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Form 497VPU THRIVENT VARIABLE ANNUIT

April 29, 2026 1:58 PM EDT
 
 
Thrivent Retirement Choice Variable Annuity
 
Thrivent Variable Annuity Account I
 
Updating Summary Prospectus
April 30, 2026
This updating summary prospectus summarizes key features of the Thrivent Retirement Choice Variable Annuity Contract (the “Contract”) offered by Thrivent Financial for Lutherans (“Thrivent,” “we,” “us” or “our”), a fraternal benefit society organized under Wisconsin law.
The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment as is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes, and tax penalties.
Thrivent’s obligations under the Contract are subject to its financial strength and claims-paying ability.
The statutory prospectus for the Contract contains more information about the Contract, including its features, benefits and risks. You can find the current statutory prospectus and other information about the Contract online at dfinview.com/Thrivent/RetirementChoice. You can also request this information at no cost by calling 1-800-847-4836, or by sending an email request to [email protected].
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Special Terms 
The sum of the values for your Contract in subaccounts and/or the Fixed Account on
or before the Maximum Annuity Date.
A date when annuity income payments begin.
The flexible premium deferred variable annuity contract offered by Thrivent and
described in this prospectus.
The same month and day of each year after issue as in the Date of Issue.
The first Contract Year begins on the Date of Issue and continues through the day
before the first Contract Anniversary. Thereafter, a Contract Year begins on one
Contract Anniversary and continues through the day before the next Contract
Anniversary.
An Investment Option that credits an interest rate. The Fixed Account is part of our
General Account. The Fixed Account is not a subaccount. For the current interest rate,
please call our Service Center at 1-800-847-4836.
A Variable Option or the Fixed Account available in this Contract.
The latest date when Annuity Income payments must begin.
A request signed by you or provided in another manner acceptable to us and received
in good order by us at our Service Center.
Owner, you, your, yours
The owner(s) of this contract.
Each subaccount invests exclusively in the shares of a corresponding Portfolio of the
Fund.
A contract governed by the requirements of Section 408, or 408A of the Internal
Revenue Code, as amended.
Thrivent, 4321 North Ballard Road, Appleton, Wisconsin 54919-0001, telephone,
1-800-847-4836, or such other office as we may specify in a notice to the Contract
Owner.
A subdivision of the Variable Account. Each Subaccount invests exclusively in the
shares of a corresponding Portfolio.
A charge that applies to withdrawals that have not met the waiting period. Each
premium payment has its own 7-year Surrender Charge period.
An Investment Option under the Contract of which the value of the contract during the
accumulation phase varies according to the investment experience of a Subaccount.
 
3
Updated Information About Your Contract
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the prospectus dated April 30, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract. 
Content
Description of Changes
Important Information You Should
Consider About the Contract
The Annual Portfolio expenses table was updated to reflect the new range.
The lowest and highest annual cost examples have been revised to reflect
the new range.
Fee Table
The Fee Table was updated to reflect the new range of fees for Annual
Portfolio expenses.
Other Changes
Appendix A: Investment Options Available Under the Contract has been
updated to reflect the new fee and performance data.
The Putnam VT Research Fund has been renamed Putnam VT
U.S. Research Fund in Appendix A and Appendix B.
 
