Exhibit (d)(1)(iii)

May 1, 2022

Voya Government Money Market Portfolio

7337 East Doubletree Ranch Road

Suite 100

Scottsdale, Arizona 85258

Re: Money Market Fund Expense Limitation Agreement for Voya Government Money Market Portfolio

Ladies and Gentlemen:

In accordance with the Money Market Fund Expense Limitation Agreement among Voya Investments, LLC (the "Investment Manager"), Voya Investments Distributor, LLC (the "Distributor"), and Voya Government Money Market Portfolio (the "Registrant"), dated January 1, 2016 (the "Money Market Fund Expense Limitation Agreement"), the Distributor and the Investment Manager have contractually agreed to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses of the Registrant to the extent necessary to assist the Registrant in maintaining a yield of not less than zero.

By our execution of this letter agreement, intending to be legally bound hereby, the Distributor and the Investment Manager agree, from May 1, 2022 through May 1, 2023, to waive a portion of their distribution and/or shareholder servicing fees and management fees, as applicable, and to reimburse certain expenses of the Registrant to the extent necessary to assist the Registrant in maintaining a yield of not less than zero. Upon your acceptance, the Money Market Fund Expense Limitation Agreement will be modified to give effect to the foregoing by amending the Amended Schedule A of the Money Market Fund Expense Limitation Agreement. The Amended Schedule A is attached hereto.

Notwithstanding the foregoing, termination or modification of this letter agreement requires approval by the Board of Trustees of the Registrant.

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

May 1, 2022

Page 2

Please indicate your agreement to this term extension by executing below in the place indicated. This letter agreement shall terminate upon termination of the Money Market Fund Expense Limitation Agreement.

Voya Investments, LLC

By: /s/ Todd Modic__________________

Name: Todd Modic

Title: Senior Vice President

Voya Investments Distributor, LLC

By: /s/ Andrew K. Schlueter___________

Name: Andrew K. Schlueter

Title: Vice President

ACCEPTED AND AGREED TO:

Voya Government Money Market Portfolio

By: /s/ Kimberly A. Anderson_________

Name: Kimberly A. Anderson

Title: Senior Vice President, Duly Authorized

AMENDED SCHEDULE A

to the

MONEY MARKET FUND EXPENSE LIMITATION AGREEMENT

VOYA GOVERNMENT MONEY MARKET PORTFOLIO

OPERATING EXPENSE LIMITS

Name of Portfolio

Expiration of Term of Money Market Fund Expense

 

Limitation Agreement

 

 

Voya Government Money

Term Expires May 1, 2023

Market Portfolio

 

 

 

/s/ HE HE

Effective Date: May 1, 2022