers to
Option Package I
|
Transfers to
Option Packages II or III
|
|||
Minimum Account Value
|
Non-Qualified:
|
Qualified:
|
Non-Qualified:
|
Qualified:
|
$15,000
|
$1,500
|
$5,000
|
$1,500
|
•
|
You will receive a new contract schedule page upon transfer.
|
•
|
Only one option package may be in effect at any time.
|
Transfers to
Option Package I
|
Transfers to
Option Package II
|
Transfers to
Option Package III
|
Death Benefit:1
• The sum of all purchase payments made, adjusted for amounts withdrawn or applied to an income phase payment option as of the
claim date, will continue to be calculated from the account effective date.
• The “step-up value” under Option Packages II and III will terminate on the new schedule effective date.
• The “roll-up value” under Option Package III will terminate on the new schedule effective date.
|
Death Benefit:1
• The sum of all purchase payments made, adjusted for amounts withdrawn or applied to an income phase payment option as of the
claim date, will continue to be calculated from the account effective date.
• If transferring from Option Package I, the “step-up value” will be calculated beginning on the new schedule effective date.
• If transferring from Option Package III, the “step-up value” will continue to be calculated from the date calculated under
Option Package III.
• The “roll-up value” under Option Package III will terminate on the new schedule effective date.
|
Death Benefit:1
• The sum of all purchase payments made, adjusted for amounts withdrawn or applied to an income phase payment option as of the
claim date, will continue to be calculated from the account effective date.
• If transferring from Option Package I, the “step-up value” will be calculated beginning on the new schedule effective date.
• If transferring from Option Package II, the “step-up value” will continue to be calculated from the date calculated under
Option Package II.
• The “roll-up value” will be calculated beginning on the new schedule effective date.
|
Nursing Home Waiver:2
• The availability of the waiver of the early withdrawal charge under the Nursing Home Waiver will terminate on the new schedule effective date.
|
Nursing Home Waiver:2
• If transferring from Option Package I, the waiting period under the Nursing Home Waiver will begin to be measured from the new schedule effective date.
• If transferring from Option Package III, the waiting period will have been satisfied on the new schedule effective date.
|
Nursing Home Waiver:2
• If transferring from Option Package I, the waiting period under the Nursing Home Waiver will begin to be measured from the
new schedule effective date.
• If transferring from Option Package II, the waiting period will have been satisfied on the new schedule effective date.
|
Free Withdrawals:3
• If transferring from Option Package III, any available free withdrawal amount in excess of 10% will be lost as of the new schedule effective date.
|
Free Withdrawals: 3
• If transferring from Option Package III, any available free withdrawal amount in excess of 10% will be lost as of the new schedule effective date.
|
Free Withdrawals: 3
• The cumulative to 30% available free withdrawal amount will begin to be calculated as of the new schedule effective date.
|
3
|
See “FEES – Free
Withdrawals”, p.29
|
For Contracts Issued outside of the State of New York
|
|
All Contracts (except Roth IRA Contracts Issued Before September 20, 2000)
|
|
Years from Receipt of
Purchase Payment
|
Early Withdrawal Charge
|
Less than 2
2 or more but less than 4
4 or more but less than 5
5 or more but less than 6
6 or more but less than 7
7 or more
|
7%
6%
5%
4%
3%
0%
|
Roth IRA Contracts Issued Before September 20, 2000
|
|
Completed
Account Years
|
Early Withdrawal Charge
|
Less than 1
1 or more but less than 2
2 or more but less than 3
3 or more but less than 4
4 or more but less than 5
5 or more
|
5%
4%
3%
2%
1%
0%
|
For Contracts Issued in the State of New York
|
|
All Contracts
|
|
Years from Receipt of
Purchase Payment
|
Early Withdrawal Charge
|
Less than 1
1 or more but less than 2
2 or more but less than 3
3 or more but less than 4
4 or more but less than 5
5 or more but less than 6
6 or more but less than 7
7 or more
|
7%
6%
5%
4%
3%
2%
1%
0%
|
• |
Used to provide income phase payments to you;
|
• |
Paid due to the annuitant’s death during the accumulation phase in an amount up to the sum of purchase payments made, minus the total of all partial withdrawals, amounts
applied to an income phase payment option and deductions made prior to the annuitant’s death;
|
• |
Paid upon a full withdrawal where your account value is $2,500 or less and no part of the account has been withdrawn during the prior 12 months;
|
• |
Taken because of the election of a systematic distribution option (see
“SYSTEMATIC DISTRIBUTION OPTIONS” p.34);
|
• |
Applied as a rollover to certain Roth IRAs issued by us or an affiliate;
|
• |
If approved in your state, taken under a qualified contract, when the amount withdrawn is equal to the minimum distribution required by the Tax Code for your account
calculated using a method permitted under the Tax Code and agreed to by us (including required minimum distributions using the ECO/RRD systematic distribution option (see “SYSTEMATIC DISTRIBUTION OPTIONS” p.34); or
|
• |
Paid upon termination of your account by us (see “OTHER TOPICS – Involuntary Terminations” p.60).
|
• |
More than one account year has elapsed since the schedule effective date;
|
• |
The withdrawal is requested within three years of the annuitant’s admission to a licensed nursing care facility (in Oregon there is no three year limitation period and in
New Hampshire non-licensed facilities are included); and
|
• |
The annuitant has spent at least 45 consecutive days in such nursing care facility.
|
Option Package I
|
Option Package II
|
Option Package III
|
0.80%
|
1.10%
|
1.25%
|
• |
The mortality risks are those risks associated with our promise to make lifetime income phase payments based on annuity rates specified in the contract.
|
• |
The expense risk is the risk that the actual expenses we incur under the contract will exceed the maximum costs that we can charge.
|
Option Package I
|
Option Package II
|
Option Package III
|
0.15%
|
0.15%
|
0.15%
|
• |
The size and type of group to whom the contract is issued;
|
• |
The amount of expected purchase payments;
|
• |
A prior or existing relationship with the Company, such as being an employee or former employee of the Company or one of our affiliates, receiving distributions or making
transfers from other contracts issued by us or one of our affiliates or transferring amounts held under qualified retirement plans sponsored by us or one of our affiliates;
|
• |
The type and frequency of administrative and sales services provided; or
|
• |
The level of annual maintenance fee and early withdrawal charges.
|
• |
The current dollar value of amounts invested in the subaccounts; plus
|
• |
The current dollar values of amounts invested in the fixed interest options, including interest earnings to date.
|
• |
The net assets of the fund held by the subaccount as of the current valuation; minus
|
• |
The net assets of the fund held by the subaccount at the preceding valuation; plus or minus
|
• |
Taxes or provisions for taxes, if any, due to subaccount operations (with any federal income tax liability offset by foreign tax credits to the extent allowed); divided
by
|
• |
The total value of the subaccount’s units at the preceding valuation; minus
|
• |
A daily deduction for the mortality and expense risk charge and the administrative expense charge, if any, and any other fees deducted from investments in the separate
account, such as the premium bonus option charge. See “FEES”, p.28.
|
Step 1: |
You make an initial purchase payment of $5000.
|
A. |
You direct us to invest $3,000 in Fund A. The purchase payment purchases 300 accumulation units of Subaccount A ($3,000 divided by the current $10 AUV).
|
B. |
You direct us to invest $2,000 in Fund B. The purchase payment purchases 100 accumulation units of Subaccount B ($2,000 divided by the current $20 AUV).
