Separate Account B of Venerable Insurance & Annuity Co.
04/17/2026 | Press release | Distributed by Public on 04/17/2026 08:09
Notice Document by Insurance Company (Form N-VP)
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Venerable Insurance and Annuity Company |
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and Separate Account B of Venerable Insurance and Annuity Company |
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Simplicity Variable Annuity |
May 1, 2026, Notice Document
This notice document describes Simplicity Variable Annuity, a group and individual deferred combination variable annuity contract (the "Contract" or the "Contracts") issued by Venerable Insurance and Annuity Company (the "Company," "we," "us" and "our") through our Separate Account B (the "Separate Account"). The Contract has not been offered for new sales since August 2007 and this notice document describes the features and benefits of the Contract applicable to existing Contract Owners.
The Contract provides a means for the Contract Owner ("you" and "your"), to allocate your Contract Value to one or more available Subaccounts of the Separate Account, each which invests in an underlying mutual fund (the "Funds") - See APPENDIX A for more information about the Funds available through the Contract.
The Contract is a complex investment and involves risk, including potential loss of principal. Your Contract Value will vary daily to reflect the investment performance of the Subaccount(s) you select. For Contracts sold in some states, not all Funds may be available.
The full Simplicity Variable Annuity prospectus, as supplemented, contains more information about the Contract, including its features, benefits, and risks. You can find the most recent full prospectus and subsequent prospectus supplements and other information about the Contract online at https://docs.venerable.com/#/landing?prod=449815745&doctype=spros. You can also obtain this information at no cost by calling 1-800-366-0066 or by sending an email request to [email protected].
Additional general information about certain investment products, including variable annuities, has been prepared by the staff of the SEC and is available at https://www.investor.gov/.
New regulations adopted by the Securities and Exchange Commission ("SEC") require paper copies of the shareholder reports for the Funds available through your Contract to be sent to you by mail, unless you specifically elect to receive copies of the reports from the Company electronically. To elect and consent to the electronic receipt of Fund shareholder reports and other required documents, like this prospectus, please access your account information at Venerable.com and navigate to the "My Profile" section to manage your delivery preferences. You may also write to Customer Service at P.O. Box 9271, Des Moines, Iowa 50306-9271 or call 1-800-366-0066.
The Contract is not a short-term investment, and withdrawals from or surrender of the Contract may be subject to a maximum 6% surrender charge, taxes, and tax penalties, if applicable. All obligations, guarantees, and benefits of the Contract are subject to the financial strength and claims paying ability of the Company.
The SEC has not approved or disapproved the securities described in this notice or passed upon the accuracy or adequacy of this notice document. Any representation to the contrary is a criminal offense.
Allocations to a Subaccount investing in a Fund are not bank deposits and are not insured or guaranteed by any bank or by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The Contract is a complex investment and involves risks, including the possible loss of the principal amount invested.
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TABLE OF CONTENTS |
Page |
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SPECIAL TERMS |
2 |
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UPDATED INFORMATION ABOUT YOUR CONTRACT |
3 |
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KEY INFORMATION |
4 |
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APPENDIX A - FUNDS AVAILABLE UNDER THE CONTRACT |
A-1 |
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HOW TO GET MORE INFORMATION |
Back Cover |
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SPECIAL TERMS |
The following terms have special meaning and are used throughout this notice document. Other special terms are generally defined in the sections where those terms appear.
