EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES /NY/
POS AM, 1998-04-30
INSURANCE AGENTS, BROKERS & SERVICE
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                                                Registration No. 333-24009
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                       POST-EFFECTIVE AMENDMENT NO. 4 TO
                                    FORM S-3
    
             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

            THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
             (Exact name of registrant as specified in its charter)

                                    NEW YORK
         (State or other jurisdiction of incorporation or organization)

                                   13-5570651
                      (I.R.S. Employer Identification No.)

              1290 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK 10104
                                 (212) 554-1234

               (Address, including zip code, and telephone number,
                      including area code, of registrant's
                          principal executive offices)

           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
                                 (212) 554-1234

(Name, address, including zip code, and telephone number, including area code,
                             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
                                 (202) 457-5100
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<PAGE>

                                  SUPPLEMENT TO
                             EQUITABLE ACCUMULATORSM
                                (IRA, NQ AND QP)
                          PROSPECTUS DATED MAY 1, 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 describes the baseBUILDER(R) Combined Guaranteed
Minimum Income Benefit and Guaranteed Minimum Death Benefit offered to Annuitant
issue ages 76 or older under the Equitable Accumulator (IRA, NQ and QP)
prospectus. Capitalized terms in this supplement have the same meaning as in the
prospectus.

A different version of the Combined Guaranteed Minimum Income Benefit and
Guaranteed Minimum Death Benefit than the versions discussed on page 28 of the
prospectus under "baseBUILDER Benefits" is available for Annuitant issue ages 76
or older. The charge for this benefit is 0.30% of the Guaranteed Minimum Income
Benefit benefit base in effect on a Processing Date. The versions of the
baseBUILDER Benefits described in the prospectus are not available at these
Annuitant issue ages. The benefit for Annuitant issue ages 76 or older is as
discussed below:
    

         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 election.

The Guaranteed Minimum Death Benefit applicable to the combined benefit is as
follows:

         4% 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 4% on
         each Contract Date anniversary through the Annuitant's age 85 (or at
         the Annuitant's death, if earlier), and 0% thereafter, and is adjusted
         for any subsequent contributions and withdrawals.

   
The Guaranteed Minimum Income Benefit benefit base described on page 40 of the
prospectus is as follows:
    

         The Guaranteed Minimum Income Benefit benefit base is equal to the
         initial contribution on the Contract Date. Thereafter, the Guaranteed
         Minimum Income Benefit benefit base is credited with interest at 4% on
         each Contract Date anniversary through the Annuitant's age 85, and 0%
         thereafter, and is adjusted for any subsequent contributions and
         withdrawals. 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.

   
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    Copyright 1998 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 MAY 1, 1998

PROS AGENT SUPP1(5/98)
    


<PAGE>



                                                                     MAY 1, 1998

THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES

            PROFILE OF THE EQUITABLE ACCUMULATOR(SM) (IRA, NQ AND QP)
          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES

This Profile is a summary of some of the more important points that you should
know and consider before purchasing a Certificate. The Certificate is more fully
described in the prospectus which accompanies this Profile. Please read the
prospectus carefully.

1. THE ANNUITY CERTIFICATE. The Equitable Accumulator Certificate is a
combination variable and fixed deferred annuity issued by Equitable Life.
Certificates can be issued as individual retirement annuities (IRAS, which can
be either TRADITIONAL IRAS or ROTH IRAS) or as non-qualified annuities (NQ) for
after-tax contributions only. NQ Certificates may also be used as an investment
vehicle for certain types of qualified plans (QP). The Equitable Accumulator
Certificate is designed to provide for the accumulation of retirement savings
and for income through the investment, during an accumulation phase, of (a)
rollover contributions, direct transfers from other individual retirement
arrangements and additional IRA contributions or (b) after-tax money.

Your Equitable Life agent can provide you with information about other annuity
products we offer and help you decide which one may best meet your needs.

   
You may allocate amounts to Investment Funds where your Certificate's value may
vary up or down depending upon investment performance. You may also allocate
amounts to Guaranteed Interest Rate Options (also called GIROS) that when held
to maturity provide guaranteed interest rates that we have set and a guarantee
of principal. If you make any transfers or withdrawals, the GIROs' investment
value may increase or decrease until maturity due to interest rate changes.
Also, the Special Dollar Cost Averaging Account (in states where approved) which
is part of our general account and pays interest at guaranteed fixed interest
rates, is available for our Special Dollar Cost Averaging program discussed
below. In states where the Special Dollar Cost Averaging Account is not
currently approved, the Special Dollar Cost Averaging program is available in
the Alliance Money Market Fund. Earnings accumulate under your Certificate on a
tax-deferred basis until amounts are distributed. Amounts distributed under the
Equitable Accumulator Certificate may be subject to income tax.

The Investment Funds offer the potential for better returns than the interest
rates guaranteed under the GIROs or the Special Dollar Cost Averaging Account,
but the Investment Funds involve risk and you can lose money. You may make
transfers among the Investment Funds and GIROs. The value of the GIROs prior to
their maturity fluctuates and you can lose money on premature transfers or
withdrawals. Any transfers (other than Dollar Cost Averaging transfers) or
withdrawals out of the Special Dollar Cost Averaging Account will cancel the
Special Dollar Cost Averaging program.

                                   ----------
    Copyright 1998 The Equitable Life Assurance Society of the United States,
    New York, New York 10104. Accumulator is a service mark, and baseBUILDER
      and Income Manager are registered service marks of The Equitable Life
                     Assurance Society of the United States.
    

                                       1

<PAGE>

   
The Certificate provides a number of distribution methods during the
accumulation phase and for converting to annuity income, which include annuity
benefits and under IRA Certificates only, the ASSURED PAYMENT OPTION AND APO
PLUS.

Under IRA Certificates, the Assured Payment Option may also be elected if you
desire to start receiving a form of lifetime income immediately. When you elect
the Assured Payment Option, your IRA Certificate's value will be reduced to
provide for guaranteed lifetime income. You may also elect APO Plus whereby a
portion of your money is allocated to the Assured Payment Option, and the
remaining amount is allocated to the Alliance Common Stock Fund or the Alliance
Equity Index Fund, as you select. Every three years during the fixed period, a
portion of your money in the selected Investment Fund is applied to increase the
guaranteed payments, if applicable, under the Assured Payment Option.
    

The amount accumulated under your Certificate during the accumulation phase will
affect the amount of distribution or annuity benefits you receive.

   
You can elect the baseBUILDER(R) at issue of the Certificate for an additional
charge. The baseBUILDER provides a combined Guaranteed Minimum Income Benefit
and Guaranteed Minimum Death Benefit. The Guaranteed Minimum Income Benefit
provides a minimum amount of guaranteed lifetime income regardless of investment
performance when converting, at specific times, to the Income Manager(R)
(Life Annuity with a Period Certain) payout annuity certificate.

2. ANNUITY PAYMENTS. When you are ready to start receiving income, annuity
income is available by applying your Certificate's value to an Income Manager
payout annuity certificate. You can also have your IRA or NQ Certificate's value
applied to any of the following ANNUITY BENEFITS: (1) Life Annuity - payments
for the annuitant's life, (2) Life Annuity - Period Certain - payments for the
annuitant's life, but with payments continuing to the beneficiary for the
balance of the selected years if the annuitant dies before the end of the
selected period; (3) Life Annuity - Refund Certain - payments for the
annuitant's life, with payments continuing to the beneficiary after the
annuitant's death until any remaining amount applied to this option runs out;
and (4) Period Certain Annuity - payments for a specified period of time,
usually 5, 10, 15 or 20 years, with no life contingencies. Options (2) and (3)
are also available as a Joint and Survivor Annuity - payments for the
annuitant's life, and after the annuitant's death, continuation of payments to
the survivor for life. Under QP Certificates the only Annuity Benefit available
is Option (2) as a Life Annuity with a 10 Year Period Certain, or a Joint and
Survivor Life Annuity with a 10 Year Period Certain. Annuity Benefits (other
than the Life Annuity in New York, the Refund Certain and the Period Certain
which are only available on a fixed basis) are available as a fixed annuity, or
as a variable annuity, where the dollar amount of your payments will depend upon
the investment performance of the Investment Funds. Once you begin receiving
annuity payments, you cannot change your Annuity Benefit.
    

                                       2

<PAGE>

3. PURCHASE. You can purchase an Equitable Accumulator IRA Certificate by
rolling over or transferring at least $5,000 or more from one or more individual
retirement arrangements. Under a Traditional IRA Certificate you may add
additional amounts of $1,000 or more at any time (subject to certain
restrictions). Additional amounts under a Traditional IRA Certificate are
limited to $2,000 per year, but additional rollover or IRA transfer amounts are
unlimited. In certain cases, additional amounts may not be added to a Roth IRA
Certificate.

   
An Equitable Accumulator NQ or QP Certificate can be purchased with $5,000 or
more. Additional amounts of $1,000 or more can be made at any time (subject to
certain restrictions). Certain restrictions also apply to the type of
contributions we will accept under Equitable Accumulator QP Certificates.

4. INVESTMENT OPTIONS. You may invest in any or all of the following Investment
Funds, which invest in shares of corresponding portfolios of The Hudson River
Trust (HRT) and EQ Advisors Trust (EQAT). The portfolios are described in the
prospectuses for HRT and EQAT.
    

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
                                               EQUITY SERIES:
- --------------------------------------------------------------------------------------------------------------
<S>                                <C>                                 <C>
DOMESTIC EQUITY                    INTERNATIONAL EQUITY                AGGRESSIVE EQUITY
 Alliance Common Stock               Alliance Global                     Alliance Aggressive Stock
 Alliance Growth & Income            Alliance International              Alliance Small Cap Growth
 BT Equity 500 Index                 BT International Equity Index       BT Small Company Index
 EQ/Putnam Growth & Income Value     Morgan Stanley Emerging Markets     MFS Emerging Growth Companies
                                         Equity                          Warburg Pincus Small Company
 MFS Research                        T. Rowe Price International             Value
                                     Stock
 Merrill Lynch Basic Value Equity
 T. Rowe Price Equity Income

<CAPTION>
- --------------------------------------------------------------------------------------------------------------
     ASSET ALLOCATION SERIES                                  FIXED INCOME SERIES
- --------------------------------------------------------------------------------------------------------------
<S>                                <C>                                 <C>
 Alliance Conservative Investors   AGGRESSIVE FIXED INCOME             DOMESTIC FIXED INCOME
 Alliance Growth Investors           Alliance High Yield                 Alliance Intermediate Government
 EQ/Putnam Balanced                                                          Securities
 Merrill Lynch World Strategy                                            Alliance Money Market
- --------------------------------------------------------------------------------------------------------------
                             Alliance Equity Index (AVAILABLE ONLY UNDER APO PLUS)
- --------------------------------------------------------------------------------------------------------------
</TABLE>

   
You may also invest in one or more GIROs currently maturing in years 1999
through 2008. Under the Assured Payment Option and APO Plus for IRA
Certificates, GIROs currently maturing in years 2009 through 2013 are also
available. The Special Dollar Cost Averaging Account is available for the
Special Dollar Cost Averaging program, discussed below.

5. EXPENSES. The Certificates have expenses as follows: As a percentage of net
assets in the Investment Funds, a daily charge is deducted for mortality and
expense risks (including the Guaranteed Minimum Death Benefit discussed below)
at an annual rate of 1.10%, and a daily charge is deducted for administration
expenses at an annual rate of 0.25%. If baseBUILDER with the
    

                                       3

<PAGE>

   
6% Roll Up to Age 80 Guaranteed Minimum Death Benefit or the Annual Ratchet to
Age 80 Guaranteed Minimum Death Benefit is elected, there is an annual charge of
0.30% expressed as a percentage of the Guaranteed Minimum Income Benefit benefit
base. If baseBUILDER with the 6% Roll Up to Age 70 is elected, the annual charge
is 0.15% expressed as a percentage of the Guaranteed Minimum Income Benefit
benefit base. The baseBUILDER charge is deducted from your Certificate's value.

The charges for the portfolios of HRT range from 0.61% to 1.33% of the average
daily net assets of HRT portfolios, depending upon HRT portfolios selected. The
charges for the portfolios of EQAT range from 0.55% to 1.75% of the average
daily net assets of EQAT portfolios, depending upon the EQAT portfolios
selected. The amounts for HRT are based on average portfolio assets for the year
ended December 31, 1997 and have been restated to reflect the fees that would
have been paid if a new advisory agreement that Alliance, HRT's manager, and HRT
entered into (which went into effect on May 1, 1997) were in effect since
January 1, 1997. The amounts for EQAT are based on current expense caps. The
12b-1 fee (reflected in the "Total Annual Portfolio Charges" column in the chart
below) for the portfolios of HRT (other than the Alliance Small Cap Growth
portfolio) and EQAT are 0.25% of the average daily net assets of HRT and EQAT,
respectively. For the Alliance Small Cap Growth portfolio the 12b-1 fee may be
less than 0.25% under certain circumstances. Charges for state premium and other
applicable taxes may also apply at the time you elect to start receiving annuity
payments.

A withdrawal charge is imposed as a percentage of each contribution withdrawn in
excess of a free corridor amount, or if the Certificate is surrendered. The free
corridor amount for withdrawals is 15% of the Certificate's value at the
beginning of the year, except that under IRA Certificates for the Assured
Payment Option and APO Plus it is 10%. The withdrawal charge does not apply
under certain of the distribution methods available under the Equitable
Accumulator IRA Certificates. When applicable, the withdrawal charge is
determined in accordance with the table below, based on the year a contribution
is withdrawn. The year in which we receive your contribution is "Year 1."
    

                         Year of Contribution Withdrawal

                1       2        3        4        5        6       7        8+
                ---------------------------------------------------------------
Percentage of
Contribution   7.0%    6.0%     5.0%     4.0%     3.0%     2.0%    1.0%     0.0%

The following chart is designed to help you understand the charges in the
Certificate. The "Total Annual Charges" column shows the combined total of the
Certificate charges deducted as a percentage of net assets in the Investment
Funds and the portfolio charges, as shown in the first two columns. The last two
columns show you two examples of the charges, in dollars, that you would pay
under a Certificate, and include the 0.30% benefit based charge for the
baseBUILDER benefit. The examples assume that you invested $1,000 in a
Certificate which earns 5% annually and that you withdraw your money: (1) at the
end of year 1, and (2) at the end of year 10. For year 1, the Total Annual
Charges are assessed as well as the withdrawal charge. For year 10, the example
shows the aggregate of all the annual charges assessed for the 10 years, but
there is no withdrawal charge. No charges for state premium and other applicable
taxes are assumed in the examples.

                                       4

<PAGE>

<TABLE>
<CAPTION>
   
                                           TOTAL ANNUAL    TOTAL ANNUAL                           EXAMPLES
                                           CERTIFICATE       PORTFOLIO        TOTAL             Total Annual
                                             CHARGES          CHARGES         ANNUAL         Expenses at End of:
INVESTMENT FUND                                                              CHARGES     .....(1)           (2)
                                                                                            1 Year       10 Years
<S>                                            <C>             <C>           <C>          <C>            <C>    
Alliance Conservative Investors                1.35%           0.80%         2.15%        $  91.78       $285.33
Alliance Growth Investors                      1.35%           0.82%         2.17%        $  91.98       $287.33
Alliance Growth & Income                       1.35%           0.84%         2.19%        $  92.18       $283.94
Alliance Common Stock                          1.35%           0.65%         2.00%        $  90.29       $270.24
Alliance Global                                1.35%           0.98%         2.33%        $  93.57       $303.15
Alliance International                         1.35%           1.33%         2.68%        $  97.05       $336.94
Alliance Aggressive Stock                      1.35%           0.82%         2.17%        $  91.98       $287.33
Alliance Small Cap Growth                      1.35%           1.20%         2.55%        $  95.76       $324.53
Alliance Money Market                          1.35%           0.64%         1.99%        $  90.19       $269.23
Alliance Intermediate Government
   Securities                                  1.35%           0.81%         2.16%        $  91.88       $286.33
Alliance High Yield                            1.35%           0.89%         2.24%        $  92.68       $294.28

UNDER APO PLUS
Alliance Common Stock                          1.35%           0.65%         2.00%        $  90.29       $270.24
Alliance Equity Index                          1.35%           0.61%         1.96%        $  89.90       $266.19

BT Equity 500 Index                            1.35%           0.55%         1.90%         $ 89.30       $260.07
BT Small Company Index                         1.35%           0.60%         1.95%         $ 89.80       $265.18
BT International Equity Index                  1.35%           0.80%         2.15%         $ 91.78       $285.33
MFS Emerging Growth Companies                  1.35%           0.85%         2.20%         $ 92.28       $290.31
MFS Research                                   1.35%           0.85%         2.20%         $ 92.28       $290.31
Merrill Lynch Basic Value Equity               1.35%           0.85%         2.20%         $ 92.28       $290.31
Merrill Lynch World Strategy                   1.35%           1.20%         2.55%         $ 95.76       $324.53
Morgan Stanley Emerging Markets Equity
                                               1.35%           1.75%         3.10%         $101.22       $376.00
EQ/Putnam Balanced                             1.35%           0.90%         2.25%         $ 92.78       $295.27
EQ/Putnam Growth & Income Value                1.35%           0.85%         2.20%         $ 92.28       $290.31
T. Rowe Price Equity Income                    1.35%           0.85%         2.20%         $ 92.28       $290.31
T. Rowe Price International Stock              1.35%           1.20%         2.55%         $ 95.76       $324.53
 Warburg Pincus Small Company Value            1.35%           1.00%         2.35%         $ 93.77       $305.12
</TABLE>
    

Total annual portfolio charges may vary from year to year. For Investment Funds
investing in portfolios with less than 10 years of operations, charges have been
estimated. The charges reflect any waiver or limitation.
For more detailed information, see the Fee Table in the prospectus.

We may also offer other Equitable Accumulator certificates which have other
features, benefits and charges. A current prospectus for these other Equitable
Accumulator certificates, if available, may be obtained from your agent.

                                       5

<PAGE>

   
6. TAXES. In most cases, your earnings are not taxed until distributions are
made from your Certificate. If you are younger than age 59 1/2 when you receive
any distributions, in addition to income tax you may be charged a 10% Federal
tax penalty on the taxable amount received. This tax discussion does not apply
to Roth IRA or QP Certificates. Please consult your tax adviser.

7. ACCESS TO YOUR MONEY. During the accumulation phase, you may receive
distributions under a Certificate through the following WITHDRAWAL OPTIONS.
Under IRA, NQ and QP Certificates: (1) Lump Sum Withdrawals of at least $1,000
taken at any time; and (2) Systematic Withdrawals paid monthly, quarterly or
annually, subject to certain restrictions, including a maximum percentage of
your Certificate's value. Under both the Traditional IRA and Roth IRA
Certificates only: (1) Substantially Equal Payment Withdrawals (if you are less
than age 59 1/2), paid monthly, quarterly or annually based on life expectancy;
and under Traditional IRA Certificates only (2) Minimum Distribution Withdrawals
(after you are age 70 1/2), which pays the minimum amount necessary to meet
minimum distribution requirements in the Internal Revenue Code.
    

You also have access to your Certificate's value by surrendering the
Certificate. All or a portion of certain withdrawals may be subject to a
withdrawal charge to the extent that the withdrawal exceeds the free corridor
amount. A free corridor amount does not apply to a surrender. Withdrawals and
surrenders may be subject to income tax and a tax penalty. Withdrawals from the
GIROs prior to their maturity may result in a market value adjustment. A request
for withdrawal of amounts from the Special Dollar Cost Averaging Account, will
cancel the Dollar Cost Averaging program.

8. PERFORMANCE. During the accumulation phase, your Certificate's value in the
Investment Funds may vary up or down depending upon the investment performance
of the Investment Funds you have selected. Past performance is not a guarantee
of future results.

9. DEATH BENEFIT. If the annuitant dies before amounts are applied under an
annuity benefit, the named beneficiary will be paid a death benefit. The death
benefit is equal to your Certificate's value in (i) the Investment Funds, (ii)
the GIROs and (iii) the Special Dollar Cost Averaging Account, or if greater,
the Guaranteed Minimum Death Benefit.

   
For Traditional IRA and Roth IRA Certificates if the annuitant is between the
ages of 20 through 78 at issue of the Certificate; for NQ Certificates for
annuitant ages 0 through 79 at issue of the Certificate; and for QP Certificates
for annuitant ages 20 through 70 at issue of the Certificate, you may choose one
of two types of Guaranteed Minimum Death Benefit available under the
Certificates: a "6% Roll Up to Age 80" or an "Annual Ratchet to Age 80." Both
types are described below. Both benefits are based on the amount you initially
put in and are adjusted for additional contributions and withdrawals. For NQ
Certificates, for annuitant ages 80 through 83 at issue of the Certificate, a
return of the contributions you have invested under the Certificate will be the
Guaranteed Minimum Death Benefit.
    

                                       6

<PAGE>

6% Roll Up to Age 80 (Not available in New York) -- We add interest to the
initial amount at 6% (4% for amounts in the Alliance Money Market and Alliance
Intermediate Government Securities Funds, and GIROs) through the annuitant's age
80 (or at the annuitant's death, if earlier). The 6% interest rate will still
apply for amounts in the Alliance Money Market Fund under the Special Dollar
Cost Averaging program discussed below.

Annual Ratchet to Age 80 -- The Guaranteed Minimum Death Benefit is reset each
year through the annuitant's age 80 to the Certificate's value, if it is higher
than the prior year's Guaranteed Minimum Death Benefit. In New York, the
Guaranteed Minimum Death Benefit at the death of the annuitant will never be
less than the amounts in the Investment Funds, plus amounts (not reflecting any
increase due to interest rate changes) in the GIROs reflecting guaranteed
interest.

10. OTHER INFORMATION.

QUALIFIED PLANS. If the QP Certificates will be purchased by certain types of
plans qualified under Section 401(a), or 401(k) of the Internal Revenue Code,
please consult your tax adviser first. Any discussion of taxes in this profile
does not apply.

BASEBUILDER BENEFITS. The baseBUILDER (available for annuitant ages 20 through
75 at issue of the Certificates) is an optional benefit that combines the
Guaranteed Minimum Income Benefit and the Guaranteed Minimum Death Benefit.
baseBUILDER benefits (which are different than the ones described below) may be
available for annuitant issue ages 76 and older. baseBUILDER benefits are not
currently available in New York.

         Income Benefit -- The Guaranteed Minimum Income Benefit, as part of the
         baseBUILDER, provides a minimum amount of guaranteed lifetime income
         for your future. When you are ready to convert (at specified future
         times) your Certificate's value to the Income Manager (Life Annuity
         with a Period Certain) payout annuity certificate the amount of
         lifetime income that will be provided will be the greater of (i) your
         Guaranteed Minimum Income Benefit or (ii) your Certificate's current
         value applied at current annuity purchase factors.

         Death Benefit -- As part of the baseBUILDER you have the choice, at
         issue of the Certificate, of two Guaranteed Minimum Death Benefit
         options: (i) the 6% Roll Up to Age 80 or (ii) the Annual Ratchet to Age
         80. These options are described in "Death Benefit" above. For annuitant
         ages 20 through 60 at issue of the Certificate, there is an alternate
         baseBUILDER benefit with a Guaranteed Minimum Death Benefit option
         which is a 6% Roll Up to Age 70.

                  6% Roll Up to Age 70 -- We add interest to the initial amount
                  at 6% (4% for amounts in the Alliance Money Market and
                  Alliance Intermediate Government Securities Funds, and GIROs)
                  through the annuitant's age 70 (or at the annuitant's death,
                  if earlier). The 6% interest rate will still apply for amounts
                  in the Alliance Money Market Fund under the Special Dollar
                  Cost Averaging program discussed below.

                                       7

<PAGE>


FREE LOOK. You can examine the Certificate for a period of 10 days after you
receive it, and return it to us for a refund. The free look period is longer in
some states.

Your refund will equal your Certificate's value, reflecting any investment gain
or loss, in the Investment Funds, any increase or decrease in the value of any
amounts held in the GIROs, and interest credited to amounts in the Special
Dollar Cost Averaging Account through the date we receive your Certificate. Some
states or Federal income tax regulations may require that we calculate the
refund differently. In the case of a complete conversion of an existing
Traditional IRA Certificate to a Roth IRA, you may cancel your Roth IRA and
return to a Traditional IRA by following the instructions in the request for
full conversion form available from the Processing Office or your agent.

   
AUTOMATIC INVESTMENT PROGRAM (AIP). AIP provides for a specified amount to be
automatically deducted from a bank checking account, bank money market account
or credit union checking account and to be applied as additional amounts under
NQ and Traditional IRA Certificates. AIP is not available for Roth IRA and QP
Certificates.
    

PRINCIPAL ASSURANCE. This option is designed to assure the return of your
original amount invested on a GIRO maturity date, by putting a portion of your
money in a particular GIRO, and the balance in the Investment Funds in any way
you choose. Assuming that you make no transfers or withdrawals of the portion in
the GIRO, such amount will grow to your original investment upon maturity.

DOLLAR COST AVERAGING. Special Dollar Cost Averaging - You can elect when you
apply for your Certificate to allocate your initial contribution to the Special
Dollar Cost Averaging Account where it will be credited with interest at a
guaranteed fixed rate. Amounts will be transferred from the Special Dollar Cost
Averaging Account to the other Investment Funds on a monthly basis over the
first twelve months of your Certificate. Thereafter the Special Dollar Cost
Averaging Account will not be available for allocation under your Certificate.
If you request a transfer (other than the Dollar Cost Averaging transfers) or a
withdrawal from amounts in the Special Dollar Cost Averaging Account, the
Special Dollar Cost Averaging program will end. Any amounts remaining in the
Special Dollar Cost Averaging Account will immediately be transferred to the
other Investment Options according to your previous allocation instructions we
have on file.

The Special Dollar Cost Averaging Account may not currently be available in your
state. In states where it is currently not available, we offer a Special Dollar
Cost Averaging program from the Alliance Money Market Fund. During the time
amounts are in the Alliance Money Market Fund under this program, mortality and
expense risks and administration charges will not be deducted from the Alliance
Money Market Fund.

General Dollar Cost Averaging -You can elect at any time to put money into the
Alliance Money Market Fund and have a dollar amount or percentage transferred
from the Alliance Money Market Fund into the other Investment Funds on a
periodic basis over a longer period of time. The mortality and expense risks and
administration charges will be deducted from the Alliance Money Market Fund
under this program.

                                       8

<PAGE>


Dollar cost averaging does not assure a profit or protect against a loss should
market prices decline.

   
REBALANCING. You can have your money automatically readjusted among the
Investment Funds quarterly, semiannually or annually as you select. The amounts
you have in each selected Investment Fund will grow or decline in value at
different rates during each time period. Rebalancing is intended to transfer
amounts among the chosen Investment Funds in order to retain the allocation
percentages you specify. Rebalancing does not assure a profit or protect against
a loss should market prices decline and should be reviewed periodically, as your
needs may change.

REPORTS. We will provide you with an annual statement of your Certificate's
values as of the last day of each year, and three additional reports of your
Certificate's values each year. You also will be provided with written
confirmations of each financial transaction, and copies of annual and semiannual
statements of HRT and EQAT.
    

You may call toll-free at 1-800-789-7771 for a recording of daily Investment
Fund values, guaranteed rates applicable to the GIROs, as well as guaranteed
fixed interest rates in the Special Dollar Cost Averaging Account.


11. INQUIRIES. If you need more information, please contact your agent. You may
also contact us at:

   
The Equitable Life Assurance Society of the United States
Equitable Accumulator
P.O. Box 1547
Secaucus, NJ  07096-1547
Telephone 1-800-789-7771 and Fax 1-201-583-2224
    

                                       9

<PAGE>

   
                            EQUITABLE ACCUMULATOR(SM)
                                (IRA, NQ AND QP)
                          PROSPECTUS DATED MAY 1, 1998
    

- --------------------------------------------------------------------------------
          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES
                                   Issued By:
            The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------

   
This prospectus  describes  certificates The Equitable Life Assurance Society of
the United States  (EQUITABLE  LIFE,  WE, OUR AND US) offers under a combination
variable  and fixed  deferred  annuity  contract  issued on a group  basis or as
individual contracts. Enrollment under a group contract is evidenced by issuance
of a certificate.  Certificates and individual contracts are each referred to as
"Certificates."  Certificates can be issued as individual  retirement  annuities
(IRAS,  which can be either  TRADITIONAL  IRAS or ROTH IRAS),  or  non-qualified
annuities for after-tax  contributions  only (NQ). NQ  Certificates  may also be
used as an investment vehicle for a defined contribution plan or defined benefit
plan (QP). Under IRA Certificates we accept only initial  contributions that are
rollover  contributions  or that are  direct  transfers  from  other  individual
retirement arrangements,  as described in this prospectus. Under QP Certificates
we will only accept employer  contributions  from a trust under a plan qualified
under Section 401(a) or 401(k) of the Code. A minimum  initial  contribution  of
$5,000 is  required to put a  Certificate  into  effect.  

The  Certificates  are designed to provide for the  accumulation  of  retirement
savings and for income. Contributions accumulate on a tax-deferred basis and can
be  distributed  under a number of  different  methods  which are designed to be
responsive to the owner's  (CERTIFICATE  OWNER,  YOU and YOUR)  objectives.  The
distribution methods include the ASSURED PAYMENT OPTION,  Assured Payment Option
Plus (APO PLUS),  available for Certificates issued as Traditional IRAs and Roth
IRAs, and a variety of payout  options  including  variable  annuities and fixed
annuities.  The  Assured  Payment  Option  and APO Plus are also  available  for
election in the  application  if you are  interested in receiving  distributions
rather than accumulating funds.

The Certificates offer investment options  (INVESTMENT  OPTIONS) that permit you
to create your own  strategies.  These  Investment  Options  include 24 variable
investment  funds  (INVESTMENT  FUNDS) and each GUARANTEED  INTEREST RATE OPTION
(GIRO) in the GUARANTEED PERIOD ACCOUNT.  There is an additional Investment Fund
which is available only under APO Plus.  Also, the Special Dollar Cost Averaging
Account (in states where  approved)  which is part of Equitable  Life's  general
account and pays interest at guaranteed  fixed interest  rates, is available for
our Special Dollar Cost Averaging program.

We invest each Investment  Fund in Class IB shares of a corresponding  portfolio
(PORTFOLIO) of The Hudson River Trust (HRT) and EQ Advisors Trust (EQAT), mutual
funds whose shares are  purchased by separate  accounts of insurance  companies.
The prospectuses for HRT (in which the Alliance Funds invest) and EQAT (in which
the other  Investment  Funds invest),  both of which accompany this  prospectus,
describe the investment objectives, policies and risks, of the Portfolios.
    

                                INVESTMENT FUNDS
<TABLE>
   
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
                                  EQUITY SERIES
- --------------------------------------------------------------------------------------------------------------------
   <S>                                  <C>                                   <C>
   DOMESTIC EQUITY                      INTERNATIONAL EQUITY                  AGGRESSIVE EQUITY
     Alliance Common Stock                Alliance Global                       Alliance Aggressive Stock
     Alliance Growth & Income             Alliance International                Alliance Small Cap Growth
     BT Equity 500 Index                  BT International Equity Index         BT Small Company Index
     EQ/Putnam Growth & Income Value      Morgan Stanley Emerging Markets       MFS Emerging Growth Companies
     MFS Research                           Equity                              Warburg Pincus Small Company Value
     Merrill Lynch Basic Value Equity     T. Rowe Price International Stock
     T. Rowe Price Equity Income
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
         ASSET ALLOCATION SERIES                                FIXED INCOME SERIES
- --------------------------------------------------------------------------------------------------------------------
     <S>                                <C>                                   <C>
     Alliance Conservative Investors    AGGRESSIVE FIXED INCOME               DOMESTIC FIXED INCOME
     Alliance Growth Investors            Alliance High Yield                   Alliance Intermediate Government
     EQ/Putnam Balanced                                                           Securities
     Merrill Lynch World Strategy                                               Alliance Money Market
- --------------------------------------------------------------------------------------------------------------------
                           Alliance Equity Index (AVAILABLE ONLY UNDER APO PLUS)
- --------------------------------------------------------------------------------------------------------------------
</TABLE>

Amounts  allocated to a GIRO  accumulate  on a fixed basis and are credited with
interest  at a rate we set  (GUARANTEED  RATE) for the  entire  period.  On each
business day (BUSINESS DAY) we will determine the Guaranteed Rates available for
amounts  newly  allocated  to GIROs.  A market  value  adjustment  (positive  or
negative) will be made for withdrawals,  transfers,  surrender and certain other
transactions from a GIRO before its expiration date (EXPIRATION DATE). Each GIRO
has its own Guaranteed  Rates.  The GIROs  currently  available have  Expiration
Dates of February 15, in years 1999 through 2008 and 1999 through 2013 under the
Assured Payment Option and APO Plus. 

- --------------------------------------------------------------------------------
           Copyright 1998 The Equitable Life Assurance Society of the
                    United States, New York, New York 10104.
             All rights reserved. Accumulator is a service mark, and
         baseBUILDER and Income Manager are registered service marks of
           The Equitable Life Assurance Society of the United States.
    

<PAGE>


   

This prospectus  provides  information  about IRA, NQ and QP  Certificates  that
prospective investors should know before investing. You should read it carefully
and  retain  it  for  future  reference.  The  prospectus  is not  valid  unless
accompanied by current  prospectuses  for HRT and EQAT, both of which you should
also read carefully.  

Your Equitable Life agent can provide you with  information  about other annuity
products  we offer and help you  decide  which  one may best  meet  your  needs.

Registration  statements  relating to Separate Account No. 45 (SEPARATE ACCOUNT)
and interests  under the GIROs have been filed with the  Securities and Exchange
Commission (SEC). The statement of additional  information  (SAI),  dated May 1,
1998, which is part of the registration  statement for the Separate Account,  is
available  free of charge upon  request by writing to our  Processing  Office or
calling  1-800-789-7771,  our toll-free number. The SAI has been incorporated by
reference into this prospectus. The Table of Contents for the SAI appears at the
back of this prospectus.  
    

THESE  SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED  BY THE SECURITIES AND
EXCHANGE  COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE CERTIFICATES  ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY.  THEY ARE NOT
DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK AND ARE NOT BANK GUARANTEED.  THEY ARE
SUBJECT TO INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL INVESTED.


                                       2
<PAGE>


   
                 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

      Equitable  Life's Annual  Report on Form 10-K for the year ended  December
31, 1997 and a current  report on Form 8-K dated April 7, 1998 are  incorporated
herein by reference.
    

      All  documents  or reports  filed by  Equitable  Life  pursuant to Section
13(a),  13(c),  14 or 15(d) of the  Securities  Exchange Act of 1934, as amended
(EXCHANGE  ACT)  after  the date  hereof  and  prior to the  termination  of the
offering of the securities  offered hereby shall be deemed to be incorporated by
reference in this  prospectus and to be a part hereof from the date of filing of
such documents.  Any statement contained in a document incorporated or deemed to
be incorporated herein by reference shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement  contained herein
or in any other  subsequently  filed  document  which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded  shall not be deemed,  except as so modified
and superseded,  to constitute a part of this  prospectus.  Equitable Life files
its  Exchange Act  documents  and reports,  including  its annual and  quarterly
reports on Form 10-K and Form 10-Q,  electronically  pursuant to EDGAR under CIK
No.  0000727920.  The SEC maintains a web site that contains reports,  proxy and
information  statements and other  information  regarding  registrants that file
electronically with the SEC. The address of the site is http://www.sec.gov.

Equitable  Life  will  provide  without  charge  to each  person  to  whom  this
prospectus is delivered, upon the written or oral request of such person, a copy
of any or all of the foregoing documents incorporated herein by reference (other
than exhibits not  specifically  incorporated by reference into the text of such
documents). Requests for such documents should be directed to The Equitable Life
Assurance Society of the United States,  1290 Avenue of the Americas,  New York,
New York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).


                                       3
<PAGE>


   

- --------------------------------------------------------------------------------
                          PROSPECTUS TABLE OF CONTENTS
- --------------------------------------------------------------------------------
GENERAL TERMS                                     PAGE   6

FEE TABLE                                         PAGE   8

PART 1: EQUITABLE LIFE, THE SEPARATE
        ACCOUNT AND THE
        INVESTMENT FUNDS                           PAGE 13
Equitable Life                                          13
Separate Account No. 45                                 13
The Trusts                                              13
HRT's Manager and Adviser                               14
EQAT's Manager                                          14
EQAT's Investment Advisers                              14
Investment Policies and Objectives of HRT's
   Portfolios and EQAT's Portfolios                     16

PART 2: THE GUARANTEED PERIOD
        ACCOUNT                                    PAGE 19
GIROs                                                   19
Market Value Adjustment for Transfers,
   Withdrawals or Surrender Prior to the
   Expiration Date                                      20
Modal Payment Portion                                   20
Investments                                             21

PART 3: THE SPECIAL DOLLAR COST AVERAGING
        ACCOUNT                                    PAGE 22

PART 4: PROVISIONS OF THE
        CERTIFICATES AND SERVICES
        WE PROVIDE                                 PAGE 23
What Is the Equitable Accumulator?                      23
Joint Ownership                                         23
Contributions under the Certificates                    23
Methods of Payment                                      24
Allocation of Contributions                             24
Free Look Period                                        25
Annuity Account Value                                   25
Transfers among Investment Options                      26
Dollar Cost Averaging                                   26
Rebalancing                                             27
baseBUILDER Benefits                                    28
Guaranteed Minimum Income Benefit                       28
Death Benefit                                           29
How Death Benefit Payment Is Made                       30
When an NQ Certificate Owner Dies
   before the Annuitant                                 31
Cash Value                                              31
Surrendering the Certificates to
   Receive the Cash Value                               31
When Payments Are Made                                  31
Assignment                                              31
Services We Provide                                     32
Distribution of the Certificates                        32

PART 5: DISTRIBUTION METHODS UNDER THE
        CERTIFICATES                               PAGE 33
Assured Payment Option                                  33
APO Plus                                                36
Withdrawal Options                                      38
How Withdrawals Affect Your
   Guaranteed Minimum Income Benefit
   and Guaranteed Minimum Death Benefit                 40
Annuity Benefits and Payout Annuity Options             41

PART 6:  DEDUCTIONS AND CHARGES                    PAGE 43
Charges Deducted from the Annuity
   Account Value                                        43
Charges Deducted from the Investment Funds              44
HRT Charges to Portfolios                               44
EQAT Charges to Portfolios                              44
Group or Sponsored Arrangements                         45
Other Distribution Arrangements                         45

PART 7:  VOTING RIGHTS                             PAGE 46
The Trusts' Voting Rights                               46
Voting Rights of Others                                 46
Separate Account Voting Rights                          46
Changes in Applicable Law                               46

PART 8: TAX ASPECTS
        OF THE CERTIFICATES                        PAGE 47
Tax Changes                                             47
Taxation of Non-Qualified Annuities                     47
Charitable Remainder Trusts                             48
Special Rules for NQ Certificates Issued
   in Puerto Rico                                       48
IRA Tax Information                                     48
Traditional Individual Retirement Annuities
   (Traditional IRAs)                                   49
Roth Individual Retirement Annuities
   (Roth IRAs)                                          54
Federal and State Income Tax Withholding and 
   Information Reporting                                58
Other Withholding                                       59
Impact of Taxes to Equitable Life                       59

PART 9: OTHER INFORMATION                          PAGE 60
Independent Accountants                                 60
Legal Proceedings                                       60

PART 10: INVESTMENT PERFORMANCE                    PAGE 61
Communicating Performance Data                          68
    


                                       4
<PAGE>
   

Alliance Money Market Fund, Alliance
   Intermediate Government Securities
   Fund and Alliance High Yield Fund Yield
   Information                                          69

APPENDIX I: MARKET VALUE
   ADJUSTMENT EXAMPLE                              PAGE 70

APPENDIX II: PURCHASE CONSIDERATIONS
   FOR QP CERTIFICATES                             PAGE 71

APPENDIX III: GUARANTEED MINIMUM
   DEATH BENEFIT EXAMPLE                           PAGE 72

APPENDIX IV: EXAMPLE OF
   PAYMENTS UNDER THE ASSURED
   PAYMENT OPTION AND APO PLUS                     PAGE 73

STATEMENT OF ADDITIONAL
   INFORMATION TABLE OF CONTENTS                   PAGE 74
    

                                       5
<PAGE>


- --------------------------------------------------------------------------------
                                  GENERAL TERMS
- --------------------------------------------------------------------------------

ACCUMULATION  UNIT --  Contributions  that are  invested in an  Investment  Fund
purchase Accumulation Units in that Investment Fund.

ACCUMULATION  UNIT VALUE -- The  dollar  value of each  Accumulation  Unit in an
Investment Fund on a given date.

   
ANNUITANT -- The individual who is the measuring life for  determining  benefits
under the  Certificate.  Under NQ  Certificates,  the Annuitant can be different
from the Certificate  Owner;  under both Traditional and Roth IRA  Certificates,
the  Annuitant  and  Certificate  Owner  must be the same  individual.  Under QP
Certificates, the Annuitant must be the Participant/Employee.

ANNUITY ACCOUNT VALUE -- The sum of the amounts in the Investment  Options under
the Certificate. See "Annuity Account Value" in Part 4.

ANNUITY  COMMENCEMENT  DATE -- The date on which Annuity Benefit payments are to
commence.

ASSURED PAYMENT OPTION -- A distribution  option under  Traditional and Roth IRA
Certificates  which provides  guaranteed  lifetime  income.  The Assured Payment
Option may be elected in the application or elected as a distribution  option at
a later date.  Under this option amounts are allocated to the Guaranteed  Period
Account and the Life  Contingent  Annuity.  No amounts may be  allocated  to the
Investment Funds or the Special Dollar Cost Averaging Account.

APO PLUS -- A distribution  option under  Traditional and Roth IRA  Certificates
which  provides  guaranteed  lifetime  income.  APO Plus may be  elected  in the
application  or as a  distribution  option at a later  date.  Under this  option
amounts are allocated to the  Guaranteed  Period  Account,  the Life  Contingent
Annuity and to the Alliance Common Stock Fund or the Alliance Equity Index Fund.
The amount in the selected Fund is then systematically converted to increase the
guaranteed  lifetime  income.  No amounts may be allocated to the Special Dollar
Cost Averaging Account.

BASEBUILDER(R)  -- Optional  protection  benefit,  consisting of the  Guaranteed
Minimum Income Benefit and the Guaranteed Minimum Death Benefit.

BUSINESS DAY -- Generally,  any day on which the New York Stock Exchange is open
for trading.  For the purpose of determining the Transaction  Date, our Business
Day ends at 4:00 p.m. Eastern Time.
    

CASH VALUE -- The Annuity Account Value minus any applicable charges.

CERTIFICATE  -- The  Certificate  issued  under  the  terms  of a group  annuity
contract and any individual contract, including any endorsements.

   
CERTIFICATE  OWNER -- The  person  who owns a  Certificate  and has the right to
exercise  all  rights  under  the  Certificate.   Under  NQ  Certificates,   the
Certificate  Owner can be different from the Annuitant;  under both  Traditional
and Roth IRA Certificates,  the Certificate Owner must be the same individual as
the Annuitant. Under QP Certificates,  the Certificate Owner must be the trustee
of a trust for a qualified plan maintained by an employer.
    

CODE -- The Internal Revenue Code of 1986, as amended.

CONTRACT DATE -- The  effective  date of the  Certificates.  This is usually the
Business Day we receive the initial contribution at our Processing Office.

CONTRACT  YEAR -- The 12-month  period  beginning on your Contract Date and each
anniversary of that date.

   
EQAT -- EQ  Advisors  Trust,  a mutual  fund in which  the  assets  of  separate
accounts of insurance companies are invested. EQ Financial Consultants, Inc. (EQ
FINANCIAL)  is the manager of EQAT and has  appointed  advisers  for each of the
Portfolios.

EXPIRATION DATE -- The date on which a GIRO ends.
    

GUARANTEED MINIMUM DEATH BENEFIT -- The minimum amount payable upon death of the
Annuitant.

GUARANTEED  MINIMUM INCOME  BENEFIT -- The minimum  amount of future  guaranteed
lifetime income.

   
GIROS -- Any of the  periods  of time  ending  on an  Expiration  Date  that are
available  for  investment  under the  Certificates.  GIROs are  referred  to as
Guarantee Periods in the Certificates.

GUARANTEED PERIOD ACCOUNT -- The Account that contains the GIROs.

GUARANTEED RATE -- The annual interest rate established for each allocation to a
GIRO.

HRT -- The Hudson  River  Trust,  a mutual  fund in which the assets of separate
accounts of insurance  companies are invested.  Alliance Capital Management L.P.
(ALLIANCE) is the manager and adviser to HRT.

INVESTMENT  FUNDS -- The funds of the Separate  Account that are available under
the  Certificates.  The Alliance  Equity Index Fund is only available  under APO
Plus.
    


                                       6
<PAGE>

   
INVESTMENT  OPTIONS -- The choices for investment:  the Investment  Funds,  each
available  GIRO, and the Special Dollar Cost Averaging  Account  (available only
during the first Contract Year).

IRA -- An individual  retirement  annuity,  as defined in Section  408(b) of the
Code.  There are two types of IRAs, a Traditional IRA and a Roth IRA. A Roth IRA
must also meet the requirements of Section 408A of the Code.

JOINT  OWNERS -- Two  individuals  who own  undivided  interests  in the  entire
Certificate.  If Joint Owners are named, reference to "Certificate Owner," "you"
or "your" will apply to both Joint Owners or either of them. Joint Owners may be
selected only for NQ Certificates.

LIFE CONTINGENT  ANNUITY -- Provides  guaranteed  lifetime income beginning at a
future  date.  Amounts  may only be applied  under the Life  Contingent  Annuity
through election of the Assured Payment Option and APO Plus.

MATURITY VALUE -- The amount in a GIRO on its Expiration Date.

MODAL  PAYMENT  PORTION -- Under the Assured  Payment  Option and APO Plus,  the
portion  of the  Guaranteed  Period  Account  from  which  payments,  other than
payments due on an Expiration Date, are made.
    

NQ  --  An  annuity   contract  which  may  be  purchased  only  with  after-tax
contributions, but is not a Roth IRA.

   
PARTICIPANT/EMPLOYEE  -- An individual who  participates  in an employer's  plan
funded by an Equitable Accumulator QP Certificate.

PORTFOLIOS -- The  portfolios of HRT and EQAT that  correspond to the Investment
Funds of the Separate Account.
    

PROCESSING  DATE -- The day when we  deduct  certain  charges  from the  Annuity
Account Value.  If the Processing  Date is not a Business Day, it will be on the
next succeeding Business Day. The Processing Date will be once each year on each
anniversary of the Contract Date.

   
PROCESSING  OFFICE -- The address to which all  contributions,  written requests
(e.g.,  transfers,  withdrawals,  etc.) or other written  communications must be
sent. See "Services We Provide" in Part 4.

QP -- When issued with the appropriate  endorsement,  an NQ Certificate which is
used as an investment vehicle for a defined contribution plan within the meaning
of Section  401(a) and 401(k) of the Code, or a defined  benefit plan within the
meaning of Section 401(a) of the Code.
    

ROTH IRA -- An IRA which must be funded on an after-tax basis, the distributions
from which may be tax free under specified circumstances.

SAI -- The statement of additional  information  for the Separate  Account under
the Certificates.

   
SEPARATE ACCOUNT -- Equitable Life's Separate Account No. 45.

SPECIAL  DOLLAR  COST  AVERAGING  ACCOUNT  -- The  Investment  Option  that pays
interest at  guaranteed  fixed rates and is part of our  general  account.  This
account is available only for Dollar Cost Averaging of your initial Contribution
during the first Contract  Year.  The Special  Dollar Cost Averaging  Account is
referred to as the Guaranteed Interest Account in the Certificates.

TRADITIONAL   IRA  --  An  IRA  which  is  generally   purchased   with  pre-tax
contributions, the distributions from which are treated as taxable.
    

TRANSACTION  DATE -- The Business Day we receive a contribution or a transaction
request providing all the information we need at our Processing  Office. If your
contribution or request reaches our Processing  Office on a non-Business Day, or
after the  close of the  Business  Day,  the  Transaction  Date will be the next
following Business Day.  Transaction  requests must be made in a form acceptable
to us.

   
TRUSTS -- HRT and EQAT.
    

VALUATION  PERIOD -- Each Business Day together with any preceding  non-business
days.


                                       7
<PAGE>

- --------------------------------------------------------------------------------
                                    FEE TABLE
- --------------------------------------------------------------------------------

   
The  purpose of this fee table is to assist  you in  understanding  the  various
costs and expenses you may bear directly or indirectly under the Certificates so
that you may compare them with other similar  products.  The table reflects both
the charges of the Separate  Account and the  expenses of HRT and EQAT.  Charges
for applicable  taxes such as state or local premium taxes may also apply. For a
complete  description  of the  charges  under  the  Certificates,  see  "Part 6:
Deductions and Charges." For a complete  description of the Trusts'  charges and
expenses, see the prospectuses for HRT and EQAT.

As explained in Parts 2 and 3, the GIROs and the Special  Dollar Cost  Averaging
Account  are not a part of the  Separate  Account and are not covered by the fee
table and  examples.  The only  charge  shown in the Table that will be deducted
from  amounts  allocated  to the GIROs and the  Special  Dollar  Cost  Averaging
Account is the withdrawal  charge. A market value adjustment (either positive or
negative)  also may be  applicable  as a result  of a  withdrawal,  transfer  or
surrender of amounts from a GIRO. See "Part 2: The Guaranteed Period Account."
    

OWNER TRANSACTION EXPENSES (DEDUCTED FROM ANNUITY ACCOUNT VALUE)
- ----------------------------------------------------------------

WITHDRAWALCHARGE AS A PERCENTAGE OF CONTRIBUTIONS  (deducted   CONTRACT         
     upon   surrender  or  for  certain   withdrawals.   The     YEAR           
     applicable  withdrawal  charge percentage is determined     ----           
     by the Contract Year in which the withdrawal is made or        1......7.00%
     the Certificate is surrendered  beginning with Contract        2......6.00 
     Year 1 with respect to each  contribution  withdrawn or        3......5.00 
     surrendered.  For each contribution,  the Contract Year        4......4.00 
     in which we receive that contribution is "Contract Year        5......3.00 
     1").(1)                                                        6......2.00 
                                                                    7......1.00 
                                                                    8+.....0.00 
                                                                                
SEPARATE  ACCOUNT  ANNUAL  EXPENSES  (AS A  PERCENTAGE  OF NET  ASSETS  IN  EACH
- --------------------------------------------------------------------------------
INVESTMENT FUND)
- ---------------

MORTALITY AND EXPENSE RISKS(2)....................................    1.10% 
ADMINISTRATION(3).................................................    0.25% 
                                                                      =====   
   TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES.........................    1.35%   
                                                                      =====   
                                                                              
OPTIONAL  BENEFIT  EXPENSE  (DEDUCTED FROM ANNUITY  ACCOUNT  VALUE)  
- -------------------------------------------------------------------

   
BASEBUILDER  BENEFITS  EXPENSE  (calculated  as a percentage  of the  
  Guaranteed Minimum Income Benefit benefit base)(4)..............    0.30%
    
                                                                           
- -------------------
See footnotes on next page.


                                       8
<PAGE>

HRT AND EQAT ANNUAL  EXPENSES  (AS A PERCENTAGE  OF AVERAGE  DAILY NET ASSETS IN
EACH PORTFOLIO)
<TABLE>
   
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
                                                                          INVESTMENT PORTFOLIOS
                                            -----------------------------------------------------------------------------------
                                               ALLIANCE      ALLIANCE     ALLIANCE      ALLIANCE
                                             CONSERVATIVE     GROWTH      GROWTH &       COMMON       ALLIANCE     ALLIANCE
HRT                                           INVESTORS     INVESTORS      INCOME        STOCK         GLOBAL    INTERNATIONAL
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>           <C>           <C>          <C>           <C>           <C>  
Investment Management and Advisory Fee          0.48%         0.52%         0.55%        0.37%         0.65%         0.90%
12b-1 Fee(5)                                    0.25%         0.25%         0.25%        0.25%         0.25%         0.25%
Other Expenses                                  0.07%         0.05%         0.04%        0.03%         0.08%         0.18%
===============================================================================================================================
   TOTAL HRT ANNUAL EXPENSES(6)                 0.80%         0.82%         0.84%        0.65%         0.98%         1.33%
===============================================================================================================================
<CAPTION>

                                                                                        ALLIANCE
                                               ALLIANCE      ALLIANCE     ALLIANCE    INTERMEDIATE    ALLIANCE     ALLIANCE
                                              AGGRESSIVE    SMALL CAP       MONEY        GOVT.          HIGH        EQUITY
HRT                                             STOCK         GROWTH       MARKET      SECURITIES      YIELD         INDEX
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>           <C>           <C>          <C>           <C>           <C>  
Investment Management and Advisory Fee          0.54%         0.90%         0.35%        0.50%         0.60%         0.32%
12b-1 Fee(5)                                    0.25%         0.25%         0.25%        0.25%         0.25%         0.25%
Other Expenses                                  0.03%         0.05%         0.04%        0.06%         0.04%         0.04%
===============================================================================================================================
   TOTAL HRT ANNUAL EXPENSES(6)                 0.82%         1.20%         0.64%        0.81%         0.89%         0.61%
===============================================================================================================================
<CAPTION>

                                                                BT           BT           MFS                       MERRILL
                                                  BT          SMALL     INTERNATIONAL   EMERGING                     LYNCH
                                              EQUITY 500     COMPANY       EQUITY        GROWTH         MFS       BASIC VALUE
EQAT                                            INDEX         INDEX         INDEX      COMPANIES      RESEARCH      EQUITY
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>           <C>           <C>          <C>           <C>           <C>  
Investment Management and Advisory Fee          0.25%         0.25%         0.35%        0.55%         0.55%         0.55%
12b-1 Fee(5)                                    0.25%         0.25%         0.25%        0.25%         0.25%         0.25%
Other Expenses                                  0.05%         0.10%         0.20%        0.05%         0.05%         0.05%
===============================================================================================================================
   TOTAL EQAT ANNUAL EXPENSES(7)                0.55%         0.60%         0.80%        0.85%         0.85%         0.85%
===============================================================================================================================
<CAPTION>

                                                           MORGAN                                                    WARBURG
                                              MERRILL     STANLEY                EQ/PUTNAM   T. ROWE     T. ROWE      PINCUS
                                               LYNCH      EMERGING               GROWTH &      PRICE      PRICE       SMALL
                                               WORLD      MARKETS    EQ/PUTNAM    INCOME      EQUITY  INTERNATIONAL  COMPANY
EQAT                                          STRATEGY     EQUITY     BALANCED     VALUE      INCOME      STOCK       VALUE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>           <C>           <C>          <C>           <C>           <C>  
Investment Management and Advisory Fee          0.70%       1.15%       0.55%       0.55%      0.55%       0.75%       0.65%
12b-1 Fee(5)                                    0.25%       0.25%       0.25%       0.25%      0.25%       0.25%       0.25%
Other Expenses                                  0.25%       0.35%       0.10%       0.05%      0.05%       0.20%       0.10%
===============================================================================================================================
   TOTAL EQAT ANNUAL EXPENSES(7)                1.20%       1.75%       0.90%       0.85%      0.85%       1.20%       1.00%
===============================================================================================================================
</TABLE>
    

- -------------------
Notes:

   
(1)Deducted upon a withdrawal  with respect to amounts in excess of the 15% (10%
   under the Assured Payment Option and APO Plus) free corridor amount, and upon
   surrender of a Certificate. See "Withdrawal Charge" in Part 6.

