Registration No. 333-05593
Registration No. 811-07659
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 8 [X]
AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ ]
Amendment No. 17 [X]
(Check appropriate box or boxes)
--------------------
SEPARATE ACCOUNT No. 49
of
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
(Exact Name of Registrant)
--------------------
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
(Name of Depositor)
1290 Avenue of the Americas, New York, New York 10104
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including Area Code: (212) 554-1234
--------------------
MARY P. BREEN
VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL
The Equitable Life Assurance Society of the United States
1290 Avenue of the Americas, New York, New York 10104
(Name and Address of Agent for Service)
--------------------
Please send copies of all communications to:
PETER E. PANARITES
Freedman, Levy, Kroll & Simonds
1050 Connecticut Avenue, N.W., Suite 825
Washington, D.C. 20036
<PAGE>
Approximate Date of Proposed Public Offering: Continuous
It is proposed that this filing will become effective (check
appropriate box):
[ ] Immediately upon filing pursuant to paragraph (b) of Rule 485
[X] On December 31, 1998 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.
If appropriate, check the following box:
[ ] This post-effective amendment designates a new effective date for
previously filed post-effective amendment.
Title of Securities Being Registered:
Units of interest in Separate Account under variable annuity contracts.
<PAGE>
NOTE
The principal purpose of this post-effective amendment ("Amendment") is to
file eight prospectus supplements with respect to new features that have been
added to the Accumulator line of annuity products and to incorporate, in certain
of the supplements, certain features described in Accumulator prospectus
supplements dated November 30, 1998, as described in the supplements filed as
part of the Amendment. In addition, certain related exhibits are being filed.
The Amendment does not amend or delete the prospectus, prospectus profile, or
statement of additional information, dated May 1, 1998 any supplement thereto
(other than the supplements dated November 30, 1998), or any other part of the
Registration Statement except as specifically noted herein.
64560vI
<PAGE>
SUPPLEMENT TO
EQUITABLE ACCUMULATOR(SM)
(IRA, NQ, AND QP)
PROSPECTUS DATED MAY 1, 1998, AND
TAX SHELTERED ANNUITY SUPPLEMENT DATED JUNE 18, 1998
Combination Variable and Fixed Deferred Annuity Certificates
Issued By
The Equitable Life Assurance Society of the United States
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This prospectus supplement (SUPPLEMENT) adds to or changes certain information
contained in the Profile and Prospectus dated May 1, 1998, and the Tax Sheltered
Annuity prospectus supplement (TSA SUPPLEMENT) dated June 18, 1998. Capitalized
terms have the same meaning as in the Prospectus and TSA Supplement.
This prospectus supplement provides information on the following enhancements to
the Equitable Accumulator Certificates: (1) a new Investment Fund and a new
Guarantee Period; (2) waiver of withdrawal charge for disability; and (3) a new
Beneficiary Continuation Option.
Information is also provided regarding the reduction in the interest rate
credited under the Guaranteed Minimum Income Benefit benefit base and the
Guaranteed Minimum Death Benefit from 6% to 5% (from 4% to 3% for amounts in the
Alliance Money Market Fund and the Guarantee Periods). The guaranteed minimum
annuity purchase factors used in calculating the Guaranteed Minimum Income
Benefit will be based on interest at 2.5% for all years.
(1) NEW INVESTMENT OPTIONS
- --------------------------
IN THE THIRD PARAGRAPH ON THE COVER PAGE OF THE PROSPECTUS, THE NUMBER OF
VARIABLE INVESTMENT FUNDS AVAILABLE IS CHANGED FROM 17 TO 18.
THE FOLLOWING IS ADDED UNDER ITEM 4 "INVESTMENT OPTIONS" AT THE END OF THE LIST
OF THE EQAT INVESTMENT FUNDS ON PAGE 3 OF THE PROFILE AND AT THE END OF THE
THIRD COLUMN UNDER THE LIST OF INVESTMENT FUNDS ON THE COVER PAGE OF THE
PROSPECTUS:
o MFS Growth with Income
IN ITEM 4 OF THE PROFILE IN THE PARAGRAPH FOLLOWING THE LIST OF INVESTMENT
FUNDS, AND THROUGHOUT THE PROSPECTUS, THE DISCUSSION OF AVAILABLE GUARANTEE
PERIODS (REFERRED TO AS GUARANTEED FIXED INTEREST ACCOUNTS IN THE PROFILE) IS
CHANGED. THE GUARANTEE PERIOD MATURING IN 1999 IS NO LONGER AVAILABLE FOR
ALLOCATION. A GUARANTEE PERIOD WITH AN EXPIRATION DATE OF FEBRUARY 15, 2009 IS
ADDED.
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Copyright 1999 The Equitable Life Assurance Society of the United States,
New York, New York 10104. All rights reserved. Accumulator
is a service mark and baseBUILDER is a registered service mark of The
Equitable Life Assurance Society of the United States.
SUPPLEMENT DATED JANUARY 4, 1999
PROS 1A SUPP5 (1/99)
<PAGE>
IN ITEM 5 "EXPENSES" BEGINNING ON PAGE 3 OF THE PROFILE, THE FOLLOWING
INFORMATION IS ADDED AT THE END OF THE TABLE OF EXPENSES:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL TOTAL EXAMPLES
ANNUAL ANNUAL TOTAL total annual
CERTIFICATE PORTFOLIO ANNUAL expenses at end of:
INVESTMENT FUNDS CHARGES CHARGES CHARGES (1) (2)
1 Year 10 Years
<S> <C> <C> <C> <C> <C>
MFS Growth with Income 1.35% 0.85% 2.20% $92.28 $288.16
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "HRT AND EQAT ANNUAL
EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)" ON
PAGE 8 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENT TOTAL
MANAGEMENT & OTHER ANNUAL
PORTFOLIOS ADVISORY FEES 12B-1 FEE(5) EXPENSES EXPENSES
------------- ------------ -------- --------
<S> <C> <C> <C> <C> <C>
MFS Growth with Income (7) 0.55% 0.25% 0.05% 0.85%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE FIRST PARAGRAPH UNDER FOOTNOTE (7) ON
PAGE 8 OF THE PROSPECTUS:
The MFS Growth with Income Portfolio had initial seed capital invested on
December 31, 1998.
THE FOLLOWING IS ADDED AT THE END OF THE SECOND PARAGRAPH UNDER FOOTNOTE (7):
The total annual operating expenses for the MFS Growth with Income Portfolio is
limited to 0.85% of the average daily net assets.
THE FOLLOWING IS ADDED AFTER THE THIRD PARAGRAPH UNDER FOOTNOTE (7):
For the MFS Growth with Income Portfolio which had initial seed capital invested
on December 31, 1998, absent the expense limitation, we estimate that the other
expenses for 1999 will be 0.777%.
THE FOLLOWING IS ADDED AFTER THE "EXAMPLES" TABLE UNDER THE EQAT INVESTMENT
FUNDS ON PAGE 9 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CERTIFICATE AT THE IF YOU DO NOT SURRENDER YOUR CERTIFICATE
END OF EACH PERIOD SHOWN, THE EXPENSES AT THE END OF EACH PERIOD SHOWN, THE
WOULD BE: EXPENSES WOULD BE:
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MFS Growth with Income $92.28 $124.93 -- -- $25.43 $78.41 -- --
</TABLE>
THE FOLLOWING REPLACES THE SECOND SENTENCE UNDER THE DESCRIPTION OF
"MASSACHUSETTS FINANCIAL SERVICES COMPANY" ON PAGE 13 OF THE PROSPECTUS:
MFS advises MFS Research and MFS Growth with Income, domestic equity portfolios,
and MFS Emerging Growth Companies, an aggressive equity portfolio.
2
<PAGE>
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "INVESTMENT POLICIES AND
OBJECTIVES OF HRT'S PORTFOLIOS AND EQAT'S PORTFOLIOS" BEGINNING ON PAGE 15 OF
THE PROSPECTUS:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
EQAT PORTFOLIO INVESTMENT POLICY OBJECTIVE
<S> <C> <C>
MFS Growth with Income Primarily equity securities that the adviser Reasonable current income
considers to be of high or improving investment and long-term growth of
quality with due regard for both probable capital and income
income and probable safety of capital.
-----------------------------------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE ADVISORY FEE TABLE FOR THE EQAT
PORTFOLIOS ON PAGE 37 OF THE PROSPECTUS:
---------------------------------------------------
MAXIMUM
INVESTMENT
ADVISORY FEE
EQAT PORTFOLIO (ANNUAL RATE)
---------------------------------------------------
MFS Growth with Income 0.55%
(2) WAIVER OF WITHDRAWAL CHARGE FOR DISABILITY
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THE FOLLOWING IS ADDED AFTER THE FIFTH PARAGRAPH UNDER "FREE CORRIDOR AMOUNT" ON
PAGE 35 OF THE PROSPECTUS:
Exceptions to the Withdrawal Charge
A withdrawal charge will not apply in the following events. However, we reserve
the right to impose a withdrawal charge, in accordance with your Certificate and
applicable state law, for preexisting conditions or conditions which began
within 12 months of the Contract Date for these events:
o the Annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration; or
o we receive proof satisfactory to us that the Annuitant's life expectancy is
six months or less (such proof must include, but is not limited to,
certification by a licensed physician); or
o 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 one which 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.
3
<PAGE>
This provision may not currently be available in all states. Also, events for
which the withdrawal charge will not apply may be limited in some states. Your
registered representative can provide information about state availability, or
you may contact our Processing Office.
(3) BENEFICIARY CONTINUATION OPTION
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THE FOLLOWING IS ADDED AFTER THE SECOND PARAGRAPH UNDER "HOW DEATH BENEFIT
PAYMENT IS MADE" -- "SUCCESSOR ANNUITANT/CERTIFICATE OWNER" ON PAGE 27 OF THE
PROSPECTUS:
Beneficiary Continuation Option for Traditional IRA Certificates
Upon the death of the Annuitant under a Traditional IRA Certificate, a
non-spouse beneficiary may elect to keep the Certificate in the name of the
deceased Annuitant, and receive distributions under the Certificate instead of
the death benefit being paid in a lump sum. The beneficiary's choices are
subject to the conditions in the following paragraphs and depend in part on
whether the Annuitant dies before or after the "Required Beginning Date" for
required minimum distributions. "Required Beginning Date" is discussed in Part 8
under "Distributions from Traditional IRA Certificates".
If the Annuitant dies after the "Required Beginning Date" for required minimum
distributions, the Certificate will continue if: (i) the Annuitant was receiving
Minimum Distribution Withdrawals from this Certificate; and (ii) the pattern of
Minimum Distribution Withdrawals the Annuitant chose was based in part on the
life of the designated beneficiary. The withdrawals will then continue to be
paid to the beneficiary on the same basis as the Annuitant chose before death.
Our "Minimum Distribution Withdrawals" are described in Part 5. We will have a
record as to whether this option is available to the beneficiary. The
beneficiary's ability to elect this option may be limited based on the
calculation method the Annuitant chose to determine the required minimum
distribution amounts. You should contact our Processing Office for further
information.
If the Annuitant dies before the "Required Beginning Date" (and therefore was
not taking Minimum Distribution Withdrawals under the Certificate), the
beneficiary may begin taking Minimum Distribution Withdrawals under the
Certificate. The Annuity Account Value will be reset to the death benefit and
that amount will be applied to provide the withdrawals. These withdrawals will
commence by December 31 of the calendar year following the Annuitant's death and
will be based on the beneficiary's life expectancy. If there is more than one
beneficiary, the shortest life expectancy is used.
The designated beneficiary must be a natural person and of legal age at the time
of election. To elect this option the appropriate form must be completed and
sent to our Processing Office within 30 days following the date we receive proof
of the Annuitant's death. This option may not currently be available in all
states. Your registered representative can provide information about state
availability, or you may contact our Processing Office.
While the distributions are in effect, the beneficiary may transfer the
Certificate's Annuity Account Value among the Investment Options. However,
subsequent contributions will not be permitted and the Guaranteed Minimum Income
Benefit and the death benefit (including the Guaranteed Minimum Death Benefit)
provisions will no longer be in effect. Although the only withdrawals that will
be permitted are Minimum Distribution Withdrawals, the beneficiary may choose at
any time to withdraw all of the Annuity Account Value and no withdrawal charges
will apply.
================================================================================
4
<PAGE>
IN THE PROFILE AND THROUGHOUT THE PROSPECTUS, "5% ROLL UP TO AGE 80" REPLACES
"6% ROLL UP TO AGE 80."
IN THE TABLE UNDER "EXPENSES" IN ITEM 5 OF THE PROFILE, PLEASE NOTE THAT THE
EXPENSE NUMBERS UNDER THE COLUMN HEADING "10 YEARS" WILL BE SLIGHTLY LOWER THAN
THE NUMBERS SHOWN DUE TO THE REDUCTION IN THE INTEREST RATE CREDITED UNDER THE
GUARANTEED MINIMUM INCOME BENEFIT BENEFIT BASE.
THE FOLLOWING REPLACES THE THIRD PARAGRAPH UNDER "DEATH BENEFIT" IN ITEM 9 OF
THE PROFILE:
5% Roll Up to Age 80 (Not available in New York) -- We add interest to the
initial amount at 5% (3% for amounts in the Alliance Money Market Fund and
Guaranteed Fixed Interest Accounts) through the annuitant's age 80 (or at the
annuitant's death, if earlier). The 5% interest rate will still apply for
amounts in the Alliance Money Market Fund under the Special Dollar Cost
Averaging program discussed in item 10 "OTHER INFORMATION."
IN THE TABLE UNDER THE HEADING "EXAMPLES" ON PAGE 9 OF THE PROSPECTUS, PLEASE
NOTE THAT OTHER THAN FOR SURRENDER IN THE FIRST YEAR WHEN THE EXPENSE NUMBERS
WILL BE THE SAME, THE NUMBERS WILL BE SLIGHTLY LOWER THAN THE NUMBERS SHOWN DUE
TO THE CHANGE IN THE INTEREST RATE CREDITED UNDER THE GUARANTEED MINIMUM INCOME
BENEFIT BENEFIT BASE.
THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER THE HEADING "BASEBUILDER
BENEFITS" ON PAGE 25 OF THE PROSPECTUS:
The baseBUILDER option provides guaranteed benefits in the form of a Combined
Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit. The
combined benefit is available for Annuitant issue ages 20 through 75 and is
subject to an additional charge (see "baseBUILDER Benefits Charge" in Part 6 of
the Prospectus). baseBUILDER provides a degree of protection for you while the
Annuitant lives (Income Benefit), as well as for the beneficiary should the
Annuitant die. As part of baseBUILDER you will have a choice of two Guaranteed
Minimum Death Benefit options for Annuitant issue ages 20 through 75: (i) a 5%
Roll Up to Age 80 or (ii) an Annual Ratchet to Age 80. The Guaranteed Minimum
Death Benefit choices are still provided under the Certificate even if you do
not elect baseBUILDER. The two choices are also provided for Annuitant issue
ages 0 through 19 under NQ Certificates and for Annuitant issue ages 76 through
79. baseBUILDER is not currently available in New York.
THE FOLLOWING REPLACES THE THIRD PARAGRAPH AND THE CHART FOLLOWING THE PARAGRAPH
UNDER THE HEADING "GUARANTEED MINIMUM INCOME BENEFIT" BEGINNING ON PAGE 25 OF
THE PROSPECTUS:
Illustrated below are Guaranteed Minimum Income Benefit amounts per $100,000 of
initial contribution, for a male Annuitant age 60 (at issue) on Contract Date
anniversaries as indicated below, assuming no subsequent contributions,
withdrawals, or loans under TSA Certificates, and assuming there were no
allocations to the Alliance Money Market Fund or the Guaranteed Period Account.
5
<PAGE>
---------------------------------------------------------------
Guaranteed Minimum
Income Benefit - Annual Income
Contract Date Payable for Life with
Anniversary at Exercise 10 Year Period Certain
---------------------------------------------------------------
7 $ 8,315
10 10,341
15 14,924
---------------------------------------------------------------
THE FOLLOWING REPLACES THE FIRST THREE PARAGRAPHS UNDER THE SUBHEADING
"GUARANTEED MINIMUM DEATH BENEFIT" ON PAGE 27 OF THE PROSPECTUS AND THE SECOND
PARAGRAPH UNDER THE SUBHEADING "GUARANTEED MINIMUM DEATH BENEFIT" BEGINNING ON
PAGE 3 OF THE TSA SUPPLEMENT:
Applicable for Annuitant Issue Ages 0 through 79 under NQ Certificates; 20
through 78 under Traditional IRA, Roth IRA and TSA Certificates; and 20 through
70 under QP Certificates
You elect either the "5% Roll Up to Age 80" or the "Annual Ratchet to Age 80"
Guaranteed Minimum Death Benefit when you apply for a Certificate. Once elected,
the benefit may not be changed.
5% Roll Up to Age 80 - On the Contract Date, the Guaranteed Minimum Death
Benefit is equal to the initial contribution. Thereafter, the Guaranteed Minimum
Death Benefit is credited with interest at 5% (3% for amounts in the Alliance
Money Market Fund and the Guarantee Periods) on each Contract Date anniversary
(compounded annually) through the Annuitant's age 80 (or at the Annuitant's
death, if earlier), and 0% thereafter. An interest rate of 5% will apply for
amounts in the Alliance Money Market Fund under the Special Dollar Cost
Averaging program. Under TSA Certificates, while a loan is outstanding, the
amount in the loan reserve account will be credited with interest at 3%.
On the date that a subsequent contribution is applied, your current Guaranteed
Minimum Death Benefit will increase by the dollar amount of the subsequent
contribution. On the date that a withdrawal is made, your Guaranteed Minimum
Death Benefit will be adjusted for the withdrawal. See "How Withdrawals Affect
Your Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit"
below.
The 5% Roll Up to Age 80 Guaranteed Minimum Death Benefit is not available in
New York.
THE FOLLOWING REPLACES THE INFORMATION UNDER THE HEADING "HOW WITHDRAWALS AFFECT
YOUR GUARANTEED MINIMUM INCOME BENEFIT AND GUARANTEED MINIMUM DEATH BENEFIT" ON
PAGE 32 OF THE PROSPECTUS:
Withdrawals will reduce your guaranteed benefits on either a dollar-for-dollar
basis or on a pro rata basis as explained below:
Guaranteed Minimum Income Benefit benefit base -- Your current Guaranteed
Minimum Income Benefit benefit base (described below) will be reduced on a
dollar-for-dollar basis as long as the sum of your withdrawals in a Contract
Year is 5% or less of the beginning of Contract Year Guaranteed Minimum Death
Benefit. Once you take a withdrawal that causes the sum of your withdrawals in a
Contract Year to exceed 5% of the beginning of Contract Year Guaranteed Minimum
Death Benefit, that withdrawal and any subsequent withdrawals in that same
Contract Year will reduce your current Guaranteed Minimum Income Benefit benefit
base on a pro rata basis.
6
<PAGE>
5% Roll Up to Age 80 -- If you elect the 5% Roll Up to Age 80 Guaranteed Minimum
Death Benefit, your current Guaranteed Minimum Death Benefit will be reduced on
a dollar-for-dollar basis as long as the sum of your withdrawals in a Contract
Year is 5% or less of the beginning of Contract Year Guaranteed Minimum Death
Benefit. Once you take a withdrawal that causes the sum of your withdrawals in a
Contract Year to exceed 5% of the beginning of Contract Year Guaranteed Minimum
Death Benefit, that withdrawal and any subsequent withdrawals in that same
Contract Year will reduce your current Guaranteed Minimum Death Benefit on a pro
rata basis.
Annual Ratchet to Age 80 -- If you elect the Annual Ratchet to Age 80 Guaranteed
Minimum Death Benefit, each withdrawal will always reduce your current
Guaranteed Minimum Death Benefit on a pro rata basis.
Reduction on a dollar-for-dollar basis means that your current benefit will be
reduced by the dollar amount of the withdrawal. Reduction on a pro rata basis
means that we calculate the percentage of the Annuity Account Value (as of the
Transaction Date) that is being withdrawn and we reduce your current benefit by
that same percentage. For example, if your Annuity Account Value is $30,000 and
you withdraw $12,000, you have withdrawn 40% ($12,000/ $30,000) of your Annuity
Account Value. If your Guaranteed Minimum Death Benefit was $40,000 prior to the
withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your new
Guaranteed Minimum Death Benefit after the withdrawal would be $24,000 ($40,000
- -- $16,000).