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Cash Surrender Value |
The amount you receive when you surrender the Contract. |
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Contract |
The legal agreement between the Contract Owner(s) and the Company that governs the terms of the Simplicity Variable Annuity. The Contract has two phases:
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The accumulation phase (the period between the Contract Date and the Income Phase Start Date) during which the Contract Value may vary according to the investment experience of the Subaccounts of the Separate Account; and
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The income phase (which begins on the Income Phase Start Date) during which you receive regular annuity payments from the Contract). |
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Contract Date |
The date the Contract became effective. |
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Contract Owner(s) |
The person(s) or entity with all of the rights and options available through the Contract. Throughout this notice document we use "you" and "your" to refer to the Contract Owner(s). |
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Contract Value |
The total value of your investment in the Subaccounts of the Separate Account available through the Contract. |
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Contract Year |
The time period between each anniversary of the Contract Date. |
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Death Benefit |
The amount paid to your designated beneficiaries upon your death. The Contract has a standard Death Benefit and optional enhanced Death Benefits. |
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Funds |
The underlying mutual funds in which the Subaccounts invest. |
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Income Phase Start Date |
The date you start receiving annuity payments under your Contract. |
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Separate Account |
Separate Account B, which is the separate investment account of the Company that supports the Contract. It is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the "1940 Act"). We own all the assets in Separate Account B but such assets are kept separate from our other accounts. |
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Subaccounts |
Divisions of the Separate Account, each of which invests exclusively in one underlying Fund. The value of each Subaccount will vary with the performance of its underlying Fund. |
2
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UPDATED INFORMATION ABOUT YOUR CONTRACT |
There have been no material changes to your Contract's features or benefits since the date of your most recent prospectus and Notice, as subsequently supplemented. There have been changes to the Funds available through the Contract, as described in "Appendix A - Funds Available Under the Contract.
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KEY INFORMATION |
Important information you should consider about the Contract:
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FEES, EXPENSES, AND ADJUSTMENTS |
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Are there Charges or Adjustments for Early Withdrawals? |
Yes. If you withdraw money from or surrender the Contract within five (5) years following a premium payment, you may be assessed a surrender charge. The surrender charge is generally a percentage of the premium withdrawn or surrendered, and the maximum surrender charge is 6% of each premium payment. For example, if you make an early withdrawal, you could pay a surrender charge of up to $6,000 on a $100,000 premium payment. See "Surrender Charge" in the full prospectus, as supplemented, for more information. |
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Are there Transaction Charges? |
Yes. In addition to surrender charges there may be an additional charge if:
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You transfer Contract Value between Subaccounts;
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You request that withdrawal proceeds be mailed for overnight delivery; or
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State or local premium taxes become due. See "Charges Deducted from the Contract Value" in the full prospectus, as supplemented, for more information. |
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Are there Ongoing Fees and Expenses? |
Minimum and Maximum Annual Fee Table. 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 schedule pages for information about the specific fees you will pay each year based on the options you have elected. |
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Annual Fee |
Minimum |
Maximum |
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Base Contract |
1.25%1 |
2.02%1 |
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Fund fees and expenses |
0.53%2 |
1.58%2 |
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1 As a percentage of Contract Value in each Subaccount. This fee includes the Mortality and Expense Risk Charge, the Annual Asset Based Administrative Charge as described in the Contract and in prior prospectuses and the annual dollar based Administrative Charge converted into an annual percentage. We calculate the Base Contract fee by dividing the total amount of these charges collected during the last fiscal year by the total average net assets attributable to the Contracts for that year. The annual dollar based Administrative Charge is waived if your total premium payments are $50,000 or more or if your Contract Value at the end of a Contract Year is $50,000 or more. The minimum amount reflects this waiver, while the maximum amount does not. Refer to your Contract schedule pages for the fees and charges that apply to your Contract. 2 As a percentage of Fund assets. These figures reflect the minimum and maximum Fund fees and expense before any expense reimbursements or fee waiver arrangements. |
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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 that substantially increase costs. |
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Lowest Annual Cost: $1,572 |
Highest Annual Cost: $2,943 |
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Assumes:
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Investment of $100,000;
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5% annual appreciation;
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Least expensive Contract and Fund fees and expenses;
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No sales charges; and
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No additional purchase payments, transfers, or withdrawals. |
Assumes:
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Investment of $100,000;
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5% annual appreciation;
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Most expensive Contract and Fund fees and expenses;
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No sales charges; and