(2)A portion  of this  charge is for  providing  the  Guaranteed  Minimum  Death
   Benefit. See "Mortality and Expense Risks Charge" in Part 6.
    

(3)We reserve the right to increase this charge to an annual rate of 0.35%,  the
   maximum permitted under the Certificates.

   
(4)The  0.30%  charge  is for the  baseBUILDER  with  the "6% Roll Up to Age 80"
   Guaranteed  Minimum  Death  Benefit  and  the  "Annual  Ratchet  to  Age  80"
   Guaranteed Minimum Death Benefit. The charge for the baseBUILDER with the "6%
   Roll Up to Age 70"  Guaranteed  Minimum Death Benefit,  available  under only
   Traditional IRA Certificates, is 0.15%. See "baseBUILDER Benefits" in Part 4.
   If the  baseBUILDER  is elected,  this  charge is  deducted  annually on each
   Processing  Date.  See  "baseBUILDER  Benefits  Charge"  in Part  6.  For the
   description  of the  Guaranteed  Minimum  Income  Benefit  benefit base,  see
   "Guaranteed Minimum Income Benefit Benefit Base" in Part 5.

(5)The  Class IB  shares  of HRT and  EQAT are  subject  to fees  imposed  under
   distribution plans (herein,  the "Rule 12b-1 Plans" ) adopted by HRT and EQAT
   pursuant to Rule 12b-1 under the Investment  Company Act of 1940, as amended.
   The Rule 12b-1 Plans provide that HRT and EQAT,  on behalf of each  Portfolio
   (other than the Alliance Small Cap Growth Portfolio of HRT), may pay annually
   up to 0.25% of the average  daily net assets of a Portfolio  attributable  to
   its Class IB shares in respect of activities  primarily intended to result in
   the sale of the Class IB shares.  The 12b-1 fee will not be increased for the
   life of the  Certificates.  The Rule  12b-1 Plan for the  Alliance  Small Cap
   Growth  Portfolio of HRT provides that Equitable  Distributors  Inc.  ("EDI")
   will  receive  an  annual  fee not to exceed  the  lesser of (a) 0.25% of the
   average daily net assets of the Portfolio attributable to Class IB shares and
   (b) an amount  that,  when added to certain  other  expenses  of the Class IB
   shares,  would  result in the ratio of expenses  to average  daily net assets
   attributable to Class IB shares equalling 1.20%.

(6)Effective May 1, 1997, a new Investment  Advisory  Agreement was entered into
   between  HRT  and  Alliance  Capital  Management  L.P.  ("Alliance"),   HRT's
   Investment  Adviser,  which  effected  changes  in HRT's  management  fee and
   expense  structure.  See HRT's prospectus for more  information.  The amounts
   shown for the Portfolios of HRT are based on average daily net assets for the
   year ended  December 31, 1997 and have been  restated to reflect (i) the fees
   that would have been paid to  Alliance  if the  current  Investment  Advisory
   Agreement  had been in  effect  as of  January  1,  1997  and (ii)  estimated
   accounting  expenses for the year ending  December 31, 1997.  The  investment
   management  and advisory  fees for each  Portfolio may vary from year to year
   depending  upon the average daily net assets of the  respective  Portfolio of
   HRT. The maximum investment management and advisory fees, however,  cannot be
   increased without a vote of that Portfolio's  shareholders.  The other direct
   operating  expenses will also fluctuate from year to year depending on actual
   expenses. See "HRT Charges to Portfolios" in Part 6.
    


                                       9
<PAGE>

   
(7)All EQAT Portfolios  commenced  operations on May 1, 1997,  except the Morgan
   Stanley  Emerging  Markets Equity  Portfolio,  which commenced  operations on
   August 20, 1997, and the following Portfolios, which had initial seed capital
   invested on December 31, 1997: BT Equity 500 Index,  BT Small Company  Index,
   and BT International Equity Index.

   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,  total annual operating expenses of
   each  Portfolio   (other  than  interest,   taxes,   brokerage   commissions,
   capitalized expenditures, extraordinary expenses, and 12b-1 fees) are limited
   for the respective average daily net assets of each Portfolio as follows:  BT
   Equity 500 Index - 0.30%;  BT Small Company Index - 0.35%;  BT  International
   Equity - 0.55%; MFS Research,  MFS Emerging Growth  Companies,  Merrill Lynch
   Basic Value Equity,  EQ/Putnam  Growth & Income  Value,  T. Rowe Price Equity
   Income - 0.60%;  Merrill Lynch World Strategy and T. Rowe Price International
   - 0.95%; Morgan Stanley Emerging Markets Equity - 1.50%; EQ/Putnam Balanced -
   0.65%; and Warburg Pincus Small Company - 0.75%.

   Absent the expense limitation, the "Other Expenses" for 1997 on an annualized
   basis for each of the following  Portfolios  would have been as follows:  MFS
   Emerging Growth Companies - 1.02%; MFS Research - 0.98%;  Merrill Lynch Basic
   Value Equity - 1.09%;  Merrill Lynch World  Strategy - 2.10%;  Morgan Stanley
   Emerging Markets Equity - 1.21%; EQ/Putnam Balanced - 1.75%; EQ/Putnam Growth
   & Income Value - 0.95%;  T. Rowe Price Equity  Income - 0.94%;  T. Rowe Price
   International  Stock - 1.56%; and Warburg Pincus Small Company Value - 0.80%.
   For EQAT Portfolios  which had initial seed capital  invested on December 31,
   1997,  the "Other  Expenses" for 1998 are estimated to be as follows  (absent
   the expense limitation):  BT Equity 500 Index - 0.29%; BT Small Company Index
   - 0.23%;  and BT  International  Equity Index - 0.47%.  See "EQAT  Charges to
   Portfolios" in Part 6.

   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 for more information.

We may also offer Equitable Accumulator certificates, which have other features,
benefits and charges. A current prospectus for these other Equitable Accumulator
certificates, if available, may be obtained from your agent.
    

                                       10
<PAGE>


   
EXAMPLES
- ---------------
The examples below show the expenses that a hypothetical  Certificate Owner (who
has (i) elected the baseBUILDER  with a 6% Roll Up to Age 80 Guaranteed  Minimum
Death Benefit or an Annual  Ratchet to Age 80  Guaranteed  Minimum Death Benefit
and (ii) has  elected  APO Plus)  would pay in the two  situations  noted  below
assuming a $1,000  contribution  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.

   
                EXPENSES REFLECTING BASEBUILDER BENEFIT ELECTION
    
<TABLE>
   
<CAPTION>


- -------------------------------------------------------------------------------------------------------------------------------

                                IF YOU SURRENDER YOUR CERTIFICATE AT THE       IF YOU DO NOT SURRENDER YOUR CERTIFICATE AT
                                END OF EACH PERIOD SHOWN, THE EXPENSES         THE END OF EACH PERIOD SHOWN, THE EXPENSES
                                WOULD BE:                                      WOULD BE:
                                1 YEAR     3 YEARS     5 YEARS     10 YEARS     1 YEAR     3 YEARS      5 YEARS     10 YEARS
- -------------------------------------------------------------------------------------------------------------------------------
HRT
- ---
<S>                               <C>       <C>         <C>        <C>          <C>         <C>        <C>          <C>   
Alliance Conservative
   Investors                    $ 91.78    $123.52     $158.32     $279.95      $24.96      $77.10     $132.34      $285.33
Alliance Growth Investors         91.98     124.12      159.32      281.95       25.16       77.70      133.34       287.33
Alliance Growth & Income          92.18     124.72      160.32      283.94       92.18      124.72      160.32       283.94
Alliance Common Stock             90.29     119.04      150.82      264.87       23.47       72.61      124.83       270.24
Alliance Global                   93.57     128.90      167.28      297.79       26.75       82.47      141.29       303.15
Alliance International            97.05     139.29      184.51      331.58       30.23       92.86      158.52       336.94
Alliance Aggressive Stock         91.98     124.12      159.32      281.95       25.16       77.70      133.34       287.33
Alliance Small Cap Growth         95.76     135.44          --          --       28.94       89.01          --           --
Alliance Money Market             90.19     118.74      150.32      263.86       23.37       72.31      124.33       269.23
Alliance Intermediate Gov't
   Securities                     91.88     123.82      158.82      280.95       25.06       77.40      132.84       286.33
Alliance High Yield               92.68     126.22      162.82      288.92       25.86       79.79      136.83       294.28

EQAT
- ----
BT Equity 500 Index               89.30     116.04          --          --       22.48       69.62          --           --
BT Small Company Index            89.80     117.55          --          --       22.98       71.12          --           --
BT International Equity Index     91.78     123.52          --          --       24.96       77.10          --           --
MFS Emerging
   Growth Companies               92.28     125.02          --          --       25.46       78.59          --           --
MFS Research                      92.28     125.02          --          --       25.46       78.59          --           --
Merrill Lynch Basic Value
   Equity                         92.28     125.02          --          --       25.46       78.59          --           --
Merrill Lynch World Strategy      95.76     135.44          --          --       28.94       89.01          --           --
Morgan Stanley Emerging
   Markets Equity                101.22     151.65          --          --       34.40      105.23          --           --
EQ/Putnam Balanced                92.78     126.52          --          --       25.96       80.09          --           --
EQ/Putnam Growth & Income
   Value                          92.28     125.02          --          --       25.46       78.59          --           --
T. Rowe Price Equity Income       92.28     125.02          --          --       25.46       78.59          --           --
T. Rowe Price
   International Stock            95.76     135.44          --          --       28.94       89.01          --           --
Warburg Pincus
   Small Company Value            93.77     129.49          --          --       26.95       83.07          --           --
</TABLE>
    

- -------------------
See footnote on next page.


                                       11
<PAGE>

   
                      EXPENSES REFLECTING APO PLUS ELECTION
    

<TABLE>
   
<CAPTION>


- -------------------------------------------------------------------------------------------------------------------------------

                                IF YOU SURRENDER YOUR CERTIFICATE AT THE       IF YOU DO NOT SURRENDER YOUR CERTIFICATE AT
                                END OF EACH PERIOD SHOWN, THE EXPENSES         THE END OF EACH PERIOD SHOWN, THE EXPENSES
                                WOULD BE:                                      WOULD BE:
                                1 YEAR     3 YEARS     5 YEARS     10 YEARS     1 YEAR     3 YEARS      5 YEARS     10 YEARS
- -------------------------------------------------------------------------------------------------------------------------------
HRT
- ---
<S>                               <C>       <C>         <C>         <C>          <C>         <C>        <C>          <C>   
Alliance Common Stock            $90.29    $119.04     $150.82     $264.87      $23.47      $72.61     $124.83      $270.24
Alliance Equity Index             89.90     117.85      148.82      260.81       23.08       71.42      122.83       266.19
</TABLE>
- -------------------
Note:

(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  "Annuity  Benefits  and
   Payout  Annuity  Options" in Part 5. The examples do not reflect  charges for
   applicable  taxes  such as  state  or local  premium  taxes  that may also be
   deducted in certain jurisdictions.
    


                                       12
<PAGE>

- --------------------------------------------------------------------------------
                  PART 1: EQUITABLE LIFE, THE SEPARATE ACCOUNT
                            AND THE INVESTMENT FUNDS
- --------------------------------------------------------------------------------

EQUITABLE LIFE

   
Equitable  Life is a New York  stock  life  insurance  company  that has been in
business since 1859. For more than 100 years we have been among the largest life
insurance  companies  in the United  States.  Our home office is located at 1290
Avenue of the Americas, New York, New York 10104. We are authorized to sell life
insurance and annuities in all fifty  states,  the District of Columbia,  Puerto
Rico and the U.S.  Virgin  Islands.  We maintain  local offices  throughout  the
United  States.  

Equitable  Life  is  a  wholly  owned  subsidiary  of  The  Equitable  Companies
Incorporated  (THE  HOLDING  COMPANY).  The largest  shareholder  of the Holding
Company is AXA-UAP  (AXA).  As of December  31,  1997,  AXA  beneficially  owned
approximately  58.7% of the  outstanding  common  stock of the Holding  Company.
Under its investment  arrangements  with Equitable Life and the Holding Company,
AXA is able to exercise  significant  influence  over the operations and capital
structure of the Holding Company and its subsidiaries, including Equitable Life.
AXA, a French  company,  is the holding  company for an  international  group of
insurance and related financial service companies.

Equitable Life, the Holding Company and their subsidiaries managed approximately
$274.1  billion of assets as of  December  31,  1997.  

SEPARATE  ACCOUNT  NO. 45

Separate  Account No. 45 is  organized  as a unit  investment  trust,  a type of
investment company,  and is registered with the SEC under the Investment Company
Act of 1940,  as amended  (1940  ACT).  This  registration  does not involve any
supervision by the SEC of the management or investment  policies of the Separate
Account.  The  Separate  Account has  several  Investment  Funds,  each of which
invests in shares of a corresponding  Portfolio of HRT and EQAT. Because amounts
allocated to the  Investment  Funds are  invested in a mutual  fund,  investment
return and principal will  fluctuate and the  Certificate  Owner's  Accumulation
Units may be worth more or less than the original cost when redeemed.  

Under the New York Insurance Law, the portion of the Separate  Account's  assets
equal to the reserves and other liabilities relating to the Certificates are not
chargeable  with  liabilities  arising out of any other business we may conduct.
Income,  gains or losses,  whether or not realized,  from assets of the Separate
Account are credited to or charged  against the Separate  Account without regard
to our other income gains or losses.  This means that assets supporting  Annuity
Account  Value in the  Separate  Account are not subject to claims of  Equitable
Life's creditors. We are the issuer of the Certificates, and the obligations set
forth in the Certificates (other than those of Annuitants or Certificate Owners)
are our obligations. 
    

In addition to contributions made under the Certificates, we may allocate to the
Separate  Account  monies  received  under  other  contracts,  certificates,  or
agreements.  Owners  of all such  contracts,  certificates  or  agreements  will
participate  in the Separate  Account in  proportion to the amounts they have in
the Investment Funds that relate to their contracts, certificates or agreements.
We may retain in the Separate  Account assets that are in excess of the reserves
and  other  liabilities  relating  to the  Certificates  or to other  contracts,
certificates  or  agreements,  or we may  transfer  the  excess  to our  General
Account.

We reserve the right,  subject to  compliance  with  applicable  law: (1) to add
Investment Funds (or sub-funds of Investment  Funds) to, or to remove Investment
Funds (or  sub-funds)  from,  the  Separate  Account,  or to add other  separate
accounts;  (2) to combine any two or more Investment Funds or sub-funds thereof;
(3) to  transfer  the  assets  we  determine  to be the  share  of the  class of
contracts to which the  Certificates  belong from any Investment Fund to another
Investment Fund; (4) to operate the Separate Account or any Investment Fund as a
management  investment  company  under the 1940 Act,  in which case  charges and
expenses that  otherwise  would be assessed  against an  underlying  mutual fund
would be assessed against the Separate  Account;  (5) to deregister the Separate
Account  under  the 1940  Act,  provided  that  such  action  conforms  with the
requirements  of applicable  law; (6) to restrict or eliminate any voting rights
as to the Separate  Account;  and (7) to cause one or more  Investment  Funds to
invest  some or all of their  assets in one or more other  trusts or  investment
companies.  If any  changes  are made that  result in a  material  change in the
underlying  investment  policy of an  Investment  Fund,  you will be notified as
required  by law.  

   
THE  TRUSTS 

The Trusts are open-end  management  investment  companies  registered under the
1940 Act, more commonly  called mutual funds. As a "series" type of
    


                                       13
<PAGE>

   
mutual fund, each Trust issues several  different series of stock, each of which
relates to a different  Portfolio of that Trust.  HRT  commenced  operations  in
January 1976 with a predecessor  of its Alliance  Common Stock  Portfolio.  EQAT
commenced  operations on May 1, 1997.  The Trusts do not impose sales charges or
"loads"  for  buying  and  selling  their   shares.   All  dividends  and  other
distributions  on a Portfolio's  shares are  reinvested  in full and  fractional
shares of the Portfolio to which they relate.  Each  Investment  Fund invests in
Class IB shares of a corresponding Portfolio. All of the Portfolios,  except for
the Morgan Stanley Emerging Markets Equity  Portfolio,  are diversified for 1940
Act  purposes.  The Board of Trustees of HRT and EQAT may  establish  additional
Portfolios  or  eliminate  existing   Portfolios  at  any  time.  More  detailed
information   about  the  Trusts,   their   investment   objectives,   policies,
restrictions,  risks,  expenses,  their  respective Rule 12b-1 Plans relating to
their respective Class IB shares, and other aspects of their operations, appears
in the HRT prospectus  (beginning  after this  prospectus),  the EQAT prospectus
(beginning  after the HRT  prospectus),  or in their  respective  Statements  of
Additional  Information,  which are available  upon  request. 

HRT'S MANAGER AND ADVISER

HRT is managed and its  Portfolios  are advised by Alliance  Capital  Management
L.P. (ALLIANCE), which is registered with the SEC as an investment adviser under
the Investment  Advisers Act of 1940, as amended  (ADVISERS ACT). 

In its role as manager  of HRT,  Alliance  has  overall  responsibility  for the
general management and administration of HRT, including  selecting the portfolio
managers for HRT's Portfolios, monitoring their investment programs and results,
reviewing brokerage matters,  performing fund accounting,  overseeing compliance
by HRT with various Federal and state statutes,  and carrying out the directives
of its Board of  Trustees.  With the  approval of HRT's  Trustees,  Alliance may
enter into agreements with other companies to assist with its administrative and
management responsibilities to HRT. 

As adviser for all HRT  Portfolios,  Alliance is responsible  for developing the
Portfolios' investment programs, making investment decisions for the Portfolios,
placing all orders for the purchase and sale of those investments and performing
certain limited related administrative functions.
    

ALLIANCE CAPITAL MANAGEMENT L.P.

   
Alliance,  a  leading  international  investment  adviser,  provides  investment
management and consulting services to mutual funds,  endowment funds,  insurance
companies,  foreign entities,  qualified and non-tax qualified  corporate funds,
public and private pension and profit-sharing plans,  foundations and tax-exempt
organizations.

Alliance is a publicly traded limited partnership  incorporated in Delaware.  On
December 31, 1997, Alliance was managing approximately $218.7 billion in assets.
Alliance employs 223 investment  professionals,  including 83 research analysts.
Portfolio  managers  have average  investment  experience of more than 14 years.

Alliance is an indirect,  majority-owned  subsidiary of Equitable  Life, and its
main  office is  located at 1345  Avenue of the  Americas,  New York,  NY 10105.
Additional information regarding Alliance is located in the HRT prospectus which
directly follows this prospectus.

EQAT'S MANAGER

EQ Financial  Consultants,  Inc. (EQ FINANCIAL),  subject to the supervision and
direction of the Board of Trustees of EQAT, has overall  responsibility  for the
general  management  and  administration  of EQAT. EQ Financial is an investment
adviser registered under the Advisers Act, and a broker-dealer  registered under
the Exchange Act. EQ Financial currently furnishes specialized investment advice
to other  clients,  including  individuals,  pension and  profit-sharing  plans,
trusts, charitable organizations,  corporations, and other business entities. EQ
Financial is a Delaware corporation and an indirect,  wholly owned subsidiary of
Equitable  Life.  

EQ Financial is responsible for providing management and administrative services
to EQAT and selects the investment advisers for EQAT's Portfolios,  monitors the
EQAT  advisers'  investment  programs and results,  reviews  brokerage  matters,
oversees compliance by EQAT with various Federal and state statutes, and carries
out the directives of its Board of Trustees.  EQ Financial  Consultants,  Inc.'s
main  office is  located at 1290  Avenue of the  Americas,  New York,  NY 10104.

Pursuant to a service agreement,  Chase Global Funds Services Company assists EQ
Financial in the performance of its administrative responsibilities to EQAT with
other necessary administrative,  fund accounting and compliance services. 

EQAT'S  INVESTMENT  ADVISERS  

Bankers Trust Company,  Massachusetts Financial Services Company,  Merrill Lynch
Asset Management,  L.P., Morgan Stanley Asset Management Inc., Putnam Investment
Management  Inc.,  T.  Rowe  Price  Associates,  Inc.,  and  Rowe  Price-Fleming
International,  Inc.,  and Warburg Pincus Asset  Management,  Inc. serve as EQAT
advisers only for their respective EQAT Portfolios.

Each EQAT adviser  furnishes  EQAT's manager,  EQ Financial,  with an investment
program  (updated  periodically)  for each of its Portfolios,  makes  investment
decisions on behalf of its EQAT  Portfolios,  places all 
    


                                       14
<PAGE>

orders for the purchase and sale of investments for the Portfolio's account with
brokers or dealers  selected by such  adviser and may  perform  certain  limited
related  administrative  functions.  

   
The assets of each Portfolio are allocated currently among the EQAT advisers. If
an EQAT  Portfolio  shall at any time  have  more  than  one EQAT  adviser,  the
allocation of an EQAT  Portfolio's  assets among EQAT advisers may be changed at
any time by EQ Financial.  

BANKERS TRUST COMPANY 

Bankers Trust Company  (BANKERS  TRUST) is a wholly owned  subsidiary of Bankers
Trust New York Corporation  which was founded in 1903.  Bankers Trust conducts a
variety  of  general  banking  and  trust  activities  and is a major  wholesale
supplier of financial  services to the international and domestic  institutional
markets. Bankers Trust advises BT Equity 500 Index, a domestic equity portfolio,
BT Small Company Index, an aggressive  equity  portfolio,  and BT  International
Equity  Index,  an  international  equity  portfolio.  As of December  31, 1997,
Bankers  Trust had  approximately  $317.8  billion  in assets  under  management
worldwide.  The  executive  offices of Bankers  Trust are located at 130 Liberty
Street (One Bankers Trust Plaza),  New York, NY 10006. 

MASSACHUSETTS  FINANCIAL SERVICES  COMPANY  

Massachusetts  Financial  Services Company (MFS) is America's oldest mutual fund
organization,  whose  assets  under  management  as of  December  31,  1997 were
approximately  $70.2 billion on behalf of more than 2.7 million  investors.  MFS
advises MFS  Research,  a domestic  equity  portfolio,  and MFS Emerging  Growth
Companies, an aggressive equity portfolio.  MFS is an indirect subsidiary of Sun
Life Assurance Company of Canada and is located at 500 Boylston Street,  Boston,
MA 02116.  

MERRILL LYNCH ASSET MANAGEMENT,  L.P. 

Founded in 1976,  Merrill  Lynch Asset  Management,  L.P.  (MLAM) is a dedicated
asset management  affiliate of Merrill Lynch & Co., Inc., a financial management
and advisory company with more than a century of experience.  As of December 31,
1997, MLAM, along with its advisory  affiliates held  approximately $278 billion
in investment company and other portfolio assets under management.  MLAM advises
Merrill  Lynch Basic Value  Equity,  a domestic  equity  portfolio  with a value
approach to investing, and Merrill Lynch World Strategy, a global flexible asset
allocation  portfolio  that  invests in  equities  and fixed  income  securities
worldwide.  The company is located at 800  Scudders  Mill Road,  Plainsboro,  NJ
08543-9011. 

MORGAN STANLEY ASSET MANAGEMENT INC. 

Morgan Stanley Asset  Management Inc. (MSAM) provides a broad range of portfolio
management  services to customers in the United  States and abroad and serves as
an investment adviser to numerous open-end and closed-end  investment companies.
MSAM,  together  with  its  affiliated   institutional   investment   management
companies,  had  approximately  $146  billion  in assets  under  management  and
fiduciary care as of December 31, 1997.  MSAM advises  Morgan  Stanley  Emerging
Markets  Equity,  an  international  equity  portfolio.  MSAM is a subsidiary of
Morgan Stanley, Dean Witter & Co. and is located at 1221 Avenue of the Americas,
New  York,  NY 10020.  

PUTNAM  INVESTMENT  MANAGEMENT,  INC.  

Putnam Investment Management, Inc. (PUTNAM) has been managing mutual funds since
1937. As of December 31, 1997, Putnam and its affiliates  managed more than $235
billion in assets.  Putnam advises EQ/Putnam Balanced, a balanced stock and bond
portfolio and  EQ/Putnam  Growth & Income Value,  a domestic  equity  portfolio.
Putnam is an indirect  subsidiary  of Marsh & McLennan  Companies,  Inc.  and is
located at One Post Office Square,  Boston,  MA 02109. 

T. ROWE  PRICE  ASSOCIATES,  INC.  AND ROWE  PRICE-FLEMING  INTERNATIONAL,  INC.

Founded  in 1937,  T. Rowe Price  Associates,  Inc.  (T.  ROWE  PRICE)  provides
investment management to both individuals and institutions. With its affiliates,
assets under  management were over $126 billion as of December 31, 1997. T. Rowe
Price advises T. Rowe Price Equity  Income,  a domestic  equity  portfolio.  The
company  is  located  at 100  East  Pratt  Street,  Baltimore,  MD  21202.  

Rowe Price-Fleming  International,  Inc., (PRICE-FLEMING) was founded as a joint
venture between T. Rowe Price and Robert Fleming  Holdings,  Ltd., a diversified
British investment organization.  Price-Fleming's  predominately non-U.S. assets
under management were the equivalent to approximately $30 billion as of December
31,  1997.   Price-Fleming   advises  T.  Rowe  Price  International  Stock,  an
international  equity  portfolio,  and is  located  at 100  East  Pratt  Street,
Baltimore, MD 21202. 

WARBURG PINCUS ASSET  MANAGEMENT,  INC.  

Warburg  Pincus  Asset  Management,  Inc.  (WPAM) is a  professional  investment
advisory firm which provides services to investment companies,  employee benefit
plans,  endowment funds,  foundations,  and other  institutions and individuals.
Assets under  management  were  approximately  $19.6  billion as of December 31,
1997.  WPAM is  indirectly  controlled  by  Warburg,  Pincus  & Co.,  a New York
partnership,  which serves as a holding  company of WPAM.  WPAM advises  Warburg
Pincus Small Company  Value,  an  aggressive  equity  portfolio.  The company is
located at 466 Lexington Avenue, New York, NY 10017.

Additional  information  regarding each of the companies  which serve as an EQAT
adviser appears in the EQAT prospectus beginning after the HRT prospectus.
    


                                       15
<PAGE>


   
INVESTMENT POLICIES AND OBJECTIVES OF HRT'S PORTFOLIOS AND EQAT'S PORTFOLIOS

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  prospectuses  for HRT and  EQAT,  both of which
accompany this  prospectus.  Please read the prospectuses for each of the trusts
carefully before investing.
    
<TABLE>
   
<CAPTION>


- -------------------------------------------------------------------------------------------------------------------------------
           HRT PORTFOLIO                             INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>

Alliance Conservative                 Diversified mix of publicly traded equity and       High total return without, in the
   Investors                          debt securities.                                    adviser's opinion, undue risk to
                                                                                          principal
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors             Diversified mix of publicly traded equity and       High total return consistent with
                                      fixed-income securities, including at times         the adviser's determination of
                                      common stocks issued by intermediate- and           reasonable risk
                                      small-sized companies and at times
                                      lower-quality fixed-income securities commonly
                                      known as "junk bonds."
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Growth & Income              Primarily income producing common stocks and        High total return through a
                                      securities convertible into common stocks.          combination of current income and
                                                                                          capital appreciation
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock                 Primarily common stock and other equity-type        Long-term growth of capital and
                                      instruments.                                        increasing income
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Global                       Primarily  equity   securities  of non-United       Long-term growth of capital
                                      Long-term  growth  of  capital States as 
                                      well as United States companies.
- -------------------------------------------------------------------------------------------------------------------------------
Alliance International                Primarily equity securities selected                Long-term growth of capital
                                      principally to permit participation in
                                      non-United States companies with prospects for
                                      growth.
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Aggressive Stock             Primarily common stocks and other equity-type       Long-term growth of capital
                                      securities issued by quality small- and
                                      intermediate-sized companies with strong growth
                                      prospects and in covered options on those
                                      securities.
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth             Primarily U.S. common stocks and other              Long-term growth of capital
                                      equity-type securities issued by smaller
                                      companies that, in the opinion of the adviser,
                                      have favorable growth prospects.
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Money Market                 Primarily high-quality U.S. dollar-denominated      High level of current income
                                      money market instruments.                           while preserving assets and
                                                                                          maintaining liquidity
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Intermediate                 Primarily debt securities issued or guaranteed      High current income consistent
   Government Securities              as to principal and interest by the U.S.            with relative stability of
                                      government or any of its agencies or                principal
                                      instrumentalities. Each investment will have a
                                      final maturity of not more than 10 years or a
                                      duration not exceeding that of a 10-year
                                      Treasury note.
- -------------------------------------------------------------------------------------------------------------------------------
Alliance High Yield                   Primarily a diversified mix of high-yield,          High return by maximizing current
                                      fixed-income securities which generally involve     income and, to the extent
                                      greater volatility of price and risk of             consistent with that objective,
                                      principal and income than higher-quality            capital appreciation
                                      fixed-income securities. Lower-quality debt
                                      securities are commonly known as "junk bonds."
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    


                                       16
<PAGE>

<TABLE>
   
<CAPTION>


- -------------------------------------------------------------------------------------------------------------------------------
           HRT PORTFOLIO
   AVAILABLE ONLY UNDER APO PLUS                     INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>  
Alliance Equity Index                 Selected securities in the Standard & Poor's        Total return (before trust and
                                      500 Composite Stock Price Index ("S&P 500")         separate account expenses) that
                                      which the adviser believes will, in the             approximates the total return of
                                      aggregate, approximate the performance results      the Index (including reinvestment
                                      of the Index.                                       of dividends) at risk level
                                                                                          consistent with that of the Index
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------------
           EQAT PORTFOLIO                            INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>
BT Equity 500 Index                   Invest in a statistically selected sample of        Replicate as closely as possible
                                      the 500 stocks included in the S&P 500.             (before the deduction of
                                                                                          Portfolio expenses) the total
                                                                                          return of the S&P 500
- -------------------------------------------------------------------------------------------------------------------------------
BT Small Company Index                Invest in a statistically selected sample of        Replicate as closely as possible
                                      the 2,000 stocks included in the Russell 2000       (before the deduction of
                                      Index ("Russell 2000").                             Portfolio expenses) the total
                                                                                          return of the Russell 2000
- -------------------------------------------------------------------------------------------------------------------------------
BT International Equity Index         Invest in a statistically selected sample of        Replicate as closely as possible
                                      the securities of companies included in the         (before the deduction of
                                      Morgan Stanley Capital International Europe,        Portfolio expenses) the total
                                      Australia, Far East Index ("EAFE"), although        return of the EAFE
                                      not all companies within a country will be
                                      represented in the Portfolio at the same time.
- -------------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth                   Primarily (i.e., at least 80% of its assets         Long-term growth of capital
   Companies                          under normal circumstances) in common stocks of
                                      emerging growth companies that the adviser
                                      believes are early in their life cycle but
                                      which have the potential to become major
                                      enterprises.
- -------------------------------------------------------------------------------------------------------------------------------
MFS Research                          A substantial portion of assets invested in         Long-term growth of capital and
                                      common stock or securities convertible into         future income
                                      common stock of companies  believed by the
                                      adviser to  possess  better  than  average
                                      prospects for long-term growth.
- -------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Basic  Value            Investment  in securities,  primarily               Capital appreciation and, secondarily,
   Equity                             equities, that   the   adviser believes             income
                                      are undervalued and  therefore represent  
                                      basic investment value.  
- -------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch World Strategy          Investment primarily in a portfolio of equity       High total investment return
                                      and fixed-income securities, including
                                      convertible securities, of U.S. and foreign
                                      issuers.
- -------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets       Primarily equity securities of emerging market      Long-term capital appreciation
   Equity                             country issuers with a focus on those in which
                                      the adviser believes the economies are
                                      developing strongly and in which the markets
                                      are becoming more sophisticated.
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced                    A well-diversified portfolio of stocks and          Balanced investment
                                      bonds that will produce both capital growth and
                                      current income.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    

                                       17
<PAGE>

<TABLE>
   
<CAPTION>


- -------------------------------------------------------------------------------------------------------------------------------
     EQAT PORTFOLIO (CONTINUED)                      INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C> 
EQ/Putnam Growth                      Primarily common stocks that offer potential        Capital growth and, secondarily,
   & Income Value                     for capital growth and may, consistent with the     current income
                                      Portfolio's investment objective, invest in
                                      common stocks that offer potential for current
                                      income.
- -------------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income           Primarily dividend paying common stocks of          Substantial dividend income and
                                      established companies.                              also capital appreciation
- -------------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock     Primarily common stocks of established              Long-term growth of capital
                                      non-United States companies.
- -------------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small                  Primarily in a portfolio of equity securities       Long-term capital appreciation
   Company Value                      of small capitalization companies (i.e.,
                                      companies having market capitalizations of
                                      $1  billion or less at the time of initial
                                      purchase) that the adviser considers to be
                                      relatively undervalued.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    

                                       18
<PAGE>


   

- --------------------------------------------------------------------------------
                      PART 2: THE GUARANTEED PERIOD ACCOUNT
- --------------------------------------------------------------------------------

GIROS

Each  amount  allocated  to a GIRO  and  held  to  the  GIRO's  Expiration  Date
accumulates  interest  at a  Guaranteed  Rate.  The  Guaranteed  Rate  for  each
allocation is the annual  interest rate  applicable to new  allocations  to that
GIRO,  which was in effect on the Transaction  Date for the  allocation.  We may
establish different Guaranteed Rates under other classes of Certificates. We use
the term  GUARANTEED  PERIOD  AMOUNT  to refer to the  amount  allocated  to and
accumulated in each GIRO.  The Guaranteed  Period Amount is reduced or increased
by any market value adjustment as a result of withdrawals,  transfers or charges
(see below).

Your  Guaranteed  Period Account  contains the GIROs to which you have allocated
Annuity Account Value.  On the Expiration Date of a GIRO, its Guaranteed  Period
Amount and its value in the  Guaranteed  Period  Account are equal.  We call the
Guaranteed  Period Amount on an Expiration  Date the GIRO's  Maturity  Value. We
report the Annuity  Account Value in your  Guaranteed  Period Account to reflect
any market value  adjustment  that would apply if all Guaranteed  Period Amounts
were  withdrawn as of the  calculation  date.  The Annuity  Account Value in the
Guaranteed  Period  Account  with  respect  to the  GIROs on any  Business  Day,
therefore,  will be the sum of the present  value of the Maturity  Value in each
GIRO,  using the Guaranteed Rate in effect for new allocations to each such GIRO
on such date.

GIROs and Expiration Dates

We currently  offer GIROs ending on February 15th for each of the maturity years
1999 through 2008.  Not all of these GIROs will be available for Annuitant  ages
76 and above. See "Allocation of  Contributions"  in Part 4. Also, the GIROs may
not be available for investment in all states.  As GIROs expire we expect to add
maturity years so that generally 10 are available at any time.

Under the Assured  Payment  Option and APO Plus, in addition to the GIROs above,
GIROs ending on February  15th for each of the maturity  years 2009 through 2013
are available.

We will not accept allocations to a GIRO if, on the Transaction Date:

o Such  Transaction  Date and the Expiration  Date for such GIRO fall within the
  same calendar year.

o  The Guaranteed Rate is 3%.

o The GIRO has an Expiration Date beyond the February 15th immediately following
  the Annuity Commencement Date.

Guaranteed Rates and Price Per $100 of Maturity Value

Because  the  Maturity  Value  of a  contribution  allocated  to a  GIRO  can be
determined at the time it is made,  you can determine the amount  required to be
allocated  to a GIRO in order to produce a target  Maturity  Value  (assuming no
transfers or withdrawals are made and no charges are allocated to the GIRO). The
required  amount is the present value of that Maturity  Value at the  Guaranteed
Rate on the Transaction Date for the  contribution,  which may also be expressed
as the price per $100 of Maturity Value on such Transaction Date.

Guaranteed  Rates for new allocations as of April 15, 1998 and the related price
per $100 of Maturity Value for each currently available GIRO were as follows:

- -------------------------------------------------------------
      GUARANTEE
    PERIODS WITH          GUARANTEED
   EXPIRATION DATE        RATE AS OF            PRICE
  FEBRUARY 15TH OF        APRIL 15,          PER $100 OF
    MATURITY YEAR            1998          MATURITY VALUE
- -------------------------------------------------------------
        1999                  4.48%             $96.39
        2000                  4.59               92.08
        2001                  4.64               87.91
        2002                  4.68               83.89
        2003                  4.73               79.95
        2004                  4.80               76.04
        2005                  4.81               72.50
        2006                  4.83               69.07
        2007                  4.86               65.72
        2008                  4.86               62.68
- -------------------------------------------------------------

Available under the Assured Payment Option and APO Plus
- -------------------------------------------------------------
        2009                  4.75%             $60.45
        2010                  4.75               57.71
        2011                  4.75               55.09
        2012                  4.75               52.59
        2013                  4.75               50.20
- -------------------------------------------------------------

Allocation among GIROs

The same  approach as described  above may also be used to determine  the amount
which you  would  need to  allocate  to each GIRO in order to create a series of
constant Maturity Values for two or more years.

For example,  if you wish to have $100 mature on February  15th of each of years
1999 through 2003,  then according to the above table the lump sum  contribution
    

                                       19
<PAGE>
   

you would have to make as of April 15,  1998  would be  $440.22  (the sum of the
prices  per $100 of  Maturity  Value for each  maturity  year from 1999  through
2003).

The  above  example  is  provided  to  illustrate   the  use  of  present  value
calculations.  It does not take into  account  the  potential  for charges to be
deducted, withdrawals or transfers to be made from GIROs or for the market value
adjustment that would apply to such  transactions.  Actual  calculations will be
based on Guaranteed Rates on each actual Transaction Date, which may differ.
    
Options at Expiration Date

   
We will notify you on or before  December 31st prior to the  Expiration  Date of
each GIRO in which you have any Guaranteed  Period Amount.  You may elect one of
the following  options to be effective at the  Expiration  Date,  subject to the
restrictions set forth on the prior page and under "Allocation of Contributions"
in Part 4:

     (a) to transfer the Maturity Value into any GIRO we are then  offering,  or
         into any of our Investment Funds; or
    

     (b) to withdraw the Maturity Value (subject to any withdrawal charges which
         may apply).

   
If we have not received your election as of the  Expiration  Date,  the Maturity
Value in the expired  GIRO will be  transferred  into the GIRO with the earliest
Expiration Date.
    

MARKET VALUE  ADJUSTMENT  FOR TRANSFERS,  WITHDRAWALS OR SURRENDER  PRIOR TO THE
EXPIRATION DATE

   
Any withdrawal (including transfers, surrender and deductions) from a GIRO prior
to its  Expiration  Date will cause any remaining  Guaranteed  Period Amount for
that GIRO to be increased or decreased by a market value adjustment.  The amount
of the adjustment  will depend on two factors:  (a) the  difference  between the
Guaranteed Rate applicable to the amount being withdrawn and the Guaranteed Rate
on the  Transaction  Date for new allocations to a GIRO with the same Expiration
Date,  and (b) the  length of time  remaining  until  the  Expiration  Date.  In
general,  if  interest  rates  have  risen  between  the time when an amount was
originally  allocated to a GIRO and the time it is  withdrawn,  the market value
adjustment will be negative,  and vice versa;  and the longer the period of time
remaining until the Expiration Date, the greater the impact of the interest rate
difference.  Therefore, it is possible that a significant rise in interest rates
could result in a  substantial  reduction in your Annuity  Account  Value in the
Guaranteed Period Account related to longer-term GIROs.

The market value adjustment  (positive or negative)  resulting from a withdrawal
of all funds from a GIRO will be determined for each  contribution  allocated to
that Period as follows:
    

(1) We determine the present value of the Maturity Value on the Transaction Date
    as follows:

     (a) We determine the Guaranteed  Period Amount that would be payable on the
         Expiration Date, using the applicable Guaranteed Rate.

   
     (b) We  determine  the  period   remaining  in  your  GIRO  (based  on  the
         Transaction Date) and convert it to fractional years based on a 365-day
         year. For example, three years and 12 days becomes 3.0329.

     (c) We  determine  the  current  Guaranteed  Rate  which  applies  on  the
         Transaction Date to new allocations to the same GIRO.
    

     (d) We determine the present value of the Guaranteed  Period Amount payable
         at the Expiration Date, using the period determined in (b) and the rate
         determined in (c).

(2) We determine the Guaranteed Period Amount as of the current date.

   
(3) We subtract  (2) from the result in (1)(d).  The result is the market  value
    adjustment applicable to such GIRO, which may be positive or negative.

The market value adjustment  (positive or negative)  resulting from a withdrawal
(including any withdrawal  charges) of a portion of the amount in a GIRO will be
a percentage  of the market value  adjustment  that would be  applicable  upon a
withdrawal  of all funds  from a GIRO.  This  percentage  is  determined  by (i)
dividing  the amount of the  withdrawal  or  transfer  from the GIRO by (ii) the
Annuity  Account  Value in such GIRO prior to the  withdrawal  or transfer.  See
Appendix I for an example.

The Guaranteed  Rate for new allocations to a GIRO is the rate we have in effect
for this purpose even if new  allocations  to that GIRO would not be accepted at
the time.  This  rate  will not be less than 3%. If we do not have a  Guaranteed
Rate in effect for a GIRO to which the "current Guaranteed Rate" in (1)(c) would
apply,  we will use the rate at the next closest  Expiration  Date. If we are no
longer offering new GIROs,  the "current  Guaranteed Rate" will be determined in
accordance with our procedures  then in effect.  For purposes of calculating the
market  value  adjustment  only,  we reserve the right to add up to 0.25% to the
current rate in (1)(c) above.

MODAL PAYMENT PORTION

(Applicable Only for the Assured Payment Option and APO Plus)
    

   
Under the Assured  Payment Option and APO Plus, a portion of your  contributions
or  Annuity  Account  Value is  allocated  to the Modal  Payment  Portion of the
    


                                       20
<PAGE>


   
Guaranteed  Period Account for payments to be made prior to the Expiration  Date
of the  earliest  GIRO we then  offer.  Such  amount  will  accumulate  interest
beginning on the Transaction  Date at an interest rate we set.  Interest will be
credited daily. Such rate will not be less than 3%.

Upon the expiration of a GIRO, the Guaranteed  Period Amount will be held in the
Modal Payment Portion of the Guaranteed Period Account.  Amounts from an expired
GIRO held in the Modal Payment Portion of the Guaranteed  Period Account will be
credited with interest at a rate equal to the Guaranteed  Rate applicable to the
expired GIRO, beginning on the Expiration Date of such GIRO.

There is no market  value  adjustment  with respect to amounts held in the Modal
Payment Portion of the Guaranteed Period Account.
    

INVESTMENTS

   
Amounts  allocated  to GIROs (or the Modal  Payment  Portion  of the  Guaranteed
Period Account under Traditional IRA and Roth IRA Certificates)  will be held in
a "nonunitized" separate account established by Equitable Life under the laws of
New York. This separate account provides an additional measure of assurance that
full payment of amounts due under the GIROs (or the Modal Payment Portion of the
Guaranteed Period Account under Traditional IRA and Roth IRA Certificates)  will
be made. Under the New York Insurance Law, the portion of the separate account's
assets  equal to the  reserves and other  contract  liabilities  relating to the
Certificates  are not  chargeable  with  liabilities  arising  out of any  other
business we may conduct.

Investments  purchased with amounts  allocated to the Guaranteed  Period Account
(and any earnings on those  amounts) are the  property of  Equitable  Life.  Any
favorable  investment  performance  on the assets held in the  separate  account
accrues  solely  to  Equitable  Life's  benefit.   Certificate   Owners  do  not
participate  in the  performance  of the assets held in this  separate  account.
Equitable  Life may,  subject  to  applicable  state  law,  transfer  all assets
allocated to the separate account to its general account.  Regardless of whether
assets  supporting  Guaranteed Period Accounts are held in a separate account or
our general account,  all benefits  relating to the Annuity Account Value in the
Guaranteed Period Account are guaranteed by Equitable Life.

Equitable Life has no specific formula for establishing the Guaranteed Rates for
the  GIROs.  Equitable  Life  expects  the rates to be  influenced  by,  but not
necessarily  correspond to, among other things,  the yields on the  fixed-income
securities  to be acquired  with amounts that are  allocated to the GIROs at the
time that the Guaranteed Rates are established.  Our current plans are to invest
such  amounts  in   fixed-income   obligations,   including   corporate   bonds,
mortgage-backed  and  asset-backed  securities  and government and agency issues
having durations in the aggregate consistent with those of the GIROs.
    

Although the foregoing  generally describes Equitable Life's plans for investing
the assets  supporting  Equitable Life's  obligations under the fixed portion of
the  Certificates,  Equitable  Life is not  obligated  to  invest  those  assets
according to any  particular  plan except as may be required by state  insurance
laws, nor will the Guaranteed  Rates Equitable Life establishes be determined by
the performance of the nonunitized separate account.

General Account

   
Our  general  account  supports  all  of our  policy  and  contract  guarantees,
including  those  applicable to the  Guaranteed  Period  Account and the Special
Dollar  Cost  Averaging  Account,  as well as our general  obligations.  Amounts
applied under the Life  Contingent  Annuity become part of the general  account.
See "Assured Payment Option," "Life Contingent Annuity," in Part 5.

The general  account is subject to regulation  and  supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations of
all jurisdictions where we are authorized to do business.  Because of applicable
exemptions and  exclusionary  provisions,  interests in the general account have
not been registered under the Securities Act of 1933, as amended (1933 ACT), nor
is the general  account an investment  company under the 1940 Act.  Accordingly,
neither  the  general  account  nor the Life  Contingent  Annuity  is subject to
regulation  under  the 1933 Act or the  1940  Act.  However,  the  market  value
adjustment interests under the Certificates are registered under the 1933 Act.

We have  been  advised  that the  staff of the SEC has not made a review  of the
disclosure that is included in the prospectus for your  information that relates
to the general  account (other than market value  adjustment  interests) and the
Life  Contingent  Annuity.  The disclosure,  however,  may be subject to certain
generally  applicable  provisions of the Federal securities laws relating to the
accuracy and completeness of statements made in prospectuses.
    


                                       21
<PAGE>

   

- --------------------------------------------------------------------------------
                PART 3: 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" under "Investments" in "Part 2: the Guaranteed Period Account"
for a discussion of our general account.

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. The
Special  Dollar Cost  Averaging  Account may not  currently be available in your
state.  See "Dollar  Cost  Averaging"  in Part 4.  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%. See "Dollar Cost  Averaging"  in Part 4 for the rules and  restrictions
applicable to the Special Dollar Cost Averaging Account.
    

                                       22
<PAGE>
   

- --------------------------------------------------------------------------------
         PART 4: PROVISIONS OF THE CERTIFICATES AND SERVICES WE PROVIDE
- --------------------------------------------------------------------------------

THE PROVISIONS DISCUSSED IN THIS PART 4 APPLY WHEN YOUR CERTIFICATE IS OPERATING
PRIMARILY TO ACCUMULATE  ANNUITY ACCOUNT VALUE.  UNDER  TRADITIONAL IRA AND ROTH
IRA  CERTIFICATES,  DIFFERENT RULES MAY APPLY WHEN YOU ELECT THE ASSURED PAYMENT
OPTION OR APO PLUS IN THE  APPLICATION  OR AS LATER  ELECTED  AS A  DISTRIBUTION
OPTION UNDER YOUR  TRADITIONAL  IRA OR ROTH IRA CERTIFICATE AS DISCUSSED IN PART
5.
    
WHAT IS THE EQUITABLE ACCUMULATOR?

   
The  Equitable  Accumulator  is a deferred  annuity  designed to provide for the
accumulation of retirement savings, and for income at a future date.  Investment
Options  available are Investment  Funds  providing  variable  returns and GIROs
providing  guaranteed  interest when held to maturity.  The Special  Dollar Cost
Averaging  Account  providing  guaranteed  interest is also available (in states
where  approved)  only for Dollar Cost  Averaging of your  initial  contribution
during the first Contract Year. Equitable Accumulator Certificates can be issued
as two different types of individual  retirement  annuities (IRAS),  TRADITIONAL
IRAS and ROTH IRAS, or non-qualified annuities (NQ). NQ Certificates may also be
used as an investment  vehicle for qualified  plans (QP). The provisions of your
Certificate  may be  restricted  by  applicable  laws or  regulations.  Roth IRA
Certificates  may not  currently  be  available  in your  state.  Your agent can
provide information about state availability,  or you may contact our Processing
Office.
    

Earnings  generally  accumulate on a tax-deferred  basis until withdrawn or when
distributions  become  payable.  Withdrawals  made  prior  to 59 1/2 may also be
subject to tax penalty.

IRA CERTIFICATES

IRA  Certificates  are  available  for  Annuitant  issue ages 20 through 78. IRA
Certificates are not available in Puerto Rico.

NQ CERTIFICATES

   
NQ Certificates are available for Annuitant issue ages 0 through 83.

QP CERTIFICATES

When issued with the appropriate endorsement, an NQ Certificate may be purchased
by a plan qualified  under Section 401(a) or 401(k) of the Code.  Such purchases
may not be available in all states.  QP Certificates are available for Annuitant
issue ages 20 through 70. Plan fiduciaries considering purchase of a Certificate
should read the important  information in "Appendix II: Purchase  Considerations
for QP Certificates."
    

JOINT OWNERSHIP

   
If Joint Owners are named under an NQ Certificate,  both Owners must be of legal
age, and joint  ownership  with  non-natural  persons is not  permitted.  Unless
otherwise  provided  in writing,  the  exercise  of any  ownership  right in the
Certificate  must be in a written  form  satisfactory  to us and  signed by both
Owners. A Joint Owner  designation  supersedes any beneficiary  designation (see
"Death  Benefit"  below).  This  feature may not  currently be available in your
state. Your agent can provide information about state  availability,  or you may
contact our Processing Office.
    

CONTRIBUTIONS UNDER THE CERTIFICATES

   
The minimum initial contribution under all Certificates is $5,000. We may refuse
to  accept  any  contribution  if  the  sum  of  all  contributions   under  all
accumulation  Certificates  with the same  Annuitant  would then total more than
$1,500,000. We reserve the right to limit aggregate contributions made after the
first Contract Year to 150% of first-year  contributions.  We may also refuse to
accept any contribution if the sum of all contributions under all Equitable Life
annuity accumulation  certificates/contracts  that you own would then total more
than $2,500,000.
    

Contributions are credited as of the Transaction Date.

IRA CERTIFICATES

   
Under IRA  Certificates,  we will only accept  initial  contributions  which are
either rollover contributions under Sections 402(c),  403(a)(4),  403(b)(8),  or
408(d)(3) of the Code,  or direct  custodian-to-custodian  transfers  from other
traditional individual retirement arrangements.  Under Roth IRA Certificates, we
will only accept rollover  contributions from Traditional IRAs, or Roth IRAs, or
direct  custodian-to-custodian  transfers from other Roth IRAs. See "Part 8: Tax
Aspects of the Certificates."

Under Traditional IRA Certificates,  you may make subsequent contributions of at
least  $1,000.  Subsequent  Traditional  IRA  Certificate  contributions  may be
"regular" IRA contributions (limited to a maximum of $2,000 a year), or rollover
contributions or direct transfers as described above.
    


                                       23
<PAGE>


   
"Regular" contributions to Traditional IRAs may not be made for the taxable year
in which you  attain age 70 1/2 or  thereafter.  Rollover  and  direct  transfer
contributions may be made until you attain age 79. However,  under the Code, any
amount  contributed  after you  attain  age 70 1/2 must be net of your  required
minimum  distribution  for the year in which the  rollover  or  direct  transfer
contribution  is  made.  See  "Traditional   Individual   Retirement   Annuities
(Traditional  IRAs)" in Part 8. For the  consequences  of making a "regular" IRA
contribution to your IRA Certificate, also see Part 8.

We will not accept "regular" IRA contributions to Roth IRAs. Rollover and direct
custodian-to-custodian  transfer  contributions  can be made any time  until you
attain age 79,  provided you meet  certain  requirements.  See "Roth  Individual
Retirement Annuities (Roth IRAs)" in Part 8.

NQ CERTIFICATES

Under NQ Certificates,  you may make subsequent contributions of at least $1,000
at any time until the Annuitant attains age 84.

QP CERTIFICATES

Under QP  Certificates,  we will only accept  contributions  which are  employer
contributions  from a trust under a plan  qualified  under Section 401(a) of the
Code. If a defined  contribution  plan is qualified  under Section 401(k) of the
Code,   contributions   may  include  employee  pre-tax  and  employer  matching
contributions, but not employee after-tax contributions to the plan. For defined
benefit plans,  contributions  may not be made by employees.  The employer shall
contribute to the  Certificates  such amounts as shall be determined by the plan
trustee.

Under QP Certificates,  you may make subsequent contributions of at least $1,000
once per Contract  Year at any time during the Contract Year until the Annuitant
attains age 71.
    