4
Important Information You Should Consider About the Contract  
FEES AND EXPENSES
Location in
Statutory
Prospectus
Are There Charges
or Adjustments for
Early Withdrawals?
Yes. If you withdraw money from the Contract within 7 years of your last
premium payment, you may be assessed a Surrender Charge. Each
premium payment will have its own 7-year Surrender Charge. The maximum
Surrender Charge is 7% during the first two years and decreases by 1% for
the next five years. If you make an early withdrawal, you could pay a
Surrender Charge of up to $7,000 on a $100,000 investment. This loss will be
greater if there are taxes and tax penalties.
Surrender Charges apply only to amounts that exceed the greatest of 10% of
the Accumulated Value existing at the time the first surrender is made in a
Contract Year, the Contract’s earnings or any Required Minimum Distribution.
Fee Table
Are There
Transaction
Charges?
Yes. In addition to Surrender Charges , there may also be charges for other
transactions.
You may make 24 free Subaccount transfers in each Contract Year. On
subsequent Subaccount transfers (other than the Dollar Cost Averaging and
Asset Rebalancing Programs), you will incur a $25 transfer charge.
You will also pay a charge if you request a wire transfer of funds from your
Contract to another financial institution. That financial institution may also
charge a fee to receive a wire. You will also pay a charge if you request to
have a check sent to you using an overnight mail service.
Fee Table
Are There Ongoing
Fees and
Expenses?
Yes. The table below describes the fees and expenses that you may pay
each year, depending on the Investment Options and optional benefits 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.
Fee Table
Annual Fee
Minimum
Maximum
Base Contract (as a percentage of
daily net assets of each Portfolio)
0.50%
1.25%
Portfolio Company fees and
expenses (Expenses that you pay as
a percentage of your investment.
Expenses may be higher or lower in
future years. More detail is contained
in the prospectus for each Portfolio)
0.22%
2.575%
Optional benefits available for an
additional charge (only one
optional benefit may be selected)
Minimum
Maximum
Thrivent Income Builder (GLWB)
Rider Charge (as a percentage of the
Benefit Base)
0.50%
2.50%
Maximum Anniversary Death Benefit
(MADB) Rider Charge (as a
percentage of the MADB value)
0.20%
0.50%
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.
 
5
 
Lowest Annual Cost: $1,496
Highest Annual Cost: $4,914
 
Assumes:
Assumes:
Investment of $100,000
Investment of $100,000
5% annual appreciation
5% annual appreciation
Least expensive Portfolio fees and
expenses
Most expensive Portfolio fees and
expenses
No optional benefits
Thrivent Income Builder (GLWB) Rider
No sales charges
No sales charges
No additional premium payments,
transfers or withdrawals
No additional premium payments,
transfers or withdrawals
RISKS
Location in
Statutory
Prospectus
Is There a Risk of
Loss from Poor
Performance?
Yes. You can lose money investing in the Contract.
Principal Risks of
Investing in the
Contract
Is This a
Short-Term
Investment?
No. This product is not a short-term investment and is not appropriate for an
investor who needs ready access to cash. Each premium payment has a
7-year Surrender Charge that may decrease the surrender value. Amounts
withdrawn from the Contract may result in surrender charges, taxes, and tax
penalties.
Principal Risks of
Investing in 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 Account) will have its own unique risks, and you should review these
investment options before making an investment decision.
Principal Risks of
Investing in the
Contract
What are the Risks
Related to the
Insurance
Company?
An investment in the Contract is subject to the risks related to Thrivent. Any
obligations (including those under the Fixed Account), guarantees or benefits
are subject to the claims-paying ability of Thrivent. More information about
Thrivent, including its financial strength ratings are available upon request by
calling 1-800-847-4836 or by sending an email to [email protected].
Principal Risks of
Investing in the
Contract
 
