Variable Annuity Account B

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 B 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 B 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. federalsecurities 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 10, 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

AppendixSubaccounts comprising Variable Annuity Account B of Voya Retirement Insurance and Annuity Company

SubaccountsStatements of Operations

Statements of Changes in Net Assets

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

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

Federated Fund for U.S. Government Securities II – Primary SharesFederated Government Money Fund II – Service SharesFederated High Income Bond Fund II – Primary SharesFederated Kaufmann Fund II – Primary SharesFederated Managed Volatility Fund II – Primary SharesFidelity® VIP Contrafund® Portfolio – Initial ClassFidelity® VIP Equity-Income Portfolio – Initial ClassFidelity® VIP Growth Portfolio – Initial ClassFidelity® VIP High Income Portfolio – Initial ClassFidelity® VIP Index 500 Portfolio – Initial ClassFidelity® VIP Investment Grade Bond Portfolio – Initial ClassFidelity® VIP Overseas Portfolio – Initial ClassFranklin Small Cap Value VIP Fund – Class 2Growth Fund – Class 2Growth-Income Fund – Class 2International Fund – Class 2Invesco V.I. American Franchise Fund – Series I SharesInvesco V.I. Core Equity Fund – Series I SharesJanus Henderson Balanced Portfolio – Institutional SharesLord Abbett Series Fund – Mid Cap Stock Portfolio – Class VCInvesco Oppenheimer V.I. Discovery Mid Cap Growth Fund – Series IInvesco Oppenheimer V.I. Global Fund – Series IInvesco Oppenheimer V.I. Main Street Fund – Series IInvesco Oppenheimer V.I. Main Street Small Cap Fund – Series IPIMCO Real Return Portfolio – Administrative ClassPioneer High Yield VCT Portfolio – Class IVoya Balanced Portfolio – Class IVoya Emerging Markets Index Portfolio – Class IVoya Euro STOXX 50® Index Portfolio – Class IVoya Global Bond Portfolio – Initial ClassVoya Global Bond Portfolio – Service ClassVoya Global Equity Portfolio – Class IVoya Global Equity Portfolio – Class SVoya Global Perspectives® Portfolio – Class AVoya Global Perspectives® Portfolio – Class IVoya Government Money Market Portfolio – Class IVoya Growth and Income Portfolio – Class AVoya Growth and Income Portfolio – Class IVoya Index Plus LargeCap Portfolio – Class I

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AppendixSubaccounts comprising Variable Annuity Account B of Voya Retirement Insurance and Annuity Company (continued)

SubaccountsStatements of Operations

Statements of Changes in Net Assets

Voya Index Plus MidCap Portfolio – Class I For the year ended December 31, 2019

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

Voya Index Plus SmallCap Portfolio – Class IVoya Intermediate Bond Portfolio – Class IVoya International Index Portfolio – Class IVoya International Index Portfolio – Class SVoya Large Cap Growth Portfolio – Institutional ClassVoya Large Cap Value Portfolio – Institutional ClassVoya Large Cap Value Portfolio – Service ClassVoya MidCap Opportunities Portfolio – Class IVoya MidCap Opportunities Portfolio – Class SVoya Retirement Conservative Portfolio – Adviser ClassVoya Retirement Growth Portfolio – Adviser ClassVoya Retirement Moderate Growth Portfolio – Adviser ClassVoya Retirement Moderate Portfolio – Adviser ClassVoya Russell™ Large Cap Growth Index Portfolio – Class IVoya Russell™ Large Cap Index Portfolio – Class IVoya Russell™ Large Cap Value Index Portfolio – Class IVoya Russell™ Large Cap Value Index Portfolio – Class SVoya Russell™ Mid Cap Growth Index Portfolio – Class S Voya Russell™ Mid Cap Index Portfolio – Class IVoya Russell™ Small Cap Index Portfolio – Class IVoya Small Company Portfolio – Class IVoya SmallCap Opportunities Portfolio – Class IVoya SmallCap Opportunities Portfolio – Class SVoya Solution 2025 Portfolio – Service ClassVoya Solution 2035 Portfolio – Service ClassVoya Solution 2045 Portfolio – Service ClassVoya Solution Income Portfolio – Service ClassVoya Solution Moderately Aggressive Portfolio – Service ClassVoya Strategic Allocation Conservative Portfolio – Class IVoya Strategic Allocation Growth Portfolio – Class IVoya Strategic Allocation Moderate Portfolio – Class IVoya U.S. Bond Index Portfolio – Class IVoya U.S. Stock Index Portfolio – Service ClassVY® American Century Small-Mid Cap Value Portfolio – Service ClassVY® Baron Growth Portfolio – Service ClassVY® BlackRock Inflation Protected Bond Portfolio – Institutional ClassVY® BlackRock Inflation Protected Bond Portfolio – Service ClassVY® Clarion Global Real Estate Portfolio – Institutional ClassVY® Clarion Global Real Estate Portfolio – Service Class VY® Clarion Real Estate Portfolio – Service ClassVY® Columbia Contrarian Core Portfolio – Service ClassVY® Columbia Small Cap Value II Portfolio – Service ClassVoya Balanced Income Portfolio – Service Class

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AppendixSubaccounts comprising Variable Annuity Account B of Voya Retirement Insurance and Annuity Company (continued)

SubaccountsStatements of Operations

Statements of Changes in Net Assets

VY® Invesco Comstock Portfolio – Service Class For the year ended December 31, 2019

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

VY® Invesco Equity and Income Portfolio – Initial ClassVY® Invesco Growth and Income Portfolio – Service ClassVY® JPMorgan Emerging Markets Equity Portfolio – Institutional ClassVY® JPMorgan Emerging Markets Equity Portfolio – Service ClassVY® JPMorgan Mid Cap Value Portfolio – Service ClassVY® JPMorgan Small Cap Core Equity Portfolio – Service ClassVY® Invesco Oppenheimer Global Portfolio – Initial ClassVY® T. Rowe Price Capital Appreciation Portfolio – Service ClassVY® T. Rowe Price Diversified Mid Cap Growth Portfolio – Initial ClassVY® T. Rowe Price Equity Income Portfolio – Service ClassVY® T. Rowe Price Growth Equity Portfolio – Initial ClassVY® T. Rowe Price International Stock Portfolio – Service ClassVoya International High Dividend Low Volatility Portfolio – Initial ClassWanger InternationalWanger SelectWanger USAVoya High Yield Portfolio – Institutional Class For the period from May 22, 2019

(commencement of operations) through December 31, 2019

Voya Solution 2055 Portfolio – Service Class For the period from December 16, 2019 (commencement of operations) through December 31, 2019

A member firm of Ernst & Young Global Limited

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

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© 2020 Voya Services CompanyANN.VABB-19

January, 2020