REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
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Post-Effective Amendment No. 42 |
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AND/OR |
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
☒ | |||
Amendment No. 447 |
☒ |
☐ | Immediately upon filing pursuant to paragraph (b) of Rule 485. |
☒ | On May 1, 2024 pursuant to paragraph (b) of Rule 485. |
☐ | 60 days after filing pursuant to paragraph (a)(1) of Rule 485. |
☐ | On (date) pursuant to paragraph (a)(1) of Rule 485. |
☐ | 75 days after filing pursuant to paragraph (a)(2) of Rule 485. |
☐ | On (date) pursuant to paragraph (a)(3) of Rule 485. |
☐ | This post-effective amendment designates a new effective date for previously filed post-effective amendment. |
• | A nonqualified annuity (“NQ”) for after-tax contributions only. |
• | An individual retirement annuity (“IRA”), any of traditional IRA, Roth IRA or Inherited IRA beneficiary continuation contracts (“Inherited IRA”). |
• | QP IRA (please see Appendix: QP IRA contracts). Unless otherwise indicated, information for QP IRA is the same as traditional IRA. |
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Prospectus |
Contract or Supplemental Materials | |
fixed maturity options | Guarantee Periods or Fixed Maturity Accounts | |
variable investment options | Investment Funds or Investment Divisions | |
account value | Annuity Account Value | |
rate to maturity | Guaranteed Rates | |
guaranteed interest option | Guaranteed Interest Account | |
unit | Accumulation unit | |
unit value | Accumulation unit value |
FEES AND EXPENSES | ||||||||||
Charges for Early Withdrawals |
If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from the contract within If amounts are withdrawn from a fixed maturity option before the maturity date, there will be a market value adjustment which could greatly reduce the value in your fixed maturity option. See the FMO prospectus for more information. For additional information about the charges for surrenders and early withdrawals see “Withdrawal charge” in “Charges under the contracts” under “Charges and expenses” in the prospectus. |
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Transaction Charges |
In addition to withdrawal charges, you may also be charged for other transactions (for special requests such as wire transfers, express mail, duplicate contracts, preparing checks, or third-party transfers or exchanges). For additional information about transaction charges see “Charges under the contracts” in “Charges and expenses” in the prospectus. |
Ongoing Fees and Expenses (annual charges) |
The contract provides for different ongoing fees and expenses. The table below describes the fees and expenses that you may pay each year under the contract, depending on the options you choose. Please refer to your contract specifications page of your contract 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) |
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Investment options (Portfolio fees and expenses) (2) |
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Optional benefits available for an additional charge (for a single optional benefit, if elected) (3) |
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(1) (2) (3) 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 or make any other transactions, which could add withdrawal charges that substantially increase costs. |
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Lowest Annual Cost $ |
Highest Annual Cost $ |
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Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive combination of contract and Portfolio fees and expenses • No optional benefits • No sales charges • No additional contributions, transfers or withdrawals |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of contract, optional benefits (Ratcheted death benefit) and Portfolio fees and expenses • No sales charges • No additional contributions, transfers or withdrawals |
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For additional information about ongoing fees and expenses see “Fee Table” in the prospectus. |
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RISKS | ||||||
Risk of Loss |
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Not a Short-Term Investment |
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Risks Associated with 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 variable investment options available under the contract, (e.g., the Portfolios). Each investment option, including the guaranteed interest option and fixed maturity options has its own unique risks. You should review the variable investment options available under the contract before making an investment decision. For additional information about the risks associated with investment options see “Variable investment options”, “Guaranteed interest options” and “Portfolios of the Trusts” in “Purchasing the contract” in the prospectus, as well as, “Risk factors” in the FMO prospectus. See also Appendix: “Portfolio Companies available under the contract” in the prospectus. | |||||
Insurance Company Risks |
An investment in the contract is subject to the risks related to the Company. The Company is solely responsible to the contract owner for the contract’s account value and the optional benefits. The general obligations, including the guaranteed interest option, fixed maturity options and any optional benefits under the contract are supported by our general account and are subject to our claims paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at www.equitable.com/about-us/financial-strength-ratings. For additional information about insurance company risks see “About the general account” in “More information” in the prospectus. |
RESTRICTIONS | ||
Investments |
We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options and to limit the number of variable investment options which you may select. Such rights include, among others, combining any two or more variable investment options and transferring the account value from any variable investment option to another variable investment option. Effective June 18, 2012: We no longer accept contributions to NQ contracts. For traditional IRA, Roth IRA and Inherited IRA contracts, we currently continue to accept subsequent contributions subject to a $6,000 limit per calendar year. For more information, see “How you can contribute to your contract” in “Purchasing the Contract” in the prospectus. There are limits on contributions and transfers into and out of the guaranteed interest option. See “Allocating your contributions” in “Purchasing the Contract” and “Transferring your account value” in “Transferring your money among investment options” in the prospectus for more information. For more information see “About the Separate Account” in “More information” in the prospectus. You must choose one of the two investment methods: 1) Maximum investment option choice, or 2) Maximum transfer flexibility. For more information please see “Selecting your investment method” in the prospectus. For additional information about the investment options, including information regarding volatility management strategies and techniques, see “Portfolios of the Trusts” in “Purchasing the Contract” in the prospectus. See also the FMO prospectus. | |
Optional Benefits |
TAXES | ||
Tax Implications |
You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract. There is no additional tax benefit to you if the contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a withdrawal from the contract. For more information, see “Tax information” in the prospectus. | |
CONFLICTS OF INTEREST | ||
Investment Professional Compensation |
Some financial professionals may receive compensation for selling the contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as “marketing allowances”). This conflict of interest may influence the financial professional to recommend this contract over another investment. For additional information about compensation to financial professionals see “Distribution of the contracts” in “More information” in the prospectus. | |
Exchanges |
Some financial professionals may have a financial incentive to offer 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, that it is preferable to purchase the new contract rather than continue to own your existing contract. For additional information about exchanges see “Charge for third-party transfer or exchange” in “Charges and expenses” in the prospectus. |
• | Variable investment options; |
• | Guaranteed interest option; |
• | Fixed maturity options (see the FMO prospectus for more information); |
• | Principal assurance allocation program for fixed maturity options; and |
• | Rebalancing and Dollar Cost Averaging options. |
Transaction Expenses | ||
Sales Load Imposed on Purchases | ||
Withdrawal Charge (as a percentage of contributions withdrawn) (1) |
||
Transfer Fee | ||
Third Party Transfer or Exchange Fee (2) |
$ | |
Special Service Charges (3) |
$ |
(1) |
(2) |
(3) |
Annual Contract Expenses |
||
Annual Administrative Charge (1) |
$ | |
Base Contract Expenses (2) (as a percentage of daily net assets in the variable investment options) |
||
Optional Benefits Expenses |
||
Ratcheted death benefit charge (as a percentage of your account value) (3) |
(1) |
(2) |
(3) |
Annual Portfolio Expenses |
Minimum |
Maximum |
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Annual Portfolio Expenses prior to Expense Limitation Arrangement (expenses that are deducted from Portfolio assets including management fees, 12b-1 fees, service fees, and other expenses) * |
% |
% |
* | “ |
If you surrender your contract or annuitize (under a non-life option) at the end of the applicable time period |
If you do not surrender your contract |
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1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
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$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
• | confirmation notices of financial transactions; and |
• | quarterly statements of your contract values as of the close of each calendar quarter. |
• | your current account value; |
• | your current allocation percentages; |
• | the number of units you have in the variable investment options; |
• | rates to maturity for fixed maturity options; and |
• | the daily unit values for the variable investment options. |
• | change your allocation percentages and/or transfer among the variable investment options and the guaranteed interest option (not available for transfers to fixed maturity options); and |
• | change your TOPS personal identification number (“PIN”) (through TOPS only) and your Equitable Client portal password (through Equitable Client portal only). |
• | elect the investment simplifier. |
• | Account summary |
• | Messages and alerts |
• | Profile changes |
• | Manage your account |
• | Investments details |
(1) | conversion of your traditional IRA contract to a Roth IRA contract; |
(2) | cancellation of your Roth IRA contract and return to a traditional IRA contract; |
(3) | election of the automatic investment program; |
(4) | election of the investment simplifier; |
(5) | election of the automatic deposit service; |
(6) | election of the rebalancing program; |
(7) | election of the required minimum distribution (“RMD”) automatic withdrawal option; |
(8) | election of the beneficiary continuation option; |
(9) | request for a transfer/rollover of assets or 1035 exchange to another carrier; |
(10) | election of the principal assurance allocation (only available at time of purchase); |
(11) | purchase by, or change of ownership to, a non-natural owner; |
(12) | contract surrender and withdrawal requests; |
(13) | death claims; and |
(14) | partial annuitization of an NQ contract. |
(1) | beneficiary changes; |
(2) | transfers among investment options; and |
(3) | change of ownership. |
(1) | automatic investment program; |
(2) | investment simplifier; |
(3) | rebalancing program; |
(4) | systematic withdrawals; and |
(5) | the date annuity payments are to begin. |
Contract type |
Minimum contribution |
Source of contributions |
Limitation on subsequent contributions | |||
NQ | • $50 additional |
• After-tax money. • Paid to us by check or transfer of contract value in a tax deferred exchange under Section 1035 of the Internal Revenue Code. • Paid to us by an employer who establishes a payroll deduction program. |
• Effective June 18, 2012, (1) |
Contract type |
Minimum contribution |
Source of contributions |
Limitation on subsequent contributions | |||
Traditional IRA |
• $50 additional |
• “Regular” traditional IRA contributions either made by you or paid to us by an employer who establishes a payroll deduction program. • Additional catch-up contributions. • Eligible rollover distributions from 403(b) plans, qualified plans and governmental employer EDC plans. • Rollovers from another traditional individual retirement arrangement. • Direct custodian-to-custodian transfers from other traditional individual retirement arrangements. |
• Effective May 1, 2013, maximum limit on contributions is $6,000 per calendar year (1)(2)(3) (subject to the general tax limits below).• For annuitants up to age 83 at contract issue, additional contributions (rollover or direct transfer) may be made up to age 84. • For annuitants age 84 through 85 at contract issue, additional contribution (rollover or direct transfer) may be made up to one year beyond the annuitant’s issue age. General tax limits (applicable to Maryland contractholders only) • Regular IRA contributions may not exceed $7,000 for 2024. • Additional catch-up contributions of up to $1,000 per calendar year if the owner is at least age 50 at any time during 2024. • After lifetime required minimum distributions start, rollover and direct transfer contributions must be net of required minimum distributions. | |||
Roth IRA |
• $50 additional |
• Regular Roth IRA contributions either made by you or paid to us by an employer who establishes a payroll deduction program. • Additional catch-up contributions. • Rollovers from another Roth IRA. • Rollovers from a “designated Roth contribution account” under specified retirement plans. • Conversion rollovers from a traditional IRA or other eligible retirement plan. • Direct transfers from another Roth IRA. |
• Effective May 1, 2013, maximum limit on contributions is $6,000 per calendar year (1)(2)(3) (subject to the general tax limits below).• For annuitants up to age 83 at contract issue, additional contributions may be made up to age 84. • For annuitants age 84 through 85 at contract issue, additional contributions may be made up to one year beyond the annuitant’s issue age. General tax limits (applicable to Maryland contractholders only) • Regular Roth IRA contributions may not exceed $7,000 for 2024. • Additional catch-up contributions of up to $1,000 per calendar year if the owner is at least age 50 at any time during 2024. • Contributions are subject to income limits and other tax rules. See Contributions to Roth IRAs in ”Tax information” in this prospectus. |
Contract type |
Minimum contribution |
Source of contributions |
Limitation on subsequent contributions | |||
Inherited IRA (traditional IRA or Roth IRA) (*) |
• $1,000 additional |
• Direct custodian-to-custodian transfers of your interest as death beneficiary of the deceased owner’s traditional individual retirement arrangement or Roth IRA to an IRA of the same type. |
• Any additional contributions must be from the same type of IRA of the same deceased owner. • If this Inherited IRA was purchased by a non-spousal beneficiary direct rollover from a qualified plan, 403(b) plan and governmental employer 457(b) plan, there are no additional contributions. |
(*) | The Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) enacted at the end of 2019 has changed key aspects of Inherited IRA contracts. We may be required in certain cases to pay benefits faster under existing contracts. We also may limit the availability of Inherited IRA contracts to new purchasers pending the issuance of further guidance. |
(1) | This discontinuance or limitation does not apply to contracts issued in Maryland. Please see Appendix: “State contract availability and/or variations of certain features and benefits” in this prospectus. |
(2) | For contracts issued in Florida, acceptance of contributions has been discontinued. Please see Appendix: “State contract availability and/or variations of certain features and benefits”in this prospectus. |
(3) | For regular contributions, the calendar year limitation includes (i) contributions made during a calendar year, and (ii) contributions made in the subsequent calendar year until the tax return filing deadline provided they are designated for the prior calendar year. |
(a) | By requiring a Portfolio sub-adviser to buy and sell large amounts of securities at inopportune times, a Portfolio’s investment performance and the ability |
of the sub-adviser to fully implement the Portfolio’s investment strategy could be negatively affected; and |
(b) | By generating higher turnover in its securities or other assets than it would have experienced without being impacted by the ATP, a Portfolio could incur higher operating expense ratios and transaction costs than comparable funds. In addition, even Portfolios structured as funds-of-funds that are not available for investment by contract owners who are subject to the ATP could also be impacted by the ATP if those Portfolios invest in underlying funds that are themselves subject to significant asset turnover caused by the ATP. Because the ATP formulas generate unique results for each contract, not all contract owners who are subject to the ATP will be affected by operation of the ATP in the same way. On any particular day on which the ATP is activated, some contract owners may have a portion of their account value transferred to the EQ/Ultra Conservative Strategy Portfolio investment option and others may not. If the ATP causes significant transfers of total account value out of one or more Portfolios, any resulting negative effect on the performance of those Portfolios will be experienced to a greater extent by a contract owner (with or without the ATP) invested in those Portfolios whose account value was not subject to the transfers. |
• | Maximum investment options choice. |
found in the Appendix: “Portfolio companies available under the contract.” You can make transfers whenever you choose. However, there will be restrictions on the amount you can transfer out of the guaranteed interest option listed in A in the investment options which can be found in the Appendix: “Portfolio companies available under the contract.” |
• | Maximum transfer flexibility. |
• | Principal assurance allocation . |
maturity value to equal the amount of your entire initial contribution on the fixed maturity option’s maturity date. The maturity date you select generally may not be later than 10 years, or earlier than 6 years from your contract date. You allocate the rest of your contribution to the variable investment options however you choose. |
• | you cancel your contract during the free look period; or |
• | you change your mind before you receive your contract whether we have received your contribution or not. |
• | If the deceased owner died on or before December 31, 2019 or you are an “eligible designated beneficiary” (as defined later in this Prospectus) electing to stretch out your payments over your life expectancy, you must receive payments at least annually (but can elect to receive payments monthly or quarterly). Payments are generally made over your life expectancy determined in the calendar year after the deceased owner’s death and determined on a term certain basis. These payments generally must begin no later than December 31 of the calendar year following the year of the deceased owner’s death. |
• | If the deceased owner died after December 31, 2019 and you are not an “eligible designated beneficiary” who elected to stretch out your payments over your life expectancy, your entire interest in the contract must be distributed within 10 years of the deceased owner’s death in accordance with federal tax rules. |
• | The beneficiary of the original IRA will be the annuitant under the inherited IRA beneficiary continuation contract. In the case where the beneficiary is a “see-through trust,” the annuitant will be determined in accordance with Code Section 401(a)(9) and the Treasury Regulations thereunder. |
• | An inherited IRA beneficiary continuation contract is not available for annuitants over age 70. |
• | The initial contribution must be a direct transfer from the deceased owner’s original IRA and must be at least $5,000. |
• | Additional contributions of at least $1,000 are permitted, but must be direct transfers of your interest as a beneficiary from another IRA with a financial institution other than the Company where the deceased owner is the same as under the original IRA contract. |
• | A non-spousal beneficiary under an Applicable Plan cannot make additional contributions to an Inherited traditional IRA contract. |
• | You may make transfers among the investment options. |
• | You may choose at any time to withdraw all or a portion of the account value. Any partial withdrawal must be at least $300. Withdrawal charges will apply as described under “Withdrawal charge” in “Charges and expenses” in this prospectus. |
• | The following features mentioned in the prospectus are not available under the inherited IRA beneficiary continuation contract: successor owner/annuitant, automatic investment program and systematic withdrawals. |
• | If you die, we will pay to a beneficiary that you choose the greater of the account value or the applicable death benefit. |
• | Upon your death, your beneficiary has the following options: (1) if you were an EDB or the deceased owner (or deceased participant) died on or before December 31, 2019, your beneficiary must withdraw any remaining amount within ten years of your death in accordance with federal tax rules; or (2) if you were not an EDB, the beneficiary must withdraw any remaining amount within 10 years of the deceased owner’s (or deceased participant’s) death in accordance with federal tax rules. The option elected will be processed when we receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. If your beneficiary elects to continue to take distributions, we will increase the account value to equal the applicable death benefit if such death benefit is greater than such account value as of the date we receive satisfactory proof of death and any required instructions, information and forms. The increase in account value will be allocated to the investment options according to the allocation percentages we have on file for your contract. Thereafter, withdrawal charges will no longer apply. If you had elected the ratcheted death benefit, it will no longer be in effect and charges for such benefit will stop. |
Name of Benefit |
Purpose |
Standard/ Optional |
Annual Fee |
Brief Description of Restrictions/ Limitations | ||||||
Max |
Current | |||||||||
(1) |
(1) |
• Available only at contract purchase • Restricted to owners of certain ages • You may not cancel once you elect this benefit • Withdrawals could significantly reduce or terminate benefit |
(1) | Expressed as an annual percentage of your account value. |
Name of Benefit |
Purpose |
Standard/ Optional |
Annual Fee |
Brief Description of Restrictions/ Limitations | ||||||
Max |
Current | |||||||||
Option I (1) andOption II (2) |
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(1) | Option I allows you to rebalance your account value among the variable investment options. |
(2) | Option II allows you to rebalance your account value among the variable investment options and the guaranteed interest option. |
(a) | your account value (without any negative market value adjustment that would otherwise apply) as of the date we receive satisfactory proof of the annuitant’s death, any required instructions for the method of payment, information and forms necessary to effect payments; and |
(b) | the ratcheted death benefit on the date of the annuitant’s death, less any subsequent withdrawals, withdrawal charges and taxes that apply. |
• | The cash value of the contract must be fully paid to the successor owner (new owner) within five years after your death (or in a joint ownership situation, the death of the first owner to die). |
• | The successor owner may instead elect to receive the cash value as a life annuity (or payments for a period certain of not longer than the new owner’s life expectancy). Payments must begin within one year after the non-annuitant owner’s death. Unless this alternative is elected, we will pay any cash value five years after your death (or the death of the first owner to die). |
• | The contract continues with your name on it for the benefit of your beneficiary. |
• | This feature is only available if the beneficiary is an individual. Certain trusts with only individual beneficiaries will be treated as individuals for this purpose. |
• | If there is more than one beneficiary, each beneficiary’s share will be separately accounted for. It will be distributed over the beneficiary’s own life expectancy, if payments over life expectancy are chosen by an eligible beneficiary. |
• | The minimum amount that is required in order to elect the beneficiary continuation option is $5,000 for each beneficiary. |
• | The beneficiary may make transfers among the investment options but no additional contributions will be permitted. |
• | The minimum death benefit or the ratcheted death benefit, if applicable under the contract, will no longer be in effect and the charge for the ratcheted death benefit will stop. |
• | The beneficiary may choose at any time to withdraw all or a portion of the account value and no withdrawal charges will apply. |
• | Any partial withdrawal must be at least $300. |
• | Your beneficiary will have the right to name a beneficiary to receive any remaining interest in the contract. |
• | Upon the death of your beneficiary, the following distribution rules will apply to the subsequent beneficiary named by your beneficiary: (1) if your beneficiary is an EDB or you died on or before December 31, 2019, the subsequent beneficiary must withdraw any remaining amount within ten years of your beneficiary’s death in accordance with federal tax rules; or (2) if your beneficiary is not an EDB, the subsequent beneficiary must withdraw any remaining amount within 10 years of your death in accordance with federal tax rules. The option elected will be processed when we receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. |
• | This feature is only available if the beneficiary is an individual. It is not available for any entity such as a trust, even if all of the beneficiaries of the trust are individuals. |
• | The contract continues with your name on it for the benefit of your beneficiary. |
• | If there is more than one beneficiary, each beneficiary’s share will be separately accounted for. It will be distributed over the respective beneficiary’s own life expectancy, if scheduled payments are chosen. |
• | The minimum amount that is required in order to elect the beneficiary continuation option is $5,000 for each beneficiary. |
• | The beneficiary may make transfers among the investment options but no additional contributions will be permitted. |
• | The minimum death benefit or the ratcheted death benefit, if applicable under your contract, will no longer be in effect and the charge for the ratcheted death benefit will stop. |
• | If the beneficiary chooses the “5-year rule,” withdrawals may be made at any time. If the beneficiary instead chooses scheduled payments, the beneficiary may also take withdrawals, in addition to scheduled payments, at any time. |
• | Any partial withdrawal must be at least $300. |
• | Your beneficiary will have the right to name a beneficiary to receive any remaining interest in the contract on the beneficiary’s death. |
• | Upon the death of your beneficiary, the beneficiary that he or she has named has the option to either continue taking scheduled payments based on the remaining life expectancy of the deceased beneficiary (if scheduled payments were chosen) or to receive any remaining interest in the contract in a lump sum. We will pay any |
remaining interest in the contract in a lump sum if your beneficiary elects the 5-year rule. The option elected will be processed when we receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. |
• | As of the date we receive satisfactory proof of death, any required instructions, information and forms necessary to effect the beneficiary continuation option feature, we will increase the account value to equal the applicable death benefit if such death benefit is greater than such account value. The increase in account value will be allocated to the investment options according to the allocation percentages we have on file for your contract. |
• | No withdrawal charges will apply to any withdrawals by the beneficiary. |
• | If the beneficiary continuation option is elected, the beneficiary automatically becomes the new annuitant of the contract, replacing the existing annuitant. |
• | The account value will not be reset to the death benefit amount. |
• | The withdrawal charge schedule and free corridor amount on the contract will continue to be applied to any withdrawal or surrender other than scheduled payments. |
• | We do not impose a withdrawal charge on scheduled payments except if, when added to any withdrawals previously taken in the same contract year, including for this purpose a contract surrender, the total amount of withdrawals and scheduled payments exceeds the free corridor amount. See “Withdrawal charge” in “Charges and expenses” in this prospectus. |
• | The surviving owner supersedes any other named beneficiary and may elect the beneficiary continuation option. |
• | If the deceased joint owner was also the annuitant, see “If you are both the owner and annuitant” above. |
• | If the deceased joint owner was not the annuitant, see “If the owner and annuitant are not the same person” above. |
• | Under the fixed-dollar option, when either the number of designated monthly transfers have been completed or the amount you have available in the guaranteed interest option has been transferred out. |
• | Under the interest sweep, when the amount you have in the guaranteed interest option falls below $7,500 (determined on the last business day of the month) for two months in a row. |
• | Under either option, on the date we receive at our processing office, your written request to cancel automatic transfers, or on the date your contract terminates. |
(a) | in whole percentages only, the percentage you want invested in each variable investment option (and the guaranteed interest option, if applicable), and |
(b) | how often you want the rebalancing to occur (quarterly, semiannually, or annually). |
(i) | increased to reflect additional contributions; |
(ii) | decreased to reflect a withdrawal (plus applicable withdrawal charges); or |
(iii) | increased to reflect a transfer into, or decreased to reflect a transfer out of a variable investment option. |
• | You must transfer at least $300 of account value or, if less, the entire amount in the investment option. We may waive the $300 requirement. |
• | You may not transfer to a fixed maturity option in which you already have value. |
• | You may not transfer to a fixed maturity option that has a rate to maturity of 3%. |
• | If the annuitant is age 76 or older, you must limit your transfers to fixed maturity options to those with maturities of five years or less. Not all maturities may be available. You may not transfer to a fixed maturity option if its maturity date is later than the date annuity payments are to begin. |
• | If you make transfers out of a fixed maturity option other than at its maturity date the transfer will cause a market value adjustment. |
• | If you choose the “Maximum investment options choice” method for selecting investment options (including if you have been deemed to have selected that method as a result of a Target Allocation investment option in which you are invested becoming a group “B” option as described under “Selecting your investment method” in “Purchasing the Contract” in this prospectus) the maximum amount you may transfer in any contract year from the guaranteed interest option to any other investment option is (a) 25% of the amount you had in the guaranteed interest option on the last day of the prior contract year or, if greater, (b) the total of all amounts you transferred from the guaranteed interest option to any other investment option in the prior contract year. |
• | If you transfer money from another financial institution into the guaranteed interest option during your first contract year, and if you have selected the “Maximum investment options choice” method (including if you have been deemed to have selected that method as a result of a Target Allocation investment option in which you are invested becoming a group “B” option as described under “Selecting your investment method” in “Purchasing the Contract” in this prospectus) you may, during the balance of that contract year, transfer up to 25% of such initial guaranteed interest option balance to any other investment option. |
(1) | the contract number, |
(2) | the dollar amounts to be transferred, and |
(3) | the investment options to and from which you are transferring. |
Contract |
Partial |
Systematic |
Minimum distribution | |||
NQ | Yes | Yes | No | |||
Traditional IRA | Yes | Yes | Yes | |||
Roth IRA | Yes | Yes | No |
(1) | Pro rata from all of your variable investment options and the guaranteed interest option, in which you have value (without exhausting your values in those options). Once the requested amount is greater than your account value, the systematic withdrawal program will terminate. |
(2) | Pro rata from all of your variable investment options and the guaranteed interest option, in which you have value (until your account value is exhausted). Once the requested amount leaves you with an account value of less than $500, we will treat it as a request to surrender your contract. |
(3) | You may specify a dollar amount from one variable investment option or the guaranteed interest option. If you choose this option and the value in the investment option drops below the requested withdrawal amount, the requested withdrawal amount will be taken on a pro rata basis from all remaining investment options in which you have value. Once the requested amount leaves you with an account value of less than $500, we will treat it as a request to surrender your contract. |
(1) | your account value is less than $500 and you have not made contributions to your contract for a period of three years; or |
(2) | you request a partial withdrawal that reduces your account value to an amount less than $500; or |
(3) | you have not made any contributions within 120 days from your contract date. |
(1) | the New York Stock Exchange is closed or restricts trading, |
(2) | the SEC determines that an emergency exists as a result of which sales of securities or determination of fair value of a variable investment option’s assets is not reasonably practicable, or |
(3) | the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options. |
Fixed annuity payout options |
• Life annuity • Life annuity with period certain • Life annuity with refund certain • Period certain annuity | |
Variable Immediate Annuity pay-out options (as described in a separate prospectus for this option) |
• Life annuity (not available in New York) • Life annuity with period certain |
• | Life annuity: |
• | Life annuity with period certain: |
• | Life annuity with refund certain: |
• | Period certain annuity: |
(i) | The contract date anniversary that follows the annuitant’s 90th birthday if the annuitant was not older than age 80 when the contract was issued; and |
(ii) | The contract date anniversary that is 10 years after the date the contract was issued if the annuitant was ages 81 through 85 when the contract was issued. |
(1) | the amount applied to purchase the annuity; |
(2) | the type of annuity chosen, and whether it is fixed or variable; |
(3) | in the case of a life annuity, the annuitant’s age (or the annuitant’s and joint annuitant’s ages); and |
(4) | in certain instances, the sex of the annuitant(s). |
• | A mortality and expense risks charge. |
• | A charge for other expenses. |
• | On the last day of the contract year — an annual administrative charge, if applicable. |
• | Charge for third-party transfer or exchange. |
• | Charges for certain optional special services. |
• | At the time you make certain withdrawals or surrender your contract, or your contract is terminated — a withdrawal charge, if applicable. |
• | A ratcheted death benefit charge, if you elect the benefit. |
• | At the time annuity payments are to begin — charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state. A variable immediate annuity administrative fee may also apply. |
• | the account value after any withdrawal charge has been imposed (cash value), or |
• | the 15% free withdrawal amount plus the contributions made before the current and five prior contract years that have not been previously withdrawn plus 94% of (a) the remaining account value, minus (b) any administrative fees. |
• | the annuitant dies and a death benefit is payable to the beneficiary. |
• | we receive a properly completed election form providing for the entire account value to be used to buy a life contingent annuity or a non-life annuity with a period certain for a term of at least ten years. |
(i) | The annuitant has qualified to receive Social Security disability benefits as certified by the Social Security Administration; or |
(ii) | We receive proof satisfactory to us (including certification by a licensed physician) that the annuitant’s life expectancy is six months or less; or |
(iii) | The annuitant has been confined to a nursing home for more than 90 days (or such other period, as required in your state) as verified by a licensed physician. A nursing home for this purpose means one that is (a) approved by Medicare as a provider of skilled nursing care service, or (b) licensed as a skilled nursing home by the state or territory in which it is located (it must be within the |
United States, Puerto Rico, U.S. Virgin Islands, or Guam) and meets all of the following: |
— | its main function is to provide skilled, intermediate, or custodial nursing care; |
— | it provides continuous room and board to three or more persons; |
— | it is supervised by a registered nurse or licensed practical nurse; |
— | it keeps daily medical records of each patient; |
— | it controls and records all medications dispensed; and |
— | its primary service is other than to provide housing for residents. |
• | after six contract years and the annuitant is at least age 59 1 ⁄2 ; or |
• | if you request a refund of a contribution in excess of amounts allowed to be contributed under the federal income tax rules within one month of the date on which you made the contribution. |
Declining scale |
Alternative scale | |||||
Year of investment in fixed maturity option (1) |
Year of transfer within fixed maturity option (1) | |||||
Within year 1 | 6% | Within year 1 | 5% | |||
2 | 6% | 2 | 4% | |||
3 | 5% | 3 | 3% | |||
4 | 4% | 4 | 2% | |||
5 | 3% | 5 | 1% | |||
6 | 2% | After year 5 | 0% | |||
After year 6 | 0% | Not to exceed 1% times the number of years remaining in the fixed maturity option, rounded to the higher number of years. In other words, if 4.3 years remain, it would be a 5% charge. |
(1) | Measured from the contract date anniversary prior to the date of the contribution or transfer. |
• | If you were to withdraw the total amount of the contribution within the first six years after it was made, the withdrawal charge that generally applies would be $480 (6% of $8,000). However, if when you made your contribution you allocated it to a fixed maturity option, the withdrawal charge would be lower. According to the declining scale method described above, the withdrawal charge would be limited to 5% of the $8,000, or $400 in the third year. |
• | The withdrawal charge may be different if when you made your contribution three years ago, you allocated it to a fixed maturity option and then in the third year, you transfer the amounts that apply to such contribution to a new fixed maturity option. In this example we assume that there is one year remaining in the new fixed maturity option. Because you made a transfer among the fixed maturity options, the alternative scale may now apply. Based on this alternative scale, a contribution that is transferred will be subject to a 5% withdrawal charge if you withdraw that contribution in the same year that you make the transfer. However, the withdrawal charge may not exceed 1% for each year remaining in the new fixed maturity option. Since, in this example, the time remaining in the new fixed maturity option is one year, the withdrawal charge under the alternative scale would be limited to 1%. Because New York regulations permit |
us to use the greater of the declining scale or the alternative scale, the withdrawal charge would be 5%, or $400, based on the declining scale. |
• | The withdrawal charge may not exceed the charge that would normally apply under the contract. Use of a New York scale can only result in a lower charge. If your contribution has been in the contract for more than six years and therefore would not have a withdrawal charge associated with it, no withdrawal charge would apply. |