METHODS OF PAYMENT

   
Except as indicated under "Wire  Transmittals"  and "Automatic  Investment Plan"
below,  all  contributions  must be made by  check  drawn  on a bank in the U.S.
clearing  through the Federal  Reserve  System,  in U.S.  dollars and payable to
Equitable Life. Third party checks endorsed to Equitable Life are not acceptable
forms of payment except in cases of a rollover from a qualified plan, a tax-free
exchange  under the Code or a trustee check that involves no refund.  All checks
are accepted subject to collection.  Equitable Life reserves the right to reject
a payment if an unacceptable form of payment is received.

Contributions  must be sent to Equitable Life at our  Processing  Office address
designated for contributions. Your initial contribution must be accompanied by a
completed  application  which is acceptable to us. In the event the  application
information is incomplete or the application is otherwise not acceptable, we may
retain your  contribution for a period not exceeding five Business Days while an
attempt is made to obtain the required information.  If the required information
cannot be obtained  within those five Business Days, the Processing  Office will
inform the agent,  on behalf of the  applicant,  of the reasons for the delay or
non-acceptability  and return the  contribution  immediately  to the  applicant,
unless the applicant  specifically  consents to our  retaining the  contribution
until the required information is received by the Processing Office.

Section 1035 Exchanges

You may apply the values of an existing NQ life  insurance  or deferred  annuity
contract to purchase an Equitable  Accumulator  NQ Certificate in a tax-deferred
exchange,  if you follow certain procedures.  For further  information,  consult
your tax adviser. See also "Taxation of Non-Qualified Annuities: Withdrawals" in
Part 8. In the case of joint  ownership,  1035  exchanges  will not be permitted
unless both owners authorize the exchange.
    

Automatic Investment Program

   
Our Automatic  Investment  Program (AIP)  provides for a specified  amount to be
automatically  deducted from a bank checking account, bank money market account,
or  credit  union  checking  account  and  to  be  contributed  as a  subsequent
contribution  into  an NQ or a  Traditional  IRA  Certificate  on a  monthly  or
quarterly basis. AIP is not available for Roth IRA and QP Certificates.

The minimum  amount that will be  deducted  is $100  monthly and $300  quarterly
(subject to the maximum $2,000  annually for Traditional  IRAs).  AIP subsequent
contributions  may be allocated  to any of the  Investment  Funds and  available
GIROs, but not the Special Dollar Cost Averaging  Account.  You may elect AIP by
properly  completing the appropriate  form,  which is available from your agent,
and  returning  it to our  Processing  Office.  You elect which day of the month
(other than the 29th, 30th, or 31st) you wish to have your account debited. That
date,  or the next Business Day if that day is a  non-Business  Day, will be the
Transaction Date.
    

You may cancel AIP at any time by notifying our Processing  Office in writing at
least two business days prior to the next scheduled transaction.  Equitable Life
is not responsible for any debits made to your account prior to the time written
notice of revocation is received at our Processing Office.

ALLOCATION OF CONTRIBUTIONS

You may choose  Self-Directed,  Principal  Assurance  or Dollar  Cost  Averaging
allocations.

   
A contribution  allocated to an Investment Fund purchases  Accumulation Units in
that  Investment 
    


                                       24
<PAGE>

   
Fund based on the Accumulation  Unit Value for that Investment Fund computed for
the Transaction Date. A contribution  allocated to the Guaranteed Period Account
will have the Guaranteed  Rate for the specified GIRO offered on the Transaction
Date. An initial  contribution  allocated to the Special  Dollar Cost  Averaging
Account will receive the guaranteed  interest rate in effect on the  Transaction
Date.
    

Self-Directed Allocation

   
You allocate your contributions to one or up to all of the available  Investment
Funds and GIROs.  The Special  Dollar Cost  Averaging  Account is not  available
under  Self-Directed  Allocation.  Allocations  among the  available  Investment
Options must be in whole percentages.  Allocation  percentages can be changed at
any time by writing to our Processing  Office, or by telephone.  The change will
be  effective  on the  Transaction  Date and will  remain in effect  for  future
contributions unless another change is requested.

At Annuitant  ages 76 and above,  allocations  to GIROs must be limited to those
with  maturities of five years or less and with maturity dates no later than the
February 15th immediately following the Annuity Commencement Date.
    

Principal Assurance Allocation

   
This option  (for  Annuitant  issue ages up through  age 75)  assures  that your
Maturity Value in a specified GIRO will equal your initial  contribution  on the
GIRO's  Expiration  Date,  while at the same time  allowing you to invest in the
Investment  Funds.  It may be  elected  only at  issue of your  Certificate  and
assumes no  withdrawals  or transfers from the GIRO. The maturity year generally
may not be later than 10 years nor earlier  than seven  years from the  Contract
Date. In order to accomplish  this strategy,  we will allocate a portion of your
initial  contribution to the selected GIRO. See "Guaranteed  Rates and Price Per
$100 of Maturity Value" in Part 2. The balance of your initial  contribution and
all subsequent contributions must be allocated under "Self-Directed  Allocation"
as described above.

If you are  applying  for a  Traditional  IRA  Certificate,  before you select a
maturity  year that would extend beyond the year in which you will attain age 70
1/2, you should consider your ability to take minimum  distributions  from other
Traditional  IRA  funds  that you may have or from the  Investment  Funds to the
extent possible.  See "Traditional  Individual Retirement Annuities (Traditional
IRAs): Required Minimum Distributions" in Part 8.
    

Dollar Cost Averaging Allocation

   
A Special  Dollar Cost  Averaging  program is available  for  allocation of your
initial contribution. Also, a General Dollar Cost Averaging program is available
for allocation of your initial contribution, or if elected at a later date, your
Annuity Account Value. Both programs are more fully described later in this Part
4 under "Dollar Cost Averaging."
    

FREE LOOK PERIOD

You have the right to examine your Certificate for a period of 10 days after you
receive it, and to return it to us for a refund.  You cancel it by sending it to
our Processing Office. The free look period is extended if your state requires a
refund period of longer than 10 days.

   
Your refund will equal the Annuity Account Value  reflecting any investment gain
or loss, any positive or negative  market value  adjustment,  and any guaranteed
interest through the date we receive your Certificate at our Processing  Office.
Some states or Federal income tax  regulations may require that we calculate the
refund differently.  If the Assured Payment Option or APO Plus is elected in the
application  for the  Certificate,  your refund will include any amount  applied
under the Life Contingent  Annuity.  If you cancel your  Certificate  during the
free look period,  we may require that you wait six months  before you may apply
for a Certificate with us again.

We follow these same  procedures if you change your mind before you receive your
Certificate, but after a contribution has been made. See "Part 8: Tax Aspects of
the  Certificates"  for possible  consequences  of cancelling  your  Certificate
during the free look period.

In the  case of a  complete  conversion  of an  existing  Equitable  Accumulator
Traditional IRA Certificate to an Equitable  Accumulator  Roth IRA  Certificate,
you may cancel your Equitable  Accumulator Roth IRA Certificate and return to an
Equitable Accumulator  Traditional IRA Certificate by following the instructions
in the request for full conversion form available from our Processing  Office or
your agent.
    

ANNUITY ACCOUNT VALUE

Your Annuity Account Value is the sum of the amounts in the Investment Options.

Annuity Account Value in Investment Funds

The Annuity  Account Value in an Investment Fund on any Business Day is equal to
the number of Accumulation  Units in that Investment Fund times the Accumulation
Unit Value for the  Investment  Fund for that date.  The number of  Accumulation
Units in an  Investment  Fund at any  time is  equal to the sum of  Accumulation
Units  purchased by  contributions  and transfers  less the sum of  Accumulation
Units redeemed for withdrawals, transfers or deductions for charges.

The number of Accumulation Units purchased or sold in any Investment Fund equals
the dollar amount of the transaction  divided by the Accumulation Unit


                                       25
<PAGE>

Value for that Investment Fund for the applicable Transaction Date.

The number of  Accumulation  Units will not vary  because of any later change in
the  Accumulation  Unit  Value.  The  Accumulation  Unit Value  varies  with the
investment performance of the corresponding Portfolios of each respective trust,
which in turn reflects the investment income and realized and unrealized capital
gains and losses of the Portfolios,  as well as each respective trust's fees and
expenses.  The  Accumulation  Unit Value is also stated  after  deduction of the
Separate  Account asset charges relating to the  Certificates.  A description of
the computation of the Accumulation Unit Value is found in the SAI.

Annuity Account Value in Guaranteed Period Account
   

The Annuity  Account Value in the Guaranteed  Period Account on any Business Day
will be the sum of the present value of the Maturity  Value in each GIRO,  using
the  Guaranteed  Rate in effect for new  allocations  to such GIRO on such date.
(This is equivalent to the  Guaranteed  Period Amount  increased or decreased by
the full market value adjustment.) The Annuity Account Value, therefore,  may be
higher or lower than the  contributions  (less  withdrawals)  accumulated at the
Guaranteed  Rate.  At the  Expiration  Date  the  Annuity  Account  Value in the
Guaranteed  Period  Account  will equal the  Maturity  Value.  While the Assured
Payment Option or APO Plus is in effect,  the Annuity Account Value will include
any  amount in the Modal  Payment  Portion  of the  Guaranteed  Period  Account.
However,  amounts held in the Modal  Payment  Portion of the  Guaranteed  Period
Account  are not  subject  to a  market  value  adjustment.  See  "Part  2:  The
Guaranteed Period Account."

Annuity Account Value in 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 "Part 3: The  Special  Dollar  Cost
Averaging Account."
    
TRANSFERS AMONG INVESTMENT OPTIONS
   

At any time prior to the Annuity  Commencement  Date,  you may  transfer  all or
portions of your Annuity Account Value among the Investment Options,  subject to
the following:

o  You may not transfer any amount to the Special Dollar Cost Averaging Account.
   The Special Dollar Cost Averaging Account is available only for allocation of
   your initial  contribution  during the first  Contract Year under the Special
   Dollar Cost Averaging  program.  A request by you to transfer  amounts out of
   the Special Dollar Cost Averaging Account will cancel the Special Dollar Cost
   Averaging  program.  In such case, all amounts will be transferred out of the
   Special Dollar Cost Averaging Account. See "Dollar Cost Averaging" below.

o  Transfers  out of a GIRO other than at the  Expiration  Date will result in a
   market value adjustment. See "Part 2: The Guaranteed Period Account."

o  At  Annuitant  age 76 and above,  transfers to GIROs must be limited to those
   with  maturities of five years or less and with maturity  dates no later than
   the February 15th immediately following the Annuity Commencement Date.

o  Transfers  may not be made to a GIRO with an  Expiration  Date in the current
   calendar year, or if the Guaranteed Rate is 3%.
    
Transfer requests must be made directly to our Processing  Office.  Your request
for  a  transfer  should  specify  your  Certificate   number,  the  amounts  or
percentages to be transferred  and the Investment  Options to and from which the
amounts are to be  transferred.  Your  transfer  request may be in writing or by
telephone.

For telephone transfer  requests,  procedures have been established by Equitable
Life that are  considered  to be  reasonable  and are  designed to confirm  that
instructions  communicated  by telephone are genuine.  Such  procedures  include
requiring  certain  personal  identification  information  prior  to  acting  on
telephone  instructions  and  providing  written  confirmation.  In light of the
procedures  established,  Equitable  Life  will  not  be  liable  for  following
telephone instructions that it reasonably believes to be genuine.

We may  restrict,  in our sole  discretion,  the use of an agent  acting under a
power  of  attorney,  such  as a  market  timer,  on  behalf  of more  than  one
Certificate  Owner to effect  transfers.  Any  agreements  to use market  timing
services to effect transfers are subject to our rules then in effect and must be
on a form satisfactory to us.

A transfer request will be effective on the Transaction Date and the transfer to
or from  Investment  Funds  will be made at the  Accumulation  Unit  Value  next
computed after the Transaction Date. All transfers will be confirmed in writing.

DOLLAR COST AVERAGING
   

We offer two programs for Dollar Cost  Averaging  as described  below.  The main
objective of Dollar Cost Averaging is to attempt to shield your  investment from
short-term price  fluctuations.  Since approximately the same dollar amounts are
transferred  from the  specified  Investment  Options  to the  Investment  Funds
periodically, more Accumulation Units are purchased in an 
    

                                       26
<PAGE>

   
Investment Fund if the value per Accumulation Unit is low and fewer Accumulation
Units are purchased if the value per  Accumulation  Unit is high.  Therefore,  a
lower  average value per  Accumulation  Unit may be achieved over the long term.
This plan of investing  allows you to take advantage of market  fluctuations but
does not assure a profit or protect against a loss in declining markets.

You elect a Dollar  Cost  Averaging  program by  completing  the proper form and
sending it to our Processing Office. The transfer date will be the same calendar
day of the month as the Contract Date (other than the 29th, 30th or 31st).

Dollar  Cost  Averaging  may  not  be  elected  while  the  rebalancing  program
(discussed   below)  or  the  Systematic   Withdrawal  option  (described  under
"Withdrawal Options" in Part 5) is in effect.
    

Special Dollar Cost Averaging

   
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 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.

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, we offer a Special Dollar Cost Averaging
program from the Alliance Money Market Fund. Under Special Dollar Cost Averaging
from the Alliance  Money Market Fund,  the  mortality  and expense risks and the
administration  charges will not be deducted.  See  "Charges  Deducted  from the
Investment  Funds"  in Part 6. 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 agent can provide information about state availability, or you may
contact our Processing Office.
    

General Dollar Cost Averaging

   
If you have at least  $5,000 of  Annuity  Account  Value in the  Alliance  Money
Market Fund,  you may choose to have a specified  dollar amount or percentage of
your Annuity  Account Value  transferred  from the Alliance Money Market Fund to
other Investment Funds on a monthly, quarterly or annual basis. You may not have
Annuity Account Value  transferred to the Special Dollar Cost Averaging  Account
or the GIROs. This program may be elected at any time.

The minimum amount that may be transferred on each Transaction Date is $250. The
maximum amount which may be transferred is equal to the Annuity Account Value in
the Alliance  Money  Market Fund at the time the program is elected,  divided by
the number of transfers scheduled to be made each Contract Year.

If, on any transfer date, the Annuity Account Value in the Alliance Money Market
Fund is equal to or less than the amount you have  elected to have  transferred,
the entire amount will be transferred and the Dollar Cost Averaging program will
end. You may change the transfer  amount once each Contract Year, or cancel this
program by  sending us  satisfactory  notice to our  Processing  Office at least
seven calendar days before the next transfer date.
    

REBALANCING

   
We  currently  offer a  rebalancing  program  under  which you  authorize  us to
automatically  transfer your Annuity  Account Value among the  Investment  Funds
selected by you in order to maintain a particular  percentage  allocation (which
you  specify)  in such  Investment  Funds.  Such  percentages  must be in  whole
numbers.  You select the period of time at the end of which the  transfers  will
take place. The period of time may be quarterly,  semiannually, or annually on a
Contract  Year basis on the same day of the month as the  Contract  Date  (other
than the 29th, 30th or 31st). Rebalancing  automatically reallocates the Annuity
Account  Value in the chosen  Investment  Funds at the end of each period to the
specified  allocation  percentages.  The  transfers  to  and  from  each  chosen
Investment Fund will be made at the Accumulation  Unit Value next computed after
the Transaction Date. Rebalancing is not available for amounts in the Guaranteed
Period Account or the Special Dollar Cost Averaging Account.

Rebalancing  does not  assure a profit or  protect  against a loss in  declining
markets and should be  periodically  reviewed as your needs may change.  You may
want to 
    


                                       27
<PAGE>

   
discuss the rebalancing program with your financial adviser before electing such
program.

You may elect the  rebalancing  program at any time by properly  completing  the
appropriate form, which is available from your agent or our Processing Office.

You may change your rebalancing allocation percentages or cancel this program at
any time by submitting a request in a form satisfactory to us. Such request must
be  received  at our  Processing  Office at least  seven  days  before  the next
scheduled  rebalancing  date. A transfer  request from you while the rebalancing
program is in effect, will cancel the rebalancing program.

Rebalancing  may not be elected if a Dollar Cost  Averaging  program  (discussed
above) is in effect.
    

BASEBUILDER BENEFITS

   
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).
The baseBUILDER provides a degree of protection while you live (Income Benefit),
as well as for your  beneficiary  should you die. As part of the baseBUILDER you
will have a choice of two Guaranteed Minimum Death Benefit options for Annuitant
issue ages 20 through  75: (i) a 6% Roll Up to Age 80 or (ii) an Annual  Ratchet
to Age 80.  Under  Traditional  IRA  Certificates  for  Annuitant  issue ages 20
through 60, we offer an alternate  Guaranteed  Minimum  Death  Benefit under the
baseBUILDER  which is a 6% Roll Up to Age 70. The three  baseBUILDER  Guaranteed
Minimum  Death  Benefit  options are  described  below.  If you do not elect the
baseBUILDER,  and for Annuitant  issue ages 0 through 19 under NQ  Certificates,
the 6% Roll Up to Age 80 and the  Annual  Ratchet to Age 80  Guaranteed  Minimum
Death Benefit choices are still provided under the  Certificate.  The 6% Roll Up
to Age  70  Guaranteed  Minimum  Death  Benefit  is  available  only  under  the
baseBUILDER. The baseBUILDER is not currently available in New York.

If the  Annuitant's  age at issue is 76 or older and you are  interested  in the
Combined Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit,
ask your agent for a copy of the prospectus supplement describing this benefit.

The main  advantages of the Guaranteed  Minimum Income Benefit relate to amounts
allocated to the Investment Funds.  Before electing the baseBUILDER,  you should
consider  the extent to which you expect to utilize the  Investment  Funds.  You
elect the baseBUILDER  guaranteed  benefits when you apply for a Certificate and
once elected, it may not be changed or cancelled.
    

GUARANTEED MINIMUM INCOME BENEFIT

The Guaranteed  Minimum  Income Benefit  provides a minimum amount of guaranteed
lifetime  income when you apply the Annuity  Account Value under your  Equitable
Accumulator  Certificate  to an Income  Manager(R)  (Life  Annuity with a Period
Certain) payout annuity  certificate during the periods of time indicated below.
This Income Manager payout annuity certificate provides payments during a period
certain with payments  continuing for life thereafter.  This means that payments
will be made for the rest of the Annuitant's life. In addition, if the Annuitant
dies before a specified period of time (period certain) has ended, payments will
continue to the beneficiary for the balance of the period certain.

On the Transaction Date that you exercise the Guaranteed Minimum Income Benefit,
the annual  lifetime income that will be provided under the Income Manager (Life
Annuity with a Period Certain) payout annuity certificate will be the greater of
(i) your  Guaranteed  Minimum Income  Benefit,  and (ii) the income  provided by
application of your Annuity Account Value at our then current  annuity  purchase
factors.  The  Guaranteed  Minimum  Income  Benefit  does not provide an Annuity
Account Value or guarantee performance of your Investment Options.  Because this
benefit is based on conservative actuarial factors, the level of lifetime income
that it  guarantees  may often be less than the level that would be  provided by
application of your Annuity Account Value at current annuity  purchase  factors.
It should therefore be regarded as a safety net.

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  or
withdrawals  and assuming there were no allocations to the Alliance Money Market
Fund or the Guaranteed Period Account.

- -------------------------------------------------------------
                                 GUARANTEED MINIMUM
      CONTRACT DATE        INCOME BENEFIT -- ANNUAL INCOME
 ANNIVERSARY AT ELECTION        PAYABLE FOR LIFE WITH
                               10 YEAR PERIOD CERTAIN
- -------------------------------------------------------------
             7                       $  8,992
            10                         12,160
            15                         18,358
- -------------------------------------------------------------


   
Withdrawals  will  reduce  your  Guaranteed  Minimum  Income  Benefit,  see "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death Benefit" in Part 5.
    



                                       28
<PAGE>

   
Under  Traditional  IRA, Roth IRA and NQ  Certificates,  the Guaranteed  Minimum
Income  Benefit may be exercised  only within 30 days  following  the seventh or
later Contract Date anniversary  under your Equitable  Accumulator  Certificate.
However,  it may not be exercised earlier than the Annuitant's age 60, nor later
than the Annuitant's age 83; except that for Annuitant issue ages 20 through 44,
it may be exercised following the 15th or later Contract Date anniversary.

For  information on when the Guaranteed  Minimum Income Benefit may be exercised
under QP  Certificates,  see "Exercise of the Guaranteed  Minimum Income Benefit
under QP Certificates" below.

When you exercise the  Guaranteed  Minimum Income  Benefit,  you will receive an
Income Manager (Life Annuity with a Period Certain)  payout annuity  certificate
and extinguish your rights in your Equitable  Accumulator  Certificate,  with at
least the minimum  annual  income  specified  and a period  certain based on the
Annuitant's age at the time the benefit is exercised as follows:
    

- -------------------------------------------------------------
                      LEVEL PAYMENTS*
                                  PERIOD CERTAIN YEARS
         ANNUITANT'S         TRADITIONAL AND
       AGE AT ELECTION           ROTH IRA          NQ
- -------------------------------------------------------------
          60 to 75                 10              10
             76                     9              10
             77                     8              10
             78                     7              10
             79                     7              10
             80                     7              10
             81                     7               9
             82                     7               8
             83                     7               7

   
- ----------------
* Other  forms and periods  certain may also be  available.
  For    Traditional   IRA    Certificates,    please   see
  "Traditional      Individual     Retirement     Annuities
  (Traditional  IRAs):  Required Minimum  Distributions" in
  Part  8 to  see  how  this  option  may  be  affected  if
  exercised after age 70 1/2.
    

- --------------------------------------------------------------------------------

Payments  will  start one  payment  mode from the  Contract  Date of the  Income
Manager payout annuity certificate.

Each year on your Contract Date anniversary, if you are eligible to exercise the
Guaranteed  Minimum  Income  Benefit,  we will  send you an  eligibility  notice
illustrating how much income could be provided on the Contract Date anniversary.
You may then notify us within 30 days following the Contract Date anniversary if
you want to exercise the  Guaranteed  Minimum  Income  Benefit by submitting the
proper form and returning your Equitable Accumulator Certificate.  The amount of
income you actually  receive will be determined on the Transaction  Date that we
receive your properly completed exercise notice.

   
You may also  apply  your  Cash  Value at any time to an  Income  Manager  (Life
Annuity with a Period  Certain) payout annuity  certificate,  and you may always
apply  your  Annuity  Account  Value to any of our life  annuity  benefits.  The
annuity  benefits are discussed in Part 5. These benefits differ from the Income
Manager  payout  annuity  certificates  and may provide  higher or lower  income
levels,  but do not have all the features of the Income  Manager  payout annuity
certificates. You may request an illustration from your agent.

The  Income  Manager  (Life  Annuity  with  a  Period  Certain)  payout  annuity
certificates  are offered  through our  prospectus for the Income Manager payout
annuities.  A copy of the most current  version may be obtained from your agent.
You should  read it  carefully  before you decide to  exercise  your  Guaranteed
Minimum Income Benefit.
    

Successor Annuitant/Certificate Owner

If  the  successor  Annuitant/Certificate  Owner  (discussed  below)  elects  to
continue the Certificate after your death, the Guaranteed Minimum Income Benefit
will continue to be available on Contract  Date  anniversaries  specified  above
based on the Contract Date of your Equitable Accumulator  Certificate,  provided
the Guaranteed  Minimum Income Benefit is exercised as specified  above based on
the age of the successor Annuitant/Certificate Owner.

   
Exercise of the Guaranteed Minimum Income Benefit under QP Certificates

Under QP Certificates,  the Guaranteed  Minimum Income Benefit may be exercised,
on Contract Date anniversaries as indicated above, only after the trustee of the
qualified plan changes  ownership of the QP Certificate to the Annuitant and the
Annuitant,  as the new  Certificate  Owner,  converts such QP  Certificate  in a
direct rollover to a Traditional  IRA Certificate  according to our rules at the
time of the change.  The change of ownership and rollover to a  Traditional  IRA
Certificate may only occur when the Annuitant will no longer be a participant in
the qualified plan.
    

DEATH BENEFIT

When the Annuitant Dies

   
Generally,  upon receipt of proof  satisfactory to us of the  Annuitant's  death
prior to the Annuity  Commencement  Date,  we will pay the death  benefit to the
beneficiary named in your Certificate. You designate the beneficiary at the time
you apply for the  Certificate.  While the  Certificate  is in  effect,  you may
change your beneficiary by writing to our Processing  Office. The change will be
effective on the date the written  submission was signed.  If the Certificate is
jointly owned, the surviving Owner will be deemed the  beneficiary,  superseding
any  other  beneficiary  designations.  (The  joint  ownership  feature  may not
currently  be  available  in your  state.)  The death  
    



                                       29
<PAGE>

   
benefit payable will be determined as of the date we receive such proof of death
and any required instructions as to the method of payment.
    

The death  benefit is equal to the Annuity  Account  Value or, if  greater,  the
Guaranteed Minimum Death Benefit described below.

GUARANTEED MINIMUM DEATH BENEFIT

   
Applicable  for  Annuitant  Issue  Ages 0 through 79 under NQ  Certificates;  20
through 78 under  Traditional IRA and Roth IRA  Certificates;  and 20 through 70
under QP Certificates. 

You elect  either the "6% 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.

6%  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 6% (4% for amounts in the Alliance
Money Market and Alliance  Intermediate  Government  Securities  Funds,  and the
GIROs,  except as indicated below) on each Contract Date anniversary through the
Annuitant's age 80 (or at the Annuitant's death, if earlier), and 0% thereafter,
and is adjusted for any subsequent contributions and withdrawals. The Guaranteed
Minimum  Death  Benefit  interest  applicable  to amounts in the Alliance  Money
Market Fund under the Special Dollar Cost Averaging  program  (described  above)
will be 6%. The 6% Roll Up to Age 80 is not available in New York.
    

Annual Ratchet 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 reset through the  Annuitant's  age 80, to the Annuity  Account
Value on a Contract Date anniversary if higher than the then current  Guaranteed
Minimum Death  Benefit,  and is adjusted for any  subsequent  contributions  and
withdrawals.

   
Alternate   baseBUILDER   Guaranteed  Minimum  Death  Benefit  applicable  under
Traditional IRA  Certificates  for Annuitant Issue Ages 20 through 60 

6% Roll Up to Age 70 -- Interest will be credited at 6% and 4% respectively  (as
- --------------------
described  under the 6% Roll Up to Age 80 above) through the  Annuitant's age 70
(or at the Annuitant `s death, if earlier) and 0% thereafter and is adjusted for
any subsequent  contributions  and  withdrawals.  The  Guaranteed  Minimum Death
Benefit  interest  applicable to amounts in the Alliance Money Market Fund under
the Special Dollar Cost Averaging program (described above) will be 6%. You also
elect  this  benefit  when you apply for a  Certificate  and once  elected,  the
benefit may not be changed.
    

Applicable for Annuitant Issue Ages 80 through 83

On the Contract  Date,  the  Guaranteed  Minimum  Death  Benefit is equal to the
initial contribution.  Thereafter,  the initial contribution is adjusted for any
subsequent contributions, and any withdrawals.

   
Withdrawals  will  reduce  your  Guaranteed  Minimum  Death  Benefit,  see  "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death  Benefit" in Part 5. For  Certificates  issued in New York, the Guaranteed
Minimum Death Benefit at the Annuitant's death will not be less than the Annuity
Account  Value in the  Investment  Funds plus the sum of the  Guaranteed  Period
Amounts in each GIRO. See "GIROs" in Part 2.
    

See Appendix III for an example of the  calculation  of the  Guaranteed  Minimum
Death Benefit.

HOW DEATH BENEFIT PAYMENT IS MADE

   
We will pay the death  benefit  to the  beneficiary  in the form of the  annuity
benefit you have chosen under your  Certificate.  If no annuity benefit has been
chosen at the time of the Annuitant's  death,  the beneficiary  will receive the
death  benefit  in a  lump  sum.  However,  subject  to  any  exceptions  in the
Certificate,  Equitable  Life's  rules then in effect  and any other  applicable
requirements  under  the  Code,  the  beneficiary  may  elect to apply the death
benefit to one or more annuity  benefits offered by Equitable Life. See "Annuity
Benefits  and Payout  Annuity  Options" in Part 5. Note that if you are both the
Certificate Owner and the Annuitant, only a life annuity or an annuity that does
not extend beyond the life expectancy of the beneficiary may be elected.
    

Successor Annuitant/Certificate Owner

   
If you are both the Certificate  Owner and the Annuitant,  and if your spouse is
the sole primary beneficiary or the Joint Owner under the Certificate, then upon
your death your spouse beneficiary may elect to receive the death benefit, or to
continue the Certificate and become the successor  Annuitant/  Certificate Owner
by completing the appropriate form and sending it to our Processing Office.
    

If the successor Annuitant/Certificate Owner elects to continue the Certificate,
then on the Contract Date anniversary  following your death, the Annuity Account
Value will be reset to the then current  Guaranteed  Minimum Death Benefit if it
is higher than the Annuity Account Value as of such date. In determining whether
the Guaranteed  Minimum Death Benefit will continue to grow, we will use the age
(as of the Contract Date  anniversary)  of the  successor  Annuitant/Certificate
Owner.



                                       30
<PAGE>

WHEN AN NQ CERTIFICATE OWNER DIES BEFORE THE ANNUITANT

When you are not the Annuitant  under an NQ  Certificate  and you die before the
Annuity  Commencement  Date, the beneficiary  named to receive the death benefit
upon the  Annuitant's  death will  automatically  succeed as  Certificate  Owner
(unless  you name a  different  person as a  successor  Owner in a written  form
acceptable to us and send it to our Processing  Office).  If the  Certificate is
jointly  owned and the first Owner to die is not the  Annuitant,  the  surviving
Owner becomes the sole  Certificate  Owner and will be deemed the  "beneficiary"
for purposes of the distribution rules described in this section,  automatically
superseding any other  beneficiary  designation. 

Unless the  surviving  spouse of the  deceased  Owner (or in the case of a joint
ownership  situation,  the  surviving  spouse of the first  Owner to die) is the
designated  beneficiary for this purpose, the entire interest in the Certificate
must be distributed under these rules. 

   
The  Cash  Value  in the  Certificate  must  be  fully  paid  to the  designated
beneficiary  (new Owner) by December 31st of the fifth  calendar year after your
death (or in a joint ownership situation,  the death of the first Owner to die).

A permissible  alternative is for the new Owner to elect to receive such amounts
as a life annuity (or  payments for a period  certain of not longer than the new
Owner's life  expectancy),  with payments  beginning no later than December 31st
following  the calendar  year of the  non-Annuitant  Owner's  death.  If such an
annuity benefit or payments for a period certain is not elected, we will pay any
Cash  Value in the  Certificate  on  December  31st of the fifth  calendar  year
following the year of your death (or the death of the first Owner to die).

Where a surviving  spouse is designated  beneficiary or Joint Owner,  the spouse
may elect to continue the Certificate.  No distributions are required as long as
the surviving  spouse and Annuitant are living.  
    

CASH VALUE 

   
The Cash  Value  under the  Certificate  fluctuates  daily  with the  investment
performance of the Investment Funds you have selected and reflects any upward or
downward  market  value  adjustment  and  any  guaranteed  interest.  We do  not
guarantee  any  minimum  Cash  Value  except  for  amounts in a GIRO held to the
Expiration  Date and amounts in the Special Dollar Cost Averaging  Account.  See
"Part 2: The  Guaranteed  Period  Account" and "Part 3: The Special  Dollar Cost
Averaging  Account." On any date before the Annuity  Commencement Date while the
Certificate is in effect,  the Cash Value is equal to the Annuity Account Value,
less any  withdrawal  charge.  The free  corridor  amount  will not  apply  when
calculating  the withdrawal  charge  applicable  upon a surrender.  See "Part 6:
Deductions and Charges." 
    

SURRENDERING THE CERTIFICATES TO RECEIVE THE CASH VALUE

You may surrender a Certificate  to receive the Cash Value at any time while the
Annuitant is living and before the Annuity Commencement Date. For a surrender to
be effective,  we must receive your written  request and the  Certificate at our
Processing  Office.  The Cash Value will be determined on the Transaction  Date.
All benefits under the  Certificate  will be terminated as of that date. 

   
You may  receive the Cash Value in a single sum payment or apply it under one or
more of the annuity benefits.  See "Annuity Benefits and Payout Annuity Options"
in Part 5. We will usually pay the Cash Value within seven calendar days, but we
may delay payment as described in "When Payments Are Made" below.

For the tax  consequences  of  surrenders,  see  "Part  8:  Tax  Aspects  of the
Certificates."
    

WHEN PAYMENTS ARE MADE

Under  applicable  law,  application of proceeds from the Investment  Funds to a
variable annuity,  payment of a death benefit from the Investment Funds, payment
of any portion of the Annuity  Account  Value  (less any  applicable  withdrawal
charge) from the  Investment  Funds,  and, upon  surrender,  payment of the Cash
Value from the  Investment  Funds will be made within seven  calendar days after
the  Transaction  Date.  Payments or application of proceeds from the Investment
Funds  can be  deferred  for any  period  during  which  (1) the New York  Stock
Exchange is closed or trading on it is  restricted,  (2) sales of  securities or
determination of the fair value of an Investment Fund's assets is not reasonably
practicable  because of an  emergency,  or (3) the SEC, by order,  permits us to
defer payment in order to protect persons with interest in the Investment Funds.

   
We can  defer  payment  of any  portion  of the  Annuity  Account  Value  in the
Guaranteed  Period Account and the Special Dollar Cost Averaging  Account (other
than for death benefits) for up to six months while you are living.  We may also
defer payments for any amount attributable to a contribution made in the form of
a check for a  reasonable  amount of time (not to exceed 15 days) to permit  the
check to clear.
    

ASSIGNMENT

Traditional  IRA and Roth IRA  Certificates  are not assignable or  transferable
except  through  surrender  to us. They may not be  borrowed  against or used as
collateral for a loan or other obligation.

   
QP Certificates may not be assigned.

The NQ Certificates may be assigned at any time before the Annuity  Commencement
Date and for any  purpose  other  than as  collateral  or  security  for a loan.
    


                                       31
<PAGE>

   
Equitable Life will not be bound by an assignment unless it is in writing and we
have received it at our Processing Office. In some cases, an assignment may have
adverse tax consequences. See "Part 8: Tax Aspects of the Certificates."
    

SERVICES WE PROVIDE

o  REGULAR REPORTS

   o Statement  of your  Certificate  values as of the last day of the  calendar
     year;

   o Three additional reports of your Certificate values each year; 

   o Annual and semiannual statements of each trust; and

   o Written confirmation of financial transactions.

o  TOLL-FREE TELEPHONE SERVICES

   
   o Call  1-800-789-7771  for a recording of daily Accumulation Unit Values and
     Guaranteed Rates applicable to the GIROs and guaranteed  interest rates for
     the Special  Dollar Cost  Averaging  Account.  Also call during our regular
     business hours to speak to one of our customer service representatives.
    

o  PROCESSING OFFICE

   
   o FOR CONTRIBUTIONS SENT BY REGULAR MAIL:
     Equitable Life
     Equitable Accumulator
     P.O. Box 13014
     Newark, NJ 07188-0014
    

   o FOR CONTRIBUTIONS SENT BY EXPRESS MAIL:
     Equitable Life
     c/o First Chicago National Processing Center
     300 Harmon Meadow Boulevard, 3rd Floor
     Attn: Box 13014
     Secaucus, NJ 07094

   
   o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
     SENT BY REGULAR MAIL:
     Equitable Life
     Equitable Accumulator
     P.O. Box 1547
     Secaucus, NJ 07096-1547

   o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
     SENT BY EXPRESS MAIL:
     Equitable Life
     Equitable Accumulator
     200 Plaza Drive, 4th Floor
     Secaucus, NJ 07096

YEAR 2000 PROGRESS

Equitable Life relies upon various  computer systems in order to administer your
Certificate and operate the Investment Options.  Some of these systems belong to
service providers who are not affiliated with Equitable Life.

In 1995,  Equitable  Life began  addressing  this the  question  of whether  its
computer  systems would  recognize the year 2000 before,  on or after January 1,
2000,  and  Equitable  Life  believes  it has  identified  those of its  systems
critical to business  operations that are not Year 2000  compliant.  By year end
1998,   Equitable   Life  expects  that  the  work  of  modifying  or  replacing
non-compliant   systems  will   substantially   be   completed   and  expects  a
comprehensive  test of its Year 2000  compliance  will be performed in the first
half of 1999.  Equitable Life is in the process of seeking assurances from third
party service providers that they are acting to address the Year 2000 issue with
the goal of  avoiding  any  material  adverse  effect on  services  provided  to
Certificate Owners and on operations of the Investment Options.  Any significant
unresolved difficulty related to the Year 2000 compliance initiatives could have
a material  adverse  effect on the ability to administer  your  Certificate  and
operate the  Investment  Options.  Assuming  the timely  completion  of computer
modifications by Equitable Life and third party service providers,  there should
be no material adverse effect on the ability to perform these functions.
    

DISTRIBUTION OF THE CERTIFICATES

   
As the  distributor  of the  Certificates  effective  May 1, 1998,  EQ Financial
Consultants,  Inc.  (EQFC),  an indirect,  wholly owned  subsidiary of Equitable
Life, has responsibility for sales and marketing functions for the Certificates.
Effective on the same date, EQFC also serves as the principal underwriter of the
Separate  Account  under  the 1940  Act.  EQFC is  registered  with the SEC as a
broker-dealer under the Exchange Act and is a member of the National Association
of Securities Dealers,  Inc. EQFC's principal business address is 1290 Avenue of
the  Americas,  New  York,  New  York  10104.  Prior to May 1,  1998,  Equitable
Distributors, Inc. (EDI), also an indirect, wholly owned subsidiary of Equitable
Life,   served  as  the  distributor  of  the  Certificates  and  the  principal
underwriter  of  the  Separate  Account  under  the  1940  Act.  Pursuant  to  a
"Distribution  Agreement"  between  Equitable Life,  certain of Equitable Life's
separate accounts,  including the Separate Account, and EDI, Equitable Life paid
EDI distribution fees of $9,444,621 for 1997,  $884,486 for 1996 and $68,676 for
1995 as the distributor of the Certificates and as the principal  underwriter of
the Separate Account.

The  Certificates  will be sold by  registered  representatives  of EQFC and its
affiliates,  who are also  our  licensed  insurance  agents.  EQFC  may  receive
compensation and reimbursement for its marketing services under the terms of its
distribution  agreement with Equitable Life. The offering of the Certificates is
intended to be continuous.
    


                                       32
<PAGE>


   
- --------------------------------------------------------------------------------
               PART 5: DISTRIBUTION METHODS UNDER THE CERTIFICATES
- --------------------------------------------------------------------------------

The Certificates offer several  distribution  methods  specifically  designed to
provide retirement income. Under Traditional IRA and Roth IRA Certificates,  the
Assured  Payment  Option or APO Plus may be elected in the  application  or as a
distribution  option at a later date. In addition,  Traditional IRA and Roth IRA
Certificates   permit  Lump  Sum   Withdrawals,   Substantially   Equal  Payment
Withdrawals,  and Systematic Withdrawals.  Minimum Distribution  Withdrawals are
available only under Traditional IRA Certificates.  NQ Certificates  permit Lump
Sum Withdrawals and Systematic  Withdrawals.  The Certificates  also offer fixed
and variable  annuity  benefits and Income Manager payout annuity  options.  The
Assured  Payment  Option  and APO  plus  may  not be  available  in all  states.
Traditional IRA Certificate  Owners should consider how the distribution  method
selected  may affect the ability to comply with the minimum  distribution  rules
discussed in "Part 8: Tax Aspects of the Certificates."

For  Traditional  IRA  retirement  benefits  subject  to  minimum   distribution
requirements,  we will send a form outlining the distribution  options available
before you reach age 70 1/2 (if you have not begun your annuity  payments before
that time).

ASSURED PAYMENT OPTION

(Available Only under Traditional IRA and Roth IRA Certificates)

The Assured Payment Option is designed to provide you with  guaranteed  payments
for your life (SINGLE LIFE) or for the lifetime of you and a joint Annuitant you
designate  (JOINT  AND  SURVIVOR)  through  a series of  distributions  from the
Annuity  Account Value that are followed by Life  Contingent  Annuity  payments.
Payments you receive  during the fixed period are designed to pay out the entire
Annuity  Account Value by the end of the fixed period and, for  Traditional  IRA
Certificates,   to  meet  or  exceed  minimum  distribution   requirements,   if
applicable.  See "Minimum Distribution Withdrawals" below. The fixed period ends
with the distribution of the Maturity Value of the last GIRO, or distribution of
the final amount in the Modal Payment Portion of the Guaranteed  Period Account.
The fixed  period may also be referred to as the  "liquidity  period," as during
this period,  you have access to the Cash Value through Lump Sum  Withdrawals or
surrender  of the  Certificate,  with  lifetime  income  continuing  in  reduced
amounts.

After the fixed period,  the payments are made under the Life Contingent Annuity
described below.

You  may  elect  the  Assured  Payment  Option  at  any  time  if  your  initial
contribution  or  Annuity  Account  Value  is at  least  $10,000  at the time of
election,  by  submitting  a written  request  satisfactory  to us. The  Assured
Payment  Option may be elected at ages 59 1/2 through 83. If you are over age 70
1/2, the  availability  of this option may be restricted  under certain  limited
circumstances.  See "Traditional  Individual  Retirement Annuities  (Traditional
IRAs): Tax  Considerations  for the Assured Payment Option and APO Plus" in Part
8. The Assured Payment Option may be elected at ages as young as 53 1/2 provided
payments do not start before you attain age 59 1/2.

Once the Assured  Payment  Option is elected,  all amounts  currently held under
your  Equitable  Accumulator  Traditional  IRA or Roth IRA  Certificate  must be
allocated  to the GIROs,  the Modal  Payment  Portion of the  Guaranteed  Period
Account,  if applicable,  and the Life  Contingent  Annuity.  See "Allocation of
Contributions or Annuity Account Value" below.  Subsequent  contributions may be
made  according  to the rules set forth below and in "Part 8: Tax Aspects of the
Certificates."

Subsequent Contributions under the Assured Payment Option

Under  Traditional  IRA  Certificates,   subsequent  "regular"  Traditional  IRA
contributions may no longer be made for the taxable year in which you attain age
70 1/2 and thereafter.  Subsequent  Traditional IRA rollover and direct transfer
contributions  may be made at any time until the  earlier of (i) when you attain
age 84 and (ii) when the  Certificate  is within  seven  years of the end of the
fixed period while the Assured Payment Option is in effect.  However, any amount
contributed  after you  attain age 70 1/2 must be net of your  required  minimum
distribution for the year in which the rollover or direct transfer  contribution
is made.

We will not accept "regular" IRA contributions to Roth IRAs. Rollover and direct
custodian-to-custodian  transfer  contributions  can be made any time  until the
earlier of (i) when you attain  age 84 and (ii) when the  Certificate  is within
seven years of the end of the fixed period while the Assured  Payment  Option is
in effect and provided you meet certain  requirements.  See "Part 8: Tax Aspects
of the Certificates."

Payments

You may elect to receive  monthly,  quarterly or annual payments.  However,  all
payments are made on the 15th of the month. Payments to be made on an Expiration
Date during the fixed period  represent  distributions of
    


                                       33
<PAGE>

   
the  Maturity  Values of  serially  maturing  GIROs on their  Expiration  Dates.
Payments  to be made  monthly,  quarterly  or  annually  on dates  other than an
Expiration  Date  represent  distributions  from  amounts  in the Modal  Payment
Portion of the Guaranteed  Period  Account.  See "Part 2: The Guaranteed  Period
Account."

During the fixed  period,  payments  are designed to increase by 10% every three
years on each third  anniversary of the payment start date. After the end of the
fixed period,  your first payment under the Life Contingent  Annuity will be 10%
greater than the final payment made under the fixed period. Thereafter, payments
will increase  annually on each  anniversary of the payment start date under the
Life Contingent  Annuity based on the annual  increase,  if any, in the Consumer
Price Index, but in no event greater than 3% per year.

Payments will generally start one payment mode from the date the Assured Payment
Option goes into effect. Or you may choose to defer the date payments will start
generally  for a period of up to 72 months.  Deferral of the payment  start date
permits you to lock in rates at a time when you may consider current rates to be
high, while permitting you to delay receiving  payments if you have no immediate
need to receive  income under your  Certificate.  In making this  decision,  you
should  consider  that the amount of income you  purchase  is based on the rates
applicable on the  Transaction  Date, so if rates rise during the interim,  your
payments  may be less than they would have been if you had  elected  the Assured
Payment  Option at a later  date.  Deferral  of the  payment  start  date is not
available above age 80. For Traditional  IRA  Certificates,  before you elect to
defer the date your payments will start, you should consider the consequences of
this  decision  on  the  requirement  under  the  Code  that  you  take  minimum
distributions  each calendar year with respect to the value of your  Traditional
IRA.  See  "Traditional  Individual  Retirement  Annuities  (Traditional  IRAs):
Required  Minimum  Distributions"  in Part 8. The  ability to defer the  payment
start date may not be available in all states.

For  Traditional  IRA  Certificates,  required  minimum  distributions  will  be
calculated  based on the Annuity Account Value in each GIRO and the deemed value
of the Life  Contingent  Annuity for tax  purposes.  If at any time your payment
under the Assured  Payment Option would be less than the minimum amount required
to be distributed  under minimum  distribution  rules, we will notify you of the
difference.  You will have the  option to have an  additional  amount  withdrawn
under your  Traditional IRA Certificate and such withdrawal will be treated as a
Lump Sum  Withdrawal;  however,  no withdrawal  charge will apply. An adjustment
will be made to future  scheduled  payments.  Or, you may take the  amount  from
other  Traditional IRA funds you may have. See "Lump Sum Withdrawals"  below and
"Traditional   Individual  Retirement  Annuities  (Traditional  IRAs):  Required
Minimum Distributions" in Part 8.

See Appendix IV for an example of payments  purchased  under an Assured  Payment
Option.

Fixed Period

The fixed  period based on your age at issue of the  Certificate  (or age at the
time of election if the Assured  Payment  Option is elected after issue) will be
as follows:

- -------------------------------------------------------------
             AGE*                      FIXED PERIOD
- -------------------------------------------------------------
        59 1/2through 70                 15 years
        71 through 75                    12 years
        76 through 80                     9 years
        81 through 83                     6 years
- -------------------------------------------------------------

If you defer the date payments will start, your fixed period will be as follows:

- -------------------------------------------------------------
                                  FIXED PERIOD
                            BASED ON DEFERRAL PERIOD
                     ----------------------------------------
                         1-36         37-60        61-72
        AGE*            MONTHS       MONTHS       MONTHS
- -------------------------------------------------------------
   53 1/2through 70    12 years     9 years      9 years
    71 through 75       9 years     9 years        N/A
    76 through 80       6 years     6 years        N/A
    81 through 83         N/A         N/A          N/A

- -------------------  

* For Joint and  Survivor,  the fixed  period is based on the age of the younger
  Annuitant.
- --------------------------------------------------------------------------------

Allocation of Contributions or Annuity Account Value

If the Assured Payment Option is elected in the  application,  then based on the
amount of your  initial  contribution,  your age and sex (and the age and sex of
the joint Annuitant,  if applicable),  the mode of payment, the form of payments
and the applicable fixed period,  your entire  contribution will be allocated by
us. A portion of the initial  contribution will be allocated among the GIROs and
the Modal Payment Portion of the Guaranteed  Period Account,  if applicable,  to
provide  fixed  period  payments  and a portion  will be applied  under the Life
Contingent  Annuity in order to  provide  the  payments  for life.  For  initial
contributions  of $500,000 or more,  amounts  allocated  to the Life  Contingent
Annuity  may also be  based on your  underwriting  classification.  In  general,
underwriting  classification  is based on your medical history and smoker status
and may result in a smaller allocation of amounts to the Life Contingent Annuity
if your  classification is lower than our standard class. If the Assured Payment
Option is elected  anytime after issue of the  Certificate  or if you cancel APO
Plus (discussed below) and elect the Assured Payment Option,  then based on your
Annuity Account Value and the information you provide as described  above,  your
entire Annuity Account Value,  including any amounts  

    
                                       34
<PAGE>

   
currently invested in the Investment Funds and the Special Dollar Cost Averaging
Account,  will be allocated by us among the GIROs,  the Modal Payment Portion of
the  Guaranteed  Period  Account,  if  applicable,  and  applied  under the Life
Contingent  Annuity.  While the Assured Payment Option is in effect,  no amounts
may be allocated to the  Investment  Funds and the Special Dollar Cost Averaging
Account. If amounts in the GIROs are transferred,  a market value adjustment may
apply.

If you elect the Assured  Payment  Option in the  application  and your  initial
contribution  will  come  from  multiple  sources,  your  application  must also
indicate  that  contributions  are to be allocated to the Alliance  Money Market
Fund under  Equitable  Accumulator  Traditional  IRA or Roth IRA, as applicable,
described in Part 4.  Election of the Assured  Payment  Option must include your
instructions  to apply your  Annuity  Account  Value,  on the date the last such
contribution is received, under the Assured Payment Option as described above.

Any subsequent  contributions made while the Assured Payment Option is in effect
must be allocated to the GIROs and applied to the Life  Contingent  Annuity.  We
will  determine the  allocation of such  contributions,  such that your payments
will be increased and the fixed period and date that payments are to start under
the Life Contingent Annuity will remain the same.

Life Contingent Annuity

The Life Contingent Annuity provides lifetime payments starting after the end of
the fixed period.  The portion of your  contributions  or Annuity  Account Value
applied  under  the Life  Contingent  Annuity  does not have a Cash  Value or an
Annuity  Account  Value  and,  therefore,  does not  provide  for  transfers  or
withdrawals.  Once the fixed period has ended and payments  have begun under the
Life Contingent  Annuity,  subsequent amounts may no longer be applied under the
Life Contingent Annuity.

THERE IS NO DEATH BENEFIT PROVIDED UNDER THE LIFE CONTINGENT ANNUITY AND ANNUITY
INCOME IS PAID ONLY IF YOU (OR A JOINT ANNUITANT) ARE LIVING AT THE DATE ANNUITY
BENEFITS BEGIN.  BENEFITS ARE ONLY PAID DURING YOUR LIFETIME AND, IF APPLICABLE,
THE  LIFETIME  OF A JOINT  ANNUITANT.  CONSEQUENTLY,  YOU  SHOULD  CONSIDER  THE
POSSIBILITY  THAT NO AMOUNTS WILL BE PAID UNDER THE LIFE  CONTINGENT  ANNUITY IF
YOU (OR A JOINT  ANNUITANT)  DO NOT  SURVIVE TO THE DATE  PAYMENTS  ARE TO START
UNDER SUCH ANNUITY.

You may elect to have the Life Contingent  Annuity provide  payments on a Single
Life or a Joint  and  100% to  Survivor  basis.  Your  payments  under  the Life
Contingent Annuity will increase annually based on the increase,  if any, in the
Consumer  Price  Index,  but in no  event  greater  than 3% per  year.  The Life
Contingent Annuity may also provide payments on a Joint and one-half to Survivor
or a Joint and two-thirds to Survivor basis.

Payments  under the Life  Contingent  Annuity  will be made to you  during  your
lifetime (and the lifetime of the joint  Annuitant,  if  applicable) on the same
payment mode and date as the payments that were made during the fixed period.

Election Restrictions under Joint and Survivor

Election of the Assured  Payment  Option with a Joint and  Survivor  form of the
Life Contingent Annuity is subject to the following restrictions:  (i) the joint
Annuitant must be your spouse;  (ii) neither you nor the joint  Annuitant can be
over age 83.

Withdrawals under the Assured Payment Option

While the Assured Payment Option is in effect, if you take a Lump Sum Withdrawal
as described under "Lump Sum Withdrawals" below (or, if a Lump Sum Withdrawal is
made  under a  Traditional  IRA  Certificate  to  satisfy  minimum  distribution
requirements  under the  Certificate),  such  withdrawals will be taken from all
remaining  GIROs to which your Annuity  Account Value is allocated and the Modal
Payment Portion of the Guaranteed Period Account,  if applicable,  such that the
amount of the payments  and the length of the fixed period will be reduced,  and
the  date  payments  are to start  under  the Life  Contingent  Annuity  will be
accelerated.  Additional  amounts above the amount of the  requested  withdrawal
will be withdrawn  from the  Guaranteed  Period  Account and applied to the Life
Contingent  Annuity to the extent necessary to achieve this result. As a result,
the same pattern of payments will continue in reduced amounts for your life, and
if applicable,  the life of your joint  Annuitant.  The first  reduction in your
payments will take place no later than the date of the next planned increase.

Substantially  Equal Payment  Withdrawals,  Systematic  Withdrawals  and,  under
Traditional  IRA  Certificates,  Minimum  Distribution  Withdrawals,  may not be
elected while the Assured Payment Option is in effect. See "Substantially  Equal
Payment  Withdrawals,"   "Systematic   Withdrawals"  and  "Minimum  Distribution
Withdrawals," below.

Death Benefit

Once you have elected the Assured  Payment  Option,  if a death benefit  becomes
payable  during  the fixed  period we will pay the death  benefit  amount to the
designated beneficiary. The death benefit amount is equal to the Annuity Account
Value in the Guaranteed Period Account or, if greater, the sum of the Guaranteed
Period  Amounts in each GIRO,  plus any amounts in the Modal Payment  Portion of
the Guaranteed Period Account. Unless you have elected a Joint and Survivor form
under  the Life  Contingent  Annuity,  no  payment  will be made  under the Life
    


                                       35
<PAGE>

   
Contingent  Annuity.  The death benefit  payable relates only to the GIROs under
the  Certificate;  a death benefit is never  payable  under the Life  Contingent
Annuity.

If you  have  elected  a Joint  and  Survivor  form of  annuity  under  the Life
Contingent  Annuity,  payments  will be made to you or the joint  Annuitant,  if
living on the date payments are to start.  The  designated  beneficiary  and the
joint Annuitant must be your spouse.

Termination of the Assured Payment Option

The Assured  Payment Option will be terminated if: (i) you cancel such option at
any time by  sending a written  request  satisfactory  to us;  (ii) you submit a
subsequent contribution and you do not want it applied under the Assured Payment
Option;  (iii) you request a transfer of your Annuity Account Value as described
under "Transfers among Investment  Options" in Part 4, while the Assured Payment
Option is in effect;  or (iv) you request a change in the date the  payments are
to start under the Life Contingent  Annuity.  Once the Assured Payment Option is
terminated,  in order to receive  distributions  from your Annuity Account Value
you must utilize the withdrawal  options  described under  "Withdrawal  Options"
below. Although the Life Contingent Annuity will continue in effect and payments
will be made if you or your joint  Annuitant,  if applicable,  are living on the
date payments are to start,  additional Life Contingent Annuity payments may not
be  purchased.  You may  elect to start  the  Assured  Payment  Option  again by
submitting a written request  satisfactory to us, but no sooner than three years
after the Option was  terminated.  If you own a Traditional  IRA Certificate and
you elected the Assured  Payment Option at age 70 1/2 or older and  subsequently
terminate this Option,  required minimum  distributions must continue to be made
with respect to your Traditional IRA Certificate.

