Variable Annuity Acct C of Voya Retirement Insurance & Annuity Co.
04/24/2026 | Press release | Distributed by Public on 04/24/2026 13:11
Updating Summary Prospectus (Form 497VPU)
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
403(b), 457(b) AND HR 10 PLANS
GROUP INSTALLMENT AND SINGLE PURCHASE PAYMENT
VARIABLE ANNUITY CONTRACTS
(THE "CONTRACT" OR "CONTRACTS")
issued to
Contracts Designed for Retirement Plans that Qualify Under Section 403(b) or 457(b) of the Tax Code and Contracts Designed for Retirement Plans Established by Self-Employed Individuals
Under Sections 401(a), 401(k) or 403(b) of the Tax Code ("HR 10 Contracts")
UPDATING SUMMARY PROSPECTUS
May 1, 2026
____________________________________________________________________________
The group installment and single purchase payment variable annuity contract is described in this updating summary Prospectus ("summary Prospectus"). The 403(b) Contract (the "403(b) Contract") is an annuity Contract designed for retirement plans that qualify under Section 403(b) of the Tax Code. The 457(b) Contract (the "457(b) Contract) is designed for retirement plans that qualify under Section 457(b) of the Tax Code. HR 10 Contract (the "HR 10 Contract") is designed for retirement plans established by self-employed individuals under Sections 401(a), 401(k) or 403(b) of the Tax Code. The Contract is not available for investment by new investors.
The full Contract prospectus contains more information about the Contract, including the features, benefits, and risks. You can find the current Prospectus and other information about the Contract online at https://prospectus.voya.com/Group403. You can also obtain this information at no cost by calling 1-800-584-6001 or by sending an email request to [email protected].
Additional information about certain investment products, including variable annuities and fixed interest options with market value adjustments, has been prepared by the U.S. Securities and Exchange Commission's staff and is available at Investors.gov.
The U. S. Securities and Exchange Commission (the "SEC") has not approved or disapproved this Contract or passed upon the adequacy of this summary Prospectus. Any representation to the contrary is a criminal offense.
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TABLE OF CONTENTS
| SPECIAL TERMS USED IN THIS SUMMARY PROSPECTUS | 3 |
| IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT | 5 |
| APPENDIX: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT | 10 |
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SPECIAL TERMS USED IN THIS SUMMARY PROSPECTUS
The following are some of the important terms used throughout this summary Prospectus that have special meaning.
403(b) Contract: A Contract designed for retirement plans that qualify under Section 403(b) of the Tax Code.
457(b) Contract A Contract designed for retirement plans that qualify under Section 457(b) of the Tax Code.
Account Value: The value of: (1) amounts allocated to the Fixed Interest Options, including interest earnings to date; less (2) any deductions from the Fixed Interest Options (e.g., withdrawals and fees); and plus (3) the current dollar value of amounts allocated to the Subaccounts of Variable Annuity Account C, which includes investment performance and fees deducted from the Subaccounts.
Contract or Contracts: The group installment or single Purchase Payment variable annuity Contract offered by your Plan Sponsor as a funding vehicle for your retirement plan.
Contract Holder: The person to whom we issue the Contract. The Contract Holder is usually your employer, unless the plan has a trustee, in which case the trustee is usually the Contract Holder.
Customer Service: The location from which we service the Contracts. The mailing address and telephone number of Customer Service is Defined Contributions Administration, P.O. Box 990063, Hartford, CT 06199-0063, 1-800-584-6001.
Fixed Interest Options: The Guaranteed Accumulation Account and the Fixed Account are Fixed Interest Options that may be available during the Accumulation Phase under some Contracts. Amounts allocated to the Guaranteed Accumulation Account are deposited in a nonunitized separate account established by the Company. Amounts allocated to the Fixed Interest Options are held in the Company's General Account which supports insurance and annuity obligations.
Fund(s): The underlying mutual Funds in which the Subaccounts invest.
General Account: The account that contains all of our assets other than those held in Variable Annuity Account C or one of our other separate accounts.