The timing of your withdrawals and whether they exceed the 5% threshold
described above can have a significant impact on your Guaranteed Minimum Income
Benefit or Guaranteed Minimum Death Benefit.
THE FOLLOWING REPLACES THE INFORMATION UNDER THE SUBHEADING "GUARANTEED MINIMUM
INCOME BENEFIT BENEFIT BASE" ON PAGE 32 OF THE PROSPECTUS AND THE PARAGRAPH
UNDER THE SUBHEADING "GUARANTEED MINIMUM INCOME BENEFIT ON PAGE 4 OF THE TSA
SUPPLEMENT:
On the Contract Date, the Guaranteed Minimum Income Benefit benefit base is
equal to the initial contribution. Thereafter, the Guaranteed Minimum Income
Benefit benefit base is credited with interest at 5% (3% for amounts in the
Alliance Money Market Fund and the Guarantee Periods) on each Contract Date
anniversary (compounded annually) through the Annuitant's age 80, and 0%
thereafter. An interest rate of 5% will apply for amounts in the Alliance Money
Market Fund under the Special Dollar Cost Averaging program. Under TSA
Certificates, while a loan is outstanding, the amount in the loan reserve
account will be credited with interest at 3%.
On the date that a subsequent contribution is applied, your current Guaranteed
Minimum Income Benefit benefit base will increase by the dollar amount of the
subsequent contribution. On the date that a withdrawal is made, your Guaranteed
Minimum Income Benefit benefit base will be reduced by (i) the dollar amount of
the withdrawal or (ii) the percentage of the Annuity Account Value being
withdrawn, as explained above. The Guaranteed Minimum Income Benefit benefit
base will also be reduced by any withdrawal charge remaining on the Transaction
Date that you exercise your Guaranteed Minimum Income Benefit.
7
<PAGE>
Your Guaranteed Minimum Income Benefit benefit base is applied to guaranteed
minimum annuity purchase factors to determine the Guaranteed Minimum Income
Benefit. The guaranteed minimum annuity purchase factors are based on (i)
interest at 2.5%, and (ii) mortality tables that assume increasing longevity.
These interest and mortality factors are generally more conservative than the
basis underlying current annuity purchase factors, which means that they would
produce less periodic income for an equal amount applied.
Your Guaranteed Minimum Income Benefit benefit base does not create an Annuity
Account Value or a Cash Value and is used solely for purposes of calculating
your Guaranteed Minimum Income Benefit.
8
<PAGE>
The following replaces Appendix III on page 60 of the Prospectus:
APPENDIX III: GUARANTEED MINIMUM DEATH BENEFIT EXAMPLE
- --------------------------------------------------------------------------------
Under the Certificates the death benefit is equal to the Annuity Account Value
or, if greater, the Guaranteed Minimum Death Benefit (see "Guaranteed Minimum
Death Benefit" on page 6 of this Supplement and on page 27 of the Prospectus).
The following is an example illustrating the calculation of the Guaranteed
Minimum Death Benefit. Assuming $100,000 is allocated to the Investment Funds
(with no allocation to the Alliance Money Market Fund or the Guarantee Periods),
no subsequent contributions, no transfers, no withdrawals, and no loans under a
TSA Certificate, the Guaranteed Minimum Death Benefit for an Annuitant age 45
would be calculated as follows:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
End of 5% Roll Up to Age 80 Annual Ratchet to Age 80
Contract Annuity Guaranteed Minimum Guaranteed Minimum
Year Account Value Death Benefit Death Benefit
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 $105,000 $105,000(1) $105,000(3)
2 $115,500 $110,250(2) $115,500(3)
3 $129,360 $115,763(2) $129,360(3)
4 $103,488 $121,551(1) $129,360(4)
5 $113,837 $127,628(1) $129,360(4)
6 $127,497 $134,010(1) $129,360(4)
7 $127,497 $140,710(1) $129,360(4)
--------------------------------------------------------------------------------------------------------------------
</TABLE>
The Annuity Account Values for Contract Years 1 through 7 are determined based
on hypothetical rates of return of 5.00%, 10.00%, 12.00%, (20.00)%, 10.00%,
12.00% and 0.00%. We are using these rates solely to illustrate how the benefit
is determined. The rates of return bear no relationship to past or future
investment results.
5% ROLL UP TO AGE 80
(1) At the end of Contract Years 1 and again at the end of Contract Years 4
through 7, the death benefit will be equal to the Guaranteed Minimum Death
Benefit.
(2) At the end of Contract Years 2 and 3, the death benefit will be equal to
the Annuity Account Value since it is higher than the current Guaranteed
Minimum Death Benefit.
ANNUAL RATCHET TO AGE 80
(3) At the end of Contract Years 1, through 3, the Guaranteed Minimum Death
Benefit is equal to the current Annuity Account Value.
(4) At the end of Contract Years 4 through 7, the Guaranteed Minimum Death
Benefit is equal to the Guaranteed Minimum Death Benefit at the end of the
prior year since it is equal to or higher than the current Annuity Account
Value.
9
<PAGE>
SUPPLEMENT TO
EQUITABLE ACCUMULATOR(SM)
(IRA, NQ AND QP)
PROSPECTUS DATED MAY 1, 1998 AND
TAX SHELTERED ANNUITY SUPPLEMENT DATED JUNE 18, 1998
COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES
Issued By:
The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------
This prospectus supplement (SUPPLEMENT) changes certain information in the
Equitable Accumulator (IRA, NQ and QP) prospectus dated May 1, 1998, and the Tax
Sheltered Annuity prospectus supplement dated June 18, 1998 (TSA SUPPLEMENT).
This Supplement describes the baseBUILDER(R) Combined Guaranteed Minimum Income
Benefit and Guaranteed Minimum Death Benefit offered to Annuitant issue ages 76
through 83. Capitalized terms in this supplement have the same meaning as in the
Prospectus and TSA Supplement.
The versions of the Combined Guaranteed Minimum Income Benefit and Guaranteed
Minimum Death Benefit discussed on page 25 of the prospectus under "baseBUILDER
Benefits" and pages 3 and 4 of the TSA Supplement are not available for
Annuitant issue ages 76 through 83. The combined benefit available for these
issue ages was offered under prospectus supplements dated May 1, 1998 and June
18, 1998.
The interest rate credited under the Guaranteed Minimum Income Benefit benefit
base and the Guaranteed Minimum Death Benefit will be reduced from 4% to 3%. The
guaranteed minimum annuity purchase factors used in calculating the Guaranteed
Minimum Income Benefit will be based on interest at 2.5% for all years.
The charge for the benefit described in this Supplement is 0.30% of the
Guaranteed Minimum Income Benefit benefit base in effect on a Processing Date.
THE EXERCISE DATES AND PERIOD CERTAIN FOR THE GUARANTEED MINIMUM INCOME BENEFIT
APPLICABLE TO THE COMBINED BENEFIT IS AS FOLLOWS:
The Guaranteed Minimum Income Benefit may be exercised only within 30 days
following the 7th or later Contract Date anniversary, but in no event later
than the Annuitant's age 90.
The period certain will be 90 less the Annuitant's age at exercise.
THE GUARANTEED MINIMUM DEATH BENEFIT APPLICABLE TO THE COMBINED BENEFIT IS AS
FOLLOWS:
3% Roll Up to Age 85 - On the Contract Date, the Guaranteed Minimum Death
Benefit is equal to the initial contribution. Thereafter, the Guaranteed
Minimum Death Benefit is credited with interest at 3% on each Contract Date
anniversary (compounded annually) through the Annuitant's age 85 (or at the
Annuitant's death, if earlier), and 0% thereafter.
On the date that a subsequent contribution is applied, your current
Guaranteed Minimum Death Benefit will increase by the dollar amount of the
subsequent contribution. On the date that a withdrawal is made, your
Guaranteed Minimum Death Benefit will be adjusted for the withdrawal.
- --------------------------------------------------------------------------------
Copyright 1999 The Equitable Life Assurance Society of the United States,
New York, New York 10104. All rights reserved.
Accumulator is a service mark and baseBUILDER is a registered service mark of
The Equitable Life Assurance Society of the United States.
SUPPLEMENT DATED JANUARY 4, 1999
PROS 1A SUPP6 (1/99)
<PAGE>
THE FOLLOWING REPLACES THE THIRD PARAGRAPH AND THE CHART FOLLOWING THE PARAGRAPH
UNDER THE HEADING "GUARANTEED MINIMUM INCOME BENEFIT" ON PAGE 25 OF THE
PROSPECTUS:
Illustrated below are Guaranteed Minimum Income Benefit amounts per
$100,000 of initial contribution, for a male Annuitant age 76 (at issue) on
Contract Date anniversaries as indicated below, assuming no subsequent
contributions, withdrawals, or loans under TSA Certificates.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
Contract Date Form of Guaranteed Minimum Income
Anniversary at Exercise Annuity Benefit -- Annual Income
------------------------------------------------------------------------------------------------------------
<S> <C> <C>
7 Life with 7 Year Period Certain $ 11,647.84
14 Life only 21,587.70
------------------------------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING REPLACES THE INFORMATION UNDER THE HEADING "HOW WITHDRAWALS AFFECT
YOUR GUARANTEED MINIMUM INCOME BENEFIT AND GUARANTEED MINIMUM DEATH BENEFIT" ON
PAGE 32 OF THE PROSPECTUS:
Withdrawals will reduce your guaranteed benefits on either a
dollar-for-dollar basis or on a pro rata basis as explained below:
Your current Guaranteed Minimum Income Benefit benefit base (described
below) and your current Guaranteed Minimum Death Benefit will be reduced on
a dollar-for-dollar basis as long as the sum of your withdrawals in a
Contract Year is 3% or less of the beginning of Contract Year Guaranteed
Minimum Death Benefit. Once you take a withdrawal that causes the sum of
your withdrawals in a Contract Year to exceed 3% of the beginning of
Contract Year Guaranteed Minimum Death Benefit, that withdrawal and any
subsequent withdrawals in that same Contract Year will reduce your current
Guaranteed Minimum Income Benefit benefit base and your current Guaranteed
Minimum Death Benefit on a pro rata basis.
Reduction on a dollar-for-dollar basis means that your current benefit will
be reduced by the dollar amount of the withdrawal. Reduction on a pro rata
basis means that we calculate the percentage of the Annuity Account Value
(as of the Transaction Date) that is being withdrawn and we reduce your
current benefit by that same percentage. For example, if your Annuity
Account Value is $30,000 and you withdraw $12,000, you have withdrawn 40%
($12,000/ $30,000) of your Annuity Account Value. If your Guaranteed
Minimum Death Benefit was $40,000 prior to the withdrawal, it would be
reduced by $16,000 ($40,000 x .40) and your new Guaranteed Minimum Death
Benefit after the withdrawal would be $24,000 ($40,000 - $16,000).
The timing of your withdrawals and whether they exceed the 3% threshold
described above can have a significant impact on your Guaranteed Minimum
Income Benefit or Guaranteed Minimum Death Benefit.
THE FOLLOWING REPLACES THE FIRST TWO PARAGRAPHS UNDER THE HEADING "GUARANTEED
MINIMUM INCOME BENEFIT BENEFIT BASE" PAGE 32 OF THE PROSPECTUS:
On the Contract Date, the Guaranteed Minimum Income Benefit benefit base is
equal to the initial contribution. Thereafter, the Guaranteed Minimum
Income Benefit benefit base is credited with interest at 3% on each
Contract Date anniversary (compounded annually) through the Annuitant's age
85, and 0% thereafter.
On the date that a subsequent contribution is applied, your current
Guaranteed Minimum Income Benefit benefit base will increase by the dollar
amount of the subsequent contribution. On the date that a withdrawal is
made, your Guaranteed Minimum Income Benefit benefit base will be reduced
by (i) the dollar amount of the withdrawal or (ii) the percentage of the
Annuity Account Value being withdrawn, as explained above. The Guaranteed
Minimum Income Benefit benefit base will also be reduced by any withdrawal
charge remaining on the Transaction Date that you exercise your Guaranteed
Minimum Income Benefit.
2
<PAGE>
Your Guaranteed Minimum Income Benefit benefit base is applied to
guaranteed minimum annuity purchase factors to determine the Guaranteed
Minimum Income Benefit. The guaranteed minimum annuity purchase factors are
based on (i) interest at 2.5%, and (ii) mortality tables that assume
increasing longevity. These interest and mortality factors are generally
more conservative than the basis underlying current annuity purchase
factors, which means that they would produce less periodic income for an
equal amount applied.
3
<PAGE>
THE FOLLOWING REPLACES APPENDIX III ON PAGE 60 OF THE PROSPECTUS:
APPENDIX III: GUARANTEED MINIMUM DEATH BENEFIT EXAMPLE
- --------------------------------------------------------------------------------
Under the Certificates the death benefit is equal to the Annuity Account Value
or, if greater, the Guaranteed Minimum Death Benefit (see "Guaranteed Minimum
Death Benefit" on page 1 of this Supplement and on page 27 of the Prospectus).
The following is an example illustrating the calculation of the Guaranteed
Minimum Death Benefit. Assuming $100,000 is allocated to the Investment Funds,
no subsequent contributions, no withdrawals, and no loans under a TSA
Certificate, the Guaranteed Minimum Death Benefit for an Annuitant age 76 would
be calculated as follows:
-------------------------------------------------------------------------
End of 3% Roll Up to Age 85
Contract Annuity Guaranteed Minimum
Year Account Value Death Benefit
-------------------------------------------------------------------------
1 $105,000 $103,000(1)
2 $115,500 $106,090(1)
3 $129,360 $109,273(1)
4 $103,488 $112,551(2)
5 $113,837 $115,927(2)
6 $127,497 $119,405(1)
7 $127,497 $122,987(1)
-------------------------------------------------------------------------
The Annuity Account Values for Contract Years 1 through 7 are determined based
on hypothetical rates of return of 5.00%, 10.00%, 12.00%, (20.00)%, 10.00%,
12.00% and 0.00%. We are using these rates solely to illustrate how the benefit
is determined. The rates of return bear no relationship to past or future
investment results.
(1) For Contract Years 1 through 3, and 6 through 7 the death benefit is equal
to the Annuity Account Value.
(2) For Contract Years 4 and 5, the death benefit is equal to the Guaranteed
Minimum Death Benefit.
4
<PAGE>
SUPPLEMENT TO
EQUITABLE ACCUMULATOR(SM)
(IRA, NQ, AND QP)
PROSPECTUS DATED MAY 1, 1998, AND
TAX SHELTERED ANNUITY SUPPLEMENT DATED JUNE 18, 1998
Combination Variable and Fixed Deferred Annuity Certificates
Issued By
The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------
This prospectus supplement (SUPPLEMENT) adds to or changes certain information
contained in the Profile and Prospectus dated May 1, 1998, and the Tax Sheltered
Annuity prospectus supplement (TSA SUPPLEMENT) dated June 18, 1998. Capitalized
terms have the same meaning as in the Prospectus and TSA Supplement.
This prospectus supplement provides information on the following enhancements to
the Equitable Accumulator Certificates: (1) three new Investment Funds and a new
Guarantee Period; (2) waiver of withdrawal charge for disability; and (3) a new
Beneficiary Continuation Option.
Information is also provided regarding the reduction in the interest rate
credited under the Guaranteed Minimum Income Benefit benefit base and the
Guaranteed Minimum Death Benefit from 6% to 5% (from 4% to 3% for amounts in the
Alliance Money Market Fund and the Guarantee Periods). The guaranteed minimum
annuity purchase factors used in calculating the Guaranteed Minimum Income
Benefit will be based on interest at 2.5% for all years.
(1) NEW INVESTMENT OPTIONS
- --------------------------
IN THE THIRD PARAGRAPH ON THE COVER PAGE OF THE PROSPECTUS, THE NUMBER OF
VARIABLE INVESTMENT FUNDS AVAILABLE IS CHANGED FROM 19 TO 22.
THE FOLLOWING IS ADDED UNDER ITEM 4 "INVESTMENT OPTIONS" AT THE END OF THE LIST
OF THE EQAT INVESTMENT FUNDS ON PAGE 3 OF THE PROFILE AND AT THE END OF THE
THIRD COLUMN UNDER THE LIST OF INVESTMENT FUNDS ON THE COVER PAGE OF THE
PROSPECTUS:
o EQ/Evergreen
o EQ/Evergreen Foundation
o MFS Growth with Income
IN ITEM 4 OF THE PROFILE IN THE PARAGRAPH FOLLOWING THE LIST OF INVESTMENT
FUNDS, AND THROUGHOUT THE PROSPECTUS, THE DISCUSSION OF AVAILABLE GUARANTEE
PERIODS (REFERRED TO AS GUARANTEED FIXED INTEREST ACCOUNTS IN THE PROFILE) IS
CHANGED. THE GUARANTEE PERIOD MATURING IN 1999 IS NO LONGER AVAILABLE FOR
ALLOCATION. A GUARANTEE PERIOD WITH AN EXPIRATION DATE OF FEBRUARY 15, 2009 IS
ADDED.
- --------------------------------------------------------------------------------
Copyright 1999 The Equitable Life Assurance Society of the United States,
New York, New York 10104. All rights reserved.
Accumulator is a service mark and baseBUILDER is a registered service mark of
The Equitable Life Assurance Society of the United States.
SUPPLEMENT DATED JANUARY 4, 1999
PROS 1AML SUPP5 (1/99)
<PAGE>
IN ITEM 5 "EXPENSES" BEGINNING ON PAGE 3 OF THE PROFILE, THE FOLLOWING
INFORMATION IS ADDED AT THE END OF THE TABLE OF EXPENSES:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
TOTAL TOTAL EXAMPLES
ANNUAL ANNUAL TOTAL Total Annual
CERTIFICATE PORTFOLIO ANNUAL Expenses at End of:
INVESTMENT FUNDS CHARGES CHARGES CHARGES (1) (2)
1 Year 10 Years
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/Evergreen 1.35% 1.05% 2.40% $94.27 $307.88
EQ/Evergreen Foundation 1.35% 0.95% 2.30% $93.27 $298.05
MFS Growth with Income 1.35% 0.85% 2.20% $92.28 $288.16
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "HRT AND EQAT ANNUAL
EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)" ON
PAGE 8 OF THE PROSPECTUS:
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENT TOTAL
MANAGEMENT & OTHER ANNUAL
PORTFOLIOS ADVISORY FEES 12B-1 FEE(5) EXPENSES EXPENSES
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Evergreen (7) 0.75% 0.25% 0.05% 1.05%
EQ/Evergreen Foundation (7) 0.63% 0.25% 0.07% 0.95%
MFS Growth with Income (7) 0.55% 0.25% 0.05% 0.85%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE FIRST PARAGRAPH UNDER FOOTNOTE (7) ON
PAGE 8 OF THE PROSPECTUS:
The EQ/Evergreen, EQ/Evergreen Foundation and MFS Growth with Income Portfolios
had initial seed capital invested on December 31, 1998.
THE FOLLOWING IS ADDED AT THE END OF THE SECOND PARAGRAPH UNDER FOOTNOTE (7):
The total annual operating expenses of the following portfolios are also limited
for the respective average daily net assets as follows: EQ/Evergreen - 1.05%;
EQ/Evergreen Foundation - 0.95%; and MFS Growth with Income - 0.85%.
THE FOLLOWING IS ADDED AFTER THE THIRD PARAGRAPH UNDER FOOTNOTE (7):
For the EQAT Portfolios which had initial seed capital invested on December 31,
1998, absent the expense limitation, we estimate that the other expenses for
1999 will be 0.777% for the EQ/Evergreen and MFS Growth with Income Portfolios;
and 0.848% for the EQ/Evergreen Foundation Portfolio.
THE FOLLOWING IS ADDED AFTER THE "EXAMPLES" TABLE UNDER THE EQAT INVESTMENT
FUNDS ON PAGE 9 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CERTIFICATE AT THE IF YOU DO NOT SURRENDER YOUR CERTIFICATE
END OF EACH PERIOD SHOWN, THE EXPENSES AT THE END OF EACH PERIOD SHOWN, THE
WOULD BE: EXPENSES WOULD BE:
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EQ/Evergreen $94.27 $130.90 -- -- $27.42 $84.37 -- --
EQ/Evergreen Foundation 93.27 127.92 -- -- 26.42 81.38 -- --
MFS Growth with Income 92.28 124.93 -- -- 25.43 78.41 -- --
</TABLE>
2
<PAGE>
THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER "EQAT'S INVESTMENT ADVISERS" ON
PAGE 12 OF THE PROSPECTUS:
Bankers Trust Company, Evergreen Asset Management Corp., J.P. Morgan Investment
Management Inc., Lazard Asset Management, Massachusetts Financial Services
Company, Merrill Lynch Asset Management, L.P., Morgan Stanley Asset Management
Inc., and Putnam Investment Management, Inc. serve as EQAT advisers only for
their respective EQAT Portfolios.
