Voya Retirement Insurance and Annuity Company
and its
Variable Annuity Account C
Voya Map Plus NPSM
Supplement Dated August 2, 2024 to the Contract
Prospectus,
Initial Summary Prospectus, and
Updating Summary Prospectus,
each dated May 1, 2024, as amended
This supplement to the variable annuity contract prospectus (“contract prospectus”), initial summary prospectus and updating summary prospectus (“summary prospectuses”), updates and amends certain information contained in them. Please read this supplement carefully and keep it with the contract prospectus and summary prospectuses that you may have received, for future reference. Capitalized terms not defined in this supplement shall have the meaning given to them in the contract prospectus and summary prospectuses.
__________________________________________________________________________
NOTICE OF IMPORTANT INFORMATION
ABOUT YOUR CONTRACT PROSPECTUS AND SUMMARY PROSPECTUSES
Certain information has been corrected in the CURRENT EXPENSES and AVERAGE ANNUAL RETURNS sections in APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT (“APPENDIX A”), of the contract prospectus and in APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT (“APPENDIX”), of the summary prospectuses. In that regard, the information in APPENDIX A of the contract prospectus and APPENDIX of the summary prospectuses for the funds listed below are hereby replaced in their entirety, with the following:
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | ||
| 1 Year | 5 Years | 10 Years | |||
| Seeks to provide shareholders with high level of current income as its primary objective and, as its secondary objective, capital growth. |
Columbia High Yield Bond Fund (Advisor Class)**,1
Investment Adviser: Columbia Management Investment Advisers, LLC |
0.98% | 12.41% | 5.33% | 4.27% |
| Seeks to provide shareholders with a high level of current income and as a secondary objective, steady growth of capital. |
Columbia Large Cap Value Fund (Advisor Class)**,1
Investment Adviser: Columbia Management Investment Advisers, LLC |
0.97% | 9.84% | 12.19% | 8.83% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses. |
| ** | Effective at the close of business on November 22, 2024, the Advisor Share Class will be converted into the Institutional Share Class. |
| 1 | This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public funds under 403(b) or Roth 403(b) annuity contracts. |
| X.109860-24A | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | ||
| 1 Year | 5 Years | 10 Years | |||
| Seeks long-term capital appreciation. |
Columbia Select Mid Cap Value Fund (Class A)2,3
Investment Adviser: Columbia Management Investment Advisers, LLC |
1.13% | 10.25% | 12.99% | 8.14% |
| Seeks a high level of current income. The Fund may also seek capital appreciation. |
Fidelity Advisor® Strategic Income Fund (Class A)2
Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)
Subadviser(s): FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK) and FIL Investments (Japan) Limited |
0.98% | 4.82% | 2.71% | 2.80% |
| Seeks capital appreciation. |
Franklin Mutual Global Discovery Fund (Class R)
Investment Adviser: Franklin Mutual Advisers, LLC |
1.46% | 13.64% | 8.87% | 5.45% |
| Seeks long-term total return. Under normal market conditions, the Fund invests at least 80% of its net assets in investments of small-capitalization companies. |
Franklin Small Cap Value VIP Fund (Class 2)4
Investment Adviser: Franklin Mutual Advisers, LLC |
0.91% | 12.75% | 11.06% | 7.04% |
| Seeks long-term capital growth. | Franklin Small-Mid Cap Growth Fund (Class A)2 Investment Adviser: Franklin Advisers, Inc. |
0.90% |
27.20%
|
13.76%
|
9.28%
|
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses. |
| 2 | This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public funds under 403(b) or Roth 403(b) annuity contracts. |
| 3 | Effective at the close of business on November 22, 2024, the Advisor Share Class of the Columbia Select Mid Cap Value Fund will be converted into the Institutional Share Class. |
| 4 | The Franklin Small Cap Value VIP Fund is closed to investment by new Investors. Existing retirement plans and individual Investors who have investment in the Subaccount that corresponds to this Fund may leave their investment in that Subaccount and may continue to make additional purchases and exchanges. |
| X.109860-24A | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | ||
| 1 Year | 5 Years | 10 Years | |||
| Seeks capital appreciation. |
Invesco Main Street Mid Cap Fund® (Class A)5
Investment Adviser: Invesco Advisers, Inc. |
1.06% | 8.18% | 10.45% | 6.93% |
| Seeks total return. |
MainStay CBRE Real Estate Fund (Class A)5,6
Investment Adviser: New York Life Investment Management LLC |
