variable annuity account c - voya financial · 2019. 12. 31. · tel: +1 404 874 8300 fax: +1 404...

Variable Annuity Account C

December 31, 2019 Annual Report

Voya Retirement Insurance and Annuity Company

Not all funds may be available in all jurisdictions, under all contracts or under all plans.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Voya Retirement Insurance and Annuity Company and Contract Owners of Variable Annuity Account C of Voya Retirement Insurance and Annuity Company

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Variable Annuity Account C of Voya Retirement Insurance and Annuity Company (the Separate Account), as of December 31, 2019, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2019, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Separate Accounts Auditor since 2001.

April 8, 2020

Ernst & Young LLP Suite 1000 55 Ivan Allen Jr. Boulevard Atlanta, GA 30308

Tel: +1 404 874 8300 Fax: +1 404 817 5589 ey.com

A member firm of Ernst & Young Global Limited

Appendix Subaccounts comprising Variable Annuity Account C of Voya Retirement Insurance and Annuity Company

Subaccounts Statement of Operations

Statements of Changes in Net Assets

AB Relative Value Fund – Class A For the year ended December 31, 2019

For each of the two years in the period ended December 31, 2019

AB VPS Growth and Income Portfolio – Class A Aberdeen International Equity Fund – Institutional Class Invesco Floating Rate Fund – Class R5 Invesco Mid Cap Core Equity Fund – Class A Invesco Small Cap Growth Fund – Class A Invesco International Growth Fund – Class R5 Invesco Endeavor Fund – Class A Invesco Health Care Fund – Investor Class Invesco High Yield Fund – Class R5 Invesco American Value Fund – Class R5 Invesco Energy Fund – Class R5 Invesco Small Cap Value Fund – Class A Invesco V.I. American Franchise Fund – Series I Invesco V.I. Core Equity Fund – Series I Alger Capital Appreciation Fund – Class A Alger Responsible Investing Fund – Class A AllianzGI NFJ Dividend Value Fund – Class A AllianzGI NFJ Large-Cap Value Fund – Institutional Class AllianzGI NFJ Small-Cap Value Fund – Class A Amana Growth Fund – Investor Class Amana Income Fund – Investor Class American Balanced Fund® – Class R-3 American Beacon Small Cap Value Fund – Investor Class Inflation-Adjusted Bond Fund – Investor Class Income & Growth Fund – A Class Fundamental Investors℠ – Class R-3 Fundamental Investors℠ – Class R-4 American Mutual Fund® – Class R-4 AMG Managers Fairpointe Mid Cap Fund – Class N Ariel Appreciation Fund – Investor Class Ariel Fund – Investor Class Artisan International Fund – Investor Shares BlackRock Equity Dividend Fund – Investor A Shares BlackRock Health Sciences Opportunities Portfolio - Institutional Shares BlackRock Health Sciences Opportunities Portfolio – Investor A Shares BlackRock Mid Cap Dividend Fund – Institutional Shares BlackRock Mid Cap Dividend Fund – Investor A Shares Bond Fund of America℠ – Class R-4


Appendix Subaccounts comprising Variable Annuity Account C of Voya Retirement Insurance and Annuity Company (continued)