For Traditional IRA Certificates, before terminating the Assured Payment Option,
you  should  consider  the   implications   this  may  have  under  the  minimum
distribution  requirements.  See "Traditional  Individual  Retirement  Annuities
(Traditional  IRAs): Tax  Considerations  for the Assured Payment Option and APO
Plus" in Part 8.

Income Annuity Options and Surrendering the Certificates

If you elect an annuity benefit as described under "Annuity  Benefits" below, or
surrender the Certificate  for its Cash Value as described  under  "Surrendering
the  Certificates  to Receive  the Cash  Value" in Part 4, once we receive  your
returned  Certificate,  your Certificate will be returned to you with a notation
that the Life Contingent Annuity is still in effect.  Thereafter,  no subsequent
contributions  will be  accepted  under the  Certificate  and no amounts  may be
applied under the Life Contingent Annuity.

Withdrawal Charge

While the Assured Payment Option is in effect, withdrawal charges will not apply
to the level or  increasing  payments  made during the fixed  period.  Except as
necessary to meet minimum  distribution  requirements  under the Traditional IRA
Certificate,  Lump Sum  Withdrawals  will be subject to a withdrawal  charge and
will have a 10% free corridor available. Upon termination of the Assured Payment
Option,  the free corridor will apply as described under "Withdrawal  Charge" in
Part 6.

APO PLUS

APO Plus is a variation of the Assured Payment Option.  APO Plus is available at
ages 59 1/2  through  83.  It may  also be  elected  at ages as  young as 53 1/2
provided  payments  under APO Plus do not start  before  you  attain age 59 1/2.
Except as indicated below, all provisions of the Assured Payment Option apply to
APO Plus.  APO Plus enables you to keep a portion of your Annuity  Account Value
in the  Alliance  Common  Stock Fund or the  Alliance  Equity  Index Fund as you
select, while periodically converting such Annuity Account Value to increase the
guaranteed  lifetime income under the Assured Payment Option.  You select either
the Alliance  Common Stock Fund or Alliance Equity Index Fund in the application
and once  elected it may not be changed.  When you elect APO Plus,  a portion of
your initial contribution or Annuity Account Value as applicable is allocated by
us to the Assured Payment Option to provide a minimum amount of level guaranteed
lifetime income through allocation of amounts to the GIROs and the Modal Payment
Portion of the Guaranteed  Period  Account,  if applicable,  and  application of
amounts to the Life  Contingent  Annuity.  The remaining  Annuity  Account Value
remains  in the  Investment  Fund you  selected.  Periodically  during the fixed
period (as described below), a portion of the remaining Annuity Account Value in
such Investment Fund is applied to increase the guaranteed  level payments under
the Assured Payment Option.

APO Plus  allows you to remain  invested in an  Investment  Fund for longer than
would be possible if you applied your entire  Annuity  Account Value all at once
to the Assured Payment Option or to an annuity benefit, while utilizing an "exit
strategy" to provide retirement income.

The  fixed  period  under  APO Plus will be based on your age (or the age of the
younger  Annuitant if Joint and Survivor is elected) at issue of the Certificate
(or age at the time of election if APO Plus is elected  after issue) and will be
the same as the periods  indicated for payments under "Assured  Payment  Option"
above.
    


                                       36
<PAGE>

   
You may elect to defer the payment start date as described in  "Payments"  under
"Assured  Payment Option" above.  The fixed period will also be as indicated for
deferral of the payment  start date for  increasing  payments  under the Assured
Payment Option.

You elect  APO Plus in the  application  or at a later  date by  submitting  the
proper  form.  APO Plus may not be  elected  if the  Assured  Payment  Option is
already in effect.

The amount applied under APO Plus is either the initial contribution if APO Plus
is elected at issue of the Certificate, or the Annuity Account Value if APO Plus
is  elected  after  issue of the  Certificate.  Out of a portion  of the  amount
applied,  level payments are provided under the Assured  Payment Option equal to
the initial payment that would have been provided on the Transaction Date by the
allocation  of the entire  amount  under the Assured  Payment  Option  where the
payments increase as described above. The difference between the amount required
for level  payments  and the amount  required  for the  increasing  payments  is
allocated  to the  Investment  Fund.  If you have Annuity  Account  Value in the
Guaranteed  Period  Account at the time this option is elected,  a market  value
adjustment may apply as a result of such amounts being transferred to effect the
Assured Payment Option.

On the third  February  15th  following  the date the first  payment is made (if
payments are to be made on February  15th, the date of the first payment will be
counted  as the first  February  15th)  during  the fixed  period  while you are
living, a portion of the Annuity Account Value in the Investment Fund is applied
to increase the level payments under the Assured Payment  Option.  If a deferral
period of three years or more is elected, a portion of the Annuity Account Value
in the  Investment  Fund will be applied on the February  15th prior to the date
the first payment is made, to increase the initial level  payments.  If payments
are to be made on February  15th,  the date of the first payment will be counted
as the first February 15th.

The amount  applied is the amount which provides for level payments equal to the
initial  payment that would have been  provided by the  allocation of the entire
Annuity  Account Value to the Assured  Payment Option  increasing  payments,  as
described in the preceding  paragraph.  This process is repeated each third year
during the fixed period.  The first  increased  payment will be reflected in the
payment made  following  three full years of payments and then every three years
thereafter.  On the  Transaction  Date  immediately  following  the last payment
during the fixed period,  the remaining  Annuity Account Value in the Investment
Fund is first  applied  to the Life  Contingent  Annuity  to  change  the  level
payments previously  purchased to increasing  payments.  If there is any Annuity
Account  Value  remaining  after the  increasing  payments are  purchased,  this
balance is  applied to the Life  Contingent  Annuity  to further  increase  such
increasing  payments.  If the Annuity  Account Value in the  Investment  Fund is
insufficient  to  purchase  the  increasing  payments,  then the level  payments
previously purchased will be increased to the extent possible.

While APO Plus provides a minimum amount of level  guaranteed  lifetime  payment
under  the  Assured  Payment  Option,  the total  amount  of income  that can be
provided over time will depend on the  investment  performance of the Investment
Fund in which you have Annuity Account Value, as well as the current  Guaranteed
Rates and the cost of the Life Contingent Annuity, which may vary. Consequently,
the aggregate amount of guaranteed lifetime income under APO Plus may be more or
less than the amount that could have been purchased by application at the outset
of the entire  initial  contribution  or Annuity  Account  Value to the  Assured
Payment Option with increasing payments.

See Appendix IV for an example of the payments  purchased  under Assured Payment
Option and APO Plus.

For  Traditional  IRA   Certificates,   in  calculating  your  required  minimum
distributions  your Annuity  Account Value in the  Investment  Fund, the Annuity
Account  Value in each  GIRO,  any  amount in the Modal  Payment  Portion of the
Guaranteed Period Account,  and the deemed value of the Life Contingent  Annuity
for tax purposes  will be taken into account as  described in  "Payments"  under
"Assured  Payment Option" above.  Also see  "Traditional  Individual  Retirement
Annuities (Traditional IRAs): Required Minimum Distributions" in Part 8.

Allocation of Subsequent Contributions under APO Plus

Any  subsequent  contributions  you make may only be allocated to the Investment
Fund you  selected,  where it is later  applied by us under the Assured  Payment
Option.  Subsequent  contributions  may no longer  be made  after the end of the
fixed period.


Withdrawals under APO Plus

While APO Plus is in  effect,  if you take a Lump Sum  Withdrawal  as  described
under "Lump Sum Withdrawals" below (or, under Traditional IRA Certificates, if a
Lump Sum Withdrawal is made to satisfy minimum  distribution  requirements under
the Certificate), such withdrawals will be taken from your Annuity Account Value
in the Investment  Fund unless you specify  otherwise.  If there is insufficient
value in the  Investment  Fund the  excess  will be taken from the GIROs and the
Modal Payment  Portion of the  Guaranteed  Period  Account,  if  applicable,  as
described under "Withdrawals under the Assured Payment Option" above.

For Traditional IRA Certificates, a Lump Sum Withdrawal taken to satisfy minimum
distribution  
    


                                       38
<PAGE>

   
requirements  under the Certificate will not be subject to a withdrawal  charge.


Death Benefit 

Once you have elected APO Plus, if a death benefit  becomes  payable  during the
fixed period we will pay the death benefit amount to the designated beneficiary.
The  death  benefit  amount  is equal to (i) the  Annuity  Account  Value in the
Guaranteed  Period  Account or, if  greater,  the sum of the  Guaranteed  Period
Amounts in each GIRO,  plus (ii) any amounts in the Modal Payment Portion of the
Guaranteed Period Account,  plus (iii)  contributions  allocated to the selected
Investment  Fund,  less amounts  applied to increase  payments under the Assured
Payment  Option and,  less any  withdrawals.  Unless you have elected  Joint and
Survivor under the Life  Contingent  Annuity,  no payment will be made under the
Life Contingent Annuity.  The death benefit relates only to the Investment Funds
and the GIROs under the Certificate;  a death benefit is never payable under the
Life Contingent Annuity.

Termination of APO Plus

You may terminate APO Plus at any time by submitting a request  satisfactory  to
us. In connection  with the  termination,  you may either (i) elect to terminate
APO Plus at any time and have  your  Certificate  operate  under  the  Equitable
Accumulator  Traditional  IRA or Roth IRA rules (see "Part 4:  Provisions of the
Certificates and Services We Provide") or (ii) elect the Assured Payment Option.
In the latter case your remaining  Annuity  Account Value in the Investment Fund
will be allocated to the  Guaranteed  Period  Account and applied under the Life
Contingent  Annuity.  A  market  value  adjustment  may  apply  for any  amounts
allocated  from a GIRO.  At  least 45 days  prior to the end of each  three-year
period,  we will send you a quote  indicating  how much future  income  could be
provided  under the  Assured  Payment  Option.  The quote would be based on your
current  Annuity  Account  Value,  current  Guaranteed  Rates  for the GIROs and
current  purchase rates under the Life Contingent  Annuity as of the date of the
quote. The actual amount of future income would depend on the rates in effect on
the Transaction Date.
    
WITHDRAWAL OPTIONS

   
The  Certificates  are annuity  contracts,  even though you may elect to receive
your  benefits  in a  non-annuity  form.  You may  take  withdrawals  from  your
Certificate  before  the  Annuity  Commencement  Date and while  you are  alive.
Special  withdrawal  rules may apply  under the Assured  Payment  Option and APO
Plus.

Amounts  withdrawn  from  the  Guaranteed  Period  Account,  other  than  at the
Expiration  Date,  will result in a market value  adjustment.  See "Market Value
Adjustment for Transfers, Withdrawals or Surrender Prior to the Expiration Date"
in Part 2.  Withdrawals may be taxable and subject to tax penalty.  See "Part 8:
Tax Aspects of the Certificates."

As a deterrent to early  withdrawal  (generally  prior to age 59 1/2),  the Code
provides  certain  penalties.  We may also be required to withhold  income taxes
from the amount distributed. These rules are outlined in "Part 8: Tax Aspects of
the Certificates."

Any withdrawal  while the Special  Dollar Cost Averaging  program in the Special
Dollar  Cost  Averaging  Account is in effect  will  cancel  such  program.  See
"Special Dollar Cost Averaging" in Part 4.
    

LUMP SUM WITHDRAWALS

(Available under Traditional IRA, Roth IRA and NQ Certificates)

   
You may take Lump Sum  Withdrawals  at any time subject to a minimum  withdrawal
amount of $1,000.  A request to  withdraw  more than 90% of the Cash Value as of
the Transaction  Date will result in the termination of the Certificate and will
be  treated  as  a  surrender  of  the  Certificate  for  its  Cash  Value.  See
"Surrendering the Certificates to Receive the Cash Value" in Part 4.

To make a Lump Sum  Withdrawal,  you must  submit a request  satisfactory  to us
which  specifies the Investment  Options from which the Lump Sum Withdrawal will
be  taken.  If we have  received  the  information  we  require,  the  requested
withdrawal  will become  effective on the  Transaction  Date and  proceeds  will
usually  be mailed  within  seven  calendar  days  thereafter,  but we may delay
payment as described  in "When  Payments Are Made" in Part 4. If we receive only
partially  completed  information,  our  Processing  Office will contact you for
specific instructions before your request can be processed.

Lump Sum Withdrawals in excess of the 15% free corridor amount may be subject to
a withdrawal  charge.  While either the Assured Payment Option or APO Plus is in
effect,  Lump Sum  Withdrawals  that exceed the 10% free corridor  amount may be
subject to a withdrawal charge. See "Withdrawal Charge" in Part 6.
    

SYSTEMATIC WITHDRAWALS

(Available under Traditional IRA, Roth IRA and NQ Certificates)

Under  Traditional IRA and Roth IRA Certificates this option may be elected only
if you are between age 59 1/2 to 70 1/2.

Systematic Withdrawals provide level percentage or level amount payouts. You may
choose to  receive  Systematic  Withdrawals  on a monthly,  quarterly  or annual
basis.  You select a dollar amount or percentage of the Annuity Account Value to
be  withdrawn,  subject to a maximum of 1.2% monthly,  3.6%  quarterly and 15.0%
annually,  but in no event may any  payment be less than $250.  If at the time a
Systematic  Withdrawal is to be made, the  withdrawal  amount would be less 


                                       38
<PAGE>

than $250, no payment will be made and your Systematic  Withdrawal election will
terminate.

You select the date of the month when the withdrawals  will be made, but you may
not choose a date later than the 28th day of the month.  If no date is selected,
withdrawals  will be made on the same  calendar day of the month as the Contract
Date. The  commencement of payments under the Systematic  Withdrawal  option may
not be elected to start sooner than 28 days after issue of the Certificate.

You may elect  Systematic  Withdrawals at any time by completing the proper form
and sending it to our Processing Office. You may change the payment frequency of
your  Systematic  Withdrawals  once each Contract Year or cancel this withdrawal
option at any time by sending  notice in a form  satisfactory  to us. The notice
must be received at our Processing  Office at least seven calendar days prior to
the next scheduled withdrawal date. You may also change the amount or percentage
of your Systematic  Withdrawals once in each Contract Year. However, you may not
change the amount or percentage  in any Contract Year where you have  previously
taken another withdrawal under the Lump Sum Withdrawal option described above.

   
Unless you specify otherwise,  Systematic Withdrawals will be withdrawn on a pro
rata basis from your Annuity Account Value in the Investment  Funds. If there is
insufficient value or no value in the Investment Funds, any additional amount of
the withdrawal  required or the total amount of the  withdrawal,  as applicable,
will be  withdrawn  from the GIROs in order of the earliest  Expiration  Date(s)
first (a market value adjustment may apply).

Systematic  Withdrawals  are not subject to a withdrawal  charge,  except to the
extent that,  when added to a Lump Sum Withdrawal  previously  taken in the same
Contract Year, the Systematic  Withdrawal  exceeds the 15% free corridor amount.
See "Withdrawal Charge" in Part 6.

Systematic  Withdrawals  may not be elected if the Special Dollar Cost Averaging
program from the Special Dollar Cost Averaging Account is in effect.
    

SUBSTANTIALLY EQUAL PAYMENT WITHDRAWALS

(Available under Traditional IRA and Roth IRA Certificates)

   
Substantially Equal Payment  Withdrawals provide  distributions from the Annuity
Account  Value of the amounts  necessary so that the 10% penalty  tax,  normally
applicable to distributions  made prior to age 59 1/2, does not apply. See "Part
8: Tax Aspects of the Certificates."  Once distributions  begin, they should not
be changed or stopped  until the later of age 59 1/2 or five years from the date
of the first  distribution.  If you change or stop the  distributions  or take a
Lump Sum  Withdrawal,  you may be liable for the 10% penalty tax that would have
otherwise been due on all prior distributions made under this option and for any
interest thereon.

Substantially  Equal Payment  Withdrawals  may be elected at any time if you are
below age 59 1/2. You can elect this option by  submitting  the proper  election
form. You select the day and the month when the first  withdrawal  will be made,
but it may not be sooner than 28 days after the issue of the Certificate.  In no
event may you elect to receive the first  payment in the same  Contract  Year in
which a Lump Sum  Withdrawal  was  taken.  We will  calculate  the amount of the
distribution  under a  method  we  select  and  payments  will be made  monthly,
quarterly or annually as you select.  These  payments  will  continue to be made
until we receive written notice from you to cancel this option. Such notice must
be received at our  Processing  Office at least seven calendar days prior to the
next scheduled withdrawal date.  Substantially Equal Payment Withdrawals may not
be elected if the Special Dollar Cost Averaging  program from the Special Dollar
Cost  Averaging  Account  is in  effect.  A  Lump  Sum  Withdrawal  taken  while
Substantially   Equal  Payment  Withdrawals  are  in  effect  will  cancel  such
withdrawals.  You may  elect  to start  receiving  Substantially  Equal  Payment
Withdrawals  again,  but in no event can the payments start in the same Contract
Year in  which  a Lump  Sum  Withdrawal  was  taken.  We  will  calculate  a new
distribution amount. As indicated in the preceding paragraph,  you may be liable
for the 10% penalty tax on Substantially  Equal Payment  Withdrawals made before
cancellation.

Unless you specify otherwise,  Substantially  Equal Payment  Withdrawals will be
withdrawn on a pro rata basis from your Annuity  Account Value in the Investment
Funds. If there is insufficient  value or no value in the Investment  Funds, any
additional  amount of the withdrawal or the total amount of the  withdrawal,  as
applicable, will be withdrawn from the GIROs in order of the earliest Expiration
Date(s) first (a market value adjustment may apply).
    

Substantially Equal Payment Withdrawals are not subject to a withdrawal charge.

MINIMUM DISTRIBUTION WITHDRAWALS

(Available under Traditional IRA Certificates)

   
Minimum Distribution  Withdrawals provide distributions from the Annuity Account
Value of the amounts  necessary to meet minimum  distribution  requirements  set
forth in the Code.  This  option  may be elected in the year in which you attain
age 70 1/2. You can elect Minimum  Distribution  Withdrawals  by submitting  the
proper  election form. The minimum amount we will pay out is $250. You may elect
Minimum  Distribution  Withdrawals for each Traditional IRA Certificate you own,
subject to our rules then in effect. Currently,  
    


                                       39
<PAGE>

   
Minimum Distribution Withdrawal payments will be made annually.

Unless  you  specify  otherwise,   Minimum  Distributions  Withdrawals  will  be
withdrawn on a pro rata basis from your Annuity  Account Value in the Investment
Funds. If there is insufficient  value or no value in the Investment  Funds, any
additional  amount  of the  withdrawal  required  or  the  total  amount  of the
withdrawal,  as  applicable,  will be  withdrawn  from the GIROs in order of the
earliest Expiration Date(s) first (a market value adjustment may apply).

Minimum Distribution  Withdrawals are not subject to a withdrawal charge, except
to the extent that, when added to a Lump Sum Withdrawal  previously taken in the
same Contract Year,  the Minimum  Distribution  Withdrawal  exceeds the 15% free
corridor amount. See "Withdrawal Charge" in Part 6.
    

Example
- -------

The chart below illustrates the pattern of payments,  under Minimum Distribution
Withdrawals  for a male who purchases a Traditional  IRA  Certificate  at age 70
with a single  contribution of $100,000,  with payments commencing at the end of
the first Contract Year.

                   PATTERN OF MINIMUM DISTRIBUTION WITHDRAWALS       
                       $100,000 SINGLE CONTRIBUTION FOR A            
                           SINGLE LIFE -- MALE AGE 70                
                                                                     
                [THE FOLLOWING TABLE WAS REPRESENTED AS AN AREA      
                            GRAPH IN THE PROSPECTUS]                 
                                                                     
                       AGE               AMOUNT WITHDRAWN            
                        70                   $6,250                  
                        75                   $7,653                  
                        80                   $8,667                  
                        85                   $8,770                  
                        90                   $6,931                  
                        95                   $3,727                  
                       100                   $1,179                  
                                                                     
                        Assumes 6.0% Rate of Return                  
                                                                     
                     [END OF GRAPHICALLY REPRESENTED DATA]           

Payments are calculated  each year based on the Annuity Account Value at the end
of each year, using the recalculation method of determining payments. (See "Part
1 -- Minimum  Distribution  Withdrawals -- Traditional IRA  Certificates" in the
SAI.)  Payments are made  annually,  and it is further  assumed that no Lump Sum
Withdrawals are taken.

   
This example  assumes an annual rate of return of 6.0%  compounded  annually for
both the  Investment  Funds and the  Guaranteed  Period  Account.  It assumes no
allocation to the Special Dollar Cost Averaging Account.  This rate of return is
for  illustrative  purposes only and is not intended to represent an expected or
guaranteed rate of return. Your investment results will vary. In addition,  this
example  does  not  reflect  any  charges  that  may  be  applicable  under  the
Traditional IRA. Such charges would effectively reduce the actual return.
    

HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME
BENEFIT AND GUARANTEED MINIMUM DEATH BENEFIT

   
Except as described in the next sentence, each withdrawal will cause a reduction
in your current  Guaranteed  Minimum Death Benefit and Guaranteed Minimum Income
Benefit  benefit  base  (described  below)  on a pro rata  basis.  Your  current
Guaranteed Minimum Death Benefit if based on the 6% Roll Up to Age 70 or 6% Roll
Up to Age 80, and your  Guaranteed  Minimum Income Benefit benefit base, will be
reduced on a  dollar-for-dollar  basis as long as the sum of your withdrawals in
any Contract  Year is 6% or less of the  beginning of Contract  Year  Guaranteed
Minimum  Death  Benefit.  Once a  withdrawal  is  made  that  causes  cumulative
withdrawals  in a Contract  Year to exceed 6% of the  beginning of Contract Year
Guaranteed Minimum Death Benefit, that withdrawal and any subsequent withdrawals
in that Contract Year will cause a pro rata reduction to occur.
    

Reduction on a  dollar-for-dollar  basis means your current  Guaranteed  Minimum
Death Benefit and Guaranteed  Minimum Income Benefit benefit base are 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  Guaranteed  Minimum  Death
Benefit  and  Guaranteed  Minimum  Income  Benefit  benefit  base by  that  same
percentage.  For  example,  if your  Annuity  Account  Value is $10,000  and you
withdraw  $4,000,  you have  withdrawn  40%  ($4,000/  $10,000) of your  Annuity
Account Value. If your Guaranteed Minimum Death Benefit was $20,000 prior to the
withdrawal,  it  would  be  reduced  by  $8,000  ($20,000  x .40)  and  your new
Guaranteed  Minimum Death Benefit after the withdrawal would be $12,000 ($20,000
- - $8,000).

The  timing  of your  withdrawals  and  whether  they  exceed  the 6%  threshold
described above can have a significant  impact on your Guaranteed  Minimum Death
Benefit or Guaranteed Minimum Income Benefit.

GUARANTEED MINIMUM INCOME BENEFIT 

BENEFIT BASE

   
The  Guaranteed  Minimum  Income  Benefit  benefit  base is equal to the initial
contribution  on the Contract Date.  Thereafter,  the Guaranteed  Minimum Income
Benefit  benefit  base is  credited  with  interest at 6% (4% for amounts in the
Alliance Money Market and Alliance Intermediate Government Securities Funds, and
the GIROs,  except as indicated below) on each Contract Date anniversary through
the Annuitant's  age 80 (age 
    


                                       40
<PAGE>

   
70 if the 6% Roll Up to Age 70 is elected),  and 0% thereafter,  and is adjusted
for any subsequent contributions and withdrawals.  The Guaranteed Minimum Income
Benefit benefit base interest applicable to amounts in the Alliance Money Market
Fund under the Special Dollar Cost Averaging program  (described in Part 4) will
be 6%. 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% if the Guaranteed Minimum Income Benefit is exercised within 30
days  following a Contract  Date  anniversary  in years 7 through 9 and at 3% if
exercised within 30 days following the 10th or later Contract Date  anniversary,
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.
    

ANNUITY BENEFITS AND PAYOUT ANNUITY OPTIONS

The Equitable Accumulator Certificates offer annuity benefits and Income Manager
payout annuity options, described below, for providing retirement income.

ANNUITY BENEFITS

Annuity benefits under the Equitable  Accumulator provide periodic payments over
a specified period of time which may be fixed or may be based on the Annuitant's
life.  Annuity forms of payment are  calculated  as of the Annuity  Commencement
Date,  which is on file with our Processing  Office.  You can change the Annuity
Commencement Date by writing to our Processing Office anytime before the Annuity
Commencement Date. However, you may not choose a date later than the 28th day of
any  month.  Also,  based  on  the  issue  age  of the  Annuitant,  the  Annuity
Commencement  Date may not be later than the  Processing  Date which follows the
Annuitant's 90th birthday (may be different in some states).

Before  the  Annuity  Commencement  Date,  we will send a letter  advising  that
annuity  benefits are available.  Unless you otherwise  elect, we will pay fixed
annuity  benefits on the "normal form" indicated for your  Certificate as of the
Annuity  Commencement  Date. The amount  applied to provide the annuity  benefit
will be (1) the Annuity  Account Value for any life annuity form or (2) the Cash
Value for any period certain only annuity form except that if the period certain
is more than five  years,  the  amount  applied  will be no less than 95% of the
Annuity Account Value.

Amounts  in the  GIROs  that  are  applied  to an  annuity  benefit  prior to an
Expiration  Date will result in a market  value  adjustment.  See "Market  Value
Adjustment for Transfers, Withdrawals or Surrender Prior to the Expiration Date"
in Part 2.

Annuity Forms

o  Life  Annuity:  An  annuity  which  guarantees  payments  for the rest of the
   Annuitant's  life.  Payments  end with the last  monthly  payment  before the
   Annuitant's  death.  Because there is no death benefit  associated  with this
   annuity  form,  it provides  the highest  monthly  payment of any of the life
   income annuity options, so long as the Annuitant is living.

   
o  Life Annuity -- Period Certain:  This annuity form also  guarantees  payments
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the end of a selected period of time (the "certain period"),  payments
   will continue to the  beneficiary  for the balance of the certain  period.  A
   life annuity with a certain  period of 10 years is the normal form of annuity
   under the Certificates.
    

   
o  Life Annuity -- Refund Certain:  This annuity form guarantees payments to you
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the amount applied to purchase this annuity option has been recovered,
   payments  will  continue  to your  beneficiary  until  that  amount  has been
   recovered. This option is available only as a fixed annuity.

o  Period Certain Annuity:  This annuity form guarantees payments for a specific
   period of time,  usually  5, 10, 15 or 20 years,  and does not  involve  life
   contingencies.  Currently  this annuity  option is available  only as a fixed
   annuity.

o  Joint and Survivor Life Annuity:  This annuity form  guarantees  payments for
   the  rest  of  the  Annuitant's  life  and,  after  the  Annuitant's   death,
   continuation of payments to the survivor.
    

The life annuity -- period  certain and the life  annuity -- refund  certain are
available on either a single life or joint and survivor life basis.

   
We offer the annuity  distribution  options  outlined  above in fixed  form.  In
variable form, only the following options are available: Life Annuity (except in
New York),  Life Annuity -- Period Certain,  Joint and Survivor Life Annuity and
Life Period  Certain  Annuity  (100% to Survivor).  Fixed  annuity  payments are
guaranteed  by us and will be based either on the tables 
    


                                       41
<PAGE>

   
of  guaranteed  annuity  payments  in your  Certificate  or on our then  current
annuity rates,  whichever is more favorable for the Annuitant.  Variable  income
annuities may be funded  through your choice of Investment  Funds of HRT through
the purchase of annuity units.  The amount of each variable  annuity payment may
fluctuate,  depending  upon the  performance of the  Investment  Funds.  That is
because the annuity  unit value rises and falls  depending on whether the actual
rate of net  investment  return (after  deduction of charges) is higher or lower
than the assumed  base rate.  See  "Annuity  Unit  Values" in the SAI.  Variable
income annuities may also be available by separate  prospectus through the Funds
of other separate accounts we offer.

Under QP  Certificates,  the only annuity forms  available are a Life Annuity 10
Year  Period  Certain,  or a Joint and  Survivor  Life  Annuity  10 Year  Period
Certain.

For all Annuitants  under  Traditional  IRA, Roth IRA and NQ  Certificates,  the
normal form of annuity provides for fixed payments. We may offer other forms not
outlined here. Your agent can provide details.
    

For each annuity benefit, we will issue a separate written agreement putting the
benefit into effect. Before we pay any annuity benefit, we require the return of
the Certificate.

The amount of the annuity payments will depend on the amount applied to purchase
the annuity, the type of annuity chosen and, in the case of a life annuity form,
the  Annuitant's  age (or the  Annuitant's  and joint  Annuitant's  ages) and in
certain instances,  the sex of the Annuitant(s).  Once an income annuity form is
chosen and payments have commenced, no change can be made.

If, at the time you elect an annuity form, the amount to be applied is less than
$2,000 or the initial  payment  under the form elected is less than $20 monthly,
we reserve  the right to pay the  Annuity  Account  Value in a single sum rather
than as payments under the annuity form chosen.

INCOME MANAGER PAYOUT ANNUITY OPTIONS

   
Under Traditional IRA, Roth IRA and NQ Certificates,  you may apply your Annuity
Account Value to an Income Manager (Life Annuity with a Period  Certain)  payout
annuity  certificate,  or an Income  Manager  (Period  Certain)  payout  annuity
certificate.

Under QP Certificates,  Income Manager payout annuity certificates are available
only  after the  trustee  of the  qualified  plan  changes  ownership  of the QP
Certificate to the Annuitant,  and the Annuitant,  as the new Certificate Owner,
converts  such  QP  Certificate  in  a  direct  rollover  to a  Traditional  IRA
Certificate  according  to our rules at the time of the  change.  The  change of
ownership and rollover to a Traditional  IRA Certificate may only occur when the
Annuitant will no longer be a Participant/Employee in the qualified plan.

The  Income  Manager  (Life  Annuity  with  a  Period  Certain)  payout  annuity
certificates  provide  guaranteed  payments for the Annuitant's  life or for the
Annuitant's  life  and the life of a joint  Annuitant.  Income  Manager  (Period
Certain) payout annuity  certificates  provide payments for a specified  period.
The  Certificate  Owner  and  Annuitant  must  meet the  issue  age and  payment
requirements.  Income  Manager payout annuity  certificates  provide  guaranteed
level payments  (Traditional IRA, Roth IRA and NQ Certificates) under both forms
of certificate,  or guaranteed  increasing payments (NQ Certificates) under only
Income Manager (Life Annuity with a Period Certain) payout annuity certificates.
    

If you apply a part of the Annuity  Account  Value under any of the above Income
Manager payout annuity certificates,  it will be considered a withdrawal and may
be subject to withdrawal charges. See "Withdrawal Options" above. If 100% of the
Annuity Account Value is applied from an Equitable Accumulator  Certificate at a
time when the  dollar  amount of the  withdrawal  charge is  greater  than 2% of
remaining contributions (after withdrawals),  such withdrawal charge will not be
deducted.  However,  a new withdrawal  charge  schedule will apply under the new
certificate.  For purposes of the withdrawal charge schedule,  the year in which
your  Annuity  Account  Value  is  applied  under  the new  certificate  will be
"Contract  Year 1." If 100% of the  Annuity  Account  Value is applied  from the
Equitable  Accumulator when the dollar amount of the withdrawal  charge is 2% or
less,  such  withdrawal  charge  will  not be  deducted  and  there  will  be no
withdrawal  charge schedule under the new  certificate.  You should consider the
timing of your purchase as it relates to the potential  for  withdrawal  charges
under the new certificate.  No subsequent  contributions will be permitted under
an  Income  Manager  (Life  Annuity  with  a  Period   Certain)  payout  annuity
certificate.

   
You may also apply  your  Annuity  Account  Value to an Income  Manager  (Period
Certain) payout annuity  certificate  once  withdrawal  charges are no longer in
effect under your Equitable Accumulator Certificate.  No withdrawal charges will
apply under this Income Manager (Period Certain) payout annuity certificate.

The payout  annuities are described in our  prospectus  for the Income  Manager.
Copies of the most current version are available from your agent. To purchase an
Income  Manager  payout  annuity  certificate we also require the return of your
Equitable Accumulator Certificate.  An Income Manager payout annuity certificate
will be issued to put one of the payout annuity  options into effect.  Depending
upon your circumstances,  this may be accomplished on a tax-free basis.  Consult
your tax adviser.
    


                                       42
<PAGE>



   
- --------------------------------------------------------------------------------
                         PART 6: DEDUCTIONS AND CHARGES
- --------------------------------------------------------------------------------
    

CHARGES DEDUCTED FROM THE ANNUITY ACCOUNT VALUE

We allocate the entire amount of each contribution to the Investment Options you
select,  subject to certain  restrictions.  We then periodically  deduct certain
amounts from your Annuity Account Value. Unless otherwise indicated, the charges
described  below and under "Charges  Deducted from the  Investment  Funds" below
will not be  increased  by us for the life of the  Certificates.  We may  reduce
certain charges under group or sponsored  arrangements.  See "Group or Sponsored
Arrangements" below.

Withdrawal Charge

A withdrawal charge will be imposed as a percentage of each contribution made to
the extent that (i) a Lump Sum  Withdrawal  or cumulative  withdrawals  during a
Contract Year exceed the free corridor  amount,  or (ii) if the  Certificate  is
surrendered  to receive its Cash  Value.  We  determine  the  withdrawal  charge
separately for each contribution in accordance with the table below.

                               CONTRACT YEAR
                 1    2     3     4     5     6     7    8+
- --------------------------------------------------------------------------------
Percentage of
Contribution   7.0% 6.0%  5.0%   4.0%  3.0% 2.0%  1.0%  0.0%

   
If the Assured  Payment Option or APO Plus is in effect,  the withdrawal  charge
will be imposed as a percentage of contributions  (less  withdrawals),  less the
amount applied under the Life Contingent Annuity.
    

The applicable  withdrawal  charge percentage is determined by the Contract Year
in which  the  excess  withdrawal  is made or the  Certificate  is  surrendered,
beginning with "Contract Year 1" with respect to each contribution  withdrawn or
surrendered. For purposes of the table, for each contribution, the Contract Year
in which we receive that contribution is "Contract Year 1."

The withdrawal  charge is deducted from the  Investment  Options from which each
such  withdrawal is made in proportion to the amount being  withdrawn  from each
Investment Option.

Free Corridor Amount

The free corridor amount is 15% of the Annuity Account Value at the beginning of
the Contract Year,  minus any amount  previously  withdrawn during that Contract
Year.

   
While the Assured  Payment  Option or APO Plus is in effect,  the free  corridor
amount is 10% of the Annuity  Account  Value at the  beginning  of the  Contract
Year.
    

There is no  withdrawal  charge  if a Lump Sum  Withdrawal  is taken to  satisfy
minimum  distribution  requirements under a Traditional IRA Certificate.  A free
corridor amount is not applicable to a surrender.

   
For purposes of calculating the withdrawal charge, (1) we treat contributions as
being withdrawn on a first-in,  first-out basis, and (2) amounts withdrawn up to
the free corridor  amount are not considered a withdrawal of any  contributions.
Although we treat  contributions  as withdrawn  before  earnings for purposes of
calculating  the withdrawal  charge,  the Federal income tax law treats earnings
under Equitable  Accumulator  Certificates as withdrawn  first. See "Part 8: Tax
Aspects of the Certificates."
    

The withdrawal charge is to help cover sales expenses.

   
For NQ  Certificates  issued to a charitable  remainder  trust  (CRT),  the free
corridor  amount will be changed to be the  greater of (1) the  current  Annuity
Account Value, less contributions that have not been withdrawn  (earnings in the
Certificate),  and  (2) the  free  corridor  amount  defined  above.  If you are
considering an annuity for use in a CRT, see  "Charitable  Remainder  Trusts" in
Part 8 concerning recent IRS announcements on the use of annuities in CRTs.

We may also offer other  Equitable  Accumulator  certificates,  which have other
charges.   A  current   prospectus   for  these  other   Equitable   Accumulator
certificates, if available, may be obtained from your agent.

baseBUILDER Benefits Charge

If you elect the  Combined  Guaranteed  Minimum  Income  Benefit and  Guaranteed
Minimum Death Benefit,  we deduct a charge annually on each Processing Date. The
charge is equal to a percentage of the Guaranteed Minimum Income Benefit benefit
base in effect on the Processing  Date. For the baseBUILDER  with the 6% Roll Up
to Age 80  Guaranteed  Minimum  Death  Benefit and the Annual  Ratchet to Age 80
Guaranteed  Minimum Death Benefit (available for Annuitant issue ages 20 through
75), the percentage is equal to 0.30%.  For the baseBUILDER  with the 6% Roll Up
to Age 70 Guaranteed  Minimum Death Benefit  (available  under  Traditional  IRA
Certificates for Annuitant issue ages 20 through 60), the percentage is equal to
0.15%.  The Guaranteed  Minimum Income Benefit  benefit base is described  under
"How  Withdrawals  Affect Your Guaranteed  Minimum Income Benefit and Guaranteed
Minimum Death Benefit" in Part 5.
    


                                       43
<PAGE>

   
This charge will be deducted from your Annuity  Account Value in the  Investment
Funds on a pro rata  basis.  If there is  insufficient  value in the  Investment
Funds,  all or a portion of such charge will be deducted from the GIROs in order
of the earliest  Expiration  Date(s) first. A market value adjustment may apply.
See "Market Value  Adjustment for Transfers,  Withdrawals or Surrender  Prior to
the Expiration Date" in Part 2.
    

Charges for State Premium and Other Applicable Taxes

   
We deduct a charge for applicable  taxes,  such as state or local premium taxes,
that might be imposed in your state.  Generally,  we deduct this charge from the
amount applied to provide an annuity benefit. In certain states, however, we may
deduct the charge for taxes from  contributions.  The  current  tax charge  that
might be imposed  varies by state and ranges  from 0% to 3.5% (1% in Puerto Rico
and 5% in the Virgin Islands).
    

CHARGES DEDUCTED FROM THE INVESTMENT FUNDS

Mortality and Expense Risks Charge

   
We will  deduct a daily  charge from the net assets in each  Investment  Fund to
compensate us for mortality and expense risks,  including the Guaranteed Minimum
Death Benefit. The daily charge is at the rate of 0.003032%, which is equivalent
to an annual rate of 1.10%, on the assets in each Investment Fund.
    

The mortality risk assumed is the risk that  Annuitants as a group will live for
a longer time than our actuarial tables predict. As a result, we would be paying
more in annuity income than we planned. We also assume a risk that the mortality
assumptions  reflected in our guaranteed  annuity payment tables,  shown in each
Certificate,  will differ from actual mortality experience.  Lastly, we assume a
mortality risk to the extent that at the time of death,  the Guaranteed  Minimum
Death  Benefit  exceeds  the Cash Value of the  Certificate.  The  expense  risk
assumed  is the risk  that it will  cost us more to  issue  and  administer  the
Certificates than we expect.

Administration Charge

   
We will deduct a daily charge from the net assets in each  Investment  Fund,  to
compensate us for  administration  expenses  under the  Certificates.  The daily
charge is at a rate of 0.000692%  (equivalent to an annual rate of 0.25%) on the
assets in each Investment  Fund. We reserve the right to increase this charge to
an annual rate of 0.35%, the maximum permitted under the Certificates.

HRT CHARGES TO PORTFOLIOS

Investment  advisory fees charged  daily  against  HRT's assets,  the 12b-1 fee,
direct  operating  expenses  of  HRT  (such  as  trustees'  fees,   expenses  of
independent auditors and legal counsel, bank and custodian charges and liability
insurance),  and certain  investment-related  expenses of HRT (such as brokerage
commissions and other expenses  related to the purchase and sale of securities),
are  reflected in each  Portfolio's  daily share price.  The maximum  investment
advisory fees paid annually by the Portfolios  cannot be changed  without a vote
by shareholders. They are as follows:

- -------------------------------------------------------------
                                              MAXIMUM
                                             INVESTMENT
                                            ADVISORY FEE
HRT PORTFOLIO                              (ANNUAL RATE)
- -------------------------------------------------------------
Alliance Conservative Investors                 0.475%
Alliance Growth Investors                       0.550%
Alliance Growth & Income                        0.550%
Alliance Common Stock                           0.475%
Alliance Global                                 0.675%
Alliance International                          0.900%
Alliance Aggressive Stock                       0.625%
Alliance Small Cap Growth                       0.900%
Alliance Money Market                           0.350%
Alliance Intermediate Government
   Securities                                   0.500%
Alliance High Yield                             0.600%
Alliance Equity Index                           0.325%
- -------------------------------------------------------------

Investment  advisory  fees  are  established  under  HRT's  investment  advisory
agreements between HRT and its investment adviser, Alliance.

The Rule 12b-1 Plan provides that HRT, on behalf of each  Portfolio  (other than
the Alliance Small Cap Growth Portfolio), may pay to EDI annually up to 0.25% of
the average daily net assets of a Portfolio  attributable to its Class IB shares
in respect of activities  primarily  intended to result in the sale of the Class
IB shares. This fee will not be increased for the life of the Certificates. With
respect to the Alliance Small Cap Growth  Portfolio,  EDI will receive an annual
fee not to exceed the lesser of (a) 0.25% of the average daily net assets of the
Portfolio  attributable to Class IB shares and (b) an amount that, when added to
certain  other  expenses  of the  Class IB  shares,  would  result in a ratio of
expenses to average daily net assets  attributable to Class IB shares  equalling
1.20%.  Prior to  October  8,  1997,  EDI waived a portion of the 12b-1 fee with
respect  to the  Alliance  Small Cap Growth  Portfolio.  Fees and  expenses  are
described more fully in the HRT prospectus.

EQAT CHARGES TO PORTFOLIOS

Investment  management fees charged daily against EQAT's assets,  the 12b-1 fee,
direct  operating  expenses  of  EQAT  (such  as  trustees'  fees,  expenses  of
independent auditors and legal counsel,  administrative  service fees, custodian
fees, and liability insurance), and certain investment-related  expenses of EQAT
(such as brokerage  commissions  and other expenses  related to the purchase and
sale of securi-
    


                                       44
<PAGE>


   
ties),  are  reflected in each  Portfolio's  daily share price.  The  investment
management fees paid annually by the Portfolios cannot be changed without a vote
by shareholders. They are as follows:

- -------------------------------------------------------------
                                              MAXIMUM
                                             INVESTMENT
                                           MANAGEMENT AND
                                            ADVISORY FEE
EQAT PORTFOLIO                             (ANNUAL RATE)
- -------------------------------------------------------------
BT Equity 500 Index                             0.25%
BT Small Company Index                          0.25%
BT International Equity Index                   0.35%
MFS Emerging Growth Companies                   0.55%
MFS Research                                    0.55%
Merrill Lynch Basic Value Equity                0.55%
Merrill Lynch World Strategy                    0.70%
Morgan Stanley Emerging Markets Equity          1.15% 
EQ/Putnam Balanced                              0.55%
EQ/Putnam Growth and Income Value               0.55%
T. Rowe Price Equity Income                     0.55%
T. Rowe Price International Stock               0.75%
Warburg Pincus Small Company Value              0.65%
- --------------------------------------------------------------

EQ Financial  has entered into expense  limitation  agreements  with EQAT,  with
respect to each Portfolio, pursuant to which EQ Financial has agreed to waive or
limit its fees and to assume other  expenses so that the total annual  operating
expenses  of  each  Portfolio   (other  than  interest,   taxes,  and  brokerage
commissions, in accordance with generally accepted accounting principles,  other
extraordinary  expenses not incurred in the ordinary course of such  Portfolio's
business and amounts payable  pursuant to a plan adopted in accordance with Rule
12b-1 under the 1940 Act) are limited to certain amounts. See the prospectus for
EQAT for more information.

The Rule 12b-1 Plan provides that EQAT, on behalf of each Portfolio,  may pay to
EDI  annually  up to  0.25% of the  average  daily  net  assets  of a  Portfolio
attributable to its Class IB shares in respect of activities  primarily intended
to result in the sale of the Class IB shares. This fee will not be increased for
the life of the Certificates.  Fees and expenses are described more fully in the
EQAT prospectus.
    

GROUP OR SPONSORED ARRANGEMENTS

   
For certain group or sponsored arrangements, we may reduce the withdrawal charge
or the  mortality  and  expense  risks  charge,  or change the  minimum  initial
contribution requirements.  Under the Assured Payment Option and APO Plus we may
increase  Guaranteed  Rates and reduce  purchase rates under the Life Contingent
Annuity.  We may also  change  the  Guaranteed  Minimum  Death  Benefit  and the
Guaranteed Minimum Income Benefit.  We may also offer Investment Funds investing
in Class IA shares of HRT and EQAT,  which  are not  subject  to the 12b-1  fee.
Group arrangements include those in which a trustee or an employer, for example,
purchases  contracts  covering a group of  individuals  on a group basis.  Group
arrangements  are not available for Traditional  IRA and Roth IRA  Certificates.
Sponsored  arrangements  include  those in which an  employer  allows us to sell
Certificates to its employees or retirees on an individual basis.
    

Our costs for sales, administration,  and mortality generally vary with the size
and stability of the group or sponsoring  organization  among other factors.  We
take all these  factors  into  account  when  reducing  charges.  To qualify for
reduced   charges,   a  group  or  sponsored   arrangement   must  meet  certain
requirements,  including  our  requirements  for  size  and  number  of years in
existence.  Group or sponsored  arrangements that have been set up solely to buy
Certificates  or that  have been in  existence  less  than six  months  will not
qualify for reduced charges.

   
We may also establish  different  Guaranteed Rates for the GIROs under different
classes of Certificates for group or sponsored arrangements.
    

We will make these and any similar  reductions  according to our rules in effect
when a Certificate is approved for issue. We may change these rules from time to
time. Any variation in the withdrawal  charge will reflect  differences in costs
or services and will not be unfairly discriminatory.

Group or  sponsored  arrangements  may be  governed  by the Code,  the  Employee
Retirement   Income  Security  Act  of  1974  (ERISA),   or  both.  We  make  no
representations  as to the  impact of those and  other  applicable  laws on such
programs. WE RECOMMEND THAT EMPLOYERS, TRUSTEES, AND OTHERS PURCHASING OR MAKING
CERTIFICATES AVAILABLE FOR PURCHASE UNDER SUCH PROGRAMS SEEK THE ADVICE OF THEIR
OWN LEGAL AND BENEFITS ADVISERS.

OTHER DISTRIBUTION ARRANGEMENTS

Charges  may be  reduced  or  eliminated  when  sales are made in a manner  that
results in savings of sales and administrative  expenses,  such as sales through
persons who are compensated by clients for recommending  investments and receive
no  commission  or  reduced  commissions  in  connection  with  the  sale of the
Certificates.  In no  event  will a  reduction  or  elimination  of  charges  be
permitted where it would be unfairly discriminatory.


                                       45
<PAGE>



   
- --------------------------------------------------------------------------------
                              PART 7: VOTING RIGHTS
- --------------------------------------------------------------------------------

THE TRUSTS' VOTING RIGHTS

As explained  previously,  contributions  allocated to the Investment  Funds are
invested in shares of the corresponding Portfolios of HRT and EQAT. Since we own
the assets of the Separate Account, we are the legal owner of the shares and, as
such,  have the right to vote on certain  matters.  Among other  things,  we may
vote:

o  to elect the Trusts' Board of Trustees,

o  to ratify the selection of independent auditors for the Trusts, and

o  on any other matters described in the current  prospectuses for the Trusts or
   requiring a vote by shareholders under the 1940 Act.

Because HRT is a  Massachusetts  business trust and EQAT is a Delaware  business
trust,  annual meetings are not required.  Whenever a shareholder vote is taken,
we will give  Certificate  Owners the opportunity to instruct us how to vote the
number  of  shares  attributable  to their  Certificates.  If we do not  receive
instructions in time from all Certificate  Owners,  we will vote the shares of a
Portfolio for which no instructions have been received in the same proportion as
we vote shares of that  Portfolio  for which we have received  instructions.  We
will also vote any  shares  that we are  entitled  to vote  directly  because of
amounts we have in an Investment Fund in the same  proportions  that Certificate
Owners vote.

Each share of the Trusts is  entitled  to one vote.  Fractional  shares  will be
counted.  Voting  generally  is on a  Portfolio-by-Portfolio  basis  except that
shares  will be voted on an  aggregate  basis when  universal  matters,  such as
election of Trustees and ratification of independent  auditors,  are voted upon.
However,  if the Trustees  determine  that  shareholders  in a Portfolio are not
affected by a particular matter,  then such shareholders  generally would not be
entitled to vote on that matter.
    

VOTING RIGHTS OF OTHERS

   
Currently,  we control each trust.  EQAT shares  currently  are sold only to our
separate accounts. HRT shares are held by other separate accounts of ours and by
separate  accounts of insurance  companies  unaffiliated with us. Shares held by
these separate  accounts will probably be voted according to the instructions of
the  owners of  insurance  policies  and  contracts  issued  by those  insurance
companies.  While this will dilute the effect of the voting  instructions of the
Certificate Owners, we currently do not foresee any disadvantages arising out of
this. HRT's Board of Trustees intends to monitor events in order to identify any
material irreconcilable  conflicts that possibly may arise and to determine what
action,  if any, should be taken in response.  If we believe that HRT's response
to any of those events  insufficiently  protects our Certificate Owners, we will
see to it that appropriate action is taken to protect our Certificate Owners.
    

SEPARATE ACCOUNT VOTING RIGHTS

If actions relating to the Separate Account require  Certificate Owner approval,
Certificate  Owners will be entitled to one vote for each Accumulation Unit they
have in the Investment  Funds. Each Certificate Owner who has elected a variable
annuity  payout  may cast the  number  of votes  equal to the  dollar  amount of
reserves we are holding for that  annuity in an  Investment  Fund divided by the
Accumulation   Unit  Value  for  that  Investment   Fund.  We  will  cast  votes
attributable  to any  amounts  we  have  in the  Investment  Funds  in the  same
proportion as votes cast by Certificate Owners.

CHANGES IN APPLICABLE LAW

The voting rights we describe in this  prospectus  are created under  applicable
Federal  securities  laws.  To the extent  that  those  laws or the  regulations
promulgated  under those laws  eliminate  the  necessity  to submit  matters for
approval  by persons  having  voting  rights in separate  accounts of  insurance
companies,  we reserve  the right to proceed  in  accordance  with those laws or
regulations.


                                       46
<PAGE>


   
- --------------------------------------------------------------------------------
                     PART 8: TAX ASPECTS OF THE CERTIFICATES
- --------------------------------------------------------------------------------

This Part of the prospectus  generally  covers our  understanding of the current
Federal  income  tax  rules  that  apply to NQ,  Traditional  IRA,  and Roth IRA
Certificates owned by United States taxpayers.

This Part does not apply to NQ Certificates  used as the investment  vehicle for
qualified plans discussed throughout the prospectus and in Appendix II.
    

This prospectus  does not provide  detailed tax information and does not address
issues such as state income and other taxes,  Federal income tax and withholding
rules for non-U.S. taxpayers, or Federal gift and estate taxes. A gift or estate
tax  transfer  may arise  whenever  payments or contract  rights are provided to
someone other than the original owner of the Certificates.  Please consult a tax
adviser when considering the tax aspects of the Certificates.

TAX CHANGES

   
The United  States  Congress  has in the past  considered  and may in the future
consider  proposals  for  legislation  that,  if enacted,  could  change the tax
treatment of annuities and individual retirement arrangements.  In addition, the
Treasury Department may amend existing  regulations,  issue new regulations,  or
adopt new interpretations of existing laws. State tax laws and, if you are not a
United States  resident,  foreign tax laws, may also affect the tax consequences
to you or the  beneficiary.  These  laws may  change  from time to time  without
notice and, as a result, the tax consequences may be altered. There is no way of
predicting whether,  when or in what form any such change would be adopted.  Any
such change could have retroactive  effects regardless of the date of enactment.
We suggest you consult your legal or tax adviser.

TRANSFERS AMONG INVESTMENT OPTIONS

Under current law,  there will not be any tax liability if you transfer  Annuity
Account  Value among the  Investment  Funds,  or between the  Guaranteed  Period
Account  and one or more  Investment  Funds,  or from the  Special  Dollar  Cost
Averaging Account.
    

TAXATION OF NON-QUALIFIED ANNUITIES

This section  generally  covers our  understanding of the current Federal income
tax laws that apply to a  non-qualified  annuity  purchased  with only after-tax
dollars and not subject to any special retirement plan rules.

   
Equitable  Life has designed the NQ  Certificate  to qualify as an "annuity" for
purposes of Federal  income tax law.  Gains in the Annuity  Account Value of the
Certificate  generally will not be taxable to you until a  distribution  occurs,
either by a  withdrawal  of part or all of its value or as a series of  periodic
payments.  However, there are some exceptions to this rule: (1) if a Certificate
fails  the  investment  diversification  requirements;  (2)  if you  transfer  a
Certificate,  for  example,  as a gift to  someone  other  than your  spouse (or
divorced  spouse),  any gain in its Annuity  Account  Value will be taxed at the
time of transfer;  (3) the assignment or pledge of any portion of the value of a
Certificate   will  be  treated  as  a  distribution  of  that  portion  of  the
Certificate;  and (4) when an insurance  company (or its affiliate)  issues more
than one  non-qualified  deferred  annuity  certificate  or contract  during any
calendar year to the same taxpayer,  the  certificates or contracts are required
to be aggregated in computing the taxable amount of any distribution.
    

Corporations,  partnerships,  trusts  and other  non-natural  persons  generally
cannot defer the taxation of current income credited to the  Certificate  unless
an exception under the Code applies.