6
RESTRICTIONS
Location in
Statutory
Prospectus
Are There
Restrictions on the
Investment
Options?
Yes. We reserve the right to add, delete, combine or substitute investment
The amount transferred from the Fixed Account in any Contract Year may not
exceed the greater of $500 or 25% of the Accumulated Value in the Fixed
Account.
If you have added the optional Thrivent Income Builder (GLWB) Rider to your
Contract, you will be subject to investment restrictions. There are currently
two options available, the Asset Allocation Option or the Custom Allocation
Option. Premium and Accumulated Value allocations must comply with one of
these options. We may change these options and available Subaccounts
upon Notice.
Premium amounts of $1 million or greater require prior approval. We reserve
the right to limit the total of all premiums paid under the Contract to $1 million.
Purchases and
Contract Value
Appendix B:
Investment Options
Available Under a
Contract with
GLWB Rider
Are There Any
Restrictions on
Contract Benefits?
Yes. You may only select the GLWB Rider or the MADB Rider at the time of
Contract application. Only one optional benefit may be selected. Neither rider
may be canceled within the first two years after the Date of Issue.
Withdrawals that exceed the limits under the GLWB Rider may reduce the
benefit by an amount greater than the value withdrawn or could terminate the
benefit.
The MADB is decreased by the same proportion as the Accumulated Value is
decreased by a partial surrender. This may reduce the rider value by an
amount greater than the value withdrawn or could terminate the benefit. After
Contract Age 80, the benefit is adjusted only for additional premium or
withdrawals.
Benefits Available
Under the Contract
TAXES
Location in
Statutory
Prospectus
Taxes – What are
the Contract’s Tax
Implications?
You should consult with a tax professional to determine the tax implications of
an investment in and withdrawals or benefits received under the Contract.
There is no additional tax benefit if the Contract is purchased through a
tax-qualified individual retirement account (IRA). Withdrawals will be subject
to ordinary income tax and may be subject to a 10% federal tax penalty, if
under age 59 1∕2 and no exception applies.
Taxes
CONFLICTS OF INTEREST
Location in
Statutory
Prospectus
How are
Investment
Professionals
Compensated?
Financial advisors or professionals receive compensation for selling the
Contract s through commissions based on the contributions you make to the
contract. They also receive trailing compensation based on the Contract’s
Accumulated Value . Financial advisors or professionals may have a financial
incentive to offer or recommend the Contract over another investment.
Distribution of the
Contracts
Should I Exchange
My Contract?
Some financial advisors or professionals may have a financial incentive to
offer you a new contract in place of the one you already own. You should only
exchange your Contract 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.
Taxes - Exchanges
of Annuity
Contracts
 
7
Appendix A: Investment Options Available Under the Contract
(a) Variable Options Available Under the Contract
The following is a list of Portfolio Companies available under the Contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolio, which may be amended from time to time and can be found online at dfinview.com/Thrivent/RetirementChoice. You can also request this information at no cost by calling (800) 847-4836 or by sending an email request to [email protected]. If you have elected the GLWB Rider, certain investment restrictions will apply. See “Appendix B: Investment Options Available Under a Contract with GLWB Rider” for information regarding the allocation restrictions associated with this optional benefit.
The current expenses and performance information below reflects fees and expenses of the Portfolio Companies, 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 charges were included. Each Portfolio Company’s past performance is not necessarily an indication of future performance.  
INVESTMENT
TYPE
PORTFOLIO COMPANY; ADVISER (SUBADVISER)
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Global
Large-Stock
Growth
American Funds IS® Global Growth Portfolio - Class
4; Capital Research and Management Company
0.90%1
21.34%
7.97%
11.89%
Large Blend
American Funds IS® Growth-Income Portfolio - Class
4; Capital Research and Management Company
0.78%
17.77%
13.62%
13.63%
Foreign Large
Blend
American Funds IS® International Growth and Income
Portfolio - Class 4; Capital Research and Management
Company
1.06%
35.09%
7.42%
7.54%
Foreign Large
Growth
American Funds IS® International Portfolio - Class 4;
Capital Research and Management Company
0.97%
26.41%
3.14%
6.73%
Intermediate
Core-Plus
Bond
BlackRock Total Return V.I. Portfolio Class III;
BlackRock Advisors, LLC
0.74%1
7.60%
-0.67%
1.86%
Bank Loan
Eaton Vance VT Floating-Rate Income Portfolio - Initial
Class; Eaton Vance Management
1.19%
3.95%
4.64%
4.43%
Diversified
Emerging
Mkts
Fidelity® VIP Emerging Markets Portfolio - Service
Class 2; Fidelity Management and Research
Company LLC
1.12%
40.79%
5.62%
10.66%
Equity Energy
Fidelity® VIP Energy Portfolio - Service Class 2;
Fidelity Management and Research Company LLC
0.85%
10.34%
23.86%
7.69%
Foreign Large
Growth
Fidelity® VIP International Capital Appreciation
Portfolio - Service Class 2; Fidelity Management and
Research Company LLC
1.02%
18.36%
5.99%
9.53%
Mid-Cap
Value
Fidelity® VIP Value Portfolio - Service Class 2; Fidelity
Management and Research Company LLC
0.85%
10.95%
12.82%
10.96%
Small Value
Franklin Small Cap Value VIP Portfolio - Class 2;
Franklin Mutual Advisers, LLC
0.91%1
7.65%
8.86%
9.81%
Intermediate
Core Bond
Goldman Sachs VIT Core Fixed Income Portfolio -
Service Class; Goldman Sachs Asset Management, L.P.
0.67%1
7.32%
-0.81%
1.86%
Small Blend
Goldman Sachs VIT Small Cap Equity Insights
Portfolio - Service Class; Goldman Sachs Asset
Management, L.P.
1.07%1
15.82%
10.19%
10.57%
Mid-Cap
Growth
Janus Henderson VIT Enterprise Portfolio - Service
Class; Janus Henderson Investors, US LLC
0.97%
7.41%
7.35%
12.51%
 