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No additional purchase payments, transfers, or withdrawals. |
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See "CHARGES AND FEES" - "Charges Deducted from the Subaccounts" and "Fund Expenses" in the full prospectus, as supplemented, for more information. |
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RISKS |
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Is there a Risk of Loss from Poor Performance? |
Yes. You can lose money investing in the Contract, including loss of principal. |
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Is this a Short-Term Investment? |
No. The Contract is not a short-term investment and is not appropriate if you need ready access to cash. Surrender charges apply for up to five years after each premium payment. They will reduce the value of your Contract if you withdraw money from or surrender your Contract during that time. Withdrawals and surrenders may also be subject to taxes and tax penalties. The benefits of tax deferral also mean the Contract is more beneficial to investors with a long-term investment time horizon. |
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What are the Risks Associated with the Investment Options? |
An investment in the Contract is subject to the risk of poor investment performance of the investment options you choose. Each available Fund has its own unique risks, and you should review information about each investment option before making an investment decision. This information can be found in the Fund prospectuses. |
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What are the Risks Related to the Insurance Company? |
All obligations, guarantees, and benefits of the Contract are subject to the financial strength and claims paying ability of the Company. If the Company experiences financial distress, it may not be able to meet its obligations to you. More information about the Company, including its financial strength, is available on request by calling Customer Service at 1-800-366-0066. |
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What are the Risks Related to Cybersecurity? |
Like others in our industry, we are subject to operational and information security risks resulting from "cyber-attacks," "hacking" or similar illegal or unauthorized intrusions into computer systems and networks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service attacks on websites and other operational disruption and unauthorized release of confidential customer information. Although we seek to limit our vulnerability to such risks through technological and other means and we rely on industry standard commercial technologies to maintain the security of our information systems, it is not possible to anticipate or prevent all potential forms of cyber-attack or to guarantee our ability to fully defend against all such attacks. In addition, due to the sensitive nature of much of the financial and similar personal information we maintain, we may be at particular risk for targeting. Cyber-attacks affecting us, any third-party administrator, the underlying Funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, cyber-attacks may interfere with our processing of Contract transactions, including the processing of orders from our website or with the underlying Funds, impact our ability to calculate Accumulation Unit values, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cybersecurity risks may also affect the issuers of securities in which the underlying Funds invest, which may cause the Funds underlying your Contract to lose value. There can be no assurance that we or the underlying Funds or our service providers will avoid losses affecting your Contract that result from cyber-attacks or information security breaches in the future. |
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RESTRICTIONS |
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Are there Limits on the Investment Options? |
Yes. There may be a $25 charge for each transfer between Subaccounts after the first 12 in a Contract Year. See "Charges Deducted from the Contract Value" in the full prospectus, as supplemented, for more information. We reserve the right to close or remove Funds to future investment and to substitute Funds that are available under the Contract. See "Addition, Deletion or Substitution of Subaccounts and Other Changes" in the full prospectus, as supplemented, for more information. The Contract is not designed to serve as a vehicle for frequent transfers. We monitor for excessive trading and reserve the right to limit the number of transfers you may make between investment options and may otherwise modify or terminate transfer privileges. We may also suspend electronic trading privileges for those that are found to have violated our Excessive Trading Policy. See "TRANSFERS AMONG YOUR INVESTMENTS (Excessive Trading Policy)" in the full prospectus, as supplemented, for more information. |
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TAXES |
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What are the Contract's Tax Implications? |
You should consult with a tax professional to determine the tax implications of an investment in and purchase payments received under the Contract. If you purchased the Contract through a tax-qualified retirement plan or individual retirement arrangement ("IRA") you do not get any additional tax deferral. Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may pay a 10% additional tax for withdrawals and surrenders before age 59½. |
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CONFLICTS OF INTEREST |
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How are Investment Professionals Compensated? |
Although the Contracts are no longer offered for new sales, firms and their registered representatives that sold the Contract may receive commissions on additional premium payments and may also be paid trail commissions for past sales activity based on the values of Contracts sold through the firm. This compensation is not paid directly by Contract Owners or the Separate Account. This compensation may have influenced your investment professional to offer or recommend the Contract over another investment and could influence your investment professional to recommend keeping the Contract. |
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Should I Exchange My Contract? |
Some investment professionals may have a financial incentive to offer you a new contract in place of the Contract you already own. You should only exchange your Contract if you determine, after comparing the features, benefits, fees, and risks of both contracts, that it is preferable for you to exchange your Contract for a new contract rather than to continue to own your existing Contract. |
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APPENDIX A - FUNDS AVAILABLE UNDER THE CONTRACT |
The following is a list of the Funds available through the Subaccounts 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://docs.venerable.com/#/landing?prod=449815745&doctype=spros.