THE FOLLOWING IS ADDED AFTER THE DESCRIPTION OF "BANKERS TRUST COMPANY" ON PAGE
13 OF THE PROSPECTUS:
EVERGREEN ASSET MANAGEMENT CORP.
Evergreen Asset Management Corp. (EVERGREEN) is a wholly-owned subsidiary of
First Union Corporation (FIRST UNION), a bank holding company. First Union,
through Evergreen and other subsidiaries, offers a broad range of financial
services to individuals and businesses throughout the United States. As of
December 31, 1997, Evergreen's combined assets under management totaled over $40
billion. Evergreen advises EQ/Evergreen and EQ/Evergreen Foundation, domestic
equity portfolios. Evergreen is located at 2500 Westchester Avenue, Purchase,
New York 10577.
THE FOLLOWING REPLACES THE SECOND SENTENCE UNDER THE DESCRIPTION OF
"MASSACHUSETTS FINANCIAL SERVICES COMPANY" ON PAGE 13 OF THE PROSPECTUS:
MFS advises MFS Research and MFS Growth with Income, domestic equity portfolios,
and MFS Emerging Growth Companies, an aggressive equity portfolio.
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "INVESTMENT POLICIES AND
OBJECTIVES OF HRT'S PORTFOLIOS AND EQAT'S PORTFOLIOS" BEGINNING ON PAGE 14 OF
THE PROSPECTUS:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
EQAT PORTFOLIO INVESTMENT POLICY OBJECTIVE
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EQ/Evergreen Primarily common stocks and convertible Capital appreciation
securities of companies that are little-known,
relatively small, or represent special
situations which, in the view of the adviser,
offer potential for capital appreciation.
-----------------------------------------------------------------------------------------------------------------
EQ/Evergreen Foundation Invests in a diversified, balanced portfolio of In order of priority,
stocks and bonds. reasonable income,
conservation of capital and
capital appreciation
-----------------------------------------------------------------------------------------------------------------
MFS Growth with Income Primarily equity securities that the adviser Reasonable current income
considers to be of high or improving investment and long-term growth of
quality with due regard for both probable capital and income
income and probable safety of capital.
-----------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
THE FOLLOWING IS ADDED AT THE END OF THE ADVISORY FEE TABLE FOR THE EQAT
PORTFOLIOS ON PAGE 36 OF THE PROSPECTUS:
------------------------------------------------------
MAXIMUM
INVESTMENT
ADVISORY FEE
EQAT PORTFOLIO (ANNUAL RATE)
------------------------------------------------------
EQ/Evergreen 0.75%
EQ/Evergreen Foundation 0.63%
MFS Growth with Income 0.55%
(2) WAIVER OF WITHDRAWAL CHARGE FOR DISABILITY
- ----------------------------------------------
THE FOLLOWING IS ADDED AFTER THE FIFTH PARAGRAPH UNDER "FREE CORRIDOR AMOUNT" ON
PAGE 34 OF THE PROSPECTUS:
Exceptions to the Withdrawal Charge
A withdrawal charge will not apply in the following events. However, we reserve
the right to impose a withdrawal charge, in accordance with your Certificate and
applicable state law, for preexisting conditions or conditions which began
within 12 months of the Contract Date for these events:
o the Annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration; or
o we receive proof satisfactory to us that the Annuitant's life expectancy is
six months or less (such proof must include, but is not limited to,
certification by a licensed physician); or
o 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 one which 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.
This provision may not currently be available in all states. Also, events for
which the withdrawal charge will not apply may be limited in some states. Your
registered representative can provide information about state availability, or
you may contact our Processing Office.
4
<PAGE>
(3) BENEFICIARY CONTINUATION OPTION
- -----------------------------------
THE FOLLOWING IS ADDED AFTER THE SECOND PARAGRAPH UNDER "HOW DEATH BENEFIT
PAYMENT IS MADE" -- "SUCCESSOR ANNUITANT/CERTIFICATE OWNER" ON PAGE 26 OF THE
PROSPECTUS:
Beneficiary Continuation Option for Traditional IRA Certificates
Upon the death of the Annuitant under a Traditional IRA Certificate, a
non-spouse beneficiary may elect to keep the Certificate in the name of the
deceased Annuitant, and receive distributions under the Certificate instead of
the death benefit being paid in a lump sum. The beneficiary's choices are
subject to the conditions in the following paragraphs and depend in part on
whether the Annuitant dies before or after the "Required Beginning Date" for
required minimum distributions. "Required Beginning Date" is discussed in Part 7
under "Distributions from Traditional IRA Certificates".
If the Annuitant dies after the "Required Beginning Date" for required minimum
distributions, the Certificate will continue if: (i) the Annuitant was receiving
Minimum Distribution Withdrawals from this Certificate; and (ii) the pattern of
Minimum Distribution Withdrawals the Annuitant chose was based in part on the
life of the designated beneficiary. The withdrawals will then continue to be
paid to the beneficiary on the same basis as the Annuitant chose before death.
Our "Minimum Distribution Withdrawals" are described in Part 4. We will have a
record as to whether this option is available to the beneficiary. The
beneficiary's ability to elect this option may be limited based on the
calculation method the Annuitant chose to determine the required minimum
distribution amounts. You should contact our Processing Office for further
information.
If the Annuitant dies before the "Required Beginning Date" (and therefore was
not taking Minimum Distribution Withdrawals under the Certificate), the
beneficiary may begin taking Minimum Distribution Withdrawals under the
Certificate. The Annuity Account Value will be reset to the death benefit and
that amount will be applied to provide the withdrawals. These withdrawals will
commence by December 31 of the calendar year following the Annuitant's death and
will be based on the beneficiary's life expectancy. If there is more than one
beneficiary, the shortest life expectancy is used.
The designated beneficiary must be a natural person and of legal age at the time
of election. To elect this option the appropriate form must be completed and
sent to our Processing Office within 30 days following the date we receive proof
of the Annuitant's death. This option may not currently be available in all
states. Your registered representative can provide information about state
availability, or you may contact our Processing Office.
While the distributions are in effect, the beneficiary may transfer the
Certificate's Annuity Account Value among the Investment Options. However,
subsequent contributions will not be permitted and the Guaranteed Minimum Income
Benefit and the death benefit (including the Guaranteed Minimum Death Benefit)
provisions will no longer be in effect. Although the only withdrawals that will
be permitted are Minimum Distribution Withdrawals, the beneficiary may choose at
any time to withdraw all of the Annuity Account Value and no withdrawal charges
will apply.
================================================================================
5
<PAGE>
IN THE PROFILE AND THROUGHOUT THE PROSPECTUS, "5% ROLL UP TO AGE 80" REPLACES
"6% ROLL UP TO AGE 80."
IN THE TABLE UNDER "EXPENSES" IN ITEM 5 OF THE PROFILE, PLEASE NOTE THAT THE
EXPENSE NUMBERS UNDER THE COLUMN HEADING "10 YEARS" WILL BE SLIGHTLY LOWER THAN
THE NUMBERS SHOWN DUE TO THE REDUCTION IN THE INTEREST RATE CREDITED UNDER THE
GUARANTEED MINIMUM INCOME BENEFIT BENEFIT BASE.
THE FOLLOWING REPLACES THE THIRD PARAGRAPH UNDER "DEATH BENEFIT" IN ITEM 9 OF
THE PROFILE:
5% Roll Up to Age 80 (Not available in New York) -- We add interest to the
initial amount at 5% (3% for amounts in the Alliance Money Market Fund and
Guaranteed Fixed Interest Accounts) through the annuitant's age 80 (or at the
annuitant's death, if earlier). The 5% interest rate will still apply for
amounts in the Alliance Money Market Fund under the Special Dollar Cost
Averaging program discussed in item 10 "OTHER INFORMATION."
IN THE TABLE UNDER THE HEADING "EXAMPLES" ON PAGE 9 OF THE PROSPECTUS, PLEASE
NOTE THAT OTHER THAN FOR SURRENDER IN THE FIRST YEAR WHEN THE EXPENSE NUMBERS
WILL BE THE SAME, THE NUMBERS WILL BE SLIGHTLY LOWER THAN THE NUMBERS SHOWN DUE
TO THE CHANGE IN THE INTEREST RATE CREDITED UNDER THE GUARANTEED MINIMUM INCOME
BENEFIT BENEFIT BASE.
THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER THE HEADING "BASEBUILDER
BENEFITS" ON PAGE 23 OF THE PROSPECTUS:
The baseBUILDER option provides guaranteed benefits in the form of a Combined
Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit. The
combined benefit is available for Annuitant issue ages 20 through 75 and is
subject to an additional charge (see "baseBUILDER Benefits Charge" in Part 5 of
the Prospectus). baseBUILDER provides a degree of protection for you while the
Annuitant lives (Income Benefit), as well as for the beneficiary should the
Annuitant die. As part of baseBUILDER you will have a choice of two Guaranteed
Minimum Death Benefit options for Annuitant issue ages 20 through 75: (i) a 5%
Roll Up to Age 80 or (ii) an Annual Ratchet to Age 80. The Guaranteed Minimum
Death Benefit choices are still provided under the Certificate even if you do
not elect baseBUILDER. The two choices are also provided for Annuitant issue
ages 0 through 19 under NQ Certificates and for Annuitant issue ages 76 through
79. baseBUILDER is not currently available in New York.
THE FOLLOWING REPLACES THE THIRD PARAGRAPH AND THE CHART FOLLOWING THE PARAGRAPH
UNDER THE HEADING "GUARANTEED MINIMUM INCOME BENEFIT" ON PAGE 24 OF THE
PROSPECTUS:
Illustrated below are Guaranteed Minimum Income Benefit amounts per $100,000 of
initial contribution, for a male Annuitant age 60 (at issue) on Contract Date
anniversaries as indicated below, assuming no subsequent contributions,
withdrawals, or loans under TSA Certificates, and assuming there were no
allocations to the Alliance Money Market Fund or the Guaranteed Period Account.
6
<PAGE>
---------------------------------------------------------------
Guaranteed Minimum
Income Benefit -- Annual Income
Contract Date Payable for Life with
Anniversary at Exercise 10 Year Period Certain
---------------------------------------------------------------
7 $ 8,315
10 10,341
15 14,924
---------------------------------------------------------------
THE FOLLOWING REPLACES THE FIRST THREE PARAGRAPHS UNDER THE SUBHEADING
"GUARANTEED MINIMUM DEATH BENEFIT" ON PAGE 25 OF THE PROSPECTUS AND THE SECOND
PARAGRAPH UNDER THE SUBHEADING "GUARANTEED MINIMUM DEATH BENEFIT" BEGINNING ON
PAGE 3 OF THE TSA SUPPLEMENT:
Applicable for Annuitant Issue Ages 0 through 79 under NQ Certificates; 20
through 78 under IRA and TSA Certificates; and 20 through 70 under QP
Certificates
You elect either the "5% Roll Up to Age 80" or the "Annual Ratchet to Age 80"
Guaranteed Minimum Death Benefit when you apply for a Certificate. Once elected,
the benefit may not be changed.
5% Roll Up to Age 80 -- On the Contract Date, the Guaranteed Minimum Death
Benefit is equal to the initial contribution. Thereafter, the Guaranteed Minimum
Death Benefit is credited with interest at 5% (3% for amounts in the Alliance
Money Market Fund and the Guarantee Periods) on each Contract Date anniversary
(compounded annually) through the Annuitant's age 80 (or at the Annuitant's
death, if earlier), and 0% thereafter. An interest rate of 5% will apply for
amounts in the Alliance Money Market Fund under the Special Dollar Cost
Averaging program. Under TSA Certificates, while a loan is outstanding, the
amount in the loan reserve account will be credited with interest at 3%.
On the date that a subsequent contribution is applied, your current Guaranteed
Minimum Death Benefit will increase by the dollar amount of the subsequent
contribution. On the date that a withdrawal is made, your Guaranteed Minimum
Death Benefit will be adjusted for the withdrawal. See "How Withdrawals Affect
Your Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit"
below.
The 5% Roll Up to Age 80 Guaranteed Minimum Death Benefit is not available in
New York.
THE FOLLOWING REPLACES THE INFORMATION UNDER THE HEADING "HOW WITHDRAWALS AFFECT
YOUR GUARANTEED MINIMUM INCOME BENEFIT AND GUARANTEED MINIMUM DEATH BENEFIT" ON
PAGE 31 OF THE PROSPECTUS:
Withdrawals will reduce your guaranteed benefits on either a dollar-for-dollar
basis or on a pro rata basis as explained below:
Guaranteed Minimum Income Benefit benefit base -- Your current Guaranteed
Minimum Income Benefit benefit base (described below) will be reduced on a
dollar-for-dollar basis as long as the sum of your withdrawals in a Contract
Year is 5% or less of the beginning of Contract Year Guaranteed Minimum Death
Benefit. Once you take a withdrawal that causes the sum of your withdrawals in a
Contract Year to exceed 5% of the beginning of Contract Year Guaranteed Minimum
Death Benefit, that withdrawal and any subsequent withdrawals in that same
Contract Year will reduce your current Guaranteed Minimum Income Benefit benefit
base on a pro rata basis.
7
<PAGE>
5% Roll Up to Age 80 -- If you elect the 5% Roll Up to Age 80 Guaranteed
Minimum Death Benefit, your current Guaranteed Minimum Death Benefit will be
reduced on a dollar-for-dollar basis as long as the sum of your withdrawals in a
Contract Year is 5% or less of the beginning of Contract Year Guaranteed Minimum
Death Benefit. Once you take a withdrawal that causes the sum of your
withdrawals in a Contract Year to exceed 5% of the beginning of Contract Year
Guaranteed Minimum Death Benefit, that withdrawal and any subsequent withdrawals
in that same Contract Year will reduce your current Guaranteed Minimum Death
Benefit on a pro rata basis.
Annual Ratchet to Age 80 -- If you elect the Annual Ratchet to Age 80
Guaranteed Minimum Death Benefit, each withdrawal will always reduce your
current Guaranteed Minimum Death Benefit on a pro rata basis.
Reduction on a dollar-for-dollar basis means that your current benefit will be
reduced by the dollar amount of the withdrawal. Reduction on a pro rata basis
means that we calculate the percentage of the Annuity Account Value (as of the
Transaction Date) that is being withdrawn and we reduce your current benefit by
that same percentage. For example, if your Annuity Account Value is $30,000 and
you withdraw $12,000, you have withdrawn 40% ($12,000/ $30,000) of your Annuity
Account Value. If your Guaranteed Minimum Death Benefit was $40,000 prior to the
withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your new
Guaranteed Minimum Death Benefit after the withdrawal would be $24,000 ($40,000
- - $16,000).
The timing of your withdrawals and whether they exceed the 5% threshold
described above can have a significant impact on your Guaranteed Minimum Income
Benefit or Guaranteed Minimum Death Benefit.
THE FOLLOWING REPLACES THE INFORMATION UNDER THE SUBHEADING "GUARANTEED MINIMUM
INCOME BENEFIT BENEFIT BASE" ON PAGE 31 OF THE PROSPECTUS AND THE PARAGRAPH
UNDER THE SUBHEADING "GUARANTEED MINIMUM INCOME BENEFIT ON PAGE 4 OF THE TSA
SUPPLEMENT:
On the Contract Date, the Guaranteed Minimum Income Benefit benefit base is
equal to the initial contribution. Thereafter, the Guaranteed Minimum Income
Benefit benefit base is credited with interest at 5% (3% for amounts in the
Alliance Money Market Fund and the Guarantee Periods) on each Contract Date
anniversary (compounded annually) through the Annuitant's age 80, and 0%
thereafter. An interest rate of 5% will apply for amounts in the Alliance Money
Market Fund under the Special Dollar Cost Averaging program. Under TSA
Certificates, while a loan is outstanding, the amount in the loan reserve
account will be credited with interest at 3%.
On the date that a subsequent contribution is applied, your current Guaranteed
Minimum Income Benefit benefit base will increase by the dollar amount of the
subsequent contribution. On the date that a withdrawal is made, your Guaranteed
Minimum Income Benefit benefit base will be reduced by (i) the dollar amount of
the withdrawal or (ii) the percentage of the Annuity Account Value being
withdrawn, as explained above. The Guaranteed Minimum Income Benefit benefit
base will also be reduced by any withdrawal charge remaining on the Transaction
Date that you exercise your Guaranteed Minimum Income Benefit.
8
<PAGE>
Your Guaranteed Minimum Income Benefit benefit base is applied to guaranteed
minimum annuity purchase factors to determine the Guaranteed Minimum Income
Benefit. The guaranteed minimum annuity purchase factors are based on (i)
interest at 2.5%, and (ii) mortality tables that assume increasing longevity.
These interest and mortality factors are generally more conservative than the
basis underlying current annuity purchase factors, which means that they would
produce less periodic income for an equal amount applied.
Your Guaranteed Minimum Income Benefit benefit base does not create an Annuity
Account Value or a Cash Value and is used solely for purposes of calculating
your Guaranteed Minimum Income Benefit.
9
<PAGE>
THE FOLLOWING REPLACES APPENDIX III ON PAGE 59 OF THE PROSPECTUS:
APPENDIX III: GUARANTEED MINIMUM DEATH BENEFIT EXAMPLE
- --------------------------------------------------------------------------------
Under the Certificates the death benefit is equal to the Annuity Account Value
or, if greater, the Guaranteed Minimum Death Benefit (see "Guaranteed Minimum
Death Benefit" on page 7 of this Supplement and on page 25 of the Prospectus).
The following is an example illustrating the calculation of the Guaranteed
Minimum Death Benefit. Assuming $100,000 is allocated to the Investment Funds
(with no allocation to the Alliance Money Market Fund or the Guarantee Periods),
no subsequent contributions, no transfers, no withdrawals, and no loans under a
TSA Certificate, the Guaranteed Minimum Death Benefit for an Annuitant age 45
would be calculated as follows:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
End of 5% Roll Up to Age 80 Annual Ratchet to Age 80
Contract Annuity Guaranteed Minimum Guaranteed Minimum
Year Account Value Death Benefit Death Benefit
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 $105,000 $105,000(1) $105,000(3)
2 $115,500 $110,250(2) $115,500(3)
3 $129,360 $115,763(2) $129,360(3)
4 $103,488 $121,551(1) $129,360(4)
5 $113,837 $127,628(1) $129,360(4)
6 $127,497 $134,010(1) $129,360(4)
7 $127,497 $140,710(1) $129,360(4)
--------------------------------------------------------------------------------------------------------------------
</TABLE>
The Annuity Account Values for Contract Years 1 through 7 are determined based
on hypothetical rates of return of 5.00%, 10.00%, 12.00%, (20.00)%, 10.00%,
12.00% and 0.00%. We are using these rates solely to illustrate how the benefit
is determined. The rates of return bear no relationship to past or future
investment results.
5% ROLL UP TO AGE 80
(1) At the end of Contract Years 1 and again at the end of Contract Years 4
through 7, the death benefit will be equal to the Guaranteed Minimum Death
Benefit.
(2) At the end of Contract Years 2 and 3, the death benefit will be equal to
the Annuity Account Value since it is higher than the current Guaranteed
Minimum Death Benefit.
ANNUAL RATCHET TO AGE 80
(3) At the end of Contract Years 1, through 3, the Guaranteed Minimum Death
Benefit is equal to the current Annuity Account Value.
(4) At the end of Contract Years 4 through 7, the Guaranteed Minimum Death
Benefit is equal to the Guaranteed Minimum Death Benefit at the end of the
prior year since it is equal to or higher than the current Annuity Account
Value.
10
<PAGE>
SUPPLEMENT TO
EQUITABLE ACCUMULATOR(SM)
(IRA, NQ AND QP)
PROSPECTUS DATED MAY 1, 1998 AND
TAX SHELTERED ANNUITY SUPPLEMENT DATED JUNE 18, 1998
COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES
Issued By:
The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------
This prospectus supplement (SUPPLEMENT) changes certain information in the
Equitable Accumulator (IRA, NQ and QP) prospectus dated May 1, 1998, and the Tax
Sheltered Annuity prospectus supplement dated June 18, 1998 (TSA SUPPLEMENT).