8
INVESTMENT
TYPE
PORTFOLIO COMPANY; ADVISER (SUBADVISER)
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Large Growth
Janus Henderson VIT Forty Portfolio - Service Class;
Janus Henderson Investors, US LLC
0.87%
17.86%
11.37%
15.96%
Intermediate
Core Bond
John Hancock VIT Core Bond Trust Portfolio - Series
II; John Hancock Variable Trust Advisers LLC (Allspring
Global Investments, LLC)
0.87%1
6.77%
-0.78%
1.70%
Foreign
Small/Mid
Blend
John Hancock VIT International Small Company Trust
Portfolio - Series II; John Hancock Variable Trust
Advisers LLC (Dimensional Fund Advisors LP)
1.26%1
34.67%
7.77%
7.57%
Multisector
Bond
John Hancock VIT Strategic Income Opportunities
Trust Portfolio - Series II; John Hancock Variable Trust
Advisers LLC [Manulife Investment Management (US)
LLC]
0.99%1
7.22%
1.34%
3.00%
Large Blend
MFS® VIT II Core Equity Portfolio - Service Class
1.03%1
12.22%
11.26%
13.53%
Technology
MFS® VIT II Technology Portfolio - Service Class
1.07%1
16.28%
12.17%
18.35%
Global Real
Estate
MFS® VIT III Global Real Estate Portfolio - Service
Class
1.15%1
3.30%
1.08%
4.76%
Mid-Cap
Value
MFS® VIT III Mid Cap Value Portfolio - Service Class
1.04%1
5.75%
9.90%
9.69%
Small Growth
MFS® VIT New Discovery Series Portfolio - Service
Class
1.12%1
12.56%
-0.54%
10.46%
Large Value
MFS® VIT Value Series Portfolio - Service Class
0.94%1
12.77%
9.69%
9.77%
Emerging
Markets Bond
PIMCO VIT Emerging Markets Bond Portfolio - Advisor
Class
1.27%
14.86%
2.34%
4.96%
Global Bond
PIMCO VIT Global Bond Opportunitites Portfolio
(Unhedged) - Advisor Class
1.25%
12.76%
0.07%
2.36%
Long
Government
PIMCO VIT Long-Term US Government Portfolio -
Advisor Class
2.575%
6.04%
-6.91%
-0.09%
Inflation-
Protected
Bond
PIMCO VIT Real Return Portfolio - Advisor Class
1.49%
7.74%
1.11%
3.11%
Large Blend
Principal VC Capital Appreciation Portfolio - Class 2;
Principal Global Investors, LLC
0.88%
13.22%
13.53%
14.07%
Large Value
Principal VC Equity Income Portfolio - Class 2;
Principal Global Investors, LLC
0.73%
15.25%
9.94%
11.24%
Foreign Large
Value
Putnam VT International Value Portfolio - Class IB;
Putnam Investment Management, LLC
1.06%
34.68%
12.49%
8.86%
Large Blend
Putnam VT U.S. Research Portfolio4 - Class IB; Putnam
Investment Management, LLC
0.93%
17.88%
14.52%
15.07%
Global Bond
Templeton Global Bond VIP - Class 2; Franklin Advisers,
Inc.
0.75%1
15.73%
-0.96%
-0.15%
Aggressive
Allocation
Thrivent Aggressive Allocation Portfolio
0.85%1
15.81%
9.61%
11.26%
Large Blend
Thrivent All Cap Portfolio
0.66%
18.05%
11.90%
12.43%
Conservative
Allocation
Thrivent Conservative Allocation Portfolio
0.50%
10.17%
4.03%
5.42%
Moderately
Conservative
Allocation
Thrivent Dynamic Allocation Portfolio
0.68%
12.62%
5.92%
6.84%
Diversified
Emerging
Mkts
Thrivent Emerging Markets Equity Portfolio
1.15%1
32.20%
2.10%
7.47%
 
