VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

 

VOYA FLEXIBLE INCOME ANNUITY

A FIXED OR VARIABLE, GROUP AND/OR INDIVIDUAL
IMMEDIATE ANNUITY CONTRACT

(“THE CONTRACT” OR “CONTRACTS”)

 

issued to

A Traditional Individual Retirement Annuity under Section 408(b)
or Retirement Plans under Tax Code Sections 401, 403(b) or 457

 

UPDATING SUMMARY PROSPECTUS

May 1, 2026

____________________________________________________________________________

 

There is one class of Contract described in this updating summary Prospectus. The contract may be issued as either a nonqualified contract, or as a qualified contract for use with a traditional Individual Retirement Annuity (“IRA”) under Section 408(b) of the Internal Revenue Code of 1986 (“Tax Code”) or with retirement plans under Tax Code Sections 401, 403(b) or 457. Contracts sold in New York are not available to 457 plans.

 

The full Prospectus for the Contracts contains more information about the Contracts, including the features, benefits, and risks. You can find the current Prospectus and other information about the Contracts online at https://vpx.broadridge.com/getcontract1.asp?doctype=pros&dtype=usp&cid=voyavpx&fid=92912K323. You can also obtain this information at no cost by calling 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com.

 

Additional l information about certain investment products, including variable annuities, has been prepared by the U.S. Securities and Exchange Commission’s staff and is available at Investor.gov.

 

The U.S. Securities and Exchange Commission (the “SEC”) has not approved or disapproved this Contract or passed upon the adequacy of this summary Prospectus. Any representation to the contrary is a criminal offense.

USP.109622-26

  

TABLE OF CONTENTS

 

SPECIAL TERMS USED IN THIS SUMMARY PROSPECTUS 3
UPDATED INFORMATION ABOUT YOUR CONTRACT 4
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT 5
APPENDIX:  INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT 8
HOW TO GET MORE INFORMATION 16

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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.

 

Account Value: The value of current dollar value of amounts allocated to the Subaccounts of Variable Annuity Account C, which includes investment performance and fees deducted from the Subaccounts.

 

Contract or Contracts: The group or individual deferred fixed and variable annuity Contract offered by your Plan Sponsor as a funding vehicle for your retirement plan.

 

Contract Holder: The person to whom we issue the Contract. Generally, the Plan Sponsor or a trust.

 

Customer Service: The location from which we service the Contracts. The mailing address and telephone number of Customer Service is Payout Services, One Orange Way, Windsor, CT 06095-4774, 1-800-584-6001.

 

Fund(s): The underlying mutual Funds in which the Subaccounts invest.

 

General Account: The account that contains all of our assets other than those held in Variable Annuity Account C or one of our other separate accounts.

 

Immediate Annuity: The Investor receives a guaranteed income within one year from the date of a single premium purchase.

 

Investor (also “you” or “participant”): The individual who participates in the Contract through a retirement plan.

 

Loan Interest Rate Spread: The difference between the rate charged and the rate credited on loans under your Contract.

 

Plan Sponsor: The sponsor of your retirement plan. Generally, your employer.

 

Purchase Payment: Collectively, the initial purchase payment and any additional purchase payment.

 

Subaccount: Division(s) of Variable Annuity Account C that are investment options under the Contract. Each Subaccount invests in a corresponding underlying mutual Fund.

 

Tax Code: The Internal Revenue Code of 1986, as amended.

 

VRIAC, the Company, we, us and our: Voya Retirement Insurance and Annuity Company, a stock company domiciled in Connecticut, that issues the Contract described in this summary Prospectus.

 

Variable Annuity Account C, the Separate Account: Voya Variable Annuity Account C, a segregated asset account established by us to fund the variable benefits provided by the Contract. The Variable Annuity Account C is registered as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”), as amended, and it also meets the definition of “separate account” under the federal securities laws.

 

Variable Investment Options: The Subaccounts of Variable Annuity Account C. Each one invests in a specific mutual Fund.

 

Vested: The amount of money in a participant’s individual account attributable to participant contributions. In an employer-sponsored retirement plan (i.e., a 401(k) or 403(b) plan), the Vested amount may include employer matching contributions.