HR 10 Contract: A Contract designed for retirement plans established by self-employed individuals under Sections 401(a), 401(k) or 403(b) of the Tax Code.
Investor (also "you" or "participant"): The individual who participates in the Contract through a retirement plan.
Minimum Death Benefit Guarantee Rider (referred to in prior prospectuses as the "Insurance Rider"): For 403(b) Contracts, an optional benefit that may be elected by the Contract Holder or you, if permitted by the plan, to purchase a minimum death benefit guarantee. This guarantee provides that if you die before Income Payments commence, the minimum death benefit will equal Purchase Payments (less any withdrawals) made on your behalf, regardless of your Account Value at the time of your death.
MVA: A Market Value Adjustment applicable to amounts removed from the Guaranteed Accumulation Account (GAA) prior to the end of a Guaranteed Term.
Plan Sponsor: The sponsor of your retirement plan. Generally, your employer.
Purchase Payment: Collectively, the initial purchase payment and any additional purchase payment.
Subaccount: Division(s) of Variable Annuity Account C that are investment options under the Contract. Each Subaccount invests in a corresponding underlying mutual Fund.
Tax Code: The Internal Revenue Code of 1986, as amended.
VRIAC, the Company, we, us and our: Voya Retirement Insurance and Annuity Company, a stock company domiciled in Connecticut, that issues the Contract described in this summary Prospectus.
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Variable Annuity Account C, the Separate Account: Voya Variable Annuity Account C, a segregated asset account established by us to fund the variable benefits provided by the Contract. The Variable Annuity Account C is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and it also meets the definition of "separate account" under the federal securities laws.
Variable Investment Options: The Subaccounts of Variable Annuity Account C. Each one invests in a specific mutual Fund.
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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
| FEES, EXPENSES AND ADJUSTMENTS | |
| Are There Charges or Adjustments for Early Withdrawals? |
Yes. If the Investor withdraws money from the Contract within ten (10) years following a specified date, the Investor can be assessed an early withdrawal charge equal to a maximum of 5% of the amount withdrawn. The specified date referenced in the preceding sentence can vary depending on the terms of the Contract, and will be either: (1) number of completed Contract Years; or (2) the number of years since the Contract was established. For example, if you make an early withdrawal from a 403(b) Contract, you could pay a surrender charge of up to $5,000 on a $100,000 investment. This loss will be greater if there is a negative Market Value Adjustment, taxes, or tax penalties. If all or a portion of your Account Value is removed from the Guaranteed Accumulation before the end of a Guaranteed Term, we will apply a Market Value Adjustment, which may be negative and could cause a potential loss of up to 100% of your Account Value in the GAA. For example, you allocate $100,000 to the GAA with a 3-year Guaranteed Term and later withdraw the entire amount before the 3 years have ended, you could lose up to $100,000 of your investment. This loss will be greater if you also have to pay a surrender charge, taxes, and tax penalties. A MVA may apply if you withdraw or transfer Account Value from the GAA, or upon payments due to the death of the participant, if paid more than six months following death (or disability, if applicable). See "FEE TABLE - Transaction Expenses," "FEE TABLE - Adjustments," "CHARGES, FEES AND ADJUSTMENTS - Transaction Fees - Early Withdrawal Charge," and "CHARGES, FEES AND ADJUSTMENTS - Market Value Adjustments" in the full Contract prospectus. |
| Are There Transaction Charges? |
Yes. • In addition to the early withdrawal charge, the Investor may also be charged for other transactions. • If you elect the Minimum Death Benefit Guarantee Rider optional death benefit (403(b) only), you will pay 1% of each Purchase Payment at the time og the Purchase Payment. • Certain Funds may impose redemption fees as a result of withdrawals, transfers or other Fund transactions you may initiate. See "FEE TABLE - Transaction Expenses" and "CHARGES, FEES AND ADJUSTMENTS" in the full Contract prospectus. |
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FEES, EXPENSES AND ADJUSTMENTS (continued from previous page) |
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Are There Ongoing Fees and Expenses? |
Yes. The table below describes the fees and expenses that you may pay each year, depending on the Investment 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. The base contract expenses include an administrative expense charge equal to 0.25% annually of your Account Value invested in the Subaccounts. The administrative expense charge may be waived, reduced or eliminated in certain circumstances. |
| Annual Fee | Minimum | Maximum | |
|
Base Contract Expenses (varies by Contract) |
1.25%1, 2 | 1.25%1, 2 |
|