9
INVESTMENT
TYPE
PORTFOLIO COMPANY; ADVISER (SUBADVISER)
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Large Blend
Thrivent ESG Index Portfolio
0.36%1
17.78%
13.56%
N/A3
Global
Large-Stock
Blend
Thrivent Global Stock Portfolio
0.60%
20.82%
10.69%
10.67%
Intermediate
Government
Thrivent Government Bond Portfolio
0.49%
7.32%
0.01%
1.74%
Health
Thrivent Healthcare Portfolio
0.92%
13.07%
4.62%
7.37%
High Yield
Bond
Thrivent High Yield Portfolio
0.45%
8.78%
4.06%
5.32%
Corporate
Bond
Thrivent Income Portfolio
0.44%
7.93%
0.38%
3.60%
Foreign Large
Blend
Thrivent International Equity Portfolio
0.72%
30.87%
8.54%
7.41%
Foreign Large
Blend
Thrivent International Index Portfolio
0.37%
31.15%
8.61%
N/A3
Large Growth
Thrivent Large Cap Growth Portfolio
0.43%
16.95%
12.89%
16.35%
Large Blend
Thrivent Large Cap Index Portfolio
0.22%
17.62%
14.17%
14.54%
Large Value
Thrivent Large Cap Value Portfolio
0.62%
19.65%
13.96%
12.16%
Mid-Cap
Growth
Thrivent Mid Cap Growth Portfolio
0.89%1
2.50%
1.10%
N/A3
Mid-Cap
Blend
Thrivent Mid Cap Index Portfolio
0.25%
7.23%
8.86%
10.46%
Mid-Cap
Blend
Thrivent Mid Cap Stock Portfolio
0.66%
4.73%
6.86%
11.30%
Mid-Cap
Value
Thrivent Mid Cap Value Portfolio
0.87%1
10.82%
11.31%
N/A3
Moderate
Allocation
Thrivent Moderate Allocation Portfolio
0.70%1
13.63%
7.13%
8.38%
Moderately
Aggressive
Allocation
Thrivent Moderately Aggressive Allocation Portfolio
0.76%1
15.46%
8.30%
9.69%
Moderately
Conservative
Allocation
Thrivent Moderately Conservative Allocation Portfolio
0.65%1
12.10%
4.49%
6.04%
Money
Market -
Taxable
Thrivent Money Market Portfolio
0.31%
4.06%
3.05%
1.93%
Multisector
Bond
Thrivent Multisector Bond Portfolio
0.74%
7.93%
2.43%
3.47%
Real Estate
Thrivent Real Estate Securities Portfolio
0.90%
0.67%
3.89%
4.68%
Short-Term
Bond
Thrivent Short-Term Bond Portfolio
0.45%
6.06%
2.75%
2.89%
Small Growth
Thrivent Small Cap Growth Portfolio
0.94%1
1.87%
1.37%
N/A2
Small Blend
Thrivent Small Cap Index Portfolio
0.24%
5.80%
7.06%
9.57%
Small Blend
Thrivent Small Cap Stock Portfolio
0.70%
2.45%
7.50%
11.93%
1
Current expenses reflect temporary fee reductions.
2
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/27/2018 and does not have annual returns for the period shown.
3
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/29/2020 and does not have annual returns for the period shown.
4
Formerly known as Putnam VT Research Portfolio
 