This Supplement describes the baseBUILDER(R) Combined Guaranteed Minimum Income
Benefit and Guaranteed Minimum DeatH Benefit offered to Annuitant issue ages 76
through 83. Capitalized terms in this supplement have the same meaning as in the
Prospectus and TSA Supplement.
The versions of the Combined Guaranteed Minimum Income Benefit and Guaranteed
Minimum Death Benefit discussed on page 23 of the prospectus under "baseBUILDER
Benefits" and pages 3 and 4 of the TSA Supplement are not available for
Annuitant issue ages 76 through 83. The combined benefit available for these
issue ages was offered under prospectus supplements dated May 1, 1998 and June
18, 1998.
The interest rate credited under the Guaranteed Minimum Income Benefit benefit
base and the Guaranteed Minimum Death Benefit will be reduced from 4% to 3%. The
guaranteed minimum annuity purchase factors used in calculating the Guaranteed
Minimum Income Benefit will be based on interest at 2.5% for all years.
The charge for the benefit described in this Supplement is 0.30% of the
Guaranteed Minimum Income Benefit benefit base in effect on a Processing Date.
THE EXERCISE DATES AND PERIOD CERTAIN FOR THE GUARANTEED MINIMUM INCOME BENEFIT
APPLICABLE TO THE COMBINED BENEFIT IS AS FOLLOWS:
The Guaranteed Minimum Income Benefit may be exercised only within 30 days
following the 7th or later Contract Date anniversary, but in no event later
than the Annuitant's age 90.
The period certain will be 90 less the Annuitant's age at exercise.
THE GUARANTEED MINIMUM DEATH BENEFIT APPLICABLE TO THE COMBINED BENEFIT IS AS
FOLLOWS:
3% Roll Up to Age 85 - On the Contract Date, the Guaranteed Minimum Death
Benefit is equal to the initial contribution. Thereafter, the Guaranteed
Minimum Death Benefit is credited with interest at 3% on each Contract Date
anniversary (compounded annually) through the Annuitant's age 85 (or at the
Annuitant's death, if earlier), and 0% thereafter.
On the date that a subsequent contribution is applied, your current
Guaranteed Minimum Death Benefit will increase by the dollar amount of the
subsequent contribution. On the date that a withdrawal is made, your
Guaranteed Minimum Death Benefit will be adjusted for the withdrawal.
- --------------------------------------------------------------------------------
Copyright 1999 The Equitable Life Assurance Society of the United States,
New York, New York 10104. All rights reserved.
Accumulator is a service mark and baseBUILDER is a registered service mark of
The Equitable Life Assurance Society of the United States.
SUPPLEMENT DATED JANUARY 4, 1999
PROS 1AML SUPP6 (1/99)
<PAGE>
THE FOLLOWING REPLACES THE THIRD PARAGRAPH AND THE CHART FOLLOWING THE PARAGRAPH
UNDER THE HEADING "GUARANTEED MINIMUM INCOME BENEFIT" ON PAGE 24 OF THE
PROSPECTUS:
Illustrated below are Guaranteed Minimum Income Benefit amounts per
$100,000 of initial contribution, for a male Annuitant age 76 (at issue) on
Contract Date anniversaries as indicated below, assuming no subsequent
contributions, withdrawals, or loans under TSA Certificates.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
Contract Date Form of Guaranteed Minimum Income
Anniversary at Exercise Annuity Benefit -- Annual Income
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
7 Life with 7 Year Period Certain $ 11,647.84
14 Life only 21,587.70
------------------------------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING REPLACES THE INFORMATION UNDER THE HEADING "HOW WITHDRAWALS AFFECT
YOUR GUARANTEED MINIMUM INCOME BENEFIT AND GUARANTEED MINIMUM DEATH BENEFIT" ON
PAGE 31 OF THE PROSPECTUS:
Withdrawals will reduce your guaranteed benefits on either a
dollar-for-dollar basis or on a pro rata basis as explained below:
Your current Guaranteed Minimum Income Benefit benefit base (described
below) and your current Guaranteed Minimum Death Benefit will be reduced on
a dollar-for-dollar basis as long as the sum of your withdrawals in a
Contract Year is 3% or less of the beginning of Contract Year Guaranteed
Minimum Death Benefit. Once you take a withdrawal that causes the sum of
your withdrawals in a Contract Year to exceed 3% of the beginning of
Contract Year Guaranteed Minimum Death Benefit, that withdrawal and any
subsequent withdrawals in that same Contract Year will reduce your current
Guaranteed Minimum Income Benefit benefit base and your current Guaranteed
Minimum Death Benefit on a pro rata basis.
Reduction on a dollar-for-dollar basis means that your current benefit will
be reduced by the dollar amount of the withdrawal. Reduction on a pro rata
basis means that we calculate the percentage of the Annuity Account Value
(as of the Transaction Date) that is being withdrawn and we reduce your
current benefit by that same percentage. For example, if your Annuity
Account Value is $30,000 and you withdraw $12,000, you have withdrawn 40%
($12,000/ $30,000) of your Annuity Account Value. If your Guaranteed
Minimum Death Benefit was $40,000 prior to the withdrawal, it would be
reduced by $16,000 ($40,000 x .40) and your new Guaranteed Minimum Death
Benefit after the withdrawal would be $24,000 ($40,000 - $16,000).
The timing of your withdrawals and whether they exceed the 3% threshold
described above can have a significant impact on your Guaranteed Minimum
Income Benefit or Guaranteed Minimum Death Benefit.
THE FOLLOWING REPLACES THE FIRST TWO PARAGRAPHS UNDER THE HEADING "GUARANTEED
MINIMUM INCOME BENEFIT BENEFIT BASE" PAGE 31 OF THE PROSPECTUS:
On the Contract Date, the Guaranteed Minimum Income Benefit benefit base is
equal to the initial contribution. Thereafter, the Guaranteed Minimum
Income Benefit benefit base is credited with interest at 3% on each
Contract Date anniversary (compounded annually) through the Annuitant's age
85, and 0% thereafter.
On the date that a subsequent contribution is applied, your current
Guaranteed Minimum Income Benefit benefit base will increase by the dollar
amount of the subsequent contribution. On the date that a withdrawal is
made, your Guaranteed Minimum Income Benefit benefit base will be reduced
by (i) the dollar amount of the withdrawal or (ii) the percentage of the
Annuity Account Value being withdrawn, as explained above. The Guaranteed
Minimum Income Benefit benefit base will also be reduced by any withdrawal
charge remaining on the Transaction Date that you exercise your Guaranteed
Minimum Income Benefit.
2
<PAGE>
Your Guaranteed Minimum Income Benefit benefit base is applied to
guaranteed minimum annuity purchase factors to determine the Guaranteed
Minimum Income Benefit. The guaranteed minimum annuity purchase factors are
based on (i) interest at 2.5%, and (ii) mortality tables that assume
increasing longevity. These interest and mortality factors are generally
more conservative than the basis underlying current annuity purchase
factors, which means that they would produce less periodic income for an
equal amount applied.
3
<PAGE>
THE FOLLOWING REPLACES APPENDIX III ON PAGE 59 OF THE PROSPECTUS:
APPENDIX III: GUARANTEED MINIMUM DEATH BENEFIT EXAMPLE
- --------------------------------------------------------------------------------
Under the Certificates the death benefit is equal to the Annuity Account Value
or, if greater, the Guaranteed Minimum Death Benefit (see "Guaranteed Minimum
Death Benefit" on page 1 of this Supplement and on page 25 of the Prospectus).
The following is an example illustrating the calculation of the Guaranteed
Minimum Death Benefit. Assuming $100,000 is allocated to the Investment Funds,
no subsequent contributions, no withdrawals, and no loans under a TSA
Certificate, the Guaranteed Minimum Death Benefit for an Annuitant age 76 would
be calculated as follows:
--------------------------------------------------------------------
End of 3% Roll Up to Age 85
Contract Annuity Guaranteed Minimum
Year Account Value Death Benefit
--------------------------------------------------------------------
1 $105,000 $103,000(1)
2 $115,500 $106,090(1)
3 $129,360 $109,273(1)
4 $103,488 $112,551(2)
5 $113,837 $115,927(2)
6 $127,497 $119,405(1)
7 $127,497 $122,987(1)
-------------------------------------------------------------------
The Annuity Account Values for Contract Years 1 through 7 are determined based
on hypothetical rates of return of 5.00%, 10.00%, 12.00%, (20.00)%, 10.00%,
12.00% and 0.00%. We are using these rates solely to illustrate how the benefit
is determined. The rates of return bear no relationship to past or future
investment results.
(1) For Contract Years 1 through 3, and 6 through 7 the death benefit is equal
to the Annuity Account Value.
(2) For Contract Years 4 and 5, the death benefit is equal to the Guaranteed
Minimum Death Benefit.
4
<PAGE>
SUPPLEMENT TO
EQUITABLE ACCUMULATOR(SM)
(IRA, NQ, AND QP)
PROSPECTUS DATED MAY 1, 1998, AND
TAX SHELTERED ANNUITY SUPPLEMENT DATED JUNE 18, 1998
Combination Variable and Fixed Deferred Annuity Certificates
Issued By
The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------
This prospectus supplement (SUPPLEMENT) adds to or changes certain information
contained in the Profile and Prospectus dated May 1, 1998, and the Tax Sheltered
Annuity prospectus supplement (TSA SUPPLEMENT) dated June 18, 1998. Capitalized
terms have the same meaning as in the Prospectus and TSA Supplement.
This prospectus supplement provides information on the following enhancements to
the Equitable Accumulator Certificates: (1) three new Investment Funds and a new
Guarantee Period; (2) waiver of withdrawal charge for disability; (3) a new
Beneficiary Continuation Option; and (4) a Special Dollar Cost Averaging
Account.
Information is also provided regarding the reduction in the interest rate
credited under the Guaranteed Minimum Income Benefit benefit base and the
Guaranteed Minimum Death Benefit from 6% to 5% (from 4% to 3% for amounts in the
Alliance Money Market Fund and the Guarantee Periods). The guaranteed minimum
annuity purchase factors used in calculating the Guaranteed Minimum Income
Benefit will be based on interest at 2.5% for all years.
(1) New Investment Options
- --------------------------
IN THE THIRD PARAGRAPH ON THE COVER PAGE OF THE PROSPECTUS, THE NUMBER OF
VARIABLE INVESTMENT FUNDS AVAILABLE IS CHANGED FROM 19 to 22.
THE FOLLOWING IS ADDED UNDER ITEM 4 "INVESTMENT OPTIONS" AT THE END OF THE LIST
OF THE EQAT INVESTMENT FUNDS ON PAGE 3 OF THE PROFILE AND AT THE END OF THE
THIRD COLUMN UNDER THE LIST OF INVESTMENT FUNDS ON THE COVER PAGE OF THE
PROSPECTUS:
o EQ/Evergreen
o EQ/Evergreen Foundation
o MFS Growth with Income
IN ITEM 4 OF THE PROFILE IN THE PARAGRAPH FOLLOWING THE LIST OF INVESTMENT
FUNDS, AND THROUGHOUT THE PROSPECTUS, THE DISCUSSION OF AVAILABLE GUARANTEE
PERIODS (REFERRED TO AS GUARANTEED FIXED INTEREST ACCOUNTS IN THE PROFILE) IS
CHANGED. THE GUARANTEE PERIOD MATURING IN 1999 IS NO LONGER AVAILABLE FOR
ALLOCATION. A GUARANTEE PERIOD WITH AN EXPIRATION DATE OF FEBRUARY 15, 2009 IS
ADDED.
- --------------------------------------------------------------------------------
Copyright 1999 The Equitable Life Assurance
Society of the United States, New York, New York 10104.
All rights reserved. Accumulator is a service mark and
baseBUILDER is a registered service mark of The Equitable
Life Assurance Society of the United States.
SUPPLEMENT DATED JANUARY 4, 1999
PROS 1AFU SUPP1 (1/99)
<PAGE>
IN ITEM 5 "EXPENSES" BEGINNING ON PAGE 4 OF THE PROFILE, THE FOLLOWING
INFORMATION IS ADDED AT THE END OF THE TABLE OF EXPENSES:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL TOTAL EXAMPLES
ANNUAL ANNUAL TOTAL Total Annual
CERTIFICATE PORTFOLIO ANNUAL Expenses at End of:
INVESTMENT FUNDS CHARGES CHARGES CHARGES (1) (2)
1 Year 10 Years
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/Evergreen 1.35% 1.05% 2.40% $94.27 $307.88
EQ/Evergreen Foundation 1.35% 0.95% 2.30% $93.27 $298.05
MFS Growth with Income 1.35% 0.85% 2.20% $92.28 $288.16
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "HRT AND EQAT ANNUAL
EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)" ON
PAGE 8 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENT TOTAL
MANAGEMENT & OTHER ANNUAL
PORTFOLIOS ADVISORY FEES 12B-1 FEE(5) EXPENSES EXPENSES
- ---------- ------------- ------------ -------- --------
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EQ/Evergreen (7) 0.75% 0.25% 0.05% 1.05%
EQ/Evergreen Foundation (7) 0.63% 0.25% 0.07% 0.95%
MFS Growth with Income (7) 0.55% 0.25% 0.05% 0.85%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE FIRST PARAGRAPH UNDER FOOTNOTE (7) ON
PAGE 8 OF THE PROSPECTUS:
The EQ/Evergreen, EQ/Evergreen Foundation and MFS Growth with Income Portfolios
had initial seed capital invested on December 31, 1998.
THE FOLLOWING IS ADDED AT THE END OF THE SECOND PARAGRAPH UNDER FOOTNOTE (7):
The total annual operating expenses of the following portfolios are also limited
for the respective average daily net assets as follows: EQ/Evergreen - 1.05%;
EQ/Evergreen Foundation - 0.95%; and MFS Growth with Income - 0.85%.
THE FOLLOWING IS ADDED AFTER THE THIRD PARAGRAPH UNDER FOOTNOTE (7):
For the EQAT Portfolios which had initial seed capital invested on December 31,
1998, absent the expense limitation, we estimate that the other expenses for
1999 will be 0.777% for the EQ/Evergreen and MFS Growth with Income Portfolios;
and 0.848% for the EQ/Evergreen Foundation Portfolio.
THE FOLLOWING IS ADDED AFTER THE "EXAMPLES" TABLE UNDER THE EQAT INVESTMENT
FUNDS ON PAGE 9 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CERTIFICATE AT THE IF YOU DO NOT SURRENDER YOUR CERTIFICATE
END OF EACH PERIOD SHOWN, THE EXPENSES AT THE END OF EACH PERIOD SHOWN, THE
WOULD BE: EXPENSES WOULD BE:
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
EQ/Evergreen $94.27 $130.90 -- -- $27.42 $84.37 -- --
EQ/Evergreen Foundation 93.27 127.92 -- -- 26.42 81.38 -- --
MFS Growth with Income 92.28 124.93 -- -- 25.43 78.41 -- --
</TABLE>
2
<PAGE>
THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER "EQAT'S INVESTMENT ADVISERS" ON
PAGE 12 OF THE PROSPECTUS:
Bankers Trust Company, Evergreen Asset Management Corp., J.P. Morgan Investment
Management Inc., Lazard Asset Management, Massachusetts Financial Services
Company, Merrill Lynch Asset Management, L.P., Morgan Stanley Asset Management
Inc., and Putnam Investment Management, Inc. serve as EQAT advisers only for
their respective EQAT Portfolios.
THE FOLLOWING IS ADDED AFTER THE DESCRIPTION OF "BANKERS TRUST COMPANY" ON PAGE
13 OF THE PROSPECTUS:
EVERGREEN ASSET MANAGEMENT CORP.
Evergreen Asset Management Corp. (EVERGREEN) is a wholly-owned subsidiary of
First Union Corporation (FIRST UNION), a bank holding company. First Union,
through Evergreen and other subsidiaries, offers a broad range of financial
services to individuals and businesses throughout the United States. As of
December 31, 1997, Evergreen's combined assets under management totaled over $40
billion. Evergreen advises EQ/Evergreen and EQ/Evergreen Foundation, domestic
equity portfolios. Evergreen is located at 2500 Westchester Avenue, Purchase,
New York 10577.
THE FOLLOWING REPLACES THE SECOND SENTENCE UNDER THE DESCRIPTION OF
"MASSACHUSETTS FINANCIAL SERVICES COMPANY" ON PAGE 13 OF THE PROSPECTUS:
MFS advises MFS Research and MFS Growth with Income, domestic equity portfolios,
and MFS Emerging Growth Companies, an aggressive equity portfolio.
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "INVESTMENT POLICIES AND
OBJECTIVES OF HRT'S PORTFOLIOS AND EQAT'S PORTFOLIOS" BEGINNING ON PAGE 14 OF
THE PROSPECTUS:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
EQAT PORTFOLIO INVESTMENT POLICY OBJECTIVE
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
EQ/Evergreen Primarily common stocks and convertible Capital appreciation
securities of companies that are little-known,
relatively small, or represent special
situations which, in the view of the adviser,
offer potential for capital appreciation.
-----------------------------------------------------------------------------------------------------------------
EQ/Evergreen Foundation Invests in a diversified, balanced portfolio of In order of priority,
stocks and bonds. reasonable income,
conservation of capital and
capital appreciation
-----------------------------------------------------------------------------------------------------------------
MFS Growth with Income Primarily equity securities that the adviser Reasonable current income
considers to be of high or improving investment and long-term growth of
quality with due regard for both probable capital and income
income and probable safety of capital.
-----------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
THE FOLLOWING IS ADDED AT THE END OF THE ADVISORY FEE TABLE FOR THE EQAT
PORTFOLIOS ON PAGE 36 OF THE PROSPECTUS:
MAXIMUM
INVESTMENT
ADVISORY FEE
EQAT PORTFOLIO (ANNUAL RATE)
- -----------------------------------------------------------------------------
EQ/Evergreen 0.75%
EQ/Evergreen Foundation 0.63%
MFS Growth with Income 0.55%
(2) WAIVER OF WITHDRAWAL CHARGE FOR DISABILITY
- ----------------------------------------------
THE FOLLOWING IS ADDED AFTER THE FIFTH PARAGRAPH UNDER "FREE CORRIDOR AMOUNT" ON
PAGE 34 OF THE PROSPECTUS:
Exceptions to the Withdrawal Charge
A withdrawal charge will not apply in the following events. However, we reserve
the right to impose a withdrawal charge, in accordance with your Certificate and
applicable state law, for preexisting conditions or conditions which began
within 12 months of the Contract Date for these events:
o the Annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration; or
o we receive proof satisfactory to us that the Annuitant's life expectancy is
six months or less (such proof must include, but is not limited to,
certification by a licensed physician); or
o 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 one which 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.
This provision may not currently be available in all states. Also, events for
which the withdrawal charge will not apply may be limited in some states. Your
registered representative can provide information about state availability, or
you may contact our Processing Office.
4
<PAGE>
(3) BENEFICIARY CONTINUATION OPTION
- -----------------------------------
THE FOLLOWING IS ADDED AFTER THE SECOND PARAGRAPH UNDER "HOW DEATH BENEFIT
PAYMENT IS MADE" -- "SUCCESSOR ANNUITANT/CERTIFICATE OWNER" ON PAGE 26 OF THE
PROSPECTUS:
Beneficiary Continuation Option for Traditional IRA Certificates
Upon the death of the Annuitant under a Traditional IRA Certificate, a
non-spouse beneficiary may elect to keep the Certificate in the name of the
deceased Annuitant, and receive distributions under the Certificate instead of
the death benefit being paid in a lump sum. The beneficiary's choices are
subject to the conditions in the following paragraphs and depend in part on
whether the Annuitant dies before or after the "Required Beginning Date" for
required minimum distributions. "Required Beginning Date" is discussed in Part 7
under "Distributions from Traditional IRA Certificates".
If the Annuitant dies after the "Required Beginning Date" for required minimum
distributions, the Certificate will continue if: (i) the Annuitant was receiving
Minimum Distribution Withdrawals from this Certificate; and (ii) the pattern of
Minimum Distribution Withdrawals the Annuitant chose was based in part on the
life of the designated beneficiary. The withdrawals will then continue to be
paid to the beneficiary on the same basis as the Annuitant chose before death.