403(b) Plans (Portfolio Company fees and expenses) |
0.53% | 0.95% | |
|
457(b) Plans (Portfolio Company fees and expenses) |
0.53% | 0.95% | |
|
HR 10 Plans (Portfolio Company fees and expenses) |
0.53%3 | 0.95%3 |
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Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add surrender charges and negative Market Value Adjustments that substantially increase costs. |
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Lowest Annual Cost Estimate 403(b) Plans: $1,597 |
Highest Annual Cost Estimate
403(b) Plans: |
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Lowest Annual Cost Estimate 457(b) Plans: $1,597 |
Highest Annual Cost Estimate 457(b) Plans: $2,525 |
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Lowest Annual Cost Estimate HR 10 Plans: $1,597 |
Highest Annual Cost Estimate HR 10 Plans: $1,901 |
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Assumes: • Investment of $100,000; • 5% annual appreciation; • No optional benefits; • Fees and expenses of least expensive Fund; • No sales charges; and • No additional Purchase Payments, transfers or withdrawals. |
Assumes: • Investment of $100,000; • 5% annual appreciation; • Fees and expenses of most expensive Fund; • No sales charges; and • No additional Purchase Payments, transfers or withdrawals. |
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See "FEE TABLE - Periodic Fees and Expenses" and "CHARGES, FEES AND ADJUSTMENTS - Periodic Fees and Charges" in the full Contract prospectus. |
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| 1 | As a percentage of average Account Value. |
| 2 | The mortality and expense risk charge (1.25 % for 403(b) Contracts and 1.25% for HR 10 Contracts), represented as the "Base Contract Expenses," compensates us for the mortality and expense risks we assume under the Contract, including those risks associated with our funding of the death benefit. See "CHARGES, FEES AND ADJUSTMENTS - Periodic Fees and Charges - Mortality and Expense Risk Charge" in the full Contract prospectus. |
| 3 | As a percentage of the Portfolio Company's net assets. These expenses, which include management fees, distribution (12b-1) and/or service fees and other expenses, do not take into account any fee waiver or expense reimbursement arrangements that may apply. These expenses are for the year ended December 31, 2025, and will vary from year to year. |
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| RISKS | |
| Is There a Risk of Loss from Poor Performance? |
Yes. An Investor can lose money by investing in the Contract. See "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT" in the full Contract prospectus. |
| Is This a Short-Term Investment? |
No. This Contract is not designed for short-term investing and is not appropriate for an Investor who needs ready access to cash. The Contract is typically most useful as part of a personal retirement plan. Early withdrawals may be restricted by the Tax Code or your plan and may expose you to early withdrawal charges or tax penalties. You should not participate in this Contract if you are looking for a short-term investment or expect to make withdrawals before you are age 59½. You might be subject to federal and state income taxes and a 10% penalty. Amounts withdrawn from the Contract may result in surrender charges, taxes, and tax penalties. Amounts removed from the Guaranteed Accumulation Account before the end of a Guaranteed Term may also result in a negative Market Value Adjustment At the end of the Guaranteed Term we will reallocate your Account Value in GAA according to your instructions. If you have not provided instructions, we will automatically reinvest the maturing investment into a guaranteed term available in the current deposit period. For contracts that distinguish between short- and long-term classifications, we will generally transfer the maturing investment to the available deposit period for the guaranteed term having the shortest maturity within the same classification. For other contracts, we will generally transfer the maturing investment in the following manner based upon availability: • To a guaranteed term of the same duration, if available; • To a guaranteed term with the next shortest duration, if available; or • To a guaranteed term with the next longest duration. See "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT" in the full Contract prospectus. |
| What Are the Risks Associated with the Investment Options? |
An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. Each investment option (including the Guaranteed Accumulation Account and the Fixed Account) will have its own unique risks, and you should review these investment options before making an investment decision. See 'THE INVESTMENT OPTIONS - The Variable Investment Options" and the INVESTMENT OPTIONS - The Fixed Income Options" in the full Contract prospectus |
| What Are the Risks Related to the Insurance Company? |