• | If you take a withdrawal from an investment option other than the fixed maturity options, the amount available for withdrawal without a withdrawal charge is reduced. It will be reduced by the amount of the contribution in the fixed maturity options to which no withdrawal charge applies. |
• | As of any date on which 50% or more of your account value is held in fixed maturity options, the free withdrawal amount is zero. |
• | Advisory fees. |
• | 12b-1 fees. |
• | Operating expenses, such as trustees’ fees, independent auditors’ fees, legal counsel fees, administrative service fees, custodian fees, and liability insurance. |
• | Investment-related expenses, such as brokerage commissions. |
• | if a contract fails investment diversification requirements as specified in federal income tax rules (these rules are based on or are similar to those specified for mutual funds under securities laws); |
• | if you transfer a contract, for example, as a gift to someone other than your spouse (or former spouse); |
• | if you use a contract as security for a loan (in this case, the amount pledged will be treated as a distribution); and |
• | if the owner is other than an individual (such as a corporation, partnership, trust, or other non-natural person). This provision does not apply to a trust which is a mere agent or nominee for an individual, such as a typical grantor trust. |
• | the contract that is the source of the funds you are using to purchase the nonqualified deferred annuity contract is another nonqualified deferred annuity contract or life insurance or endowment contract. |
• | the owner and the annuitant are the same under the source contract and the contract issued in exchange. If you are using a life insurance or endowment contract the owner and the insured must be the same on both sides of the exchange transaction. |
• | on or after your death; or |
• | because you are disabled (special federal income tax definition); or |
• | in the form of substantially equal periodic annuity payments at least annually over your life (or life expectancy), or the joint lives of you and your beneficiary (or joint life expectancies), using an IRS-approved distribution method. |
• | “traditional IRAs,” typically funded on a pre-tax basis, including SEP-IRAs and SIMPLE IRAs issued and funded in connection with employer-sponsored retirement plans. |
• | Roth IRAs, funded on an after-tax basis. |
• | “regular” contributions out of earned income or compensation; or |
• | tax-free “rollover” contributions; or |
• | direct custodian-to-custodian |
• | qualified plans; |
• | governmental employer 457(b) plans, also referred to as “governmental employer EDC plans”; |
• | 403(b) plans; and |
• | other traditional IRAs. |
• | Do it yourself: |
• | Direct rollover: |
• | “a required minimum distribution” after the applicable RMD age or retirement; or |
• | one of a series of substantially equal periodic payments made at least annually for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary; or |
• | one of a series of substantially equal periodic payments made for a specified period of 10 years or more; or |
• | a hardship withdrawal; or |
• | a corrective distribution which fits specified technical tax rules; or |
• | a loan that is treated as a distribution; or |
• | in some instances, a death benefit payment to a beneficiary who is not your surviving spouse; or |
• | a qualified domestic relations order distribution to a beneficiary who is not your current or former spouse. |
• | the amount received is a withdrawal of certain excess contributions, as described in IRS Publications 590-A and 590-B; or |
• | the entire amount received is rolled over to another traditional IRA or other eligible retirement plan which agrees to accept the funds. (See “Rollovers from eligible retirement plans other than traditional IRAs” under “Rollover and transfer contributions to traditional IRAs” above.) |
• | Your surviving spouse (see spousal beneficiary, below); |
• | Your minor children (only while they are minors); |
• | A disabled individual (Internal Revenue Code definition applies); |
• | A chronically ill individual (Internal Revenue Code definition applies); and |
• | Any individual who is not more than 10 years younger than you. |
• | on or after your death; or |
• | because you are disabled (special federal income tax definition); or |
• | used to pay certain extraordinary medical expenses (special federal income tax definition); or |
• | used to pay medical insurance premiums for unemployed individuals (special federal income tax definition); or |
• | used to pay certain first-time home buyer expenses (special federal income tax definition; $10,000 lifetime total limit for these distributions from all your traditional and Roth IRAs); or |
• | used to pay certain higher education expenses (special federal income tax definition); or |
• | in connection with the birth or adoption of a child as specified in the Code; or |
• | in the form of substantially equal periodic payments made at least annually over your life (or your life expectancy), or over the joint lives of you and your beneficiary (or your joint life expectancy) using an IRS-approved distribution method. |
• | regular after-tax contributions out of earnings; or |
• | taxable rollover contributions from traditional IRAs or other eligible retirement plans (“conversion” rollover contributions); or |
• | tax-free rollover contributions from other Roth individual retirement arrangements or designated Roth accounts under defined contribution plans; or |
• | tax-free direct custodian-to-custodian |
• | another Roth IRA; |
• | a traditional IRA, including a SEP-IRA or SIMPLE IRA (after a two-year rollover limitation period for SIMPLE IRA funds), in a taxable conversion rollover (“conversion rollover”); |
• | a “designated Roth contribution account” under a 401(k) plan, a 403(b) plan, or a governmental employer EDC plan (direct or 60-day); or |
• | from non-Roth accounts under another eligible retirement plan as described below under “Conversion rollover contributions to Roth IRAs.” |
• | Rollovers from a Roth IRA to another Roth IRA; |
• | Direct transfers from a Roth IRA to another Roth IRA; |
• | Qualified distributions from a Roth IRA; and |
• | Return of excess contributions or amounts recharacterized to a traditional IRA. |
• | you are age 59 1 ⁄2 or older; or |
• | you die; or |
• | you become disabled (special federal income tax definition); or |
• | your distribution is a “qualified first-time homebuyer distribution” (special federal income tax definition; $10,000 lifetime total limit for these distributions from all of your traditional and Roth IRAs). |
(1) | Regular contributions. |
(2) | Conversion contributions, on a first-in-first-out |
(a) | Taxable portion (the amount required to be included in gross income because of conversion) first, and then the |
(b) | Nontaxable portion. |
(3) | Earnings on contributions. |
(1) | All distributions made during the year from all Roth IRAs you maintain — with any custodian or issuer — are added together. |
(2) | All regular contributions made during and for the year (contributions made after the close of the year, but before the due date of your return) are added together. This total is added to the total undistributed regular contributions made in prior years. |
(3) | All conversion contributions made during the year are added together. |
1.00% Minimum Guarantee |
1.00% Minimum Guarantee | |||||||||
Contract Year End |
Account Value |
Cash Value |
Contract Year End |
Account Value |
Cash Value | |||||
1 | $ 989.80 | $ 936.35 | 26 | $29,196.26 | $28,836.26 | |||||
2 | $1,979.70 | $1,872.79 | 27 | $30,498.22 | $30,138.22 | |||||
3 | $2,979.49 | $2,818.60 | 28 | $31,813.20 | $31,453.20 | |||||
4 | $3,989.29 | $3,773.87 | 29 | $33,141.33 | $32,781.33 | |||||
5 | $5,009.18 | $4,738.69 | 30 | $34,482.75 | $34,122.75 | |||||
6 | $6,039.27 | $5,713.15 | 31 | $35,837.57 | $35,477.57 | |||||
7 | $7,079.67 | $6,719.67 | 32 | $37,205.95 | $36,845.95 | |||||
8 | $8,130.46 | $7,770.46 | 33 | $38,588.01 | $38,228.01 | |||||
9 | $9,191.77 | $8,831.77 | 34 | $39,983.89 | $39,623.89 | |||||
10 | $10,263.69 | $9,903.69 | 35 | $41,393.73 | $41,033.73 | |||||
11 | $11,346.32 | $10,986.32 | 36 | $42,817.67 | $42,457.67 | |||||
12 | $12,439.79 | $12,079.79 | 37 | $44,255.84 | $43,895.84 | |||||
13 | $13,544.18 | $13,184.18 | 38 | $45,708.40 | $45,348.40 | |||||
14 | $14,659.63 | $14,299.63 | 39 | $47,175.49 | $46,815.49 | |||||
15 | $15,786.22 | $15,426.22 | 40 | $48,657.24 | $48,297.24 | |||||
16 | $16,924.08 | $16,564.08 | 41 | $50,153.81 | $49,793.81 | |||||
17 | $18,073.33 | $17,713.33 | 42 | $51,665.35 | $51,305.35 | |||||
18 | $19,234.06 | $18,874.06 | 43 | $53,192.00 | $52,832.00 | |||||
19 | $20,436.40 | $20,076.40 | 44 | $54,733.92 | $54,373.92 | |||||
20 | $21,650.76 | $21,290.76 | 45 | $56,291.26 | $55,931.26 | |||||
21 | $22,877.27 | $22,517.27 | 46 | $57,864.18 | $57,504.18 | |||||
22 | $24,116.04 | $23,756.04 | 47 | $59,452.82 | $59,092.82 | |||||
23 | $25,367.20 | $25,007.20 | 48 | $61,057.35 | $60,697.35 | |||||
24 | $26,630.88 | $26,270.88 | 49 | $62,677.92 | $62,317.92 | |||||
25 | $27,907.18 | $27,547.18 | 50 | $64,314.70 | $63,954.70 |
1.00% Minimum Guarantee |
1.00% Minimum Guarantee | |||||||||
Contract Year End |
Account Value |
Cash Value |
Contract Year End |
Account Value |
Cash Value | |||||
1 | $989.80 | $936.35 | 26 | $434.76 | $434.76 | |||||
2 | $979.70 | $926.80 | 27 | $409.11 | $409.11 | |||||
3 | $959.50 | $907.69 | 28 | $383.20 | $383.20 | |||||
4 | $939.10 | $888.38 | 29 | $357.03 | $357.03 | |||||
5 | $918.49 | $868.89 | 30 | $330.60 | $330.60 | |||||
6 | $897.67 | $849.20 | 31 | $303.91 | $303.91 | |||||
7 | $876.65 | $876.65 | 32 | $276.95 | $276.95 | |||||
8 | $855.42 | $855.42 | 33 | $249.72 | $249.72 | |||||
9 | $833.97 | $833.97 | 34 | $222.21 | $222.21 | |||||
10 | $812.31 | $812.31 | 35 | $194.44 | $194.44 | |||||
11 | $790.43 | $790.43 | 36 | $166.38 | $166.38 | |||||
12 | $768.34 | $768.34 | 37 | $138.04 | $138.04 | |||||
13 | $746.02 | $746.02 | 38 | $109.42 | $109.42 | |||||
14 | $723.48 | $723.48 | 39 | $ 80.52 | $ 80.52 | |||||
15 | $700.71 | $700.71 | 40 | $ 51.32 | $ 51.32 | |||||
16 | $677.72 | $677.72 | 41 | $ 21.84 | $ 21.84 | |||||
17 | $654.50 | $654.50 | 42 | $ 0.00 | $ 0.00 | |||||
18 | $631.04 | $631.04 | 43 | $ 0.00 | $ 0.00 | |||||
19 | $607.35 | $607.35 | 44 | $ 0.00 | $ 0.00 | |||||
20 | $583.43 | $583.43 | 45 | $ 0.00 | $ 0.00 | |||||
21 | $559.26 | $559.26 | 46 | $ 0.00 | $ 0.00 | |||||
22 | $534.85 | $534.85 | 47 | $ 0.00 | $ 0.00 | |||||
23 | $510.20 | $510.20 | 48 | $ 0.00 | $ 0.00 | |||||
24 | $485.31 | $485.31 | 49 | $ 0.00 | $ 0.00 | |||||
25 | $460.16 | $460.16 | 50 | $ 0.00 | $ 0.00 |
• | We might have to withhold and/or report on amounts we pay under a free look or cancellation. |
• | We are required to withhold on the gross amount of a distribution from a Roth IRA to the extent it is reasonable for us to believe that a distribution is includable in |
your gross income. This may result in tax being withheld even though the Roth IRA distribution is ultimately not taxable. |
(1) | to add variable investment options to, or to remove variable investment options from, the Separate Account, or to add other separate accounts; |
(2) | to combine any two or more variable investment options; |
(3) | to limit the number of variable investment options which you may elect; |
(4) | to transfer the assets we determine to be the shares of the class of contracts to which the contracts belong from any variable investment option to another variable investment option; |
(5) | to operate the Separate Account or any variable investment option as a management investment company under the Investment Company Act of 1940 (in which case, charges and expenses that otherwise would be assessed against an underlying mutual fund would be assessed against the Separate Account or a variable investment option directly); |
(6) | to deregister the Separate Account under the Investment Company Act of 1940; |
(7) | to restrict or eliminate any voting rights as to the Separate Account; and |
(8) | to cause one or more variable investment options to invest some or all of their assets in one or more other trusts or investment companies. |
• | If your contribution, transfer or any other transaction request containing all the required information reaches us on any of the following, we will use the next business day: |
— | on a non-business day; |
— | after 4:00 p.m. Eastern Time on a business day; or |
— | after an early close of regular trading on the NYSE on a business day. |
• | When a charge is to be deducted on a contract date anniversary that is a non-business day, we will deduct the charge on the next business day. |
• | Contributions allocated to the variable investment options are invested at the unit value next determined after the receipt of the contribution. |
• | Contributions allocated to a fixed maturity option will receive the rate to maturity in effect for that fixed maturity option on that business day. |
• | Contributions allocated to the guaranteed interest option will receive the guaranteed interest rate in effect on that business day. |
• | If a fixed maturity option is scheduled to mature on June 15th and June 15th is a non-business day, that fixed maturity option will mature on the prior business day. |
• | Transfers to or from variable investment options will be made at the unit value next determined after the receipt of the transfer request. |
• | Transfers to the guaranteed interest option will receive the guaranteed interest rate in effect on that business day. |
• | Transfers to a fixed maturity option will receive the rate to maturity in effect for that fixed maturity option on that business day. |
• | Transfers out of a fixed maturity option will be at the market adjusted amount on that business day. |
• | For the fixed-dollar option, the first monthly transfer will occur on the last business day of the month in which we receive your election form at our processing office. |
• | For the interest sweep, the first monthly transfer will occur on the last business day of the month following the month that we receive your election form at our processing office. |
• | Quarterly rebalancing will be processed on a calendar year basis. Semiannual or annual rebalancing will be processed on the first business day of the month. Rebalancing will not be done retroactively. |
• | Requests for withdrawals or surrenders will occur on the business day that we receive the information that we require. |
• | the election of trustees; |
• | the formal approval of independent auditors selected for the affiliated Trust; or |
• | any other matters described in each prospectus for the Trusts or requiring a shareholders’ vote under the Investment Company Act of 1940. |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
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Average Annual Total Returns (as of 12/31/2023) |
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TYPE |
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BlackRock Investment Management, LLC, Morgan Stanley Investment Management, Inc. |
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AllianceBernstein L.P., Pacific Investment Management Company LLC |
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BlackRock Financial Management, Inc., DoubleLine Capital LP, Pacific Investment Management Company LLC, SSGA Funds Management, Inc. |
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AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP |
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This Portfolio’s annual expenses reflect temporary fee reductions. |
Δ |
Certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques that differ from the EQ volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified in the chart by a “ Δ ”. Any such unaffiliated Portfolio is not identified in the chart. See “Portfolios of the Trusts” for more information regarding volatility management. |
† |
EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a “†“. See “Portfolios of the Trusts” for more information regarding volatility management. |
* |
The Portfolio operates as a “government money market fund.” The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
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TYPE |
Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable |
1 year |
5 year |
10 year |
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American Funds Insurance Series ® The Bond Fund of America ® — |
^ |
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Fidelity ® VIP Investment Grade Bond Portfolio — |
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Invesco V.I. Main Street Mid Cap Fund ® — |
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(1) — Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, Macquarie Investment Management Global Limited |
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MFS ® Investors Trust Series — |
^ |
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MFS ® Massachusetts Investors Growth Stock Portfolio — |
^ |
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- |
- |
^ |
This Portfolio’s annual expenses reflect temporary fee reductions. |
(1) |
This is the variable investment option’s new name. The variable investment option’s former name is Delaware Ivy VIP High Income which may continue to be used in certain documents for a period of time after the date of this prospectus. |
Investments Options A | ||
Guaranteed Interest Option | ||
® Large Cap |
||
® | ||
® Investors Trust Series | ||
® Massachusetts Investors Growth Stock Portfolio | ||
Investments Options B | ||
® The Bond Fund of America |
||
® VIP Investment Grade Bond Portfolio | ||
Features and benefits |
Availability or variation | |
Source of contributions |
• Rollovers from a qualified plan. | |
• Rollovers from a TSA. | ||
• The QP IRA contract is intended to be a conduit IRA to be used primarily for rollover contributions from a qualified plan or TSA, although we accept regular IRA contributions (limits are described in this prospectus under “Traditional individual retirement annuities (traditional IRAs)”). | ||
Minimum contributions |
$2,500 each rollover amount. | |
Limitations on contributions |
After lifetime required minimum distributions must start, rollover contributions must be net of required minimum distributions. | |
Taxation of payments Federal income tax withholding |
The QP IRA is used as a conduit IRA so that amounts are not commingled. If you are eligible for ten year averaging and long term capital gains treatment of distributions from a qualified plan, you may be able to preserve such treatment even though an eligible rollover from a qualified plan is temporarily rolled into a conduit IRA, such as a QP IRA, before rolling it back into a qualified plan. See your tax adviser. |
End of contract year |
Account value (1) |
Contribution |
Ratcheted death benefit | |||
1 | $105,000 (2) |
$100,000 | $100,000 | |||
2 | $115,500 (2) |
$100,000 | ||||
3 | $129,360 (2) |
$129,360 (2) | ||||
4 | $103,488 |
$129,360 (3) | ||||
5 | $113,837 |
$129,360 (3) | ||||
6 | $127,497 |
$129,360 (3) | ||||
7 | $127,497 |
$129,360 (3) | ||||
8 | $133,872 (2) |
$129,360 | ||||
9 | $147,259 |
$147,259 (4) |
(1) | If the ratcheted death benefit was not elected, the death benefit on each contract date anniversary would be equal to the account value, since it is higher than the contribution. |
(2) | If the ratcheted death benefit was elected, at the end of contract years 1, 2, 3 and 8, the death benefit will be equal to the account value. Also in year 3, the ratcheted death benefit is increased to equal the account value. |
(3) | At the end of contract years 4, 5, 6 and 7, the death benefit would be equal to the ratcheted death benefit since it is higher than the account value. Also, at the end of contract year six, no adjustment would be made to the ratcheted death benefit, since the ratcheted death benefit is higher than the account value. |
(4) | At the end of contract year 9, the ratcheted death benefit would be increased to the account value, since the account value on the contract date anniversary is higher than the current ratcheted death benefit. |
States where certain EQUI-VEST ® features and/or benefits are not available or vary: | ||||
State |
Features / benefits / charges |
Availability / variation | ||
California |
See “Purchasing the Contract”—”Your right to cancel within a certain number of days” | If you reside in the state of California and you are age 60 or older at the time the contract is issued, you may return your variable annuity contract within 30 days from the date that you receive it and receive a refund as described below. If you allocate your entire initial contribution to the EQ/Money Market option (and/or the guaranteed interest option), the amount of your refund will be equal to your contribution less interest, unless you make a transfer, in which case the amount of your refund will be equal to your account value on the date we receive your request to cancel at our processing office. This amount could be less than your initial contribution. If you allocate any portion of your initial contribution to variable investment options other than the EQ/Money Market option (and/or the fixed maturity options), your refund will be equal to your account value on the date we receive your request to cancel at our processing office. | ||