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UPDATED INFORMATION ABOUT YOUR CONTRACT

 

The information in this summary Prospectus is a summary of certain Contract features that have changed since May 1, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract.

 

•Investment Options
•On June 20, 2021, the Subaccount that invests in the Franklin Small Cap Value VIP Fund closed to new investment by new Investors. Existing retirement plans and individual Investors who have investment in the Subaccount that corresponds to this Fund may leave their investment in that Subaccount and may continue to make additional purchases and exchanges.
•The Voya Large Cap Growth Portfolio and the VY® T. Rowe Price Growth Equity Portfolio each changed their classification from “diversified” to “non-diversified,” as such items are defined under the 1940 Act.
•Effective November 21, 2025, the VY® T. Rowe Price Growth Equity Portfolio (Class I) merged into the Voya Large Cap Growth Portfolio (Class I).
•Effective January 21, 2026, the VY® CBRE Real Estate Portfolio changed its name to VY® Columbia Real Estate Portfolio and the subadviser changed from CBRE Investment Management Listed Real Assets, LLC to the Columbia Management Investment Advisers, LLC.
•Effective February 6, 2026, the VY® T. Rowe Price Equity Income Portfolio merged into the Voya Large Cap Value Fund.
•Effective February 6, 2026, the Voya Large Cap Value Portfolio merged into the Voya Large Cap Value Fund.
 •Effective on or about July 17, 2026, the VY® Baron Growth Portfolio (Class S) will merge into the Voya MidCap Opportunities Fund (Class S).
•Effective on or about July 17, 2026, the Voya Global Insights Portfolio will change its name to the Voya Global Insights Fund.
•Effective on or about July 24, 2026, the Voya Balanced Income Portfolio will change its name to the Voya Balanced Income Fund.

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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

 

FEES AND EXPENSES
Are There Charges or Adjustments for Early Withdrawals?

Yes. If the Investor withdraws money from the Contract within seven (7) years following a specified date, the Investor can be assessed an early withdrawal charge equal to a maximum of 7% of the remaining guaranteed Income Payments withdrawn. The specified date referenced in the preceding sentence can vary depending on the terms of the Contract and will be either: (1) the date the individual account was established; or (2) the date the Contract was established. There is no surrender charge under this Contract.

 

See “FEE TABLES - Transaction Expenses” and “CHARGES AND FEES - Transaction Fees - Early Withdrawal Charge” in the full prospectus for the Contract.

Are There Transaction Charges? Yes In addition to the early withdrawal charge, the Investor may also be charged for other transactions.Certain Funds may impose redemption fees as a result of withdrawals, transfers, or other Fund transactions you may initiate.See “FEE TABLE - Transaction Expenses” and “CHARGES AND FEES” in the full prospectus for the Contract.
Are There Ongoing Fees and Expenses? The table below describes the fees and expenses that you may pay each year, depending on the Variable 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. A Loan Interest Rate Spread (which is the difference between the rate charged and the rate credited on loans under your contract), or an Annual Loan administration fee, is charged until the loan is repaid.
  Annual Fee Minimum Maximum
Base Contract Expenses     0.95%1,2    2.75%1, 2
Portfolio Company fees and expenses 0.46%3 1.49%3
 

Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year. This estimate assumes that you do not take withdrawals from the Contract, which could add early withdrawal charges that substantially increase costs.

 

 

1 As a percentage of average Account Value.
2 The Base Contract Expenses include the (1) mortality and expense risk charge (0.95% for Contracts Without the Guaranteed Minimum Income Feature, and 1.50% for Contracts With the Five-Year Guaranteed Minimum Income Feature); and (2) an administrative expense charge equal to 0.25% annually of your Account Value invested in the Subaccounts. The administrative expense charge is currently not imposed; however, we reserve the right to impose this charge for new contracts. The Maximum includes a guaranteed minimum income charge of 1.00% annually for the first five years. See “CHARGES AND FEES - Periodic Fees and Charges” in the full prospectus for the Contract.
3 As a percentage of Account Value allocated to the Subaccount investing in the Portfolio Company. 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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FEES AND EXPENSES

(continued from previous page)

Are There Ongoing Fees and Expenses?