|
Step 3: |
The separate account purchases shares of the applicable funds at the then current market value (net asset value or NAV).
|
• |
Select the withdrawal amount.
|
>
|
Full Withdrawal: You will receive, reduced by any required withholding tax, your account value allocated to the subaccounts, the Guaranteed
Account (plus or minus any applicable market value adjustment) and the Fixed Account, minus any applicable early withdrawal charge, annual maintenance fee and forfeited premium bonus.
|
>
|
Partial Withdrawal (Percentage or Specified Dollar Amount): You will receive, reduced by any required withholding tax, the amount you specify,
subject to the value available in your account. However, the amount actually withdrawn from your account will be adjusted by any applicable early withdrawal charge, any positive or negative market value adjustment for amounts withdrawn from
the Guaranteed Account and any forfeited premium bonus. See “APPENDICES I and II” and the Guaranteed Account prospectus for more information
about withdrawals from the Guaranteed Account and the Fixed Account.
|
• |
Select investment options. If you do not specify this, we will withdraw dollars in the same proportion as the values you hold in the various investment options from each
investment option in which you have an account value.
|
• |
Properly complete a disbursement form and deliver it to Customer Service.
|
•
|
SWO − Systematic Withdrawal Option. SWO is a series of automatic
partial withdrawals from your account based on a payment method you select. Consider this option if you would like a periodic income while retaining investment flexibility for amounts accumulated in the account.
|
•
|
ECO − Estate Conservation Option/Recurring RMD Payment – RRP. This
option offers the same investment flexibility as SWO, but is designed for those who want to receive only the minimum distribution that the Tax Code requires each year. Under this option, we calculate the minimum distribution amount required
by law (generally at age 72 (age 70½ if born before July 1, 1949) and pay you that amount once a year. This option is not available under nonqualified contracts. An early withdrawal charge will not be deducted from and a market value
adjustment will not be applied to any part of your account value paid under an ECO/RRP.
|
•
|
LEO − Life Expectancy Option. LEO provides for annual payments for
a number of years equal to your life expectancy or the life expectancy of you and a designated beneficiary. It is designed to meet the substantially equal periodic payment exception to the 10% premature distribution penalty under Tax Code
Section 72. See “FEDERAL TAX
CONSIDERATIONS”, p.45.
|
Option Package I
(Standard Death Benefit)
|
Option Package II
(Optional Death Benefit)
|
Option Package III
(Optional Death Benefit)
|
|
Death Benefit on Death of the Annuitant:
|
The greater of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value* on the claim date.
|
The greatest of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value* on the claim date; or
• The “step-up value”* (as described below) on the claim date.
|
The greatest of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value* on the claim date; or
• The “step-up value”* (as described below) on the claim date; or
• The “roll-up value”* (as described below) on the claim date.**
|
•
|
The account value; or
|
•
|
The step-up value, if any, calculated on the account anniversary prior to the schedule effective date, adjusted for purchase payments made and
amounts withdrawn or applied to an income phase payment option during the prior account year.
|
•
|
The step-up value most recently calculated, adjusted for purchase payments made and amounts withdrawn or applied to an income phase payment option
during the prior account year; or
|
•
|
The account value on that anniversary of the schedule effective date.
|
•
|
In calculating the sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option, the account value on
the claim date following the original contract holder’s/annuitant’s death shall be treated as the spousal beneficiary’s initial purchase payment;
|
•
|
In calculating the step-up value, the step-up value on the claim date following the original contract holder’s/annuitant’s death shall be treated
as the spousal beneficiary’s initial step-up value; and
|
•
|
In calculating the roll-up value, the roll-up value on the claim date following the original contract holder’s/annuitant’s death shall be treated
as the initial roll-up value.
|
• |
Apply some or all of the account value, plus or minus any market value adjustment, to any of the income phase payment options (subject to the Tax Code distribution rules
(see “FEDERAL TAX CONSIDERATIONS”,
p.45));
|
• |
Receive, at any time, a lump-sum payment equal to all or a portion of the account value, plus or minus any market value adjustment; or
|
• |
Elect SWO, ECO/RRD or LEO (described in “SYSTEMATIC DISTRIBUTION OPTIONS”,
p.34), provided the election would satisfy the Tax Code minimum distribution rules.
|
•
|
If you die and the beneficiary is your surviving spouse, or if you are a non-natural person and the annuitant dies and the beneficiary is the
annuitant’s surviving spouse, then the beneficiary becomes the successor contract holder. In this circumstance the Tax Code does not require distributions under the contract until the successor contract holder’s death.
|
>
|
Continue the contract in the accumulation phase;
|
>
|
Elect to apply some or all of the account value, plus or minus any market value adjustment, to any of the income phase payment options; or
|
>
|
Receive at any time a lump-sum payment equal to all or a portion of the account value, plus or minus any market value adjustment.
|
•
|
If you die and the beneficiary is not your surviving spouse, he or she may elect option 1(b) or option 1(c) above (subject to the Tax Code
distribution rules). See “FEDERAL TAX
CONSIDERATIONS”, p.45.
|
•
|
If you are a natural person but not the annuitant and the annuitant dies, the beneficiary may elect option 1(b) or 1(c) above. If the beneficiary
does not elect option 1(b) within 60 days from the date of death, the gain, if any, will be included in the beneficiary’s income in the year the annuitant dies.
|
• |
Payment start date;
|
• |
Income phase payment option (see the income phase payment options table in this section);
|
• |
Payment frequency (i.e., monthly, quarterly, semi-annually or annually);
|
• |
Choice of fixed, variable or a combination of both fixed and variable payments; and
|
• |
Selection of an assumed net investment rate (only if variable payments are elected).
|
• |
A first income phase payment of at least $50; and
|
• |
Total yearly income phase payments of at least $250.
|
•
|
The first day of the month following the annuitant’s 85th birthday; or
|
•
|
The tenth anniversary of the last purchase payment made to your account.
|
•
|
The life of the annuitant;
|
•
|
The joint lives of the annuitant and beneficiary;
|
•
|
A guaranteed period greater than the annuitant’s life expectancy; or
|
•
|
A guaranteed period greater than the joint life expectancies of the annuitant and beneficiary.
|
•
|
If variable income phase payments are selected, we make a daily deduction for mortality and expense risks from amounts held in the subaccounts.
Therefore, if you choose variable income phase payments and a nonlifetime income phase payment option, we still make this deduction from the subaccounts you select, even though we no longer assume any mortality risks. The amount of this
charge, on an annual basis, is equal to 1.25% of amounts invested in the subaccounts. See “FEES – Fees Deducted from Investments in the Separate Account – Mortality and Expense Risk Charge”, p.30.
|
•
|
There is currently no administrative expense charge during the income phase. We reserve the right, however, to charge an administrative expense
charge of up to 0.25% during the income phase. If imposed, we deduct this charge daily from the subaccounts corresponding to the funds you select. If we are imposing this charge when you enter the income phase, the charge will apply to you
during the entire income phase. See “FEES
– Fees Deducted from Investments in the Separate Account – Administrative Expense Charge”, p.30.
|
•
|
If you elected the premium bonus option and variable income phase payments, we may also deduct the premium bonus option charge. We deduct this
charge daily during the first seven account years from the subaccounts corresponding to the funds you select. If fixed income phase payments are selected, this charge may be reflected in the income phase payment rates. See “FEES – Fees Deducted from Investments in the Separate Account – Premium Bonus Option Charge”, p.31.
|
Lifetime Income Phase Payment Options
|
|
Life Income
|
Length of Payments: For as long as the
annuitant lives. It is possible that only one payment will be made if the annuitant dies prior to the second payment’s due date.
Death Benefit − None: All payments end upon the annuitant’s death.
|
Life Income −
Guaranteed
Payments
|
Length of Payments: For as long as the
annuitant lives, with payments guaranteed for your choice of five to 30 years or as otherwise specified in the contract.
Death Benefit − Payment to the Beneficiary: If the annuitant dies before we have made all the
guaranteed payments, we will continue to pay the beneficiary the remaining payments, unless the beneficiary elects to receive a lump-sum payment equal to the present value of the remaining guaranteed payments.
|
Life Income −
Two Lives
|
Length of Payments: For as long as either
annuitant lives. It is possible that only one payment will be made if both annuitants die before the second payment’s due date.
Continuing Payments: When you select this
option you choose for:
• 100%, 66⅔ % or 50% of the payment to continue to the surviving annuitant after the first death; or
• 100% of the payment to continue to the annuitant on the second annuitant’s death, and 50% of the payment to continue to the second annuitant on the annuitant’s death.
Death Benefit − None: All payments end upon the death of both annuitants.
|
Life Income −
Two Lives −
Guaranteed
Payments
|
Length of Payments: For as long as either
annuitant lives, with payments guaranteed from five to 30 years or as otherwise specified in the contract.
Continuing Payments: 100% of the payment to
continue to the surviving annuitant after the first death.
Death Benefit − Payment to the Beneficiary: If both annuitants die before we have made all the
guaranteed payments, we will continue to pay the beneficiary the remaining payments, unless the beneficiary elects to receive a lump-sum payment equal to the present value of the remaining guaranteed payments.
|
Life Income − Cash Refund Option (limited availability − fixed payments only)
|
Length of Payments: For as long as the
annuitant lives.
Death Benefit − Payment to the Beneficiary: Following the annuitant’s death, we will pay a lump
sum payment equal to the amount originally applied to the income phase payment option (less any applicable premium tax) and less the total amount of income payments paid.
|
Life Income − Two Lives − Cash Refund Option (limited availability − fixed payments only)
|
Length of Payments: For as long as either
annuitant lives.
Continuing Payments: 100% of the payment to
continue after the first death.
Death Benefit − Payment to the Beneficiary: When both annuitants die we will pay a lump-sum
payment equal to the amount applied to the income phase payment option (less any applicable premium tax) and less the total amount of income payments paid.
|
Nonlifetime Income Phase Payment Option
|
|
Nonlifetime −
Guaranteed
Payments
|
Length of Payments: You may select payments
for five to 30 years (15 to 30 years if you elected the premium bonus option). In certain cases a lump-sum payment may be requested at any time (see below).
Death Benefit − Payment to the Beneficiary: If the annuitant dies before we make all the
guaranteed payments, we will continue to pay the beneficiary the remaining payments, unless the beneficiary elects to receive a lump-sum payment equal to the present value of the remaining guaranteed payments. We will not impose any early
withdrawal charge.
|
Lump-Sum Payment: If the “Nonlifetime − Guaranteed Payments” option is elected with variable payments, you may request at any time that all or a portion of the present value of the remaining payments be
paid in one lump sum. Any such lump-sum payments will be treated as a withdrawal during the accumulation phase and we will charge any applicable early withdrawal charge. See “FEES – Transaction Fees ‒ Early Withdrawal Charge.” Lump-sum payments will be sent within seven calendar days after we receive the request for payment in good order at Customer Service.
|
|
Calculation of Lump-Sum Payments: If a
lump-sum payment is available under the income phase payment options above, the rate used to calculate the present value of the remaining guaranteed payments is the same rate we used to calculate the income phase payments (i.e., the actual
fixed rate used for fixed payments or the 3.5% or 5% assumed net investment rate used for variable payments).
|
Option Package I
|
Option Package II
|
Option Package III
|
|
Additional Charge?
|
No
(least expensive option)
|
Yes
|
Yes
(most expensive option)
|
Death Benefit
(Upon Death of Annuitant)
|
The greater of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value on the claim date.
|
The greatest of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value on the claim date; or
• The “step-up value” on the claim date.
|
The greatest of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value on the claim date; or
• The “step-up value” on the claim date.
|
Free Withdrawals ‒ Waiver of Early Withdrawal Charge
|
10% of your account value each account year, non-cumulative.
|
10% of your account value each account year, non-cumulative.
|
10% of your account value each account year, non-cumulative.
|
Nursing Home Waiver ‒ Waiver of Early Withdrawal Charge
|
Not
Available
|
Not
Available
|
Not
Available
|
•
|
If you exercise your free look privilege and cancel your contract. See “RIGHT TO CANCEL.”
|
•
|
If a death benefit is payable based on account value or step-up value, but only the amount of any premium bonus credited to the account after or
within 12 months of the date of death. See “DEATH BENEFIT.”
|
•
|
If all or part of a purchase payment for which a premium bonus was credited is withdrawn during the first seven account years. The amount of the
premium bonus forfeited will be calculated by:
|
>
|
Determining the amount of the premium bonus that is subject to forfeiture according to the following table:
|
Completed Account Years
at the Time of the Withdrawal
|
Amount of Premium
Bonus Subject to Forfeiture
|
Less than 1
1 or more but less than 2
2 or more but less than 3
3 or more but less than 4
4 or more but less than 5
5 or more but less than 6
6 or more but less than 7
7 or more
|
100%
100%
100%
100%
100%
75%
50%
0%
|
>
|
And multiplying that amount by the same percentage as the amount withdrawn subject to the early withdrawal charge is to the total of all purchase
payments made to the account during the first account year.
|
Date
|
Purchase
Payment
|
Premium
Bonus
|
Account
Value
|
Withdrawal
Amount
|
Explanation
|
May 2, 2008
|
$100,000
|
$4,000
|
$104,000
|
—
|
You make a $100,000 initial purchase payment and we credit your account with a 4% ($4,000) premium bonus. Your beginning account value equals $104,000.
|
May 2, 2011
|
—
|
—
|
$120,000
|
$30,000
|
Assume that your account value grows to $120,000 over the next three years and you request a $30,000 withdrawal. $18,000 of that $30,000 will be subject
to an early withdrawal charge ($30,000 minus $12,000 (the 10% free withdrawal amount, see “FEES – Transaction Fees – Free Withdrawals”)) and you would pay a $720 early withdrawal
charge (4% of $18,000). Additionally, 100% of the premium bonus is subject to forfeiture according to the table above, and because $18,000 is 18% of the $100,000 purchase payment made in the first account year, 18% of your $4,000 premium bonus,
or $720, would be forfeited.*
|
Option Package I
|
Option Package II
|
Option Package III
|
|
Death Benefit on Death of the Annuitant:
|
The greater of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value* on the claim date.*
|
The greatest of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value* on the claim date; or
• The “step-up value”* (as described below) on the claim date.**
|
The greatest of:
• The sum of all purchase payments, adjusted for amounts withdrawn or applied to an income phase payment option as of the claim date; or
• The account value* on the claim date; or
• The “step-up value”* (as described below) on the claim date.**
|
•
|
The account value; or
|
•
|
The step-up value, if any, calculated on the account anniversary prior to the schedule effective date, adjusted for purchase payments made and
amounts withdrawn or applied to an income phase payment option during the prior account year.