Calvert VP SRI Balanced Portfolio For the year ended December 31, 2019


Capital Income Builder® – Class R-4 Capital World Growth & Income Fund℠ – Class R-3 Cohen & Steers Realty Shares, Inc. Columbia℠ Acorn® Fund – Class A Shares Columbia℠ Acorn® Fund – Institutional Class Columbia Select Mid Cap Value Fund – Class A Shares Columbia Select Mid Cap Value Fund – Institutional Class CRM Mid Cap Value Fund – Investor Shares Davis Financial Fund – Class Y Delaware Smid Cap Growth Fund – Institutional Class Delaware Small Cap Value Fund – Class A DWS Small Cap Growth Fund – Class S DWS Equity 500 Index Fund – Class S DFA Inflation-Protected Securities Portfolio – Institutional Class Shares DFA Emerging Markets Core Equity Portfolio – Institutional Class Shares DFA U.S. Targeted Value Portfolio – Institutional Class Shares Dodge & Cox International Stock Fund Dodge & Cox Stock Fund Eaton Vance Large-Cap Value Fund – Class R Shares EuroPacific Growth Fund® – Class R-3 EuroPacific Growth Fund® – Class R-4 Fidelity Advisor® New Insights Fund – Class I Fidelity® VIP Equity-Income Portfolio – Initial Class Fidelity® VIP Growth Portfolio – Initial Class Fidelity® VIP High Income Portfolio – Initial Class Fidelity® VIP Overseas Portfolio – Initial Class Fidelity® VIP Contrafund® Portfolio – Initial Class Fidelity® VIP Index 500 Portfolio – Initial Class Fidelity® VIP Asset Manager Portfolio – Initial Class Franklin Mutual Global Discovery Fund – Class R Franklin Biotechnology Discovery Fund – Advisor Class Franklin Natural Resources Fund – Advisor Class Franklin Small-Mid Cap Growth Fund – Class A Franklin Small Cap Value VIP Fund – Class 2 Goldman Sachs Growth Opportunities Fund – Investor Shares Growth Fund of America® – Class R-3 Growth Fund of America® – Class R-4 The Hartford Capital Appreciation Fund – Class R4 The Hartford Dividend And Growth Fund – Class R4 The Hartford International Opportunities Fund – Class R4 Income Fund of America® – Class R-3 Ivy Science and Technology Fund – Class Y





Janus Henderson Balanced Portfolio – Institutional Shares For the year ended December 31, 2019


Janus Henderson Enterprise Portfolio – Institutional Shares Janus Henderson Flexible Bond Portfolio – Institutional Shares Janus Henderson Global Research Portfolio – Institutional Shares Janus Henderson Research Portfolio – Institutional Shares JPMorgan Equity Income Fund – Class I Shares JPMorgan Government Bond Fund – Class I Shares Lazard International Equity Portfolio – Open Shares ClearBridge Aggressive Growth Fund – Class I LKCM Aquinas Catholic Equity Fund Loomis Sayles Small Cap Value Fund – Retail Class Loomis Sayles Limited Term Government and Agency Fund – Class Y Lord Abbett Developing Growth Fund – Class A Lord Abbett Core Fixed Income Fund – Class A Lord Abbett Short Duration Income Fund – Class R4 Lord Abbett Mid Cap Stock Fund – Class A Lord Abbett Small Cap Value Fund – Class A Lord Abbett Fundamental Equity Fund – Class A Lord Abbett Series Fund Mid Cap Stock Portfolio – Class VC Mainstay Large Cap Growth Fund – Class R3 Massachusetts Investors Growth Stock Fund – Class A Metropolitan West Total Return Bond Fund – Class I Shares Metropolitan West Total Return Bond Fund – Class M Shares MFS® New Discovery Fund – Class R3 MFS® International Intrinsic Value Fund – Class R3 Neuberger Berman Genesis Fund – Trust Class Shares Neuberger Berman Sustainable Equity Fund – Institutional Class Shares Neuberger Berman Sustainable Equity Fund – Trust Class Shares New Perspective Fund® – Class R-3 New Perspective Fund® – Class R-4 New World Fund® – Class R-4 Nuveen Global Infrastructure Fund – Class I Invesco Oppenheimer Capital Appreciation Fund – Class A Invesco Oppenheimer Developing Markets Fund – Class A Invesco Oppenheimer Developing Markets Fund – Class Y Invesco Oppenheimer Gold & Special Minerals Fund – Class A Invesco Oppenheimer International Bond Fund – Class A Invesco Oppenheimer International Growth Fund – Class Y Invesco Oppenheimer International Small-Mid Company Fund – Class Y Invesco Oppenheimer Main Street Fund – Class A Invesco Oppenheimer V.I. Main Street Fund – Series I Invesco Oppenheimer V.I. Main Street Small Cap Fund – Series I





Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund – Series I For the year ended December 31, 2019


Invesco Oppenheimer V.I. Global Fund – Series I Invesco Oppenheimer V.I. Global Strategic Income Fund – Series I Parnassus Core Equity Fund℠ – Investor Shares Pax Sustainable Allocation Fund – Investor Class PIMCO CommodityRealReturn Strategy Fund® – Administrative Class PIMCO VIT Real Return Portfolio – Administrative Class Pioneer Equity Income Fund – Class Y Shares Pioneer High Yield Fund – Class A Shares Pioneer Strategic Income Fund – Class A Shares Pioneer Equity Income VCT Portfolio – Class I Pioneer High Yield VCT Portfolio – Class I PGIM Jennison Utility Fund – Class Z Columbia Large Cap Value Fund – Advisor Class Royce Total Return Fund – Service Class Ave Maria Rising Dividend Fund SMALLCAP World Fund® – Class R-4 T. Rowe Price Institutional Large-Cap Growth Fund T. Rowe Price Mid-Cap Value Fund – R Class T. Rowe Price Value Fund – Advisor Class TCW Total Return Bond Fund – Class N Templeton Foreign Fund – Class A Templeton Global Bond Fund – Advisor Class Templeton Global Bond Fund – Class A Third Avenue Real Estate Value Fund – Institutional Class Touchstone Value Fund – Institutional Class USAA Precious Metals and Minerals Fund – Adviser Shares Diversified Value Portfolio Equity Income Portfolio Small Company Growth Portfolio Victory Integrity Small-Cap Value Fund – Class Y Victory Sycamore Established Value Fund – Class A Victory Sycamore Small Company Opportunity Fund – Class R Voya Balanced Portfolio – Class I Voya Large Cap Value Fund – Class A Voya Real Estate Fund – Class A Voya Floating Rate Fund – Class A Voya GNMA Income Fund – Class A Voya Intermediate Bond Fund – Class A Voya Intermediate Bond Portfolio – Class I Voya Intermediate Bond Portfolio – Class S





Voya Global Perspectives® Portfolio – Class I For the year ended December 31, 2019


Voya High Yield Portfolio – Adviser Class Voya High Yield Portfolio – Institutional Class Voya High Yield Portfolio – Service Class Voya Large Cap Growth Portfolio – Adviser Class Voya Large Cap Growth Portfolio – Institutional Class Voya Large Cap Growth Portfolio – Service Class Voya Large Cap Value Portfolio – Adviser Class Voya Large Cap Value Portfolio – Institutional Class Voya Large Cap Value Portfolio – Service Class Voya Limited Maturity Bond Portfolio – Adviser Class Voya U.S. Stock Index Portfolio – Institutional Class VY® BlackRock Inflation Protected Bond Portfolio – Adviser Class VY® Clarion Global Real Estate Portfolio – Institutional Class VY® Clarion Real Estate Portfolio – Adviser Class VY® Clarion Real Estate Portfolio – Institutional Class VY® Clarion Real Estate Portfolio – Service Class VY® Invesco Growth and Income Portfolio – Institutional Class VY® Invesco Growth and Income Portfolio – Service Class VY® JPMorgan Emerging Markets Equity Portfolio – Adviser Class VY® JPMorgan Emerging Markets Equity Portfolio – Institutional Class VY® JPMorgan Emerging Markets Equity Portfolio – Service Class VY® JPMorgan Small Cap Core Equity Portfolio – Adviser Class VY® JPMorgan Small Cap Core Equity Portfolio – Institutional Class VY® JPMorgan Small Cap Core Equity Portfolio – Service Class VY® T. Rowe Price Capital Appreciation Portfolio – Adviser Class VY® T. Rowe Price Capital Appreciation Portfolio – Institutional Class VY® T. Rowe Price Capital Appreciation Portfolio – Service Class VY® T. Rowe Price Equity Income Portfolio – Adviser Class VY® T. Rowe Price Equity Income Portfolio – Service Class VY® T. Rowe Price International Stock Portfolio – Adviser Class VY® T. Rowe Price International Stock Portfolio – Service Class Voya Government Money Market Portfolio – Class I Voya Global Real Estate Fund – Class A Voya Multi-Manager International Small Cap Fund – Class A Voya Multi-Manager International Small Cap Fund – Class I Voya Global Bond Portfolio – Adviser Class Voya Global Bond Portfolio – Initial Class Voya Global Bond Portfolio – Service Class Voya Index Solution 2025 Portfolio – Initial Class Voya Index Solution 2025 Portfolio – Service Class