Lowest Annual Cost Estimate:

$891

 Highest Annual Cost Estimate:
$1,572
 

Assumes:

•   Investment of $100,000;

•   5% annual appreciation;

•   Five-Year Guaranteed Minimum Income Feature;

•   No loans;

•   No sales charges; and

•   No additional Purchase Payments, transfers, or withdrawals.

Assumes:

•   Investment of $100,000;

•   5% annual appreciation;

•   No loans;

•   No sales charges; and

•   No additional Purchase Payments, transfers, or withdrawals.

 

 

See “FEE TABLES - Periodic Fees and Expenses” and “CHARGES AND FEES - Periodic Fees and Charges” in the full prospectus for the Contract.

RISKS
Is There a Risk of Loss from Poor Performance?

Yes. An Investor can lose money by investing in the Contract. Contact Customer Service at 1-800-584-6001 for questions regarding the Contract.

 

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the prospectus for the Contract.

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.

 

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the full prospectus for the Contract.

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 Fixed Dollar Option) will have its own unique risks, and you should review these investment options before making an investment decision

 

See ‘THE INVESTMENT OPTIONS - The Variable Investment Options” and “APPENDIX B” in the full prospectus for the Contract and “APPENDIX: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT” to this summary 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 Dollar Option, guarantees or benefits are subject to the financial strength and claims paying ability of VRIAC. More information about VRIAC, including its financial strength and claims paying ability, is available upon request, by contacting Customer Service at 1-800-584-6001.

 

See “THE CONTRACT - The General Account” in the full prospectus for the Contract.

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RESTRICTIONS
Are There Limits on the Investment Options?

Yes.

•   Your plan may limit the number of options you may select at any one time. Please refer to your plan documents for more information; Some Subaccounts 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; There are certain restrictions on transfers from the Subaccounts;

•   The Company reserves the right to combine two or more Subaccounts, close Subaccounts or substitute a new Fund for a Fund in which a Subaccount currently invests; and

•   The Contract is not designed to serve as a vehicle for frequent transfers. We actively monitor Fund transfer and reallocation activity to identify violations of our Excessive Trading Policy. Electronic trading privileges will be suspended if the Company determines, in its sole discretion, that our Excessive Trading Policy has been violated.

 

See “THE INVESTMENT OPTIONS - Selecting Investment Options and Right to Change the Separate Account” and “THE CONTRACT - Limits on Frequent or Disruptive Transfers” in the full prospectus for the Contract.

Are There any Restrictions on Contract  Benefits?

Yes.

•   We may discontinue or restrict the availability of an optional benefit; and

•   Benefits available to you may vary based on your plan. Please refer to your plan documents for benefits available to you; and

•   Withdrawals may reduce the amount of a death benefit based on premium by more than the amount withdrawn.

 

See “THE CONTRACT - Contract Provisions and Limitations - Death Benefit Options,” and “FEE TABLE - Annual Contract Expenses - For Contracts with the Five-Year Guaranteed Minimum Income Feature” in the full prospectus for the Contract.

TAXES
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 prospectus for the Contract.

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 prospectus for the Contract.

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 prospectus for the Contract.

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APPENDIX: INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT

 

The Variable Options available to you may vary based on employer. You should refer to your plan documents for a list of available Investment Options.

 

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?doctype=pros&dtype=isp&cid=voyavpx&fid=92912K323. You can also request this information at no cost by calling 1-877-884-5050 or by sending an email request to ProspectusRequests@voya.com. The Funds available to you may vary based on employer and state approval and participants should refer to their plan documents for a list of available Funds.

 

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)

1 Year 5 Years 10 Years
Seeks to provide a competitive total return through an actively managed portfolio of stocks, bonds and money market instruments which offer income and capital growth opportunity.

Calvert VP SRI Balanced Portfolio (Class I)

 

Investment Adviser: Calvert Research and Management

 0.65% 11.48% 8.68% 9.81%
Seeks long-term capital appreciation.