|
•
|
The step-up value most recently calculated, adjusted for purchase payments made and amounts withdrawn or applied to an income phase payment option
during the prior account year; or
|
•
|
The account value on that anniversary of the schedule effective date.
|
•
|
Your tax position (or the tax position of the beneficiary, as applicable) determines federal taxation of amounts held or paid out under the
contract;
|
•
|
Tax laws change. It is possible that a change in the future could affect contracts issued in the past, including the contract described in this
prospectus;
|
This section addresses some, but not all, applicable federal income tax rules and generally does not discuss federal estate and gift tax
implications, state and local taxes, or any other tax provisions;
|
•
|
We do not make any guarantee about the tax treatment of the contract or transactions involving the contract; and
|
•
|
No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below.
|
We do not intend this information to be tax advice. No attempt is made to provide more than a general summary of information about
the use of the contract with non-tax-qualified and tax-qualified retirement arrangements, and the Tax Code may contain other restrictions and conditions that are not included in this summary. You should consult with a tax and/or legal adviser
for advice about the effect of federal income tax laws, state tax laws or any other tax laws affecting the contract or any transactions involving the contract.
|
•
|
Diversification. Tax Code Section 817(h)
requires that in a nonqualified contract the investments of the funds be “adequately diversified” in accordance with Treasury Regulations in order for the contract to qualify as an annuity contract under federal tax law. The separate account,
through the funds, intends to comply with the diversification requirements prescribed by Tax Code Section 817(h) and by Treasury Regulations Sec. 1.817-5, which affects how the funds’ assets may be invested. If it is determined, however, that
your contract does not satisfy the applicable diversification requirements because a subaccount’s corresponding fund fails to be adequately diversified for whatever reason, we will take appropriate steps to bring your contract into compliance
with such requirements, and we reserve the right to modify your contract as necessary to do so;
|
•
|
Investor Control. Although earnings under
nonqualified annuity contracts are generally not taxed until withdrawn, the IRS has stated in published rulings that a variable contract owner will be considered the owner of separate account assets if the contract owner possesses incidents
of investment control over the assets. In these circumstances, income and gains from the separate account assets would be currently includible in the variable contract owner’s gross income. Future guidance regarding the extent to which owners
could direct their investments among subaccounts without being treated as owners of the underlying assets of the separate account may adversely affect the tax treatment of existing contracts. The Company therefore reserves the right to modify
the contract as necessary to attempt to prevent the contract owner from being considered the federal tax owner of a proportional share of the assets of the separate account;
|
•
|
Required Distributions. In order to be
treated as an annuity contract for federal income tax purposes, the Tax Code requires a nonqualified contract to contain certain provisions specifying how your interest in the contract will be distributed in the event of your death. The
nonqualified contracts contain provisions that are intended to comply with these Tax Code requirements, although no regulations interpreting these requirements have yet been issued. When such requirements are clarified by regulation or
otherwise, we intend to review such distribution provisions and modify them if necessary to assure that they comply with the applicable requirements;
|
•
|
Non-Natural Holders of a Nonqualified Contract. If
the owner of the contract is not a natural person (in other words, is not an individual), a nonqualified contract generally is not treated as an annuity for federal income tax purposes and the income on the contract for the taxable year is
currently taxable as ordinary income. Income on the contract is any increase over the year in the excess of the contract value over the “investment in the contract” (generally, the purchase payments or other consideration you paid for the
contract less any nontaxable withdrawals) during the taxable year. There are some exceptions to this rule and a non-natural person should consult with a tax and/or legal adviser before to purchasing the contract. When the contract owner is
not a natural person, a change in the annuitant is treated as the death of the contract owner for purposes of the required distribution rules described above; and
|
•
|
Delayed Annuity Starting Date. If the
contract’s annuity starting date occurs (or is scheduled to occur) at a time when the annuitant has reached an advanced age (e.g., after age 95), it is possible that the contract would not be treated as an annuity for federal income tax
purposes. In that event, the income and gains under the contract could be currently includible in your income.
|
•
|
Made on or after the taxpayer reaches age 59½;
|
•
|
Made on or after the death of a contract owner (the annuitant if the contract owner is a non-natural person);
|
•
|
Attributable to the taxpayer’s becoming disabled as defined in the Tax Code;
|
•
|
Made as part of a series of substantially equal periodic payments (at least annually) over your life or life expectancy or the joint lives or joint
life expectancies of you and your designated beneficiary; or
|
•
|
The distribution is allocable to investment in the contract before August 14, 1982.
|
•
|
First, from any remaining “investment in the contract” made prior to August 14, 1982 and exchanged into the contract;
|
•
|
Next, from any “income on the contract” attributable to the investment made prior to August 14, 1982;
|
•
|
Then, from any remaining “income on the contract”; and
|
•
|
Lastly, from any remaining “investment in the contract.”
|
•
|
After you begin receiving annuity payments under the contract; or
|
•
|
Before you begin receiving such distributions.
|
•
|
Over the life of the designated beneficiary; or
|
•
|
Over a period not extending beyond the life expectancy of the designated beneficiary.
|
•
|
If distributed in a lump sum, they are taxed in the same manner as a surrender of the contract; or
|
•
|
If distributed under a payment option, they are taxed in the same way as annuity payments.
|
•
|
If distributed in a lump sum, they are included in income to the extent that they exceed the unrecovered investment in the contract at that time;
or
|
•
|
If distributed in accordance with the existing annuity option selected, they are fully excluded from income until the remaining investment in the
contract is deemed to be recovered, and all payments thereafter are fully includible in income.
|
•
|
Sections 401(a), 401(k), Roth 401(k) and 403(a) Plans. Prior to May 1, 1998, the contracts were available as tax-deferred annuities as described under Section 401(a) of the Tax Code. Sections
401(a), 401(k), and 403(a) of the Tax Code permit certain employers to establish various types of retirement plans for employees and permit self-employed individuals to establish these plans for themselves and their employees. The Tax Code
also allows employees of certain private employers to contribute after-tax salary contributions to a Roth 401(k) account which provides for tax-free distributions, subject to certain restrictions;
|
•
|
Individual Retirement Annuities (“IRA”) and Roth
IRA. Section 408 of the Tax Code permits eligible individuals to contribute to an individual retirement program known as an Individual Retirement Annuity (“IRA”). Certain employers may establish Simplified Employee Pension (“SEP”)
plans to provide IRA contributions on behalf of their employees. Section 408A of the Tax Code permits certain eligible individuals to contribute to a Roth IRA, which provides for tax-free distributions, subject to certain restrictions. Sales of the contract for use with IRAs or Roth IRAs may be subject to special requirements of the IRS.
|
•
|
Contributions in excess of specified limits;
|
•
|
Distributions before age 59½ (subject to certain exceptions);
|
•
|
Distributions that do not conform to specified commencement and minimum distribution rules; and
|
•
|
Other specified circumstances.
|
•
|
$ 7 ,500; or
|
•
|
The participant’s compensation for the year reduced by any other elective deferrals of the participant for the year.
|
•
|
The distribution is an eligible rollover distribution and is directly transferred or rolled over within 60 days to another plan eligible to receive
rollovers or to a traditional IRA in accordance with the Tax Code;
|
•
|
You made after-tax contributions to the plan. In this case, depending upon the type of distribution, the amount will be taxed on all or part of the
earnings on the contributions according to the rules detailed in the Tax Code; or
|
•
|
The distribution is a qualified health insurance premium of a retired public safety officer as defined in the Pension Protection Act of 2006.