You can also request this information at no cost by calling 1-800-366-0066 or by sending an email request to [email protected].
The current expenses and performance information below reflects fee and expenses of the Funds, but does 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.
Consult with your investment professional to determine if the Funds may be suited to your financial needs, investment time horizon and risk tolerance. You should periodically review these factors to determine if you need to change your investment strategy.
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Open Funds |
Subaccounts that invest in the following Funds are open to new premiums and transfers of Contract Value.
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT EXPENSES |
AVERAGE ANNUAL |
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(AS OF 12/31/2025) |
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1 Year |
5 Year |
10 Year |
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Seeks high long term capital appreciation. |
Venerable Appreciation Allocation Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC A Fund of Funds. |
Class V |
-* |
-* |
-* |
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Seeks to replicate the performance of a benchmark index that measures investment grade bonds traded in the U.S. as closely as possible before the deduction of Fund expenses. |
Venerable Bond Index Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Franklin Advisers, Inc. |
Class V |
-* |
-* |
-* |
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Seeks, over the long term, current income and a modest level of total investment return consistent with the preservation of capital. |
Venerable Conservative Allocation Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC A Fund of Funds. |
Class V |
-* |
-* |
-* |
| * | This Fund is relatively new and performance information for the full period is unavailable. |
| 1 | Current Expenses are each Fund's total net annual operating expenses and reflect any temporary expense reimbursements or fee waiver arrangements that are in place and reported in the Fund's prospectus. |
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT EXPENSES |
AVERAGE ANNUAL |
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(AS OF 12/31/2025) |
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1 Year |
5 Year |
10 Year |
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Seeks, over the long term, current income and a moderate level of total investment return. |
Venerable Conservative Appreciation Allocation Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC A Fund of Funds. |
Class V |
-* |
-* |
-* |
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Seeks to provide long term capital growth. |
Venerable Emerging Markets Equity Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC
Non-Discretionary Sub-Advisers: Axiom Investors LLC, Barrow, |
Class V |
-* |
-* |
-* |
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Seeks to earn a high level of current income with a secondary goal of seeking capital appreciation. |
Venerable High Yield Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Franklin Advisers, Inc. |
Class V |
8.49% |
-* |
-* |
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Seeks to maximize long term total real return, consistent with the preservation of real capital. |
Venerable Inflation Focused Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Franklin Advisers, Inc. |
Class V |
-* |
-* |
-* |
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Seeks to provide long-term capital growth. |
Venerable International Equity Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Franklin Advisers, Inc.