Voya Index Solution 2025 Portfolio – Service 2 Class For the year ended December 31, 2019


Voya Index Solution 2035 Portfolio – Initial Class Voya Index Solution 2035 Portfolio – Service Class Voya Index Solution 2035 Portfolio – Service 2 Class Voya Index Solution 2045 Portfolio – Initial Class Voya Index Solution 2045 Portfolio – Service Class Voya Index Solution 2045 Portfolio – Service 2 Class Voya Index Solution 2055 Portfolio – Initial Class Voya Index Solution 2055 Portfolio – Service Class Voya Index Solution 2055 Portfolio – Service 2 Class Voya Index Solution Income Portfolio – Initial Class Voya Index Solution Income Portfolio – Service Class Voya Index Solution Income Portfolio – Service 2 Class Voya Solution 2025 Portfolio – Adviser Class Voya Solution 2025 Portfolio – Initial Class Voya Solution 2025 Portfolio – Service Class Voya Solution 2025 Portfolio – Service 2 Class Voya Solution 2035 Portfolio – Adviser Class Voya Solution 2035 Portfolio – Initial Class Voya Solution 2035 Portfolio – Service Class Voya Solution 2035 Portfolio – Service 2 Class Voya Solution 2045 Portfolio – Adviser Class Voya Solution 2045 Portfolio – Initial Class Voya Solution 2045 Portfolio – Service Class Voya Solution 2045 Portfolio – Service 2 Class Voya Solution 2055 Portfolio – Initial Class Voya Solution 2055 Portfolio – Service Class Voya Solution 2055 Portfolio – Service 2 Class Voya Solution Balanced Portfolio – Service Class Voya Solution Income Portfolio – Adviser Class Voya Solution Income Portfolio – Initial Class Voya Solution Income Portfolio – Service Class Voya Solution Income Portfolio – Service 2 Class Voya Solution Moderately Conservative Portfolio – Service Class VY® American Century Small-Mid Cap Value Portfolio – Adviser Class VY® American Century Small-Mid Cap Value Portfolio – Initial Class VY® American Century Small-Mid Cap Value Portfolio – Service Class VY® Baron Growth Portfolio – Adviser Class VY® Baron Growth Portfolio – Service Class VY® Columbia Contrarian Core Portfolio – Service Class VY® Columbia Small Cap Value II Portfolio – Adviser Class





VY® Columbia Small Cap Value II Portfolio – Service Class For the year ended December 31, 2019