|
•
|
Part of a series of substantially equal periodic payments (at least one per year) made over the life (or life expectancy) of the participant or the
joint lives (or joint life expectancies) of the participant and his designated beneficiary or for a specified period of ten years or more;
|
•
|
A required minimum distribution under Tax Code Section 401(a)(9);
|
•
|
A hardship withdrawal; or
|
•
|
Otherwise not recognized under applicable regulations as eligible for rollover.
|
•
|
The distribution is directly transferred to another IRA or to a plan eligible to receive rollovers as permitted under the Tax Code; or
|
•
|
You made after-tax contributions to the IRA. In this case, the distribution will be taxed according to rules detailed in the Tax Code.
|
•
|
You have attained age 59½;
|
•
|
You have become disabled, as defined in the Tax Code;
|
•
|
You have died and the distribution is to your beneficiary;
|
•
|
The distribution amount is rolled over tax free into another eligible retirement plan or to a traditional or Roth IRA in accordance with the terms
of the Tax Code;
|
•
|
The distribution is paid directly to the government in accordance with an IRS levy;
|
•
|
The distribution is a qualified reservist distribution as defined under the Tax Code;
|
•
|
The distribution is a qualified birth or adoption distribution;
|
•
|
The distribution is eligible for penalty relief extended to victims of certain natural disasters;
|
•
|
You have unreimbursed medical expenses that are deductible (without regard to whether you itemized deductions);
|
•
|
The distribution amount is made in substantially equal periodic payments (at least annually) over your life (or life expectancy) or the joint lives
(or joint life expectancies) of you and your designated beneficiary;
|
•
|
The distributions are not more than the cost of your medical insurance due to a period of unemployment (subject to certain conditions);
|
•
|
The distributions are not more than your qualified higher education expenses; or
|
•
|
You use the distribution to buy, build or rebuild a first home.
|
•
|
The distribution occurs after the five-year taxable period measured from the earlier of:
|
>
|
The first taxable year you, as applicable, made a contribution to a Roth IRA or a designated Roth contribution to any designated Roth account
established for you under the same applicable retirement plan as defined in Tax Code Section 402A;
|
>
|
If a rollover contribution was made from a designated Roth account previously established for you under another applicable retirement plan, the
first taxable year for which you made a designated Roth contribution to such previously established account; or
|
>
|
The first taxable year in which you made an in-plan Roth rollover of non-Roth amounts under the same plan; AND
|
•
|
The distribution occurs after you attain age 59½, die with payment being made to your beneficiary or estate, or become disabled as defined in the
Tax Code.
|
•
|
Retirement;
|
•
|
Death;
|
•
|
Disability;
|
•
|
Severance from employment;
|
•
|
Attainment of normal retirement age;
|
•
|
Attainment of age 59½; or
|
•
|
Termination of the plan.
|
•
|
Retirement;
|
•
|
Death;
|
•
|
Attainment of age 59½;
|
•
|
Severance from employment;
|
•
|
Disability;
|
•
|
The birth or adoption of a child;
|
•
|
Financial Hardship (for 2018 and earlier, contributions only, not earnings);
|
•
|
Termination of the plan; or
|
•
|
Meeting other circumstances as allowed by federal law, regulations or rulings.
|
•
|
The start date for distributions;
|
•
|
The time period in which all amounts in your account(s) must be distributed; and
|
•
|
Distribution amounts.
|
•
|
Over your life or the joint lives of you and your designated beneficiary; or
|
•
|
Over a period not greater than your life expectancy or the joint life expectancies of you and your designated beneficiary.
|
•
|
A plan participant as a means to provide benefit payments;
|
•
|
An alternate payee under a QDRO in accordance with Tax Code Section 414(p);
|
•
|
The Company as collateral for a loan; or
|
•
|
The enforcement of a federal income tax lien or levy.
|
•
|
Marketing/distribution allowances which may be based on the percentages of purchase payments received, the aggregate commissions paid and/or the
aggregate assets held in relation to certain types of designated insurance products issued by the Company and/or its affiliates during the year;
|
•
|
Loans or advances of commissions in anticipation of future receipt of purchase payments (a form of lending to agents/registered representatives).
These loans may have advantageous terms such as reduction or elimination of the interest charged on the loan and/or forgiveness of the principal amount of the loan, which terms may be conditioned on fixed insurance product sales;
|
•
|
Education and training allowances to facilitate our attendance at certain educational and training meetings to provide information and training
about our products. We also hold training programs from time to time at our expense;
|
•
|
Sponsorship payments or reimbursements for broker/dealers to use in sales contests and/or meetings for their agents/registered representatives who
sell our products. We do not hold contests based solely on the sales of this product;
|
•
|
Certain overrides and other benefits that may include cash compensation based on the amount of earned commissions, agent/representative recruiting
or other activities that promote the sale of policies; and
|
•
|
Additional cash or noncash compensation and reimbursements permissible under existing law. This may include, but is not limited to, cash
incentives, merchandise, trips, occasional entertainment, meals and tickets to sporting events, client appreciation events, business and educational enhancement items, payment for travel expenses (including meals and lodging) to pre-approved
training and education seminars, and payment for advertising and sales campaigns.
|
1.
|
|
1. Cetera Advisor Networks LLC;
2. LPL Financial LLC;
3. Voya Financial Advisors, Inc.;
4. Kestra Investment Services, LLC;
5. M Holdings Securities Inc.;
6. Voya Financial Advisors, Inc. Career;
7. The Leaders Group Inc;
8. Comprehensive Insurance Programs Inc General Agent;
9. First Heartland Capital Inc.;
10. Life Home Office Direct;
11. Cambridge Investment Research Inc.;
12. Centaurus Financial Inc.;
13. Sagepoint Financial Inc.;
|
14. Commonwealth Equity Services;
15. Securities America, Inc.;
16. Raymond James Financial Services Inc.;
17. Purshe Kaplan Sterling Investments Inc.;
18. Wachovia Securities Financial Network, Inc.;
19. Woodbury Financial Services Inc.;
20. Royal Alliance Associates Inc.;
21. Cuna Brokerage Services Inc.;
22. Cetera Advisors LLC;
23. Concourse Financial Group Securities, Inc.;
24. Osaic Wealth, Inc.; and
25. Home Office - PPGA
|
•
|
On any valuation date when the NYSE is closed (except customary weekend and holiday closings) or when trading on the NYSE is restricted;
|
•
|
When an emergency exists as determined by the SEC so that disposal of the securities held in the subaccounts is not reasonably practicable or it is
not reasonably practicable to fairly determine the value of the subaccount’s assets; or
|
•
|
During any other periods the SEC may by order permit for the protection of investors.
|
•
|
During the accumulation phase the number of votes is equal to the portion of your account value invested in the fund, divided by the net asset
value of one share of that fund.
|
•
|
During the income phase the number of votes is equal to the portion of reserves set aside for the contract’s share of the fund, divided by the net
asset value of one share of that fund.
|
•
|
Litigation. Notwithstanding the foregoing,
the Company and/or Voya Financial Partners, LLC, is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very
large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Certain claims are asserted as class actions. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary
damages and other relief. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim oftentimes bears little relevance to the merits or potential
value of a claim.
|
•
|
Regulatory Matters. As with other financial
services companies, the Company and its affiliates, including Voya Financial Partners, LLC, periodically receive informal and formal requests for information from various state and federal governmental agencies and self-regulatory
organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters.