Withdrawals

   
Prior to the Annuity  Commencement Date, any withdrawal which does not terminate
your total interest in the NQ  Certificate is taxable to you as ordinary  income
to the extent there has been a gain in the Annuity Account Value, and is subject
to income tax withholding. See "Federal and State Income Tax Withholding" below.
The balance of the  distribution  is treated as a return of the  "investment" or
"basis" in the  Certificate  and is not taxable.  Generally,  the  investment or
basis in the NQ  Certificate  equals the  contributions  made,  less any amounts
previously  withdrawn which were not taxable.  If your Equitable  Accumulator NQ
Certificate  was  issued as a result of a tax-free  exchange  of another NQ life
insurance  or deferred  annuity  contract as  described  in "Methods of Payment:
Section 1035  Exchanges" in Part 4, your  investment  in that original  contract
generally is treated as the basis in the Equitable  Accumulator  NQ  Certificate
regardless of the value of that  original  contract at the time of the exchange.
Special rules may apply if contributions made to another annuity  certificate or
contract prior to August 14, 1982 are transferred to a Certificate in a tax-free
exchange.  To take advantage of these rules, you must notify us prior to such an
exchange.
    

If you surrender or cancel the NQ  Certificate,  the  distribution is taxable to
the extent it exceeds the investment in the NQ Certificate.


                                       47

<PAGE>

Annuity  Payments  

Once annuity  payments  begin,  a portion of each payment is  considered to be a
tax-free  recovery of  investment  based on the ratio of the  investment  to the
expected return under the NQ Certificate.  The remainder of each payment will be
taxable. In the case of a variable annuity,  special rules apply if the payments
received in a year are less than the amount  permitted to be recovered tax free.
In the case of a life annuity,  after the total  investment has been  recovered,
future  payments are fully  taxable.  If payments  cease as a result of death, a
deduction for any unrecovered investment will be allowed.

Early Distribution Penalty Tax

   
In addition  to income tax, a penalty tax of 10% applies to the taxable  portion
of a distribution  unless the  distribution is (1) made on or after the date you
attain age 59 1/2,  (2) made on or after your death,  (3)  attributable  to your
disability,  (4) part of a series  of  substantially  equal  installments  as an
annuity  for your life (or life  expectancy)  or the joint  lives (or joint life
expectancies) of you and a beneficiary,  or (5) with respect to income allocable
to amounts contributed to an annuity certificate or contract prior to August 14,
1982 which are transferred to the Certificate in a tax-free exchange.
    

Payments as a Result of Death

   
If, as a result of the Annuitant's death, the beneficiary is entitled to receive
the death benefit  described in Part 4, the beneficiary is generally  subject to
the  same  tax  treatment  as  would  apply  to  you,  had you  surrendered  the
Certificate (discussed above).
    

If the beneficiary elects to take the death benefit in the form of a life income
or installment  option, the election should be made within 60 days after the day
on which a lump sum death benefit  first becomes  payable and before any benefit
is actually  paid.  The tax  computation  will  reflect your  investment  in the
Certificate.

The  Certificate  provides a minimum  guaranteed  death  benefit that in certain
circumstances may be greater than either the  contributions  made or the Annuity
Account Value. This provision provides investment protection against an untimely
termination  of a  Certificate  on the death of an  Annuitant at a time when the
Certificate's  Annuity  Account  Value  might  otherwise  have  provided a lower
benefit.  Although we do not believe that the  provision of this benefit  should
have any adverse tax effect,  it is possible  that the IRS could take a contrary
position  and could  assert  that some  portion of the  charges  for the minimum
guaranteed  death benefit should be treated for Federal income tax purposes as a
partial  withdrawal  from  the  Certificate.  If this  were  so,  such a  deemed
withdrawal could be taxable,  and for Certificate  Owners under age 59 1/2, also
subject to tax penalty.

   
Special  distribution  requirements  apply  upon  the  death  of the  owner of a
non-qualified  annuity.  That is, in the case of a contract  where the owner and
annuitant are different, even though the annuity contract could continue because
the  annuitant  has not died,  Federal  tax law  requires  that the  person  who
succeeds as owner of the  contract  take  taxable  distribution  of the contract
within a specified  period of time. This includes the surviving Joint Owner in a
nonspousal  joint ownership  situation.  See "When an NQ Certificate  Owner Dies
before the Annuitant" in Part 4.
    

CHARITABLE REMAINDER TRUSTS

On April 17, 1997,  the IRS issued  proposed  regulations  concerning  CRTs. The
preamble to the proposed  regulation  indicates that the IRS is studying whether
the use of deferred  annuities  or other  assets  offering  similar tax benefits
causes a CRT to fail to qualify as a CRT under the tax law.  The IRS also issued
a Revenue  Procedure  which indicates that effective such date it will no longer
issue rulings that a trust qualifies as a CRT in situations  where the timing of
trust income can be controlled to take advantage of the difference between trust
income and taxable income for the benefit of the unitrust recipient.

SPECIAL RULES FOR NQ CERTIFICATES ISSUED IN PUERTO RICO

   
Under  current  law  Equitable  Life  treats  income  from  NQ  Certificates  as
U.S.-source.  A  Puerto  Rico  resident  is  subject  to U.S.  taxation  on such
U.S.-source  income.  Only Puerto Rico-source income of Puerto Rico residents is
excludable  from U.S.  taxation.  Income from NQ Certificates is also subject to
Puerto Rico tax. The computation of the taxable  portion of amounts  distributed
from a Certificate  may differ in the two  jurisdictions.  Therefore,  you might
have to file both U.S. and Puerto Rico tax returns, showing different amounts of
income for each. Puerto Rico generally provides a credit against Puerto Rico tax
for U.S. tax paid.  Depending on your  personal  situation and the timing of the
different tax  liabilities,  you may not be able to take full  advantage of this
credit.
    

Please consult your tax adviser to determine the applicability of these rules to
your own tax situation.

IRA TAX INFORMATION

   
The term "IRA" may generally  refer to all individual  retirement  arrangements,
including individual retirement accounts and individual retirement annuities. In
addition to being  available  in both  trusteed  or  custodial  account  form or
individual   annuity  form,   there  are  many  varieties  of  IRAs.  There  are
"Traditional IRAs" which are generally funded on a pre-tax basis. There are Roth
IRAs,  newly  available  in 1998,  which must be funded on an  after-tax  basis.
SEP-IRAs  (including  SARSEP-IRAs)  and  SIMPLE-
    


                                       48

<PAGE>

   
IRAs are issued  and funded in  connection  with  employer-sponsored  retirement
plans.  Regardless  of the  type of IRA,  your  interest  in the IRA  cannot  be
forfeited.  You or your  beneficiaries who survive you are the only ones who can
receive the benefits or payments.

The Equitable  Accumulator  Certificate is designed to qualify as an "individual
retirement  annuity" under Section 408(b) of the Code. This prospectus  contains
the  information  which  the  Internal  Revenue  Service  (IRS)  requires  to be
disclosed to you before you purchase an individual retirement arrangement.  This
section of Part 8 covers some of the special tax rules that apply to  individual
retirement  arrangements,  including  Traditional IRAs and Roth IRAs.  Education
IRAs are not  discussed in this  prospectus  because  they are not  available in
individual retirement annuity form.

Further information regarding individual retirement  arrangements  generally can
be found in Internal  Revenue  Service  Publication  590,  entitled  "Individual
Retirement Arrangements (IRAs)," which is generally updated annually, and can be
obtained from any IRS district office.
    

There is no limit to the number of IRAs  (including Roth IRAs) you may establish
or maintain as long as you meet the  requirements  for  establishing and funding
the  IRA.  However,  if you  maintain  multiple  IRAs,  you may be  required  to
aggregate IRA values or contributions for tax purposes. You should be aware that
all types of IRAs are  subject to certain  restrictions  in order to qualify for
special treatment under the Federal tax law.

   
The Equitable  Accumulator  IRA  Certificate  has been approved by the IRS as to
form for use as a Traditional IRA. This IRS approval is a determination  only as
to the form of the annuity,  does not represent a determination of the merits of
the annuity as an  investment,  and may not address  certain  features under the
Equitable Accumulator IRA Certificate.  The IRS does not yet have a procedure in
place for approving the form of Roth IRAs.
    

TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)

   
Cancellation

You can  cancel a  Certificate  issued as a  Traditional  IRA by  following  the
directions  in Part 4 under "Free Look  Period."  Since there may be adverse tax
consequences  if a  Certificate  is  cancelled  (and  because we are required to
report to the IRS certain  distributions  from cancelled  Traditional IRAs), you
should consult with a tax adviser before making any such decision. If you cancel
this Certificate,  you may establish a new individual retirement  arrangement if
at the time you meet the requirements for establishing an individual  retirement
arrangement.
    

Contributions to Traditional IRAs

Individuals  may make  three  different  types of  contributions  to  purchase a
Traditional IRA, or as later additions to an existing Traditional IRA: "regular"
contributions  out  of  earnings,   tax-free   "rollover"   contributions   from
tax-qualified  plans,  or direct  custodian-to-custodian  transfers  from  other
traditional individual retirement arrangements ("direct transfers").

   
The  initial  contribution  to the  Certificate  must be either a rollover  or a
direct custodian-to-custodian  transfer. See "Rollovers and Transfers" discussed
below.  Any subsequent  contributions  you make may be any of rollovers,  direct
transfers or "regular"  Traditional IRA contributions.  See "Contributions under
the  Certificates" in Part 4. The immediately  following  discussion  relates to
"regular" Traditional IRA contributions. For the reasons noted in "Rollovers and
Transfers"  below,  you should  consult with your tax adviser  before making any
subsequent  contributions  to a Traditional  IRA which is intended to serve as a
"conduit" IRA.

Generally,  $2,000 is the maximum amount of contributions  which you may make to
all IRAs  (including Roth IRAs) in any taxable year. The above limit may be less
when your  earnings  are below  $2,000.  This limit  does not apply to  rollover
contributions or direct custodian-to-custodian transfers into a Traditional IRA.

If you are married and file a joint  income tax return,  your and your  spouse's
compensation  effectively  can be  aggregated  for purposes of  determining  the
permissible  amount of regular  contributions to Traditional IRAs (and Roth IRAs
discussed below).  Even if one spouse has no compensation or compensation  under
$2,000,  married  individuals filing jointly can contribute up to $4,000 for any
taxable  year to any  combination  of  Traditional  IRAs  and  Roth  IRAs.  (Any
contributions  to Roth IRAs reduce the ability to contribute to Traditional IRAs
and vice  versa.)  The maximum  amount may be less if earnings  are less and the
other spouse has made IRA contributions. No more than a combined total of $2,000
can be contributed  annually to either spouse's  traditional and Roth individual
retirement  arrangements.  Each  spouse  owns his or her  individual  retirement
arrangements  (Traditional and Roth IRA) even if contributions were fully funded
by the other spouse.

The amount of Traditional IRA  contributions  for a tax year that you can deduct
depends  on  whether  you  are  covered  by  an  employer-sponsored  tax-favored
retirement plan. An  employer-sponsored  tax-favored  retirement plan includes a
qualified plan, a  tax-sheltered  account or annuity under Section 403(b) of 
    


                                       49
<PAGE>


   
the Code  (TSA)  or a  simplified  employee  pension  plan.  In  certain  cases,
individuals covered by a tax-favored retirement plan include persons eligible to
participate  in the plan although not actually  participating.  Whether or not a
person is covered by a retirement  plan will be reported on an  employee's  Form
W-2.
    

Regardless of adjusted gross income (AGI), you may make deductible contributions
to a  Traditional  IRA for each tax year up to the  lesser  of $2,000 or 100% of
compensation  (MAXIMUM  PERMISSIBLE  DOLLAR  DEDUCTION)  if  not  covered  by  a
retirement plan.

   
If you are  single  and  covered  by a  retirement  plan  during any part of the
taxable year,  the deduction for IRA  contributions  phases out with AGI between
$30,000 and $40,000 in 1998.  This amount will be indexed every year until 2005.
If you are married and file a joint return, and you are covered by a tax-favored
retirement  plan  during  any  part  of the  taxable  year,  the  deduction  for
Traditional IRA contributions phases out with AGI between $50,000 and $60,000 in
1998.  This amount will be indexed  every year until 2007.  Married  individuals
filing separately and living apart at all times are not treated as being married
for purposes of this deductible contribution calculation.  Generally, the active
participation  in an  employer-sponsored  retirement  plan of an  individual  is
determined  independently  for each spouse.  Where spouses have "married  filing
jointly" status,  however,  the maximum deductible  Traditional IRA contribution
for an  individual  who is not an active  participant  (but  whose  spouse is an
active participant) is phased out for taxpayers with AGI of between $150,000 and
$160,000.

To determine the deductible  amount of the contribution  with the phase out, you
determine AGI and subtract $30,000 if you are single, $50,000 if you are married
and file a joint return with your spouse.  The  resulting  amount is your Excess
AGI.  You  then  determine  the  limit  on the  deduction  for  Traditional  IRA
contributions using the following formula:

                                Maximum           Adjusted
  $10,000 - Excess AGI    x   Permissible   =      Dollar
  --------------------           Dollar           Deduction 
        $10,000                Deduction            Limit  
                               

If  you  are  not  eligible  to  deduct  part  or all  of  the  Traditional  IRA
contribution  you may still make  nondeductible  contributions on which earnings
will  accumulate on a  tax-deferred  basis.  The  deductible  and  nondeductible
contributions  to your Traditional IRA (or the nonworking  spouse's  Traditional
IRA) may not, however,  together exceed the maximum $2,000 per person limit. See
"Excess  Contributions"  below. You must keep your own records of deductible and
non-deductible  contributions  in  order  to  prevent  double  taxation  on  the
distribution of previously taxed amounts.  See  "Distributions  from Traditional
IRA Certificates" below.

If you are making  nondeductible  contributions in any taxable year, or you have
made  nondeductible  contributions  to a Traditional  IRA in prior years and are
receiving  amounts  from  any  Traditional  IRA,  you  must  file  the  required
information with the IRS. Moreover, if you are making nondeductible  Traditional
IRA contributions, you must retain all income tax returns and records pertaining
to  such  contributions  until  interests  in all  Traditional  IRAs  are  fully
distributed.

Traditional IRA  contributions may be made for a tax year until the deadline for
filing a Federal  income tax return for that tax year (without  extensions).  No
contributions are allowed for the tax year in which you attain age 70 1/2 or any
tax  year  after  that.  A  working  spouse  age 70 1/2 or  over,  however,  can
contribute  up to the lesser of $2,000 or 100% of  "earned  income" to a spousal
individual  retirement  arrangement  for a  nonworking  spouse until the year in
which the nonworking spouse reaches age 70 1/2.
    

EXCESS CONTRIBUTIONS

   
Excess contributions to a Traditional IRA are subject to a 6% excise tax for the
year in which made and for each year thereafter until withdrawn.  In the case of
"regular" Traditional IRA contributions any contribution in excess of the lesser
of $2,000 or 100% of compensation  or earned income is an "excess  contribution"
(without  regard to the  deductibility  or  nondeductibility  of Traditional IRA
contributions  under this limit).  Also, any "regular"  contributions made after
you  reach  age  70 1/2  are  excess  contributions.  In the  case  of  rollover
Traditional IRA  contributions,  excess  contributions are amounts which are not
eligible to be rolled over (for example,  after-tax contributions to a qualified
plan or minimum  distributions  required to be made after age 70 1/2). An excess
contribution  (rollover or "regular")  which is withdrawn,  however,  before the
time for filing  your  Federal  income  tax  return for the tax year  (including
extensions)  is not includable in income and therefore is not subject to the 10%
penalty tax on early distributions  (discussed below under "Penalty Tax on Early
Distributions"),  provided any earnings  attributable to the excess contribution
are also  withdrawn and no tax  deduction is taken for the excess  contribution.
The withdrawn earnings on the excess contribution,  however, would be includable
in your gross  income and would be subject  to the 10%  penalty  tax.  If excess
contributions  are not withdrawn  before the time for filing your Federal income
tax return for the year  (including  extensions),  "regular"  contributions  may
still be withdrawn after that time if the Traditional IRA  contribution  for the
tax year did not  exceed  $2,000 and no tax  deduction  was taken for the excess
contribution;  in that event, the excess contribution would not be
    


                                       50

<PAGE>

   
includable  in gross  income and would not be subject  to the 10%  penalty  tax.
Lastly, excess "regular" contributions may also be removed by underutilizing the
allowable contribution limits for a later year.

If excess rollover  contributions  are not withdrawn  before the time for filing
your  Federal  tax return  for the year  (including  extensions)  and the excess
contribution occurred as a result of incorrect information provided by the plan,
any such excess  amount can be withdrawn if no tax  deduction  was taken for the
excess  contribution.  As above, excess rollover  contributions  withdrawn under
those  circumstances  would not be  includable  in gross income and would not be
subject to the 10% penalty tax.

ROLLOVERS AND TRANSFERS

Rollover  contributions may be made to a Traditional IRA from these sources: (i)
qualified plans, (ii) TSAs (including  403(b)(7)  custodial  accounts) and (iii)
other traditional individual retirement arrangements.
    

The rollover  amount must be transferred to the  Certificate  either as a direct
rollover  of an  "eligible  rollover  distribution"  (described  below)  or as a
rollover  by  the  individual  plan  participant  or  owner  of  the  individual
retirement arrangement. In the latter cases, the rollover must be made within 60
days of the date the proceeds  from another  traditional  individual  retirement
arrangement or an eligible  rollover  distribution  from a qualified plan or TSA
were  received.  Generally,  the  taxable  portion  of any  distribution  from a
qualified  plan or TSA is an eligible  rollover  distribution  and may be rolled
over tax free to a  Traditional  IRA unless the  distribution  is (i) a required
minimum  distribution  under  Section  401(a)(9)  of the Code;  or (ii) one of a
series of substantially  equal periodic  payments made (not less frequently than
annually) (a) for the life (or life  expectancy) of the plan  participant or the
joint lives (or joint life  expectancies) of the plan participant and his or her
designated beneficiary,  or (b) for a specified period of ten years or more. Any
amount  contributed to a Traditional IRA after you attain age 70 1/2 must be net
of your  required  minimum  distribution  for the year in which the  rollover or
direct transfer contribution is made.

Under some  circumstances,  amounts from a  Certificate  may be rolled over on a
tax-free  basis to a  qualified  plan.  To get this  "conduit"  Traditional  IRA
treatment,  the source of funds used to establish the  Traditional IRA must be a
rollover  contribution  from the qualified  plan and the entire amount  received
from the Traditional  IRA (including any earnings on the rollover  contribution)
must be  rolled  over into  another  qualified  plan  within 60 days of the date
received.  Similar rules apply in the case of a TSA. If you make a  contribution
to the  Certificate  which is from an  eligible  rollover  distribution  and you
commingle such  contribution  with other  contributions,  you may not be able to
roll over these eligible  rollover  distribution  contributions  and earnings to
another qualified plan (or TSA, as the case may be) at a future date, unless the
Code permits.

   
Under  the  conditions  and  limitations  of the  Code,  you may  elect for each
Traditional  IRA to make a tax-free  rollover once every  12-month  period among
individual  retirement  arrangements  (including rollovers from retirement bonds
purchased before 1983).  Custodian-to-custodian  transfers are not rollovers and
can be made more frequently than once a year.
    

The same tax-free  treatment  applies to amounts  withdrawn from the Certificate
and rolled over into other traditional individual retirement arrangements unless
the  distribution  was received  under an inherited  Traditional  IRA.  Tax-free
rollovers are also available to the surviving  spouse  beneficiary of a deceased
individual, or a spousal alternate payee of a qualified domestic relations order
applicable  to a  qualified  plan.  In  some  cases,  Traditional  IRAs  can  be
transferred on a tax-free basis between spouses or former spouses  incidental to
a judicial decree of divorce or separation.

DISTRIBUTIONS FROM TRADITIONAL IRA CERTIFICATES

   
Income or gains on  contributions  under  Traditional  IRAs are not  subject  to
Federal income tax until benefits are distributed to you.  Distributions include
withdrawals  from your  Certificate,  surrender of your  Certificate and annuity
payments from your Certificate. Death benefits are also distributions. Except as
discussed below, the amount of any distribution  from a Traditional IRA is fully
includable as ordinary income by you in your gross income.

If you have made nondeductible IRA contributions to any Traditional IRA (whether
or not this particular arrangement),  those contributions are recovered tax free
when distributions are received. You must keep records of all such nondeductible
contributions.  At the end of each  tax  year  in  which  you  have  received  a
distribution  from  any  traditional  individual  retirement  arrangement,   you
determine a ratio of the total nondeductible Traditional IRA contributions (less
any amounts previously  withdrawn tax free) to the total account balances of all
Traditional  IRAs  held by you at the end of the tax  year  (including  rollover
Traditional  IRAs) plus all Traditional IRA  distributions  made during such tax
year.  The  resulting  ratio is then  multiplied by all  distributions  from the
Traditional IRA during that tax year to determine the nontaxable portion of each
distribution.

In addition, a distribution (other than a required minimum distribution received
after  age 70 1/2) is not  taxable  if (1) the  amount  received  is a return of
excess   contributions   which  are  withdrawn,   as  described   under  "Excess
Contributions"  above,  (2) the entire 
    


                                       51
<PAGE>

   
amount  received is rolled  over to another  traditional  individual  retirement
arrangement  (see  "Rollovers  and Transfers"  above) or (3) in certain  limited
circumstances,  where the Traditional IRA acts as a "conduit," the entire amount
is paid into a qualified plan or TSA that permits rollover contributions.
    

Distributions  from a Traditional IRA are not entitled to the special  favorable
five-year  averaging method (or, in certain cases,  favorable ten-year averaging
and   long-term   capital  gain   treatment)   available  in  certain  cases  to
distributions from qualified plans.

REQUIRED MINIMUM DISTRIBUTIONS

   
The minimum  distribution  rules require  Traditional IRA owners to start taking
annual distributions from their retirement plans by age 70 1/2. The distribution
requirements  are designed to provide for  distribution  of your interest in the
IRA over your life  expectancy.  Whether the correct amount has been distributed
is calculated on a  year-by-year  basis;  there are no provisions in the Code to
allow  amounts  taken in excess of the  required  amount to be  carried  over or
carried back and credited to other years.

Generally, you must take the first required minimum distribution with respect to
the calendar  year in which you turn age 70 1/2. You have the choice to take the
first  required  minimum  distribution  during the calendar year you turn age 70
1/2, or to delay taking it until the three-month (January 1 - April 1) period in
the next calendar year. (Distributions must commence no later than the "Required
Beginning  Date,"  which is the April 1st of the  calendar  year  following  the
calendar  year in which you turn age 70 1/2.) If you choose to delay  taking the
first  annual  minimum  distribution,  then  you will  have to take two  minimum
distributions  in that year -- the  delayed  one for the first  year and the one
actually for that year. Once minimum  distributions  begin, they must be made at
some time every year.

There are two approaches to taking minimum  distributions  -- "account based" or
"annuity  based" -- and there are a number of  distribution  options  in both of
these  categories.  These  choices  are  intended  to give  you a great  deal of
flexibility to provide for yourself and your family.

An account-based  minimum  distribution  approach may be a lump sum payment,  or
periodic  withdrawals  made over a period which does not extend beyond your life
expectancy or the joint life  expectancies of you and a designated  beneficiary.
An annuity-based  approach involves  application of the Annuity Account Value to
an annuity for your life or the joint lives of you and a designated beneficiary,
or for a period certain not extending beyond applicable life expectancies.
    

You should discuss with your tax adviser which minimum  distribution options are
best for your own personal  situation.  Individuals who are participants in more
than  one  tax-favored   retirement  plan  may  be  able  to  choose   different
distribution options for each plan.

Your required minimum  distribution for any taxable year is calculated by taking
into account the required  minimum  distribution  from each of your  traditional
individual retirement arrangements.  The IRS, however, does not require that you
make the  required  distribution  from each  traditional  individual  retirement
arrangement that you maintain.  As long as the total amount distributed annually
satisfies your overall minimum distribution requirement,  you may choose to take
your annual required  distribution  from any one or more traditional  individual
retirement arrangements that you maintain.

   
You may  recompute  your  minimum  distribution  amount  each year based on your
current life  expectancy  as well as that of your spouse.  No  recomputation  is
permitted, however, for a beneficiary other than a spouse.

If you have been computing minimum distributions with respect to Traditional IRA
funds on an account-based  approach (discussed above) you may subsequently apply
such funds to a life  annuity-based  payout,  provided  that you have elected to
recalculate  life  expectancy  annually (and your spouse's life  expectancy if a
spousal joint annuity is selected).  For example,  if you anticipate  exercising
your  Guaranteed  Minimum  Income  Benefit or  selecting  any other form of life
annuity  payout after you are age 70 1/2,  you must have elected to  recalculate
life expectancies.
    

If there is an  insufficient  distribution in any year, a 50% tax may be imposed
on the amount by which the minimum required to be distributed exceeds the amount
actually  distributed.  The  penalty tax may be waived by the  Secretary  of the
Treasury in certain limited circumstances. Failure to have distributions made as
the Code and Treasury regulations require may result in disqualification of your
Traditional IRA. See "Tax Penalty for Insufficient Distributions" below.

   
Except as described in the next sentence,  if you die after  distribution in the
form of an annuity has begun, or after the Required  Beginning Date,  payment of
the remaining interest must be made at least as rapidly as under the method used
prior to your death.  (The IRS has indicated  that an exception to the rule that
payment of the remaining  interest must be made at least as rapidly as under the
method used prior to your death applies if the  beneficiary  of the  Traditional
IRA is your surviving spouse. In some  circumstances,  your surviving spouse may
elect to "make the Traditional IRA his or her own" and halt distributions  until
he or she reaches age 70 1/2.)
    


                                       52
<PAGE>

   
If you die before the Required  Beginning Date and before  distributions  in the
form of an  annuity  begin,  distributions  of your  entire  interest  under the
Certificate must be completed within five years after death,  unless payments to
a designated  beneficiary  begin within one year of your death and are made over
the beneficiary's life or over a period certain which does not extend beyond the
beneficiary's life expectancy.

If your surviving  spouse is the designated  beneficiary,  your spouse may delay
the  commencement  of such  payments up until you would have attained 70 1/2. In
the  alternative,  a  surviving  spouse  may  elect to roll  over the  inherited
Traditional IRA into the surviving spouse's own Traditional IRA.
    

TAXATION OF DEATH BENEFITS

   
Distributions  received  by a  beneficiary  are  generally  given  the  same tax
treatment you would have received if distribution had been made to you.
    

If your  spouse  is the sole  primary  beneficiary  and  elects  to  become  the
successor Annuitant and Certificate Owner, no death benefit is payable until the
surviving spouse's death.

GUARANTEED MINIMUM DEATH BENEFIT

The  Code  provides  that no part of an  individual  retirement  account  may be
invested in life  insurance  contracts.  Treasury  Regulations  provide  that an
individual  retirement  account  may be invested  in an annuity  contract  which
provides a death benefit of the greater of premiums paid or the contract's  cash
value.  Your  Certificate  provides a minimum  death benefit  guarantee  that in
certain  circumstances  may be greater than either of contributions  made or the
Annuity Account Value. Although there is no ruling regarding the type of minimum
death benefit  guarantee  provided by the  Certificate,  Equitable Life believes
that the  Certificate's  minimum  death benefit  guarantee  should not adversely
affect the qualification of the Certificate as a Traditional IRA.  Nevertheless,
it is  possible  that the IRS could  disagree,  or take the  position  that some
portion of the charge in the Certificate for the minimum death benefit guarantee
should  be  treated  for  Federal  income  tax  purposes  as a  taxable  partial
withdrawal from the Certificate. If this were so, such a deemed withdrawal would
also be subject to tax penalty for Certificate Owners under age 59 1/2.

   
TAX CONSIDERATIONS FOR THE ASSURED PAYMENT OPTION AND APO PLUS

Although  the Life  Contingent  Annuity  does not have a Cash Value,  it will be
assigned a value for tax purposes  which will generally  change each year.  This
value must be taken into account when determining the amount of required minimum
distributions  from your Traditional IRA even though the Life Contingent Annuity
may not be  providing  a source  of  funds  to  satisfy  such  required  minimum
distribution.  Accordingly, before you apply any Traditional IRA funds under the
Assured  Payment  Option or APO Plus or terminate  such  Options,  you should be
aware of the tax considerations  discussed below.  Consult with your tax adviser
to determine the impact of electing the Assured  Payment  Option and APO Plus in
view of your own particular situation.

When  funds  have  been  allocated  to the  Life  Contingent  Annuity,  you will
generally  be  required to  determine  your  required  minimum  distribution  by
annually recalculating your life expectancy.  The Assured Payment Option and APO
Plus will not be available  if you have  previously  made a different  election.
Recalculation  is no longer  required  once the only payments you or your spouse
receive are under the Life Contingent Annuity.

If prior to the date  payments are to start under the Life  Contingent  Annuity,
you surrender your Certificate, or withdraw any remaining Annuity Account Value,
it may be necessary for you to satisfy your  required  minimum  distribution  by
accelerating the start date of payments for your Life Contingent  Annuity, or to
the extent available,  take  distributions  from other Traditional IRA funds you
may have.  Alternatively,  you may convert your  Traditional IRA Life Contingent
Annuity under the Certificate to a non-qualified Life Contingent  Annuity.  This
would be viewed as a distribution  of the value of the Life  Contingent  Annuity
from the  Traditional  IRA, and therefore,  would be a taxable  event.  However,
since the Life Contingent  Annuity would no longer be part of a Traditional IRA,
its value would not have to be taken into account in determining future required
minimum distributions.

If you have elected a Joint and Survivor  form of the Life  Contingent  Annuity,
the joint  Annuitant  must be your  spouse.  You must  determine  your  required
minimum  distribution  by annually  recalculating  both your life expectancy and
your spouse's life expectancy.  The Assured Payment Option and APO Plus will not
be available if you have previously made a different election.  Recalculation is
no longer  required once the only payments you or your spouse  receive are under
the Life  Contingent  Annuity.  The value of such an annuity  will change in the
event  of your  death or the  death  of your  spouse.  For  this  reason,  it is
important  that we be  informed  if you or your  spouse  dies  before  the  Life
Contingent  Annuity has started  payments so that a lower valuation can be made.
Otherwise a higher tax value may result in an  overstatement  of the amount that
would be necessary to satisfy your required minimum distribution amount.

Allocations of funds to the Life Contingent  Annuity may prevent the Certificate
from later receiving  "conduit"  Traditional  IRA treatment.  See "Rollovers and
Transfers" above.
    


                                       53
<PAGE>

PROHIBITED TRANSACTION

   
A Traditional  IRA may not be borrowed  against or used as collateral for a loan
or other obligation.  If the IRA is borrowed against or used as collateral,  its
tax-favored status will be lost as of the first day of the tax year in which the
event  occurred.  If this happens,  you must include in Federal gross income for
that  year an  amount  equal to the fair  market  value of the  Traditional  IRA
Certificate  as of the  first  day of that  tax  year,  less the  amount  of any
nondeductible   contributions   not  previously   withdrawn.   Also,  the  early
distribution  penalty  tax of 10% will apply if you have not  reached age 59 1/2
before the first day of that tax year. See "Penalty Tax on Early  Distributions"
below.
    

PENALTY TAX ON EARLY DISTRIBUTIONS

The taxable  portion of Traditional IRA  distributions  will be subject to a 10%
penalty  tax unless the  distribution  is made (1) on or after your  death,  (2)
because you have become disabled, (3) on or after the date when you reach age 59
1/2, or (4) in accordance with the exception  outlined below if you are under 59
1/2.  Also not  subject to  penalty  tax are IRA  distributions  used to pay (5)
certain extraordinary medical expenses or medical insurance premiums for defined
unemployed individuals, (6) qualified first-time home buyer expense payments, or
(7) higher educational expense payments, all as defined in the Code.

   
A payout over your life or life  expectancy (or joint and survivor lives or life
expectancies),  which  is part  of a  series  of  substantially  equal  periodic
payments made at least  annually,  is also not subject to penalty tax. To permit
you to meet this exception,  Equitable Life has two options: Substantially Equal
Payment  Withdrawals and the Income Manager (Life Annuity with a Period Certain)
payout annuity certificates,  both of which are described in Part 5. The version
of the  Income  Manager  payout  annuity  certificates  which  would  meet  this
exception  must provide level  payments for life.  If you are a Traditional  IRA
Certificate  Owner who will be under age 59 1/2 as of the date the first payment
is expected to be received and you choose  either  option,  Equitable  Life will
calculate the substantially  equal annual payments under a method we will select
based on guidelines issued by the IRS (currently  contained in IRS Notice 89-25,
Question and Answer 12). Although  Substantially  Equal Payment  Withdrawals and
Income Manager payments are not subject to the 10% penalty tax, they are taxable
as discussed in "Distributions  from Traditional IRA  Certificates"  above. Once
Substantially  Equal Payment  Withdrawals or Income Manager  payments begin, the
distributions should not be stopped or changed until the later of your attaining
age 59 1/2 or five  years  after  the  date of the  first  distribution,  or the
penalty tax, including an interest charge for the prior penalty  avoidance,  may
apply to all prior  distributions  under this option.  Also, it is possible that
the IRS could  view any  additional  withdrawal  or  payment  you take from your
Certificate as changing your pattern of Substantially  Equal Payment Withdrawals
or Income  Manager  payments  for  purposes of  determining  whether the penalty
applies.
    

Where a taxpayer under age 59 1/2 purchases a traditional  individual retirement
annuity  contract  calling for  substantially  equal periodic  payments during a
fixed period, continuing afterwards under a joint life contingent annuity with a
reduced  payment  to the  survivor  (e.g.,  a joint  and 50% to  survivor),  the
question might be raised whether  payments will not be  substantially  equal for
the joint lives of the taxpayer and survivor, as the payments will be reduced at
some point. In issuing our information  returns, we code the substantially equal
periodic  payments  from such a contract as eligible for an  exception  from the
early  distribution  penalty.  We  believe  that any change in  payments  to the
survivor would come within the statutory  provision  covering change of payments
on account of death. As there is no direct authority on this point,  however, if
you are under age 59 1/2, you should discuss this item with your own tax adviser
when electing a reduced survivorship option.

TAX PENALTY FOR INSUFFICIENT DISTRIBUTIONS

   
Failure to make  required  distributions  discussed  above in "Required  Minimum
Distributions"   may  cause  the   disqualification   of  the  Traditional  IRA.
Disqualification  may result in current  taxation  of your  entire  benefit.  In
addition a 50% penalty tax may be imposed on the difference between the required
distribution amount and the amount actually distributed, if any.
    

We do not automatically make distributions from a Certificate before the Annuity
Commencement  Date unless a request has been made. It is your  responsibility to
comply with the minimum  distribution rules. We will notify you when our records
show that your age 70 1/2 is approaching. If you do not select a method, we will
assume you are taking your minimum  distribution  from another  Traditional  IRA
that you maintain.  You should  consult with your tax adviser  concerning  these
rules and their proper application to your situation.

ROTH INDIVIDUAL RETIREMENT ANNUITIES (ROTH IRAS)

   
This  section of Part 8 covers  some of the special tax rules that apply to Roth
IRAs.

The Equitable  Accumulator  Roth IRA is designed to qualify as a Roth individual
retirement annuity under Sections 408A and 408(b) of the Code.
    


                                       54
<PAGE>

Cancellation

   
You can cancel a Certificate issued as a Roth IRA by following the directions in
Part 4 under  "Free Look  Period."  In  addition,  you can  cancel an  Equitable
Accumulator  Roth IRA Certificate  issued as a result of a full conversion of an
Equitable Accumulator  Traditional IRA Certificate by following the instructions
in the request for full conversion form available from our Processing  Office or
your agent.  Since there may be adverse tax  consequences  if a  Certificate  is
cancelled   (and   because  we  are  required  to  report  to  the  IRS  certain
distributions from cancelled IRAs), you should consult with a tax adviser before
making any such decision.
    

Contributions to Roth IRAs

The following discussion relates to contributions to Roth IRAs. Contributions to
Traditional IRAs are discussed above.

   
Individuals  may make four different types of  contributions  to purchase a Roth
IRA, or as later  additions  to an existing  Roth IRA: (1)  "regular"  after-tax
contributions  out  of  earnings,  (2)  taxable  "rollover"  contributions  from
Traditional   IRAs   ("conversion"   contributions),   (3)   tax-free   rollover
contributions    from    other    Roth   IRAs,    or   (4)    tax-free    direct
custodian-to-custodian  transfers from other Roth IRAs ("direct transfers"). See
"Contributions under the Certificates" in Part 4. Since only direct transfer and
rollover  contributions  are permitted under the Roth IRA  Certificate,  regular
after-tax contributions are not discussed here.
    

ROLLOVERS AND DIRECT  TRANSFERS -- WHAT IS THE DIFFERENCE  BETWEEN  ROLLOVER AND
DIRECT TRANSFER  TRANSACTIONS?  

   
Rollover  contributions  may be made to a Roth IRA from  only two  sources:  (i)
another Roth IRA ("tax-free rollover contribution"), or (ii) another Traditional
IRA  in  a  taxable  "conversion"  rollover  ("conversion   contribution").   No
contribution  may be made to a Roth  IRA from a  qualified  plan  under  Section
401(a) of the Code, or a tax-sheltered  arrangement  under Section 403(b) of the
Code.  Currently we also do not accept  rollover  contributions  from  SEP-IRAs,
SARSEP-IRAs or SIMPLE-IRAs. The rollover contribution must be applied to the new
Roth IRA Certificate within 60 days of the date the proceeds from the other Roth
IRA or the Traditional IRA was received by you.

Direct transfer  contributions  may be made to a Roth IRA only from another Roth
IRA.  The  difference  between  a  rollover  transaction  and a direct  transfer
transaction  is that in a rollover  transaction  the  individual  actually takes
possession of the funds rolled over, or constructively receives them in the case
of a change from one type of plan to another. In a direct transfer  transaction,
the individual  never takes  possession of the funds, but directs the first Roth
IRA  custodian,  trustee or issuer to transfer the first Roth IRA funds directly
to Equitable Life, as the Roth IRA issuer. Direct transfer transactions can only
be made  between  identical  plan  types  (for  example,  Roth IRA to Roth IRA);
rollover  transactions may be made between identical plan types but must be made
between  different  plan  types  (for  example,  Traditional  IRA to Roth  IRA).
Although the economic effect of a Roth IRA to Roth IRA rollover  transaction and
a Roth IRA to Roth IRA direct  transfer  transaction  is the same -- both can be
accomplished  on a  completely  tax-free  basis -- Roth IRA to Roth IRA rollover
transactions  are  limited to once  every  12-month  period for the same  funds.
Trustee-to-trustee or  custodian-to-custodian  direct transfers are not rollover
transactions and can be made more frequently than once a year.
    

The  surviving  spouse  beneficiary  of a deceased  individual  can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. Also, in
some cases,  Roth IRAs can be transferred on a tax-free basis between spouses or
former spouses incidental to a judicial decree of divorce or separation.

CONVERSION CONTRIBUTIONS TO ROTH IRAS

   
In a conversion rollover  transaction,  you withdraw (or are deemed to withdraw)
all or a portion of funds from a Traditional  IRA you maintain and convert it to
a Roth IRA  within 60 days after you  receive  (or are  deemed to  receive)  the
Traditional  IRA proceeds.  Unlike a rollover from a Traditional  IRA to another
Traditional  IRA, the conversion  rollover  transaction  is not tax exempt;  the
distribution  from the Traditional IRA is generally fully taxable.  (If you have
ever made nondeductible  regular contributions to any Traditional IRA -- whether
or not it is the Traditional IRA you are converting -- a pro rata portion of the
distribution  is tax  exempt.) For this  reason,  Equitable  Life is required to
withhold 10% Federal income tax from the amount  converted  unless you elect out
of  such  withholding.  See  "Federal  and  State  Income  Tax  Withholding  and
Information Reporting" below.

However,  even if you are under age 59 1/2  there is no  premature  distribution
penalty on the Traditional IRA withdrawal that you are converting to a Roth IRA.
Also, a special rule applies to Traditional IRA funds converted to a Roth IRA in
calendar year 1998 only. For 1998 Roth IRA conversion rollover transactions, you
include the gross income from the  Traditional  IRA conversion  ratably over the
four-year  period  1998-2001.  See  discussion of the pre-age 59 1/2  withdrawal
penalty and the special  penalties  that may apply to premature  withdrawals  of
converted  funds under  "Additional  Taxes and  Penalties"  and  "Penalty Tax on
Premature Distributions" below.
    

YOU CANNOT MAKE CONVERSION  CONTRIBUTIONS  TO A ROTH IRA FOR ANY TAXABLE YEAR IN
WHICH YOUR 


                                       55
<PAGE>

ADJUSTED GROSS INCOME EXCEEDS $100,000.  (For this purpose,  your adjusted gross
income is computed  without the gross income  stemming from the  Traditional IRA
conversion.) You also cannot make conversion contributions to a Roth IRA for any
taxable year in which your Federal  income tax filing status is "married  filing
separately."

   
Finally,  you cannot make conversion  contributions  to a Roth IRA to the extent
that the  funds in your  Traditional  IRA are  subject  to the  annual  required
minimum  distribution  rule  applicable to Traditional  IRAs beginning at age 70
1/2. For the  potential  effects of violating  these rules,  see  discussion  of
"Additional Taxes and Penalties" and "Excess Contributions" below.
    

WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS

   
NO RESTRICTIONS ON WITHDRAWALS. You can withdraw any or all of your funds from a
Roth  IRA at any  time;  you do not  need  to  wait  for a  special  event  like
retirement.  However, these withdrawals may be subject to a withdrawal charge as
stated in your  Certificate.  See discussion in Part 6. Also, the withdrawal may
be taxable to an extent and, even if not taxable,  may be subject to tax penalty
in certain  circumstances.  See the discussion below under  "Distributions  from
Roth IRAs,"  "Additional  Taxes and  Penalties,"  and  "Penalty Tax on Premature
Distributions."
    

DISTRIBUTIONS FROM ROTH IRAS

Distributions  include  withdrawals  from your  Certificate,  surrender  of your
Certificate and annuity payments from your Certificate.  Death benefits are also
distributions.

The following distributions from Roth IRAs are free of income tax:

(1) Rollovers from a Roth IRA to another Roth IRA.

   
(2) Direct  transfers  from a Roth IRA to another Roth IRA (see  "Rollovers  and
    Direct Transfers" above).
    

(3) "Qualified  Distributions" from Roth IRAs (see "Qualified Distributions from
    Roth IRAs" below).

   
(4) Return of excess  contributions  (see "Additional  Taxes and Penalties," and
    "Excess Contributions" below).
    

Qualified Distributions from Roth IRAs

Distributions  from  Roth  IRAs  made  because  of  one of  the  following  four
qualifying events or reasons are not includable in income,  provided a specified
five-year  holding or aging period is met. The qualifying  events or reasons are
(1) you  attain  age 59 1/2,  (2)  your  death,  (3) your  disability,  or (4) a
"qualified  first-time  homebuyer   distribution"  (as  defined  in  the  Code).
Qualified first-time homebuyer  distributions are limited to $10,000 lifetime in
the aggregate from all Roth and Traditional IRAs of the taxpayer.

Five-Year Holding or Aging Period

The  applicable  five-year  holding  or  aging  period  depends  on the  type of
contribution   made  to  the  Roth  IRA.   For  Roth  IRAs   funded  by  regular
contributions,  or  rollover  or  direct  transfer  contributions  which are not
directly  or  indirectly   attributable  to  converted   Traditional  IRAs,  any
distribution  made after the  five-taxable  year period beginning with the first
taxable year for which you made a regular  contribution to any Roth IRA (whether
or not the one from which the  distribution  is being made) meets the  five-year
holding or aging  period.  The  Equitable  Accumulator  Roth IRA does not accept
"regular" contributions.  However, it does accept Roth IRA to Roth IRA rollovers
and direct transfers. If the source of your contribution is (indirectly) regular
contributions  made to another Roth IRA and not  conversion  contributions,  the
five-year  holding or aging period  discussed in the prior  sentence  applies to
you.

For Roth IRAs funded directly or indirectly by converted  Traditional  IRAs, the
applicable  five-year  holding  period  begins  with the year of the  conversion
rollover transaction to a Roth IRA.

Although there is currently no statutory prohibition against commingling regular
contributions  and  conversion   contributions  in  any  Roth  IRA,  or  against
commingling conversion  contributions made in more than one taxable year to Roth
IRAs, the IRS strongly encourages individuals to maintain separate Roth IRAs for
regular contributions and conversion contributions.  It also strongly encourages
individuals to  differentiate  conversion  Roth IRAs by conversion  year.  Under
pending  legislation  which could be enacted with a retroactive  effective date,
aggregation  of Roth IRAs by conversion  year may be required.  In the case of a
Roth IRA which contains conversion  contributions and regular contributions,  or
conversion  contributions  from more than one year, the five-year holding period
would be reset to begin with the most recent taxable year for which a conversion
contribution is made.

   
Non-Qualified Distributions from Roth IRAs
    

Non-qualified  distributions  from Roth IRAs are any distributions  which do not
meet the qualifying event and five-year  holding or aging period tests described
above and are potentially taxable as ordinary income. In contrast to Traditional
IRA  distributions,  which  are  assumed  to  be  fully  taxable,  non-qualified
distributions  receive   return-of-investment-first   treatment.  That  is,  the
recipient is taxed only on the difference between the amount of the distribution
and the  amount of Roth IRA  contributions  (less any  distributions  previously
recovered tax free).


                                       56
<PAGE>

Like Traditional IRAs, taxable distributions from a Roth IRA are not entitled to
the  special  favorable  five-year  averaging  method  (or,  in  certain  cases,
favorable ten-year averaging and long-term capital gain treatment)  available in
certain cases to distributions from qualified plans.

   
Although  the IRS has not yet issued  complete  guidance  on all aspects of Roth
IRAs,  it appears  that you will be required to keep your own records of regular
and  conversion  contributions  to all Roth IRAs in order to assure  appropriate
taxation.  An individual making contributions to a Roth IRA in any taxable year,
or receiving  amounts from any Roth IRA may be required to file the  information
with the IRS and retain all income tax returns and  records  pertaining  to such
contributions until interests in Roth IRAs are fully distributed.
    

REQUIRED MINIMUM DISTRIBUTIONS AT DEATH

If you die before  annuitization or before the entire amount of the Roth IRA has
been  distributed to you,  distributions  of your entire interest under the Roth
IRA must be completed to your designated beneficiary by December 31 of the fifth
year after your death,  unless  payments to a  designated  beneficiary  begin by
December  31 of the year after  your  death and are made over the  beneficiary's
life or over a period  which  does not  extend  beyond  the  beneficiary's  life
expectancy.  If  your  surviving  spouse  is  the  designated  beneficiary,   no
distributions  to a beneficiary are required until after the surviving  spouse's
death.

TAXATION OF DEATH BENEFIT

Distributions  received  by a  beneficiary  are  generally  given  the  same tax
treatment you would have received if distribution had been made to you.

ADDITIONAL TAXES AND PENALTIES

You are  subject  to  additional  taxation  for  using  your  Roth IRA  funds in
prohibited  transactions (as described  below).  There are also additional taxes
for making excess contributions and making certain pre-age 59 1/2 distributions.

Prohibited Transactions

   
A Roth IRA may not be borrowed against or used as collateral for a loan or other
obligation.  If the Roth IRA is  borrowed  against  or used as  collateral,  its
tax-favored status will be lost as of the first day of the tax year in which the
event occurred.  If this happens, you may be required to include in your Federal
gross income for that year an amount equal to the fair market value of your Roth
IRA  Certificate  as of  the  first  day  of  that  tax  year.  Also,  an  early
distribution  penalty  tax of 10% could apply if you have not reached age 59 1/2
before  the  first  day  of  that  tax  year.  See  "Penalty  Tax  on  Premature
Distributions" below.
    

EXCESS CONTRIBUTIONS

Excess  contributions  to a Roth IRA are subject to a 6% excise tax for the year
in which  made and for each  year  thereafter  until  withdrawn.  In the case of
rollover Roth IRA  contributions,  "excess  contributions" are amounts which are
not eligible to be rolled over (for  example,  conversion  contributions  from a
Traditional  IRA if your  adjusted  gross income is in excess of $100,000 in the
conversion year).

As of the date of this  prospectus,  there  is some  uncertainty  regarding  the
adjustment  of  excess  contributions  to Roth  IRAs.  The rules  applicable  to
Traditional  IRAs,  which  may  apply,   provide  that  an  excess  contribution
("regular"  or  rollover)  which is  withdrawn  before the time for filing  your
Federal  income  tax  return  for the tax  year  (including  extensions)  is not
includable  in  income  and is not  subject  to the  10%  penalty  tax on  early
distributions (discussed below under "Penalty Tax on Premature  Distributions"),
provided  any  earnings   attributable  to  the  excess  contribution  are  also
withdrawn. The withdrawn earnings on the excess contribution,  however, could be
includable  in  your  gross  income  for  the  tax  year  in  which  the  excess
contribution  from  which  they  arose was made and could be  subject to the 10%
penalty tax.

As of the  date of this  prospectus,  pending  legislation,  if  enacted,  would
provide  that a  taxpayer  has up until the due date of the  Federal  income tax
return for a tax year (including  extensions) to correct an excess  contribution
to a Roth IRA by doing a trustee-to-trustee transfer to a Traditional IRA of the
excess  contribution  and the  applicable  earnings,  as long as no deduction is
taken  for  the  contribution.  There  can be no  assurance  that  such  pending
legislation  will be enacted or will not be  modified.  Please  consult your tax
adviser for information on the status of any legislation concerning Roth IRAs.

PENALTY TAX ON PREMATURE DISTRIBUTIONS

The taxable portion of  distributions  from a Roth IRA made before you reach age
59 1/2 will be subject to an additional  10% Federal  income tax penalty  unless
one of the following exceptions applies. There are exceptions for:

o  Your death,

o  Your disability,

o  Distributions used to pay certain extraordinary medical expenses,

o  Distributions  used to pay medical insurance  premiums for certain unemployed
   individuals,

o  Substantially  equal  payments made at least annually over your life (or your
   life  expectancy),  or over the  lives of you and your  beneficiary  (or your
   joint life 


                                       57

<PAGE>

   expectancies) using an IRS-approved distribution method,

o  "Qualified first-time homebuyer distributions" as defined in the Code, and

o  Distributions  used to pay specified higher education  expenses as defined in
   the Code.

Under  legislation  pending  as of the  date  of  this  prospectus,  if  amounts
converted  from a  Traditional  IRA to a Roth IRA are withdrawn in the five-year
period  beginning with the year of  conversion,  to the extent  attributable  to
amounts that were  includable in income due to the conversion  transaction,  the
amount  withdrawn from the Roth IRA would be subject to the 10% early withdrawal
penalty,  EVEN IF THE AMOUNT  WITHDRAWN  FROM THE ROTH IRA IS NOT  INCLUDABLE IN
INCOME  BECAUSE  OF  THE  RECOVERY-OF-INVESTMENT  FIRST  RULE.  However,  if the
recipient is eligible for one of the penalty  exceptions  described above (e.g.,
being age 59 1/2 or older) no penalty will apply.

   
Such pending  legislation  also provides that an additional 10% penalty applies,
apparently  without  exception,  to  withdrawals  allocable  to 1998  conversion
transactions  before the  five-year  exclusion  date,  in order to recapture the
benefit of the prorated  inclusion of Traditional IRA conversion income over the
four-year   period.   See   "Contributions   to  Roth  IRAs,"  and   "Conversion
Contributions to Roth IRAs" above. It is not known whether this legislation will
be enacted in its current form, but it may be retroactive to January 1, 1998.
    

Because Roth IRAs have only been recently approved, you should consult with your
tax adviser as to whether they are an appropriate investment vehicle for you.

   
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING

Equitable Life is required to withhold  Federal income tax from  Traditional IRA
distributions and the taxable portion of payments from annuity contracts, unless
the  recipient  elects not to be subject  to income  tax  withholding.  For this
reason  we are  generally  required  to  withhold  on  conversion  rollovers  of
Traditional IRAs to Roth IRAs, as the deemed withdrawal from the Traditional IRA
is taxable.  Withholding may also apply to any taxable amounts paid under a free
look or  cancellation.  Generally,  no withholding is required on  distributions
which are not  taxable  (for  example,  a direct  transfer  from one Roth IRA to
another Roth IRA you own). In the case of distributions  from a Roth IRA, we may
not be able to  calculate  the portion of the  distribution  (if any) subject to
tax. We may be required  to  withhold  on the gross  amount of the  distribution
unless you elect out of withholding as described  below.  This may result in tax
being withheld even though the Roth IRA  distribution is not taxable in whole or
in part.
    

The rate of withholding will depend on the type of distribution  and, in certain
cases,  the  amount of the  distribution.  Special  withholding  rules  apply to
foreign  recipients  and United  States  citizens  residing  outside  the United
States. See your tax adviser if you think you may be affected by such rules.

   
Any income tax  withheld is a credit  against  your income tax  liability.  If a
recipient  does  not  have  sufficient  income  tax  withheld  or does  not make
sufficient  estimated  income tax  payments,  however,  the  recipient may incur
penalties under the estimated income tax rules.  Recipients should consult their
tax advisers to determine whether they should elect out of withholding. Requests
not to withhold  Federal  income tax must be made in writing  prior to receiving
benefits under the  Certificate.  Our  Processing  Office will provide forms for
this  purpose.  No election out of  withholding  is valid  unless the  recipient
provides us with the correct Taxpayer  Identification Number and a United States
residence address.
    

Certain states have indicated that income tax withholding will apply to payments
from the Certificates  made to residents.  In some states, a recipient may elect
out of state withholding. Generally, an election out of Federal withholding will
also be  considered  an  election  out of state  withholding.  If you need  more
information  concerning  a  particular  state or any  required  forms,  call our
Processing Office at the toll-free number and consult your tax adviser.

   
Periodic  payments are generally subject to wage-bracket type withholding (as if
such payments  were payments of wages by an employer to an employee)  unless the
recipient  elects  no  withholding.  If  a  recipient  does  not  elect  out  of
withholding  or  does  not  specify  the  number  of   withholding   exemptions,
withholding  will  generally be made as if the recipient is married and claiming
three  withholding  exemptions.  There is an annual  threshold of taxable income
from periodic annuity  payments which is exempt from  withholding  based on this
assumption.  For 1998, a recipient of periodic payments (e.g., monthly or annual
payments)  which  total less than a $14,400  taxable  amount will  generally  be
exempt from Federal  income tax  withholding,  unless the recipient  specifies a
different choice of withholding exemption. A withholding election may be revoked
at any time and remains effective until revoked. If a recipient fails to provide
a  correct  Taxpayer  Identification  Number,  withholding  is  made  as if  the
recipient is single with no exemptions.