VY® Invesco Comstock Portfolio – Adviser Class VY® Invesco Comstock Portfolio – Service Class VY® Invesco Equity and Income Portfolio – Adviser Class VY® Invesco Equity and Income Portfolio – Initial Class VY® Invesco Equity and Income Portfolio – Service Class VY® JPMorgan Mid Cap Value Portfolio – Adviser Class VY® JPMorgan Mid Cap Value Portfolio – Initial Class VY® JPMorgan Mid Cap Value Portfolio – Service Class VY® Invesco Oppenheimer Global Portfolio – Adviser Class VY® Invesco Oppenheimer Global Portfolio – Initial Class VY® Invesco Oppenheimer Global Portfolio – Service Class VY® T. Rowe Price Diversified Mid Cap Growth Portfolio – Adviser Class VY® T. Rowe Price Diversified Mid Cap Growth Portfolio – Initial Class VY® T. Rowe Price Diversified Mid Cap Growth Portfolio – Service Class VY® T. Rowe Price Growth Equity Portfolio – Adviser Class VY® T. Rowe Price Growth Equity Portfolio – Initial Class VY® T. Rowe Price Growth Equity Portfolio – Service Class Voya International High Dividend Low Volatility Portfolio – Adviser Class Voya International High Dividend Low Volatility Portfolio – Initial Class Voya International High Dividend Low Volatility Portfolio – Service Class Voya Corporate Leaders 100 Fund – Class I Voya Strategic Allocation Conservative Portfolio – Class I Voya Strategic Allocation Growth Portfolio – Class I Voya Strategic Allocation Moderate Portfolio – Class I Voya Growth and Income Portfolio – Class A Voya Growth and Income Portfolio – Class I Voya Growth and Income Portfolio – Class S Voya Global Equity Portfolio – Class I Voya Global Equity Portfolio – Class S Voya Index Plus LargeCap Portfolio – Class I Voya Index Plus LargeCap Portfolio – Class S Voya Index Plus MidCap Portfolio – Class I Voya Index Plus MidCap Portfolio – Class S Voya Index Plus SmallCap Portfolio – Class I Voya Index Plus SmallCap Portfolio – Class S Voya International Index Portfolio – Class I Voya International Index Portfolio – Class S Voya Russell™ Large Cap Growth Index Portfolio – Class I Voya Russell™ Large Cap Growth Index Portfolio – Class S Voya Russell™ Large Cap Index Portfolio – Class I





Voya Russell™ Large Cap Index Portfolio – Class S For the year ended December 31, 2019


Voya Russell™ Large Cap Value Index Portfolio – Class I Voya Russell™ Large Cap Value Index Portfolio – Class S Voya Russell™ Mid Cap Growth Index Portfolio – Class S Voya Russell™ Mid Cap Index Portfolio – Class I Voya Russell™ Small Cap Index Portfolio – Class I Voya Small Company Portfolio – Class I Voya Small Company Portfolio – Class S Voya U.S. Bond Index Portfolio – Class I Voya MidCap Opportunities Portfolio – Class I Voya MidCap Opportunities Portfolio – Class S Voya SmallCap Opportunities Portfolio – Class I Voya SmallCap Opportunities Portfolio – Class S Wanger International Wanger Select Wanger USA Washington Mutual Investors Fund℠ – Class R-3 Washington Mutual Investors Fund℠ – Class R-4 Wells Fargo Small Company Growth Fund – Administrator Class Wells Fargo Special Small Cap Value Fund – Class A Federated International Leaders Fund – Institutional Shares Cohen & Steers Real Estate Securities Fund, Inc. – Class A For the year

ended December 31, 2019

For the year ended December 31, 2019 and for the period from June 4, 2018 (commencement of operations) through December 31, 2018

Calvert US Large-Cap Core Responsible Index Fund – Class A For the period from June 4, 2019 (commencement of operations) through December 31, 2019

Vanguard® Total Bond Market Index Fund – Admiral™ Shares For the period from July 19, 2019 (commencement of operations) through December 31, 2019

Vanguard® Total International Stock Index Fund – Admiral™ Shares





Wells Fargo Small Company Value Fund – Class A For the period from September 20, 2019 (commencement of operations) through December 31, 2019

VY® Morgan Stanley Global Franchise Portfolio – Adviser Class For the period from March 29, 2019 (commencement of operations) through December 31, 2019

For the period from January 1, 2018 to November 2, 2018 (close of operations) and the period from March 29, 2019 (recommencement of operations) through December 31, 2019


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Voya Retirement Insurance and Annuity CompanyOne Orange WayWindsor, CT 06095-4774

For more information, please visit our websites at:Voyaretirementplans.comVoya.com

© 2020 Voya Services CompanyANN.VAC-19

January, 2020

variable annuity account c - voya financial · 2019. 12. 31. · tel: +1 404 874 8300 fax: +1 404...

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