|
•
|
The interest rate(s) we will apply to amounts invested in the Guaranteed Account. We change the rate(s) periodically. Be certain you know the rate
we guarantee on the day your account dollars are invested in the Guaranteed Account. Guaranteed interest rates will never be less than an annual effective rate of 3%.
|
•
|
The period of time your account dollars need to remain in the Guaranteed Account in order to earn the rate(s). You are required to leave your
account dollars in the Guaranteed Account for a specified period of time in order to earn the guaranteed interest rate(s).
|
•
|
Market Value Adjustment (“MVA”) − as described in this
appendix and in the Guaranteed Account prospectus;
|
•
|
Tax penalties and/or tax withholding − see “FEDERAL TAX CONSIDERATIONS”;
|
•
|
Early withdrawal charge − see “FEES”; or
|
•
|
Maintenance fee − see “FEES.”
|
•
|
Transfers due to participation in the dollar cost averaging program;
|
•
|
Withdrawals taken due to your election of SWO or ECO/RRP (described in “SYSTEMATIC DISTRIBUTION OPTIONS”), if available;
|
•
|
Withdrawals for minimum distributions required by the Tax Code and for which the early withdrawal charge is waived; and
|
•
|
Withdrawals due to your exercise of the right to cancel your contract (described in “RIGHT TO CANCEL”).
|
•
|
The Fixed Account is an investment option that may be available during the accumulation phase under the contract.
|
•
|
Amounts allocated to the Fixed Account are held in the Company’s general account which supports insurance and annuity obligations.
|
•
|
Interests in the Fixed Account have not been registered with the SEC in reliance on exemptions under the Securities Act of 1933, as amended.
|
•
|
Disclosure in this prospectus regarding the Fixed Account may be subject to certain generally applicable provisions of the federal securities laws
relating to the accuracy and completeness of the statements.
|
•
|
Disclosure in this appendix regarding the Fixed Account has not been reviewed by the SEC.
|
•
|
Additional information about this option may be found in the contract.
|
•
|
The Fixed Account guarantees that amounts allocated to this option will earn the minimum interest rate specified in the contract. We may credit a
higher interest rate from time to time, but the rate we credit will never fall below the guaranteed minimum specified in the contract. We may credit interest at a current rate that may be higher than the guaranteed minimum interest rate and
the current rate may be changed at any time, except that we will not apply a decrease to the current rate following a rate change initiated solely by us prior to the last day of the three-month period measured from the first day of the month
in which such change was effective. .Among other factors, the safety of the interest rate guarantees depends upon the Company’s claims-paying ability.
|
•
|
Our determination of credited interest rates reflects a number of factors, which may include mortality and expense risks, interest rate guarantees,
the investment income earned on invested assets and the amortization of any capital gains and/or losses realized on the sale of invested assets. Under this option we assume the risk of investment gain or loss by guaranteeing the amounts you
allocate to this option and promising a minimum interest rate and income phase payment.
|
Investment Objective
|
Fund Name and
Adviser/ Subadviser
|
Current Expenses
|
Average Annual Total Returns
(as of 12/31/21)
|
||
1 year
|
5 year
|
10 year
|
|||
Seeks to maximize income while maintaining prospects for capital appreciation.
|
Voya Balanced Income Portfolio
(Class S)1
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.86%
|
11.42%
|
4.99%
|
4.28%
|
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
|
0.78%
|
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 S)1
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.85%
|
6.43%
|
7.89%
|
5.90%
|
Seeks capital appreciation.
|
Voya Global Insights Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.75%
|
32.69%
|
11.91%
|
8.30%
|
Seeks total return.
|
Voya Global Perspectives® Portfolio (Class ADV)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
1.09%
|
10.19%
|
5.55%
|
3.99%
|
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%
|
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 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)1
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.74%
|
14.87%
|
6.34%
|
2.67%
|
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%
|
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%
|
Seeks long-term growth of capital and current income.
|
Voya Large Cap Value Portfolio
(Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.94%
|
13.28
|
12.87%
|
8.53%
|
Seeks long-term capital appreciation.
|
Voya MidCap Opportunities Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
1.00%
|
23.35%
|
13.39%
|
9.66%
|
Seeks long-term capital appreciation.
|
Voya MidCap Opportunities Portfolio (Class I)2
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.75%
|
23.54%
|
13.62%
|
9.91%
|
Seeks a high level of total return (consisting of capital appreciation and income) consistent with a conservative level of risk relative to the other
Voya Retirement Portfolios.
|
Voya Retirement Conservative Portfolio (Class ADV)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.87%
|
8.79%
|
4.19%
|
3.53%
|
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 (Class ADV)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
1.01%
|
17.82%
|
9.38%
|
6.47%
|
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 (Class ADV)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.99%
|
15.37%
|
8.36%
|
5.94%
|
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 (Class ADV)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.94%
|
11.24%
|
6.34%
|
4.69%
|
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 I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.36%
|
29.41%
|
16.10%
|
12.31%
|
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 RussellTM Large Cap Value Index Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.34%
|
10.27%
|
10.37%
|
8.09%
|
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 RussellTM Mid Cap Growth Index Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.65%
|
25.02%
|
13.05%
|
9.85%
|
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 RussellTM Small Cap Index Portfolio (Class I)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.45%
|
16.68%
|
9.63%
|
6.89%
|
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)
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 S)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
1.11%
|
20.65%
|
8.83%
|
5.98%
|
Seeks to provide a combination of total return and stability of principal through a diversified asset allocation strategy.
|
Voya Solution Moderately Conservative Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.99%
|
11.86%
|
5.67%
|
4.48%
|
Seeks total return.
|
Voya U.S. Stock Index Portfolio
(Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC
|
0.51%
|
25.56%
|
15.09%
|
11.46%
|
Seeks to maximize real return, consistent with preservation of real capital and prudent investment management.
|
VY® BlackRock Inflation Protected Bond Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: BlackRock Financial Management, Inc.
|
0.87%
|
4.17%
|
2.64%
|
1.70%
|
Seeks high total return consisting of capital appreciation and current income.
|
VY® CBRE Real Estate Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: CBRE Clarion Securities LLC
|
1.00%
|
14.04%
|
8.62%
|
7.43%
|
Seeks long-term growth of capital.
|
VY® Columbia Small Cap Value II Portfolio (Class S)2
Investment Adviser: Voya Investments, LLC
Subadviser: Columbia Management Investment Advisers, LLC
|
1.18%
|
13.85%
|
11.62%
|
7.07%
|
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.
|
VY® JPMorgan Emerging Markets Equity
Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: J.P. Morgan Investment Management Inc.
|
1.44%
|
6.55%
|
4.48%
|
3.58%
|
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 (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: T. Rowe Price Associates, Inc.
|
0.89%
|
18.60%
|
12.59%
|
10.31%
|
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%
|
1
|
This fund employs a managed volatility strategy. See “PRINCIPAL RISKS OF INVESTING IN THE POLICY – Managed Volatility Fund Risk” in this prospectus and the fund prospectus for additional information.
|
2
|
The subaccount that invests this fund has been closed to new purchase payments and transfers. Contract owners who have value in
any of the closed investment portfolios may leave their contract value in these investments.
|
3
|
There is no guarantee that the Voya Government Money Market Portfolio subaccount will have a positive or level return.
|
4
|
This fund’s annual expenses reflect temporary fee reductions under an expense reimbursement or fee waiver arrangement. See the fund prospectus for
additional information.
|
Customer Service
P.O. Box 9271
Des Moines, IA 50306-9271
1-800-366-0066
|
VARIABLE ANNUITY ACCOUNT B
OF
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
|
Page
|
||
GENERAL INFORMATION AND HISTORY
|
2
|
|
VARIABLE ANNUITY ACCOUNT B
|
2
|
|
NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACT
|
2
|
|
SERVICES
|
2
|
|
UNDERWRITERS
|
2
|
|
INCOME PHASE PAYMENTS
|
3
|
|
EXPERTS
|
4
|
|
FINANCIAL STATEMENTS
|
4
|
Item 27. Exhibits
|
(a)
|
||
(b)
|
Not applicable
|
|
(c)(1)
|
||
(c)(2)
|
||
(c)(3)
|
||
(c)(4)
|
||
(c)(5)
|
(c)(6)
|
||
(c)(7)
|
||
(c)(8)
|
||
(c)(9)
|
||
(d)(1)
|
||
(d)(2)
|
||
(d)(3)
|
||
(d)(4)
|
||
(d)(5)
|
||
(d)(6)
|
||
(d)(7)
|
||
(d)(8)
(d)(9)
(d)(10)
|
|
|
(e)
|
||
(f)(1)
|
||
(f)(2)
|
||
(g)
|
Reinsurance Agreement by and between Voya Retierment Insurance and Annuity Company and Security Life of Denver Insurance Company effective January 1,
2021
|
|
(h)(1)
|
||
(h)(2)
|
||
(i)
|
Not applicable
|
|
(j)
|
||
(k)
|
Opinion and Consent of Counsel
|
|
(l)
|
Consent of Independent Registered Public Accounting Firm
|
|
(m)
|
Not applicable
|
|
(n)
|
Not applicable
|
|
(o)
|
Not applicable. Initial Summary Prospectuses will not be used with this registration statement.
|
|
(p)
|
Powers of Attorney
|
Name & Principal Business Address
|
Positions and Offices with Depositor
|
|||
Charles P. Nelson, One Orange Way, Windsor, CT 06095-4774
|
Director and President
|
|||
Mona Zielke, 20 Washington Ave S, Minneapolis MN 55401
|
Director
|
|||
Michael S. Smith, 230 Park Avenue, New York, NY 10169
|
Director and Chairman
|
|||
Robert L. Grubka, 20 Washington Avenue South, Minneapolis, MN 55401
|
Director and Senior Vice President
|
|||
Michael R. Katz, Work at Home, Pennsylvania
|
Director, Senior Vice President and Chief Financial Officer
|
|||
Heather H. Lavallee, One Orange Way, Windsor, CT 06095-4774
|
Director and Senior Vice President
|
|||
Francis G. O’Neill, One Orange Way, Windsor, CT 06095-4774
|
Director, Senior Vice President and Chief Risk Officer
|
|||
Larry N. Port, 230 Park Avenue, New York, NY 10169
|
Executive Vice President and Chief Legal Officer
|
|||
Carlo Bertucci, One Orange Way, Windsor, CT 06095-4774
|
Senior Vice President, Treasurer and Chief Tax Officer
|
|||
C. Landon Cobb, Jr., 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390
|
Senior Vice President and Chief Accounting Officer
|
|||
William S. Harmon, Work at Home, Colorado
|
Senior Vice President
|
|||
Matthew Toms, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390
|
Senior Vice President
|
|||
Michele White, One Orange Way, Windsor, CT 06095-4774
|
Senior Vice President
|
|||
Rajat P. Badhwar, One Orange Way, Windsor, CT 06095-4774
|
Chief Information Security Officer
|
|||
Brian J. Baranowski, One Orange Way , Windsor, CT 06095-4774
|
Vice President, Compliance
|
|||
Wayne M. Forlines, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390
|
Vice President
|
|||
Regina A. Gordon, One Orange Way , Windsor, CT 06095-4774
|
Vice President and Chief Compliance Officer
|
|||
Carol B. Keen, Work at Home, Florida
|
Vice President
|
|||
Niccole A. Peck, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390
|
Vice President and Assistant Treasurer
|
|||
Kyle A. Puffer, One Orange Way, Windsor, CT 06095-4774
|
Vice President and Appointed Actuary
|
|||
Kevin J. Reimer, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390
|
Vice President and Assistant Treasurer
|
|||
John Thistle, 30 Braintree Hill Office Park, Floors 2-4, Braintree MA
02184
|
Vice President
|
|||
Melissa A. O’Donnell, 20 Washington Avenue South, Minneapolis, MN 55401
|
Secretary
|
* These individuals may also be directors and/or officers of other affiliates of the Company.
|
Voya Financial, Inc.
|
HOLDING COMPANY SYSTEM
9/30/2021
Voya Financial, Inc.
Non-Insurer (Delaware) 52-122280
NAIC 4832
Pen-Cal Administrators, Inc.
Non-Insurer (California) 94-2695108
Voya Services Company
Non-Insurer (Delaware 52-1317217
Voya Payroll Management, Inc.
Non-Insurer (Delaware) 52-2197204
Voya Holdings Inc.
Non-Insurer (Connecticut) 02-0488491
Voya Benefits Company, LLC
Non-Insurer (Delaware) 83-0965809
Benefit Strategies, LLC
Non-Insurer (Delaware) 83-0965809
Voya Financial Advisors, Inc.
Non-Insurer (Minnesota) 41-0945505
Voya Investment Management LLC
Non-Insurer (Delaware) 58-2361003
Voya Investment Management Co. LLC
Non-Insurer (Delaware) 06-0888148
Voya Investment Trust Co.
Non-Insurer (Connecticut) 06-1440627
Voya Investment Management (UK) Limited
Non-Insurer (United Kingdom)
Voya Investment Management Services (UK) Limited
Non-Insurer (United Kingdom)
Voya Investment Management Alternative Assets LLC
Non-Insurer (Delaware) 13-4038444
Voya Alternative Asset Management LLC
Non-Insurer (Delaware) 13-3863170
Voya Realty Group LLC
Non-Insurer (Delaware) 13-4003969
Voya Pomona Holdings LLC
Non-Insurer (Delaware) 13-4152011
Pomona G.P. Holdings LLC (*a)
Non-Insurer (Delaware) 13-4150600
Pomona Management LLC
Non-Insurer (Delaware) 13-4149700
Voya Alternative Asset Management Ireland Limited
Non-Insurer (Ireland)
Voya Capital, LLC
Non-Insurer (Delaware) 86-1020892
Voya Funds Services, LLC
Non-Insurer (Delaware) 86-1020893
Voya Investment Distributor, LLC
Non-Insurer (Delaware) 03-0485744
Voya Investments, LLC
Non-Insurer (Arizona) 03-0402099
River Roch LLC (*b)
Non-Insurer (Delaware) 84-3548142
Oconee Real Estate Holdings LLC (*c)
Non-Insurer (Delaware) 85-1578755
Voya Retirement Insurance and Annuity Company
Insurer (Connecticut) 71-024708 NAIC 86509
Voya Financial Partners, LLC
Non-Insurer (Delaware) 06-1375177
Voya Institutional Plan Services, LLC
Non-Insurer (Delaware) 04-3516284
Voya Retirement Advisors, LLC
Non-Insurer (New Jersey) 22-1862786
Voya Institutional Trust Company
Non-Insurer (Connecticut) 46-5416028
ReliaStar Life Insurance Company
Insurer (Minnesota) 41-0451140 NAIC 67105
ReliaStar Life Insurance Company of New York
Insurer (New York) 53-0242530 NAIC 61360
Roaring River, LLC
Insurer (Missouri) 26-3355951 NAIC 13583
ILICA LLC
Non-Insurer (Connecticut) 06-1067464
Voya International Nominee Holdings, Inc.