Fidelity® VIP ContrafundSM Portfolio (Initial Class)

 

Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)

 

Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited

 0.54% 21.52% 15.37% 15.78%

 

* Current expenses reflect applicable waivers or expense limitations as reported in the Fund’s prospectus.

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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2025)

1 Year 5 Years 10 Years
Seeks reasonable income. Also considers the potential for capital appreciation. Seeks to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500® Index.

Fidelity® VIP Equity-Income PortfolioSM (Initial Class)

 

Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)

 

Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited

 0.46% 19.02% 12.51% 11.60%
Seeks to achieve capital appreciation.

Fidelity® VIP Growth Portfolio (Initial Class)

 

Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)

 

Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited

 0.55% 14.92% 13.70% 17.45%
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)1

 

Investment Adviser: Franklin Mutual Advisers, LLC

 0.91%* 7.65% 8.86% 9.81%
A non-diversified Fund that seeks capital growth.

Invesco V.I. American Franchise Fund (Series I)

 

Investment Adviser: Invesco Advisers, Inc.

 0.85% 11.67% 10.35% 14.87%
Seeks long-term growth of capital.

Invesco V.I. Core Equity Fund (Series I)

 

Investment Adviser: Invesco Advisers, Inc.

 0.80% 16.17% 12.81% 11.73%

 

* Current expenses reflect applicable waivers or expense limitations as reported in the Fund’s prospectus.
1 On June 20, 2021, the Fund closed to new investment by new Investors. Existing retirement plans and individual Investors may leave their investment in the Fund and may continue to make additional purchases and exchanges.

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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2025)

1 Year 5 Years 10 Years
Seeks to deliver long-term growth of capital by investing primarily in stocks of mid-sized U.S. companies.

Lord Abbett Series Fund, Inc. – Mid Cap Stock Portfolio (Class VC)

 

Investment Adviser: Lord, Abbett & Co. LLC

 1.15% 7.05% 10.16% 7.98%
Seeks to maximize income while maintaining prospects for 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 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

 0.69%* 8.80% -2.30% 1.82%
Seeks long-term capital growth and current income.

Voya Global High Dividend Low Volatility Portfolio (Class I)1

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.60%* 19.00% 10.52% 9.05%
Seeks capital appreciation.

Voya Global Insights Portfolio (Class I)***

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.81%* 24.31% 7.21% 10.97%
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)2

 

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.
** Effective July 24, 2026, the Voya Balanced Income Portfolio will change its name to the Voya Balanced Income Fund.
*** Effective on or about July 17, 2026, the Voya Global Insights Portfolio will change its name to the Voya Global Insights Fund.
1 This Fund employs a managed volatility strategy. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Funds with Managed Volatility Strategies” for more information.
2   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)

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 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

 0.50% 8.80% 3.92% 5.82%
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%* 15.20% 13.73% 13.90%
Seeks to outperform the total return performance of the S&P MidCap 400® Index while maintaining a market level of risk.

Voya Index Plus MidCap Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.60%* 8.16% 9.90% 9.75%
Seeks to outperform the total return performance of the S&P SmallCap 600® Index while maintaining a market level of risk.

Voya Index Plus SmallCap Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.60%* 8.27% 8.97% 9.23%

 

* Current expenses reflect applicable waivers or expense limitations as reported in the Fund’s prospectus.

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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2025)

1 Year 5 Years 10 Years
Seeks to maximize total return consistent with reasonable risk. The Portfolio seeks its objective through investments in a diversified portfolio consisting primarily of debt securities. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return.

Voya Intermediate Bond Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.55%* 7.71% 0.15% 2.66%
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

 0.76% 37.60% 11.59% 7.83%
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

 0.45%* 30.89% 8.50% 7.91%
A non-diversified Portfolio that seeks long-term capital growth.

Voya Large Cap Growth Portfolio (Class I)**

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC and T. Rowe Price Associates Inc.***

 

 

 0.67%* 15.33% 12.23% 15.19%

 

 

* Current expenses reflect applicable waivers or expense limitations as reported in the Fund’s prospectus.
** Effective November 21, 2025, the VY® T. Rowe Price Growth Equity Portfolio (Class I) merged into the Voya Large Cap Growth  Portfolio (Class I).
*** Effective October 27, 2025, T. Rowe Price Associates Inc. was added as a sub-adviser to the Voya Large Cap Growth Portfolio.
1 This Fund employs a managed volatility strategy. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Funds with Managed Volatility Strategies” for more information.