Connecticut The following change applies to contracts issued on or after March 3, 2004. |
Withdrawal charge See “Charges under the contracts — withdrawal charge” in “Charges and expenses.” |
During the first six contract years following a contribution, a withdrawal charge will be deducted from amounts you withdraw that exceed 15% of your account value (the free withdrawal amount). The withdrawal charge is equal to a percentage of each contribution. The percentage that applies depends on how long each contribution has been invested in the contract. We determine the withdrawal charge separately for each contribution according to the following schedule: |
Contract year | ||||||||||||||||||
1 |
2 |
3 |
4 |
5 |
6 |
7 and later | ||||||||||||
Percentage of contribution |
6 | 6 | 6 | 6 | 6 | 5 | 0 |
Certain other exemptions apply. | ||||
Florida |
See “How you can contribute to your contract” in “Purchasing the Contract” | For all contracts, acceptance of contributions has been discontinued. | ||
Illinois For IRA and NQ Contract Series 800 issued on or after September 24, 2007. |
Withdrawal charge. See “Fees and charges” under “EQUI-VEST ® |
During the first six contract years following a contribution, a withdrawal charge will be deducted from amounts you withdraw that exceed 15% of your account value (the free withdrawal amount). The withdrawal charge is equal to a percentage of each contribution. The percentage that applies depends on how long each contribution has been invested in the contract. We determine the withdrawal charge separately for each contribution according to the following schedule. |
Contract year | ||||||||||||||||||
1 |
2 |
3 |
4 |
5 |
6 |
7 and later | ||||||||||||
Percentage of contribution |
6 | 6 | 6 | 6 | 6 | 5 | 0 |
State |
Features / benefits / charges |
Availability / variation | ||
Maryland |
See “How you can contribute to your contract” in “Purchasing the Contract” | For all contracts, we continue to accept contributions. The discontinuance of acceptance of contributions and the $6,000 contribution limitation per calendar year do not apply. | ||
Massachusetts The following change applies to Traditional IRA, Roth IRA and NQ contracts issued on or after November 27, 2006. |
See “Disability, terminal illness or confinement to nursing home” under “Withdrawal charge” in “Charges and expenses.” | The disability, terminal illness or confinement to a nursing home withdrawal charge waiver is not available. | ||
Puerto Rico | See “Taxation of nonqualified annuities” under “Tax information.” | Income from NQ contracts we issue is U.S. source. A Puerto Rico resident is subject to U.S. taxation on such U.S. source income. Only Puerto Rico source income of Puerto Rico residents is excludable from U.S. taxation. Income from NQ contracts is also subject to Puerto Rico tax. The calculation of the taxable portion of amounts distributed from a contract may differ in the two jurisdictions. Therefore, you might have to file both U.S. and Puerto Rico tax returns, showing different amounts of income from the contract for each tax return. Puerto Rico generally provides a credit against Puerto Rico tax for U.S. tax paid. Depending on your personal situation and the timing of the different tax liabilities, you may not be able to take full advantage of this credit. We require owners or beneficiaries of annuity contracts in Puerto Rico that are not individuals to document their status to avoid 30% FATCA withholding from U.S.-source income. | ||
Utah For non-qualified annuities, IRA, Roth IRA, Inherited IRA and Roth Inherited IRA contracts issued on or after November 27, 2006. |
Withdrawal charge. See “Charges under the contracts — withdrawal charge” in “Charges and expenses.” |
During the first six contract years following a contribution, a withdrawal charge will be deducted from amounts you withdraw that exceed 15% of your account value (the free withdrawal amount). The withdrawal charge is equal to a percentage of each contribution. The percentage that applies depends on how long each contribution has been invested in the contract. We determine the withdrawal charge separately for each contribution according to the following schedule. |
Contract year | ||||||||||||||||||
1 |
2 |
3 |
4 |
5 |
6 |
7 and later | ||||||||||||
Percentage of contribution |
6% | 6% | 6% | 6% | 6% | 5% | 0 |
Washington The following changes apply to contracts issued on or after August 13, 2001. |
Fixed Maturity Option Ratcheted Death Benefit See “Selecting an annuity payout option” in “Accessing your money” |
Not available Not available In the third paragraph, “New York” is replaced with “Washington” and paragraph (ii) is deleted and replaced with: (ii) if the annuitant was age 81–85 when the contract was issued, the contract anniversary that follows the annuitant’s 95 th birthday. |
State |
Features / benefits / charges |
Availability / variation | ||
See “Annual administrative charge” in “Charges and Expenses” | The second paragraph is deleted and replaced with: The charge is deducted pro rata from the variable investment options. If your account value is allocated 100% to the guaranteed interest option, the charge will be waived. | |||
See “Withdrawal charge” in “Charges and expenses” | The second sentence of the third paragraph is replaced with: In the case of surrenders, we will pay you the greater of (i) the cash value or (ii) the free withdrawal amount plus 94% (95% in the fifth contract year if the annuitant was age 60 or over when the contract was issued) of the remaining account value. | |||
See “Disability, terminal illness, or confinement to nursing home” in “Charges and expenses” |
The last paragraph and its first bullet are replaced with the following: For NQ, traditional IRA and Roth IRA contracts, the with drawal charge also does not apply in the following circumstances: • After five contract years and the annuitant is at least age 59 1 ⁄2 ; or |
• | A nonqualified annuity (“NQ”) for after-tax contributions only. |
• | An individual retirement annuity (“IRA”), any of traditional IRA, Roth IRA or Inherited IRA beneficiary continuation contracts (“Inherited IRA”). |
EV Series 801 (IF/NB) | ||
#637015 |
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Prospectus |
Contract or Supplemental Materials | |
account value | Annuity Account Value | |
guaranteed interest option | Guaranteed Interest Account | |
unit | Accumulation unit | |
unit value | Accumulation unit value |
FEES AND EXPENSES | ||||||||||
Charges for Early Withdrawals |
If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from the contract within For additional information about the charges for surrenders and early withdrawals see “Withdrawal charge” in “Charges under the contracts” under “Charges and expenses” in the prospectus. |
|||||||||
Transaction Charges |
In addition to withdrawal charges, you may also be charged for other transactions (for special requests such as wire transfers, express mail, duplicate contracts, preparing checks, or third-party transfers or exchanges). For additional information about transaction charges see “Charges that the Company deducts” in “Charges and expenses” in the prospectus. |
Ongoing Fees and Expenses (annual charges) |
The contract provides for different ongoing fees and expenses. The table below describes the fees and expenses that you may pay each year under the contract, depending on the options you choose. Please refer to your contract specifications page of your contract for information about the specific fees you will pay each year based on the options you have elected. |
|||||||||
Annual Fee |
Minimum |
Maximum |
||||||||
Base Contract (1) |
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Investment options (Portfolio fees and expenses) (2) |
||||||||||
Optional benefits available for an additional charge (for a single optional benefit, if elected) (3) |
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(1) (2) (3) 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, or make any other transactions, which could add withdrawal charges that substantially increase costs. |
Lowest Annual Cost $ |
Highest Annual Cost $ |
|||||||||
Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive combination of contract and Portfolio fees and expenses • No optional benefits • No sales charges • No additional contributions, transfers or withdrawals |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of contract, optional benefits (Ratcheted death benefit) and Portfolio fees and expenses • No sales charges • No additional contributions, transfers or withdrawals |
|||||||||
For additional information about ongoing fees and expenses see “Fee Table” in the prospectus. |
RISKS | ||||||
Risk of Loss |
The contract is subject to the risk of loss. You could lose some or all of your account value. For additional information about the risk of loss see “Principal risks of investing in the contract” in the prospectus. | |||||
Not a Short-Term Investment |
The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the contract as a short-term investment or savings vehicle. A withdrawal charge may apply in certain circumstances and any withdrawals may also be subject to federal and state income taxes and tax penalties. For additional information about the investment profile of the contract see “Fee Table” in the prospectus. | |||||
Risks Associated with 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 variable investment options available under the contract, (e.g., the Portfolios). Each investment option, including the guaranteed interest option, has its own unique risks. You should review the variable investment options available under the contract before making an investment decision. For additional information about the risks associated with investment options see “Variable investment options” “Guaranteed interest option”, and “Portfolios of the Trusts” in “Purchasing the Contract” in the prospectus. See also Appendix “Portfolio Companies available under the contract” in the prospectus. | |||||
Insurance Company Risks |
An investment in the contract is subject to the risks related to the Company. The Company is solely responsible to the contract owner for the contract’s account value and the optional benefits. The general obligations including the guaranteed interest option, and any optional benefits under the contract are supported by our general account and are subject to our claims paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at www.equitable.com/about-us/financial-strength-ratings. For additional information about insurance company risks see “About the general account” in “More information” in the prospectus. |
RESTRICTIONS | ||||||
Investments |
We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options and to limit the number of variable investment options which you may select. Such rights include, among others, combining any two or more variable investment options and transferring the account value from any variable investment option to another variable investment option. There are limits on contributions and transfers into and out of the guaranteed interest option, and restrictions or limitations with a dollar cost averaging program. See “Allocating your contributions” in “Purchasing the Contract” and “Transferring your account value” in “Transferring your money among investment options” in the prospectus for more information. For more information see “About the Separate Account” in “More information” in the prospectus. You must choose one of the two investment methods: 1) Maximum investment option choice, or 2) Maximum transfer flexibility. For more information please see “Selecting your investment method” in the prospectus. For additional information about the investment options, including information regarding volatility management strategies and techniques, see “Portfolios of Trusts” in “Purchasing the Contract” in the prospectus. | |||||
Optional Benefits |
TAXES | ||||||
Tax Implications |
You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract. There is no additional tax benefit to you if the contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a withdrawal from the contract. For additional information about tax implications see “Tax information” in the prospectus. | |||||
CONFLICTS OF INTEREST | ||||||
Investment Professional Compensation |
Some financial professionals may receive compensation for selling the contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as “marketing allowances”). This conflict of interest may influence the financial professional to recommend this contract over another investment. For additional information about compensation to financial professionals see “Distribution of the contracts” in “More information” in the prospectus. | |||||
Exchanges |
Some financial professionals may have a financial incentive to offer 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, that it is preferable to purchase the new contract rather than continue to own your existing contract. For additional information about exchanges see “Charge for third-party transfer or exchange” in “Charges and expenses” in the prospectus. |
• | Variable investment options; |
• | Guaranteed interest option; and |
• | Rebalancing options. |
Transaction Expenses | ||
Sales Load Imposed on Purchases | ||
Withdrawal Charge (as a percentage of contribution withdrawn) (1) |
||
Transfer Fee | ||
Third Party Transfer or Exchange Fee (2) |
$ | |
Special Service Charges (3) |
$ |
(1) |
Contract Year | |||||||||||||||||||||||||||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | |||||||||||||||||||||||||||
6.00% | 6.00 | % | 6.00 | % | 6.00 | % | 6.00 | % | 5.00 | % | 0.00 | % |
(2) |
(3) |
Annual Contract Expenses |
||
Annual Administrative Charge (1) |
$ (2) | |
Base Contract Expenses (as an percentage of daily net assets in the variable investment options) |
||
Optional Benefits Expenses |
||
Ratcheted death benefit charge (as a percentage of your account value) (3) |
(1) |
The annual administrative charge is deducted from your account value on each contract date anniversary. If the contract is surrendered or annuitized or a death benefit is paid on any date other than the contract date anniversary, we will deduct a pro rata portion of the administrative charge for that year. |
(2) |
There is no charge if your account value on the last day of your contract year is $100,000 or more. |
(3) |
Annual Portfolio Expenses |
Minimum |
Maximum |
||||||
Annual Portfolio Expenses prior to Expense Limitation Arrangement (expenses that are deducted from Portfolio assets including management fees, 12b-1 fees, service fees and/or other expenses) * |
% |
% | ||||||
Annual Portfolio Expenses after Expense Limitation Arrangement (expenses that are deducted from Portfolio assets including management fees, 12b-1 fees, service fees and other expenses) ** |
% |
% |
* | “Annual Portfolio Expenses” may be based, in part, on estimated amounts of such expenses. |
** |
“Annual Portfolio Expenses” are based, in part, on estimated amounts of such expenses. Pursuant to a contract, Equitable Investment Management Group, LLC has agreed to make payments or waive its management, administrative and other fees to limit the expenses of certain affiliated Portfolios through April 30, 2025 (“Expense Limitation Arrangement”) (unless the Trust’s Board of Trustees consents to an earlier revision or termination of this agreement). The Expense Limitation Arrangement may be terminated by Equitable Investment Management Group, LLC at any time after April 30, 2025. The Expense Limitation Arrangement does not apply to unaffiliated Portfolios. |
If you surrender your contract or annuitize (under a non-life option) at the end of the applicable time period |
If you do not surrender your contract |
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1 year |
3 years |
5 years |
10 years |
1 year |
3 years |
5 years |
10 years |
|||||||||||||||||||||
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
• | confirmation notices of financial transactions; and |
• | quarterly statements of your contract values as of the close of each calendar quarter. |
• | your current account value; |
• | your current allocation percentages; |
• | the number of units you have in the variable investment options; |
• | rates to maturity for fixed maturity options; and |
• | the daily unit values for the variable investment options. |
• | change your allocation percentages and/or transfer among the variable investment options and the guaranteed interest option (not available for transfers to fixed maturity options); and |
• | change your TOPS personal identification number (“PIN”) (through TOPS only) and your Equitable Client portal password (through Equitable Client portal only). |
• | elect the investment simplifier. |
• | Account summary |
• | Messages and alerts |
• | Profile changes |
• | Manage your account |
• | Investments details |
(1) | conversion of your traditional IRA contract to a Roth IRA contract; |
(2) | cancellation of your Roth IRA contract and return to a traditional IRA contract; |
(3) | election of the automatic investment program; |
(4) | election of the investment simplifier; |
(5) | election of the automatic deposit service; |
(6) | election of the rebalancing program; |
(7) | election of the required minimum distribution (“RMD”) automatic withdrawal option; |
(8) | election of the beneficiary continuation option; |
(9) | request for a transfer/rollover of assets or 1035 exchange to another carrier; |
(10) | purchase by, or change of ownership to, a non-natural owner; |
(11) | contract surrender and withdrawal requests; |
(12) | death claims; and |
(1) | beneficiary changes; |
(2) | transfers among investment options; and |
(3) | change of ownership. |
(1) | automatic investment program; |
(2) | investment simplifier; |
(3) | rebalancing program; |
(4) | systematic withdrawals; and |
(5) | the date annuity payments are to begin. |
Contract type |
Available for annuitant issue ages |
Minimum contributions |
Source of contributions |
Limitations on contributions | ||||
NQ | 0 through 85 | • $25,000 (initial) • $50 (additional) |
• After-tax money. • Paid to us by check or transfer of contract value in a tax deferred exchange under Section 1035 of the Internal Revenue Code. • Paid to us by an employer who establishes a payroll deduction program. |
• Additional contributions can be made up to the later of attainment of age 86 or the first contract date anniversary. |
Contract type |
Available for annuitant issue ages |
Minimum contributions |
Source of contributions |
Limitations on contributions | ||||
Traditional IRA |
0 through 85 |
• $25,000 (initial) • $50 (additional) |
Initial contribution must be any of the following: • Eligible rollover distribution from 403(b) plan, qualified plan or governmental employer 457(b) plan. • Rollover from another traditional individual retirement arrangement. • Direct custodian-to-custodian transfer from other traditional individual retirement arrangement. Additional contributions may also be: • “Regular” traditional IRA contributions either made by you or paid to us by an employer who establishes a payroll deduction program. • Additional catch-up contributions. |
• Additional contributions (rollover or direct transfer) may be made up to the later of attainment of age 86 or the first contract date anniversary. • After lifetime required minimum distributions must start, rollover or direct transfer contributions must be net of any required minimum distributions. • Although we accept regular IRA contributions (limited to $7,000 for 2024) under traditional IRA contracts, we intend that this contract be used primarily for rollover and direct transfer contributions. • Additional catch-up contributions of up to $1,000 per calendar year if the owner is at least age 50 at any time during 2024. |
Contract type |
Available for annuitant issue ages |
Minimum contributions |
Source of contributions |
Limitations on contributions | ||||
Roth IRA |
0 through 85 |
• $25,000 (initial) • $50 (additional) |
Initial contribution must be any of the following: • Rollovers from another Roth IRA. • Rollovers from a “designated Roth contribution account” under specified retirement plans. • Conversion rollovers from a traditional IRA or other eligible retirement plan. • Direct transfers from another Roth IRA. Additional contributions may also be: • Regular Roth IRA contributions either made by you or paid to us by an employer who establishes a payroll deduction program. • Additional catch-up contributions. |
• Additional contributions can be made up to the later of attainment of age 86 or the first contract date anniversary. • Contributions are subject to income limits and other tax rules. See “Contributions to Roth IRAs — Tax information” in this prospectus. • Although we accept regular Roth IRA contributions (limited to $7,000 for 2024), under the Roth IRA contracts, we intend that this contract be used primarily for rollover and direct transfer contributions. • Additional catch-up contributions of up to $1,000 per calendar year if the owner is at least age 50 at any time during 2024. | ||||
Inherited IRA (traditional IRA or Roth IRA)* |
0 through 70 |
• $25,000 (initial) • $1,000 (additional) |
• Direct custodian-to- custodian transfers of your interest as death beneficiary of the deceased owner’s traditional individual retirement arrangement or Roth IRA to an IRA of the same type. • Non-spousal beneficiary direct rollover contributions may be made to an inherited IRA contract under specified circumstances from these “Applicable Plans”: qualified plans, 403(b) plans and governmental employer 457(b) plans. |
• Any additional contributions must be from the same type of IRA of the same deceased owner. • No additional contributions are permitted to Inherited IRA contracts issued as a Non-spousal beneficiary direct rollover from an Applicable Plan. |
* | The Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) enacted at the end of 2019 has changed key aspects of Inherited IRA contracts. We may be required in certain cases to pay benefits faster under existing contracts. We also may limit the availability of Inherited IRA contracts to new purchasers pending the issuance of further guidance. |
(a) | By requiring a Portfolio sub-adviser to buy and sell large amounts of securities at inopportune times, a Portfolio’s investment performance and the ability of the sub-adviser to fully implement the Portfolio’s investment strategy could be negatively affected; and |
(b) | By generating higher turnover in its securities or other assets than it would have experienced without being impacted by the ATP, a Portfolio could incur higher operating expense ratios and transaction costs than comparable funds. In addition, even |
Portfolios structured as funds-of-funds that are not available for investment by contract owners who are subject to the ATP could also be impacted by the ATP if those Portfolios invest in underlying funds that are themselves subject to significant asset turnover caused by the ATP. Because the ATP formulas generate unique results for each contract, not all contract owners who are subject to the ATP will be affected by operation of the ATP in the same way. On any particular day on which the ATP is activated, some contract owners may have a portion of their account value transferred to the EQ/Ultra Conservative Strategy Portfolio investment option and others may not. If the ATP causes significant transfers of total account value out of one or more Portfolios, any resulting negative effect on the performance of those Portfolios will be experienced to a greater extent by a contract owner (with or without the ATP) invested in those Portfolios whose account value was not subject to the transfers. |
• | Maximum investment options choice. |
• | Maximum transfer flexibility. |
available investment options listed in A in the investment options chart which can be found in the Appendix: “Portfolio companies available under the contract.” No transfer restrictions will apply. |
• | Temporary removal of transfer restrictions that apply to the investment methods. |
• | you cancel your contract during the free look period; or |
• | you change your mind before you receive your contract whether we have received your contribution or not. |
• | beneficiaries of IRAs who are individuals (“IRA beneficiaries”); and |
• | eligible non-spousal individual beneficiaries of deceased plan participants in qualified plans, 403(b) plans and governmental employer 457(b) plans (“Non-spousal Applicable Plan beneficiaries”). The purpose is to enable such beneficiaries to elect certain post-death RMD payment choices available to them under federal income tax rules which may not be offered under the Applicable Plan. |
• | The Inherited IRA beneficiary continuation contract can be purchased even though you have already begun taking post-death RMD payments of your interest as a beneficiary from the deceased owner’s original IRA. You should discuss with your own tax adviser when payments must begin or must be made. |
• | The initial contribution must be a direct transfer from the deceased owner’s original IRA and is subject to minimum contribution amounts (at least $25,000). See “How you can purchase and contribute to your contract” earlier in this section. |
• | Any subsequent contribution must be at least $1,000 and must be a direct transfer of your interest as a beneficiary from another IRA with a financial institution other than the Company, where the deceased owner is the same as under the original IRA contract.. |
• | The initial contribution must be a direct rollover from the deceased plan participant’s Applicable Plan and is subject to minimum contribution amounts (at least $25,000). See “How you can purchase and contribute to your contract” earlier in this section. |
• | There are no subsequent contributions. |
• | The beneficiary of the original IRA (or the Non-spousal Applicable Plan beneficiary) will be the annuitant under the Inherited IRA beneficiary continuation contract. In the case where the beneficiary is a “see-through trust,” the annuitant will be determined in accordance with Code Section 401(a)(9) and the Treasury Regulations thereunder. |
• | An Inherited IRA beneficiary continuation contract is not available for annuitants over age 70. |
• | You may make transfers among the investment options. |
• | You may choose at any time to withdraw all or a portion of the account value. Any partial withdrawal must be at least $300. Withdrawal charges will apply as described under “Withdrawal charge” in “Charges and expenses” in this prospectus. |
• | The following features mentioned in the prospectus are not available under the Inherited IRA beneficiary continuation contract: successor owner/annuitant, automatic investment program and systematic withdrawals. |
• | If you die, we will pay to a beneficiary that you choose the greater of the account value or the applicable death benefit. |
• | Upon your death, your beneficiary has the following options: (1) if you were an EDB or the deceased owner (or deceased participant) died on or before December 31, 2019, your beneficiary must withdraw any remaining amount within ten years of your death in accordance with federal tax rules; or (2) if you were not an EDB, the beneficiary must withdraw any remaining amount within 10 years of the deceased owner’s (or deceased participant’s) death in accordance with federal tax rules. The option elected will be processed when we receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. If your beneficiary elects to continue to take distributions, we will increase the account value to equal the applicable death benefit if such death benefit is greater than such account value as of the date we receive satisfactory proof of death and any required instructions, information and forms. The increase in account value will be allocated to the investment options according to the allocation percentages we have on file for your contract. Thereafter, withdrawal charges will no longer apply. If you had elected the ratcheted death benefit, it will no longer be in effect and charges for such benefit will stop. |
Name of Benefit |
Purpose |
Standard/ Optional |
Annual Fee |
Brief Description of Restrictions/ Limitations | ||||||
Max |
Current | |||||||||
Charge |
• | |||||||||
(1) |
(1) |
• Available only at contract purchase • Restricted to owners of certain ages • You may not cancel once you elect this benefit • Withdrawals could significantly reduce or terminate benefit |
(1) |
Expressed as a percentage of your account value. |
Name of Benefit |
Purpose |
Standard/ Optional |
Annual Fee |
Brief Description of Restrictions/ Limitations | ||||||
Max |
Current | |||||||||
Option I (1) and Option II (2) |
• | |||||||||
• |
(1) |
Option I allows you to rebalance your account value among the variable investment options. |
(2) |
Option II allows you to rebalance your account value among the variable investment options and the guaranteed interest option. |
(a) | your account value as of the date we receive satisfactory proof of the annuitant’s death, any required instructions for the method of payment, information and forms necessary to effect payments and |
(b) | the ratcheted death benefit on the date of the annuitant’s death, less any subsequent withdrawals, withdrawal charges and taxes that apply. |
• | The cash value of the contract must be fully paid to the successor owner (new owner) within five years after your death (or in a joint ownership situation, the death of the first owner to die). |
• | The successor owner may instead elect to receive the cash value as a life annuity (or payments for a period certain of not longer than the new owner’s life expectancy). Payments must begin within one year after the non-annuitant owner’s death. Unless this alternative is elected, we will pay any cash value five years after your death (or the death of the first owner to die). |
• | The contract continues with your name on it for the benefit of your beneficiary. |
• | This feature is only available if the beneficiary is an individual. Certain trusts with only individual beneficiaries will be treated as individuals for this purpose. |
• | If there is more than one beneficiary, each beneficiary’s share will be separately accounted for. It will be distributed over the beneficiary’s own life expectancy, if payments over life expectancy are chosen by an eligible beneficiary. |
• | The minimum amount that is required in order to elect the beneficiary continuation option is $25,000 for each beneficiary. |
• | The beneficiary may make transfers among the investment options but no additional contributions will be permitted. |
• | The minimum death benefit or the ratcheted death benefit, if applicable under the contract, will no longer be in effect and the charge for the ratcheted death benefit will stop. |
• | The beneficiary may choose at any time to withdraw all or a portion of the account value and no withdrawal charges will apply. |
• | Any partial withdrawal must be at least $300. |
• | Your beneficiary will have the right to name a beneficiary to receive any remaining interest in the contract. |
• | Upon the death of your beneficiary, the following distribution rules will apply to the subsequent beneficiary named by your beneficiary: (1) if your beneficiary is an EDB or you died on or before December 31, 2019, the subsequent beneficiary must withdraw any remaining amount within ten years of your beneficiary’s death in accordance with federal tax rules; or (2) if your beneficiary is not an EDB, the subsequent beneficiary must withdraw any remaining amount within 10 years of your death in accordance with federal tax rules. The option elected will be processed when we receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. |
• | This feature is only available if the beneficiary is an individual. It is not available for any entity such as a trust, even if all of the beneficiaries of the trust are individuals. |
• | The contract continues in your name for the benefit of your beneficiary. |
• | If there is more than one beneficiary, each beneficiary’s share will be separately accounted for. It will be distributed over the respective beneficiary’s own life expectancy, if scheduled payments are chosen. |
• | The minimum amount that is required in order to elect the beneficiary continuation option is $25,000 for each beneficiary. |
• | The beneficiary may make transfers among the investment options but no additional contributions will be permitted. |
• | The minimum death benefit or the ratcheted death benefit, if applicable under your contract, will no longer be in effect and the charge for the ratcheted death benefit will stop. |
• | If the beneficiary chooses the “5-year rule,” withdrawals may be made at any time. If the beneficiary instead chooses scheduled payments, the beneficiary may also take withdrawals, in addition to scheduled payments, at any time. See “Taxation of nonqualified annuities” in “Tax information” in this prospectus. |
• | Any partial withdrawal must be at least $300. |
• | Your beneficiary will have the right to name a beneficiary to receive any remaining interest in the contract on the beneficiary’s death. |
• | Upon the death of your beneficiary, the beneficiary that he or she has named has the option to either continue taking scheduled payments based on the remaining life expectancy of the deceased beneficiary (if scheduled payments were chosen) or to receive any remaining interest in the contract in a lump sum. We will pay any remaining interest in the contract in a lump sum if your beneficiary elects the 5-year rule. The option elected will be processed when we receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. |
• | As of the date we receive satisfactory proof of death, any required instructions, information and forms necessary to effect the beneficiary continuation option feature, we will |
increase the account value to equal the applicable death benefit if such death benefit is greater than such account value. The increase in account value will be allocated to the investment options according to the allocation percentages we have on file for your contract. |
• | No withdrawal charges will apply to any withdrawals by the beneficiary. |
• | If the beneficiary continuation option is elected, the beneficiary automatically becomes the new annuitant of the contract, replacing the existing annuitant. |
• | The account value will not be reset to the death benefit amount. |
• | The withdrawal charge schedule and free withdrawal amount on the contract will continue to be applied to any withdrawal or surrender other than scheduled payments. |
• | We do not impose a withdrawal charge on scheduled payments except if, when added to any withdrawals previously taken in the same contract year, including for this purpose a contract surrender, the total amount of withdrawals and scheduled payments exceeds the free withdrawal amount. See “Withdrawal charge” in “Charges and expenses” in this prospectus. |
• | The surviving owner supersedes any other named beneficiary and may elect the beneficiary continuation option. |
• | If the deceased joint owner was also the annuitant, see “If you are both the owner and annuitant” above. |
• | If the deceased joint owner was not the annuitant, see “If the owner and annuitant are not the same person” above. |
• | Under the fixed-dollar option, when either the number of designated monthly transfers have been completed or the amount you have available in the guaranteed interest option has been transferred out. |
• | Under the interest sweep, when the amount you have in the guaranteed interest option falls below $7,500 (determined on the last business day of the month) for two months in a row. |
• | Under either option, on the date we receive at our processing office, your written request to cancel automatic transfers, or on the date your contract terminates. |
(a) | in whole percentages only, the percentage you want invested in each variable investment option (and the guaranteed interest option, if applicable), and |
(b) | how often you want the rebalancing to occur (quarterly, semiannually, or annually). |
(i) | increased to reflect additional contributions; |
(ii) | decreased to reflect a withdrawal (plus applicable withdrawal charges); or |
(iii) | increased to reflect a transfer into, or decreased to reflect a transfer out of a variable investment option. |
• | You must transfer at least $300 of account value or, if less, the entire amount in the investment option. We may waive this minimum transfer amount requirement. |
• | If your account value as of the prior business day is $100,000 or less, transfers into the guaranteed interest option will not be permitted if it would result in more than 25% of your account value being in the guaranteed interest option. |
• | If your account value as of the prior business day is more than $100,000, transfers into the guaranteed interest option will not be permitted if it would result in more than 50% of your account value being in the guaranteed interest option. |
• | If you choose the “Maximum investment options choice” method for selecting investment options (including if you have been deemed to have selected that method as a result of a Target Allocation investment option in which you are invested becoming a group “B” option as described under “Selecting your investment method” in “Purchasing the contract” and Appendix: “Portfolio Companies available under the contract” in this prospectus) the maximum amount you may transfer in any contract year from the guaranteed interest option to any other investment option is the greatest of (a) 25% of the amount you had in the guaranteed interest option on the last day of the prior contract year; or (b) the total of all amounts you transferred from the guaranteed interest option to any other investment option in the prior contract year; or (c) 25% of the amounts transferred or allocated to the guaranteed interest option during the current contract year. |
(1) | the contract number, |
(2) | the dollar amounts to be transferred, and |
(3) | the investment options to and from which you are transferring. |
Contract |
Partial |
Systematic |
Minimum distribution | |||
NQ | Yes | Yes | No | |||
Traditional IRA | Yes | Yes | Yes | |||
Roth IRA | Yes | Yes | No |
(1) | Pro rata from all of your variable investment options and the guaranteed interest option, in which you have value (without exhausting your values in those options). Once the requested amount is greater than your account value, the systematic withdrawal program will terminate. |
(2) | Pro rata from all of your variable investment options and the guaranteed interest option, in which you have value (until your account value is exhausted). Once the requested amount leaves you with an account value of less than $500, we will treat it as a request to surrender your contract. |
(3) | You may specify a dollar amount from one variable investment option or the guaranteed interest option. If you choose this option and the value in the investment option drops below the requested withdrawal amount, the requested withdrawal amount will be taken on a pro rata basis from all remaining investment options in which you have value. Once the requested amount leaves you with an account value of less than $500, we will treat it as a request to surrender your contract. |
(1) | your account value is less than $500 and you have not made contributions to your contract for a period of three years; or |
(2) | you request a partial withdrawal that reduces your account value to an amount less than $500; or |
(3) | you have not made any contributions within 120 days from your contract date. |
(1) | the New York Stock Exchange is closed or restricts trading, |
(2) | the SEC determines that an emergency exists as a result of which sales of securities or determination of fair value of a variable investment option’s assets is not reasonably practicable, or |
(3) | the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options. |
Annuity payout options |
||
Fixed annuity payout options |
• Life annuity • Life annuity with period certain • Life annuity with refund certain • Period certain annuity | |
Variable Immediate Annuity payout options (as described in a separate prospectus for this option) |
• Life annuity (not available in New York) • Life annuity with period certain • Life annuity with refund certain • Period certain annuity |
• | Life annuity: |
• | Life annuity with period certain: |
• | Life annuity with refund certain: |
• | Period certain annuity: |
(1) | the amount applied to purchase the annuity; |
(2) | the type of annuity chosen, and whether it is fixed or variable; |
(3) | in the case of a life annuity, the annuitant’s age (or the annuitant’s and joint annuitant’s ages); and |
(4) | in certain instances, the sex of the annuitant(s). |
• | A mortality and expense risks charge. |
• | A charge for other expenses. |
• | An annual administrative charge, if applicable. |
• | Charge for third-party transfer or exchange. |
• | Charges for certain optional charges. |
• | At the time you make certain withdrawals or surrender your contract, or your contract is terminated — a withdrawal charge, if applicable. |
• | A ratcheted death benefit charge, if you elect the benefit. |
• | At the time annuity payments are to begin — charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state. A variable immediate annuity administrative fee may also apply. |