An investment in the Contract is subject to the risks related to VRIAC, including that any obligations, including under the Fixed Interest Options, guarantees or benefits are subject to the financial strength and claims-paying ability of VRIAC. More information about VRIAC, including its financial strength and claims paying ability, is available upon request, by contacting Customer Service at 1-800-584-6001. See "THE CONTRACT - The General Account" in the full Contract prospectus. |
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| RESTRICTIONS | |
| Are There Limits on the Investment Options? |
Yes. • We do not restrict the number of investment options that a Contract Holder may select; however, we reserve the right to charge $10 for each investment allocation change or transfer in excess of 12 in a calendar year; • Some Subaccounts and Fixed Interest Options may not be available through your plan. Please refer to your plan documents for a list of Subaccounts and Fixed Interest Options available to you; Some financial institutions or broker-dealers through which the Contract is sold may limit the availability of certain investment options; • There are certain restrictions on transfers from the Fixed Interest Options; • Not all Fixed Interest Options may be available for current or future investment; • The Company reserves the right to combine two or more Subaccounts, close Subaccounts or substitute a new Fund for a Fund in which a Subaccount currently invests; and • The Contract is not designed to serve as a vehicle for frequent transfers. We actively monitor Fund transfer and reallocation activity to identify violations of our Excessive Trading Policy. Electronic trading privileges will be suspended if the Company determines, in its sole discretion, that our Excessive Trading Policy has been violated. See "THE INVESTMENT OPTIONS - Selecting Investment Options and Right to Change the Separate Account" "THE CONTRACT - Limits on Frequent or Disruptive Transfers" and "OTHER TOPICS - Financial Intermediary Variations" in the full Contract prospectus. |
| Are There any Limits on Contract Benefits? |
Yes. • We may discontinue or restrict the availability of an optional benefit; • Benefits available to you may vary based on your plan. Please refer to your plan documents for benefits available to you; • Some financial institutions or broker-dealers through which the Contract is sold may limit the availability of certain Contract benefits; • If not required under your plan, we may discontinue the availability of one or all of the Systematic Distribution Options at any time and/or change the terms of future elections; and • Withdrawals may reduce the amount of a death benefit based on Purchase Payments by more than the amount withdrawn. See "DEATH BENEFIT - Death Benefit Options," "SYSTEMATIC DISTRIBUTION OPTIONS - Availability of Systematic Distribution Options" and "OTHER TOPICS - Financial Intermediary Variations" in the full Contract prospectus. |
| TAXES | |
| What Are the Contract's Tax Implications? |
• You should consult with a tax and/or legal adviser to determine the tax implications of an investment in, and distributions received under, the Contract; • There is no additional tax benefit to the Investor if the Contract is purchased through a tax-qualified plan or individual retirement account ("IRA"); and • Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. See "FEDERAL TAX CONSIDERATIONS" in the full Contract prospectus. |
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| CONFLICTS OF INTEREST | |
| How are Investment Professionals Compensated? |
• We pay compensation to broker/dealers whose registered representatives sell the Contract. • Compensation may be paid in the form of commissions or other compensation, depending upon the agreement between the broker/dealers and the registered representative. • Because of this sales-based compensation, an investment professional may have a financial incentive to offer or recommend the Contract over another investment. See "OTHER TOPICS - Contract Distribution" in the full Contract prospectus. |
| Should I Exchange My Contract? |
Some investment professionals may have a financial incentive to offer you a new Contract in place of the one you own. You should exchange your contract only if you determine, after comparing the features, fees and risks of both contracts, and any fees or penalties to terminate the existing contract, that it is preferable for you to purchase the new Contract rather than continue to own the existing contract. See "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT" in the full Contract prospectus. |
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APPENDIX: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT
The Variable Options and Fixed Interest Options available to you may vary based on employer. You should refer to your plan documents for a list of available Investment Options. Additionally, some financial institutions or broker-dealers through which the Contract is sold may limit the availability of certain investment options. For more information, see "OTHER TOPICS - Financial Intermediary Variations" section of the full Contract prospectus. If you have any questions about any limitations, restrictions, or other variations related to the investment options available to you, please reach out to your financial institution or broker-dealer.