1.18% |
11.83%
|
8.05% | 6.97% |
| Seeks long-term growth of capital. |
MainStay Winslow Large Cap Growth Fund (Class R3)5,7
Investment Adviser: New York Life Investment Management LLC |
1.33% | 42.09% | 16.94% | 12.83% |
| Seeks growth of capital. |
Neuberger Berman Genesis Fund® (Trust Class)
Investment Adviser: Neuberger Berman Investment Advisers LLC |
1.09% | 15.43% | 12.36% | 8.47% |
| Seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund's environmental, social and governance (ESG) criteria. |
Neuberger Berman Sustainable Equity Fund (Trust Class)5,8
Investment Adviser: Neuberger Berman Investment Advisers LLC |
1.05% | 26.46% | 13.78% | 9.82% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses. |
| 5 | This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public funds under 403(b) or Roth 403(b) annuity contracts. |
| 6 | Effective on or about August 28, 2024, the MainStay CBRE Real Estate Fund will change its name to NYLI CBRE Real Estate Fund. |
| 7 | Effective on or about August 28, 2024, the MainStay Winslow Large Cap Growth Fund will change its name to NYLI CBRE Real Estate Fund. |
| 8 | The Neuberger Berman Sustainable Equity Fund is closed to new retirement plans. |
| X.109860-24A | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | ||
| 1 Year | 5 Years | 10 Years | |||
| Seeks to maximize current income. Long-term capital appreciation is a secondary objective. |
PIMCO Income Fund (Class A)
Investment Adviser: Pacific Investment Management Company LLC |
1.02%** | -11.66%** | 0.52%** | 3.20%** |
| Seeks long-term capital growth. |
Templeton Foreign Fund (Class A)
Investment Adviser: Templeton Global Advisors Limited |
1.10% | 6.16% | 3.13% | 1.78% |
| Seeks long-term growth of capital. |
The Hartford International Opportunities Fund (Class R4)9,10
Investment Adviser: Hartford Funds Management Company, LLC (“HFMC”)
Subadviser: Wellington Management Company, LLP |
1.11% | 11.44% | 8.11% | 3.77% |
|
Seeks to maximize income while maintaining prospectus for capital appreciation.
|
Voya Balanced Income Portfolio (Class I)***
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.61% | 11.68% | 5.27% | 4.52% |
| 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% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses. |
| ** | The data is as of December 31, 2022, as stated in the most recent prospectus dated July 31, 2023. |
| *** | Effective July 12, 2024, the Voya Balanced Portfolio (Class I) merged into the Voya Balanced Income Portfolio (Class I). |
| **** | Effective December 1, 2023, the VY® Invesco Global Portfolio changed its name to Voya Global Insights Portfolio. |
| ***** | Effective December 1, 2023, Invesco Advisors, Inc. was replaced as subadviser for the Voya Global Insights Portfolio with Voya Investment Management Co. LLC. |
| 9 | This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public funds under 403(b) or Roth 403(b) annuity contracts. |
| 10 | The Hartford International Opportunities Fund is closed to new retirement plans. |
| X.109860-24A | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | ||
| 1 Year | 5 Years | 10 Years | |||
| Seeks a high level of current income consistent with liquidity and safety of principal through investment primarily in Government National Mortgage Association (“GNMA”) mortgage-backed securities (also known as GNMA Certificates) that are guaranteed as to the timely payment of principal and interest by the U.S. government. |
Voya GNMA Income Fund (Class A)11
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.83% | 2.15% | -0.24% | 0.92% |
| Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2050. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement. |
Voya Index Solution 2050 Portfolio (Class S2)12,13
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.68% | 19.78% | 10.36% | 7.24% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses. |
| 11 | This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public funds under 403(b) or Roth 403(b) annuity contracts. |
| 12 | This Fund is structured as a Fund of Funds or “master-feeder” Fund that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS - The Variable Investment Options - Fund of Funds” for more information. |
| 13 | This Fund is available under your variable annuity Contract. If this Fund was not added to your plan by September 1, 2021, the Fund was automatically made available to your plan on or about November 12, 2021. |
| X.109860-24A | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | ||
| 1 Year | 5 Years | 10 Years | |||
| Seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement. |
Voya Index Solution Income Portfolio (Class S2)14
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.60% | 10.59% | 4.53% | 3.69% |