10
(b) Fixed Account Investment Option Available Under the Contract
Premiums and Accumulated Value may be allocated to or transferred to the Fixed Account. We reserve the right to limit allocations or transfers to the Fixed Account . The amount transferred from the Fixed Account in any Contract Year may not exceed the greater of $500 or 25% of the Accumulated Value in the Fixed Account, excluding any Accumulated Value in the DCA Fixed Account, at the time the first transfer is made in that Contract Year.
Amounts held in the Fixed Account are invested with our General Account. The interest rates for amounts in the Fixed Account depend on the date of allocation or transfer to the Fixed Account. We guarantee that the initial interest rate for each amount allocated or transferred to the Fixed Account will be effective for at least twelve months, and subsequent interest rates will not be changed more often than once every twelve months. The effective annual interest rate will never be less than the Fixed Account Guaranteed Minimum Interest Rate shown in your Contract. At our discretion, we may credit interest in excess of the guaranteed interest rate.
For the current interest rate, please call our Service Center at 1-800-847-4836. The date of allocation or transfer is the date that interest begins to accrue. Interest is compounded daily. Interest guarantees are subject to Thrivent’s claims-paying ability.  
Name
Term
Minimum Guaranteed
Interest Rate
Fixed Account
(all states except New York)
Life of the Contract
0.50% for Contracts issued on or after 10/1/2020
1.00% for Contracts issued before 10/1/2020
Fixed Account
(New York only)
Life of the Contract
1.00%
 
11
Appendix B: Investment Options Available Under a Contract with GLWB Rider
If you have the optional Thrivent Income Builder (GLWB) Rider, you will be subject to investment restrictions. There are currently two options available, the Asset Allocation Option or the Custom Option. Premium and Accumulated Value allocations must comply with one of these options. You will receive Notice if these change in the future.
The Asset Allocation Option requires 100% allocation among the available Subaccounts and there are no restrictions on the percentage you may allocate into each Subaccount.
The Custom Option has five different groups with a specified minimum or maximum percentage of premium or Accumulated Value that can be allocated to each group. You select the percentages of premium or Accumulated Value to allocate to Subaccounts within each group. Each option is also subject to automatic quarterly asset rebalancing.

 
GLWB RIDER
Asset Allocation Option
ALLOCATION OPTIONS
REQUIRED ALLOCATION PERCENTAGES
Thrivent Conservative Allocation Portfolio
Thrivent Dynamic Allocation Portfolio
Thrivent Moderate Allocation Portfolio
Thrivent Moderately Aggressive Allocation Portfolio
Thrivent Moderately Conservative Allocation Portfolio
100%
 
GLWB RIDER
Custom Allocation Option
ALLOCATION OPTIONS
REQUIRED ALLOCATION PERCENTAGES
Group 1
Thrivent Fixed Account1
0-10%
Group 2
BlackRock Total Return V.I. Portfolio
Eaton Vance VT Floating-Rate Income Portfolio
Goldman Sachs VIT Core Fixed Income Portfolio
John Hancock VIT Core Bond Trust Portfolio
John Hancock VIT Strategic Income Opportunities Trust Portfolio
PIMCO VIT Global Bond Opportunities (unhedged) Portfolio
PIMCO VIT Long-Term US Government Portfolio
PIMCO VIT Real Return Portfolio
Templeton Global Bond VIP Portfolio
Thrivent Government Bond Portfolio
Thrivent High Yield Portfolio
Thrivent Income Portfolio
Thrivent Short-Term Bond Portfolio
Thrivent Money Market Portfolio
20-90%
 