A recipient of a non-periodic  distribution (total or partial) will generally be
subject to  withholding  at a flat 10% rate.  A recipient  who provides a United
States  residence  address  and a correct  Taxpayer  Identification  Number will
generally be permitted to elect not to have tax withheld.
    


                                       58
<PAGE>

All  recipients  receiving  periodic and  non-periodic  payments will be further
notified of the withholding  requirements and of their right to make withholding
elections.

OTHER WITHHOLDING

   
As a  general  rule,  if death  benefits  are  payable  to a person  two or more
generations  younger than you, a Federal generation  skipping tax may be payable
with respect to the benefit at rates  similar to the maximum  estate tax rate in
effect at the time. The generation  skipping tax provisions  generally  apply to
transfers  which  would  also be  subject  to the gift  and  estate  tax  rules.
Individuals are generally allowed an aggregate generation skipping tax exemption
of $1 million. Because these rules are complex, you should consult with your tax
adviser for  specific  information,  especially  where  benefits  are passing to
younger generations, as opposed to a spouse or child.
    

If we  believe a benefit  may be subject to  generation  skipping  tax we may be
required  to  withhold  for  such  tax  unless  we  receive  acceptable  written
confirmation that no such tax is payable.

IMPACT OF TAXES TO EQUITABLE LIFE

The Certificates provide that Equitable Life may charge the Separate Account for
taxes. Equitable Life can set up reserves for such taxes.


                                       59
<PAGE>



   
- --------------------------------------------------------------------------------
                            PART 9: OTHER INFORMATION
- --------------------------------------------------------------------------------

INDEPENDENT ACCOUNTANTS

The  consolidated  financial  statements and  consolidated  financial  statement
schedules  of  Equitable  Life at December 31, 1997 and 1996 and for each of the
three years in the period ended  December 31, 1997 included in Equitable  Life's
Annual Report on Form 10-K,  incorporated by reference in the  prospectus,  have
been examined by Price Waterhouse LLP,  independent  accountants,  whose reports
thereon  are  incorporated  herein by  reference.  Such  consolidated  financial
statements and consolidated financial statement schedules have been incorporated
herein by reference in reliance upon the reports of Price  Waterhouse  LLP given
upon their authority as experts in accounting and auditing.

LEGAL PROCEEDINGS

Equitable Life and its affiliates are parties to various legal proceedings, none
of which,  in our view,  are likely to have a material  adverse  effect upon the
Separate Account,  our ability to meet our obligations under the Certificates or
the Certificates' distribution.
    



                                       60

<PAGE>



   
- --------------------------------------------------------------------------------
                         PART 10: INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------

This Part presents performance data for each of the Investment Funds included in
the tables below. The performance data were calculated by two methods. The first
method,  presented in Tables 1 and 2, reflects all applicable  fees and charges,
including the optional  baseBUILDER benefits charge, but not the charges for any
applicable taxes such as premium taxes.

The second method,  presented in Tables 3, 4 and 5, also reflects all applicable
fees and  charges,  but does not reflect the  withdrawal  charge,  the  optional
baseBUILDER  benefits charge, or the charge for tax such as premium taxes. These
additional  charges would  effectively  reduce the rates of return credited to a
particular Certificate.

No Certificates with the product features,  fees and expenses  described in this
prospectus were offered prior to the date of this prospectus.  Accordingly,  the
performance data for the Investment Funds have been adjusted for the Certificate
expenses,  as  described  herein,  that  would  have  been  incurred  had  these
Certificates  been  available  prior to such date. In addition,  the  investment
results prior to October 1996, when HRT Class IB shares were not available, have
been adjusted to reflect 12b-1 fees.

In all cases the results shown in the tables are based on the actual  historical
investment  experience  of the  corresponding  Portfolios of HRT or EQAT, as the
case may be (see "HRT Portfolios," below). Certain of the Investment Funds began
operations on a date after the inception date of the corresponding Portfolio, as
indicated in Table 1. When we advertise the performance of an Investment Fund we
will  separately  include the historical  performance  of the  Investment  Fund,
determined in the manner shown in Table 1, since the Investment Fund's inception
date, as and to the extent required by regulatory authorities.

HRT Portfolios

The  performance  data for the Alliance  Money Market and Alliance  Common Stock
Funds that invest in  corresponding  HRT Portfolios,  for periods prior to March
22, 1985,  reflect the investment  results of two open-end  management  separate
accounts (the  "predecessor  separate  accounts") which were reorganized in unit
investment trust form. The "Since Inception"  figures for these Investment Funds
are based on the date of inception of the predecessor  separate accounts.  These
performance data have been adjusted to reflect the maximum  investment  advisory
fee payable for the corresponding Portfolio of HRT, as well as an assumed charge
of 0.06% for direct operating expenses.

EQAT Portfolios

EQAT commenced  operations on May 1, 1997. The Investment  Funds of the Separate
Account  that  invest  in  Class  IB  shares  of  Portfolios  of EQAT  commenced
operations on May 1, September 2, and December 31, 1997.

See "Part 2: The Guaranteed  Period  Account" for  information on the Guaranteed
Period  Account,  and "Part 3: The Special  Dollar Cost  Averaging  Account" for
information on the Special Dollar Cost Averaging Account.

The  performance  data in Tables 1 and 2 (which  reflect  the first  calculation
method  described  above)  illustrate  the average  annual  total  return of the
Investment  Funds,  and the growth of an  investment  in the  Investment  Funds,
respectively,  over the periods shown, assuming a single initial contribution of
$1,000 and the surrender of a Certificate, at the end of each period on December
31, 1997. An Investment Fund's average annual total return is the annual rate of
growth of the  Investment  Fund that would be  necessary  to achieve  the ending
value of a contribution kept in the Investment Fund for the period specified.
    

Each calculation  assumes that the $1,000 contribution was allocated to only one
Investment  Fund,  no transfers  or  subsequent  contributions  were made and no
amounts were allocated to any other Investment Option under the Certificate.

   
In order to calculate  annualized rates of return, we divide the Cash Value of a
Certificate which is surrendered on December 31, 1997 by the $1,000 contribution
made at the beginning of each period illustrated. The result of that calculation
is the total growth rate for the period.  Then we annualize  that growth rate to
obtain the  average  annual  percentage  increase  (decrease)  during the period
shown.  When we "annualize," we assume that a single rate of return applied each
year during the period will  produce the ending  value,  taking into account the
effect of compounding.
    


                                       61
<PAGE>

   
                                     TABLE 1
         AVERAGE ANNUAL TOTAL RETURN UNDER A CERTIFICATE SURRENDERED ON
                               DECEMBER 31, 1997*
<TABLE>
<CAPTION>


- ------------------------------------------ ------------------------------------------------------------------------------------
                                                                       LENGTH OF INVESTMENT PERIOD
                                           ------------------------------------------------------------------------------------
                                                                                                    SINCE
                                                                                                  INVESTMENT       SINCE   
                                               ONE         THREE        FIVE          TEN            FUND        PORTFOLIO   
INVESTMENT FUND                               YEAR         YEARS        YEARS        YEARS       INCEPTION**     INCEPTION***
- ------------------------------------------ ------------ ------------ ------------ ------------- --------------- ----------------
<S>                                             <C>         <C>          <C>          <C>            <C>            <C>  
Alliance Conservative Investors                 4.43%        9.40%        6.33%          --           7.49%          6.82%
Alliance Growth Investors                       7.92        15.12        10.70           --          12.77          12.39
Alliance Growth & Income                       17.73        20.29           --           --          17.90          11.16
Alliance Common Stock                          20.16        25.30        18.57        15.88%         22.25          13.76
Alliance Global                                 2.77        11.59        13.70        11.68          10.65           9.00
Alliance International                        (11.60)          --           --           --           2.07           2.50
Alliance Aggressive Stock                       2.04        17.94        12.44        16.89          16.05          17.16
Alliance Small Cap Growth                         --           --           --           --          18.38          18.38
Alliance Money Market                           3.26         2.02         2.20         3.79           1.53           5.01
Alliance Intermediate Government
   Securities                                  (1.42)        4.63         3.46           --           3.15           4.74
Alliance High Yield                             9.58        17.08        13.44        10.72          14.27           9.96
Alliance Equity Index                          23.45        27.04           --           --          22.18          19.62
MFS Emerging Growth Companies                     --           --           --           --          14.32          14.32
MFS Research                                      --           --           --           --           7.99           7.99
Merrill Lynch Basic Value Equity                  --           --           --           --           8.97           8.97
Merrill Lynch World Strategy                      --           --           --           --          (3.24)         (3.24)
Morgan Stanley Emerging Markets Equity            --           --           --           --         (21.39)        (27.59)
EQ/Putnam Balanced                                --           --           --           --           6.43           6.43
EQ/Putnam Growth & Income Value                   --           --           --           --           8.15           8.15
T. Rowe Price Equity Income                       --           --           --           --          14.01          14.01
T. Rowe Price International Stock                 --           --           --           --          (9.41)         (9.41)
Warburg Pincus Small Company Value                --           --           --           --          11.04          11.04

- -------------------
See footnotes on page 63.
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    
   
                                     TABLE 2
     GROWTH OF $1,000 UNDER A CERTIFICATE SURRENDERED ON DECEMBER 31, 1997*
<TABLE>
<CAPTION>


- -------------------------------------------------------------------------------------------------------------------------------
                                                                       LENGTH OF INVESTMENT PERIOD
                                           ------------------------------------------------------------------------------------
                                                 ONE              THREE              FIVE            TEN            SINCE
INVESTMENT FUND                                  YEAR             YEARS             YEARS           YEARS       INCEPTION***
- ------------------------------------------ ----------------- ----------------- ----------------- ------------- ----------------
<S>                                            <C>               <C>               <C>              <C>            <C>  
Alliance Conservative Investors                $1,044            $1,309            $1,359               --         $1,811
Alliance Growth Investors                       1,079             1,526             1,663               --          2,861
Alliance Growth & Income                        1,177             1,741                --               --          1,697
Alliance Common Stock                           1,202             1,967             2,344           $4,364         17,039
Alliance Global                                 1,028             1,390             1,900            3,017          2,580
Alliance International                            884                --                --               --          1,077
Alliance Aggressive Stock                       1,020             1,641             1,797            4,762          6,690
Alliance Small Cap Growth                          --                --                --               --          1,184
Alliance Money Market                             967             1,062             1,115            1,450          2,296
Alliance Intermediate Government
   Securities                                     986             1,145             1,185               --          1,383
Alliance High Yield                             1,096             1,605             1,879            2,769          2,842
</TABLE>
    

                                       62
<PAGE>


                               TABLE 2 (CONTINUED)
     GROWTH OF $1,000 UNDER A CERTIFICATE SURRENDERED ON DECEMBER 31, 1997*
<TABLE>
   
<CAPTION>


- -------------------------------------------------------------------------------------------------------------------------------
                                                                       LENGTH OF INVESTMENT PERIOD
                                           ------------------------------------------------------------------------------------
                                                 ONE              THREE              FIVE            TEN            SINCE
INVESTMENT FUND                                  YEAR             YEARS             YEARS           YEARS       INCEPTION***
- ------------------------------------------ ----------------- ----------------- ----------------- ------------- ----------------
<S>                                            <C>               <C>               <C>              <C>            <C>  
Alliance Equity Index                          $1,235            $2,050                --             --           $2,048
MFS Emerging Growth Companies                      --                --                --             --            1,143
MFS Research                                       --                --                --             --            1,080
Merrill Lynch Basic Value Equity                   --                --                --             --            1,090
Merrill Lynch World Strategy                       --                --                --             --              968
Morgan Stanley Emerging Markets Equity             --                --                --             --              724
EQ/Putnam Balanced                                 --                --                --             --            1,064
EQ/Putnam Growth & Income Value                    --                --                --             --            1,082
T. Rowe Price Equity Income                        --                --                --             --            1,140
T. Rowe Price International Stock                  --                --                --             --              906
Warburg Pincus Small Company Value                 --                --                --             --            1,110
                                                   
</TABLE>
- -------------------
*   For all the  Investment  Funds shown other than the  Alliance  Equity  Index
    Fund, the tables reflect the withdrawal charge and the optional  baseBUILDER
    benefits charge. The values shown for the Alliance Equity Index Fund reflect
    the withdrawal charge.
**  The  "Since  Inception"  dates  for the  Investment  Funds  are as  follows:
    Alliance Conservative Investors,  Alliance Growth Investors, Alliance Growth
    & Income,  Alliance Common Stock, Alliance Global,  Alliance  International,
    Alliance Aggressive Stock,  Alliance Money Market, and Alliance Intermediate
    Government  Securities  (May 1, 1995);  Alliance Small Cap Growth,  Alliance
    High Yield, MFS Emerging Growth Companies, MFS Research, Merrill Lynch Basic
    Value Equity,  Merrill Lynch World Strategy,  EQ/Putnam Balanced,  EQ/Putnam
    Growth  &  Income  Value,  T.  Rowe  Price  Equity  Income,  T.  Rowe  Price
    International  Stock,  and Warburg Pincus Small Company Value (May 1, 1997);
    and Morgan Stanley Emerging Markets Equity (September 2, 1997).
*** The  "Since  Inception"  dates  for the  Portfolios  of HRT and  EQAT are as
    follows:  Alliance Conservative Investors (October 2, 1989); Alliance Growth
    Investors  (October 2, 1989);  Alliance  Growth & Income  (October 1, 1993);
    Alliance Common Stock (January 13, 1976); Alliance Global (August 27, 1987);
    Alliance  International (April 3, 1995);  Alliance Aggressive Stock (January
    27, 1986);  Alliance  Small Cap Growth (May 1, 1997);  Alliance Money Market
    (July 13,  1981);  Alliance  Intermediate  Government  Securities  (April 1,
    1991);  Alliance High Yield (January 2, 1987);  Alliance Equity Index (March
    1, 1994);  MFS Emerging Growth Companies (May 1, 1997); MFS Research (May 1,
    1997);  Merrill Lynch Basic Value Equity (May 1, 1997);  Merrill Lynch World
    Strategy (May 1, 1997);  Morgan Stanley  Emerging Markets Equity (August 20,
    1997);  EQ/Putnam  Balanced (May 1, 1997);  EQ/Putnam  Growth & Income Value
    (May 1, 1997);  T. Rowe Price  Equity  Income  (May 1, 1997);  T. Rowe Price
    International  Stock (May 1, 1997);  and Warburg  Pincus Small Company Value
    (May 1, 1997).
- --------------------------------------------------------------------------------

Tables 3, 4 and 5 (which reflect the second  calculation method described above)
provide you with information on rates of return on an annualized, cumulative and
year-by-year basis.
    

All rates of return  presented are  time-weighted  and include  reinvestment  of
investment income, including interest and dividends.  Cumulative rates of return
reflect  performance  over a stated period of time.  Annualized  rates of return
represent the annual rate of growth that would have produced the same cumulative
return, if performance had been constant over the entire period.

BENCHMARKS

Market  indices are not subject to any charges  for  investment  advisory  fees,
brokerage  commission or other operating  expenses  typically  associated with a
managed  portfolio.  Nor do they reflect other charges such as the mortality and
expense  risks  charge,  administration  charge,  or any  withdrawal or optional
benefit  charge,  under the  Certificates.  Comparisons  with these  benchmarks,
therefore, are of limited use. We include them because they are widely known and
may help you to understand the universe of securities  from which each Portfolio
is likely to select its holdings.  Benchmark  data reflect the  reinvestment  of
dividend income.

PORTFOLIO INCEPTION DATES AND COMPARATIVE BENCHMARKS

   
ALLIANCE  CONSERVATIVE  INVESTORS:  October 2, 1989;  70% Lehman  Treasury  Bond
Composite Index and 30% Standard & Poor's 500 Index.

ALLIANCE GROWTH INVESTORS: October 2, 1989; 30% Lehman Government/Corporate Bond
Index and 70% Standard & Poor's 500 Index.

ALLIANCE  GROWTH & INCOME:  October 1, 1993; 75% Standard & Poor's 500 Index and
25% Value Line Convertibles Index.

    
ALLIANCE COMMON STOCK: January 13, 1976; Standard & Poor's 500 Index.

ALLIANCE GLOBAL:  August 27, 1987;  Morgan Stanley Capital  International  World
Index.

   
ALLIANCE  INTERNATIONAL:  April 3, 1995;  Morgan Stanley  Capital  International
Europe, Australia, Far East Index.
    


                                       63
<PAGE>

   

ALLIANCE AGGRESSIVE STOCK:  January 27, 1986; 50% Russell 2000 Small Stock Index
and 50% Standard & Poor's Mid-Cap Total Return Index.

ALLIANCE SMALL CAP GROWTH: May 1, 1997; Russell 2000 Growth Index.

ALLIANCE MONEY MARKET: July 13, 1981; Salomon Brothers Three-Month T-Bill Index.

ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES:  April 1, 1991; Lehman Intermediate
Government Bond Index.

ALLIANCE HIGH YIELD: January 2, 1987; Merrill Lynch High Yield Master Index.

ALLIANCE EQUITY INDEX FUND: March 1, 1994; Standard & Poor's 500 Index.

MFS EMERGING GROWTH COMPANIES: May 1, 1997; Russell 2000 Index.

MFS RESEARCH: May 1, 1997; Standard & Poor's 500 Index.

MERRILL LYNCH BASIC VALUE EQUITY: May 1, 1997; Standard & Poor's 500 Index.

MERRILL LYNCH WORLD  STRATEGY:  May 1, 1997; 36% Standard & Poor's 500 Index/24%
Morgan  Stanley  Capital  International  Europe,  Australia,  Far East Index/21%
Salomon  Brothers  U.S.   Treasury  Bond  1  Year+/14%  Salomon  Brothers  World
Government Bond (excluding U.S.)/and 5% Three-Month U.S. Treasury Bill.

MORGAN STANLEY EMERGING MARKETS EQUITY:  August 20, 1997; Morgan Stanley Capital
International Emerging Markets Free Price Return Index.

EQ/PUTNAM BALANCED:  May 1, 1997; 60% Standard & Poor's 500 Index and 40% Lehman
Government/ Corporate Bond Index.

EQ PUTNAM GROWTH & INCOME VALUE: May 1, 1997; Standard & Poor's 500 Index.

T. ROWE PRICE EQUITY INCOME: May 1, 1997; Standard & Poor's 500 Index.

T.  ROWE  PRICE  INTERNATIONAL  STOCK:  May  1,  1997;  Morgan  Stanley  Capital
International Europe, Australia, Far East Index.

WARBURG PINCUS SMALL COMPANY VALUE: May 1, 1997; Russell 2000 Index.
    
The Lipper  Variable  Insurance  Products  Performance  Analysis Survey (LIPPER)
records the performance of a large group of variable annuity products, including
managed separate accounts of insurance companies. According to Lipper Analytical
Services, Inc., the data are presented net of investment management fees, direct
operating  expenses and asset-based  charges applicable under annuity contracts.
Lipper  data  provide a more  accurate  picture  than market  benchmarks  of the
Equitable Accumulator performance relative to other variable annuity products.

   

                                     TABLE 3
        ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------
<S>                                       <C>         <C>         <C>         <C>         <C>          <C>         <C>  
ALLIANCE CONSERVATIVE  INVESTORS          11.43%      10.98%       7.06%          --          --           --       7.78%
   Lipper Income                          15.51       15.54       11.61           --          --           --      10.57
   Benchmark                              16.71       17.18       11.87           --          --           --      11.39
ALLIANCE GROWTH INVESTORS                 14.92       16.55       11.35           --          --           --      13.86
   Lipper Flexible Portfolio              18.23       17.09       11.52           --          --           --      11.10
   Benchmark                              26.28       25.64       17.02           --          --           --      14.48
ALLIANCE GROWTH & INCOME                  24.73       21.63           --          --          --           --      14.06
   Lipper Growth & Income                 25.47       25.18           --          --          --           --      17.47
   Benchmark                              29.54       28.62           --          --          --           --      20.14
ALLIANCE COMMON STOCK                     27.16       26.55       19.11       16.10%      15.37%       15.68%      13.98
   Lipper Growth                          24.35       24.72       16.01       15.40       13.99        15.20       13.97
   Benchmark                              33.36       31.15       20.27       18.05       17.52        16.66       15.44
ALLIANCE GLOBAL                            9.77       13.11       14.27       11.92           --           --       9.91
   Lipper Global                          12.99       14.18       13.94        7.21           --           --       3.84
   Benchmark                              15.76       16.62       15.34       10.57           --           --       8.22
ALLIANCE INTERNATIONAL                    (4.60)          --          --          --          --           --       4.67
   Lipper International                    5.47           --          --          --          --           --      11.42
   Benchmark                               1.78           --          --          --          --           --       6.15
</TABLE>
    

                                       64

<PAGE>

                               TABLE 3 (CONTINUED)
        ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
<TABLE>
   
<CAPTION>


- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------
<S>                                       <C>         <C>         <C>         <C>         <C>          <C>         <C>  
ALLIANCE AGGRESSIVE STOCK                  9.04%      19.31%      13.05%      17.08%          --           --      17.45%
   Lipper Mid-Cap                         12.11       15.54        9.27       14.32           --           --      15.87
   Benchmark                              27.31       24.88       17.11       17.74           --           --      15.12
ALLIANCE SMALL CAP
   GROWTH                                    --          --           --          --          --           --      25.38**
   Lipper Small Cap                          --          --           --          --          --           --      26.66**
   Benchmark                                 --          --           --          --          --           --      27.66**
ALLIANCE MONEY MARKET                      3.74        3.81        3.02        4.09        4.91%           --       5.48
   Lipper Money Market                     3.95        4.05        3.29        4.41        5.39            --       5.77
   Benchmark                               5.23        5.41        4.71        5.61        6.33            --       6.87
ALLIANCE INTERMEDIATE  GOVERNMENT
   SECURITIES                              5.58        6.33        4.24           --          --           --       5.31
   Lipper Gen. U.S. Government             7.60        8.03        5.65           --          --           --       6.95
   Benchmark                               7.72        8.65        6.39           --          --           --       7.47
ALLIANCE HIGH YIELD                       16.58       18.49       14.04       10.99           --           --      10.25
   Lipper High Yield                      12.87       14.23       10.68       10.33           --           --       9.46
   Benchmark                              12.83       14.54       11.72       12.09           --           --      11.39
ALLIANCE EQUITY INDEX                     30.45       28.26           --          --          --           --      21.41
   Lipper S&P Index                       31.06       29.07           --           --         --           --      21.98
   Benchmark                              33.36       31.15           --          --          --           --      23.84
MFS EMERGING GROWTH
   COMPANIES                                 --          --           --          --          --           --      21.32**
   Lipper Mid-Cap                            --          --           --          --          --           --      20.88**
   Benchmark                                 --          --           --          --          --           --      28.68**
MFS RESEARCH                                 --          --          --           --          --           --      14.99**
   Lipper Growth                             --          --           --          --          --           --      21.89**
   Benchmark                                 --          --           --          --          --           --      22.55**
MERRILL LYNCH BASIC
   VALUE EQUITY                              --          --           --          --          --           --      15.97**
   Lipper Growth                             --          --           --          --          --           --      20.28**
   Benchmark                                 --          --           --          --          --           --      22.55**
MERRILL LYNCH WORLD STRATEGY                 --          --           --          --          --           --       3.76**
   Lipper Global                             --          --           --          --          --           --       8.52**
   Benchmark                                 --          --           --          --          --           --      10.81**
MORGAN STANLEY
   EMERGING MARKETS
   EQUITY                                    --          --           --          --          --           --     (20.59)**
   Lipper Emerging Markets                   --          --           --          --          --           --        N/A
   Benchmark                                 --          --           --          --          --           --     (21.43)**
EQ/PUTNAM BALANCED                           --          --           --          --          --           --      13.43**
   Lipper Balanced                           --          --           --          --          --           --      14.79**
   Benchmark                                 --          --           --          --          --           --      17.17**
EQ/PUTNAM GROWTH &
   INCOME VALUE                              --          --           --          --          --           --      15.15**
   Lipper Growth & Income                    --          --           --          --          --           --      20.28**
   Benchmark                                 --          --           --          --          --           --      22.55**
</TABLE>
    

                                       65

<PAGE>
   

                               TABLE 3 (CONTINUED)
        ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------
<S>                                       <C>         <C>         <C>         <C>         <C>          <C>         <C>  
T. ROWE PRICE EQUITY
   INCOME                                    --          --           --          --          --           --      21.01%**
   Lipper Equity Income                      --          --           --          --          --           --      20.91**
   Benchmark                                 --          --           --          --          --           --      22.55**
T. ROWE PRICE
   INTERNATIONAL
   STOCK                                     --          --           --          --          --           --      (2.41)**
   Lipper International                      --          --           --          --          --           --       3.41**
   Benchmark                                 --          --           --          --          --           --       2.85**
WARBURG PINCUS SMALL
   COMPANY VALUE                             --          --           --          --          --           --      18.04**
   Lipper Small Cap                          --          --           --          --          --           --      26.66**
   Benchmark                                 --          --           --          --          --           --      28.68**

- ----------------------
See footnotes on page 68.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                     TABLE 4
        CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------
<S>                                       <C>         <C>         <C>         <C>      <C>            <C>          <C>  
ALLIANCE CONSERVATIVE INVESTORS           11.43%      36.67%      40.65%         --          --            --         85.49%
   Lipper Income                          15.51       54.60       73.34          --          --            --        129.83
   Benchmark                              16.71       60.91       75.18          --          --            --        143.55
ALLIANCE GROWTH INVESTORS                 14.92       58.34       71.17          --          --            --        191.55
   Lipper Flexible Portfolio              18.23       61.05       73.02          --          --            --        140.59
   Benchmark                              26.28       98.32      119.42          --          --            --        205.24
ALLIANCE GROWTH & INCOME                  24.73       79.95          --          --          --            --         74.91
   Lipper Growth & Income                 25.47       96.46          --          --          --            --         98.58
   Benchmark                              29.54      112.80          --          --          --            --        118.17
ALLIANCE COMMON STOCK                     27.16      102.66      139.73      344.83%     753.99%     1,740.23%     1,670.44
   Lipper Growth                          24.35       94.70      111.15      321.71      625.81      1,602.96      1,659.17
   Benchmark                              33.36      125.60      151.62      425.67    1,026.40      2,080.13      2,248.74
ALLIANCE GLOBAL                            9.77       44.72       94.85      208.26          --            --        165.87
   Lipper Global                          12.99       49.53       93.26      100.58          --            --         47.66
   Benchmark                              15.76       58.59      104.13      173.01          --            --        126.45
ALLIANCE INTERNATIONAL                    (4.60)          --         --          --          --            --         13.35
   Lipper International                    5.47           --         --          --          --            --         35.07
   Benchmark                               1.78           --         --          --          --            --         17.83
ALLIANCE AGGRESSIVE STOCK                  9.04       69.84       84.69      384.08          --            --        581.19
   Lipper Mid-Cap                         12.11       56.12       59.26      311.80          --            --        478.26
   Benchmark                              27.31       94.76      120.25      412.08          --            --        436.52
ALLIANCE SMALL CAP
   GROWTH                                    --          --          --          --          --            --         25.38**
   Lipper Small Cap                          --          --          --          --          --            --         26.66**
   Benchmark                                 --          --          --          --          --            --         27.66**
ALLIANCE MONEY MARKET                      3.74       11.88       16.03       49.32      105.23            --        140.79
   Lipper Money Market                     3.95       12.64       17.61       54.00      120.14            --        151.25
   Benchmark                               5.23      `17.13       25.87       72.64      150.97            --        199.34
ALLIANCE INTERMEDIATE  GOVERNMENT
   SECURITIES                              5.58       20.23       23.07          --          --            --         41.84
   Lipper Gen. U.S. Government             7.60       26.12       31.70          --          --            --         57.40
   Benchmark                               7.72       28.25       36.31          --          --            --         62.74
</TABLE>
    
                                       66

<PAGE>
   

                               TABLE 4 (CONTINUED)
        CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------
<S>                                       <C>        <C>          <C>        <C>             <C>           <C>       <C>  
ALLIANCE HIGH YIELD                       16.58%      66.34%      92.84%     183.74%         --            --        192.34% 
   Lipper High Yield                      12.87       49.17       66.26      169.15          --            --        173.12
   Benchmark                              12.83       50.26       74.04      213.08          --            --        227.68
ALLIANCE EQUITY INDEX                     30.45      110.98          --          --          --            --        110.43
   Lipper S&P Index                       31.06      115.03          --          --          --            --        114.07
   Benchmark                              33.36      125.60          --          --          --            --        127.24
MFS EMERGING GROWTH
   COMPANIES                                 --          --          --          --          --            --        21.32**
   Lipper Mid-Cap                            --          --          --          --          --            --        20.88**
   Benchmark                                 --          --          --          --          --            --        28.68**
MFS RESEARCH                                 --          --          --          --          --            --        14.99**
   Lipper Growth                             --          --          --          --          --            --        21.89**
   Benchmark                                 --          --          --          --          --            --        22.55**
MERRILL LYNCH BASIC
   VALUE EQUITY                              --          --          --          --          --            --        15.97**
   Lipper Growth                             --          --          --          --          --            --        20.28**
   Benchmark                                 --          --          --          --          --            --        22.55**
MERRILL LYNCH WORLD
   STRATEGY                                  --          --          --          --          --            --         3.76**
   Lipper Global                             --          --          --          --          --            --         8.52**
   Benchmark                                 --          --          --          --          --            --        10.81
MORGAN STANLEY
   EMERGING MARKETS
   EQUITY                                    --          --          --          --          --            --       (20.59)**
   Lipper Emerging Markets                   --          --          --          --          --            --         N/A
   Benchmark                                 --          --          --          --          --            --       (21.43)**
EQ/PUTNAM BALANCED                           --          --          --          --          --            --        13.43**
   Lipper Balanced                           --          --          --          --          --            --        14.79**
   Benchmark                                 --          --          --          --          --            --        17.17**
EQ/PUTNAM GROWTH &
   INCOME VALUE                              --          --          --          --          --            --        15.15**
   Lipper Growth & Income                    --          --          --          --          --            --        20.28**
   Benchmark                                 --          --          --          --          --            --        22.55
T.ROWE PRICE EQUITY
   INCOME                                    --          --          --          --          --            --        21.01**
   Lipper Equity Income                      --          --          --          --          --            --        20.91**
   Benchmark                                 --          --          --          --          --            --        22.55**
T. ROWE PRICE
   INTERNATIONAL
   STOCK                                     --          --          --          --          --            --        (2.41)**
   Lipper International                      --          --          --          --          --            --         3.41**
   Benchmark                                 --          --          --          --          --            --         2.85**
WARBURG PINCUS SMALL
   COMPANY VALUE                             --          --          --          --          --            --        18.04**
   Lipper Small Cap                          --          --          --          --          --            --        26.66**
   Benchmark                                 --          --          --          --          --            --        28.68**

- ----------------------
See footnotes on page 68.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    


                                       67
<PAGE>
   

                                     TABLE 5
                          YEAR-BY-YEAR RATES OF RETURN*
- -------------------------------------------------------------------------------
                     1984     1985    1986     1987    1988     1989    1990    
                  -------------------------------------------------------------
ALLIANCE
   CONSERVATIVE
   INVESTORS          --       --        --      --      --     2.67%   4.66%  
ALLIANCE
   GROWTH
   INVESTORS          --       --        --      --      --     3.42    8.89   
ALLIANCE
   GROWTH &
   INCOME             --       --        --      --      --       --      --   
ALLIANCE
   COMMON
   STOCK***        (3.53)%   31.30%   15.50%   5.73%  20.48%   23.60   (9.59)  
ALLIANCE GLOBAL       --       --       --   (13.75)   9.11    24.72   (7.58)  
ALLIANCE
   INTERNATIONAL      --       --       --       --      --       --      --   
ALLIANCE
   AGGRESSIVE
   STOCK              --       --    33.28     5.58   (0.48)   41.22    6.43   
ALLIANCE MONEY
   MARKET***        9.09      6.74    4.91     4.93    5.61     7.45    6.50   
ALLIANCE
   INTERMEDIATE
   GOVERNMENT
   SECURITIES         --       --       --       --      --       --      --   
ALLIANCE HIGH
   YIELD              --       --       --     3.03    7.99     3.46   (2.70)  
ALLIANCE
   EQUITY INDEX       --       --       --       --      --       --      --   
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                       1991     1992    1993     1994    1995     1996    1997  
                     -----------------------------------------------------------
ALLIANCE                                                                     
   CONSERVATIVE                                                              
   INVESTORS          17.97%    4.03%   9.04%  (5.63)%  18.49%    3.52%  11.43%
ALLIANCE                                                                     
   GROWTH                                                                    
   INVESTORS          46.53     3.22   13.43   (4.70)   24.36    10.80   14.92 
ALLIANCE                                                                     
   GROWTH &                                                                  
   INCOME                --       --   (0.66)  (2.16)   22.10    18.16   24.73 
ALLIANCE                                                                     
   COMMON                                                                    
   STOCK***           35.69     1.57   22.83   (3.70)   30.34    22.28   27.16 
ALLIANCE GLOBAL                                                              
                      28.47    (2.10)  30.01    3.56    16.92    12.76    9.77 
ALLIANCE                                                                     
   INTERNATIONAL         --       --      --      --     9.97     8.04   (4.60)
ALLIANCE                                                                     
   AGGRESSIVE                                                                
   STOCK              83.89    (4.71)  14.89   (5.35)   29.54    20.24    9.04 
ALLIANCE MONEY                                                               
   MARKET***           4.49     1.94    1.32    2.36     4.06     3.64    3.74 
ALLIANCE                                                                     
   INTERMEDIATE                                                              
   GOVERNMENT                                                                
   SECURITIES         10.92     3.90    8.78   (5.90)   11.52     2.11    5.58 
ALLIANCE HIGH                                                                
   YIELD              22.48    10.51   21.19   (4.33)   18.01    20.91   16.58 
ALLIANCE                                                                     
   EQUITY INDEX          --       --      --   (0.26)   34.31    20.42   30.45 

- ----------------
*Returns do not reflect the withdrawal charge, the optional baseBUILDER benefits
   charge,  and any charge for tax such as premium  taxes.  There are no returns
   shown in Table 5 for the  Alliance  Small Cap Growth Fund and the  Investment
   Funds investing in EQAT as such Funds have less than one year of performance.
 **Unannualized.


<TABLE>
<CAPTION>
***Prior  to  1984  the  Year-by-Year   Rates  of   1976     1977      1978      1979     1980      1981      1982     1983
   Return were:
<S>                                                <C>     <C>        <C>       <C>      <C>       <C>       <C>       <C>   
   ALLIANCE COMMON STOCK                           7.73%   (10.69)%   6.51%     27.77%   47.74%    (7.37)%   15.70%    24.11%
   ALLIANCE MONEY MARKET                             --        --       --         --       --      5.49     11.22      7.22
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>

COMMUNICATING  PERFORMANCE  DATA  

In reports or other communications or in advertising  material,  we may describe
general economic and market  conditions  affecting the Separate Account and each
respective  trust and may present the  performance  of the  Investment  Funds or
compare it with (1) that of other insurance  company separate accounts or mutual
funds included in the rankings  prepared by Lipper  Analytical  Services,  Inc.,
Morningstar,  Inc.,  VARDS or  similar  investment  services  that  monitor  the
performance of insurance  company  separate  accounts or mutual funds, (2) other
appropriate indices of investment  securities and averages for peer universes of
funds which are shown under  "Benchmarks"  and  "Portfolio  Inception  Dates and
Comparative  Benchmarks"  in this Part 10, or (3) data  developed  by us derived
from such indices or averages.  The  Morningstar  Variable  Annuity/Life  Report
consists of nearly 700  variable  life and annuity  funds,  all of which  report
their data net of investment  management  fees,  direct  operating  expenses and
separate account  charges.  VARDS is a monthly  reporting  service that monitors
approximately  760 variable life and variable  annuity funds on performance  and
account information. Advertisements or other communications furnished to present
or prospective  Certificate Owners may also include evaluations of an Investment
Fund or Portfolio by financial  publications that are nationally recognized such
as Barron's,  Morningstar's Variable Annuity Sourcebook,  Business Week, Chicago
Tribune, Forbes, Fortune, Institutional Investor, Investment Adviser, Investment
Dealer's Digest,  Investment  Management Weekly, Los Angeles Times, Money, Money
Management Letter, Kiplinger's
    

                                       68
<PAGE>

   
Personal  Finance,   Financial  Planning,   National   Underwriter,   Pension  &
Investments,  USA Today,  Investor's Business Daily, The New York Times, and The
Wall Street Journal.

ALLIANCE MONEY MARKET FUND, ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES FUND AND
ALLIANCE HIGH YIELD FUND YIELD INFORMATION 

The  current  yield and  effective  yield of the  Alliance  Money  Market  Fund,
Alliance  Intermediate  Government  Securities Fund and Alliance High Yield Fund
may appear in  reports  and  promotional  material  to  current  or  prospective
Certificate Owners.

Current yield for the Alliance Money Market Fund will be based on net changes in
a hypothetical  investment over a given seven-day  period,  exclusive of capital
changes,  and then  "annualized"  (assuming that the same seven-day result would
occur each week for 52 weeks).  Current  yields  for the  Alliance  Intermediate
Government  Securities  Fund and  Alliance  High Yield Fund will be based on net
changes in a hypothetical  investment  over a given 30-day period,  exclusive of
capital  changes,  and then  "annualized"  (assuming that the same 30-day result
would  occur each month for 12 months).  "Effective  yield" is  calculated  in a
manner similar to that used to calculate current yield, but when annualized, any
income earned by the  investment  is assumed to be  reinvested.  The  "effective
yield" will be slightly higher than the "current yield" because any earnings are
compounded  weekly  for the  Alliance  Money  Market  Fund and  monthly  for the
Alliance  Intermediate  Government Securities Fund and Alliance High Yield Fund.
Alliance Money Market Fund, Alliance Intermediate Government Securities Fund and
Alliance High Yield Fund yields and effective yields assume the deduction of all
Certificate  charges and expenses other than the withdrawal charge, the optional
baseBUILDER  benefits  charge,  and any charge for tax such as premium  tax. The
yields and effective yields for the Alliance Money Market Fund when used for the
Special Dollar Cost Averaging  program,  assume that no Certificate  charges are
deducted.  See  "Part 5:  Alliance  Money  Market  Fund,  Alliance  Intermediate
Government  Securities  Fund and Alliance High Yield Fund Yield  Information" in
the SAI.
    


                                       69
<PAGE>

   
                  APPENDIX I: MARKET VALUE ADJUSTMENT EXAMPLE
- --------------------------------------------------------------------------------
The example below shows how the market value  adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated on
February  15, 1999 to a GIRO with an  Expiration  Date of February 15, 2008 at a
Guaranteed Rate of 7.00% resulting in a Maturity Value at the Expiration Date of
$183,846, and further assuming that a withdrawal of $50,000 was made on February
15, 2003.
- --------------------------------------------------------------------------------
    


<TABLE>
<CAPTION>
                                                                                             ASSUMED
                                                                               GUARANTEED RATE ON FEBRUARY 15, 2003
                                                                                5.00%                        9.00%
                                                                    -----------------------------------------------------------
<S>                                                                         <C>                          <C>       
As of February 15, 2003 (Before Withdrawal)
(1)  Present Value of Maturity Value,
     also Annuity Account Value..................................           $  144,048                   $  119,487
(2)  Guaranteed Period Amount....................................              131,080                      131,080
(3)  Market Value Adjustment: (1) - (2)..........................               12,968                      (11,593)
On February 15, 2003 (After Withdrawal)
(4)  Portion of (3) Associated
     with Withdrawal: (3) x [$50,000/(1)]........................           $    4,501                   $   (4,851)
(5)  Reduction in Guaranteed
     Period Amount: [$50,000 - (4)]..............................               45,499                       54,851
(6)  Guaranteed Period Amount: (2) - (5).........................               85,581                       76,229
(7)  Maturity Value..............................................              120,032                      106,915
(8)  Present Value of (7), also
     Annuity Account Value.......................................               94,048                       69,487
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>

- ------------------
You should note that under this example if a withdrawal  is made when rates have
increased  (from 7.00% to 9.00% in the example),  a portion of a negative market
value  adjustment  is realized.  On the other hand, if a withdrawal is made when
rates  have  decreased  (from  7.00% to 5.00% in the  example),  a portion  of a
positive market value adjustment is realized.


                                       70
<PAGE>


   

            APPENDIX II: PURCHASE CONSIDERATIONS FOR QP CERTIFICATES
- --------------------------------------------------------------------------------
Any trustee  considering a purchase of a QP Certificate  should discuss with its
tax adviser whether this is an appropriate investment vehicle for the employer's
plan. Trustees should consider whether the plan provisions permit the investment
of plan assets in the QP Certificate,  the distribution of such an annuity,  the
purchase of the  Guaranteed  Minimum  Income  Benefit,  and the payment of death
benefits  in  accordance  with  the  requirements  of  the  Code.  The  form  of
Certificate  and this  prospectus  should be reviewed in full, and the following
factors,  among others,  should be noted.  This QP Certificate  accepts transfer
contributions only and not regular,  ongoing payroll  contributions.  For 401(k)
plans under defined contribution plans, no employee after-tax  contributions are
accepted.  Under defined  benefit  plans,  we will not accept  rollovers  from a
defined  contribution  plan to a  defined  benefit  plan.  We will  only  accept
transfers from a defined benefit plan or a change of investment  vehicles in the
plan.

For defined benefit plans, the maximum percentage of actuarial value of the plan
Participant/Employee's  "Normal Retirement  Benefit" which can be funded by a QP
Certificate is 80%. The Annuity  Account Value under a QP Certificate may at any
time be more or less  than the lump sum  actuarial  equivalent  of the  "Accrued
Benefit" for a defined  benefit plan  Participant/Employee.  Equitable Life does
not guarantee that the Annuity Account Value under a QP Certificate  will at any
time  equal  the  actuarial  value  of 80% of a  Participant/Employee's  Accrued
Benefit.  If overfunding of a plan occurs,  withdrawals  from the QP Certificate
may be required.  A withdrawal  charge and/or market value adjustment may apply.
Further,  Equitable will not perform or provide any plan recordkeeping  services
with respect to the QP  Certificates.  The plan's  administrator  will be solely
responsible for performing or providing for all such services.  There is no loan
feature offered under the QP Certificates, so if the plan provides for loans and
a  Participant/Employee  takes a loan from the plan,  other plan  assets must be
used as the source of the loan and any loan repayments must be credited to other
investment vehicles and/or accounts available under the plan.

Finally,  because the method of purchasing the QP Certificates  and the features
of the QP Certificates  may appeal more to plan  Participants/Employees  who are
older  and tend to be  highly  paid,  and  because  certain  features  of the QP
Certificates are available only to plan  Participants/Employees who meet certain
minimum and/or maximum age requirements, plan trustees should discuss with their
advisers  whether the  purchase of the QP  Certificates  would cause the plan to
engage in prohibited discrimination in contributions, benefits or otherwise.

    
                                       71
<PAGE>

   

             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" in Part 4).

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 and  Alliance  Intermediate
Government  Securities  Funds or the GIROs),  no  subsequent  contributions,  no
transfers  and no  withdrawals,  the  Guaranteed  Minimum  Death  Benefit for an
Annuitant age 45 would be calculated as follows:

<TABLE>
<CAPTION>
         ----------------------------------------------------------------------------------------------------------------------
                END OF                                              6% ROLL UP TO AGE 80          ANNUAL RATCHET TO AGE 80
               CONTRACT                   ANNUITY                    GUARANTEED MINIMUM              GUARANTEED MINIMUM
                 YEAR                  ACCOUNT VALUE                  DEATH BENEFIT(1)                 DEATH BENEFIT
         ----------------------------------------------------------------------------------------------------------------------
                   <S>                     <C>                             <C>                             <C>
                   1                       $105,000                        $106,000                        $105,000(2)
                   2                       $115,500                        $112,360                        $115,500(2)
                   3                       $132,825                        $119,102                        $132,825(2)
                   4                       $106,260                        $126,248                        $132,825(3)
                   5                       $116,886                        $133,823                        $132,825(3)
                   6                       $140,263                        $141,852                        $140,263(2)
                   7                       $140,263                        $150,363                        $140,263(3)
         ----------------------------------------------------------------------------------------------------------------------
</TABLE>
    
The Annuity  Account Values for Contract Years 1 through 7 are determined  based
on hypothetical  rates of return of 5.00%,  10.00%,  15.00%,  (20.00)%,  10.00%,
20.00% and 0.00%, respectively.

   
6%   ROLL UP TO AGE 80 
    

(1)  For  Contract  Years 1  through  7,  the  Guaranteed
     Minimum Death Benefit equals the initial contribution increased by 6%.

ANNUAL RATCHET TO AGE 80

(2)  At the end of  Contract  Years 1, 2 and 3, and again at the end of Contract
     Year 6, the  Guaranteed  Minimum  Death  Benefit  is  equal to the  current
     Annuity Account Value.

(3)  At the end of  Contract  Years 4, 5 and 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.


                                       72
<PAGE>
   

                        APPENDIX IV: EXAMPLE OF PAYMENTS
                  UNDER THE ASSURED PAYMENT OPTION AND APO PLUS
- --------------------------------------------------------------------------------
The second column in the chart below  illustrates the payments for a male age 70
who  purchased  the Assured  Payment  Option on February  14, 1997 with a single
contribution of $100,000,  with increasing annual payments.  The payments are to
commence on February 15, 1998.  It assumes that the fixed period is 15 years and
that the Life Contingent  Annuity will provide  payments on a Single Life basis.
Based on  Guaranteed  Rates for the GIROs and the current  purchase rate for the
Life  Contingent  Annuity,  on February 14, 1997,  the initial  payment would be
$6,730.77  and would  increase in each  three-year  period to a final payment of
$9,854.53.  The  first  payment  under  the  Life  Contingent  Annuity  would be
$10,839.98.

The Guaranteed  Rates as of February 14, 1997 for GIROs maturing on February 15,
1998 through 2012 are: 4.40%,  4.69%,  4.86%, 5.00%, 5.11%, 5.22%, 5.32%, 5.41%,
5.50%, 5.57%, 5.56%, 5.56%, 5.56%, 5.56% and 5.56%, respectively.

Alternatively  as shown in the third and fourth columns,  this individual  could
purchase  APO Plus  with the same  $100,000  contribution,  with the same  fixed
period and the Life Contingent Annuity on a Single Life basis. Assuming election
of the Alliance  Common Stock Fund based on  Guaranteed  Rates for the GIROs and
the current purchase rate for the Life Contingent Annuity, on February 14, 1997,
the same  initial  payment  of  $6,730.77  would be  purchased  under  APO Plus.
However,  unlike the payment under the Assured Payment Option that will increase
every three years,  this initial  payment  under APO Plus is not  guaranteed  to
increase.  Therefore,  only $78,949.12 is needed to purchase the initial payment
stream,  and the remaining  $21,050.87 is invested in the Investment  Funds. Any
future  increase  in  payments  under  APO Plus will  depend  on the  investment
performance in the Alliance Common Stock Fund.

Assuming  hypothetical  average  annual  rates  of  return  of 0% and 8%  (after
deduction of charges) for the Investment  Fund, the Annuity Account Value in the
Investment Fund would grow to $21,050.87 and $26,518.03 respectively after three
years. A portion of this amount is used to purchase the increase in the payments
at the beginning of the fourth year.  The remainder  will stay in the Investment
Fund to be drawn upon for the  purchase of  increases  in payments at the end of
each third year  thereafter  during the fixed period and at the end of the fixed
period under the Life  Contingent  Annuity.  Based on  Guaranteed  Rates for the
GIROs and  purchase  rates for the Life  Contingent  Annuity as of February  14,
1997, the third and fourth columns illustrate the increasing payments that would
be purchased under APO Plus assuming 0% and 8% rates of return respectively.

Under both options,  while the  Certificate  Owner is living  payments  increase
annually  after the 16th year  under the Life  Contingent  Annuity  based on the
increase,  if any, in the Consumer Price Index,  but in no event greater than 3%
per year.

<TABLE>
<CAPTION>
         ANNUAL PAYMENTS
         ----------------------------------------------------------------------------------------------------------------------
                                                                        ILLUSTRATIVE                    ILLUSTRATIVE
                               GUARANTEED INCREASING PAYMENTS             PAYMENTS                        PAYMENTS
                                         UNDER THE                         UNDER                           UNDER
                 YEARS             ASSURED PAYMENT OPTION              APO PLUS AT 0%                  APO PLUS AT 8%
         ----------------------------------------------------------------------------------------------------------------------
                 <S>                    <C>                               <C>                           <C>
                  1-3                   $  6,730.77                       $6,730.77                     $  6,730.77
                  4-6                      7,403.85                        7,100.57                        7,520.00
                  7-9                      8,144.23                        7,483.79                        8,345.92
                 10-12                     8,958.66                        7,868.31                        9,191.42
                 13-15                     9,854.53                        8,217.67                       10,010.94
                  16                      10,839.98                        8,475.41                       10,731.67
         ----------------------------------------------------------------------------------------------------------------------
</TABLE>

As described above, a portion of the illustrated  contribution is applied to the
Life Contingent Annuity.  This amount will generally be larger under the Assured
Payment Option than under APO Plus.  Also, a larger portion of the  contribution
will  be  allocated  to  GIROs  under  the  former  than  the  latter.  In  this
illustration,  $80,458.33 is allocated  under the Assured  Payment Option to the
GIROs and under APO Plus,  $68,020.34  is allocated  to the GIROs.  In addition,
under APO Plus  $21,050.87 is allocated to the  Investment  Fund. The balance of
the $100,000  ($19,541.67 and $10,928.78,  respectively)  is applied to the Life
Contingent Annuity.

The rates of return of 0% and 8% are for illustrative  purposes only and are not
intended to represent an expected or guaranteed rate of return.  Your investment
results will vary.  Payments will also depend on the  Guaranteed  Rates and Life
Contingent  Annuity  purchase rates in effect as of the Transaction  Date. It is
assumed that no Lump Sum Withdrawals are taken.
    

                                       73
<PAGE>

- --------------------------------------------------------------------------------
                       STATEMENT OF ADDITIONAL INFORMATION
                                TABLE OF CONTENTS
- --------------------------------------------------------------------------------
<TABLE>
   
<CAPTION>
                                                                                                                      PAGE
- -------------------------------------------------------------------------------------------------------------------------------
<S>               <C>                                                                                                  <C>
Part 1:           Minimum Distribution Withdrawals-- Traditional IRA Certificates                                       2
- -------------------------------------------------------------------------------------------------------------------------------
Part 2:           Accumulation Unit Values                                                                              2
- -------------------------------------------------------------------------------------------------------------------------------
Part 3:           Annuity Unit Values                                                                                   2
- -------------------------------------------------------------------------------------------------------------------------------
Part 4:           Custodian and Independent Accountants                                                                 3
- -------------------------------------------------------------------------------------------------------------------------------
Part 5:           Alliance Money Market Fund, Alliance Intermediate Government Securities Fund and Alliance High
                  Yield Fund Yield Information                                                                          3
- -------------------------------------------------------------------------------------------------------------------------------
Part 6:           Long-Term Market Trends                                                                               4
- -------------------------------------------------------------------------------------------------------------------------------
Part 7:           Key Factors in Retirement Planning                                                                    6
- -------------------------------------------------------------------------------------------------------------------------------
Part 8:           Financial Statements                                                                                 10
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    







    HOW TO OBTAIN AN EQUITABLE ACCUMULATOR STATEMENT OF ADDITIONAL
    INFORMATION FOR SEPARATE ACCOUNT NO. 45





    Send this request form to:

        Equitable Life
        Equitable Accumulator
        P.O. Box 1547
        Secaucus, NJ 07096-1547



    Please send me an Equitable Accumulator SAI dated May 1, 1998:


    ----------------------------------------------------------------------------
    Name

    ----------------------------------------------------------------------------
    Address

    ----------------------------------------------------------------------------
    City                                           State                Zip


(EDISAI 5/98)


                                       74

<PAGE>




   
                                  SUPPLEMENT TO
                             EQUITABLE ACCUMULATORSM
                                (IRA, NQ AND QP)
                          PROSPECTUS DATED MAY 1, 1998
    

          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES

                                   Issued By:
            The Equitable Life Assurance Society of the United States

- --------------------------------------------------------------------------------

   
This prospectus supplement describes the baseBUILDER(R) Combined Guaranteed
Minimum Income Benefit and Guaranteed Minimum Death Benefit offered to Annuitant
issue ages 76 or older under the Equitable Accumulator (IRA, NQ and QP)
prospectus. Capitalized terms in this supplement have the same meaning as in the
prospectus.

A different version of the Combined Guaranteed Minimum Income Benefit and
Guaranteed Minimum Death Benefit than the versions discussed on page 25 of the
prospectus under "baseBUILDER Benefits" is available for Annuitant issue ages 76
or older. The charge for this benefit is 0.30% of the Guaranteed Minimum Income
Benefit benefit base in effect on a Processing Date. The versions of the
baseBUILDER benefits described in the prospectus are not available at these
Annuitant issue ages. The benefit for Annuitant issue ages 76 or older is as
discussed below:
    

         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 election.

The Guaranteed Minimum Death Benefit applicable to the combined benefit is as
follows:

         4% 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 4% on
         each Contract Date anniversary through the Annuitant's age 85 (or at
         the Annuitant's death, if earlier), and 0% thereafter, and is adjusted
         for any subsequent contributions and withdrawals.

   
The Guaranteed Minimum Income Benefit benefit base described on page 32 of the
prospectus is as follows:
    

         The Guaranteed Minimum Income Benefit benefit base is equal to the
         initial contribution on the Contract Date. Thereafter, the Guaranteed
         Minimum Income Benefit benefit base is credited with interest at 4% on
         each Contract Date anniversary through the Annuitant's age 85, and 0%
         thereafter, and is adjusted for any subsequent contributions and
         withdrawals. 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.

   
- --------------------------------------------------------------------------------
    Copyright 1998 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 MAY 1, 1998

PROS 1A SUPP1 (5/98)
    



<PAGE>



   
                                                                     MAY 1, 1998
    



THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES

   
            PROFILE OF THE EQUITABLE ACCUMULATOR(SM) (IRA, NQ AND QP)
          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES
    

This Profile is a summary of some of the more important points that you should
know and consider before purchasing a Certificate. The Certificate is more fully
described in the prospectus which accompanies this Profile. Please read the
prospectus carefully.


