Looking for a predictable way to save more for retirement?  The Voya Select Rate Annuity provides you a specific amount of retirement income for a period of time you choose…guaranteed1. In this deferred annuity, your one-time lump sum of money is credited with a guaranteed interest rate for a period of time you choose up to 10 years. Not only can you count on these predictable earnings towards your retirement savings goals, but you can defer taxes on these earnings until you take a withdrawal. 

Key Features

  • Choose the length of interest guaranteed period – 5 to 10 years
  • Withdraw interest earned during the prior 12 months (and not previously withdrawn) without a surrender charge
  • Defer taxes on earnings until you actually take the withdrawal
  • Once you need income, you choose from multiple payout options which work for you
  • Money from Traditional, Roth, and SEP IRAs is accepted
  • Single premium deferred modified guaranteed annuity
  • Issued by Voya Retirement Insurance and Annuity Company 

Suitable For

  • Investors who want interest credited without the uncertainty of the equities markets.
  • Pre-retirees looking to save more for retirement in a predictable way.
  • Individuals who want to protect their retirement savings, but want to grow it in a tax-deferred way. 


Issue Ages

0-80 years

  • Minimum Single Premium: $5,000
  • Qualified Traditional or Roth IRA, SEP: $10,000
  • Non-Qualified Plan Maximum Single Premium: $1,000,000 without prior home office approval 
State Availability

 May not be available in all states. 

Fees & Charges

Surrender Charge

The surrender charge  (only incurred if you withdraw a portion of your contract, in excess of the interest withdrawal amount, prior to the end of your guarantee period) will be 8% in the first contract year and will reduce by 1% per year for 8 years or until the end of the Initial guarantee Period, whichever comes first. Ask your financial professional for explanations and details.  

Market Value Adjustment (MVA)

An MVA is an adjustment that is applied to the total accumulation value withdrawn if a withdrawal is made outside of the 30 day window following the end of a guarantee period and the amount of the withdrawal is more than the Interest Withdrawal Amount. The MVA may increase or decrease the accumulation value of the amount withdrawn. The amount of an MVA is determined by a mathematical formula that adjusts for the interest rate environment from the beginning of the guarantee period to the date of the withdrawal.  

Additional Details

This material must be preceded or accompanied by a prospectus for the modified guaranteed annuity product.  You should consider the investment objectives, risks and charges, and expenses of the single premium deferred modified guaranteed annuity carefully before investing.  The product prospectus contains this and other information.  Please read the prospectus carefully before investing. (See Additional Resources)

This is a summary only. Read the contract for complete details.

The product and its features may not be available in all states and are subject to change

1All guarantees are based on the financial strength and claims paying ability of Voya Retirement Insurance and Annuity Company, who is solely responsible for all obligations under its policies.

All withdrawals reduce the death benefit. Withdrawals, surrender, and other distributions of taxable amounts may be subject to ordinary income tax, a surrender charge, MVA, and if taken prior to age 59½, a 10% federal tax penalty unless an exception  applies. 

Next Steps

Voya Select Rate is a single premium deferred modified guaranteed annuity, the offering of which is registered with the U.S. Securities and Exchange Commission and is issued by Voya Retirement Insurance and Annuity Company (VRIAC) (Windsor, CT) and distributed by Directed Services LLC. Both are members of the Voya® family of companies.

Contract Form Series: IU-IA-3096, varies by state and may not be available in all states.

Neither Voya nor its affiliated companies provide tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation.