Retirement Investment Account^®

Equitable Financial Life Insurance Company

Issued through:

Separate Account No. 66

Separate Account No. 3

Separate Account No. 4

Separate Account No. 10

Summary Prospectus for New Investors

May 1, 2024

This summary prospectus (the “Summary Prospectus”) summarizes key features of the contract. Before you invest, you should also review the statutory prospectus (the “Prospectus”) for the contract, which contains more information about the contract’s features, benefits, and risks. You can find this document and other information about the contract online at www.equitable.com/ICSR#EQH146682. You can also obtain this information at no cost by calling 1-877-522-5035, by sending an email request to EquitableFunds@dfinsolutions.com, or by calling your financial intermediary.

The Retirement Income Account (“RIA”)^® is an investment program that allows employer plan assets to accumulate on a tax-deferred basis. This Summary Prospectus only describes RIA. The contracts provide for the accumulation of retirement savings and for income. They also offer a number of payout options.

You invest to accumulate value on a tax-deferred basis in one or more of our investment options. RIA includes the contract described in this Summary Prospectus, which is a variable and fixed flexible premium deferred group annuity contract. When we refer to “RIA,” we are usually referring to this annuity contract. The contract offers the following investment options: 1) variable investment options, each of which invests in a mutual fund (a “Portfolio”) of EQ Advisors Trust (the “Trust”); 2) pooled separate accounts, which are managed accounts that each invest in a portfolio of securities (“Pooled Separate Accounts” or “Funds”); and 3) a guaranteed interest option, which we credit interest to daily and which we guarantee all principal and previously credited interest. The availability of investment options will vary by employer, and you should refer to your plan documents for a list of the investment options available to you.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

Important information you should consider about the contract

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Overview of the contract

Purpose of the Contract. RIA is an investment program designed for employer plans that qualify for tax-favored treatment under Section 401(a) of the Code. RIA consists of two group annuity contracts (“contracts”) issued by the Company, including the variable and fixed group annuity contract described in the Prospectus, a Master Retirement Trust agreement, a participation or installation agreement, and an optional participant recordkeeping services (“PRS”) agreement. Plan participants should refer to the provisions of their plan that describes their rights in more specific terms.

The contract is designed to help you accumulate assets through investments in the guaranteed interest option, the variable investment options, and the Pooled Separate Accounts. It can provide or supplement your retirement income by offering a variety of benefit payment options, which are subject to the provisions of your employer’s plan. Plan participants should consult their employer for details. An employer’s plan may allow a choice of one or more forms of distribution. The contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to access invested funds within a short-term timeframe or frequently.

Phases of the Contract. The contract has two phases: an accumulation (savings) phase and an income (annuity) phase.

Accumulation (Savings) Phase

During the accumulation phase, you can allocate your contributions to one or more of the investment options available under the contract. The maximum number of active options your employer may select at any time is 25. Plan participant choices will be limited to the investment options selected by their employer.

Investment options

We offer various investment options under RIA, including the Pooled Separate Accounts, the variable investment options, and the guaranteed interest option. Each Portfolio in which a variable investment option invests and each Pooled Separate Account has a different investment objective. The Portfolios and Pooled Separate Accounts try to meet their investment objectives by investing in a portfolio of securities. We cannot assure you they will meet their investment objectives.

For additional information about each underlying portfolio see “APPENDIX: Portfolio Companies Available Under the Contract.”

Guaranteed interest option

The guaranteed interest option is part of our general account. This option pays interest at guaranteed rates and we guarantee principal and previously credited interest. The amount allocated to the guaranteed interest option earns interest at the current guaranteed interest rate which is an annual effective rate.

Income (Annuity) Phase

RIA offers a variety of benefit payment options, subject to the provisions of an employer’s plan. Plan participants should consult their employer for details. An employer’s plan may allow a choice of one or more of the following forms of distribution:

Subject to the provisions of your plan, RIA makes available the following forms of fixed annuities:

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All of the forms outlined above (with the exception of the qualified joint and survivor life annuity) are available as either single or joint life annuities. We may also offer other annuity forms not outlined here. We reserve the right to remove or change these annuity payout options, other than the life annuity, or to add another payout option at any time. When you take a distribution, if you choose to purchase one of our annuities, your investments are converted to income payments and you will no longer be able to make any additional withdrawals from your contract. All accumulation phase benefits, including withdrawals and any death benefit provided under your employer plan, terminate upon annuitization.

Contract Features.

Transfers among investment options

You may transfer accumulated amounts among the investment options at any time and in any amount, subject to the transfer limitations described in the Prospectus. In addition to our rules, transfers among the investment options may be subject to employer plan provisions which may limit or disallow such movements. We do not impose a charge for transfers among the investment options.

Access to Your Money

During the accumulation phase you can take withdrawals from your contract, subject to the provisions of your plan. Withdrawals will reduce your account value and may be subject to withdrawal charges, income taxes and a tax penalty.

Optional participant recordkeeping services

Your employer may elect participant recordkeeping services program, under which we (i) establish an individual participant account for each participant covered by your plan based on data you provide; (ii) receive and deposit contributions on behalf of participants to individual participant accounts; (iii) maintain records reflecting, for each participant, contributions, transfers, loan transactions, withdrawals and investment experience and interest accrued, as applicable, on an individual participant’s proportionate values in the plan; (iv) provide to your employer the individual participant’s reports reflecting the activity in the individual participant’s proportionate interest in the plan; and (v) process transfers and distributions of the participant’s portion of his or her share of the employer plan assets among the investment options as your employer instructs. There is an annual $25 fee for this service.

Participant Loans

Depending on the terms of your plan, you may be permitted to take loans from your account value. If you take a loan we charge a 1% fee as a percentage of amount withdrawn as loan principal at the time the loan is made. Additionally, the employer plan may charge interest on the loan at a rate they set.

Death Benefit

Upon death your employer will make a withdrawal to pay out any death benefit to your beneficiary in accordance with the employer plan, based on the participant’s account value under the contract.

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Benefits Available Under the Contract

The following tables summarize important information about the benefits available under the contract.

Death Benefits

This death benefit is available during the accumulation phase:

Other Benefits

These other benefits are available during the accumulation phase:

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Buying the Contract

RIA is an investment program designed for employer plans that qualify for tax-favored treatment under Section 401(a) of the Code. Eligible employer plans include defined benefit plans, defined contribution plans or profit sharing plans, including 401(k) plans. These plans generally must meet the requirements of ERISA. Your employer may purchase a contract and you may participate in the contract through your employer plan. Your employer makes payments to us that we call “contributions.” We can discontinue offering RIA at any time and not accept further contributions. We do not require a minimum contribution amount from participants. Your contract features and charges, and your investment options, may vary depending on your employer plan. Please refer to your plan documents for details.

Minimum initial and subsequent contribution amounts

We do not impose minimum initial or subsequent contribution amounts on individual participants, although your employer may do so. Please refer to your plan documents for any required minimum amounts. We do impose a minimum requirement for total annual plan contributions of $10,000 if the RIA is used as the exclusive funding vehicle for plan assets and of $50,000 in the initial participation year and $25,000 each year thereafter if the RIA is used as a partial investment funding vehicle for plan assets. There is no minimum amount where employer plan contributions are made on a basis more frequently than annually. We reserve the right to impose higher annual minimums for certain plans. Individual participant contributions and aggregate employer plan contributions may be limited by law.

When contributions are credited

Regular contributions. Contributions may be made by check or by wire transfer. All contributions under an employer plan should be sent to the address under “For contributions checks only” in “How to reach us” in the Prospectus. All contributions made by check must be drawn on a U.S. bank, in U.S. dollars, and made payable to the Company. Third-party checks are not acceptable, except for roll-over contributions, tax-free exchanges or trustee checks that involve no refund. All checks are subject to our ability to collect the funds. We reserve the right to reject a payment if it is received in an unacceptable form. Contributions are normally credited on the business day that we receive them. Contributions are only accepted from the employer or plan trustee. Participants cannot send contributions directly to the Company.

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Making Withdrawals: Accessing the Money in Your Contract

Accessing your money

Withdrawals. You may take partial withdrawals from your contract at any time. There is no minimum withdrawal amount. You can also surrender your contract at any time. Withdrawals reduce your account value and may reduce any death benefit provided by your plan. Withdrawals and surrenders may be subject to withdrawal charges and have tax consequences, including possible tax penalties.

Unless you specify otherwise, withdrawals will be taken from the investment options in your account pro rata. We ordinarily make payment or withdrawals out of the investment options promptly after the date of the transaction. However, we can defer processing withdrawals or surrenders under limited circumstances. Please see “When we pay proceeds” in the Prospectus.

There may also be plan specific rules regarding withdrawals, that are not described here. Please see your plan documents for more information.

Amounts in the guaranteed interest option are generally available for withdrawal at anytime, subject to the provisions of your plan. However, a deferred payout provision applies to trustee-directed employer plans which are terminating their RIA contract. Under that provision, we can defer payment of the employer plan balance held in the guaranteed interest option, less the contingent withdrawal charge, by paying out the balance in six installments over five years. During the deferred payout period, we credit the balances upon which we defer payment with the current interest rate declared for each year. We also continue to deduct the ongoing operations fee monthly from the balance during the deferred payout period.

Please see “Withdrawals” in the Prospectus for more information on the ways you may withdraw your account value.

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Additional information about Fees

The following tables describe the fees and expenses that you will pay when owning, or making withdrawals from the RIA contract. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected.

The first table describes fees and expenses that you will pay at the time that you make certain withdrawals or purchase an annuity payout option. State premium taxes may also be deducted.

The next table describes the fees and expenses that you will pay each year during the time that you own the contract (not including underlying Trust portfolio fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.

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The next item shows the minimum and maximum total operating expenses charged by any portfolio of the Trust that you may pay periodically during the time that you own the contract. These amounts also include the Administrative Charge if you choose to invest in certain Portfolios. A complete list of portfolios available under the contract, including their annual expenses, may be found at the back of this document. See “APPENDIX: Portfolio Companies Available Under the Contract.”

Example

These examples are intended to help you compare the cost of investing in the RIA contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual contract expenses, and annual Portfolio and Pooled Separate Account fees and expenses. These examples assume that no loans are taken. The first set of examples assumes you invest all of your account value in the most expensive underlying Portfolio. The second set of examples assumes you invest all of your account value in the most expensive Pooled Separate Account, the Alliance Bernstein Balanced Pooled Separate Account.

Separate Account No. 66 Variable Investment Options. These example assume that you invest $100,000 in the variable investment options in Separate Account No. 66 under the contract for the time periods indicated. The examples also assume that your investment has a 5% return each year and assume the most expensive combination of annual portfolio expenses and the participant recordkeeping services available for an additional charge. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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Pooled separate accounts. These example assume that you invest $100,000 in the pooled separate accounts under the contract for the time periods indicated. The examples also assume that your investment has a 5% return each year and assume the most expensive combination of annual pooled separate account expenses and the participant recordkeeping services available for an additional charge. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Portfolio Turnover

Each of the Pooled Separate Accounts pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual contract expenses or in the example, affect the Pooled Separate Account’s performance. During the most recent fiscal year, each Pooled Separate Account’s portfolio turnover rate as a percentage of the average value of its portfolio was:

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Appendix: Portfolio Companies Available Under the Contract

The following is a list of Portfolios available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH146682. You can also request this information at no cost by calling 1-877-522-5035 or by sending an email request to EquitableFunds@dfinsolutions.com. The availability of Portfolios will vary by employer, and you should refer to your plan documents for a list of available Portfolios.

The current expenses and performance information below reflects fee and expenses of the Portfolios, but do not reflect the other fees and expenses that your Contract may charge. The table does show the contract’s Platform Charge, but the Platform Charge is not reflected in the current expenses or average annual total returns of the portfolios. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance.

Affiliated Portfolio Companies:

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Retirement Investment Account^®

Issued by

Equitable Financial Life Insurance Company

This Summary Prospectus describes the important features of the contract and provides information about Equitable Financial Life Insurance Company (the “Company”, “we”, “our” and “us”).

We have filed with the Securities and Exchange Commission a Prospectus and Statement of Additional Information (“SAI”) that include additional information about the Retirement Investment Account^®, the Company, AllianceBernstein Balanced, AllianceBernstein Common Stock, and AllianceBernstein Mid Cap Growth Funds (the “Pooled Separate Accounts”), and Separate Account No. 66. The Prospectus and SAI, each dated May 1, 2024, are incorporated by reference into this Summary Prospectus. The Prospectus and SAI are available free of charge. To request a copy of either document, to ask about your contract, or to make other investor inquiries, please call 1-877-522-5035. The Prospectus and SAI are also available at our website, www.equitable.com/ICSR#EQH146682.

Class/Contract Identifier: C000050403, C000050406, C000050395, and C000050399