12
GLWB RIDER
Custom Allocation Option
ALLOCATION OPTIONS
REQUIRED ALLOCATION PERCENTAGES
Group 3
American Funds IS® Global Growth Portfolio
American Funds IS® Growth-Income Portfolio
American Funds IS® International Growth and Income Portfolio
American Funds IS® International Portfolio
Fidelity® VIP Value Portfolio
Fidelity® VIP International Capital Appreciation Portfolio
Janus Henderson VIT Enterprise Portfolio
Janus Henderson VIT Forty Portfolio
MFS® VIT II Core Equity Portfolio
MFS® VIT III Mid Cap Value Portfolio
MFS® VIT Value Series Portfolio
Principal Capital Appreciation Portfolio
Principal VC Equity Income Portfolio
Putnam VT International Value Portfolio
Putnam VT U.S. Research Portfolio2
Thrivent Aggressive Allocation Portfolio
Thrivent All Cap Portfolio
Thrivent Conservative Allocation Portfolio
Thrivent Dynamic Allocation Portfolio
Thrivent ESG Index Portfolio
Thrivent Global Stock Portfolio
Thrivent International Equity Portfolio
Thrivent International Index Portfolio
Thrivent Large Cap Growth Portfolio
Thrivent Large Cap Index Portfolio
Thrivent Large Cap Value Portfolio
Thrivent Low Volatility Equity Portfolio
Thrivent Mid Cap Growth Portfolio
Thrivent Mid Cap Index Portfolio
Thrivent Mid Cap Stock Portfolio
Thrivent Mid Cap Value Portfolio
Thrivent Moderate Allocation Portfolio
Thrivent Moderately Aggressive Allocation Portfolio
Thrivent Moderately Conservative Allocation Portfolio
Thrivent Multidimensional Income Portfolio
Thrivent Multisector Bond Portfolio
0-70%
Group 4
Franklin Small Cap Value VIP Portfolio
Goldman Sachs VIT Small Cap Equity Insights Portfolio
John Hancock VIT International Small Company Trust Portfolio
MFS® VIT New Discovery Series Portfolio
Thrivent Small Cap Growth Portfolio
Thrivent Small Cap Index Portfolio
Thrivent Small Cap Stock Portfolio
0-40%
 
13
GLWB RIDER
Custom Allocation Option
ALLOCATION OPTIONS
REQUIRED ALLOCATION PERCENTAGES
Group 5
Fidelity® VIP Emerging Markets Portfolio
Fidelity® VIP Energy Portfolio
MFS® VIT II Technology Portfolio
MFS® VIT III Global Real Estate Portfolio
PIMCO VIT Emerging Markets Bond Portfolio
Thrivent Emerging Markets Equity Portfolio
Thrivent Healthcare Portfolio
Thrivent Real Estate Securities Portfolio
0-10%
1 Amounts held in the Fixed Account are invested with our General Account. The interest rates for amounts in the Fixed Account depend on the date of allocation or transfer to the Fixed Account. We guarantee that the initial interest rate for each amount allocated or transferred to the Fixed Account will be effective for at least twelve months, and subsequent interest rates will not be changed more often than once every twelve months. The effective annual interest rate will never be less than the Fixed Account Guaranteed Minimum Interest Rate shown in your Contract. At our discretion, we may credit interest in excess of the guaranteed interest rate. For the current interest rate, please call our Service Center at 1-800-847-4836. The date of allocation or transfer is the date that interest begins to accrue. Interest is compounded daily. Interest guarantees are subject to Thrivent’s claims-paying ability. The amount transferred from the Fixed Account in any Contract Year may not exceed the greater of $500 or 25% of the Accumulated Value in the Fixed Account at the time the first transfer is made in that Contract Year. 
Name
Term
Minimum Guaranteed
Interest Rate
Fixed Account
(all states except New York)
Life of the Contract
0.50% for Contracts issued on or after 10/1/2020
1.00% for Contracts issued before 10/1/2020
Fixed Account
(New York only)
Life of the Contract
1.00%
2 Formerly known as Putnam VT Research Portfolio
 
14
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This updating summary prospectus incorporates by reference the Thrivent Retirement Choice Variable Annuity prospectus and Statement of Additional Information (SAI), both dated April 30, 2026, as amended and supplemented.
The Statement of Additional Information (SAI) dated April 30, 2026 contains more information about the Contract and the Variable Account. The SAI has been filed with the SEC and is incorporated by reference into the prospectuses. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/RetirementChoice.
For a free paper copy of the SAI, to request other information about the Contracts, and to make investor inquiries, you may call our Service Center at 1-800-847-4836, or you may send an email to [email protected].
Reports and other information about Thrivent are available on the Securities Exchange Commission website at http://www.sec.gov. Copies of the information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management, Inc. Thrivent.com/disclosures.
Insurance products, securities and investment advisory services are provided by appropriately appointed and licensed financial advisors and professionals. Only individuals who are financial advisors are credentialed to provide investment advisory services. Visit Thrivent.com or FINRA’s Broker Check for more information about our financial advisors.
Contract Form #ICC20 W-BZ-FPVA and state variations
EDGAR Contract No. C000220060  32066SPRU R4-26

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