| A non-diversified Portfolio that seeks long-term capital growth. |
Voya Large Cap Growth Portfolio (Class S)
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.92% | 37.38% | 14.46% | 12.04% |
| Seeks to provide capital growth through a diversified asset allocation strategy. | Voya Solution Balanced Portfolio (Class I)**
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
0.80% | 15.38% | 7.73% | 5.96% |
| Seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement. |
Voya Solution Conservative Portfolio (Class I)***
Investment Adviser: Voya Investments, LLC |
0.66% | 9.32% | 4.25% | 3.72% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses. |
| ** | Effective July 12, 2024, the Voya Strategic Allocation Moderate Portfolio (Class I) merged into the Voya Solution Balanced Portfolio (Class I). |
| *** | Effective July 12, 2024, the Voya Strategic Allocation Conservative Portfolio (Class I) merged into the Voya Solution Conservative Portfolio (Class I). |
| 14 | This Fund is structured as a Fund of Funds or “master-feeder” Fund that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS - The Variable Investment Options - Fund of Funds” for more information. |
| X.109860-24A | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) | ||
| 1 Year | 5 Years | 10 Years | |||
| Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2025. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement. |
Voya Solution 2025 Portfolio (Class S2)15
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
1.12% | 13.52% | 6.69% | 5.23% |
| Seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement. |
Voya Solution Income Portfolio (Class S2)15
Investment Adviser: Voya Investments, LLC
Subadviser: Voya Investment Management Co. LLC |
1.08% | 10.47% | 4.68% | 3.87% |
| Seeks long-term capital appreciation. |
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (Class I)16
Investment Adviser: Voya Investments, LLC
Subadviser: T. Rowe Price Associates, Inc. |
0.80% | 20.96% | 13.50% | 10.80% |
| Seeks high current return. |
Western Asset Mortgage Total Return Fund (Class A)17
Investment Adviser: Legg Mason Partners Fund Advisor, LLC
Subadviser: Western Asset Management Company |
0.96% | -0.06% | -1.30% | 0.93% |
| * | Operating expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses. |
| 15 | This Fund is structured as a Fund of Funds or “master-feeder” Fund that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS - The Variable Investment Options - Fund of Funds” for more information. |
| 16 | The VY® T. Rowe Price Diversified Mid Cap Growth Portfolio is only available to plans that were offering I Class prior to November 3, 2005. Class S shares remain available for investment under the Contract. |
| 17 | This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public funds under 403(b) or Roth 403(b) annuity contracts. |
| X.109860-24A | August 2024 |
****
Effective at the close of business on November 22, 2024, the Advisor Share Class of the Columbia High Yield Bond Fund and Columbia Large Cap Value Fund will be converted into the Institutional Share Class.
****
The Board of Trustees of The MainStay Funds and MainStay Funds Trust (each a “Trust”) considered and approved the following changes, which will occur on or around August 28, 2024. For each of the Funds of each respective Trust:
1. The name of each Trust will change as follows:
| Current Trust Name | New Trust Name | |
| The MainStay Funds | New York Life Investments Funds | |
| MainStay Funds Trust | New York Life Investments Funds Trust |
2. The name of each Fund will change as follows:
| Current Fund Name | New Fund Name | |
| MainStay CBRE Real Estate Fund | NYLI CBRE Real Estate Fund | |
| MainStay Winslow Large Cap Growth Fund | NYLI Winslow Large Cap Growth Fund |
****
MORE INFORMATION IS AVAILABLE
More information about the funds available through your contract, including information about the risks associated with investing in them can be found in the contract prospectus, summary prospectuses, and Statement of Additional Information for each fund. You may obtain these documents by contacting Customer Service.
If you received a summary prospectus for any of the funds available through your contract, you may obtain a full contract prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the email address shown on the front of the fund’s summary prospectus.
Please retain this supplement for future reference.
Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095. Securities are distributed by Voya Financial Partners, LLC (member SIPC). Securities may also be distributed through other broker-dealers with which Voya Financial Partners, LLC has selling agreements.
| X.109860-24A | August 2024 |