   
1. THE ANNUITY CERTIFICATE. The Equitable Accumulator Certificate is a
combination variable and fixed deferred annuity issued by Equitable Life.
Certificates can be issued as individual retirement annuities (IRAS, which can
be either TRADITIONAL IRAS or ROTH IRAS) or as non-qualified annuities (NQ) for
after-tax contributions only. NQ Certificates may also be used as an investment
vehicle for certain types of qualified plans (QP). The Equitable Accumulator
Certificate is designed to provide for the accumulation of retirement savings
and for income through the investment, during an accumulation phase, of (a)
rollover contributions, direct transfers from other individual retirement
arrangements and additional IRA contributions or (b) after-tax money.
    

You may allocate amounts to Investment Funds where your Certificate's value may
vary up or down depending upon investment performance. You may also allocate
amounts to Guarantee Periods (also called GUARANTEED FIXED INTEREST ACCOUNTS)
that when held to maturity provide guaranteed interest rates that we have set
and a guarantee of principal. If you make any transfers or withdrawals, the
Guaranteed Fixed Interest Accounts' investment value may increase or decrease
until maturity due to interest rate changes. Also, the Special Dollar Cost
Averaging Account (in states where approved) which is part of our general
account and pays interest at guaranteed fixed interest rates, is available for
our Special Dollar Cost Averaging program discussed below. In states were the
Special Dollar Cost Averaging Account is not currently approved, the Special
Dollar Cost Averaging program is available in the Alliance Money Market Fund.
Earnings accumulate under your Certificate on a tax-deferred basis until amounts
are distributed. Amounts distributed under the Equitable Accumulator Certificate
may be subject to income tax.

The Investment Funds offer the potential for better returns than the interest
rates guaranteed under the Guaranteed Fixed Interest Accounts or the Special
Dollar Cost Averaging Account, but the Investment Funds involve risk and you can
lose money. You may make transfers among the Investment Funds and Guaranteed
Fixed Interest Accounts. The value of Guaranteed Fixed Interest Accounts prior
to their maturity fluctuates and you can lose money on premature transfers or
withdrawals. Any transfers (other than Dollar Cost Averaging transfers) or
withdrawals out of the Special Dollar Cost Averaging Account will cancel the
Special Dollar Cost Averaging program.

   
                                   ----------
    Copyright 1998 The Equitable Life Assurance Society of the United States,
    New York, New York 10104. Accumulator is a service mark, and baseBUILDER
      and Income Manager are registered service marks of The Equitable Life
                     Assurance Society of the United States.
    

                                       1

<PAGE>

The Certificate provides a number of distribution methods during the
accumulation phase and for converting to annuity income. The amount accumulated
under your Certificate during the accumulation phase will affect the amount of
distribution or annuity benefits you receive.

   
You can elect the baseBUILDER(R) at issue of the Certificate for an
additional charge. The baseBUILDER provides a combined Guaranteed Minimum Income
Benefit and Guaranteed Minimum Death Benefit. The Guaranteed Minimum Income
Benefit provides a minimum amount of guaranteed lifetime income regardless of
investment performance when converting, at specific times, to the Income
Manager(R) (Life Annuity with a Period Certain) payout annuity certificate.


2. ANNUITY PAYMENTS. When you are ready to start receiving income, annuity
income is available by applying your Certificate's value to an Income Manager
payout annuity certificate. You can also have your IRA or NQ Certificate's value
applied to any of the following ANNUITY BENEFITS: (1) Life Annuity - payments
for the annuitant's life, (2) Life Annuity - Period Certain - payments for the
annuitant's life, but with payments continuing to the beneficiary for the
balance of the selected years if the annuitant dies before the end of the
selected period; (3) Life Annuity - Refund Certain - payments for the
annuitant's life, with payments continuing to the beneficiary after the
annuitant's death until any remaining amount applied to this option runs out;
and (4) Period Certain Annuity - payments for a specified period of time,
usually 5, 10, 15 or 20 years, with no life contingencies. Options (2) and (3)
are also available as a Joint and Survivor Annuity - payments for the
annuitant's life, and after the annuitant's death, continuation of payments to
the survivor for life. Under QP Certificates the only Annuity Benefit available
is Option (2) as a Life Annuity with a 10 Year Period Certain, or a Joint and
Survivor Life Annuity with a 10 Year Period Certain. Annuity Benefits (other
than the Life Annuity in New York, the Refund Certain and the Period Certain
which are only available on a fixed basis) are available as a fixed annuity, or
as a variable annuity, where the dollar amount of your payments will depend upon
the investment performance of the Investment Funds. Once you begin receiving
annuity payments, you cannot change your Annuity Benefit.
    


3. PURCHASE. You can purchase an Equitable Accumulator IRA Certificate by
rolling over or transferring at least $5,000 or more from one or more individual
retirement arrangements. Under a Traditional IRA Certificate you may add
additional amounts of $1,000 or more at any time (subject to certain
restrictions). Additional amounts under a Traditional IRA Certificate are
limited to $2,000 per year, but additional rollover or IRA transfer amounts are
unlimited. In certain cases, additional amounts may not be added to a Roth IRA
Certificate.

   
An Equitable Accumulator NQ or QP Certificate can be purchased with $5,000 or
more. Additional amounts of $1,000 or more can be made at anytime (subject to
certain restrictions). Certain restrictions also apply to the type of
contributions we will accept under Equitable Accumulator QP Certificates.
    

                                       2

<PAGE>


   
4. INVESTMENT OPTIONS. You may invest in any or all of the following Investment
Funds, which invest in shares of corresponding portfolios of The Hudson River
Trust (HRT) and EQ Advisors Trust (EQAT). The portfolios are described in the
prospectuses for HRT and EQAT.
    

<TABLE>
<CAPTION>
HRT INVESTMENT FUNDS                                                EQAT INVESTMENT FUNDS
- --------------------                   ---------------------------------------------------------------------------------
<S>                                    <C>                                   <C>
Alliance Money Market                  BT Equity 500 Index                   MFS Research
Alliance High Yield                    BT Small Company Index                MFS Emerging Growth Companies
Alliance Common Stock                  BT International Equity Index         Morgan Stanley Emerging Markets Equity
Alliance Aggressive Stock              JPM Core Bond                         EQ/Putnam Growth & Income Value
Alliance Small Cap Growth              Lazard Large Cap Value                EQ/Putnam Investors Growth
                                       Lazard Small Cap Value                EQ/Putnam International Equity
</TABLE>

   
You may also invest in one or more Guaranteed Fixed Interest Accounts currently
maturing in years 1999 through 2008. The Special Dollar Cost Averaging Account
is available (in states where approved) for the Special Dollar Cost Averaging
program, discussed below.
    


5. EXPENSES. The Certificates have expenses as follows: As a percentage of net
assets in the Investment Funds, a daily charge is deducted for mortality and
expense risks (including the Guaranteed Minimum Death Benefit discussed below)
at an annual rate of 1.10%, and a daily charge is deducted for administration
expenses at an annual rate of 0.25%. If baseBUILDER is elected, there is an
annual charge of 0.30% expressed as a percentage of the Guaranteed Minimum
Income Benefit benefit base. The base BUILDER charge is deducted from your
Certificate's value.

   
The charges for the portfolios of HRT range from 0.64% to 1.20% of the average
daily net assets of HRT portfolios, depending upon the HRT portfolios selected.
The charges for the portfolios of EQAT range from 0.55% to 1.75% of the average
daily net assets of EQAT portfolios, depending upon the EQAT portfolios
selected. The amounts for HRT are based on average portfolio assets for the year
ended December 31, 1997 and have been restated to reflect the fees that would
have been paid if a new advisory agreement that Alliance, HRT's manager, and HRT
entered into (which went into effect on May 1, 1997) were in effect since
January 1, 1997. The amounts for EQAT are based on current expense caps. The
12b-1 fee (reflected in the "Total Annual Portfolio Charges" column in the chart
below) for the portfolios of HRT (other than the Alliance Small Cap Growth
portfolio) and EQAT are 0.25% of the average daily net assets of HRT and EQAT,
respectively. For the Alliance Small Cap Growth portfolio the 12b-1 fee may be
less than 0.25% under certain circumstances. Charges for state premium and other
applicable taxes may also apply at the time you elect to start receiving annuity
payments.
    

A withdrawal charge is imposed as a percentage of each contribution withdrawn in
excess of a free corridor amount, or if the Certificate is surrendered. The free
corridor amount for withdrawals is 15% of the Certificate's value at the
beginning of the year. The withdrawal charge does not apply under certain of the
distribution methods available under the Equitable Accumulator IRA Certificate.
When applicable, the withdrawal charge is determined in accordance with the
table below, based on the year a contribution is withdrawn. The year in which we
receive your contribution is "Year 1."

                                       3

<PAGE>


                                Year of Contribution Withdrawal

                1       2        3        4        5        6       7        8+
                ---------------------------------------------------------------
Percentage of
Contribution   7.0%    6.0%     5.0%     4.0%     3.0%     2.0%    1.0%     0.0%

The following chart is designed to help you understand the charges in the
Certificate. The "Total Annual Charges" column shows the combined total of the
Certificate charges deducted as a percentage of net assets in the Investment
Funds and the portfolio charges, as shown in the first two columns. The last two
columns show you two examples of the charges, in dollars, that you would pay
under a Certificate, and include the benefit based charge for the baseBUILDER
benefits. The examples assume that you invested $1,000 in a Certificate which
earns 5% annually and that you withdraw your money: (1) at the end of year 1,
and (2) at the end of year 10. For year 1, the Total Annual Charges are assessed
as well as the withdrawal charge. For year 10, the example shows the aggregate
of all the annual charges assessed for the 10 years, but there is no withdrawal
charge. No charges for state premium and other applicable taxes are assumed in
the examples.

<TABLE>
<CAPTION>
   
                                           TOTAL ANNUAL    TOTAL ANNUAL                           EXAMPLES
                                           CERTIFICATE       PORTFOLIO        TOTAL             Total Annual
                                             CHARGES          CHARGES         ANNUAL         Expenses at End of:
INVESTMENT FUND                                                              CHARGES     .....(1)           (2)
                                                                                            1 Year       10 Years
<S>                                            <C>             <C>           <C>          <C>            <C>    
Alliance Money Market                          1.35%           0.64%         1.99%        $  90.19       $269.23
Alliance High Yield                            1.35%           0.89%         2.24%        $  92.68       $294.28
Alliance Common Stock                          1.35%           0.65%         2.00%        $  90.29       $270.24
Alliance Aggressive Stock                      1.35%           0.82%         2.17%        $  91.98       $287.33
Alliance Small Cap Growth                      1.35%           1.20%         2.55%        $  95.76       $324.53
BT Equity 500 Index                            1.35%           0.55%         1.90%        $  89.30       $260.07
BT Small Company Index                         1.35%           0.60%         1.95%        $  89.80       $265.18
BT International Equity Index                  1.35%           0.80%         2.15%        $  91.78       $285.33
JPM Core Bond                                  1.35%           0.80%         2.15%        $  91.78       $285.33
Lazard Large Cap Value                         1.35%           0.90%         2.25%        $  92.78       $295.27
Lazard Small Cap Value                         1.35%           1.20%         2.55%        $  95.76       $324.53
MFS Research                                   1.35%           0.85%         2.20%        $  92.28       $290.31
MFS Emerging Growth Companies                  1.35%           0.85%         2.20%        $  92.28       $290.31
Morgan Stanley Emerging Markets
    Equity                                     1.35%           1.75%         3.10%         $101.22       $376.00
EQ/Putnam Growth & Income Value                1.35%           0.85%         2.20%        $  92.28       $290.31
EQ/Putnam Investors Growth                     1.35%           0.85%         2.20%        $  92.28       $290.31
EQ/Putnam International Equity                 1.35%           1.20%         2.55%        $  95.76       $324.53
</TABLE>
    


Total annual portfolio charges may vary from year to year. For Investment Funds
investing in portfolios with less than 10 years of operations, charges have been
estimated. The charges reflect any waiver or limitation.
For more detailed information, see the Fee Table in the prospectus.

                                       4

<PAGE>


   
6. TAXES. In most cases, your earnings are not taxed until distributions are
made from your Certificate. If you are younger than age 59 1/2 when you receive
any distributions, in addition to income tax you may be charged a 10% Federal
tax penalty on the taxable amount received. This tax discussion does not apply
to Roth IRA or QP Certificates. Please consult your tax adviser.


7. ACCESS TO YOUR MONEY. During the accumulation phase, you may receive
distributions under a Certificate through the following WITHDRAWAL OPTIONS.
Under IRA, NQ and QP Certificates: (1) Lump Sum Withdrawals of at least $1,000
taken at any time; and (2) Systematic Withdrawals paid monthly, quarterly or
annually, subject to certain restrictions, including a maximum percentage of
your Certificate's value. Under both the Traditional IRA and Roth IRA
Certificates only: (1) Substantially Equal Payment Withdrawals (if you are less
than age 59 1/2), paid monthly, quarterly or annually based on life expectancy;
and under Traditional IRA Certificates only (2) Minimum Distribution Withdrawals
(after you are age 70 1/2), which pay the minimum amount necessary to meet
minimum distribution requirements in the Internal Revenue Code.

You also have access to your Certificate's value by surrendering the
Certificate. All or a portion of certain withdrawals may be subject to a
withdrawal charge to the extent that the withdrawal exceeds the free corridor
amount. A free corridor amount does not apply to a surrender. Withdrawals and
surrenders may be subject to income tax and a tax penalty. Withdrawals from
Guaranteed Fixed Interest Accounts prior to their maturity may result in a
market value adjustment. A request for withdrawal of amounts from the Special
Dollar Cost Averaging Account, will cancel the Dollar Cost Averaging program.
    


8. PERFORMANCE. During the accumulation phase, your Certificate's value in the
Investment Funds may vary up or down depending upon the investment performance
of the Investment Funds you have selected. Past performance is not a guarantee
of future results.


   
9. DEATH BENEFIT. If the annuitant dies before amounts are applied under an
annuity benefit, the named beneficiary will be paid a death benefit. The death
benefit is equal to your Certificate's value in (i) the Investment Funds, (ii)
the Guaranteed Fixed Interest Accounts and (iii) the Special Dollar Cost
Averaging Account, or if greater, the Guaranteed Minimum Death Benefit.

For Traditional IRA and Roth IRA Certificates if the annuitant is between the
ages of 20 through 78 at issue of the Certificate; for NQ Certificates for
annuitant ages 0 through 79 at issue of the Certificate; and for QP Certificates
for annuitant ages 20 through 70 at issue of the Certificate, you may choose one
of two types of Guaranteed Minimum Death Benefit available under the
Certificates: a "6% Roll Up to Age 80" or an "Annual Ratchet to Age 80." Both
types are described below. Both benefits are based on the amount you initially
put in and are adjusted for additional contributions and withdrawals. For NQ
Certificates, for annuitant ages 80 through 83 at issue of the Certificate, a
return of the contributions you have invested under the Certificate will be the
Guaranteed Minimum Death Benefit.
    

                                       5

<PAGE>


6% Roll Up to Age 80 (Not available in New York) -- We add interest to the
initial amount at 6% (4% 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 6% interest rate will still apply for
amounts in the Alliance Money Market Fund under the Special Dollar Cost
Averaging program discussed below.

Annual Ratchet to Age 80 -- The Guaranteed Minimum Death Benefit is reset each
year through the annuitant's age 80 to the Certificate's value, if it is higher
than the prior year's Guaranteed Minimum Death Benefit. In New York, the
Guaranteed Minimum Death Benefit at the death of the annuitant will never be
less than the amounts in the Investment Funds, plus amounts (not reflecting any
increase due to interest rate changes) in the Guaranteed Fixed Interest Accounts
reflecting guaranteed interest.


10. OTHER INFORMATION.

QUALIFIED PLANS. If the QP Certificates will be purchased by certain types of
plans qualified under Section 401(a), or 401(k) of the Internal Revenue Code,
please consult your tax adviser first. Any discussion of taxes in this profile
does not apply.

BASEBUILDER BENEFITS. The baseBUILDER (available for annuitant ages 20 through
75 at issue of the Certificates) is an optional benefit that combines the
Guaranteed Minimum Income Benefit and the Guaranteed Minimum Death Benefit.
baseBUILDER benefits (which are different than the ones described below) may be
available for annuitant issue ages 76 and older. baseBUILDER benefits are not
currently available in New York.

         Income Benefit - The Guaranteed Minimum Income Benefit, as part of the
         baseBUILDER, provides a minimum amount of guaranteed lifetime income
         for your future. When you are ready to convert (at specified future
         times) your Certificate's value to the Income Manager (Life Annuity
         with a Period Certain) payout annuity certificate the amount of
         lifetime income that will be provided will be the greater of (i) your
         Guaranteed Minimum Income Benefit or (ii) your Certificate's current
         value applied at current annuity purchase factors.

         Death Benefit - As part of the baseBUILDER you have the choice, at
         issue of the Certificate, of two Guaranteed Minimum Death Benefit
         options: (i) the 6% Roll Up to Age 80 or (ii) the Annual Ratchet to Age
         80. These options are described in "Death Benefit" above.

FREE LOOK. You can examine the Certificate for a period of 10 days after you
receive it, and return it to us for a refund. The free look period is longer in
some states.

                                       6

<PAGE>


   
Your refund will equal your Certificate's value, reflecting any investment gain
or loss in the Investment Funds, any increase or decrease in the value of any
amounts held in the Guaranteed Fixed Interest Accounts, and interest credited to
amounts in the Special Dollar Cost Averaging Account through the date we receive
your Certificate. Some states or Federal income tax regulations may require that
we calculate the refund differently. In the case of a complete conversion of an
existing Traditional IRA Certificate to a Roth IRA, you may cancel your Roth IRA
and return to a Traditional IRA by following the instructions in the request for
full conversion form available from the Processing Office or your registered
representative.

AUTOMATIC INVESTMENT PROGRAM (AIP). AIP provides for a specified amount to be
automatically deducted from a checking account, money market account or credit
union checking account and to be applied as additional amounts under NQ and
Traditional IRA Certificates. AIP is not available for Roth IRA and QP
Certificates.
    

PRINCIPAL ASSURANCE. This option is designed to assure the return of your
original amount invested on a Guaranteed Fixed Interest Account maturity date,
by putting a portion of your money in a particular Guaranteed Fixed Interest
Account, and the balance in the Investment Funds in any way you choose. Assuming
that you make no transfers or withdrawals of the portion in the Guaranteed Fixed
Interest Account, such amount will grow to your original investment upon
maturity.

   
DOLLAR COST AVERAGING. Special Dollar Cost Averaging - You can elect when you
apply for your Certificate to allocate your initial contribution to the Special
Dollar Cost Averaging Account where it will be credited with interest at a
guaranteed fixed rate. Amounts will be transferred from the Special Dollar Cost
Averaging Account to the other Investment Funds on a monthly basis over the
first twelve months of your Certificate. Thereafter the Special Dollar Cost
Averaging Account will not be available for allocation under your Certificate.
If you request a transfer (other than the Dollar Cost Averaging transfers) or a
withdrawal from amounts in the Special Dollar Cost Averaging Account, the
Special Dollar Cost Averaging program will end. Any amounts remaining in the
Special Dollar Cost Averaging Account will immediately be transferred to the
other Investment Options according to your previous allocation instructions we
have on file.

The Special Dollar Cost Averaging Account may not currently be available in your
state. In states where it is currently not available, we offer a Special Dollar
Cost Averaging program from the Alliance Money Market Fund. During the time
amounts are in the Alliance Money Market Fund under this program, mortality and
expense risks and administration charges will not be deducted from the Alliance
Money Market Fund.

General Dollar Cost Averaging -You can elect at any time to put money into the
Alliance Money Market Fund and have a dollar amount or percentage transferred
from the Alliance Money Market Fund into the other Investment Funds on a
periodic basis over a longer period of time. The mortality and expense risks and
administration charges will be deducted from the Alliance Money Market Fund
under this program.
    

Dollar cost averaging does not assure a profit or protect against a loss should
market prices decline.

                                       7

<PAGE>


   
REBALANCING. You can have your money automatically readjusted among the
Investment Funds quarterly, semiannually or annually as you select. The amounts
you have in each selected Investment Fund will grow or decline in value at
different rates during each time period. Rebalancing is intended to transfer
amounts among the chosen Investment Funds in order to retain the allocation
percentages you specify. Rebalancing does not assure a profit or protect against
a loss should market prices decline and should be reviewed periodically, as your
needs may change.

REPORTS. We will provide you with an annual statement of your Certificate's
values as of the last day of each year, and three additional reports of your
Certificate's values each year. You also will be provided with written
confirmations of each financial transaction, and copies of annual and semiannual
statements of HRT and EQAT.

You may call toll-free at 1-800-789-7771 for a recording of daily Investment
Fund values, guaranteed rates applicable to Guaranteed Fixed Interest Accounts,
as well as guaranteed fixed interest rates in the Special Dollar Cost Averaging
Account.


11. INQUIRIES. If you need more information, please contact your registered
representative. You may also contact us at:

The Equitable Life Assurance Society of the United States
Equitable Accumulator
P.O. Box 1547
Secaucus, NJ  07096-1547
Telephone 1-800-789-7771 and Fax 1-201-583-2224
    

                                       8

<PAGE>



   
                             EQUITABLE ACCUMULATOR(SM)
                                (IRA, NQ AND QP)
                          PROSPECTUS DATED MAY 1, 1998
    

                               ------------------

   
          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES
                                   Issued By:
            The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------
This prospectus  describes  certificates The Equitable Life Assurance Society of
the United States  (EQUITABLE  LIFE,  WE, OUR AND US) offers under a combination
variable  and fixed  deferred  annuity  contract  issued on a group  basis or as
individual contracts. Enrollment under a group contract is evidenced by issuance
of a certificate.  Certificates and individual contracts are each referred to as
"Certificates."  Certificates can be issued as individual  retirement  annuities
(IRAS,  which can be either  TRADITIONAL  IRAS or ROTH IRAS),  or  non-qualified
annuities for after-tax  contributions  only (NQ). NQ  Certificates  may also be
used as an investment vehicle for a defined contribution plan or defined benefit
plan (QP). Under IRA Certificates we accept only initial  contributions that are
rollover  contributions  or that are  direct  transfers  from  other  individual
retirement arrangements,  as described in this prospectus. Under QP Certificates
we will only accept employer  contributions  from a trust under a plan qualified
under Section 401(a) or 401(k) of the Code. A minimum  initial  contribution  of
$5,000 is  required to put a  Certificate  into  effect.

The Certificates are designed to provide for the accumulation of retirement
savings and for income. Contributions accumulate on a tax-deferred basis and can
be distributed under a number of different methods which are designed to be
responsive to the owner's (CERTIFICATE OWNER, YOU and YOUR) objectives.

The Certificates offer investment options  (INVESTMENT  OPTIONS) that permit you
to create your own  strategies.  These  Investment  Options  include 17 variable
investment funds (INVESTMENT  FUNDS) and each GUARANTEE PERIOD in the GUARANTEED
PERIOD ACCOUNT. Also, the Special Dollar Cost Averaging Account (in states where
approved) which is part of Equitable Life's general account and pays interest at
guaranteed  fixed  interest  rates,  is  available  for our Special  Dollar Cost
Averaging program.

We invest each Investment  Fund in Class IB shares of a corresponding  portfolio
(PORTFOLIO) of The Hudson River Trust (HRT) and EQ Advisors Trust (EQAT), mutual
funds whose shares are  purchased by separate  accounts of insurance  companies.
The prospectuses for HRT (in which the Alliance Funds invest) and EQAT (in which
the other  Investment  Funds invest),  both of which accompany this  prospectus,
describe the investment objectives, policies and risks, of the Portfolios.
    

                                INVESTMENT FUNDS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                                       <C>  
o  ALLIANCE MONEY MARKET                  o  BT EQUITY 500 INDEX                    o  MFS RESEARCH
o  ALLIANCE HIGH YIELD                    o  BT SMALL COMPANY INDEX                 o  MFS EMERGING GROWTH COMPANIES
o  ALLIANCE COMMON STOCK                  o  BT INTERNATIONAL EQUITY INDEX          o  MORGAN STANLEY EMERGING MARKETS EQUITY
o  ALLIANCE AGGRESSIVE STOCK              o  JPM CORE BOND                          o  EQ/PUTNAM GROWTH & INCOME VALUE
o  ALLIANCE SMALL CAP GROWTH              o  LAZARD LARGE CAP VALUE                 o  EQ/PUTNAM INVESTORS GROWTH
                                          o  LAZARD SMALL CAP VALUE                 o  EQ/PUTNAM INTERNATIONAL EQUITY
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Amounts  allocated  to a Guarantee  Period  accumulate  on a fixed basis and are
credited with interest at a rate we set (GUARANTEED RATE) for the entire period.
On each  business day (BUSINESS  DAY) we will  determine  the  Guaranteed  Rates
available  for amounts  newly  allocated  to Guarantee  Periods.  A market value
adjustment  (positive  or  negative)  will be made for  withdrawals,  transfers,
surrender  and certain  other  transactions  from a Guarantee  Period before its
expiration date (EXPIRATION  DATE). Each Guarantee Period has its own Guaranteed
Rates.  The Guarantee  Periods  currently  available  have  Expiration  Dates of
February 15, in years 1999 through 2008.

   
This prospectus  provides  information  about IRA, NQ and QP  Certificates  that
prospective investors should know before investing. You should read it carefully
and  retain  it  for  future  reference.  The  prospectus  is not  valid  unless
accompanied by current  prospectuses  for HRT and EQAT, both of which you should
also read carefully.

Registration  statements  relating to Separate Account No. 49 (SEPARATE ACCOUNT)
and interests  under the Guarantee  Periods have been filed with the  Securities
and Exchange  Commission (SEC). The statement of additional  information  (SAI),
dated May 1, 1998, which is part of the registration  statement for the Separate
Account,  is available  free of charge upon request by writing to our Processing
Office  or  calling  1-800-789-7771,  our  toll-free  number.  The SAI has  been
incorporated  by reference into this  prospectus.  The Table of Contents for the
SAI  appears  at the back of this  prospectus.  
    

THESE  SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED  BY THE SECURITIES AND
EXCHANGE  COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE CERTIFICATES  ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY.  THEY ARE NOT
DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK AND ARE NOT BANK GUARANTEED.  THEY ARE
SUBJECT TO INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL INVESTED.

   
- --------------------------------------------------------------------------------
   Copyright 1998 The Equitable Life Assurance Society of the United States,
 New York, New York 10104. All rights reserved. Accumulator is a service mark,
       and baseBUILDER and Income Manager are registered service marks of
           The Equitable Life Assurance Society of the United States.
    


PROS 1A (5/98)

<PAGE>


                 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

   
      Equitable  Life's Annual  Report on Form 10-K for the year ended  December
31, 1997 and a current  report on Form 8-K dated April 7, 1998 are  incorporated
herein by reference.
    

      All  documents  or reports  filed by  Equitable  Life  pursuant to Section
13(a),  13(c),  14 or 15(d) of the  Securities  Exchange Act of 1934, as amended
(EXCHANGE  ACT)  after  the date  hereof  and  prior to the  termination  of the
offering of the securities  offered hereby shall be deemed to be incorporated by
reference in this  prospectus and to be a part hereof from the date of filing of
such documents.  Any statement contained in a document incorporated or deemed to
be incorporated herein by reference shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement  contained herein
or in any other  subsequently  filed  document  which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded  shall not be deemed,  except as so modified
and superseded,  to constitute a part of this  prospectus.  Equitable Life files
its  Exchange Act  documents  and reports,  including  its annual and  quarterly
reports on Form 10-K and Form 10-Q,  electronically  pursuant to EDGAR under CIK
No.  0000727920.  The SEC maintains a web site that contains reports,  proxy and
information  statements and other  information  regarding  registrants that file
electronically with the SEC. The address of the site is http://www.sec.gov.

      Equitable  Life will  provide  without  charge to each person to whom this
prospectus is delivered, upon the written or oral request of such person, a copy
of any or all of the foregoing documents incorporated herein by reference (other
than exhibits not  specifically  incorporated by reference into the text of such
documents). Requests for such documents should be directed to The Equitable Life
Assurance Society of the United States,  1290 Avenue of the Americas,  New York,
New York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).

                                       2

<PAGE>


- --------------------------------------------------------------------------------

                          PROSPECTUS TABLE OF CONTENTS

- --------------------------------------------------------------------------------
   
GENERAL TERMS                                                      PAGE  5
                                                                 
FEE TABLE                                                          PAGE  7 
                                                                 
PART 1:    EQUITABLE LIFE, THE SEPARATE                          
           ACCOUNT AND THE                                       
           INVESTMENT FUNDS                                        PAGE 11
Equitable Life                                                       11
Separate Account No. 49                                              11
The Trusts                                                           11
HRT's Manager and Adviser                                            12
EQAT's Manager                                                       12
EQAT's Investment Advisers                                           12
Investment Policies and Objectives of HRT's                      
   Portfolios and EQAT's Portfolios                                  14
                                                                 
PART 2:    THE GUARANTEED PERIOD                                 
           ACCOUNT                                                 PAGE 16
Guarantee Periods                                                    16
Market Value Adjustment for Transfers,                           
   Withdrawals or Surrender Prior to the                         
   Expiration Date                                                   17
Investments                                                          17
                                                                 
PART 3:    THE SPECIAL DOLLAR COST                               
           AVERAGING ACCOUNT                                       PAGE 19
                                                                 
PART 4:    PROVISIONS OF THE CERTIFICATES                        
           AND SERVICES WE PROVIDE                                 PAGE 20
What Is the Equitable Accumulator?                                   20
Joint Ownership                                                      20
Contributions under the Certificates                                 20
Methods of Payment                                                   21
Allocation of Contributions                                          22
Free Look Period                                                     22
Annuity Account Value                                                23
Transfers among Investment Options                                   23
Dollar Cost Averaging                                                24
Rebalancing                                                          24
baseBUILDER Benefits                                                 25
Guaranteed Minimum Income Benefit                                    25
Death Benefit                                                        26
How Death Benefit Payment Is Made                                    27
When an NQ Certificate Owner Dies                                
   before the Annuitant                                              27
Cash Value                                                           28
Surrendering the Certificates to                                 
   Receive the Cash Value                                            28
When Payments Are Made                                               28
Assignment                                                           28
Services We Provide                                                  29
Distribution of the Certificates                                     29
                                                                 
PART 5:    DISTRIBUTION METHODS UNDER                            
           THE CERTIFICATES                                        PAGE 30
Withdrawal Options                                                   30
How Withdrawals Affect Your                                      
   Guaranteed Minimum Income Benefit                             
   and Guaranteed Minimum Death Benefit                              32
Annuity Benefits and Payout Annuity                              
   Options                                                           33
                                                                 
PART 6:    DEDUCTIONS AND CHARGES                                  PAGE 35
Charges Deducted from the Annuity                                
   Account Value                                                     35
Charges Deducted from the Investment                             
   Funds                                                             36
HRT Charges to Portfolios                                            36
EQAT Charges to Portfolios                                           36
Group or Sponsored Arrangements                                      37
Other Distribution Arrangements                                      37
                                                                 
PART 7:    VOTING RIGHTS                                           PAGE 38
The Trusts' Voting Rights                                            38
Voting Rights of Others                                              38
Separate Account Voting Rights                                       38
Changes in Applicable Law                                            38
                                                                 
PART 8:    TAX ASPECTS OF THE                                    
           CERTIFICATES                                            PAGE 39
Tax Changes                                                          39
Taxation of Non-Qualified Annuities                                  39
Charitable Remainder Trusts                                          40
Special Rules for NQ Certificates Issued                         
   in Puerto Rico                                                    40
IRA Tax Information                                                  40
Traditional Individual Retirement Annuities                      
   (Traditional IRAs)                                                41
Roth Individual Retirement Annuities                             
   (Roth IRAs)                                                       46
Federal and State Income Tax Withholding                         
   and Information Reporting                                         49
Other Withholding                                                    50
Impact of Taxes to Equitable Life                                    50
                                                                 
PART 9:    OTHER INFORMATION                                       PAGE 51
Independent Accountants                                              51
Legal Proceedings                                                    51
                                                                 
PART 10:   INVESTMENT PERFORMANCE                                  PAGE 52
Communicating Performance Data                                       57
Alliance Money Market Fund and Alliance                          
   High Yield Fund Yield Information                                 57
                                                            


<PAGE>



APPENDIX I: MARKET VALUE
   ADJUSTMENT EXAMPLE                                              PAGE 58
                                                                   
APPENDIX II: PURCHASE CONSIDERATIONS                               
   FOR QP CERTIFICATES                                             PAGE 59
 
APPENDIX III: GUARANTEED MINIMUM                                   
   DEATH BENEFIT EXAMPLE                                           PAGE 60
                                                                   
STATEMENT OF ADDITIONAL                                            
   INFORMATION TABLE OF CONTENTS                                   PAGE 61
    
                                       4

<PAGE>


- --------------------------------------------------------------------------------

                                  GENERAL TERMS

- --------------------------------------------------------------------------------
ACCUMULATION  UNIT --  Contributions  that are  invested in an  Investment  Fund
purchase Accumulation Units in that Investment Fund.

ACCUMULATION  UNIT VALUE -- The  dollar  value of each  Accumulation  Unit in an
Investment Fund on a given date.

   
ANNUITANT -- The individual who is the measuring life for  determining  benefits
under the  Certificate.  Under NQ  Certificates,  the Annuitant can be different
from the Certificate  Owner;  under both Traditional and Roth IRA  Certificates,
the  Annuitant  and  Certificate  Owner  must be the same  individual.  Under QP
Certificates, the Annuitant must be the Participant/Employee.

ANNUITY ACCOUNT VALUE -- The sum of the amounts in the Investment  Options under
the Certificate. See "Annuity Account Value" in Part 4.

ANNUITY  COMMENCEMENT  DATE -- The date on which Annuity Benefit payments are to
commence.

BASEBUILDER(R)  -- Optional  protection  benefit,  consisting of the  Guaranteed
Minimum Income Benefit and the Guaranteed Minimum Death Benefit.
    

BUSINESS DAY -- Generally,  any day on which the New York Stock Exchange is open
for trading.  For the purpose of determining the Transaction  Date, our Business
Day ends at 4:00 p.m. Eastern Time.

CASH VALUE -- The Annuity Account Value minus any applicable charges.

CERTIFICATE  -- The  Certificate  issued  under  the  terms  of a group  annuity
contract and any individual contract, including any endorsements.

   
CERTIFICATE  OWNER -- The  person  who owns a  Certificate  and has the right to
exercise  all  rights  under  the  Certificate.   Under  NQ  Certificates,   the
Certificate  Owner can be different from the Annuitant;  under both  Traditional
and Roth IRA Certificates,  the Certificate Owner must be the same individual as
the Annuitant. Under QP Certificates,  the Certificate Owner must be the trustee
of a trust for a qualified plan maintained by an employer.
    

CODE -- The Internal Revenue Code of 1986, as amended.

CONTRACT DATE -- The  effective  date of the  Certificates.  This is usually the
Business Day we receive the initial contribution at our Processing Office.

CONTRACT  YEAR -- The 12-month  period  beginning on your Contract Date and each
anniversary of that date.

   
EQAT -- EQ  Advisors  Trust,  a mutual  fund in which  the  assets  of  separate
accounts of insurance companies are invested. EQ Financial Consultants, Inc. (EQ
FINANCIAL)  is the manager of EQAT and has  appointed  advisers  for each of the
Portfolios.
    

EXPIRATION DATE -- The date on which a Guarantee Period ends.

GUARANTEED MINIMUM DEATH BENEFIT -- The minimum amount payable upon death of the
Annuitant.

GUARANTEED  MINIMUM INCOME  BENEFIT -- The minimum  amount of future  guaranteed
lifetime income.

GUARANTEE PERIOD -- Any of the periods of time ending on an Expiration Date that
are available for investment under the Certificates.  Guarantee Periods may also
be referred to as Guaranteed Fixed Interest Accounts.

GUARANTEED PERIOD ACCOUNT -- The Account that contains the Guarantee Periods.

GUARANTEED RATE -- The annual interest rate established for each allocation to a
Guarantee Period.

   
HRT -- The Hudson  River  Trust,  a mutual  fund in which the assets of separate
accounts of insurance  companies are invested.  Alliance Capital Management L.P.
(ALLIANCE) is the manager and adviser to HRT.
    

INVESTMENT  FUNDS -- The funds of the Separate  Account that are available under
the Certificates.

   
INVESTMENT  OPTIONS -- The choices for investment:  the Investment  Funds,  each
available  Guarantee  Period,  and the  Special  Dollar Cost  Averaging  Account
(available only during the first Contract Year).

IRA -- An individual  retirement  annuity,  as defined in Section  408(b) of the
Code.  There are two types of IRAs, a Traditional IRA and a Roth IRA. A Roth IRA
must also meet the requirements of Section 408A of the Code.

JOINT  OWNERS -- Two  individuals  who own  undivided  interests  in the  entire
Certificate.  If Joint Owners are named, reference to "Certificate Owner," "you"
or "your" will apply to both Joint Owners or either of them. Joint Owners may be
selected only for NQ Certificates.
    

MATURITY VALUE -- The amount in a Guarantee Period on its Expiration Date.

NQ  --  An  annuity   contract  which  may  be  purchased  only  with  after-tax
contributions, but is not a Roth IRA.

                                       5

<PAGE>


   
PARTICIPANT/EMPLOYEE  -- An individual who  participates  in an employer's  plan
funded by an Equitable Accumulator QP Certificate.

PORTFOLIOS -- The  portfolios of HRT and EQAT that  correspond to the Investment
Funds of the Separate Account.
    

PROCESSING  DATE -- The day when we  deduct  certain  charges  from the  Annuity
Account Value.  If the Processing  Date is not a Business Day, it will be on the
next succeeding Business Day. The Processing Date will be once each year on each
anniversary of the Contract Date.

PROCESSING  OFFICE -- The address to which all  contributions,  written requests
(e.g.,  transfers,  withdrawals,  etc.) or other written  communications must be
sent. See "Services We Provide" in Part 4.

   
QP -- When issued with the appropriate  endorsement,  an NQ Certificate which is
used as an investment vehicle for a defined contribution plan within the meaning
of Section  401(a) and 401(k) of the Code, or a defined  benefit plan within the
meaning of Section 401(a) of the Code.
    

ROTH IRA -- An IRA which must be funded on an after-tax basis, the distributions
from which may be tax free under specified circumstances.

SAI -- The statement of additional  information  for the Separate  Account under
the Certificates.

SEPARATE ACCOUNT -- Equitable Life's Separate Account No. 49.

   
SPECIAL  DOLLAR  COST  AVERAGING  ACCOUNT  -- The  Investment  Option  that pays
interest at  guaranteed  fixed rates and is part of our  general  account.  This
account is available only for Dollar Cost Averaging of your initial Contribution
during the first Contract  Year.  The Special  Dollar Cost Averaging  Account is
referred to as the Guaranteed Interest Account in the Certificates.
    

TRADITIONAL   IRA  --  An  IRA  which  is  generally   purchased   with  pre-tax
contributions, the distributions from which are treated as taxable.

TRANSACTION  DATE -- The Business Day we receive a contribution or a transaction
request providing all the information we need at our Processing  Office. If your
contribution or request reaches our Processing  Office on a non-Business Day, or
after the  close of the  Business  Day,  the  Transaction  Date will be the next
following Business Day.  Transaction  requests must be made in a form acceptable
to us.

   
TRUSTS -- HRT and EQAT.
    

VALUATION  PERIOD -- Each Business Day together with any preceding  non-business
days.

                                       6

<PAGE>




- --------------------------------------------------------------------------------

                                    FEE TABLE

   
- --------------------------------------------------------------------------------
The  purpose of this fee table is to assist  you in  understanding  the  various
costs and expenses you may bear directly or indirectly under the Certificates so
that you may compare them with other similar  products.  The table reflects both
the charges of the Separate  Account and the  expenses of HRT and EQAT.  Charges
for applicable  taxes such as state or local premium taxes may also apply. For a
complete  description  of the  charges  under  the  Certificates,  see  "Part 6:
Deductions and Charges." For a complete  description of the Trusts'  charges and
expenses, see the prospectuses for HRT and EQAT.
    

As explained in Parts 2 and 3, the Guarantee Periods and the Special Dollar Cost
Averaging  Account are not a part of the Separate Account and are not covered by
the fee table and  examples.  The only  charge  shown in the Table  that will be
deducted from amounts  allocated to the Guarantee Periods and the Special Dollar
Cost  Averaging  Account is the  withdrawal  charge.  A market value  adjustment
(either  positive  or  negative)  also  may  be  applicable  as  a  result  of a
withdrawal,  transfer or surrender of amounts from a Guarantee Period. See "Part
2: The Guaranteed Period Account."

OWNER TRANSACTION EXPENSES (DEDUCTED FROM ANNUITY ACCOUNT VALUE)
- ----------------------------------------------------------------
<TABLE>
<S>                                                                                        <C>
WITHDRAWAL  CHARGE AS A PERCENTAGE OF  CONTRIBUTIONS  (deducted  upon  surrender or for    CONTRACT
   certain  withdrawals.  The applicable  withdrawal charge percentage is determined by      YEAR
   the Contract Year in which the withdrawal is made or the  Certificate is surrendered         1.......................7.00%
   beginning  with  Contract  Year 1 with  respect to each  contribution  withdrawn  or         2.......................6.00
   surrendered.  For each  contribution,  the  Contract  Year in which we receive  that         3.......................5.00
   contribution is "Contract Year 1").(1)                                                       4.......................4.00
                                                                                                5.......................3.00
                                                                                                6.......................2.00
                                                                                                7.......................1.00
                                                                                                8+......................0.00
<CAPTION>

SEPARATE ACCOUNT ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS IN EACH INVESTMENT FUND)
- ----------------------------------------------------------------------------------------
<S>                                                                                                                <C>  
MORTALITY AND EXPENSE RISKS(2)..............................................................................       1.10%
ADMINISTRATION(3)...........................................................................................       0.25%
                                                                                                                   =====
   TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES...................................................................       1.35%
                                                                                                                   =====

OPTIONAL BENEFIT EXPENSE (DEDUCTED FROM ANNUITY ACCOUNT VALUE)
- --------------------------------------------------------------

   
BASEBUILDER BENEFITS EXPENSE (calculated as a percentage of the Guaranteed Minimum Income
   Benefit benefit base)(4) ................................................................................       0.30%
</TABLE>
    

- -------------------
See footnotes on next page.

                                       7


<PAGE>


<TABLE>
<CAPTION>
   
HRT AND EQAT ANNUAL EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)
- --------------------------------------------------------------------------------------------
                                                       INVESTMENT                                                 TOTAL
                                                      MANAGEMENT &                              OTHER             ANNUAL
     PORTFOLIOS                                      ADVISORY FEES        12B-1 FEE (5)        EXPENSES          EXPENSES
     ----------                                      -------------        ---------            --------          --------
     HRT
<S>                       <C>                              <C>               <C>                 <C>                <C>  
     Alliance Money Market(6)                              0.35%             0.25%               0.04%              0.64%
     Alliance High Yield(6)                                0.60%             0.25%               0.04%              0.89%
     Alliance Common Stock(6)                              0.37%             0.25%               0.03%              0.65%
     Alliance Aggressive Stock (6)                         0.54%             0.25%               0.03%              0.82%
     Alliance Small Cap Growth(6)                          0.90%             0.25%               0.05%              1.20%

     EQAT

     BT Equity 500 Index(7)                                0.25%             0.25%               0.05%              0.55%
     BT Small Company Index(7)                             0.25%             0.25%               0.10%              0.60%
     BT International Equity Index(7)                      0.35%             0.25%               0.20%              0.80%
     JPM Core Bond(7)                                      0.45%             0.25%               0.10%              0.80%
     Lazard Large Cap Value(7)                             0.55%             0.25%               0.10%              0.90%
     Lazard Small Cap Value(7)                             0.80%             0.25%               0.15%              1.20%
     MFS Research(7)                                       0.55%             0.25%               0.05%              0.85%
     MFS Emerging Growth Companies(7)                      0.55%             0.25%               0.05%              0.85%
     Morgan Stanley Emerging Markets Equity(7)             1.15%             0.25%               0.35%              1.75%
     EQ/Putnam Growth & Income Value(7)                    0.55%             0.25%               0.05%              0.85%
     EQ/Putnam Investors Growth(7)                         0.55%             0.25%               0.05%              0.85%
     EQ/Putnam International Equity(7)                     0.70%             0.25%               0.25%              1.20%
</TABLE>

- -------------------
Notes:

(1)  Deducted  upon a  withdrawal  with  respect to amounts in excess of the 15%
     free corridor amount, and upon surrender of a Certificate.  See "Withdrawal
     Charge" in Part 6.

(2)  A portion of this charge is for  providing  the  Guaranteed  Minimum  Death
     Benefit. See "Mortality and Expense Risks Charge" in Part 6.

(3)  We reserve  the right to  increase  this charge to an annual rate of 0.35%,
     the maximum permitted under the Certificates.

(4)  If the  baseBUILDER  is elected,  this charge is deducted  annually on each
     Processing  Date.  See  "baseBUILDER  Benefits  Charge"  in Part 6. For the
     description  of the Guaranteed  Minimum  Income  Benefit  benefit base, see
     "Guaranteed Minimum Income Benefit Benefit Base" in Part 5.

(5)  The Class IB  shares  of HRT and EQAT are  subject  to fees  imposed  under
     distribution  plans  (herein,  the "Rule 12b-1  Plans" ) adopted by HRT and
     EQAT  pursuant to Rule 12b-1 under the  Investment  Company Act of 1940, as
     amended.  The Rule 12b-1 Plans provide that HRT and EQAT, on behalf of each
     Portfolio  (other than the Alliance Small Cap Growth Portfolio of HRT), may
     pay  annually  up to 0.25% of the  average  daily net assets of a Portfolio
     attributable  to its Class IB shares in  respect  of  activities  primarily
     intended  to result in the sale of the Class IB shares.  The 12b-1 fee will
     not be increased for the life of the Certificates.  The Rule 12b-1 Plan for
     the Alliance  Small Cap Growth  Portfolio of HRT  provides  that  Equitable
     Distributors  Inc.  ("EDI")  will  receive  an annual fee not to exceed the
     lesser  of (a) 0.25% of the  average  daily  net  assets  of the  Portfolio
     attributable  to Class IB shares  and (b) an  amount  that,  when  added to
     certain other expenses of the Class IB shares, would result in the ratio of
     expenses  to  average  daily  net  assets  attributable  to Class IB shares
     equalling 1.20%.

(6)  Effective May 1, 1997, a new Investment Advisory Agreement was entered into
     between  HRT and  Alliance  Capital  Management  L.P.  ("Alliance"),  HRT's
     Investment  Adviser,  which  effected  changes in HRT's  management fee and
     expense structure.  See HRT's prospectus for more information.  The amounts
     shown for the  Portfolios  of HRT are based on average daily net assets for
     the year ended  December 31, 1997 and have been restated to reflect (i) the
     fees that  would  have  been paid to  Alliance  if the  current  Investment
     Advisory  Agreement  had been in  effect  as of  January  1,  1997 and (ii)
     estimated  accounting  expenses for the year ending  December 31, 1997. The
     investment  management  and advisory fees for each  Portfolio may vary from
     year to year  depending upon the average daily net assets of the respective
     Portfolio  of HRT. The maximum  investment  management  and advisory  fees,
     however,   cannot  be  increased   without  a  vote  of  that   Portfolio's
     shareholders.  The other direct operating expenses will also fluctuate from
     year to year depending on actual expenses.  See "HRT Charges to Portfolios"
     in Part 6.

(7)  All EQAT Portfolios  commenced operations on May 1, 1997, except the Morgan
     Stanley Emerging Markets Equity  Portfolio,  which commenced  operations on
     August 20,  1997,  and the  following  Portfolios,  which had initial  seed
     capital  invested  on  December  31,  1997:  BT Equity 500 Index,  BT Small
     Company Index, BT International  Equity Index, JPM Core Bond,  Lazard Large
     Cap Value,  and Lazard Small Cap Value.

     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, total annual
     operating expenses of each Portfolio (other than interest, taxes, brokerage
     commissions, capitalized expenditures, extraordinary expenses, and 12b-1
     fees) are limited for the respective average daily net assets of each
     Portfolio as follows: BT Equity 500 Index - 0.30%; BT Small Company Index -
     0.35%; JPM Core Bond and BT International Equity - 0.55%; MFS Research, MFS
     Emerging Growth Companies, EQ/Putnam Growth & Income Value, and EQ/Putnam
     Investors Growth - 0.60%; Lazard Large Cap Value - 0.65%; EQ/Putnam
     International Equity and Lazard Small Cap Value - 0.95%; Morgan Stanley
     Emerging Markets Equity - 1.50%.

     Absent  the  expense  limitation,  the  "Other  Expenses"  for  1997  on an
     annualized  basis for each of the following  Portfolios  would have been as
     follows: EQ/Putnam Growth & Income Value - 0.95%; MFS Research - 0.98%; MFS
     Emerging Growth Companies - 1.02%; Morgan Stanley Emerging Markets Equity -
     1.21%;  EQ/Putnam  Investors  Growth - 1.33%;  and EQ/Putnam  International
     Equity - 1.58%. For EQAT Portfolios which had initial seed capital invested
     on December 31, 1997, the "Other  Expenses" for 1998 are estimated to be as
     follows  (absent the expense  limitation):  BT Equity 500 Index - 0.29%; BT
     Small Company Index - 0.23%;  BT  International  Equity Index - 0.47%;  JPM
     Core Bond - 0.41%;  Lazard  Large Cap Value - 0.29%;  and Lazard  Small Cap
     Value - 0.23%.  See "EQAT Charges to  Portfolios" in Part 6. 

     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  for  more
     information.
    
                                       8


<PAGE>


EXAMPLES
- ---------------
The examples below show the expenses that a hypothetical  Certificate Owner (who
has  elected  the  baseBUILDER)  would  pay in the two  situations  noted  below
assuming a $1,000  contribution  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>
- -------------------------------------------------------------------------------------------------------------------------------
                                IF YOU SURRENDER YOUR CERTIFICATE AT THE       IF YOU DO NOT SURRENDER YOUR CERTIFICATE AT
                                END OF EACH PERIOD SHOWN, THE EXPENSES         THE END OF EACH PERIOD SHOWN, THE EXPENSES
                                WOULD BE:                                      WOULD BE:
   
                                 1 YEAR     3 YEARS     5 YEARS     10 YEARS     1 YEAR     3 YEARS     5 YEARS     10 YEARS
- -------------------------------------------------------------------------------------------------------------------------------
HRT
- ---

<S>                             <C>         <C>         <C>         <C>          <C>        <C>         <C>         <C>    
Alliance Money Market           $ 90.19     $118.74     $150.32     $263.86      $23.37     $ 72.31     $124.33     $269.23
Alliance High Yield               92.68      126.22      162.82      288.92       25.86       79.79      136.83      294.28
Alliance Common
   Stock                          90.29      119.04      150.82      264.87       23.47       72.61      124.83      270.24
Alliance Aggressive
   Stock                          91.98      124.12      159.32      281.95       25.16       77.70      133.34      287.33
Alliance Small Cap
   Growth                         95.76      135.44          --          --       28.94       89.01          --          --

EQAT
- ----
BT Equity 500 Index               89.30      116.04          --          --       22.48       69.62          --          --
BT Small Company Index            89.80      117.55          --          --       22.98       71.12          --          --
BT International Equity 
   Index                          91.78      123.52          --          --       24.96       77.10          --          --
JPM Core Bond                     91.78      123.52          --          --       24.96       77.10          --          --
Lazard Large Cap Value            92.78      126.52          --          --       25.96       80.09          --          --
Lazard Small Cap Value            95.76      135.44          --          --       28.94       89.01          --          --
MFS Research                      92.28      125.02          --          --       25.46       78.59          --          --
MFS Emerging
   Growth Companies               92.28      125.02          --          --       25.46       78.59          --          --
Morgan Stanley Emerging
   Markets Equity                101.22      151.65          --          --       34.40      105.23          --          --
EQ/Putnam Growth
   & Income Value                 92.28      125.02          --          --       25.46       78.59          --          --
EQ/Putnam
   Investors Growth               92.28      125.02          --          --       25.46       78.59          --          --
EQ/Putnam International
   Equity                         95.76      135.44          --          --       28.94       89.01          --          --
</TABLE>

- -------------------
Note:

(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  "Annuity  Benefits  and
   Payout  Annuity  Options" in Part 5. The examples do not reflect  charges for
   applicable  taxes  such as  state  or local  premium  taxes  that may also be
   deducted in certain jurisdictions.
    
                                       9


<PAGE>


   
CONDENSED FINANCIAL INFORMATION

ACCUMULATION UNIT VALUES

Equitable Life commenced offering the Certificates on May 1, 1997. The following
table  shows the  Accumulation  Unit  Values,  as of the  applicable  dates each
Investment Fund was first  available  under the  Certificates as noted below and
the last business day of the periods shown.

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
                                                            MAY 1, 1997          DECEMBER 31, 1997         MARCH 31, 1998
- -------------------------------------------------------------------------------------------------------------------------------
HRT
- ---
<S>                                                            <C>                     <C>                     <C>   
Alliance Aggressive Stock                                       61.42                   70.28                   79.88
Alliance Common Stock                                          146.89                  186.29                  210.70
Alliance High Yield                                             26.35                   29.96                   31.45
Alliance Money Market                                           24.38                   25.01                   25.23
Alliance Small Cap Growth                                       10.00                   12.54                   14.25

EQAT
- ----
BT Equity 500 Index*                                               --                   10.00                   11.12
BT Small Company Index*                                            --                   10.00                   10.90
BT International Equity Index*                                     --                   10.00                   11.33
JPM Core Bond*                                                     --                   10.00                   10.12
Lazard Large Cap Value*                                            --                   10.00                   11.17
Lazard Small Cap Value*                                            --                   10.00                   10.81
MFS Research                                                    10.00                   11.50                   13.32
MFS Emerging Growth Companies                                   10.00                   12.13                   14.57
Morgan Stanley Emerging Markets Equity*                            --                    7.94                    8.27
EQ/Putnam Growth & Income Value                                 10.00                   11.52                   12.72
EQ/Putnam Investors Growth                                      10.00                   12.36                   14.32
EQ/Putnam International Equity                                  10.00                   10.86                   12.68
</TABLE>

- -------------------
*  The BT Equity 500 Index,  BT Small Company  Index,  BT  International  Equity
   Index,  JPM Core Bond,  Lazard Large Cap Value,  Lazard Small Cap Value,  and
   Morgan  Stanley  Emerging  Markets  Equity Funds were first offered under the
   Certificates on December 31, 1997.
    