Contract year |
||||||||||||||||||||||||||||
1 |
2 |
3 |
4 |
5 |
6 |
7 |
||||||||||||||||||||||
Percentage of contribution |
6% | 6% | 6% | 6% | 6% | 5% | 0% |
• | the account value after any withdrawal charge has been imposed (cash value), or |
• | the 15% free withdrawal amount plus the contributions made before the current and five prior contract years that have not been previously withdrawn, plus 94% of (a) the remaining account value, minus (b) any administrative fees. |
• | the annuitant dies and a death benefit is payable to the beneficiary, or |
• | we receive a properly completed election form providing for the entire account value to be used to buy a life contingent annuity. |
(i) | The annuitant has qualified to receive Social Security disability benefits as certified by the Social Security Administration; or |
(ii) | We receive proof satisfactory to us (including certification by a licensed physician) that the annuitant’s life expectancy is six months or less; or |
(iii) | The annuitant has been confined to a nursing home for more than 90 days (or such other period, as required in your state) as verified by a licensed physician. A nursing home for this purpose means one that is (a) approved by Medicare as a provider of skilled nursing care service, or (b) licensed as a skilled nursing home by the state or territory in which it is located (it must be within the United States, Puerto Rico, U.S. Virgin Islands, or Guam) and meets all of the following: |
— | its main function is to provide skilled, intermediate, or custodial nursing care; |
— | it provides continuous room and board to three or more persons; |
— | it is supervised by a registered nurse or licensed practical nurse; |
— | it keeps daily medical records of each patient; |
— | it controls and records all medications dispensed; and |
— | its primary service is other than to provide housing for residents. |
• | after six contract years and the annuitant is at least age 59 1 ⁄2 ; or |
• | if you request a refund of a contribution in excess of amounts allowed to be contributed under the federal income tax rules within one month of the date on which you made the contribution. |
• | Advisory fees. |
• | 12b-1 fees. |
• | Operating expenses, such as trustees’ fees, independent auditors’ fees, legal counsel fees, administrative service fees, custodian fees, and liability insurance. |
• | Investment-related expenses, such as brokerage commissions. |
• | if a contract fails investment diversification requirements as specified in federal income tax rules (these rules are based on or are similar to those specified for mutual funds under securities laws); |
• | if you transfer a contract, for example, as a gift to someone other than your spouse (or former spouse); |
• | if you use a contract as security for a loan (in this case, the amount pledged will be treated as a distribution); and |
• | if the owner is other than an individual (such as a corporation, partnership, trust, or other non-natural person). This provision does not apply to a trust which is a mere agent or nominee for an individual, such as a typical grantor trust. |
• | the contract that is the source of the funds you are using to purchase the nonqualified deferred annuity contract is another nonqualified deferred annuity contract or life insurance or endowment contract. |
• | the owner and the annuitant are the same under the source contract and the contract issued in exchange. If you are using a life insurance or endowment contract the owner and the insured must be the same on both sides of the exchange transaction. |
• | on or after your death; or |
• | because you are disabled (special federal income tax definition); or |
• | in the form of substantially equal periodic annuity payments at least annually over your life (or life expectancy), or the joint lives of you and your beneficiary (or joint life expectancies), using an IRS-approved distribution method. |
• | “traditional IRAs,” typically funded on a pre-tax basis, including SEP-IRAs and SIMPLE IRAs issued and funded in connection with employer-sponsored retirement plans. |
• | Roth IRAs, funded on an after-tax basis. |
• | “regular” contributions out of earned income or compensation; or |
• | tax-free “rollover” contributions; or |
• | direct custodian-to-custodian |
• | qualified plans; |
• | governmental employer 457(b) plans, also referred to as “governmental employer EDC plans”; |
• | 403(b) plans; and |
• | other traditional IRAs. |
• | Do it yourself: |
• | Direct rollover: |
• | “a required minimum distribution” after the applicable RMD age or retirement; or |
• | one of a series of substantially equal periodic payments made at least annually for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary; or |
• | one of a series of substantially equal periodic payments made for a specified period of 10 years or more; or |
• | a hardship withdrawal; or |
• | a corrective distribution which fits specified technical tax rules; or |
• | a loan that is treated as a distribution; or |
• | in some instances, a death benefit payment to a beneficiary who is not your surviving spouse; or |
• | a qualified domestic relations order distribution to a beneficiary who is not your current or former spouse. |
• | the amount received is a withdrawal of certain excess contributions, as described in IRS Publications 590-A and 590-B; or |
• | the entire amount received is rolled over to another traditional IRA or other eligible retirement plan which agrees to accept the funds. (See “Rollovers from ‘eligible retirement plans’ other than traditional IRAs” under “Rollover and direct transfer contributions to traditional IRAs” above.) |
• | Your surviving spouse (see spousal beneficiary |
• | Your minor children (only while they are minors); |
• | A disabled individual (Internal Revenue Code definition applies); |
• | A chronically ill individual (Internal Revenue Code definition applies); and |
• | Any individual who is not more than 10 years younger than you. |
• | on or after your death; or |
• | because you are disabled (special federal income tax definition); or |
• | to pay certain extraordinary medical expenses (special federal income tax definition); or |
• | to pay medical insurance premiums for unemployed individuals (special federal income tax definition); or |
• | to pay certain first-time home buyer expenses (special federal income tax definition — there is a $10,000 lifetime total limit for these distributions from all your traditional and Roth IRAs); or |
• | used to pay certain higher education expenses (special federal income tax definition); or |
• | in connection with the birth or adoption of a child as specified in the Code; or |
• | in the form of substantially equal periodic payments made at least annually over your life (or your life expectancy), or over the joint lives of you and your beneficiary (or your joint life expectancy) using an IRS-approved distribution method. |
• | regular after-tax contributions out of earnings; or |
• | taxable rollover contributions from traditional IRAs or other eligible retirement plans (“conversion” rollover contributions); or |
• | tax-free rollover contributions from other Roth individual retirement arrangements or designated Roth accounts under defined contribution plans; or |
• | tax-free direct custodian-to-custodian |
• | another Roth IRA; |
• | a traditional IRA, including a SEP-IRA or SIMPLE IRA (after a two-year rollover limitation period for SIMPLE IRA funds) in a taxable “conversion” rollover (“conversion contribution”); |
• | a “designated Roth contribution account” under a 401(k) plan, a 403(b) plan, or a governmental employer EDC plan (direct or 60-day); or |
• | from non-Roth accounts under another eligible retirement plan as described below under “Conversion rollover contributions to Roth IRAs.” |
• | Rollovers from a Roth IRA to another Roth IRA; |
• | Direct transfers from a Roth IRA to another Roth IRA; |
• | Qualified distributions from a Roth IRA; and |
• | Return of excess contributions or amounts recharacterized to a traditional IRA. |
• | you are age 59 1 ⁄2 or older; or |
• | you die; or |
• | you become disabled (special federal income tax definition); or |
• | your distribution is a “qualified first-time homebuyer distribution” (special federal income tax definition — there is a $10,000 lifetime total limit for these distributions from all of your traditional and Roth IRAs). |
(1) | Regular contributions. |
(2) | Conversion contributions, on a first-in-first-out |
(a) | Taxable portion (the amount required to be included in gross income because of conversion) first, and then the |
(b) | Nontaxable portion. |
(3) | Earnings on contributions. |
(1) | All distributions made during the year from all Roth IRAs you maintain — with any custodian or issuer — are added together. |
(2) | All regular contributions made during and for the year (contributions made after the close of the year, but before the due date of your return) are added together. This total is added to the total undistributed regular contributions made in prior years. |
(3) | All conversion contributions made during the year are added together. |
1.00% Minimum Guarantee |
1.00% Minimum Guarantee | |||||||||
Contract Year End |
Account Value |
Cash Value |
Contract Year End |
Account Value |
Cash Value | |||||
1 | $ 989.80 | $ 936.35 | 26 | $29,196.26 | $28,836.26 | |||||
2 | $ 1,979.70 | $ 1,872.79 | 27 | $30,498.22 | $30,138.22 | |||||
3 | $ 2,979.49 | $ 2,818.60 | 28 | $31,813.20 | $31,453.20 | |||||
4 | $ 3,989.29 | $ 3,773.87 | 29 | $33,141.33 | $32,781.33 | |||||
5 | $ 5,009.18 | $ 4,738.69 | 30 | $34,482.75 | $34,122.75 | |||||
6 | $ 6,039.27 | $ 5,713.15 | 31 | $35,837.57 | $35,477.57 | |||||
7 | $ 7,079.67 | $ 6,719.67 | 32 | $37,205.95 | $36,845.95 | |||||
8 | $ 8,130.46 | $ 7,770.46 | 33 | $38,588.01 | $38,228.01 | |||||
9 | $ 9,191.77 | $ 8,831.77 | 34 | $39,983.89 | $39,623.89 | |||||
10 | $10,263.69 | $ 9,903.69 | 35 | $41,393.73 | $41,033.73 | |||||
11 | $11,346.32 | $10,986.32 | 36 | $42,817.67 | $42,457.67 | |||||
12 | $12,439.79 | $12,079.79 | 37 | $44,255.84 | $43,895.84 | |||||
13 | $13,544.18 | $13,184.18 | 38 | $45,708.40 | $45,348.40 | |||||
14 | $14,659.63 | $14,299.63 | 39 | $47,175.49 | $46,815.49 | |||||
15 | $15,786.22 | $15,426.22 | 40 | $48,657.24 | $48,297.24 | |||||
16 | $16,924.08 | $16,564.08 | 41 | $50,153.81 | $49,793.81 | |||||
17 | $18,073.33 | $17,713.33 | 42 | $51,665.35 | $51,305.35 | |||||
18 | $19,234.06 | $18,874.06 | 43 | $53,192.00 | $52,832.00 | |||||
19 | $20,436.40 | $20,076.40 | 44 | $54,733.92 | $54,373.92 | |||||
20 | $21,650.76 | $21,290.76 | 45 | $56,291.26 | $55,931.26 | |||||
21 | $22,877.27 | $22,517.27 | 46 | $57,864.18 | $57,504.18 | |||||
22 | $24,116.04 | $23,756.04 | 47 | $59,452.82 | $59,092.82 | |||||
23 | $25,367.20 | $25,007.20 | 48 | $61,057.35 | $60,697.35 | |||||
24 | $26,630.88 | $26,270.88 | 49 | $62,677.92 | $62,317.92 | |||||
25 | $27,907.18 | $27,547.18 | 50 | $64,314.70 | $63,954.70 |
1.00% Minimum Guarantee |
1.00% Minimum Guarantee | |||||||||
Contract Year End |
Account Value |
Cash Value |
Contract Year End |
Account Value |
Cash Value | |||||
1 | $989.80 | $936.35 | 26 | $434.76 | $434.76 | |||||
2 | $979.70 | $926.80 | 27 | $409.11 | $409.11 | |||||
3 | $959.50 | $907.69 | 28 | $383.20 | $383.20 | |||||
4 | $939.10 | $888.38 | 29 | $357.03 | $357.03 | |||||
5 | $918.49 | $868.89 | 30 | $330.60 | $330.60 | |||||
6 | $897.67 | $849.20 | 31 | $303.91 | $303.91 | |||||
7 | $876.65 | $876.65 | 32 | $276.95 | $276.95 | |||||
8 | $855.42 | $855.42 | 33 | $249.72 | $249.72 | |||||
9 | $833.97 | $833.97 | 34 | $222.21 | $222.21 | |||||
10 | $812.31 | $812.31 | 35 | $194.44 | $194.44 | |||||
11 | $790.43 | $790.43 | 36 | $166.38 | $166.38 | |||||
12 | $768.34 | $768.34 | 37 | $138.04 | $138.04 | |||||
13 | $746.02 | $746.02 | 38 | $109.42 | $109.42 | |||||
14 | $723.48 | $723.48 | 39 | $ 80.52 | $ 80.52 | |||||
15 | $700.71 | $700.71 | 40 | $ 51.32 | $ 51.32 | |||||
16 | $677.72 | $677.72 | 41 | $ 21.84 | $ 21.84 | |||||
17 | $654.50 | $654.50 | 42 | $ 0.00 | $ 0.00 | |||||
18 | $631.04 | $631.04 | 43 | $ 0.00 | $ 0.00 | |||||
19 | $607.35 | $607.35 | 44 | $ 0.00 | $ 0.00 | |||||
20 | $583.43 | $583.43 | 45 | $ 0.00 | $ 0.00 | |||||
21 | $559.26 | $559.26 | 46 | $ 0.00 | $ 0.00 | |||||
22 | $534.85 | $534.85 | 47 | $ 0.00 | $ 0.00 | |||||
23 | $510.20 | $510.20 | 48 | $ 0.00 | $ 0.00 | |||||
24 | $485.31 | $485.31 | 49 | $ 0.00 | $ 0.00 | |||||
25 | $460.16 | $460.16 | 50 | $ 0.00 | $ 0.00 |
• | We might have to withhold and/or report on amounts we pay under a free look or cancellation. |
• | We are required to withhold on the gross amount of a distribution from a Roth IRA to the extent it is reasonable for us to believe that a distribution is includable in your gross income. This may result in tax being withheld even though the Roth IRA distribution is ultimately not taxable. |
(1) | to add variable investment options to, or to remove variable investment options from, the Separate Account, or to add other separate accounts; |
(2) | to combine any two or more variable investment options; |
(3) | to limit the number of variable investment options which you may elect; |
(4) | to transfer the assets we determine to be the shares of the class of contracts to which the contracts belong from any variable investment option to another variable investment option; |
(5) | to operate the Separate Account or any variable investment option as a management investment company under the Investment Company Act of 1940 (in which case, charges and expenses that otherwise would be assessed against an underlying mutual fund would be assessed against the Separate Account or a variable investment option directly); |
(6) | to deregister the Separate Account under the Investment Company Act of 1940; |
(7) | to restrict or eliminate any voting rights as to the Separate Account; and |
(8) | to cause one or more variable investment options to invest some or all of their assets in one or more other trusts or investment companies. |
• | If your contribution, transfer or any other transaction request containing all the required information reaches us on any of the following, we will use the next business day: |
— | on a non-business day; |
— | after 4:00 p.m. Eastern Time, on a business day; or |
— | after an early close of regular trading on the NYSE on a business day. |
• | Contributions allocated to the variable investment options are invested at the unit value next determined after the receipt of the contribution. |
• | Contributions allocated to the guaranteed interest option will receive the guaranteed interest rate in effect on that business day. |
• | Transfers to or from variable investment options will be made at the unit value next determined after the receipt of the transfer request. |
• | Transfers to the guaranteed interest option will receive the guaranteed interest rate in effect on that business day. |
• | For the fixed-dollar option, the first monthly transfer will occur on the last business day of the month in which we receive your election form at our processing office. |
• | For the interest sweep, the first monthly transfer will occur on the last business day of the month following the month that we receive your election form at our processing office. |
• | Quarterly rebalancing will be processed on a calendar year basis. Semiannual or annual rebalancing will be processed on the first business day of the month. Rebalancing will not be done retroactively. |
• | Requests for withdrawals or surrenders will occur on the business day that we receive the information that we require. |
• | the election of trustees; |
• | the formal approval of independent auditors selected for the affiliated Trust; or |
• | any other matters described in each prospectus for the affiliated Trusts or requiring a shareholders’ vote under the Investment Company Act of 1940. |
Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
||||||||||||||||
TYPE |
1 year |
5 year |
10 year |
|||||||||||||||
^ |
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^ |
— |
|||||||||||||||||
Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
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BlackRock Investment Management, LLC, Lord, Abbett & Co. LLC |
^ |
— |
||||||||||||||||
^ |
— |
|||||||||||||||||
^ |
||||||||||||||||||
AllianceBernstein L.P., BlackRock Investment Management, LLC |
||||||||||||||||||
^ |
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Δ — |
||||||||||||||||||
^ |
— |
— |
||||||||||||||||
^ |
||||||||||||||||||
^ |
— |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
||||||||||||||||
TYPE |
1 year |
5 year |
10 year |
|||||||||||||||
Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P. |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
® Large Cap |
^ |
— |
||||||||||||||||
^ |
— |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
Δ — |
^ |
— |
— |
|||||||||||||||
^ |
— |
|||||||||||||||||
^ |
||||||||||||||||||
lackRock Investment Management, LLC |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
— |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
— |
|||||||||||||||||
Loomis, Sayles & Company, L.P. |
^ |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
— |
|||||||||||||||||
^ |
— |
|||||||||||||||||
— |
||||||||||||||||||
^ |
- |
— |
||||||||||||||||
^ |
||||||||||||||||||
Portfolio Company — Investment Adviser; S ub-Adviser(s), as applicable |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
||||||||||||||||
TYPE |
1 year |
5 year |
10 year |
|||||||||||||||
^ |
— |
|||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
— |
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^ |
||||||||||||||||||
^ |
— |
— |
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^ |
— |
— |
||||||||||||||||
^ |
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^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
||||||||||||||||||
^ |
— |
^ |
This Portfolio’s annual expenses reflect temporary fee reductions. |
Δ |
Certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques that differ from the EQ volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified in the chart by a Δ . Any such unaffiliated Portfolio is not identified in the chart. See “Portfolios of the Trusts” for more information regarding volatility management. |
† |
EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a “†“. See “Portfolios of the Trusts” for more information regarding volatility management. |
* |
The Portfolio operates as a “government money market fund.” The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. |
TYPE |
Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||
1 year |
5 year |
10 year |
||||||||||||||||
American Funds Insurance Series ® The Bond Fund of America ® — |
^ |
|||||||||||||||||
® VIP Investment Grade Bond Portfolio |
||||||||||||||||||
® — |
||||||||||||||||||
I |
||||||||||||||||||
(1) — |
||||||||||||||||||
® |
^ |
TYPE |
Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable |
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||
1 year |
5 year |
10 year |
||||||||||||||||
® Massachusetts Investors Growth Stock Portfolio |
||||||||||||||||||
- |
- |
^ |
This Portfolio’s annual expenses reflect temporary fee reductions. |
(1) |
This is the variable investment option’s new name. The variable investment option’s former name is Delaware Ivy VIP High Income which may continue to be used in certain documents for a period of time after the date of this prospectus. |
Investments Options A | ||
Guaranteed Interest Option | ||
® Large Cap |
||
® | ||
® Investors Trust Series | ||
® Massachusetts Investors Growth Stock Portfolio | ||
Investments Options B | ||
® The Bond Fund of America |
||
® VIP Investment Grade Bond Portfolio | ||
End of Contract Year |
Account Value (1) |
Contribution |
Ratcheted death benefit | |||
1 | $105,000 (2) |
$100,000 | $100,000 | |||
2 | $115,500 (2) |
$100,000 | ||||
3 | $129,360 (2) |
$129,360 (2) | ||||
4 | $103,488 | $129,360 (3) | ||||
5 | $113,837 | $129,360 (3) | ||||
6 | $127,497 | $129,360 (3) | ||||
7 | $127,497 | $129,360 (3) | ||||
8 | $133,872 (2) |
$129,360 | ||||
9 | $147,259 | $147,259 (4) |
(1) | If the ratcheted death benefit was not elected, the death benefit on each contract date anniversary would be equal to the account value, since it is higher than the contribution. |
(2) | If the ratcheted death benefit was elected, at the end of contract years 1, 2, 3 and 8, the death benefit will be equal to the account value. Also in year 3, the ratcheted death benefit is increased to equal the account value. |
(3) | At the end of contract years 4, 5, 6 and 7, the death benefit would be equal to the ratcheted death benefit since it is higher than the account value. Also, at the end of contract year six, no adjustment would be made to the ratcheted death benefit, since the ratcheted death benefit is higher than the account value. |