Variable Options
The following is a list of Funds available under the Contract. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at https://vpx.broadridge.com/getcontract1.asp?dtype=pros&cid=voyavpx&fid=NRVA00977. You can also request this information at no cost by calling Customer Service at 1-800-584-6001 or by sending an email request to [email protected].
The current expenses and performance information below reflects fee and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Fund's past performance is not necessarily an indication of future performance.
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2025) |
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| 1 Year | 5 Years | 10 Years | |||
| 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 Income Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.58%* | 11.96% | 5.92% | 7.16% |
| 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)**
Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.40%* | 4.02% | 3.02% | 1.96% |
| * | Current expenses reflect applicable waivers or expense limitations as reported in the Fund's prospectus. |
| ** | There is no guarantee that the Voya Government Money Market Portfolio Subaccount will have a positive or level return. |
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| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2025) |
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| 1 Year | 5 Years | 10 Years | |||
| Seeks to maximize total return through investments in a diversified portfolio of common stock and securities convertible into common stocks. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return. |
Voya Growth and Income Portfolio (Class I)** Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.67%* |
18.21% | 15.46% | 14.62% |
| 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%* |
7.71% | 0.15% | 2.66% |
| * | Current expenses reflect applicable waivers or expense limitations as reported in the Fund's prospectus. |
| ** | The Voya Growth and Income Portfolio is only available to those Contracts that were offering the ING Opportunistic Large Cap Portfolio (Class I) as of August 20, 2010. |
Fixed Interest Options
The following is a list of Fixed Interest Options currently available under the Contract. We may change the features of the Fixed Interest Options listed below, offer new Fixed Interest Options, and terminate existing Fixed Interest Options. We will provide you with written notice before doing so.
Note: If amounts are withdrawn from the Guaranteed Accumulation Account before the end of a Guaranteed Term, we may apply a Market Value Adjustment. This may result in a significant reduction in your Account Value.
For more information about the Fixed Interest Options and the Market Value Adjustment, see "THE INVESTMENT OPTIONS - Fixed Interest Options" and "CHARGES, FEES AND ADJUSTMENTS- Market Value Adjustment" in the full Contract prospectus.
| Name | Term* | Minimum Guaranteed Interest Rate** |
| Guaranteed Accumulation Account | 1 month to 10 years | 0.25% |
| The Fixed Account | N/A | 4.00% |
| * | The terms available under your plan may vary. |
| ** | The guaranteed minimum interest rate for your Contract is stated in your Contract, and will not be less than stated. |
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This summary Prospectus incorporates by reference the full 403(b), 457(b) and HR 10 Plans Contract rospectus and Statement of Additional Information ("SAI"), each dated May 1, 2026, as amended or supplemented. You can find these documents online at https://vpx.broadridge.com/getcontract1.asp?dtype=pros&cid=voyavpx&fid=NRVA00977 for the Contract Prospectus and https://vpx.broadridge.com/getcontract1.asp?dtype=sai&cid=voyavpx&fid=NRVA00977 for the SAI. You can also obtain these documents at no cost by calling 1-800-584-6001 or by sending an email request to [email protected].
Reports and other information about the Variable Annuity Account C, and Voya Retirement Insurance and Annuity Company, are available on the Commission's website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
| EDGAR Contract Identifier: | C000002958 |
| C000275678 |
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Variable Annuity Acct C of Voya Retirement Insurance & Annuity Co. published this content on April 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 24, 2026 at 19:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]