Our "Minimum Distribution Withdrawals" are described in Part 4. We will have a
record as to whether this option is available to the beneficiary. The
beneficiary's ability to elect this option may be limited based on the
calculation method the Annuitant chose to determine the required minimum
distribution amounts. You should contact our Processing Office for further
information.
If the Annuitant dies before the "Required Beginning Date" (and therefore was
not taking Minimum Distribution Withdrawals under the Certificate), the
beneficiary may begin taking Minimum Distribution Withdrawals under the
Certificate. The Annuity Account Value will be reset to the death benefit and
that amount will be applied to provide the withdrawals. These withdrawals will
commence by December 31 of the calendar year following the Annuitant's death and
will be based on the beneficiary's life expectancy. If there is more than one
beneficiary, the shortest life expectancy is used.
The designated beneficiary must be a natural person and of legal age at the time
of election. To elect this option the appropriate form must be completed and
sent to our Processing Office within 30 days following the date we receive proof
of the Annuitant's death. This option may not currently be available in all
states. Your registered representative can provide information about state
availability, or you may contact our Processing Office.
While the distributions are in effect, the beneficiary may transfer the
Certificate's Annuity Account Value among the Investment Options. However,
subsequent contributions will not be permitted and the Guaranteed Minimum Income
Benefit and the death benefit (including the Guaranteed Minimum Death Benefit)
provisions will no longer be in effect. Although the only withdrawals that will
be permitted are Minimum Distribution Withdrawals, the beneficiary may choose at
any time to withdraw all of the Annuity Account Value and no withdrawal charges
will apply.
5
<PAGE>
(4) SPECIAL DOLLAR COST AVERAGING ACCOUNT
- -----------------------------------------
The following provides information on the Special Dollar Cost Averaging Account
a new Investment Option available for the Special Dollar Cost Averaging program
discussed on page 23 of the Prospectus. Dollar Cost Averaging from the Special
Dollar Cost Averaging Account may not currently be available in your state. If
the Special Dollar Cost Averaging Account is not available in your state, the
Special Dollar Cost Averaging program from the Alliance Money Market Fund which
is described on page 22 of the Prospectus will apply. We reserve the right to
discontinue offering Special Dollar Cost Averaging from the Alliance Money
Market Fund for new Certificates subject to state availability of the Special
Dollar Cost Averaging Account. Your registered representative can provide
information about state availability, or you may contact our Processing Office.
Throughout the Profile and Prospectus, the Special Dollar Cost Averaging Account
(available only during the first Contract Year) is added as an Investment
Option. The Special Dollar Cost Averaging Account is referred to as the
Guaranteed Interest Account in the Certificates.
Since the Special Dollar Cost Averaging Account is not part of the Separate
Account, it is not covered by the fee table and examples beginning on page 7 of
the Prospectus. The only charge shown in the fee table that will be deducted
from amounts in the Special Dollar Cost Averaging Account is the withdrawal
charge.
THE SPECIAL DOLLAR COST AVERAGING ACCOUNT
The Special Dollar Cost Averaging Account is part of our general account and
pays interest at guaranteed rates. The general account supports all of our
policy and contract guarantees, as well as our general obligations. See,
"General Account" in Part 2 of the Prospectus.
The Special Dollar Cost Averaging Account is only available for Dollar Cost
Averaging of your entire initial contribution. Partial allocation of your
initial contribution and transfer of amounts into this Account are not
permitted. The Special Dollar Cost Averaging Account will not be available as an
Investment Option under your Certificate after the first Contract Year.
Contributions to the Special Dollar Cost Averaging Account, less transfers under
the Special Dollar Cost Averaging program are guaranteed by Equitable Life.
Interest is credited to the Special Dollar Cost Averaging Account every day at
the current interest rate. Current interest rates are set periodically by
Equitable Life, at its discretion, according to procedures that Equitable Life
reserves the right to change. All interest rates are effective annual rates, but
before deduction of applicable withdrawal charges.
An interest rate is assigned to each allocation of an initial contribution to
the Special Dollar Cost Averaging Account and the rate is guaranteed for a
Contract Year. The guaranteed interest rate applicable under the Special Dollar
Cost Averaging program is set forth in your Certificate and will never be less
than 3%.
Special Dollar Cost Averaging
THE INFORMATION IN THE THREE PARAGRAPHS UNDER "DOLLAR COST AVERAGING" ON PAGE 22
OF THE PROSPECTUS APPLIES, EXCEPT THAT "SPECIAL DOLLAR COST AVERAGING ACCOUNT"
REPLACES "ALLIANCE MONEY MARKET FUND."
6
<PAGE>
For Certificate Owners who at issue of the Certificate want to Dollar Cost
Average their entire initial contribution from the Special Dollar Cost Averaging
Account into the Investment Funds monthly over a period of twelve months, we
offer a Special Dollar Cost Averaging program. Under this program your entire
initial contribution must be allocated to the Special Dollar Cost Averaging
Account and it will be credited with interest at the guaranteed interest rate in
effect on the Transaction Date. We will transfer amounts out of the Special
Dollar Cost Averaging Account into the Investment Funds according to your
instructions. All amounts will be transferred out by the end of the first
Contract Year. Thereafter, no other amounts may be allocated to the Special
Dollar Cost Averaging Account under your Certificate.
A request by you to transfer or withdraw any amount from the Special Dollar Cost
Averaging Account or a request to take a loan from such Account under a TSA
Certificate, will cancel this program. Or, you may request to cancel this
program at any time by sending us satisfactory notice to our Processing Office.
Upon cancellation, all remaining amounts in the Special Dollar Cost Averaging
Account will be transferred out and allocated to the other Investment Options
according to the allocation percentages you currently have on file with us,
unless you specify other allocation percentages.
The Special Dollar Cost Averaging Account is not available under "Self-Directed"
and "Principal Assurance" allocations discussed on page 21 of the Prospectus. It
is also not available under "General Dollar Cost Averaging" discussed on page 23
of the Prospectus.
Annuity Account Value in the Special Dollar Cost Averaging Account
The amount that you have in the Special Dollar Cost Averaging Account at any
time is equal to your initial contribution allocated to the Special Dollar Cost
Averaging Account on your behalf plus interest, less the sum of all amounts that
have been Dollar Cost Averaged out. See "The Special Dollar Cost Averaging
Account" above.
Additional Information on the Special Dollar Cost Averaging Account
We do not guarantee any minimum Cash Value except for amounts in the Special
Dollar Cost Averaging Account. See "Cash Value" on page 26 of the Prospectus.
We can defer payment of any portion of the Annuity Account Value in the Special
Dollar Cost Averaging Account (other than for death benefits) for up to six
months while you are living. See "When Payments Are Made" on page 27 of the
Prospectus.
Under current law, there will not be any tax liability for transfers of Annuity
Account Value from the Special Dollar Cost Averaging Account. See "Transfers
Among Investment Options" on page 38 of the Prospectus.
================================================================================
IN THE PROFILE AND THROUGHOUT THE PROSPECTUS, "5% ROLL UP TO AGE 80" REPLACES
"6% ROLL UP TO AGE 80."
IN THE TABLE UNDER "EXPENSES" IN ITEM 5 OF THE PROFILE, PLEASE NOTE THAT THE
EXPENSE NUMBERS UNDER THE COLUMN HEADING "10 YEARS" WILL BE SLIGHTLY LOWER THAN
THE NUMBERS SHOWN DUE TO THE REDUCTION IN THE INTEREST RATE CREDITED UNDER THE
GUARANTEED MINIMUM INCOME BENEFIT BENEFIT BASE.
7
<PAGE>
THE FOLLOWING REPLACES THE THIRD PARAGRAPH UNDER "DEATH BENEFIT" IN ITEM 9 OF
THE PROFILE:
5% Roll Up to Age 80 (Not available in New York) -- We add interest to the
initial amount at 5% (3% for amounts in the Alliance Money Market Fund and
Guaranteed Fixed Interest Accounts) through the annuitant's age 80 (or at the
annuitant's death, if earlier). The 5% interest rate will still apply for
amounts in the Alliance Money Market Fund under the Special Dollar Cost
Averaging program discussed in item 10 "OTHER INFORMATION."
IN THE TABLE UNDER THE HEADING "EXAMPLES" ON PAGE 9 OF THE PROSPECTUS, PLEASE
NOTE THAT OTHER THAN FOR SURRENDER IN THE FIRST YEAR WHEN THE EXPENSE NUMBERS
WILL BE THE SAME, THE NUMBERS WILL BE SLIGHTLY LOWER THAN THE NUMBERS SHOWN DUE
TO THE CHANGE IN THE INTEREST RATE CREDITED UNDER THE GUARANTEED MINIMUM INCOME
BENEFIT BENEFIT BASE.
THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER THE HEADING "BASEBUILDER
BENEFITS" ON PAGE 23 OF THE PROSPECTUS:
The baseBUILDER option provides guaranteed benefits in the form of a Combined
Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit. The
combined benefit is available for Annuitant issue ages 20 through 75 and is
subject to an additional charge (see "baseBUILDER Benefits Charge" in Part 5 of
the Prospectus). baseBUILDER provides a degree of protection for you while the
Annuitant lives (Income Benefit), as well as for the beneficiary should the
Annuitant die. As part of baseBUILDER you will have a choice of two Guaranteed
Minimum Death Benefit options for Annuitant issue ages 20 through 75: (i) a 5%
Roll Up to Age 80 or (ii) an Annual Ratchet to Age 80. The Guaranteed Minimum
Death Benefit choices are still provided under the Certificate even if you do
not elect baseBUILDER. The two choices are also provided for Annuitant issue
ages 0 through 19 under NQ Certificates and for Annuitant issue ages 76 through
79. baseBUILDER is not currently available in New York.
THE FOLLOWING REPLACES THE THIRD PARAGRAPH AND THE CHART FOLLOWING THE PARAGRAPH
UNDER THE HEADING "GUARANTEED MINIMUM INCOME BENEFIT" ON PAGE 24 OF THE
PROSPECTUS:
Illustrated below are Guaranteed Minimum Income Benefit amounts per $100,000 of
initial contribution, for a male Annuitant age 60 (at issue) on Contract Date
anniversaries as indicated below, assuming no subsequent contributions,
withdrawals, or loans under TSA Certificates, and assuming there were no
allocations to the Alliance Money Market Fund or the Guaranteed Period Account.
---------------------------------------------------------------
Guaranteed Minimum
Income Benefit -- Annual Income
Contract Date Payable for Life with
Anniversary at Exercise 10 Year Period Certain
---------------------------------------------------------------
7 $ 8,315
10 10,341
15 14,924
---------------------------------------------------------------
8
<PAGE>
THE FOLLOWING REPLACES THE FIRST THREE PARAGRAPHS UNDER THE SUBHEADING
"GUARANTEED MINIMUM DEATH BENEFIT" ON PAGE 25 OF THE PROSPECTUS AND THE SECOND
PARAGRAPH UNDER THE SUBHEADING "GUARANTEED MINIMUM DEATH BENEFIT" BEGINNING ON
PAGE 3 OF THE TSA SUPPLEMENT:
Applicable for Annuitant Issue Ages 0 through 79 under NQ Certificates; 20
through 78 under IRA and TSA Certificates; and 20 through 70 under QP
Certificates
You elect either the "5% Roll Up to Age 80" or the "Annual Ratchet to Age 80"
Guaranteed Minimum Death Benefit when you apply for a Certificate. Once elected,
the benefit may not be changed.
5% Roll Up to Age 80 -- On the Contract Date, the Guaranteed Minimum Death
Benefit is equal to the initial contribution. Thereafter, the Guaranteed Minimum
Death Benefit is credited with interest at 5% (3% for amounts in the Alliance
Money Market Fund and the Guarantee Periods) on each Contract Date anniversary
(compounded annually) through the Annuitant's age 80 (or at the Annuitant's
death, if earlier), and 0% thereafter. An interest rate of 5% will apply for
amounts in the Alliance Money Market Fund under the Special Dollar Cost
Averaging program. Under TSA Certificates, while a loan is outstanding, the
amount in the loan reserve account will be credited with interest at 3%.
On the date that a subsequent contribution is applied, your current Guaranteed
Minimum Death Benefit will increase by the dollar amount of the subsequent
contribution. On the date that a withdrawal is made, your Guaranteed Minimum
Death Benefit will be adjusted for the withdrawal. See "How Withdrawals Affect
Your Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit"
below.
The 5% Roll Up to Age 80 Guaranteed Minimum Death Benefit is not available in
New York.
THE FOLLOWING REPLACES THE INFORMATION UNDER THE HEADING "HOW WITHDRAWALS AFFECT
YOUR GUARANTEED MINIMUM INCOME BENEFIT AND GUARANTEED MINIMUM DEATH BENEFIT" ON
PAGE 31 OF THE PROSPECTUS:
Withdrawals will reduce your guaranteed benefits on either a dollar-for-dollar
basis or on a pro rata basis as explained below:
Guaranteed Minimum Income Benefit benefit base -- Your current Guaranteed
Minimum Income Benefit benefit base (described below) will be reduced on a
dollar-for-dollar basis as long as the sum of your withdrawals in a Contract
Year is 5% or less of the beginning of Contract Year Guaranteed Minimum Death
Benefit. Once you take a withdrawal that causes the sum of your withdrawals in a
Contract Year to exceed 5% of the beginning of Contract Year Guaranteed Minimum
Death Benefit, that withdrawal and any subsequent withdrawals in that same
Contract Year will reduce your current Guaranteed Minimum Income Benefit benefit
base on a pro rata basis.
5% Roll Up to Age 80 -- If you elect the 5% Roll Up to Age 80 Guaranteed Minimum
Death Benefit, your current Guaranteed Minimum Death Benefit will be reduced on
a dollar-for-dollar basis as long as the sum of your withdrawals in a Contract
Year is 5% or less of the beginning of Contract Year Guaranteed Minimum Death
Benefit. Once you take a withdrawal that causes the sum of your withdrawals in a
Contract Year to exceed 5% of the beginning of Contract Year Guaranteed Minimum
Death Benefit, that withdrawal and any subsequent withdrawals in that same
Contract Year will reduce your current Guaranteed Minimum Death Benefit on a pro
rata basis.
9
<PAGE>
Annual Ratchet to Age 80 -- If you elect the Annual Ratchet to Age 80 Guaranteed
Minimum Death Benefit, each withdrawal will always reduce your current
Guaranteed Minimum Death Benefit on a pro rata basis.
Reduction on a dollar-for-dollar basis means that your current benefit will be
reduced by the dollar amount of the withdrawal. Reduction on a pro rata basis
means that we calculate the percentage of the Annuity Account Value (as of the
Transaction Date) that is being withdrawn and we reduce your current benefit by
that same percentage. For example, if your Annuity Account Value is $30,000 and
you withdraw $12,000, you have withdrawn 40% ($12,000/ $30,000) of your Annuity
Account Value. If your Guaranteed Minimum Death Benefit was $40,000 prior to the
withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your new
Guaranteed Minimum Death Benefit after the withdrawal would be $24,000 ($40,000
- - $16,000).
The timing of your withdrawals and whether they exceed the 5% threshold
described above can have a significant impact on your Guaranteed Minimum Income
Benefit or Guaranteed Minimum Death Benefit.
THE FOLLOWING REPLACES THE INFORMATION UNDER THE SUBHEADING "GUARANTEED MINIMUM
INCOME BENEFIT BENEFIT BASE" ON PAGE 31 OF THE PROSPECTUS AND THE PARAGRAPH
UNDER THE SUBHEADING "GUARANTEED MINIMUM INCOME BENEFIT ON PAGE 4 OF THE TSA
SUPPLEMENT:
On the Contract Date, the Guaranteed Minimum Income Benefit benefit base is
equal to the initial contribution. Thereafter, the Guaranteed Minimum Income
Benefit benefit base is credited with interest at 5% (3% for amounts in the
Alliance Money Market Fund and the Guarantee Periods) on each Contract Date
anniversary (compounded annually) through the Annuitant's age 80, and 0%
thereafter. An interest rate of 5% will apply for amounts in the Alliance Money
Market Fund under the Special Dollar Cost Averaging program. Under TSA
Certificates, while a loan is outstanding, the amount in the loan reserve
account will be credited with interest at 3%.
On the date that a subsequent contribution is applied, your current Guaranteed
Minimum Income Benefit benefit base will increase by the dollar amount of the
subsequent contribution. On the date that a withdrawal is made, your Guaranteed
Minimum Income Benefit benefit base will be reduced by (i) the dollar amount of
the withdrawal or (ii) the percentage of the Annuity Account Value being
withdrawn, as explained above. The Guaranteed Minimum Income Benefit benefit
base will also be reduced by any withdrawal charge remaining on the Transaction
Date that you exercise your Guaranteed Minimum Income Benefit.
Your Guaranteed Minimum Income Benefit benefit base is applied to guaranteed
minimum annuity purchase factors to determine the Guaranteed Minimum Income
Benefit. The guaranteed minimum annuity purchase factors are based on (i)
interest at 2.5%, and (ii) mortality tables that assume increasing longevity.
These interest and mortality factors are generally more conservative than the
basis underlying current annuity purchase factors, which means that they would
produce less periodic income for an equal amount applied.
Your Guaranteed Minimum Income Benefit benefit base does not create an Annuity
Account Value or a Cash Value and is used solely for purposes of calculating
your Guaranteed Minimum Income Benefit.
10
<PAGE>
THE FOLLOWING REPLACES APPENDIX III ON PAGE 59 OF THE PROSPECTUS:
APPENDIX III: GUARANTEED MINIMUM DEATH BENEFIT EXAMPLE
- --------------------------------------------------------------------------------
Under the Certificates the death benefit is equal to the Annuity Account Value
or, if greater, the Guaranteed Minimum Death Benefit (see "Guaranteed Minimum
Death Benefit" on page 9 of this Supplement and on page 25 of the Prospectus).
The following is an example illustrating the calculation of the Guaranteed
Minimum Death Benefit. Assuming $100,000 is allocated to the Investment Funds
(with no allocation to the Alliance Money Market Fund or the Guarantee Periods),
no subsequent contributions, no transfers, no withdrawals, and no loans under a
TSA Certificate, the Guaranteed Minimum Death Benefit for an Annuitant age 45
would be calculated as follows:
<TABLE>
-------------------------------------------------------------------------------------------------------------------
End of 5% Roll Up to Age 80 Annual Ratchet to Age 80
Contract Annuity Guaranteed Minimum Guaranteed Minimum
Year Account Value Death Benefit Death Benefit
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 $105,000 $105,000(1) $105,000(3)
2 $115,500 $110,250(2) $115,500(3)
3 $129,360 $115,763(2) $129,360(3)
4 $103,488 $121,551(1) $129,360(4)
5 $113,837 $127,628(1) $129,360(4)
6 $127,497 $134,010(1) $129,360(4)
7 $127,497 $140,710(1) $129,360(4)
--------------------------------------------------------------------------------------------------------------------
</TABLE>
The Annuity Account Values for Contract Years 1 through 7 are determined based
on hypothetical rates of return of 5.00%, 10.00%, 12.00%, (20.00)%, 10.00%,
12.00% and 0.00%. We are using these rates solely to illustrate how the benefit
is determined. The rates of return bear no relationship to past or future
investment results.
5% ROLL UP TO AGE 80
(1) At the end of Contract Years 1 and again at the end of Contract Years 4
through 7, the death benefit will be equal to the Guaranteed Minimum Death
Benefit.
(2) At the end of Contract Years 2 and 3, the death benefit will be equal to
the Annuity Account Value since it is higher than the current Guaranteed
Minimum Death Benefit.
ANNUAL RATCHET TO AGE 80
(3) At the end of Contract Years 1, through 3, the Guaranteed Minimum Death
Benefit is equal to the current Annuity Account Value.
(4) At the end of Contract Years 4 through 7, the Guaranteed Minimum Death
Benefit is equal to the Guaranteed Minimum Death Benefit at the end of the
prior year since it is equal to or higher than the current Annuity Account
Value.
11
<PAGE>
SUPPLEMENT TO
EQUITABLE ACCUMULATOR(SM)
(IRA, NQ, AND QP)
PROSPECTUS DATED MAY 1, 1998, AND
TAX SHELTERED ANNUITY SUPPLEMENT DATED JUNE 18, 1998
Combination Variable and Fixed Deferred Annuity Certificates
Issued By
The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------
This prospectus supplement (SUPPLEMENT) updates certain information contained in
the Profile and Prospectus dated May 1, 1998, and the Tax Sheltered Annuity
prospectus supplement (TSA SUPPLEMENT) dated June 18, 1998. Capitalized terms
have the same meaning as in the Prospectus and TSA Supplement.