(4) | At the end of contract year 9, the ratcheted death benefit would be increased to the account value, since the account value on the contract date anniversary is higher than the current ratcheted death benefit. |
State |
Features and benefits |
Availability or variation | ||
California |
See “Purchasing the contract”—”Your right to cancel within a certain number of days” | If you reside in the state of California and you are age 60 or older at the time the contract is issued, you may return your variable annuity contract within 30 days from the date that you receive it and receive a refund as described below. | ||
If you allocate your entire initial contribution to the EQ/Money Market option, the amount of your refund will be equal to your contribution less interest, unless you make a transfer, in which case the amount of your refund will be equal to your account value on the date we receive your request to cancel at our processing office. This amount could be less than your initial contribution. If you allocate any portion of your initial contribution to variable investment options other than the EQ/Money Market option, your refund will be equal to your account value on the date we receive your request to cancel at our processing office. | ||||
Florida |
See “Your right to cancel within a certain number of days” in “Purchasing the contract” | If you reside in the state of Florida, you may cancel your variable annuity contract and return it to us within 21 days from the date that you receive it. You will receive an unconditional refund equal to the greater of the cash surrender value provided in the annuity contract, plus any fees or charges deducted from the contributions or imposed under the contract, or a refund of all contributions paid. | ||
Illinois |
See “Selecting an annuity payout option” in the “Your annuity payout options” section under “Accessing your money” | You can choose the date annuity payments are to begin, but it may not be earlier than twelve months from the EQUI-VEST ® | ||
Massachusetts |
See “Charges and Expenses — Disability, terminal illness, or confinement to nursing home” | Waivers (i), (ii), and (iii) are not available. | ||
See “Charges and expenses — Annual administrative charge” | We will deduct this charge on a pro rata basis from the variable investment options. We will not deduct this charge from your value in the guaranteed interest option. | |||
Mississippi |
See “How you can purchase and contribute to your contract” under “Purchasing the contract” | For all contract types, additional contributions can be made up to the first contract date anniversary only. |
State |
Features and benefits |
Availability or variation | ||
New Hampshire |
See “Charges and Expenses — Disability, terminal illness, or confinement to nursing home” |
Waiver (iii) regarding the definition of a nursing home is deleted, and replaced with the following: You are confined to a nursing home for more than 90 days (or such other period, as required in your state) as verified by a licensed physician. A nursing home for this purpose means one that is (a) a provider of skilled nursing care service, or qualified to receive approval of Medicare benefits, or (b) operated pursuant to law as a skilled nursing home by the state or territory in which it is located (it must be within the United States, Puerto Rico, U.S. Virgin Islands, or Guam) and meets all of the following: | ||
• its main function is to provide skilled, intermediate, or custodial nursing care; | ||||
• it provides continuous room and board; | ||||
• it is supervised by a registered nurse or licensed practical nurse; | ||||
• it keeps daily medical records of each patient; | ||||
• it controls and records all medications dispenses; and | ||||
• its primary service is other than to provide housing for residents. | ||||
New York |
See “Accessing your money”—”Selecting an annuity payout option” |
Maturity date: For contracts issued in New York, the maturity date is: | ||
(i) The contract date anniversary that follows the annuitant’s 95th birthday if the annuitant was not older than age 80 when the contract was issued; and | ||||
(ii) The contract date anniversary that is 10 years after the date the contract was issued if the annuitant was attained age 81 through 85 when the contract was issued. | ||||
See “Charges and expenses — Annual administrative charge” |
The charge for contracts issued in New York is $30. Also, we will deduct this charge on a pro rata basis from the variable investment options. We will not deduct this charge from your value in the guaranteed interest option. | |||
See “Charges and expenses — Charge for third party transfer or exchange” |
We will deduct this charge on a pro rata basis from the variable investment options. We will not deduct this charge from your value in the guaranteed interest option. | |||
See “Charges and expenses — Optional ratcheted death benefit charge” |
We will deduct this charge on a pro rata basis from the variable investment options. We will not deduct the charge for this benefit from your value in the guaranteed interest option. | |||
See “Charges and expenses — Withdrawal charge” |
For contracts issued on or after November 10, 2023, the second paragraph under the “Withdrawal charge” section is deleted in its entirety and replaced with the following: The withdrawal charge equals a percentage of the contributions withdrawn attributable to contributions that have been in the contract less than 6 contracts years as measured from the date of the withdrawal according to the following table: Contract year |
1 |
2 |
3 |
4 |
5 |
6 |
7 | ||||||||||
Percentage of Contribution |
6% |
6% |
6% |
6% |
5% |
4% |
0% |
State |
Features and benefits |
Availability or variation | ||
New York (continued) |
See “Selecting an annuity payout option” in the “Accessing your money” section |
For contracts issued on or after January 1, 2023: The amount applied to provide the annuity benefit will be the account value for any life annuity form. | ||
Pennsylvania |
Required disclosure for Pennsylvania customers |
Any person who knowingly and with the intent to defraud any insurance company or other person files a statement of claim containing any materially false information, or conceals for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime, and subjects such person to criminal and civil penalties. | ||
Puerto Rico |
Beneficiary continuation option (IRA) |
Not Available | ||
IRA contracts |
Available for rollovers from U.S. source 401(a) plans only. | |||
Inherited IRA |
Not Available | |||
Tax information — Special rules for NQ contracts |
Income from NQ contracts we issue is U.S. source. A Puerto Rico resident is subject to U.S. taxation on such U.S. source income. Only Puerto Rico source income of Puerto Rico residents is excludable from U.S. taxation. Income from NQ contracts is also subject to Puerto Rico tax. The calculation of the taxable portion of amounts distributed from a contract may differ in the two jurisdictions. Therefore, you might have to file both U.S. and Puerto Rico tax returns, showing different amounts of income from the contract for each tax return. Puerto Rico generally provides a credit against Puerto Rico tax for U.S. tax paid. Depending on your personal situation and the timing of the different tax liabilities, you may not be able to take full advantage of this credit. We require owners or beneficiaries of annuity contracts in Puerto Rico that are not individuals to document their status to avoid 30% FATCA withholding from U.S.-source income. | |||
Texas |
See “Charges and expenses — Annual administrative charge” |
We will deduct this charge on a pro rata basis from the variable investment options. We will not deduct this charge from your value in the guaranteed interest option. | ||
Washington |
See “How you can purchase and contribute to your contract” under “Purchasing the contract” |
For NQ contracts, additional contributions can be made up to the first contract date anniversary only. For IRA contracts, additional contributions can be made up to the fourth contract date anniversary. | ||
See “Charges and expenses — Annual administrative charge and optional ratcheted death benefit charge” |
We will deduct the annual administrative charge and the ratcheted death benefit charge on a pro rata basis from the variable investment options. We will not deduct these charges from your value in the guaranteed interest option. | |||
See “Charges and expenses — Withdrawal charge” |
For traditional IRA and Roth IRA contracts, the withdrawal charge does not apply after five contract years and the annuitant has attained age 59 1 ⁄ 2 . | |||
See “Charges and Expenses — Disability, terminal illness, or confinement to nursing home” |
Waiver (iii) regarding the definition of a nursing home is deleted, and replaced with the following: “The Annuitant has been confined to a nursing home for more than a 90 day period (or such other period, if required in your state) as verified by a licensed physician. A nursing home for this purpose means any home, place or institution which operates or maintains facilities providing convalescent or chronic care, or both, for a period in excess of twenty-four consecutive hours for three or more patients not related by blood of marriage to the operator, who by reason of illness or infirmity, are unable to properly care for themselves and as further defined in RCW 18.51.010.” |
Age |
Contract Year |
Account Value |
Cash Value |
Ratcheted |
Greater of |
|||||||||||||||||||||||||||||||||
0% |
6% |
0% |
6% |
0% |
6% |
0% |
6% |
|||||||||||||||||||||||||||||||
60 |
1 |
100,000 |
100,000 |
94,900 |
94,900 |
100,000 |
100,000 |
100,000 |
100,000 |
|||||||||||||||||||||||||||||
61 |
2 |
97,464 |
103,505 |
92,495 |
98,227 |
100,000 |
100,000 |
100,000 |
103,505 |
|||||||||||||||||||||||||||||
62 |
3 |
94,990 |
107,132 |
90,147 |
101,670 |
100,000 |
100,000 |
100,000 |
107,132 |
|||||||||||||||||||||||||||||
63 |
4 |
92,578 |
110,886 |
87,859 |
105,233 |
100,000 |
110,886 |
100,000 |
110,886 |
|||||||||||||||||||||||||||||
64 |
5 |
90,227 |
114,772 |
85,627 |
108,920 |
100,000 |
110,886 |
100,000 |
114,772 |
|||||||||||||||||||||||||||||
65 |
6 |
87,933 |
118,795 |
83,450 |
112,795 |
100,000 |
110,886 |
100,000 |
118,795 |
|||||||||||||||||||||||||||||
66 |
7 |
85,697 |
122,958 |
82,056 |
117,958 |
100,000 |
122,958 |
100,000 |
122,958 |
|||||||||||||||||||||||||||||
67 |
8 |
83,516 |
127,267 |
83,516 |
127,267 |
100,000 |
122,958 |
100,000 |
127,267 |
|||||||||||||||||||||||||||||
68 |
9 |
81,389 |
131,727 |
81,389 |
131,727 |
100,000 |
122,958 |
100,000 |
131,727 |
|||||||||||||||||||||||||||||
69 |
10 |
79,316 |
136,343 |
79,316 |
136,343 |
100,000 |
136,343 |
100,000 |
136,343 |
|||||||||||||||||||||||||||||
74 |
15 |
69,696 |
161,968 |
69,696 |
161,968 |
100,000 |
151,186 |
100,000 |
161,968 |
|||||||||||||||||||||||||||||
79 |
20 |
61,214 |
192,409 |
61,214 |
192,409 |
100,000 |
185,895 |
100,000 |
192,409 |
|||||||||||||||||||||||||||||
84 |
25 |
53,735 |
228,572 |
53,735 |
228,572 |
100,000 |
228,572 |
100,000 |
228,572 |
|||||||||||||||||||||||||||||
89 |
30 |
47,141 |
271,531 |
47,141 |
271,531 |
100,000 |
228,572 |
100,000 |
271,531 |
|||||||||||||||||||||||||||||
94 |
35 |
41,327 |
322,564 |
41,327 |
322,564 |
100,000 |
228,572 |
100,000 |
322,564 |
|||||||||||||||||||||||||||||
95 |
36 |
40,249 |
333,868 |
40,249 |
333,868 |
100,000 |
228,572 |
100,000 |
333,868 |
EQUI-VEST® Employer-Sponsored Retirement Plans
EQUI-VEST® (Series 100-500)
EQUI-VEST® (Series 201)
EQUI-VEST® ExpressSM (Series 700)
EQUI-VEST® ExpressSM (Series 701)
EQUI-VEST® (Series 800)
EQUI-VEST® (Series 801)
EQUI-VEST® Strategies (Series 900)
EQUI-VEST® Strategies (Series 901)
EQUI-VEST® GWBL Rollover Annuity
Equitable Financial Life Insurance Company
Issued through: Separate Account A
Statement of Additional Information
May 1, 2024
This Statement of Additional Information (“SAI”) is not a prospectus. It should be read in conjunction with the related prospectus for your EQUI-VEST® product dated May 1, 2024. That prospectus provides detailed information concerning the contracts/certificates and the variable investment options, and/or the fixed maturity options that fund the contracts/certificates. Each variable investment option is a subaccount of the Company’s Separate Account A. Definitions of special terms used in the SAI are found in the prospectus.
A copy of the prospectus is available free of charge by writing our Processing Office (P.O. Box 1430, Charlotte, NC 28201- 1430), by calling toll free, (800) 628-6673, or by contacting your financial professional.
The Company
We are Equitable Financial Life Insurance Company (the “Company”, “we”, “our” and “us”) (until 2020, known as AXA Equitable Life Insurance Company), a New York stock life insurance corporation. We have been doing business since 1859. The Company is an indirect wholly owned subsidiary of Equitable Holdings, Inc. No other company has any legal responsibility to pay amounts that the Company owes under the contracts. The Company is solely responsible for paying all amounts owed to you under your contract.
Calculation of annuity payments
Variable Immediate Annuities are described in a separate prospectus that may be available from your financial professional. Before you select a Variable Immediate Payout option, you should read the prospectus which contains important information you should know.
The calculation of monthly annuity payments under a contract /certificate takes into account the number of annuity
units of each variable investment option credited under a contract/certificate, their respective annuity unit values, and a net investment factor. The annuity unit values used may vary, although the method of calculating annuity unit values set forth below remains the same. Annuity unit values will also vary by variable investment option.
For each valuation period, the adjusted net investment factor is equal to the net investment factor for the variable investment option reduced for each day in the valuation period by:
• | .00013366 of the net investment factor for a certificate with an assumed base rate of net investment return of 5% a year; or |
• | .00009425 of the net investment factor for a certificate with an assumed base rate of net investment return of 31⁄2%. |
Because of this adjustment, the annuity unit value rises and falls depending on whether the actual rate of net investment return (after charges) is higher or lower than the assumed base rate.
The assumed base rate will be 5%, except in states where that rate is not permitted. Annuity payments based upon an assumed base rate of 31⁄2% will at first be smaller than those based upon a 5% assumed base rate. Payments based upon a 31⁄2% rate, however, will rise more rapidly when unit values are rising, and payments will fall more slowly when unit values are falling than those based upon a 5% rate.
The amounts of variable annuity payments are determined as follows:
Payments normally start on the business day specified on your election form or on such other future date as specified therein. The first three monthly payments are the same. The
EV (EFLIC)
#607112
initial payment will be calculated using the basis guaranteed in the applicable contract/certificate or our current basis, whichever would provide the higher initial benefit.
The first three payments depend on the assumed base rate of net investment return and the form of annuity chosen (and any fixed period). If the annuity involves a life contingency, the risk class and the age of the annuitants will affect payments.
Payments after the first three will vary according to the investment performance of the variable investment option(s) selected to fund the variable payments. After that, each monthly payment will be calculated by multiplying the number of annuity units credited by the average annuity unit value for the selected fund for the second calendar month immediately preceding the due date of the payment. The number of units is calculated by dividing the first monthly payment by the annuity unit value for the valuation period which includes the due date of the first monthly payment. The average annuity unit value is the average of the annuity unit values for the valuation periods ending in that month.
Illustration of Calculation of Annuity Payments
To show how we determine variable annuity payments, assume that the account value on a retirement date is enough to fund an annuity with a monthly payment of $100 and that the annuity unit value of the selected variable investment option for the valuation period that includes the due date of the first annuity payment is $3.74. The number of annuity units credited under the certificate would be 26.74 (100 divided by 3.74 = 26.74). Based on a hypothetical average annuity unit value of $3.56 in October, the annuity payment due in December would be $95.19 (the number of units (26.74) times $3.56).
Custodian
The Company is the custodian for the shares of the Trusts owned by Separate Account A.
Independent registered public accounting firm
The (i) financial statements of each of the variable investment options of Separate Account A as of December 31, 2023 and for each of the periods indicated therein and the (ii) consolidated financial statements and financial statement schedules of Equitable Financial Life Insurance Company as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023 incorporated in this Statement of Additional Information by reference to the filed Form N-VPFS (for Separate Account A) and Form N-VPFS (for Equitable Financial Life Insurance Company) have been so incorporated in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
PricewaterhouseCoopers LLP provides independent audit services and certain other non-audit services to Equitable Financial Life Insurance Company as permitted by the
applicable SEC independence rules, and as disclosed in Equitable Financial Life Insurance Company’s Form 10-K. PricewaterhouseCoopers LLP’s address is 300 Madison Avenue, New York, New York 10017.
Distribution of the contracts/certificates
Pursuant to a Distribution and Servicing Agreement between Equitable Advisors, the Company and certain of the Company’s separate accounts, including Separate Account A, the Company paid Equitable Advisors, as the distributors of certain contracts, including these contracts, and as the principal underwriter of several Company separate accounts, including Separate Account A, $528,625,217 in 2023, $628,586,635 in 2022 and $633,967,608 in 2021. Of these amounts, Equitable Advisors retained $253,096,170, $286,917,091 and $282,627,531, respectively.
Under a distribution agreement between Equitable Distributors, the Company and certain of the Company’s separate accounts, including Separate Account A, the Company paid Equitable Distributors, distribution fees of $383,966,142 in 2023, $535,080,397 in 2022 and $589,621,128 in 2021, as the distributor of certain contracts, including these contracts, and as the principal underwriter of several Company separate accounts, including Separate Account A. Of these amounts, for each of these three years, Equitable Distributors retained $0, $0 and $0, respectively.
Calculating unit values
Unit values are determined at the end of each “valuation period” for each of the variable investment options. A valuation period is each business day together with any consecutive preceding non-business day. The unit values for your EQUI-VEST® contract/certificate may vary. The method of calculating unit values is set forth below.
The unit value for a variable investment option for any valuation period is equal to the unit value for the preceding valuation period multiplied by the “net investment factor” for the variable investment option for that valuation period. The net investment factor is:
( |
a b |
) |
– |
c | ||||||||
where:
(a) | is the value of the variable investment option’s shares of the corresponding portfolio at the end of the valuation period before giving effect to any amounts allocated or withdrawn from the variable investment options for the valuation period. For this purpose, we use the share value reported to us by the applicable Trust. This share value is after deduction for investment advisory fees and direct expenses of such Trust. |
(b) | is the value of the variable investment option’s shares of the corresponding portfolio at the end of the preceding valuation period (after any amounts allocated or withdrawn for that valuation period). |
2
(c) | is the daily Separate Account A asset charge for the expenses of the contracts/certificates times the number of calendar days in the valuation period, plus any charge for taxes or amounts set aside as a reserve for taxes. |
Financial statements
The financial statements and financial statement schedules of the Company incorporated herein should be considered only as bearing upon the ability of the Company to meet its obligations under the contracts/certificates.