 

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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2025)

1 Year 5 Years 10 Years
Seeks long-term growth of capital and current income.

Voya Large Cap Value Fund (Class A)**

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.86%* 12.66% 12.56% 10.85%
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%* 18.12% 16.24% 18.65%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Index.

Voya RussellTM Large Cap Index Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.61%* 18.51% 14.45% 15.09%
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)1

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.87%* 8.59% 6.26% 8.39%
Seeks long-term capital appreciation.

Voya SmallCap Opportunities Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 

 0.92%* 14.80% 5.85% 9.11%

 

*   Current expenses reflect applicable waivers or expense limitations as reported in the Fund’s prospectus.
** Effective February 6, 2026, the VY® T. Rowe Price Equity Income Portfolio and the Voya Large Cap Value Portfolio merged into the Voya Large Cap Value Fund.
1 The Voya Small Company Portfolio is only available to plans offering the fund prior to April 29, 2011.

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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2025)

1 Year 5 Years 10 Years
Seeks growth of capital.

Voya Solution Aggressive Portfolio (Class I)1

 

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

 0.77%* 16.87% 9.89% 10.55%
Seeks to provide capital growth through a diversified asset allocation strategy.

Voya Solution Balanced Portfolio (Class I)1

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.75%* 13.05% 6.84% 8.04%
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)1

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.66%* 8.33% 2.97% 4.77%
Seeks long-term capital growth. Income is a secondary objective.

VY® American Century Small-Mid Cap Value Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: American Century Investment Management, Inc.

 1.10%* 4.99% 8.19% 9.00%
Seeks capital appreciation.

VY® Baron Growth Portfolio (Class S)**

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: BAMCO, Inc.

 1.25%* -10.94% -0.34% 9.17%

 

*   Current expenses reflect applicable waivers or expense limitations as reported in the Fund’s prospectus.
** Effective on or about July 17, 2026, the VY® Baron Growth Portfolio (Class S) will merge into the Voya MidCap Opportunities Fund (Class S).
1 This Fund is structured as a fund of funds that invest directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – Fund of Funds” for additional information.

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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2025)

1 Year 5 Years 10 Years
Seeks total return including capital appreciation and current income.

VY® Columbia Real Estate Portfolio (Class I)**

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Columbia Management Investment Advisers, LLC

 0.75%* 0.30% 5.93% 5.06%
Seeks total return consisting of long-term capital appreciation and current income.

VY® Columbia Contrarian Core Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Columbia Management Investment Advisers, LLC

 0.96%* 17.08% 13.87% 14.01%
Seeks growth from capital appreciation.

VY® JPMorgan Mid Cap Value Portfolio (Class S)


Investment Adviser: Voya Investments, LLC

Subadviser: J.P. Morgan Investment Management Inc.

 1.10%* 4.37% 9.26% 8.48%
Seeks capital growth and income.

VY® Invesco Comstock Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Invesco Advisers, Inc. 

 0.97%* 17.02% 14.95% 11.75%

 

*   Current expenses reflect applicable waivers or expense limitations as reported in the Fund’s prospectus.
** Effective January 21, 2026, the VY® CBRE Real Estate Portfolio changed its name to the VY® Columbia Real Estate Portfolio and the subadviser changed from CBRE Investment Management Listed Real Assets, LLC to the Columbia Management Investment Advisers, LLC.

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HOW TO GET MORE INFORMATION

 

This updating summary Prospectus incorporates by reference the full Voya Flexible Income Annuity Contract prospectus 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?doctype=pros&dtype=usp&cid=voyavpx&fid=92912K323 for the Contract Prospectus and https://vpx.broadridge.com/getcontract1.asp?doctype=sai&dtype=usp&cid=voyavpx&fid=92912K323 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 ProspectusRequests@voya.com.

 

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: publicinfo@sec.gov.

 

EDGAR Contract Identifier: C000002963

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