This prospectus supplement provides information on a new Investment Fund and a
new Guarantee Period.
IN THE THIRD PARAGRAPH ON THE COVER PAGE OF THE PROSPECTUS, THE NUMBER OF
VARIABLE INVESTMENT FUNDS AVAILABLE IS CHANGED FROM 17 TO 18.
THE FOLLOWING IS ADDED UNDER ITEM 4 "INVESTMENT OPTIONS" AT THE END OF THE LIST
OF THE EQAT INVESTMENT FUNDS ON PAGE 3 OF THE PROFILE AND AT THE END OF THE
THIRD COLUMN UNDER THE LIST OF INVESTMENT FUNDS ON THE COVER PAGE OF THE
PROSPECTUS:
o MFS Growth with Income
IN ITEM 4 OF THE PROFILE IN THE PARAGRAPH FOLLOWING THE LIST OF INVESTMENT
FUNDS, AND THROUGHOUT THE PROSPECTUS, THE DISCUSSION OF AVAILABLE GUARANTEE
PERIODS (REFERRED TO AS GUARANTEED FIXED INTEREST ACCOUNTS IN THE PROFILE) IS
CHANGED. THE GUARANTEE PERIOD MATURING IN 1999 IS NO LONGER AVAILABLE FOR
ALLOCATION. A GUARANTEE PERIOD WITH AN EXPIRATION DATE OF FEBRUARY 15, 2009 IS
ADDED.
IN ITEM 5 "EXPENSES" BEGINNING ON PAGE 3 OF THE PROFILE, THE FOLLOWING
INFORMATION IS ADDED AT THE END OF THE TABLE OF EXPENSES:
<TABLE>
<CAPTION>
- ---------------------------------------- ----------------- ---------------- ----------------- ----------------------------
TOTAL TOTAL EXAMPLES
ANNUAL ANNUAL TOTAL Total Annual
CERTIFICATE PORTFOLIO ANNUAL Expenses at End of:
INVESTMENT FUNDS CHARGES CHARGES CHARGES (1) (2)
1 Year 10 Years
<S> <C> <C> <C> <C> <C>
MFS Growth with Income 1.35% 0.85% 2.20% $92.28 $288.16
- ---------------------------------------- ----------------- ---------------- ----------------- ----------------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "HRT AND EQAT ANNUAL
EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)" ON
PAGE 8 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
- -------------------------------------- -------------------- -------------------- -------------------- --------------------
INVESTMENT TOTAL
MANAGEMENT & OTHER ANNUAL
PORTFOLIOS ADVISORY FEES 12B-1 FEE(5) EXPENSES EXPENSES
- ---------- ------------- --------- -------- --------
<S> <C> <C> <C> <C> <C>
MFS Growth with Income (7) 0.55% 0.25% 0.05% 0.85%
- -------------------------------------- -------------------- -------------------- -------------------- --------------------
</TABLE>
Copyright 1999 The Equitable Life Assurance Society of the
United States, New York, New York 10104.
All rights reserved. Accumulator is a service mark
The Equitable Life Assurance Society of the United States.
SUPPLEMENT DATED JANUARY 4, 1999
PROS 1A SUPP7 (1/99)
<PAGE>
THE FOLLOWING IS ADDED AT THE END OF THE FIRST PARAGRAPH UNDER FOOTNOTE (7) ON
PAGE 8 OF THE PROSPECTUS:
The MFS Growth with Income Portfolio had initial seed capital invested on
December 31, 1998.
THE FOLLOWING IS ADDED AT THE END OF THE SECOND PARAGRAPH UNDER FOOTNOTE (7):
The total annual operating expenses for the MFS Growth with Income Portfolio is
also limited to 0.85% of the average daily net assets.
THE FOLLOWING IS ADDED AFTER THE THIRD PARAGRAPH UNDER FOOTNOTE (7):
For the MFS Growth with Income Portfolio which had initial seed capital invested
on December 31, 1998, absent the expense limitation, we estimate that the other
expenses for 1999 will be 0.777%.
THE FOLLOWING IS ADDED AFTER THE "EXAMPLES" TABLE UNDER THE EQAT INVESTMENT
FUNDS ON PAGE 9 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CERTIFICATE AT THE IF YOU DO NOT SURRENDER YOUR CERTIFICATE
END OF EACH PERIOD SHOWN, THE EXPENSES AT THE END OF EACH PERIOD SHOWN, THE
WOULD BE: EXPENSES WOULD BE:
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MFS Growth with Income $92.28 $124.93 -- -- $25.43 $78.41 -- --
</TABLE>
THE FOLLOWING REPLACES THE SECOND SENTENCE UNDER THE DESCRIPTION OF
"MASSACHUSETTS FINANCIAL SERVICES COMPANY" ON PAGE 13 OF THE PROSPECTUS:
MFS advises MFS Research and MFS Growth with Income, domestic equity portfolios,
and MFS Emerging Growth Companies, an aggressive equity portfolio.
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "INVESTMENT POLICIES AND
OBJECTIVES OF HRT'S PORTFOLIOS AND EQAT'S PORTFOLIOS" BEGINNING ON PAGE 14 OF
THE PROSPECTUS:
<TABLE>
<CAPTION>
-------------------------------- ------------------------------------------------- ------------------------------
EQAT PORTOFOLIO INVESTMENT POLICY OBJECTIVE
<S> <C> <C>
MFS Growth with Income Primarily equity securities that the adviser Reasonable current income
considers to be of high or improving investment and long-term growth of
quality with due regard for both probable capital and income
income and probable safety of capital.
-------------------------------- ------------------------------------------------- ------------------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE ADVISORY FEE TABLE FOR THE EQAT
PORTFOLIOS ON PAGE 37 OF THE PROSPECTUS:
----------------------------------------------------------------------
MAXIMUM
INVESTMENT
ADVISORY FEE
EQAT PORTFOLIO (ANNUAL RATE)
----------------------------------------------------------------------
MFS Growth with Income 0.55%
2
<PAGE>
SUPPLEMENT TO
EQUITABLE ACCUMULATOR(SM)
(IRA, NQ, AND QP)
PROSPECTUS DATED MAY 1, 1998, AND
TAX SHELTERED ANNUITY SUPPLEMENT DATED JUNE 18, 1998
Combination Variable and Fixed Deferred Annuity Certificates
Issued By
The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------
This prospectus supplement (SUPPLEMENT) updates certain information contained in
the Profile and Prospectus dated May 1, 1998, and the Tax Sheltered Annuity
prospectus supplement (TSA SUPPLEMENT) dated June 18, 1998. Capitalized terms
have the same meaning as in the Prospectus and TSA Supplement.
This prospectus supplement provides information on three new Investment Funds
and a new Guarantee Period.
IN THE THIRD PARAGRAPH ON THE COVER PAGE OF THE PROSPECTUS, THE NUMBER OF
VARIABLE INVESTMENT FUNDS AVAILABLE IS CHANGED FROM 19 TO 22.
THE FOLLOWING IS ADDED UNDER ITEM 4 "INVESTMENT OPTIONS" AT THE END OF THE LIST
OF THE EQAT INVESTMENT FUNDS ON PAGE 3 OF THE PROFILE AND AT THE END OF THE
THIRD COLUMN UNDER THE LIST OF INVESTMENT FUNDS ON THE COVER PAGE OF THE
PROSPECTUS:
o EQ/Evergreen
o EQ/Evergreen Foundation
o MFS Growth with Income
IN ITEM 4 OF THE PROFILE IN THE PARAGRAPH FOLLOWING THE LIST OF INVESTMENT
FUNDS, AND THROUGHOUT THE PROSPECTUS, THE DISCUSSION OF AVAILABLE GUARANTEE
PERIODS (REFERRED TO AS GUARANTEED FIXED INTEREST ACCOUNTS IN THE PROFILE) IS
CHANGED. THE GUARANTEE PERIOD MATURING IN 1999 IS NO LONGER AVAILABLE FOR
ALLOCATION. A GUARANTEE PERIOD WITH AN EXPIRATION DATE OF FEBRUARY 15, 2009 IS
ADDED.
IN ITEM 5 "EXPENSES" BEGINNING ON PAGE 3 OF THE PROFILE, THE FOLLOWING
INFORMATION IS ADDED AT THE END OF THE TABLE OF EXPENSES:
<TABLE>
<CAPTION>
- ---------------------------------------- ----------------- ---------------- ----------------- ----------------------------
TOTAL TOTAL EXAMPLES
ANNUAL ANNUAL TOTAL Total Annual
CERTIFICATE PORTFOLIO ANNUAL Expenses at End of:
INVESTMENT FUNDS CHARGES CHARGES CHARGES (1) (2)
1 Year 10 Years
- ---------------------------------------- ----------------- ---------------- ----------------- ----------------------------
<S> <C> <C> <C> <C> <C>
EQ/Evergreen 1.35% 1.05% 2.40% $94.27 $307.88
EQ/Evergreen Foundation 1.35% 0.95% 2.30% $93.27 $298.05
MFS Growth with Income 1.35% 0.85% 2.20% $92.28 $288.16
- ---------------------------------------- ----------------- ---------------- ----------------- ----------------------------
- --------------------------------------------------------------------------------------------------------------------------
Copyright 1999 The Equitable Life Assurance Society of the United States, New York, New York 10104. All rights reserved.
Accumulator is a service mark of The Equitable Life Assurance Society of the United States.
</TABLE>
SUPPLEMENT DATED JANUARY 4, 1999
PROS 1AML SUPP7 (1/99)
<PAGE>
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "HRT AND EQAT ANNUAL
EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)" ON
PAGE 8 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
- -------------------------------------- -------------------- -------------------- -------------------- --------------------
INVESTMENT TOTAL
MANAGEMENT & OTHER ANNUAL
PORTFOLIOS ADVISORY FEES 12B-1 FEE(5) EXPENSES EXPENSES
- -------------------------------------- -------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
EQ/Evergreen (7) 0.75% 0.25% 0.05% 1.05%
EQ/Evergreen Foundation (7) 0.63% 0.25% 0.07% 0.95%
MFS Growth with Income (7) 0.55% 0.25% 0.05% 0.85%
- -------------------------------------- -------------------- -------------------- -------------------- --------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE FIRST PARAGRAPH UNDER FOOTNOTE (7) ON
PAGE 8 OF THE PROSPECTUS:
The EQ/Evergreen, EQ/Evergreen Foundation and MFS Growth with Income Portfolios
had initial seed capital invested on December 31, 1998.
THE FOLLOWING IS ADDED AT THE END OF THE SECOND PARAGRAPH UNDER FOOTNOTE (7):
The total annual operating expenses of the following portfolios are also limited
for the respective average daily net assets as follows: EQ/Evergreen - 1.05%;
EQ/Evergreen Foundation - 0.95%; and MFS Growth with Income - 0.85%.
THE FOLLOWING IS ADDED AFTER THE THIRD PARAGRAPH UNDER FOOTNOTE (7):
For the EQAT Portfolios which had initial seed capital invested on December 31,
1998, absent the expense limitation, we estimate that the other expenses for
1999 will be 0.777% for the EQ/Evergreen and MFS Growth with Income Portfolios;
and 0.848% for the EQ/Evergreen Foundation Portfolio.
THE FOLLOWING IS ADDED AFTER THE "EXAMPLES" TABLE UNDER THE EQAT INVESTMENT
FUNDS ON PAGE 9 OF THE PROSPECTUS:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CERTIFICATE AT THE IF YOU DO NOT SURRENDER YOUR CERTIFICATE
END OF EACH PERIOD SHOWN, THE EXPENSES AT THE END OF EACH PERIOD SHOWN, THE
WOULD BE: EXPENSES WOULD BE:
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ/Evergreen $94.27 $130.90 -- -- $27.42 $84.37 -- --
EQ/Evergreen Foundation 93.27 127.92 -- -- 26.42 81.38 -- --
MFS Growth with Income 92.28 124.93 -- -- 25.43 78.41 -- --
</TABLE>
THE FOLLOWING REPLACES THE FIRST PARAGRAPH UNDER "EQAT'S INVESTMENT ADVISERS" ON
PAGE 12 OF THE PROSPECTUS:
Bankers Trust Company, Evergreen Asset Management Corp., J.P. Morgan Investment
Management Inc., Lazard Asset Management, Massachusetts Financial Services
Company, Merrill Lynch Asset Management, L.P., Morgan Stanley Asset Management
Inc., and Putnam Investment Management, Inc. serve as EQAT advisers only for
their respective EQAT Portfolios.
2
<PAGE>
THE FOLLOWING IS ADDED AFTER THE DESCRIPTION OF "BANKERS TRUST COMPANY" ON PAGE
13 OF THE PROSPECTUS:
EVERGREEN ASSET MANAGEMENT CORP.
Evergreen Asset Management Corp. (EVERGREEN) is a wholly-owned subsidiary of
First Union Corporation (FIRST UNION), a bank holding company. First Union,
through Evergreen and other subsidiaries, offers a broad range of financial
services to individuals and businesses throughout the United States. As of
December 31, 1997, Evergreen's combined assets under management totaled over $40
billion. Evergreen advises EQ/Evergreen and EQ/Evergreen Foundation, domestic
equity portfolios. Evergreen is located at 2500 Westchester Avenue, Purchase,
New York 10577.
THE FOLLOWING REPLACES THE SECOND SENTENCE UNDER THE DESCRIPTION OF
"MASSACHUSETTS FINANCIAL SERVICES COMPANY" ON PAGE 13 OF THE PROSPECTUS:
MFS advises MFS Research and MFS Growth with Income, domestic equity portfolios,
and MFS Emerging Growth Companies, an aggressive equity portfolio.
THE FOLLOWING IS ADDED AT THE END OF THE TABLE UNDER "INVESTMENT POLICIES AND
OBJECTIVES OF HRT'S PORTFOLIOS AND EQAT'S PORTFOLIOS" BEGINNING ON PAGE 14 OF
THE PROSPECTUS:
<TABLE>
<CAPTION>
-------------------------------- ------------------------------------------------- ------------------------------
EQAT PORTFOLIO INVESTMENT POLICY OBJECTIVE
-------------------------------- ------------------------------------------------- ------------------------------
<S> <C> <C>
EQ/Evergreen Primarily common stocks and convertible Capital appreciation
securities of companies that are little-known,
relatively small, or represent special
situations which, in the view of the adviser,
offer potential for capital appreciation.
-------------------------------- ------------------------------------------------- ------------------------------
EQ/Evergreen Foundation Invests in a diversified, balanced portfolio of In order of priority,
stocks and bonds. reasonable income,
conservation of capital and
capital appreciation
-------------------------------- ------------------------------------------------- ------------------------------
MFS Growth with Income Primarily equity securities that the adviser Reasonable current income
considers to be of high or improving investment and long-term growth of
quality with due regard for both probable capital and income
income and probable safety of capital.
-------------------------------- ------------------------------------------------- ------------------------------
</TABLE>
THE FOLLOWING IS ADDED AT THE END OF THE ADVISORY FEE TABLE FOR THE EQAT
PORTFOLIOS ON PAGE 36 OF THE PROSPECTUS:
- --------------------------------------------------------------------------------
MAXIMUM
INVESTMENT
ADVISORY FEE
EQAT PORTFOLIO (ANNUAL RATE)
- --------------------------------------------------------------------------------
EQ/Evergreen 0.75%
EQ/Evergreen Foundation 0.63%
MFS Growth with Income 0.55%
3
<PAGE>
SUPPLEMENT TO INCOME MANAGER(R) ACCUMULATOR(SM)
AND INCOME MANAGER(R) ROLLOVER IRA PROSPECTUSES
DATED OCTOBER 16, 1996, AS PREVIOUSLY SUPPLEMENTED
ON MAY 1, 1997, DECEMBER 31, 1997, AND MAY 1, 1998
Combination Variable and Fixed Deferred Annuity Certificates
Issued By
The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------
This prospectus supplement (SUPPLEMENT) updates certain information contained in
the Prospectuses dated October 16, 1996, as previously supplemented on May 1,
1997, December 31, 1997, and May 1, 1998. You should read this Supplement in
conjunction with the Prospectus and prior supplements. You should keep the
supplements and the Prospectus for future reference. Capitalized terms have the
same meaning as in the Prospectuses and prior supplements.
This Supplement provides information on a new Investment Fund and a new
Guarantee Period.
THE NUMBER OF VARIABLE INVESTMENT FUNDS AVAILABLE IS CHANGED FROM 17 TO 18. THE
FOLLOWING INVESTMENT FUND IS ADDED:
o MFS Growth with Income
THE GUARANTEE PERIOD MATURING IN 1999 IS NO LONGER AVAILABLE FOR ALLOCATION.
UNDER THE ACCUMULATOR PROSPECTUS, A GUARANTEE PERIOD WITH AN EXPIRATION DATE OF
FEBRUARY 15, 2009 IS ADDED. UNDER THE ROLLOVER IRA PRROSPECTUS, THE GUARANTEE
PERIOD WITH AN EXPIRATION DATE OF FEBRUARY 15, 2009 IS NOW AVAILABLE FOR
ALLOCATION. UNDER THE ASSURED PAYMENT OPTION AND APO PLUS, A GUARANTEE PERIOD
WITH AN EXPIRATION DATE OF FEBRUARY 15, 2014 IS ADDED.
THE FOLLOWING ARE THE EXPENSES FOR THE NEW PORTFOLIO:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
INVESTMENT TOTAL
MANAGEMENT & OTHER ANNUAL
PORTFOLIOS ADVISORY FEES 12B-1 FEE EXPENSES EXPENSES
- ---------- ------------- --------- -------- --------
<S> <C> <C> <C> <C>
MFS Growth with Income* 0.55% 0.25% 0.05% 0.85%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
* The MFS Growth with Income Portfolio had initial seed capital invested on
December 31, 1998. The maximum investment management and advisory fees for
each EQAT Portfolio cannot be increased without a vote of that Portfolio's
shareholders. The amounts shown as "Other Expenses" will fluctuate from
year to year depending on actual expenses, however, EQ Financial
Consultants, Inc. ("EQ Financial"), EQAT's manager, has entered into an
expense limitation agreement with respect to each Portfolio ("Expense
Limitation Agreement"), pursuant to which EQ Financial has agreed to waive
or limit its fees and assume other expenses. Under the Expense Limitation
Agreement, the total annual operating expenses for the MFS Growth with
Income Portfolio (other than interest, taxes, brokerage commissions,
capitalized expenditures, extraordinary expenses, and 12b-1 fees) is
limited to 0.85% of the average daily net assets.
Absent the expense limitation, we estimate that the other expenses for 1999
on an annualized basis will be 0.777% for the MFS Growth with Income
Portfolio.
Each Portfolio may at a later date make a reimbursement to EQ Financial for
any of the management fees waived or limited and other expenses assumed and
paid by EQ Financial pursuant to the Expense Limitation Agreement provided
that, among other things, such Portfolio has reached sufficient size to
permit such reimbursement to be made and provided that the Portfolio's
current annual operating expenses do not exceed the operating expense limit
determined for such Portfolio. See the EQAT prospectus supplement for more
information.
- --------------------------------------------------------------------------------
Copyright 1999 The Equitable Life Assurance Society of the United States,
New York, New York 10104. All rights reserved.
Accumulator is a service mark and Income Manager is a registered service mark of
The Equitable Life Assurance Society of the United States.
SUPPLEMENT DATED JANUARY 4, 1999
PROS EDI SUPP11 (1/99)
<PAGE>
EXAMPLES
The examples below show the expenses that a hypothetical Certificate Owner would
pay under the Combined GMDB/GMIB with a 6% to Age 80 Benefit and under the GMDB
Only Benefit in the two situations noted below assuming a $1,000 contribution
was invested in one of the Investment Funds listed, and a 5% annual return on
assets.(1)
These examples should not be considered a representation of past or future
expenses for each Investment Fund or Portfolio. Actual expenses may be greater
or less than those shown. Similarly, the annual rate of return assumed in the
examples is not an estimate or guarantee of future investment performance.