3
PART C
OTHER INFORMATION
Item 27. | (a) Board of Directors Resolutions. |
(a) |
(b) |
(b) | Custodial Agreements. Not applicable. |
(c) | Underwriting Contracts. |
(a) |
(b) |
(c) |
C-1
(d) |
(d)(i) |
(d)(ii) |
(d)(iii) |
(d)(iv) |
(d)(v) |
(d)(vi) |
(d)(vii) |
C-2
(d)(viii) |
(d)(ix) |
(d)(x) |
(d)(xi) |
(d)(xii) |
(d)(xiii) |
(d)(xiv) |
(d)(xv) |
(d)(xvi) |
(d)(xvii) |
(d)(xviii) |
(d)(xix) |
(d)(xx) |
(d)(xxi) |
(e) |
(e)(i) |
(f) |
(g) |
(h) |
(d) | Contracts. (Including Riders and Endorsements) |
(a) |
(b) |
(c) |
(d) |
(e) |
(f) |
(g) |
C-3
(h) |
(i) |
(j) |
(k) |
(l) |
(m) |
(n) |
(o) |
(p) |
(q) |
(r) |
(s) |
(t) |
C-4
(u) |
(v) |
(w) |
(x) |
(y) |
(z) |
(aa) |
(bb) |
(cc) |
(dd) |
(ee) |
(ff) |
(gg) |
(e) | Applications. |
(a) |
(b) |
C-5
(c) |
(c)(i) |
(d) |
(d)(i) |
(f) | Depositor’s Certificate of Incorporation And By-Laws. |
(a) |
(a)(i) |
(b) |
(b)(i) |
(b)(ii) |
(g) | Reinsurance Contracts. |
(h) | Participation Agreements. |
(a) |
(a)(i) |
(a)(ii) |
(a)(iii) |
(a)(iv) |
(a)(v) |
(a)(vi) |
(a)(vii) |
(a)(viii) |
(a)(ix) |
(a)(x) |
(a)(xi) |
(a)(xii) |
(a)(xiii) |
(a)(xiv) |
(a)(xv) |
(a)(xvi) |
(a)(b)(i) |
(a)(b)(ii) |
(a)(b)(iii) |
(a)(b)(iv) |
(a)(b)(v) |
(a)(b)(vi) |
(a)(b)(vii) |
(a)(b)(viii) |
(a)(b)(ix) |
(a)(b)(x) |
(a)(b)(xi) |
(a)(b)(xii) |
(a)(b)(xiii) |
(a)(b)(xiv) |
(a)(b)(xv) |
(a)(b)(xvi) |
(a)(b)(xvii) |
(a)(b)(xviii) |
(a)(b)(xix) |
(a)(b)(xx) |
(a)(b)(xxi) |
(a)(b)(xxii) |
C-6
(b) |
(b)(i) |
(b)(ii) |
(b)(iii) |
(b)(iv) |
(b)(v) |
(c) |
(c)(i) |
(c)(ii) |
(d) |
(e) |
(e)(i) |
(e)(ii) |
(e)(iii) |
(e)(iv) |
(e)(v) |
(e)(vi) |
(e)(vii) |
(e)(viii) |
(e)(ix) |
(e)(x) |
(f) |
(g) |
(g)(i) |
(h) |
(h)(i) |
(h)(ii) |
(h)(iii) |
(h)(iv) |
(i) |
(i)(i) |
(i)(ii) |
(i)(iii) |
(i)(iv) |
(i)(v) |
(j) |
(j)(i) |
C-7
(i) | Administrative Contracts. Not applicable. |
(j) | Other Material Contracts. Not applicable. |
(k) | Legal Opinion. |
(l). | Other Opinions. |
(a) |
(b) |
(m) | Omitted Financial Statements. Not applicable. |
(n) | Initial Capital Agreements. Not applicable. |
(o) | Form of Initial Summary Prospectus. Not applicable. |
C-8
ITEM 28. DIRECTORS AND OFFICERS OF THE DEPOSITOR.
Set forth below is information regarding the directors and principal officers of the Depositor. The Depositor’s address is 1345 Avenue of the Americas, New York, New York 10105. The business address of the persons whose names are preceded by an asterisk is that of the Depositor.
NAME AND PRINCIPAL BUSINESS ADDRESS |
POSITIONS AND OFFICES WITH THE DEPOSITOR | |
DIRECTORS | ||
Francis Hondal | Director | |
10050 W. Suburban Drive | ||
Pinecrest, FL 33156 | ||
Arlene Isaacs-Lowe | Director | |
1830 South Ocean Drive, #1411 | ||
Hallandale, FL 33009 | ||
Daniel G. Kaye | Director | |
767 Quail Run | ||
Inverness, IL 60067 | ||
Joan Lamm-Tennant | Director | |
135 Ridge Common | ||
Fairfield, CT 06824 | ||
Craig MacKay | Director | |
England & Company | ||
1133 Avenue of the Americas | ||
Suite 2719 | ||
New York, NY 10036 | ||
Bertram L. Scott | Director | |
3601 Hampton Manor Drive | ||
Charlotte, NC 28226 | ||
George Stansfield | Director | |
AXA | ||
25, Avenue Matignon | ||
75008 Paris, France | ||
Charles G.T. Stonehill | Director | |
Founding Partner | ||
Green & Blue Advisors | ||
20 East End Avenue, Apt. 5C | ||
New York, New York 10028 | ||
OFFICER-DIRECTOR | ||
*Mark Pearson | Director and Chief Executive Officer | |
OTHER OFFICERS | ||
*Nicholas B. Lane | President | |
*José Ramón González | Chief Legal Officer and Secretary |
*Jeffrey J. Hurd | Chief Operating Officer | |
*Robin M. Raju | Chief Financial Officer | |
*Michael B. Healy | Chief Information Officer | |
*Nicholas Huth | Chief Compliance Officer | |
*William Eckert | Chief Accounting Officer | |
*Darryl Gibbs | Chief Diversity Officer | |
*David W. Karr | Signatory Officer | |
*Jessica Baehr | Signatory Officer | |
*Mary Jean Bonadonna | Signatory Officer | |
*Eric Colby | Signatory Officer | |
*Steven M. Joenk | Chief Investment Officer | |
*Kenneth Kozlowski | Signatory Officer | |
*Carol Macaluso | Signatory Officer | |
*Hector Martinez | Signatory Officer | |
*James Mellin | Signatory Officer | |
*Hillary Menard | Signatory Officer | |
*Kurt Meyers | Deputy General Counsel and Signatory Officer | |
*Maryanne (Masha) Mousserie | Signatory Officer | |
*Prabha (“Mary”) Ng | Chief Information Security Officer | |
*Antonio Di Caro | Signatory Officer | |
*Glen Gardner | Deputy Chief Investment Officer | |
*Shelby Hollister-Share | Signatory Officer | |
*Manuel Prendes | Signatory Officer | |
*Meredith Ratajczak | Chief Actuary | |
*Aaron Sarfatti | Chief Strategy Officer | |
*Stephen Scanlon | Signatory Officer | |
*Samuel Schwartz | Signatory Officer | |
*Stephanie Shields | Signatory Officer |
*Joseph M. Spagnuolo | Signatory Officer | |
*Gina Tyler | Chief Communications Officer | |
*Constance Weaver | Chief Marketing Officer | |
*Stephanie Withers | Chief Auditor | |
*Yun (“Julia”) Zhang | Treasurer |
Item 29. | Persons Controlled by or Under Common Control with the Insurance Company or Registrant. |
Separate Account A of Equitable Financial Life Insurance Company (the “Separate Account”) is a separate account of Equitable Financial Life Insurance Company. Equitable Financial Life Insurance Company, a New York stock life insurance company, is an indirect wholly owned subsidiary of Equitable Holdings, Inc. (the “Holding Company”).
Set forth below is the subsidiary chart for the Holding Company:
C-12
Item 30. | Indemnification |
(a) | Indemnification of Directors and Officers |
The by-laws of Equitable Financial Life Insurance Company (“Equitable Financial”) provide, in Article VII, as follows: |
7.4 | Indemnification of Directors, Officers and Employees. |
(a) | To the extent permitted by the law of the State of New York and subject to all applicable requirements thereof: |
(i) | Any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he or she, or his or her testator or intestate is or was a director, officer or employee of the Company shall be indemnified by the Company; |
(ii) | any person made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that he or she, or his or her testator or intestate serves or served any other organization in any capacity at the request of the Company may be indemnified by the Company; and |
(iii) | the related expenses of any such person in any of said categories may be advanced by the Company. |
(b) | To the extent permitted by the law of the State of New York, the Company may provide for further indemnification or advancement of expenses by resolution of shareholders of the Company or the Board of Directors, by amendment of these By-Laws, or by agreement. (Business Corporation Law ss.ss. 721-726; Insurance Law ss.1216) |
The directors and officers of Equitable Financial are insured under policies issued by X.L. Insurance Company, Arch Insurance Company, Endurance Specialty Insurance Company, U.S. Specialty Insurance, ACE, Chubb Insurance Company, AXIS Insurance Company, Zurich Insurance Company, AWAC (Allied World Assurance Company, Ltd.), Aspen Bermuda XS, CNA, AIG, One Beacon, Nationwide, Berkley, Berkshire, SOMPO, Chubb, Markel and ARGO Re Ltd. The annual limit on such policies is $300 million, and the policies insure the officers and directors against certain liabilities arising out of their conduct in such capacities.
(b) | Indemnification of Principal Underwriters |
To the extent permitted by law of the State of New York and subject to all applicable requirements thereof, Equitable Distributors, Inc. and Equitable Advisors, LLC have undertaken to indemnify each of its respective directors and officers who is made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact the director or officer, or his or her testator or intestate, is or was a director or officer of Equitable Distributors, Inc. and Equitable Advisors, LLC.
(c) | Undertaking |
Insofar as indemnification for liability arising under the Securities Act of 1933 (“Act”) may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
C-13
ITEM 31. PRINCIPAL UNDERWRITERS
(a) | Equitable Advisors, LLC and Equitable Distributors, LLC are the principal underwriters for: |
(i) | Separate Account No. 49, Separate Account No. 70, Separate Account A, Separate Account FP, Separate Account I and Separate Account No. 45 of Equitable Financial |
(ii) | Separate Account No. 49B of Equitable Colorado |
(iii) | EQ Advisors Trust |
(iv) | Variable Account AA, Equitable America Variable Account A, Equitable America Variable Account K, Equitable America Variable Account L, and Equitable America Variable Account 70A. |
(b) | Equitable Advisors is the principal underwriter of Equitable Financial’s Separate Account No. 301. |
(c) | Set forth below is certain information regarding the directors and principal officers of Equitable Advisors, LLC and Equitable Distributors, LLC: |
EQUITABLE ADVISORS, LLC
NAME AND PRINCIPAL |
POSITIONS AND OFFICES WITH UNDERWRITER | |
*David Karr | Director, Chairman of the Board and Chief Executive Officer | |
*Nicholas B. Lane | Director | |
*Frank Massa | Director and President | |
*Aaron Sarfatti | Director | |
*Ralph E. Browning, II | Chief Privacy Officer | |
*Mary Jean Bonadonna | Chief Risk Officer | |
*Patricia Boylan | Broker Dealer Chief Compliance Officer | |
*Yun (“Julia”) Zhang | Director, Senior Vice President and Treasurer | |
*Nia Dalley | Vice President and Chief Conflicts Officer | |
*Brett Esselburn | Vice President, Investment Sales and Financial Planning | |
*Gina Jones | Vice President and Financial Crime Officer | |
*Tracy Zimmerer | Vice President, Principal Operations Officer | |
*Page Pennell | Vice President | |
*Sean Donovan | Assistant Vice President | |
*Alan Gradzki | Assistant Vice President | |
*Janie Smith | Assistant Vice President | |
*James Mellin | Chief Sales Officer |
*Candace Scappator | Assistant Vice President, Controller and Principal Financial Officer | |
*Prabha (“Mary”) Ng | Chief Information Security Officer | |
*Alfred Ayensu-Ghartey | Vice President | |
*Joshua Katz | Vice President | |
*Christopher LaRussa | Investment Advisor Chief Compliance Officer | |
*Christian Cannon | Vice President and General Counsel | |
*Samuel Schwartz | Vice President | |
*Dennis Sullivan | Vice President | |
* Michael Cole | Vice President and Assistant Treasurer | |
*Constance (Connie) Weaver | Vice President | |
*Michael Brudoley | Secretary | |
*Christine Medy | Assistant Secretary | |
*Francesca Divone | Assistant Secretary |
EQUITABLE DISTRIBUTORS, LLC
NAME AND PRINCIPAL |
POSITIONS AND OFFICES WITH UNDERWRITER | |
*Nicholas B. Lane | Director, Chairman of the Board, President and Chief Executive Officer | |
*Jessica Baehr | Director, Executive Vice President and Head of Group Retirement | |
*Hector Martinez | Director, Executive Vice President and Head of Life Business | |
*Eric Brown | Senior Vice President | |
*James Crimmins | Senior Vice President | |
*James Daniello | Senior Vice President | |
*Michael B. Healy | Senior Vice President | |
*Patrick Ferris | Senior Vice President | |
*Brett Ford | Senior Vice President | |
*Bernard Heffernon | Senior Vice President |
*David Kahal | Senior Vice President | |
*Fred Makonnen | Senior Vice President | |
*Matthew Schirripa | Senior Vice President | |
*David Veale | Senior Vice President | |
*Arielle D’ Auguste | Vice President and General Counsel | |
*Alfred D’Urso | Vice President and Chief Compliance Officer | |
*Mark Teitelbaum | Senior Vice President | |
*Candace Scappator | Vice President, Chief Financial Officer, Principal Financial Officer and Principal Operations Officer | |
*Gina Jones | Vice President and Financial Crime Officer | |
*Yun (“Julia”) Zhang | Senior Vice President and Treasurer | |
*Francesca Divone | Secretary | |
*Richard Frink | Senior Vice President | |
*Michael J. Gass | Vice President | |
*Kathi Gopie | Vice President | |
*Timothy Jaeger | Vice President | |
*Jeremy Kachejian | Vice President | |
*Laird Johnson | Vice President | |
*Enrico Mossa | Assistant Vice President | |
*James C. Pazareskis | Assistant Vice President | |
*Caitlin Schirripa | Assistant Vice President | |
*Samuel Schwartz | Vice President | |
*Greg Seavey | Vice President | |
* Michael Cole | Assistant Treasurer | |
*Stephen Scanlon | Director, Executive Vice President and Head of Individual Retirement | |
*Prabha (“Mary”) Ng | Senior Vice President and Chief Information Security Officer | |
*Michael Brudoley | Assistant Secretary | |
*Christine Medy | Assistant Secretary |
* Principal Business Address:
1345 Avenue of the Americas
NY, NY 10105
(d)
Name of Principal Underwriter |
Net Underwriting Discounts |
Compensation on Redemption |
Brokerage Commission |
Other Compensation |
||||||||||
Equitable Advisors, LLC |
N/A | $ | 0 | $ | 0 | $ | 0 | |||||||
Equitable Distributors, LLC |
N/A | $ | 0 | $ | 0 | $ | 0 |
Item 32. | Location of Accounts and Records |
This information is omitted as it is provided in Registrant’s most recent report on Form N-CEN.
Item 33. | Management Services |
Not applicable.
Item 34. | Fee Representation |
The Depositor hereby represents that the fees and charges deducted under the Certificates described in this Registration Statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the Depositor under the respective Certificates.
The Registrant hereby represents that it is relying on the November 28, 1988 no-action letter (Ref. No. IP-6-88) relating to variable annuity contracts offered as funding vehicles for retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code. Registrant further represents that it complies with the provisions of paragraphs (1) - (4) of that letter.
C-17
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this Registration Statement, and has duly caused this Registration Statement to be signed on its behalf, in the City and State of New York, on the 19th day of April, 2024.
SEPARATE ACCOUNT A (Registrant) | ||
Equitable Financial Life Insurance Company | ||
(Depositor) | ||
By: |
/s/ Alfred Ayensu-Ghartey | |
Alfred Ayensu-Ghartey | ||
Vice President and Associate General Counsel |
SIGNATURES
As required by the Securities Act of 1933 this Registration Statement has been signed by the following persons in the capacities and on the date indicated:
PRINCIPAL EXECUTIVE OFFICER: | ||
*Mark Pearson | Chief Executive Officer and Director | |
PRINCIPAL FINANCIAL OFFICER: | ||
*Robin Raju | Chief Financial Officer | |
PRINCIPAL ACCOUNTING OFFICER: | ||
*William Eckert | Chief Accounting Officer |
*DIRECTORS: | ||||||
Francis Hondal Joan Lamm-Tennant Daniel G. Kaye Mark Pearson Bertram Scott |
George Stansfield Charles G.T. Stonehill Craig MacKay Arlene Isaacs-Lowe |
*By: | /s/ Alfred Ayensu-Ghartey | |
Alfred Ayensu-Ghartey | ||
Attorney-in-Fact | ||
April 19, 2023 |