Non-Insurer (Connecticut) 06-1465377
Voya Insurance Solutions, Inc.
Non-Insurer (Connecticut) 06-1465377
Roaring River IV Holding, LLC
Non-Insurer (Delaware) 46-3607309
Roaring River IV, LLC
Insurer (Missouri) 80-0955075 NAIC 15365
Voya Custom Investments LLC
Non-Insurer (Delaware) 02-0488491
SLDI Georgia Holdings, Inc.
Non-Insurer (Georgia) 27-1108872
Voya II Custom Investments LLC
Non-Insurer (Delaware) 27-1108872
Rancho Mountain Properties, Inc.
Non-Insurer (Delaware) 27-2987157
Security Life Assignment Corporation
Non-Insurer (Colorado) 84-1437826
IIPS of Florida, LLC
Non-Insurer (Florida)
Voya Special Investments, Inc. (*d)
Non-Insurer (Delaware) 85-1775946
VFI SLK Global Services Private Limited (*e)
Non-Insurer (India)
|
|
*b |
RiverRoch LLC owned 53.7% by Voya Retirement Insurance and Annuity Company, owned 10.8% by ReliaStar Life Insurance Company, owned 10.8% by Security Life of Denver
Insurance Company and owned 24.7% by Non- Affiliate Member.
|
*c |
Oconee Real Estate Holdings LLC owned 30.4% by Voya Retirement Insurance and Annuity Company, owned 29% by ReliaStar Life Insurance Company, owned 8.5% by Security Life of
Denver Insurance Company and owned 42% by Non-Affiliate Member.
|
(a)
|
In addition to serving as the principal underwriter for the Registrant, Voya Financial Partners, LLC acts as the principal underwriter for Variable
Life Account B of Voya Retirement Insurance and Annuity Company (VRIAC), Variable Annuity Account C of VRIAC, Variable Annuity Account I of VRIAC and Variable Annuity Account G of VRIAC (separate accounts of VRIAC registered as unit
investment trusts under the 1940 Act). Voya Financial Partners, LLC is also the principal underwriter for (i) Separate Account N of ReliaStar Life Insurance Company (RLIC) (a separate account of RLIC registered as a unit investment trust
under the 1940 Act), (ii) ReliaStar Select Variable Account of ReliaStar Life Insurance Company (a separate account of RLIC registered as a unit investment trust under the 1940 Act), (iii) MFS ReliaStar Variable Account (a separate account of
RLIC registered as a unit investment trust under the 1940 Act), (iv) Northstar Variable Account (a separate account of RLIC registered as a unit investment trust under the 1940 Act), (v) ReliaStar Life Insurance Company of New York Variable
Annuity Funds D, E, F, G, H and I (a management investment company registered under the 1940 Act), (vi) ReliaStar Life Insurance Company of New York Variable Annuity Funds M, P and Q (a management investment company registered under the1940
Act), and (vii) ReliaStar Life Insurance Company of New York Variable Annuity Funds M and P (a management investment company registered under the1940 Act).
|
(b) |
The following are the directors and officers of the Principal Underwriter:
|
Name & Principal Business Address
|
Positions and Offices with Underwriter
|
||||
Brandi Haugen, 2000 21st Avenue NW, Minot ND 58703
|
President and Chief Executive Officer
|
||||
Anthony J. Brantzeg, 1475 Dunwoody Dr., West Chester, PA 19380
|
Senior Vice President and Chief Risk Officer
|
||||
Chad M. Eslinger, 20 Washington Ave. S, Minneapolis, MN 55401
|
Senior Vice President and Chief Compliance Officer
|
||||
John T. Price, 5780 Powers Ferry Rd. NW, Atlanta, GA 30327
|
Senior Vice President and Secretary
|
||||
Debra M. Bell, Works From Home, Colorado
|
Vice President and Assistant Treasurer
|
||||
Matthew K. Duffy, 5780 Powers Ferry Rd. NW, Atlanta, GA 30327
|
Vice President, Chief Financial Officer and Financial Operations Principal
|
||||
Stephen D. Hartman,1475 Dunwoody Dr., West Chester, PA 19380
|
Vice President and Treasurer
|
||||
Raghib Muhammad, 1475 Dunwoody Dr., West Chester, PA 19380
|
Vice President and Chief Information Officer
|
||||
Robert Pienkowski, Works From Home, New York
|
Vice President and Chief Information Security Officer
|
||||
Mary A. Tuttle, Works From Home, Colorado
|
Vice President and Assistant Treasurer
|
||||
Angelia M. Lattery, 20 Washington Ave. S, Minneapolis, MN 55401
|
Assistant Secretary
|
||||
James D. Ensley, 5780 Powers Ferry Rd. NW, Atlanta, GA 30327
|
Tax Officer
|
(c) Compensation to Principal Underwriter:
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
Name of
Principal Underwriter
|
Net Underwriting Discounts and Commissions
|
Compensation on Redemption or Annuitization
|
Brokerage Commissions
|
Compensation*
|
Voya Financial Partners, LLC
|
$ 796,128.54
|
* |
Reflects compensation paid to Voya Financial Partners, LLC attributable to regulatory and operating expenses associated with the distribution of all registered variable
annuity products issued by Variable Annuity Account B of Voya Retirement Insurance and Annuity Company during 2021.
|
VARIABLE ANNUITY ACCOUNT B OF
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
|
||
(Registrant)
|
||
By:
|
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
|
|
(Depositor)
|
||
By:
|
Charles P. Nelson*
|
|
Charles P. Nelson
President
(principal executive officer)
|
As required by the Securities Act of 1933, this Post-Effective Amendment No. 6 4 to the Registration Statement has been signed by the following
persons in the capacities and on the date indicated.
|
Signature
|
Title
|
Date
|
|||||
Charles P. Nelson*
|
Director, Chairman, and President
|
||||||
Charles P. Nelson
|
(principal executive officer)
|
||||||
Robert L. Grubka*
|
Director
|
March 18, 2024
|
|||||
Robert L. Grubka
|
|||||||
Michael R. Katz*
|
Director and Chief Financial Officer
|
March 13, 2024
|
|||||
Michael R. Katz
|
(principal financial officer)
|
||||||
Francis G. O’Neill*
|
Director
|
March 10, 2024
|
|||||
Francis G. O’Neill
|
|||||||
Mona Zielke
|
Director
|
March 23, 2024
|
|||||
Mona Zielke
|
|||||||
Amelia J. Vaillancourt
|
Director
|
March 14, 2024
|
|||||
Amelia J Vaillencourt
|
|||||||
Tony D. Oh
|
Chief Accounting Officer
|
March 12, 2024
|
|||||
Tony D, Oh
|
(principal accounting officer)
|
||||||
By:
|
/s/ Ian Macleod
|
||||||
Ian Macleod
*Attorney-in-Fact
|
VARIABLE ANNUITY ACCOUNT B
EXHIBIT INDEX
|
Exhibit
|
|
24(k)
|
Opinion and Consent of Counsel
|
24(l)
|
Consent of Independent Registered Public Accounting Firm
|