<TABLE>
<CAPTION>
COMBINED GMDB/GMIB BENEFIT ELECTION
- ---------------------------------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CERTIFICATE AT THE IF YOU DO NOT SURRENDER YOUR CERTIFICATE
END OF EACH PERIOD SHOWN, THE EXPENSES AT THE END OF EACH PERIOD SHOWN, THE
WOULD BE: EXPENSES WOULD BE:
- ---------------------------------------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MFS Growth with Income $90.75 $123.59 -- -- $25.52 $78.95 -- --
</TABLE>
<TABLE>
<CAPTION>
GMDB ONLY BENEFIT ELECTION
- ---------------------------------------------------------------------------------------------------------------------------
IF YOU SURRENDER YOUR CERTIFICATE AT THE IF YOU DO NOT SURRENDER YOUR CERTIFICATE
END OF EACH PERIOD SHOWN, THE EXPENSES AT THE END OF EACH PERIOD SHOWN, THE
WOULD BE: EXPENSES WOULD BE:
- ---------------------------------------------------------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MFS Growth with Income $90.75 $118.31 -- -- $22.87 $70.68 -- --
</TABLE>
(1) The amount accumulated from the $1,000 contribution could not be paid in the
form of an annuity at the end of any of the periods shown in the examples.
If the amount applied to purchase an annuity is less than $2,000, or the
initial payment is less than $20 we may pay the amount to the payee in a
single sum instead of as payments under an annuity form. See "Income Annuity
Options" in the Prospectus. The examples do not reflect charges for
applicable taxes such as state or local premium taxes that may also be
deducted in certain jurisdictions.
THE FOLLOWING UPDATES THE INFORMATION FOR MASSACHUSETTS FINANCIAL SERVICES
COMPANY TO INCLUDE THE NEW PORTFOLIO:
MFS advises MFS Research and MFS Growth with Income, domestic equity portfolios,
and MFS Emerging Growth Companies, an aggressive equity portfolio.
INVESTMENT POLICIES AND OBJECTIVES OF EQAT'S PORTFOLIOS
THE FOLLOWING PROVIDES INFORMATION ON THE INVESTMENT POLICY AND OBJECTIVE OF THE
NEW PORTFOLIO:
Each Portfolio has a different investment objective which it tries to achieve by
following separate investment policies. The policies and objectives of each
Portfolio will affect its return and its risks. There is no guarantee that these
objectives will be achieved. Set forth below is a summary of the investment
policies and objectives of each Portfolio. This summary is qualified in its
entirety by reference to the EQAT prospectus supplement. Please read the EQAT
Trust prospectus supplement carefully before investing.
<TABLE>
<CAPTION>
-------------------------------- ------------------------------------------------- ------------------------------
EQAT Portfolio Investment Policy Objective
-------------------------------- ------------------------------------------------- ------------------------------
<S> <C> <C>
MFS Growth with Income Primarily equity securities that the adviser Reasonable current income
considers to be of high or improving investment and long-term growth of
quality with due regard for both probable capital and income
income and probable safety of capital.
-------------------------------- ------------------------------------------------- ------------------------------
</TABLE>
2
<PAGE>
THE EQAT CHARGE TO THE MFS GROWTH WITH INCOME PORTFOLIO IS AS FOLLOWS:
MAXIMUM
INVESTMENT
MANAGEMENT AND
ADVISORY FEE
(ANNUAL RATE
------------
MFS Growth with Income 0.55%
3
<PAGE>
PART C
OTHER INFORMATION
-----------------
This Part C is amended solely for the purpose of filing the exhibits noted
below. No amendment or deletion is made of any of the other information set
forth under the Part C Items as provided in Post-Effective Amendment Nos. 6
and 7 to the Registration Statement.
Item 24. Financial Statements and Exhibits.
(b) Exhibits.
The following additional exhibits are added herewith:
4(v) Form or Data Pages (as revised) for Equitable Accumulator (IRA,
NQ, QP and TSA)
4(w) Form of Endorsement No. 98ENIRAI-IM to Contract No. 1050-94IC and
the Certificates under the Contract
5(r) Form of Enrollment Form/Application (as revised) Equitable
Accumulator (IRA, NQ, QP, and TSA)
10(a) Consent of PricewaterhouseCoopers LLP
C-1
<PAGE>
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 amended Registration
Statement and has caused this amended Registration Statement, to be signed on
its behalf, in the City and State of New York, on this 28th day of December,
1998.
SEPARATE ACCOUNT No. 49 OF
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
(Registrant)
By: The Equitable Life Assurance
Society of the United States
By: /s/ Jerome S. Golden
---------------------------------
Jerome S. Golden
Executive Vice President,
Product Management Group,
The Equitable Life Assurance
Society of the United States
C-2
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Depositor certifies that it has caused this amended
Registration Statement to be signed on its behalf, in the City and State of New
York, on this 28th day of December, 1998.
THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES
(Depositor)
By: /s/ Jerome S. Golden
---------------------------------
Jerome S. Golden
Executive Vice President,
Product Management Group,
The Equitable Life Assurance
Society of the United States
As required by the Securities Act of 1933, this amended Registration
Statement has been signed by the following persons in the capacities and on the
date indicated:
PRINCIPAL EXECUTIVE OFFICERS:
Michael Hegarty President, Chief Operating Officer
and Director
Edward D. Miller Chairman of the Board, Chief
Executive Officer and Director
PRINCIPAL FINANCIAL OFFICER:
Stanley B. Tulin Vice Chairman of the Board
Chief Financial Officer and Director
PRINCIPAL ACCOUNTING OFFICER:
/s/ Alvin H. Fenichel Senior Vice President and Controller
- ------------------------
Alvin H. Fenichel
December 28, 1998
DIRECTORS:
Francoise Colloc'h Donald J. Greene George T. Lowy
Henri de Castries John T. Hartley Edward D. Miller
Joseph L. Dionne John H.F. Haskell, Jr. Didier Pineau-Valencienne
Denis Duverne Michael Hegarty George J. Sella, Jr
William T. Esrey Mary R. (Nina) Henderson Stanley B. Tulin
Jean-Rene Fourtou W. Edwin Jarmain Dave H. Williams
Norman C. Francis G. Donald Johnston, Jr.
By: /s/ Jerome S. Golden
------------------------
Jerome S. Golden
Attorney-in-Fact
December 28, 1998
C-3
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. TAG VALUE
- ----------- ---------
<S> <C> <C>
4(v) Form of Data Pages (as revised) for Equitable Accumulator EX-99.4v
(IRA, NQ, QP and TSA)
4(w) Form of Endorsement No. 98ENIRAI-IM to Contract No. 1050-94IC and EX-99.4w
the Certificate under the Contract
5(r) Form of Enrollment Form/Application (as revised)for Equitable EX-99.5g
Accumulator (IRA, NQ, QP, and TSA)
10(a) Consent of PricewaterhouseCoopers LLP EX-99.10a
</TABLE>
C-4
EQUITABLE ACCUMULATOR IRA, NQ, QP, TSA
PART B -- THIS PART DESCRIBES CERTAIN PROVISIONS OF YOUR CERTIFICATE.
- ------
<TABLE>
<CAPTION>
INVESTMENT OPTIONS ALLOCATION (SEE SECTION 3.01)
- ------------------ -----------------------------
<S> <C>
o Alliance Money Market Fund
o Alliance High Yield Fund
o Alliance Common Stock Fund $ 2,500
o Alliance Aggressive Stock Fund
o Alliance Small Cap Growth Fund $ 2,500
o BT Equity 500 Index Fund
o BT Small Company Index Fund
o BT International Equity Index Fund
o JPM Core Bond Fund
o Lazard Large Cap Value Fund
o Lazard Small Cap Value Fund
o MFS Research Fund $ 2,500
o MFS Emerging Growth Companies Fund
o MFS Growth with Income Fund
o Merrill Lynch Basic Value Equity Fund
o Merrill Lynch World Strategy
o Morgan Stanley Emerging Markets Equity Fund
o EQ/Evergreen Fund
o EQ/Evergreen Foundation Fund
o EQ/Putnam Growth & Income Value Fund $ 2,500
o EQ/Putnam Investors Growth Fund
o EQ/Putnam International Equity Fund
o GUARANTEE PERIODS (CLASS I)
EXPIRATION DATE AND GUARANTEED RATE
February 15, 2000
February 15, 2001
February 15, 2002
February 15, 2003
February 15, 2004
February 15, 2005
February 15, 2006
February 15, 2007
February 15, 2008
February 15, 2009
---------------------------
TOTAL: $10,000.00
</TABLE>
No. 94ICA/B Data page 1 (1/99)
<PAGE>
NO WITHDRAWAL CHARGES WILL APPLY IN THESE EVENTS:
1. the Annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration;
2. you give us proof that the Annuitant's life expectancy is six months or
less (such proof must include, but is not limited to, certification by a
licensed physician);
3. the Annuitant has been confined to nursing home for more than 90 days as
verified by a licensed physician. A nursing home for this purpose means one
which is (i) approved by Medicare as a provider of skilled nursing care
service, or (ii) 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 the following:
o its main function is to provide skilled, intermediate or custodial
nursing care;
o it provides continuous room and board to three or more persons;
o it is supervised by a registered nurse or practical nurse;
o it keeps daily medical records of each patient;
o it controls and records all medications dispensed; and
o its primary service is other than to provide housing for residents.
The withdrawal charge will apply with respect to a Contribution if the condition
as described above existed at the time the Contribution was remitted or if the
condition began with the 12 month period following remittance.
No. 94ICA/B Data page 2 (1/99)
ENDORSEMENT
APPLICABLE TO IRA CERTIFICATES
As specified in the Data pages, this Certificate is an "IRA Certificate" which
is issued as an individual retirement annuity contract which meets the
requirements of Section 408(b) of the Code. It is established for the exclusive
benefit of you and your beneficiaries, and the terms below change, or are added
to, applicable sections of this Certificate. Also, your rights under this
Certificate are not forfeitable.
1. OWNER (SECTION 1.17):
You must be both the Owner and the Annuitant.
2. ANNUITY COMMENCEMENT DATE (SECTION 1.04):
You may not choose an Annuity Commencement Date later than the maximum
maturity age stated in the Data pages. If you choose a Date later than age
70 1/2, you must withdraw at least the minimum payments required under
Sections 408(b) and 401(a)(9) of the Code and applicable Treasury
regulations. See Section 5.01 of the Certificate and item 5 below.
3. CONTRIBUTIONS (SECTION 3.01 AND 3.02):
No Contributions will be accepted unless they are in cash (or check or other
form if we require). Except in the case of a "rollover Contribution," the
total of such Contributions will not exceed $2,000 for any taxable year. A
"rollover Contribution" is one permitted by Sections 402(c), 403(a)(4),
403(b)(8), or 408(d)(3) of the Code.
Amounts transferred to the Certificate from an individual retirement account
or annuity contract which meets the requirements of Section 408 of the Code
are not subject to the $2,000 limit.
If you make a Contribution which is an "eligible retirement plan rollover"
as defined in Section 402(c) or 403(b)(8) of the Code, and you commingle
such Contribution with other Contributions, you may not be able to roll over
the eligible retirement plan Contributions and earnings to another qualified
plan or Code Section 403(b) arrangement at a future date, unless the Code
permits.
4. DEATH BENEFITS (SECTION 6.01):
The death benefit pursuant to Section 6.01 of the Certificate will not be
paid at your death before the Annuity Commencement Date and the coverage
under the Certificate will continue with your surviving spouse as Successor
Annuitant and Owner if (i) you are married at the time of your death and the
person named as beneficiary under Section 6.02 of your Certificate is your
surviving spouse; and (ii) your surviving spouse elects to become "Successor
Annuitant and Owner" of your Certificate.
No. 98ENIRAI-IM
<PAGE>
5. BENEFICIARY CONTINUANCE:
This Item 5 shall apply only if you die before the Annuity Commencement
Date, and the beneficiary named pursuant to Section 6.02 of the Certificate
is a legally competent individual who is not your surviving spouse.
If there is more than one beneficiary, then all beneficiaries must meet the
requirements of the preceding sentence, or this Item 5 does not apply and
the death benefit described in Section 6.01 of the Certificate is payable.
If this Item 5 applies and there is more than one beneficiary, the Annuity
Account Value shall be apportioned among your beneficiaries as you designate
pursuant to Section 6.02 of the Certificate.
If you die after your "Required Beginning Date" for "Minimum Distribution"
payments described below in Item 6, subpart A of this Endorsement and such
payments have not commenced under this Certificate, the death benefit will
be paid in a lump sum and this Item 5 does not apply unless prior to your
death you have notified us in accordance with our procedures then in effect
that the beneficiary named pursuant to 6.02 of the Certificate is also the
designated beneficiary for "Required Payments During Your Life" described
below in Item 6 of this Endorsement.
If we receive the beneficiary's election within 30 days of receipt of proof
of your death, the beneficiary may continue your Certificate pursuant to
this Item 5 under the terms set forth in a through h below. Your Certificate
may be continued by one or more beneficiaries (collectively, the
"Continuation Beneficiary"). If there is more than one beneficiary, the
election must be provided to us within 30 days by each beneficiary with
respect to that beneficiary's portion of the Annuity Account Value. For any
beneficiary who does not so timely elect, we will pay that beneficiary's
share of the death benefit pursuant to Section 6.01 of the Certificate in a
lump sum.
a. the Continuation Beneficiary shall automatically become the Annuitant as
defined in Section 1.01 of the Certificate with respect to that
Continuation Beneficiary's portion of the Annuity Account Value.
b. the Continuation Beneficiary shall only have the right to transfer
amounts among the Investment Options.
c. the Continuation Beneficiary cannot make any additional contributions.
d. distributions to the Continuation Beneficiary will be made in accordance
with requirements described in Item 6 of this Endorsement. If there is
more than one beneficiary, and any Continuation Beneficiary requests
payment pursuant to Item 6, subpart B(i) of this Endorsement, then all
Continuation Beneficiaries must
No. 98ENIRAI-IM
<PAGE>
agree to make this payment election. If all Continuation Beneficiaries
cannot so agree, then we will instead make payment pursuant to the
second paragraph of Item 6, subpart B of this Endorsement. Further,
where payment pursuant to Item 6, subpart B(i) of this Endorsement is
elected by all Continuation Beneficiaries, the Annuity Account Value
apportioned to each Continuation Beneficiary is distributed based upon
the life expectancy of the oldest of the beneficiaries designated under
Section 6.02 of the Certificate, even if that individual does not elect
to be a Continuation Beneficiary.
e. the Continuation Beneficiary may withdraw the Annuity Account Value
apportioned to such Continuation Beneficiary at any time; withdrawals
made after we have received a Continuation Beneficiary's election to
continue this Certificate are not subject to a withdrawal charge and
will end payment pursuant to Item 6, subpart B(i) of this Endorsement as
to that Continuation Beneficiary. Any remaining Annuity Account Value
apportioned to that Continuation Beneficiary will be distributed as a
lump sum.
f. upon the Continuation Beneficiary's death, we will make a lump sum
payment (other payment options are not available) to the person
designated by the deceased Continuation Beneficiary to receive that
deceased Continuation Beneficiary's portion of the Annuity Account
Value, if any.
g. the Certificate cannot be assigned and must continue in your name for
benefit of your Continuation Beneficiary.
h. if a minimum income benefit pursuant to Section 7.08 of the Certificate
and/or a minimum death benefit pursuant to Section 6.01 of the
Certificate are in effect upon our receipt of proof of your death, the
charges, if any, for such benefit(s) will no longer apply and the
minimum income benefit and the minimum death benefit shall no longer be
in force.
6. REQUIRED PAYMENTS:
This Certificate is subject to these "Required Payment" or "Minimum
Distribution" rules of Sections 408(b) and 401(a)(9) of the Code and the
Treasury Regulations which apply.
A. MINIMUM DISTRIBUTION RULES -- REQUIRED PAYMENTS DURING YOUR LIFE -- Your
entire interest in this Certificate will be distributed or begin to be
distributed no later than the first day of April following the calendar
year in which you attain age 70 1/2 ( "Required Beginning Date"). Your
entire interest may be distributed, as you elect, over (a) your life, or
the lives of you and your designated beneficiary, or (b) a period
certain not extending beyond your life expectancy, or the joint and last
survivor expectancy for you and your designated beneficiary.
Distributions must be made in periodic payments at intervals of no
longer than one year. In
No. 98ENIRAI-IM
<PAGE>
addition, payments must be either non-increasing or they may increase
only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of the Proposed
Treasury Regulations, or any successor Regulation thereto.
All distributions made under this Certificate must be made in accordance
with the requirements of Sections 408(b) and 401(a)(9) of the Code,
including the incidental death benefit requirements of Section
401(a)(9)(G) of the Code, and applicable Treasury Regulations, including
the minimum distribution incidental benefit requirements of Section
1.401(a)(9)-2 of the Proposed Treasury Regulations, or any successor
Regulation thereto.
For purposes of determining the "period certain" referred to in the
first paragraph of this Section, life expectancy is computed by use of
the expected return multiples in Tables V and VI of Treasury Regulation
Section 1.72-9. Unless you otherwise elect prior to the time
distributions are required to begin, life expectancies will be
recalculated annually. Such election will be irrevocable and will apply
to all subsequent years. The life expectancy of a non-spouse
beneficiary, if the naming of such a beneficiary is permitted by our
rules then in effect, may not be recalculated. Instead, life expectancy
will be calculated using the attained age of such beneficiary during the
calendar year in which you attain age 70 1/2, and payments of subsequent
years will be calculated based on such life expectancy reduced by one
for each calendar year which has elapsed since the calendar year life
expectancy was first calculated.
B. MINIMUM DISTRIBUTION RULES -- DEATH BENEFIT - If you die after
distribution of your interest in this Certificate has begun, the
remaining portion of such interest will continue to be distributed at
least as rapidly as under the method of distribution being used prior to
your death.
If you die before distribution of your interest in this Certificate
begins, distribution of your entire interest will be completed no later
than December 31 of the calendar year containing the fifth anniversary
of your death, except to the extent that an election is made to receive
death benefit distributions in accordance with (i) or (ii) below:
(i) If your interest is payable to a designated beneficiary, then your
entire interest may be distributed over the life of, or over a
period certain not greater than the life expectancy of, the
designated beneficiary. Such distributions must commence on or
before December 31 of the calendar year immediately following the
calendar year of your death.
(ii) If the designated beneficiary is your surviving spouse, the date
that distributions are required to begin in accordance with (i)
above shall not be earlier than the later of (1) December 31 of
the calendar year immediately
No. 98ENIRAI-IM
<PAGE>
following the calendar year of your death or (2) December 31 of
the calendar year in which you would have attained age 70 1/2.
If the designated beneficiary is your surviving spouse, and a Successor
Annuitant and Owner option (described in item 4 above of this
Endorsement) is elected, the distribution of your interest need not be
made until after your spouse's death.
For purposes of determining the "period certain" referred to above, life
expectancy is computed by use of the expected return multiples in Table
V and VI of Treasury Regulation Section 1.72-9. For purposes of
distributions beginning after your death, unless otherwise elected by
the surviving spouse by the time distributions are required to begin,
life expectancies will be recalculated annually. Such election will be
irrevocable by the surviving spouse and will apply to all subsequent
years. In the case of any other designated beneficiary, life
expectancies will be calculated using the attained age of such
beneficiary during the calendar year in which distributions are required
to begin, pursuant to this item, and payments for any subsequent
calendar year will be calculated based on such life expectancy reduced
by one for each calendar year which has elapsed since the calendar year
life expectancy was first calculated.
Distributions under this item are considered to have begun if
distributions are made because you have reached your Required Beginning
Date, or if prior to the Required Beginning Date, distributions
irrevocably commence to you over a period permitted and in any annuity
form acceptable under Section 1.401(a)(9)-1 of the Proposed Treasury
Regulations or any successor Regulation thereto.
7. REPORTS - NOTICES (SECTION 9.04):
We will send you a report as of the end of each calendar year showing the
status of the annuity and any other reports required by the Code or Treasury
Regulations.
8. ASSIGNMENTS (SECTION 9.05):
Your rights under this Certificate may not be assigned, pledged or
transferred except as permitted by law. You may not name a new Owner, except
as described in item 4 of this Endorsement.
9. TERMINATION OF CERTIFICATE:
If an annuity under the Certificate fails to qualify as an annuity under
Section 408(b) of the Code, we will have the right to terminate the
Certificate. We may do so, upon receipt of notice of such fact, before the
Annuity Commencement Date. In that case, we will pay the Annuity Account
Value less a deduction for the part which applies to any Federal income tax
payable by you which would not have been payable with respect to an annuity
which meets the terms of the Code.