Non-Discretionary Sub-Advisers: ClearBridge Investments, LLC and |
Class V |
-* |
-* |
-* |
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT EXPENSES |
AVERAGE ANNUAL |
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(AS OF 12/31/2025) |
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1 Year |
5 Year |
10 Year |
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Seeks to replicate the performance of a benchmark index that measures the investment return of international developed markets stocks as closely as possible before deduction of Fund expenses. |
Venerable International Index Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC |
Class V |
-* |
-* |
-* |
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Seeks to replicate the performance of a benchmark index that measures the investment return of large capitalization stocks as closely as possible before the deduction of Fund expenses. |
Venerable Large Cap Index Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC |
Class V |
17.30% |
-* |
-* |
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Seeks to replicate the performance of a benchmark index that measures the investment return of mid capitalization stocks as closely as possible before deduction of Fund expenses. |
Venerable Mid Cap Index Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC |
Class V |
-* |
-* |
-* |
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Seeks, over the long-term, total investment return consistent with the preservation of capital. |
Venerable Moderate Allocation Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC A Fund of Funds. |
Class V |
12.64% |
-* |
-* |
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Seeks moderate long term capital appreciation and as a secondary objective, current income. |
Venerable Moderate Appreciation Allocation Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC A Fund of Funds. |
Class V |
-* |
-* |
-* |
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Seeks to provide current income and long-term capital growth. |
Venerable Real Estate Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC
Non-Discretionary Sub-Advisers: Duff & Phelps Investment |
Class V |
-* |
-* |
-* |
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT EXPENSES |
AVERAGE ANNUAL |
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(AS OF 12/31/2025) |
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1 Year |
5 Year |
10 Year |
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Seeks to replicate the performance of a benchmark index that measures the investment return of small capitalization stocks as closely as possible before deduction of Fund expenses. |
Venerable Small Cap Index Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC |
Class V |
-* |
-* |
-* |
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Seeks to maximize total return while investing to obtain the average duration specified in the Fund's prospectus. |
Venerable Strategic Bond Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Franklin Advisers, Inc. |
Class V |
6.87% |
-* |
-* |
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Seeks to provide long term capital growth. |
Venerable US Large Cap Strategic Equity Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC
Non-Discretionary Sub-Advisers: Brandywine Global Investment |
Class V |
16.25% |
-* |
-* |
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Seeks to provide long term capital growth. |
Venerable US Small Cap Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Franklin Advisers, Inc.
Non-Discretionary Sub-Advisers: Putnam Investment |
Class V |
-* |
-* |
-* |
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Seeks high long term capital appreciation. |
Venerable World Appreciation Allocation Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC A Fund of Funds. |
Class V |
-* |
-* |
-* |
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INVESTMENT OBJECTIVE |
FUND NAME |
CURRENT EXPENSES |
AVERAGE ANNUAL |
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(AS OF 12/31/2025) |
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1 Year |
5 Year |
10 Year |
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Seeks, over the long term, current income and a moderate level of total investment return. |
Venerable World Conservative Allocation Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC A Fund of Funds. |
Class V |
-* |
-* |
-* |
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Seeks to provide long term capital growth |
Venerable World Equity Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC
Non-Discretionary Sub-Advisers: Intermede Global Partners Inc., |
Class V |
-* |
-* |
-* |
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Seeks moderate long term capital appreciation and as a secondary objective, current income. |
Venerable World Moderate Allocation Fund Investment Adviser: Venerable Investment Advisers, LLC Discretionary Sub-Adviser: Russell Investment Management, LLC A Fund of Funds. |
Class V |
-* |
-* |
-* |
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Seeks high level of current income consistent with the preservation of capital and liquidity. |
Voya Government Liquid Assets Portfolio Investment Adviser: Voya Investments, LLC Sub-Adviser: Voya Investment Management Co. LLC |
Class S |
3.90% |
2.93% |
1.85% |
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Seeks highest current income consistent with low risk to principal and liquidity and secondarily, seeks to enhance its total return through capital appreciation when market factors, such as falling interest rates and rising bond prices, indicate that capital appreciation may be available without significant risk to principal. |
Voya Limited Maturity Bond Portfolio Investment Adviser: Voya Investments, LLC Sub-Adviser: Voya Investment Management Co. LLC |
Class S |
5.42% |
1.86% |
2.01% |
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HOW TO GET MORE INFORMATION |
This notice document incorporates by reference the full Simplicity Variable Annuity prospectus and Statement of Additional Information ("SAI"), as amended and supplemented, which contain more information about the Contract, including its features, benefits, and risks. You can find the most recent full prospectus and SAI and subsequent prospectus supplements and other information about the Contract online at https://docs.venerable.com/#/landing?prod=449815745&doctype=spros. You can also obtain this information at no cost by calling 1-800-366-0066 or by sending an email request to [email protected].
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Simplicity Variable Annuity, Contract I.D. (C00002518) |
May 1, 2026 |
Separate Account B of Venerable Insurance & Annuity Co. published this content on April 17, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 17, 2026 at 14:09 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]