No. 98ENIRAI-IM
<PAGE>
NEW YORK,
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
/s/Edward D. Miller /s/Pauline Sherman
- ------------------------------------ -----------------------------
Chairman and Chief Executive Officer Vice President, Secretary and
Associate General Counsel
No. 98ENIRAI-IM
EQUITABLE ACCUMULATOR(SM)
Combination Variable and Fixed
[EQUITABLE LOGO] Deferred Annuity Enrollment Form
under Group Annuity Contract No.
AC6725 (Non-Qualified), AC6727
(Qualified) and Application for
Individual Contract
THE EQUITABLE LIFE ASSURANCE SOCIETY OF
THE UNITED STATES
1290 Avenue of the Americas,
New York, New York 10104 FOR ASSISTANCE CALL (888) 517-9900
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. TYPE OF CONTRACT
SUBJECT TO STATE AVAILABILITY
- --------------------------------------------------------------------------------
|_| Non-Qualified (NQ) |_| Traditional IRA |_| Roth IRA
|_| Qualified Plan - Defined Contribution (DC)
|_| Qualified Plan - Defined Benefit (DB)
|_| Tax Sheltered Annuity (TSA) - ERISA
|_| Tax Sheltered Annuity (TSA) - Non-ERISA
- --------------------------------------------------------------------------------
2. OWNER FOR IRA CERTIFICATES/CONTRACTS, OWNER AND ANNUITANT MUST BE THE SAME
PERSON
- --------------------------------------------------------------------------------
|_| Individual |_| Trustee (for an individual) |_| Custodian*
|_| Qualified Plan Trustee - DC (Forms IM-97-ERISA 1 and IM-97-QP must be
completed)
|_| Qualified Plan Trustee - DB (Forms IM-97-ERISA 1 and IM-97-QP must be
completed)
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _____/_____/_____
Name (First, Middle, Last) Date of Birth
(Month/Day/Year)
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _____-_____-___________
Address (Street, City, State, Zip Code) Social Security No./TIN
_|_|_|_|_|_|_|_|_|_| _|_|_|_|_|_|_|_|_|_|_|_|_|_|_| |_| Male |_| Female
Home Phone Number Office Phone Number
* As Custodian under the ________ (state) Uniform Gifts to Minors Act (UGMA) or
Uniform Transfer to Minors Act (UTMA). Please note if issued under UGMA or
UTMA, the beneficiary named in section 5 must be the Estate of the Annuitant.
- --------------------------------------------------------------------------------
3. JOINT OWNER (OPTIONAL FOR NQ CERTIFICATES/CONTRACTS)
- --------------------------------------------------------------------------------
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _____/_____/_____
Name (First, Middle, Last) Date of Birth
(Month/Day/Year)
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _____-_____-___________
Address (Street, City, State, Zip Code) Social Security No.
_|_|_|_|_|_|_|_|_|_| _|_|_|_|_|_|_|_|_|_|_|_|_|_|_| |_| Male |_| Female
Home Phone Number Office Phone Number
- --------------------------------------------------------------------------------
4. ANNUITANT IF OTHER THAN OWNER
- --------------------------------------------------------------------------------
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _____/_____/_____
Name (First, Middle, Last) Date of Birth
(Month/Day/Year)
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _____-_____-___________
Address (Street, City, State, Zip Code) Social Security No./TIN
_|_|_|_|_|_|_|_|_|_| _|_|_|_|_|_|_|_|_|_|_|_|_|_|_| |_| Male |_| Female
Home Phone Number Office Phone Number
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|
Relationship to Owner
- --------------------------------------------------------------------------------
5. BENEFICIARY(IES) IF MORE THAN ONE - INDICATE %. TOTAL MUST EQUAL 100%.
IF ADDITIONAL SPACE IS NEEDED USE SECTION 12.
- --------------------------------------------------------------------------------
PRIMARY
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _|_|_|_|_|_|_|_|_|_|_|_|_|_|_ _|_|_
Name (First, Middle, Last) Relationship to Annuitant %
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _|_|_|_|_|_|_|_|_|_|_|_|_|_|_ _|_|_
Name (First, Middle, Last) Relationship to Annuitant %
CONTINGENT
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _|_|_|_|_|_|_|_|_|_|_|_|_|_|_ _|_|_
Name (First, Middle, Last) Relationship to Annuitant %
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _|_|_|_|_|_|_|_|_|_|_|_|_|_|_ _|_|_
Name (First, Middle, Last) Relationship to Annuitant %
- --------------------------------------------------------------------------------
REGULAR MAIL: EXPRESS MAIL:
EQUITABLE ACCUMULATOR, EQUITABLE ACCUMULATOR,
P.O. Box 13014, c/o First Chicago National Processing Center,
Newark, N.J. 07188-0014 300 Harmon Meadow Boulevard, 3rd Floor,
Attn: Box 13014,
Secaucus, N.J. 07094
APP-97-1 (1/99)
<PAGE>
- --------------------------------------------------------------------------------
6. INITIAL CONTRIBUTION INFORMATION
- --------------------------------------------------------------------------------
TOTAL INITIAL CONTRIBUTION: $______________________
- --------------------------------------------------------------------------------
7. METHOD OF PAYMENT
- --------------------------------------------------------------------------------
NQ: |_| Check payable to Equitable Life |_| Wire |_| 1035 Exchange
QUALIFIED PLAN: |_| Check payable to Equitable Life |_| Wire
TRADITIONAL IRA: |_| Direct rollover from qualified plan or TSA
|_| Direct transfer from other Traditional IRA
|_| Rollover from Traditional IRA
ROTH IRA: |_| Conversion rollover from Traditional IRA
|_| Direct transfer from other Roth IRA
|_| Rollover from Roth IRA
TSA: |_| Direct 90-24 transfer from another carrier*
|_| Rollover by check**
|_| Direct rollover from another carrier*
* If this is an inbound direct transfer or direct rollover, you must also
complete the TSA Transfer/Rollover Form (No. 127760).
** If this is a rollover by check, your signature on this enrollment
form/application certifies that this is an eligible rollover distribution
from another TSA or 403(b) custodial account.
- --------------------------------------------------------------------------------
8. BASEBUILDER(R) GUARANTEE ELECTION YOU MUST ANSWER A AND B EVEN IF YOU DO Not
ELECT
BASEBUILDER. PLEASE REFER TO ENROLLMENT FORM/APPLICATION INSTRUCTIONS
BEFORE COMPLETING
- --------------------------------------------------------------------------------
A. Would you like to elect the baseBUILDER which includes a combined
Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit?
|_| Yes |_| No
B. Which Guaranteed Minimum Death Benefit would you like to elect?
|_| 5% Roll Up to Age 80 |_| Annual Ratchet to Age 80
- --------------------------------------------------------------------------------
9. SYSTEMATIC WITHDRAWALS (OPTIONAL) NOT AVAILABLE FOR TSA
CERTIFICATES/CONTRACTS OR IF SPECIAL DOLLAR COST AVERAGING IS ELECTED. FOR
IRA CERTIFICATES/CONTRACTS, AVAILABLE ONLY IF YOU ARE AGE 59 TO 70.
OTHER WITHDRAWAL OPTIONS ARE AVAILABLE FOR IRA AND TSA
CERTIFICATES/CONTRACTS.
- --------------------------------------------------------------------------------
FREQUENCY: |_| Monthly |_| Quarterly |_| Annually
Start Date: ____________ (Month, Day)
AMOUNT OF WITHDRAWAL: $_______________ or _______________%
WITHHOLDING ELECTION INFORMATION (Please refer to enrollment form/application
instructions before completing)
A. |_| I do not want to have Federal income tax withheld. (U.S. residence
address and Social Security No./TIN required)
B. |_| I want to have Federal income tax withheld from each payment.
- --------------------------------------------------------------------------------
10. SUCCESSOR OWNER (OPTIONAL FOR NQ/CONTRACTS) AVAILABLE ONLY
IF THE OWNER AND ANNUITANT ARE DIFFERENT PERSONS
- --------------------------------------------------------------------------------
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _____/_____/_____
Name (First, Middle, Last) Date of Birth
(Month/Day/Year)
|_| Male |_| Female
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_| _____-_____-___________
Address (Street, City, State, Zip Code) Social Security No./TIN
- --------------------------------------------------------------------------------
11. SUITABILITY
- --------------------------------------------------------------------------------
A. Did you receive the EQUITABLE ACCUMULATOR prospectus? |_| Yes |_| No
___________________________________ __________________________________________
Date of Prospectus Date(s) of any Supplement(s) to Prospectus
B. Will any existing life insurance or annuity be (or has it been)
surrendered, withdrawn from, loaned against, changed or otherwise reduced
in value, or replaced in connection with this transaction assuming the
Certificate/Contract applied for will be issued? |_| Yes |_| No
If Yes, complete the following:
____________________ ____________________ ________________
Year Issued Type of Plan Company
___________________________________
Certificate/Contract Number
C. National Association of Securities Dealers, Inc. (NASD) information (as
required by the NASD)
__________________________________ ____________________________
Employer's Name & Address Owner's Occupation
__________________________________ ____________________________
Estimated Annual Family Income Estimated Net Worth
Investment Objective: |_| Income |_| Income & Growth |_| Growth
|_| Aggressive Growth |_| Safety of Principal
Is Owner or Annuitant associated with or employed by a member of the NASD?
|_| Yes |_| No
- --------------------------------------------------------------------------------
12. SPECIAL INSTRUCTIONS
- --------------------------------------------------------------------------------
_______________________________________________________________________________
_______________________________________________________________________________
APP-97-1 (1/99) ACCUMULATOR page 2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
13. ALLOCATION AMONG INVESTMENT OPTIONS CHOOSE A, B OR C
PLEASE REFER TO ENROLLMENT FORM/APPLICATION INSTRUCTIONS BEFORE COMPLETING
- --------------------------------------------------------------------------------
(1) GUARANTEE PERIODS (GIROS)
=======================================
<S> <C> <C> <C>
A. |_| SELF-DIRECTED ALLOCATION (105) February 15, 2000........ %
-------------
Allocate initial contribution between (106) February 15, 2001........ %
-------------
"(1) GUARANTEE PERIODS" and (107) February 15, 2002........ %
-------------
"(2) INVESTMENT FUNDS." The (108) February 15, 2003........ %
-------------
total of (1) and (2) must equal 100%. (109) February 15, 2004........ %
-------------
======================================= (110) February 15, 2005........ %
-------------
(111) February 15, 2006........ %
-------------
======================================= (112) February 15, 2007........ %
B. |_| PRINCIPAL ASSURANCE -------------
(113) February 15, 2008........ %
Under Principal Assurance, an -------------
(114) February 15, 2009........ %
amount is allocated to a Guarantee -------------
Period so that its maturity value SUBTOTAL............ % (1)
------------
will equal the initial contribution (2) INVESTMENT FUNDS
----------------
in the year selected. (087) Alliance Money Market...................... %
-----------------
SELECT MATURITY YEAR: (082) Alliance High Yield........................ %
-----------------
|_| 2006 |_| 2007 |_| 2008 |_| 2009 (084) Alliance Common Stock...................... %
-----------------
(086) Alliance Aggressive Stock.................. %
-----------------
Allocate the remaining amount of (083) Alliance Small Cap Growth.................. %
-----------------
the initial contribution only to (274) BT Equity 500 Index........................ %
-----------------
"(2) INVESTMENT FUNDS." The (275) BT Small Company Index..................... %
-----------------
total must equal 100%. (276) BT International Equity Index.............. %
-----------------
======================================= (273) JPM Core Bond.............................. %
-----------------
======================================= (271) Lazard Large Cap Value..................... %
C. |_| SPECIAL DOLLAR COST -----------------
AVERAGING (272) Lazard Small Cap Value..................... %
-----------------
The initial contribution is allocated (268) Merrill Lynch World Strategy............... %
-----------------
to the Special Dollar Cost Averaging (269) Merrill Lynch Basic Value Equity........... %
-----------------
Account and will be credited with (266) MFS Research............................... %
-----------------
interest at the rate in effect on the (279) MFS Growth with Income..................... %
-----------------
Transaction Date. Thereafter, (267) MFS Emerging Growth Companies.............. %
-----------------
amounts are transferred monthly (270) Morgan Stanley Emerging Markets Equity..... %
-----------------
over a twelve month period from (297) EQ/Evergreen............................... %
-----------------
the Special Dollar Cost Averaging (298) EQ/Evergreen Foundation.................... %
-----------------
Account to the Investment Funds (261) EQ/Putnam Growth & Income Value............ %
-----------------
based on the percentages you indicate (262) EQ/Putnam Investors Growth................. %
-----------------
under "(2) INVESTMENT FUNDS." (265) EQ/Putnam International Equity............. %
-----------------
In states where the Special Dollar SUBTOTAL........... % (2)
-----------
Cost Averaging Account is currently TOTAL..............100%
not available, the initial
contribution is allocated to the
Alliance Money Market Fund and
transferred monthly to the other
Investment Funds you have selected.
The total percentage must equal
100%.
=======================================
- -----------------------------------------------------------------------------------------------------------------------------------
|_| REBALANCING* Your Annuity Account Value in the Investment Funds will be periodically re-adjusted according to the
allocation percentages you indicate above. SELECT REBALANCING FREQUENCY: |_| Quarterly |_| Semi-Annually |_| Annually
- -----------------------------------------------------------------------------------------------------------------------------------
*This program may not be elected if you choose Special Dollar Cost Averaging.
</TABLE>
APP-97-1 (1/99) ACCUMULATOR page 3
<PAGE>
- --------------------------------------------------------------------------------
14. AGREEMENT
- --------------------------------------------------------------------------------
All information and statements furnished in this enrollment form/application are
true and complete to the best of my knowledge and belief. I understand and
acknowledge that no agent has the authority to make or modify any
Certificate/Contract on behalf of Equitable Life, or to waive or alter any of
Equitable Life's rights and regulations. I understand that the Annuity Account
Value attributable to allocations to the Investment Funds and variable annuity
benefit payments, if a variable settlement option has been elected, may increase
or decrease and are not guaranteed as to dollar amount. I understand that
amounts allocated to the Guaranteed Period Account may increase or decrease in
accordance with a market value adjustment until the Expiration Date. If I have
elected the baseBUILDER, I understand that (1) the interest rate used for
baseBUILDER does not represent a guarantee of my Annuity Account Value or cash
value, and (2) if I subsequently exercise the baseBUILDER Guaranteed Minimum
Income Benefit, it must be in the form of a lifetime income. Equitable Life may
accept amendments to this enrollment form/application provided by me or under my
authority. I understand that any change in benefits applied for or age at issue
must be agreed to in writing on an amendment.
X _____________________________ __________ _____________________________
Proposed Annuitant's Signature Date Signed at: City, State
X _____________________________ __________ _____________________________
Proposed Owner's Signature Date Signed at: City, State
(If other than Annuitant)
X _____________________________ __________ _____________________________
Proposed Joint Owner's Signature Date Signed at: City, State
(If other than Annuitant)
(OREGON AND VIRGINIA RESIDENTS READ THE ABOVE AND SIGN ABOVE,
ALL OTHER RESIDENTS READ ABOVE AND BELOW AND SIGN BELOW.)
ARKANSAS/KENTUCKY/NEW MEXICO: ANY PERSON WHO KNOWINGLY AND WITH INTENT TO
DEFRAUD ANY INSURANCE COMPANY OR OTHER PERSON FILES AN ENROLLMENT FORM FOR
INSURANCE OR 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.
COLORADO: IT IS UNLAWFUL TO KNOWINGLY PROVIDE FALSE, INCOMPLETE, OR MISLEADING
FACTS OR INFORMATION TO AN INSURANCE COMPANY FOR THE PURPOSE OF DEFRAUDING OR
ATTEMPTING TO DEFRAUD THE COMPANY. PENALTIES MAY INCLUDE IMPRISONMENT, FINES,
DENIAL OF INSURANCE, AND CIVIL DAMAGES. ANY INSURANCE COMPANY OR AGENT OF AN
INSURANCE COMPANY WHO KNOWINGLY PROVIDES FALSE, INCOMPLETE OR MISLEADING FACTS
OR INFORMATION TO A CONTRACT OWNER OR CLAIMANT FOR THE PURPOSE OF DEFRAUDING OR
ATTEMPTING TO DEFRAUD THE CONTRACT OWNER OR CLAIMANT WITH REGARD TO A SETTLEMENT
OR AWARD PAYABLE FROM INSURANCE PROCEEDS SHALL BE REPORTED TO THE COLORADO
DIVISION OF INSURANCE WITHIN THE DEPARTMENT OF REGULATORY AGENCIES.
FLORIDA: ANY PERSON WHO KNOWINGLY AND WITH INTENT TO INJURE, DEFRAUD OR DECEIVE
AN INSURER FILES A STATEMENT OF CLAIM OR AN APPLICATION CONTAINING ANY FALSE,
INCOMPLETE, OR MISLEADING INFORMATION IS GUILTY OF A FELONY OF THE THIRD DEGREE.
EQUITABLE LIFE IS A WHOLLY OWNED SUBSIDIARY OF THE EQUITABLE COMPANIES
INCORPORATED (EQ). AXA-UAP, AN INSURANCE HOLDING COMPANY, IS EQ'S LARGEST
SHAREHOLDER. NEITHER EQ NOR AXA-UAP HAS ANY RESPONSIBILITY FOR THE INSURANCE
OBLIGATIONS OF EQUITABLE LIFE.
NEW JERSEY: ANY PERSON WHO KNOWINGLY FILES A STATEMENT OF CLAIM CONTAINING ANY
FALSE OR MISLEADING INFORMATION IS SUBJECT TO CRIMINAL AND CIVIL PENALTIES.
OHIO: ANY PERSON WHO, WITH INTENT TO DEFRAUD OR KNOWING THAT HE IS FACILITATING
A FRAUD AGAINST AN INSURER, SUBMITS AN ENROLLMENT FORM OR FILES A CLAIM
CONTAINING A FALSE OR DECEPTIVE STATEMENT IS GUILTY OF INSURANCE FRAUD.
ALL OTHER STATES: ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY
INSURANCE COMPANY FILES AN ENROLLMENT FORM/APPLICATION OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE, MISLEADING OR INCOMPLETE INFORMATION IS GUILTY
OF A CRIME WHICH MAY BE PUNISHABLE UNDER STATE OR FEDERAL LAW.
X _____________________________ __________ _____________________________
Proposed Annuitant's Signature Date Signed at: City, State
X _____________________________ __________ _____________________________
Proposed Owner's Signature Date Signed at: City, State
(If other than Annuitant)
X _____________________________ __________ _____________________________
Proposed Joint Owner's Signature Date Signed at: City, State
(If other than Annuitant)
Do you have reason to believe that any existing life insurance or annuity has
been (or will be) surrendered, withdrawn from, loaned against, changed or
otherwise reduced in value, or replaced in connection with this transaction
assuming the Certificate/Contract applied for will be issued on the life of the
Annuitant? |_| Yes |_| No
Florida License ID No(s). ________________________________________
_______________________________________________________________________________
Registered Representative Signature Print Name & No. of Registered
Representative
_______________________________________________________________________________
Registered Representative Soc. Sec. No. Client Account No.
______________________________________________________
Broker-Dealer/Branch
APP-97-1 (1/99) ACCUMULATOR page 4
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in each Statement of Additional Information
constituting part of this Post-Effective Amendment No. 8 to the Registration
Statement No. 333-05593 on Form N-4 (the "Registration Statement") of (1) our
report dated February 10, 1998 relating to the financial statements of Separate
Account No. 49 of The Equitable Life Assurance Society of the United States for
the year ended December 31, 1997, and (2) our report dated February 10, 1998
relating to the consolidated financial statements of The Equitable Life
Assurance Society of the United States for the year ended December 31, 1997,
which reports appear in such Statement of Additional Information, and to the
incorporation by reference of our reports into each Prospectus which constitutes
part of this Registration Statement. We also consent to the incorporation by
reference of our report on the Consolidated Financial Statement Schedules dated
February 10, 1998 which appears on page F-54 of such Annual Report on Form 10-K.
We also consent to the reference to us under the heading "Custodian and
Independent Accountants" in each Statement of Additional Information and
"Independent Accountants" in each Prospectus.
/s/ PricewaterhouseCoopers LLP
- ------------------------------
PricewaterhouseCoopers LLP
New York, New York
December 28, 1998