                                       10

<PAGE>


- --------------------------------------------------------------------------------

                  PART 1: EQUITABLE LIFE, THE SEPARATE ACCOUNT
                            AND THE INVESTMENT FUNDS

- --------------------------------------------------------------------------------
EQUITABLE LIFE

   
Equitable  Life is a New York  stock  life  insurance  company  that has been in
business since 1859. For more than 100 years we have been among the largest life
insurance  companies  in the United  States.  Our home office is located at 1290
Avenue of the Americas, New York, New York 10104. We are authorized to sell life
insurance and annuities in all fifty  states,  the District of Columbia,  Puerto
Rico and the U.S.  Virgin  Islands.  We maintain  local offices  throughout  the
United States.

Equitable  Life  is  a  wholly  owned  subsidiary  of  The  Equitable  Companies
Incorporated  (THE  HOLDING  COMPANY).  The largest  shareholder  of the Holding
Company is AXA-UAP  (AXA).  As of December  31,  1997,  AXA  beneficially  owned
approximately  58.7% of the  outstanding  common  stock of the Holding  Company.
Under its investment  arrangements  with Equitable Life and the Holding Company,
AXA is able to exercise  significant  influence  over the operations and capital
structure of the Holding Company and its subsidiaries, including Equitable Life.
AXA, a French  company,  is the holding  company for an  international  group of
insurance and related financial service companies.

Equitable Life, the Holding Company and their subsidiaries managed approximately
$274.1 billion of assets as of December 31, 1997.

SEPARATE ACCOUNT NO. 49

Separate  Account No. 49 is  organized  as a unit  investment  trust,  a type of
investment company,  and is registered with the SEC under the Investment Company
Act of 1940,  as amended  (1940  ACT).  This  registration  does not involve any
supervision by the SEC of the management or investment  policies of the Separate
Account.  The  Separate  Account has  several  Investment  Funds,  each of which
invests in shares of a corresponding  Portfolio of HRT and EQAT. Because amounts
allocated to the  Investment  Funds are  invested in a mutual  fund,  investment
return and principal will  fluctuate and the  Certificate  Owner's  Accumulation
Units may be worth more or less than the original cost when redeemed.

Under the New York Insurance Law, the portion of the Separate  Account's  assets
equal to the reserves and other liabilities relating to the Certificates are not
chargeable  with  liabilities  arising out of any other business we may conduct.
Income,  gains or losses,  whether or not realized,  from assets of the Separate
Account are credited to or charged  against the Separate  Account without regard
to our other income gains or losses.  This means that assets supporting  Annuity
Account  Value in the  Separate  Account are not subject to claims of  Equitable
Life's creditors. We are the issuer of the Certificates, and the obligations set
forth in the Certificates (other than those of Annuitants or Certificate Owners)
are our obligations.

In addition to contributions made under the Certificates, we may allocate to the
Separate  Account  monies  received  under  other  contracts,  certificates,  or
agreements.  Owners  of all such  contracts,  certificates  or  agreements  will
participate  in the Separate  Account in  proportion to the amounts they have in
the Investment Funds that relate to their contracts, certificates or agreements.
We may retain in the Separate  Account assets that are in excess of the reserves
and  other  liabilities  relating  to the  Certificates  or to other  contracts,
certificates  or  agreements,  or we may  transfer  the  excess  to our  General
Account.
    

We reserve the right,  subject to  compliance  with  applicable  law: (1) to add
Investment Funds (or sub-funds of Investment  Funds) to, or to remove Investment
Funds (or  sub-funds)  from,  the  Separate  Account,  or to add other  separate
accounts;  (2) to combine any two or more Investment Funds or sub-funds thereof;
(3) to  transfer  the  assets  we  determine  to be the  share  of the  class of
contracts to which the  Certificates  belong from any Investment Fund to another
Investment Fund; (4) to operate the Separate Account or any Investment Fund as a
management  investment  company  under the 1940 Act,  in which case  charges and
expenses that  otherwise  would be assessed  against an  underlying  mutual fund
would be assessed against the Separate  Account;  (5) to deregister the Separate
Account  under  the 1940  Act,  provided  that  such  action  conforms  with the
requirements  of applicable  law; (6) to restrict or eliminate any voting rights
as to the Separate  Account;  and (7) to cause one or more  Investment  Funds to
invest  some or all of their  assets in one or more other  trusts or  investment
companies.  If any  changes  are made that  result in a  material  change in the
underlying  investment  policy of an  Investment  Fund,  you will be notified as
required by law.

   
THE TRUSTS

The Trusts are open-end  management  investment  companies  registered under the
1940 Act, more commonly  called mutual funds. As a "series" type of mutual 

                                       11

<PAGE>


fund, each Trust issues several different series of stock, each of which relates
to a different Portfolio of that Trust. HRT commenced operations in January 1976
with a  predecessor  of its Alliance  Common  Stock  Portfolio.  EQAT  commenced
operations on May 1, 1997. The Trusts do not impose sales charges or "loads" for
buying and selling their shares.  All  dividends  and other  distributions  on a
Portfolio's shares are reinvested in full and fractional shares of the Portfolio
to which  they  relate.  Each  Investment  Fund  invests in Class IB shares of a
corresponding  Portfolio.  All of the Portfolios,  except for the Morgan Stanley
Emerging  Markets  Equity  and  the  Lazard  Small  Cap  Value  Portfolios,  are
diversified  for 1940 Act  purposes.  The Board of  Trustees of HRT and EQAT may
establish  additional  Portfolios or eliminate existing  Portfolios at any time.
More  detailed  information  about  the  Trusts,  their  investment  objectives,
policies,  restrictions,  risks,  expenses,  their  respective  Rule 12b-1 Plans
relating  to their  respective  Class IB  shares,  and  other  aspects  of their
operations, appears in the HRT prospectus (beginning after this prospectus), the
EQAT prospectus  (beginning  after the HRT  prospectus),  or in their respective
Statements of Additional Information, which are available upon request.

HRT'S MANAGER AND ADVISER

HRT is managed and its  Portfolios  are advised by Alliance  Capital  Management
L.P. (ALLIANCE), which is registered with the SEC as an investment adviser under
the Investment Advisers Act of 1940, as amended (ADVISERS ACT).

In its role as manager  of HRT,  Alliance  has  overall  responsibility  for the
general management and administration of HRT, including  selecting the portfolio
managers for HRT's Portfolios, monitoring their investment programs and results,
reviewing brokerage matters,  performing fund accounting,  overseeing compliance
by HRT with various Federal and state statutes,  and carrying out the directives
of its Board of  Trustees.  With the  approval of HRT's  Trustees,  Alliance may
enter into agreements with other companies to assist with its administrative and
management responsibilities to HRT.

As adviser for all HRT  Portfolios,  Alliance is responsible  for developing the
Portfolios' investment programs, making investment decisions for the Portfolios,
placing all orders for the purchase and sale of those investments and performing
certain limited related administrative functions.

ALLIANCE CAPITAL MANAGEMENT L.P.

Alliance,  a  leading  international  investment  adviser,  provides  investment
management and consulting services to mutual funds,  endowment funds,  insurance
companies,  foreign entities,  qualified and non-tax qualified  corporate funds,
public and private pension and profit-sharing plans,  foundations and tax-exempt
organizations.

Alliance is a publicly traded limited partnership  incorporated in Delaware.  On
December 31, 1997, Alliance was managing approximately $218.7 billion in assets.
Alliance employs 223 investment  professionals,  including 83 research analysts.
Portfolio managers have average investment experience of more than 14 years.

Alliance is an indirect,  majority-owned  subsidiary of Equitable  Life, and its
main  office is  located at 1345  Avenue of the  Americas,  New York,  NY 10105.
Additional information regarding Alliance is located in the HRT prospectus which
directly follows this prospectus.

EQAT'S MANAGER

EQ Financial  Consultants,  Inc. (EQ FINANCIAL),  subject to the supervision and
direction of the Board of Trustees of EQAT, has overall  responsibility  for the
general  management  and  administration  of EQAT. EQ Financial is an investment
adviser registered under the Advisers Act, and a broker-dealer  registered under
the Exchange Act. EQ Financial currently furnishes specialized investment advice
to other  clients,  including  individuals,  pension and  profit-sharing  plans,
trusts, charitable organizations,  corporations, and other business entities. EQ
Financial is a Delaware corporation and an indirect,  wholly owned subsidiary of
Equitable Life.

EQ Financial is responsible for providing management and administrative services
to EQAT and selects the investment advisers for EQAT's Portfolios,  monitors the
EQAT  advisers'  investment  programs and results,  reviews  brokerage  matters,
oversees compliance by EQAT with various Federal and state statutes, and carries
out the directives of its Board of Trustees.  EQ Financial  Consultants,  Inc.'s
main office is located at 1290 Avenue of the Americas, New York, NY 10104.

Pursuant to a service agreement,  Chase Global Funds Services Company assists EQ
Financial in the performance of its administrative responsibilities to EQAT with
other necessary administrative, fund accounting and compliance services.

EQAT'S INVESTMENT ADVISERS

Bankers Trust Company,  J.P. Morgan  Investment  Management  Inc.,  Lazard Asset
Management,  Massachusetts  Financial  Services  Company,  Morgan  Stanley Asset
Management Inc., and Putnam Investment  Management,  Inc. serve as EQAT advisers
only for their respective EQAT Portfolios.

Each EQAT adviser  furnishes  EQAT's manager,  EQ Financial,  with an investment
program  (updated  periodically)  for each of its Portfolios,  makes  investment
decisions on behalf of its EQAT  Portfolios,  places all orders for the purchase
and sale of  investments  for the  
    

                                       12


<PAGE>


   
Portfolio's  account  with  brokers or dealers  selected by such adviser and may
perform certain limited related administrative functions.

The assets of each Portfolio are allocated currently among the EQAT advisers. If
an EQAT  Portfolio  shall at any time  have  more  than  one EQAT  adviser,  the
allocation of an EQAT  Portfolio's  assets among EQAT advisers may be changed at
any time by EQ Financial.

BANKERS TRUST COMPANY

Bankers Trust Company  (BANKERS  TRUST) is a wholly owned  subsidiary of Bankers
Trust New York Corporation  which was founded in 1903.  Bankers Trust conducts a
variety  of  general  banking  and  trust  activities  and is a major  wholesale
supplier of financial  services to the international and domestic  institutional
markets. Bankers Trust advises BT Equity 500 Index, a domestic equity portfolio,
BT Small Company Index, an aggressive  equity  portfolio,  and BT  International
Equity  Index,  an  international  equity  portfolio.  As of December  31, 1997,
Bankers  Trust had  approximately  $317.8  billion  in assets  under  management
worldwide.  The  executive  offices of Bankers  Trust are located at 130 Liberty
Street (One Bankers Trust Plaza), New York, NY 10006.

J.P. MORGAN INVESTMENT MANAGEMENT INC.

J.P. Morgan  Investment  Management Inc. (J.P.  MORGAN) advises JPM Core Bond, a
high-quality  bond portfolio.  It is a wholly owned  subsidiary of J.P. Morgan &
Co.  Incorporated  (JPM &  CO.).  JPM &  Co.,  through  J.P.  Morgan  and  other
subsidiaries,  offers a wide range of services to  governmental,  institutional,
corporate and individual  customers and acts as investment adviser to individual
and  institutional  clients.  Its combined assets under management  totaled over
$255  billion  as of  December  31,  1997.  J.P.  Morgan is located at 522 Fifth
Avenue, New York, NY 10036.

LAZARD ASSET MANAGEMENT

Lazard Asset  Management  (LAM) is a division of Lazard Freres & Co. LLC,  which
was  founded  in 1848.  LAM and its  affiliates  provide  investment  management
services to client discretionary accounts with assets totaling approximately $53
billion as of December 31, 1997.  LAM advises Lazard Large Cap Value, a domestic
equity  portfolio,  and Lazard Small Cap Value, an aggressive  equity portfolio.
LAM's global  headquarters  are located at 30  Rockefeller  Plaza,  New York, NY
10112.

MASSACHUSETTS FINANCIAL SERVICES COMPANY

Massachusetts  Financial  Services Company (MFS) is America's oldest mutual fund
organization,  whose  assets  under  management  as of  December  31,  1997 were
approximately  $70.2 billion on behalf of more than 2.7 million  investors.  MFS
advises MFS  Research,  a domestic  equity  portfolio,  and MFS Emerging  Growth
Companies, an aggressive equity portfolio.  MFS is an indirect subsidiary of Sun
Life Assurance Company of Canada and is located at 500 Boylston Street,  Boston,
MA 02116.

MORGAN STANLEY ASSET MANAGEMENT INC.

Morgan Stanley Asset  Management Inc. (MSAM) provides a broad range of portfolio
management  services to customers in the United  States and abroad and serves as
an investment adviser to numerous open-end and closed-end  investment companies.
MSAM,  together  with  its  affiliated   institutional   investment   management
companies,  had  approximately  $146  billion  in assets  under  management  and
fiduciary care as of December 31, 1997.  MSAM advises  Morgan  Stanley  Emerging
Markets  Equity,  an  international  equity  portfolio.  MSAM is a subsidiary of
Morgan Stanley, Dean Witter & Co. and is located at 1221 Avenue of the Americas,
New York, NY 10020.

PUTNAM INVESTMENT MANAGEMENT, INC.

Putnam Investment Management, Inc. (PUTNAM) has been managing mutual funds since
1937. As of December 31, 1997, Putnam and its affiliates  managed more than $235
billion in assets.  Putnam advises  EQ/Putnam  Growth & Income Value, a domestic
equity portfolio,  EQ/Putnam Investors Growth, a domestic equity portfolio,  and
EQ/Putnam International Equity, an international equity portfolio.  Putnam is an
indirect  subsidiary of Marsh & McLennan  Companies,  Inc. and is located at One
Post Office Square, Boston, MA 02109.

Additional  information  regarding each of the companies  which serve as an EQAT
adviser appears in the EQAT prospectus beginning after the HRT prospectus.
    

                                       13


<PAGE>


   
INVESTMENT POLICIES AND OBJECTIVES OF HRT'S PORTFOLIOS AND EQAT'S PORTFOLIOS

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  prospectuses  for HRT and  EQAT,  both of which
accompany this  prospectus.  Please read the prospectuses for each of the trusts
carefully before investing.

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
           HRT PORTFOLIO                             INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>
Alliance Money Market                 Primarily high-quality U.S. dollar-denominated      High level of current income
                                      money market instruments.                           while preserving assets and
                                                                                          maintaining liquidity
- -------------------------------------------------------------------------------------------------------------------------------
Alliance High Yield                   Primarily a diversified mix of high-yield,          High return by maximizing current
                                      fixed-income securities which generally involve     income and, to the extent
                                      greater volatility of price and risk of             consistent with that objective,
                                      principal and income than higher-quality            capital appreciation
                                      fixed-income securities. Lower-quality debt
                                      securities are commonly known as "junk bonds."
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock                 Primarily common stock and other equity-type        Long-term growth of capital and
                                      instruments.                                        increasing income
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Aggressive Stock             Primarily common stocks and other equity-type       Long-term growth of capital
                                      securities issued by quality small- and
                                      intermediate-sized companies with strong growth
                                      prospects and in covered options on those
                                      securities.
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth             Primarily U.S. common stocks and other              Long-term growth of capital
                                      equity-type securities issued by smaller
                                      companies that, in the opinion of the adviser,
                                      have favorable growth prospects.
- -------------------------------------------------------------------------------------------------------------------------------
           EQAT PORTFOLIO                            INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
BT Equity 500 Index                   Invest in a statistically selected sample           Replicate as closely as possible
                                      of the 500 stocks included in the Standard &        (before the deduction of
                                      Poor's 500 Composite Stock Price Index ("S&P        Portfolio expenses) the total
                                      500").                                              return of the S&P 500
- -------------------------------------------------------------------------------------------------------------------------------
BT Small Company Index                Invest in a statistically selected sample of        Replicate as closely as possible
                                      the 2,000 stocks included in the Russell 2000       (before the deduction of
                                      Index ("Russell 2000").                             Portfolio expenses) the total
                                                                                          return of the Russell 2000
- -------------------------------------------------------------------------------------------------------------------------------
BT International Equity Index         Invest in a statistically selected sample of        Replicate as closely as possible
                                      the securities of companies included in the         (before the deduction of
                                      Morgan Stanley Capital International Europe,        Portfolio expenses) the total
                                      Australia, Far East Index ("EAFE"), although        return of the EAFE
                                      not all companies within a country will be
                                      represented in the Portfolio at the same time.
- -------------------------------------------------------------------------------------------------------------------------------
JPM Core Bond                         Under normal circumstances, all of the              High total return consistent with
                                      Portfolio's assets will, at the time of             moderate risk of capital and
                                      purchase, consist of investment grade               maintenance of liquidity
                                      fixed-income securities rated BBB or better by
                                      Standard and Poor's Rating Service or Baa or
                                      better by Moody's Investors Service, Inc. or
                                      unrated securities of comparable quality.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    

                                       14


<PAGE>


<TABLE>
<CAPTION>
   
- -------------------------------------------------------------------------------------------------------------------------------
           EQAT PORTFOLIO                            INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>
Lazard Large Cap Value                Primarily equity securities of United States        Capital appreciation
                                      companies with relatively large market
                                      capitalizations (i.e., companies having market
                                      capitalizations of greater than $1 billion)
                                      that appear to the adviser to be inexpensively
                                      priced relative to the return on total capital
                                      or equity.
- -------------------------------------------------------------------------------------------------------------------------------
Lazard Small Cap Value                Primarily equity securities of United States        Capital appreciation
                                      companies with small market capitalizations
                                      (i.e., companies in the range of companies
                                      represented in the Russell 2000 Index) that the
                                      adviser considers inexpensively priced relative
                                      to the return on total capital or equity.
- -------------------------------------------------------------------------------------------------------------------------------
MFS Research                          A substantial portion of assets invested in         Long-term growth of capital and
                                      common stock or securities convertible into         future income
                                      common stock of companies  believed by the
                                      adviser to  possess  better  than  average
                                      prospects for long-term growth.
- -------------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth                   Primarily (i.e., at least 80% of its assets         Long-term growth of capital
   Companies                          under normal circumstances) in common stocks of
                                      emerging growth companies that the adviser
                                      believes are early in their life cycle but
                                      which have the potential to become major
                                      enterprises.
- -------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets       Primarily equity securities of emerging market      Long-term capital appreciation
   Equity                             country issuers with a focus on those in which
                                      the adviser  believes  the  economies  are
                                      developing   strongly  and  in  which  the
                                      markets are becoming more sophisticated.
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth                      Primarily common stocks that offer potential        Capital growth and, secondarily,
   & Income Value                     for capital growth and may, consistent with the     current income
                                      Portfolio's investment objective, invest in
                                      common stocks that offer potential for current
                                      income.
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Investors Growth            Primarily common stocks that the adviser            Long-term growth of capital and
                                      believes afford the best opportunity for            any increased income that results
                                      long-term capital growth.                           from this growth
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam International               Primarily a diversified portfolio of equity         Capital appreciation
   Equity                             securities of companies organized under laws of
                                      countries other than the United States.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    

                                       15


<PAGE>


- --------------------------------------------------------------------------------

                      PART 2: THE GUARANTEED PERIOD ACCOUNT

- --------------------------------------------------------------------------------

GUARANTEE PERIODS

Each amount allocated to a Guarantee Period and held to the Period's  Expiration
Date  accumulates  interest at a Guaranteed  Rate. The Guaranteed  Rate for each
allocation is the annual  interest rate  applicable to new  allocations  to that
Guarantee  Period,  which  was  in  effect  on  the  Transaction  Date  for  the
allocation.  We may establish different  Guaranteed Rates under other classes of
Certificates.  We use the term  GUARANTEED  PERIOD AMOUNT to refer to the amount
allocated to and  accumulated in each Guarantee  Period.  The Guaranteed  Period
Amount is reduced or  increased by any market  value  adjustment  as a result of
withdrawals, transfers or charges (see below).

Your Guaranteed  Period Account contains the Guarantee Periods to which you have
allocated  Annuity Account Value. On the Expiration Date of a Guarantee  Period,
its Guaranteed  Period Amount and its value in the Guaranteed Period Account are
equal. We call the Guaranteed  Period Amount on an Expiration Date the Guarantee
Period's  Maturity Value. We report the Annuity Account Value in your Guaranteed
Period  Account to reflect any market value  adjustment  that would apply if all
Guaranteed Period Amounts were withdrawn as of the calculation date. The Annuity
Account  Value in the  Guaranteed  Period  Account with respect to the Guarantee
Periods on any Business Day, therefore,  will be the sum of the present value of
the Maturity Value in each Guarantee Period, using the Guaranteed Rate in effect
for new allocations to each such Guarantee Period on such date.

Guarantee Periods and Expiration Dates

   
We currently  offer  Guarantee  Periods  ending on February 15th for each of the
maturity  years 1999 through 2008.  Not all of these  Guarantee  Periods will be
available for Annuitant ages 76 and above. See "Allocation of  Contributions" in
Part 4. Also,  the Guarantee  Periods may not be available for investment in all
states.  As Guarantee  Periods  expire we expect to add  maturity  years so that
generally 10 are available at any time.
    

We will not accept  allocations  to a  Guarantee  Period if, on the  Transaction
Date:

o  Such Transaction  Date and the Expiration Date for such Guarantee Period fall
   within the same calendar year.

o  The Guaranteed Rate is 3%.

o  The  Guarantee Period  has  an  Expiration  Date  beyond  the  February  15th
   immediately following the Annuity Commencement Date.

Guaranteed Rates and Price Per $100 of Maturity Value

Because the Maturity Value of a contribution allocated to a Guarantee Period can
be determined at the time it is made,  you can determine the amount  required to
be allocated to a Guarantee  Period in order to produce a target  Maturity Value
(assuming no transfers or  withdrawals  are made and no charges are allocated to
the Guarantee Period). The required amount is the present value of that Maturity
Value at the Guaranteed Rate on the Transaction Date for the contribution, which
may  also  be  expressed  as the  price  per  $100  of  Maturity  Value  on such
Transaction Date.

   
Guaranteed  Rates for new allocations as of April 15, 1998 and the related price
per $100 of Maturity Value for each currently available Guarantee Period were as
follows:

- -------------------------------------------------------------
      GUARANTEE
    PERIODS WITH
   EXPIRATION DATE        GUARANTEED            PRICE
  FEBRUARY 15TH OF        RATE AS OF         PER $100 OF
    MATURITY YEAR       APRIL 15, 1998     MATURITY VALUE
- -------------------------------------------------------------
        1999                  4.48%             $96.39
        2000                  4.59               92.08
        2001                  4.64               87.91
        2002                  4.68               83.89
        2003                  4.73               79.95
        2004                  4.80               76.04
        2005                  4.81               72.50
        2006                  4.83               69.07
        2007                  4.86               65.72
        2008                  4.86               62.68
- -------------------------------------------------------------
    

Allocation among Guarantee Periods

The same  approach as described  above may also be used to determine  the amount
which you would need to allocate to each  Guarantee  Period in order to create a
series of constant Maturity Values for two or more years.

   
For example,  if you wish to have $100 mature on February  15th of each of years
1999 through 2003,  then according to the above table the lump sum  contribution
you would have to make as of April 15,  1998  would be  $440.22  (the sum of the
prices  per $100 of  Maturity  Value for each  maturity  year from 1999  through
2003).
    

The  above  example  is  provided  to  illustrate   the  use  of  present  value
calculations.  It does not take into  account  the  potential  for charges to be
deducted,  withdrawals or

                                       16


<PAGE>


transfers to be made from Guarantee  Periods or for the market value  adjustment
that would  apply to such  transactions.  Actual  calculations  will be based on
Guaranteed Rates on each actual Transaction Date, which may differ.

Options at Expiration Date

   
We will notify you on or before  December 31st prior to the  Expiration  Date of
each Guarantee  Period in which you have any Guaranteed  Period Amount.  You may
elect one of the  following  options to be  effective  at the  Expiration  Date,
subject to the restrictions set forth on the prior page and under "Allocation of
Contributions" in Part 4:
    

     (a) to transfer the Maturity  Value into any  Guarantee  Period we are then
         offering, or into any of our Investment Funds; or

     (b) to withdraw the Maturity Value (subject to any withdrawal charges which
         may apply).

If we have not received your election as of the  Expiration  Date,  the Maturity
Value in the expired  Guarantee  Period will be  transferred  into the Guarantee
Period with the earliest Expiration Date.

MARKET VALUE ADJUSTMENT FOR TRANSFERS, WITHDRAWALS OR SURRENDER 
PRIOR TO THE EXPIRATION DATE

Any withdrawal (including transfers,  surrender and deductions) from a Guarantee
Period prior to its Expiration Date will cause any remaining  Guaranteed  Period
Amount for that Guarantee  Period to be increased or decreased by a market value
adjustment.  The amount of the  adjustment  will depend on two factors:  (a) the
difference  between the Guaranteed Rate applicable to the amount being withdrawn
and the  Guaranteed  Rate on the  Transaction  Date  for  new  allocations  to a
Guarantee  Period  with the same  Expiration  Date,  and (b) the  length of time
remaining  until the Expiration  Date. In general,  if interest rates have risen
between the time when an amount was originally  allocated to a Guarantee  Period
and the time it is withdrawn,  the market value adjustment will be negative, and
vice versa;  and the longer the period of time  remaining  until the  Expiration
Date, the greater the impact of the interest rate difference.  Therefore,  it is
possible that a significant rise in interest rates could result in a substantial
reduction in your Annuity Account Value in the Guaranteed Period Account related
to longer-term Guarantee Periods.

The market value adjustment  (positive or negative)  resulting from a withdrawal
of all funds from a Guarantee  Period will be determined  for each  contribution
allocated to that Period as follows:

(1) We determine the present value of the Maturity Value on the Transaction Date
    as follows:

     (a) We determine the Guaranteed  Period Amount that would be payable on the
         Expiration Date, using the applicable Guaranteed Rate.

     (b) We determine the period  remaining in your  Guarantee  Period (based on
         the  Transaction  Date) and convert it to  fractional  years based on a
         365-day year. For example, three years and 12 days becomes 3.0329.

     (c) We  determine  the  current   Guaranteed  Rate  which  applies  on  the
         Transaction Date to new allocations to the same Guarantee Period.

     (d) We determine the present value of the Guaranteed  Period Amount payable
         at the Expiration Date, using the period determined in (b) and the rate
         determined in (c).

(2) We determine the Guaranteed Period Amount as of the current date.

(3) We subtract  (2) from the result in (1)(d).  The result is the  market value
    adjustment  applicable to such Guarantee  Period,  which  may be positive or
    negative.

The market value adjustment  (positive or negative)  resulting from a withdrawal
(including  any  withdrawal  charges)  of a portion of the amount in a Guarantee
Period  will be a  percentage  of the  market  value  adjustment  that  would be
applicable  upon  a  withdrawal  of all  funds  from a  Guarantee  Period.  This
percentage  is  determined  by (i)  dividing  the  amount of the  withdrawal  or
transfer  from the  Guarantee  Period by (ii) the Annuity  Account Value in such
Guarantee  Period prior to the  withdrawal  or  transfer.  See Appendix I for an
example.

The Guaranteed  Rate for new  allocations  to a Guarantee  Period is the rate we
have in effect for this purpose even if new allocations to that Guarantee Period
would not be accepted at the time.  This rate will not be less than 3%. If we do
not have a  Guaranteed  Rate in  effect  for a  Guarantee  Period  to which  the
"current  Guaranteed  Rate" in (1)(c) would  apply,  we will use the rate at the
next  closest  Expiration  Date.  If we are no  longer  offering  new  Guarantee
Periods, the "current Guaranteed Rate" will be determined in accordance with our
procedures  then in  effect.  For  purposes  of  calculating  the  market  value
adjustment  only, we reserve the right to add up to 0.25% to the current rate in
(1)(c) above.

INVESTMENTS

Amounts allocated to Guarantee Periods will be held in a "nonunitized"  separate
account  established by Equitable Life under the laws of New York. This separate
account provides an additional measure of assurance that full payment of amounts
due under the Guarantee  Periods will be made. Under the New York Insurance Law,
the portion of the  separate  account's  

                                       17


<PAGE>


assets  equal to the  reserves and other  contract  liabilities  relating to the
Certificates  are not  chargeable  with  liabilities  arising  out of any  other
business we may conduct.

   
Investments  purchased with amounts  allocated to the Guaranteed  Period Account
(and any earnings on those  amounts) are the  property of  Equitable  Life.  Any
favorable  investment  performance  on the assets held in the  separate  account
accrues  solely  to  Equitable  Life's  benefit.   Certificate   Owners  do  not
participate  in the  performance  of the assets held in this  separate  account.
Equitable  Life may,  subject  to  applicable  state  law,  transfer  all assets
allocated to the separate account to its general account.  Regardless of whether
assets  supporting  Guaranteed Period Accounts are held in a separate account or
our general account,  all benefits  relating to the Annuity Account Value in the
Guaranteed Period Account are guaranteed by Equitable Life.
    

Equitable Life has no specific formula for establishing the Guaranteed Rates for
the Guarantee Periods. Equitable Life expects the rates to be influenced by, but
not  necessarily   correspond  to,  among  other  things,   the  yields  on  the
fixed-income  securities  to be acquired  with amounts that are allocated to the
Guarantee  Periods at the time that the Guaranteed  Rates are  established.  Our
current plans are to invest such amounts in fixed-income obligations,  including
corporate bonds,  mortgage-backed and asset-backed securities and government and
agency issues having  durations in the  aggregate  consistent  with those of the
Guarantee Periods.

Although the foregoing  generally describes Equitable Life's plans for investing
the assets  supporting  Equitable Life's  obligations under the fixed portion of
the  Certificates,  Equitable  Life is not  obligated  to  invest  those  assets
according to any  particular  plan except as may be required by state  insurance
laws, nor will the Guaranteed  Rates Equitable Life establishes be determined by
the performance of the nonunitized separate account.

General Account

   
Our  general  account  supports  all  of our  policy  and  contract  guarantees,
including  those  applicable to the  Guaranteed  Period  Account and the Special
Dollar Cost Averaging Account, as well as our general obligations.
    

The general  account is subject to regulation  and  supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations of
all jurisdictions where we are authorized to do business.  Because of applicable
exemptions and  exclusionary  provisions,  interests in the general account have
not been registered under the Securities Act of 1933, as amended (1933 ACT), nor
is the general  account an investment  company under the 1940 Act.  Accordingly,
the general account is not subject to regulation  under the 1933 Act or the 1940
Act. However,  the market value adjustment  interests under the Certificates are
registered under the 1933 Act.

We have  been  advised  that the  staff of the SEC has not made a review  of the
disclosure that is included in the prospectus for your  information that relates
to the general  account  (other than market  value  adjustment  interests).  The
disclosure,  however, may be subject to certain generally applicable  provisions
of the Federal  securities  laws  relating to the accuracy and  completeness  of
statements made in prospectuses.

                                       18


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                PART 3: 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" under "Investments" in "Part 2: the Guaranteed Period Account"
for a discussion of our general account.

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. The
Special  Dollar Cost  Averaging  Account may not  currently be available in your
state.  See "Dollar  Cost  Averaging"  in Part 4.  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%. See "Dollar Cost  Averaging"  in Part 4 for the rules and  restrictions
applicable to the Special Dollar Cost Averaging Account.
    

                                       19

<PAGE>


- --------------------------------------------------------------------------------

   
         PART 4: PROVISIONS OF THE CERTIFICATES AND SERVICES WE PROVIDE
    

- --------------------------------------------------------------------------------

WHAT IS THE EQUITABLE ACCUMULATOR?

   
The  Equitable  Accumulator  is a deferred  annuity  designed to provide for the
accumulation of retirement savings, and for income at a future date.  Investment
Options available are Investment Funds providing  variable returns and Guarantee
Periods providing guaranteed interest when held to maturity.  The Special Dollar
Cost  Averaging  Account  providing  guaranteed  interest is also  available (in
states  where   approved)  only  for  Dollar  Cost  Averaging  of  your  initial
contribution during the first Contract Year. Equitable Accumulator  Certificates
can be issued as two different types of individual  retirement annuities (IRAS),
TRADITIONAL IRAS and ROTH IRAS, or non-qualified annuities (NQ). NQ Certificates
may  also be  used as an  investment  vehicle  for  qualified  plans  (QP).  The
provisions  of  your  Certificate  may  be  restricted  by  applicable  laws  or
regulations. Roth IRA Certificates may not currently be available in your state.
Your registered representative can provide information about state availability,
or you may contact our Processing Office.
    

Earnings  generally  accumulate on a tax-deferred  basis until withdrawn or when
distributions  become  payable.  Withdrawals  made  prior  to 59 1/2 may also be
subject to tax penalty.

IRA CERTIFICATES

IRA  Certificates  are  available  for  Annuitant  issue ages 20 through 78. IRA
Certificates are not available in Puerto Rico.

NQ CERTIFICATES

   
NQ Certificates are available for Annuitant issue ages 0 through 83.

QP CERTIFICATES

When issued with the appropriate endorsement, an NQ Certificate may be purchased
by a plan qualified  under Section 401(a) or 401(k) of the Code.  Such purchases
may not be available in all states.  QP Certificates are available for Annuitant
issue ages 20 through 70. Plan fiduciaries considering purchase of a Certificate
should read the important  information in "Appendix II: Purchase  Considerations
for QP Certificates."

JOINT OWNERSHIP

If Joint Owners are named under an NQ Certificate,  both Owners must be of legal
age, and joint  ownership  with  non-natural  persons is not  permitted.  Unless
otherwise  provided  in writing,  the  exercise  of any  ownership  right in the
Certificate  must be in a written  form  satisfactory  to us and  signed by both
Owners. A Joint Owner  designation  supersedes any beneficiary  designation (see
"Death  Benefit"  below).  This  feature may not  currently be available in your
state.  Your  registered  representative  can  provide  information  about state
availability, or you may contact our Processing Office.

CONTRIBUTIONS UNDER THE CERTIFICATES

The minimum initial contribution under all Certificates is $5,000. We may refuse
to  accept  any  contribution  if  the  sum  of  all  contributions   under  all
accumulation  Certificates  with the same  Annuitant  would then total more than
$1,500,000. We reserve the right to limit aggregate contributions made after the
first Contract Year to 150% of first-year  contributions.  We may also refuse to
accept any contribution if the sum of all contributions under all Equitable Life
annuity accumulation  certificates/contracts  that you own would then total more
than $2,500,000.

Contributions are credited as of the Transaction Date.

IRA CERTIFICATES

Under IRA  Certificates,  we will only accept  initial  contributions  which are
either rollover contributions under Sections 402(c),  403(a)(4),  403(b)(8),  or
408(d)(3) of the Code,  or direct  custodian-to-custodian  transfers  from other
traditional individual retirement arrangements.  Under Roth IRA Certificates, we
will only accept rollover  contributions from Traditional IRAs, or Roth IRAs, or
direct  custodian-to-custodian  transfers from other Roth IRAs. See "Part 8: Tax
Aspects of the Certificates."

Under Traditional IRA Certificates,  you may make subsequent contributions of at
least  $1,000.  Subsequent  Traditional  IRA  Certificate  contributions  may be
"regular" IRA contributions (limited to a maximum of $2,000 a year), or rollover
contributions or direct transfers as described above.

"Regular" contributions to Traditional IRAs may not be made for the taxable year
in which you  attain age 70 1/2 or  thereafter.  Rollover  and  direct  transfer
contributions may be made until you attain age 79. However,  under the Code, any
amount  contributed  after you  attain  age 70 1/2 must be net of your  required
minimum  distribution  for the year in which the  rollover  or  direct  transfer
contribution  is  made.  See  "Traditional   Individual   Retirement   Annuities
(Traditional  IRAs)" in Part 8. For the  consequences  of making a "regular" IRA
contribution to your IRA Certificate, also see Part 8.
    

                                       20


<PAGE>


   
We will not accept "regular" IRA contributions to Roth IRAs. Rollover and direct
custodian-to-custodian  transfer  contributions  can be made any time  until you
attain age 79,  provided you meet  certain  requirements.  See "Roth  Individual
Retirement Annuities (Roth IRAs)" in Part 8.

NQ CERTIFICATES

Under NQ Certificates,  you may make subsequent contributions of at least $1,000
once per Contract  Year at any time during the Contract Year until the Annuitant
attains age 84.

QP CERTIFICATES

Under QP  Certificates,  we will only accept  contributions  which are  employer
contributions  from a trust under a plan  qualified  under Section 401(a) of the
Code. If a defined  contribution  plan is qualified  under Section 401(k) of the
Code,   contributions   may  include  employee  pre-tax  and  employer  matching
contributions, but not employee after-tax contributions to the plan. For defined
benefit plans,  contributions  may not be made by employees.  The employer shall
contribute to the  Certificates  such amounts as shall be determined by the plan
trustee.

Under QP Certificates,  you may make subsequent contributions of at least $1,000
at any time until the Annuitant attains age 71.

METHODS OF PAYMENT

Except as indicated under "Wire  Transmittals"  and "Automatic  Investment Plan"
below,  all  contributions  must be made by  check  drawn  on a bank in the U.S.
clearing  through the Federal  Reserve  System,  in U.S.  dollars and payable to
Equitable Life. Third party checks endorsed to Equitable Life are not acceptable
forms of payment except in cases of a rollover from a qualified plan, a tax-free
exchange  under the Code or a trustee check that involves no refund.  All checks
are accepted subject to collection.  Equitable Life reserves the right to reject
a payment if an unacceptable form of payment is received.
    

Contributions  must be sent to Equitable Life at our  Processing  Office address
designated for contributions. Your initial contribution must be accompanied by a
completed  application  which is acceptable to us. In the event the  application
information is incomplete or the application is otherwise not acceptable, we may
retain your  contribution for a period not exceeding five Business Days while an
attempt is made to obtain the required information.  If the required information
cannot be obtained  within those five Business Days, the Processing  Office will
inform the  broker-dealer,  on behalf of the  applicant,  of the reasons for the
delay or  non-acceptability  and  return  the  contribution  immediately  to the
applicant,  unless the  applicant  specifically  consents to our  retaining  the
contribution  until the  required  information  is  received  by the  Processing
Office.

Wire Transmittals

We will accept,  by agreement  with  broker-dealers  who use wire  transmittals,
transmittal of initial contributions by wire order from the broker-dealer to the
Processing   Office.   Such   transmittals  must  be  accompanied  by  essential
information we require to allocate the contribution.

   
Contributions  accepted  by  wire  order  will be  invested  at the  value  next
determined  following  receipt for  contributions  allocated  to the  Investment
Funds. Contributions allocated to the Guaranteed Period Account will receive the
Guaranteed Rate(s) in effect for the applicable Guarantee Period(s), and initial
contributions  allocated  to the Special  Dollar  Cost  Averaging  Account  will
receive  the  interest  rate in effect on the  Business  Day  contributions  are
received. Wire orders not accompanied by complete information may be retained as
described above.
    

Notwithstanding  the  acceptance  by us of the  wire  order  and  the  essential
information,  however,  a  Certificate  generally  will not be issued  until the
receipt and acceptance of a properly completed application.  In certain cases we
may issue a Certificate based on information forwarded electronically.  In these
cases, you must sign our Acknowledgment of Receipt form.

Where a signed  application  is  required,  no  financial  transactions  will be
permitted until such time as we receive such signed  application and have issued
the  Certificate.  Where an  Acknowledgment  of Receipt is  required,  financial
transactions  will only be  permitted  if  requested  in writing,  signed by the
Certificate  Owner  and  signature  guaranteed  until  we  receive  such  signed
Acknowledgment of Receipt.

After  your  Certificate  has  been  issued,  subsequent  contributions  may  be
transmitted by wire.

Section 1035 Exchanges

   
You may apply the values of an existing NQ life  insurance  or deferred  annuity
contract to purchase an Equitable  Accumulator  NQ Certificate in a tax-deferred
exchange,  if you follow certain procedures.  For further  information,  consult
your tax adviser. See also "Taxation of Non-Qualified Annuities: Withdrawals" in
Part 8. In the case of joint  ownership,  1035  exchanges  will not be permitted
unless both owners authorize the exchange.
    

Automatic Investment Program

   
Our Automatic  Investment  Program (AIP)  provides for a specified  amount to be
automatically  deducted from a checking account, money market account, or credit
union checking account and to be contributed as a subsequent  contribution  into
an NQ or a Traditional IRA Certificate on a monthly or quarterly  basis.  AIP is
not available for Roth IRA and QP Certificates.
    

                                       21


<PAGE>


   
The minimum  amount that will be  deducted  is $100  monthly and $300  quarterly
(subject to the maximum $2,000  annually for Traditional  IRAs).  AIP subsequent
contributions  may be allocated  to any of the  Investment  Funds and  available
Guarantee Periods,  but not the Special Dollar Cost Averaging  Account.  You may
elect AIP by properly  completing the appropriate  form, which is available from
your registered  representative,  and returning it to our Processing Office. You
elect which day of the month  (other than the 29th,  30th,  or 31st) you wish to
have your account debited.  That date, or the next Business Day if that day is a
non-Business Day, will be the Transaction Date.
    

You may cancel AIP at any time by notifying our Processing  Office in writing at
least two business days prior to the next scheduled transaction.  Equitable Life
is not responsible for any debits made to your account prior to the time written
notice of revocation is received at our Processing Office.

ALLOCATION OF CONTRIBUTIONS

You may choose  Self-Directed,  Principal  Assurance  or Dollar  Cost  Averaging
allocations.

   
A contribution  allocated to an Investment Fund purchases  Accumulation Units in
that  Investment Fund based on the  Accumulation  Unit Value for that Investment
Fund  computed  for  the  Transaction  Date.  A  contribution  allocated  to the
Guaranteed  Period  Account  will  have the  Guaranteed  Rate for the  specified
Guarantee  Period  offered on the  Transaction  Date.  An  initial  contribution
allocated  to the  Special  Dollar  Cost  Averaging  Account  will  receive  the
guaranteed interest rate in effect on the Transaction Date.
    

Self-Directed Allocation

   
You allocate your contributions to one or up to all of the available  Investment
Funds and Guarantee  Periods.  The Special Dollar Cost Averaging  Account is not
available  under  Self-Directed  Allocation.  Allocations  among  the  available
Investment Options must be in whole percentages.  Allocation  percentages can be
changed at any time by writing to our Processing  Office,  or by telephone.  The
change will be effective on the  Transaction  Date and will remain in effect for
future contributions unless another change is requested.
    

At Annuitant ages 76 and above, allocations to Guarantee Periods must be limited
to those with  maturities of five years or less and with maturity dates no later
than the February 15th immediately following the Annuity Commencement Date.

Principal Assurance Allocation

   
This option  (for  Annuitant  issue ages up through  age 75)  assures  that your
Maturity  Value  in  a  specified  Guarantee  Period  will  equal  your  initial
contribution on the Guarantee  Period's  Expiration Date, while at the same time
allowing you to invest in the Investment  Funds. It may be elected only at issue
of your  Certificate  and assumes no withdrawals or transfers from the Guarantee
Period.  The maturity year  generally may not be later than 10 years nor earlier
than seven years from the Contract  Date. In order to accomplish  this strategy,
we  will  allocate  a  portion  of your  initial  contribution  to the  selected
Guarantee Period. See "Guaranteed Rates and Price Per $100 of Maturity Value" in
Part  2.  The  balance  of  your  initial   contribution   and  all   subsequent
contributions  must be allocated under  "Self-Directed  Allocation" as described
above.

If you are  applying  for a  Traditional  IRA  Certificate,  before you select a
maturity  year  that  would extend  beyond the year in which you will attain age
70 1/2,  you should  consider your ability to  take minimum  distributions  from
other  Traditional  IRA funds that you may have or from the Investment  Funds to
the  extent  possible.   See  "Traditional   Individual   Retirement   Annuities
(Traditional IRAs): Required Minimum Distributions" in Part 8.
    

Dollar Cost Averaging Allocation

   
A Special  Dollar Cost  Averaging  program is available  for  allocation of your
initial contribution. Also, a General Dollar Cost Averaging program is available
for allocation of your initial contribution, or if elected at a later date, your
Annuity Account Value. Both programs are more fully described later in this Part
4 under "Dollar Cost Averaging."
    

FREE LOOK PERIOD

You have the right to examine your Certificate for a period of 10 days after you
receive it, and to return it to us for a refund.  You cancel it by sending it to
our Processing Office. The free look period is extended if your state requires a
refund period of longer than 10 days.

   
Your refund will equal the Annuity Account Value  reflecting any investment gain
or loss, any positive or negative  market value  adjustment,  and any guaranteed
interest through the date we receive your Certificate at our Processing  Office.
Some states or Federal income tax  regulations may require that we calculate the
refund differently.  If you cancel your Certificate during the free look period,
we may require that you wait six months  before you may apply for a  Certificate
with us again.

We follow these same  procedures if you change your mind before you receive your
Certificate, but after a contribution has been made. See "Part 8: Tax Aspects of
the  Certificates"  for possible  consequences  of cancelling  your  Certificate
during the free look period.
    

In the  case of a  complete  conversion  of an  existing  Equitable  Accumulator
Traditional IRA Certificate to 

                                       22


<PAGE>


an Equitable  Accumulator  Roth IRA  Certificate,  you may cancel your Equitable
Accumulator  Roth  IRA  Certificate  and  return  to  an  Equitable  Accumulator
Traditional  IRA  Certificate by following the  instructions  in the request for
full  conversion  form available from our Processing  Office or your  registered
representative.

ANNUITY ACCOUNT VALUE

Your Annuity Account Value is the sum of the amounts in the Investment Options.

Annuity Account Value in Investment Funds

The Annuity  Account Value in an Investment Fund on any Business Day is equal to
the number of Accumulation  Units in that Investment Fund times the Accumulation
Unit Value for the  Investment  Fund for that date.  The number of  Accumulation
Units in an  Investment  Fund at any  time is  equal to the sum of  Accumulation
Units  purchased by  contributions  and transfers  less the sum of  Accumulation
Units redeemed for withdrawals, transfers or deductions for charges.

The number of Accumulation Units purchased or sold in any Investment Fund equals
the dollar amount of the transaction  divided by the Accumulation Unit Value for
that Investment Fund for the applicable Transaction Date.

The number of  Accumulation  Units will not vary  because of any later change in
the  Accumulation  Unit  Value.  The  Accumulation  Unit Value  varies  with the
investment performance of the corresponding Portfolios of each respective trust,
which in turn reflects the investment income and realized and unrealized capital
gains and losses of the Portfolios,  as well as each respective trust's fees and
expenses.  The  Accumulation  Unit Value is also stated  after  deduction of the
Separate  Account asset charges relating to the  Certificates.  A description of
the computation of the Accumulation Unit Value is found in the SAI.

Annuity Account Value in Guaranteed Period Account

The Annuity  Account Value in the Guaranteed  Period Account on any Business Day
will be the sum of the present  value of the  Maturity  Value in each  Guarantee
Period,  using  the  Guaranteed  Rate  in  effect  for new  allocations  to such
Guarantee  Period on such date.  (This is  equivalent to the  Guaranteed  Period
Amount increased or decreased by the full market value  adjustment.) The Annuity
Account Value,  therefore,  may be higher or lower than the contributions  (less
withdrawals)  accumulated  at the Guaranteed  Rate. At the  Expiration  Date the
Annuity  Account Value in the Guaranteed  Period Account will equal the Maturity
Value. See "Part 2: The Guaranteed Period Account."

   
Annuity Account Value in 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 "Part 3: The  Special  Dollar  Cost
Averaging Account."
    

TRANSFERS AMONG INVESTMENT OPTIONS

At any time prior to the Annuity  Commencement  Date,  you may  transfer  all or
portions of your Annuity Account Value among the Investment Options,  subject to
the following:

   
o  You may not transfer any amount to the Special Dollar Cost Averaging Account.
   The Special Dollar Cost Averaging Account is available only for allocation of
   your initial  contribution  during the first  Contract Year under the Special
   Dollar Cost Averaging  program.  A request by you to transfer  amounts out of
   the Special Dollar Cost Averaging Account will cancel the Special Dollar Cost
   Averaging  program.  In such case, all amounts will be transferred out of the
   Special Dollar Cost Averaging Account. See "Dollar Cost Averaging" below.
    

o  Transfers out of a Guarantee  Period other than at the  Expiration  Date will
   result  in a market  value  adjustment.  See "Part 2: The  Guaranteed  Period
   Account."
   
o  At Annuitant age 76 and above, transfers to Guarantee Periods must be limited
   to those with  maturities  of five years or less and with  maturity  dates no
   later than the February 15th immediately  following the Annuity  Commencement
   Date.

o  Transfers may not be made to a Guarantee  Period with an  Expiration  Date in
   the current calendar year, or if the Guaranteed Rate is 3%.

Transfer requests must be made directly to our Processing  Office.  Your request
for  a  transfer  should  specify  your  Certificate   number,  the  amounts  or
percentages to be transferred  and the Investment  Options to and from which the
amounts are to be  transferred.  Your  transfer  request may be in writing or by
telephone.

For telephone transfer  requests,  procedures have been established by Equitable
Life that are  considered  to be  reasonable  and are  designed to confirm  that
instructions  communicated  by telephone are genuine.  Such  procedures  include
requiring  certain  personal  identification  information  prior  to  acting  on
telephone  instructions  and  providing  written  confirmation.  In light of the
procedures  established,  Equitable  Life  will  not  be  liable  for  following
telephone instructions that it reasonably believes to be genuine.

                                       23

<PAGE>


We may  restrict,  in our sole  discretion,  the use of an agent  acting under a
power  of  attorney,  such  as a  market  timer,  on  behalf  of more  than  one
Certificate  Owner to effect  transfers.  Any  agreements  to use market  timing
services to effect transfers are subject to our rules then in effect and must be
on a form satisfactory to us.

A transfer request will be effective on the Transaction Date and the transfer to
or from  Investment  Funds  will be made at the  Accumulation  Unit  Value  next
computed after the Transaction Date. All transfers will be confirmed in writing.

DOLLAR COST AVERAGING

   
We offer two programs for Dollar Cost  Averaging  as described  below.  The main
objective of Dollar Cost Averaging is to attempt to shield your  investment from
short-term price  fluctuations.  Since approximately the same dollar amounts are
transferred  from the  specified  Investment  Options  to the  Investment  Funds
periodically, more Accumulation Units are purchased in an Investment Fund if the
value per Accumulation Unit is low and fewer Accumulation Units are purchased if
the value per Accumulation  Unit is high.  Therefore,  a lower average value per
Accumulation  Unit may be achieved  over the long term.  This plan of  investing
allows you to take advantage of market fluctuations but does not assure a profit
or protect against a loss in declining markets.

You elect a Dollar  Cost  Averaging  program by  completing  the proper form and
sending it to our Processing Office. The transfer date will be the same calendar
day of the month as the Contract Date (other than the 29th, 30th or 31st).

Dollar  Cost  Averaging  may  not  be  elected  while  the  rebalancing  program
(discussed   below)  or  the  Systematic   Withdrawal  option  (described  under
"Withdrawal Options" in Part 5) is in effect.
    

Special Dollar Cost Averaging

   
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 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.

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, we offer a Special Dollar Cost Averaging
program from the Alliance Money Market Fund. Under Special Dollar Cost Averaging
from the Alliance  Money Market Fund,  the  mortality  and expense risks and the
administration  charges will not be deducted.  See  "Charges  Deducted  from the
Investment  Funds"  in Part 6. 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.
    

General Dollar Cost Averaging

   
If you have at least  $5,000 of  Annuity  Account  Value in the  Alliance  Money
Market Fund,  you may choose to have a specified  dollar amount or percentage of
your Annuity  Account Value  transferred  from the Alliance Money Market Fund to
other Investment Funds on a monthly, quarterly or annual basis. You may not have
Annuity Account Value  transferred to the Special Dollar Cost Averaging  Account
or the Guarantee Periods. This program may be elected at any time.
    

The minimum amount that may be transferred on each Transaction Date is $250. The
maximum amount which may be transferred is equal to the Annuity Account Value in
the Alliance  Money  Market Fund at the time the program is elected,  divided by
the number of transfers scheduled to be made each Contract Year.

   
If, on any transfer date, the Annuity Account Value in the Alliance Money Market
Fund is equal to or less than the amount you have  elected to have  transferred,
the entire amount will be transferred and the Dollar Cost Averaging program will
end. You may change the transfer  amount once each Contract Year, or cancel this
program by  sending us  satisfactory  notice to our  Processing  Office at least
seven calendar days before the next transfer date.
    

REBALANCING

We  currently  offer a  rebalancing  program  under  which you  authorize  us to
automatically  transfer your Annuity  

                                       24


<PAGE>


   
Account Value among the Investment  Funds selected by you in order to maintain a
particular  percentage  allocation (which you specify) in such Investment Funds.
Such percentages must be in whole numbers.  You select the period of time at the
end of which the transfers will take place. The period of time may be quarterly,
semiannually,  or annually on a Contract Year basis on the same day of the month
as  the  Contract  Date  (other  than  the  29th,  30th  or  31st).  Rebalancing
automatically  reallocates  the Annuity  Account Value in the chosen  Investment
Funds at the end of each period to the  specified  allocation  percentages.  The
transfers  to  and  from  each  chosen  Investment  Fund  will  be  made  at the
Accumulation Unit Value next computed after the Transaction Date. Rebalancing is
not available for amounts in the Guaranteed Period Account or the Special Dollar
Cost Averaging Account.
    

Rebalancing  does not  assure a profit or  protect  against a loss in  declining
markets and should be  periodically  reviewed as your needs may change.  You may
want to discuss the  rebalancing  program  with your  financial  adviser  before
electing such program.

You may elect the  rebalancing  program at any time by properly  completing  the
appropriate form, which is available from your registered  representative or our
Processing Office.

You may change your rebalancing allocation percentages or cancel this program at
any time by submitting a request in a form satisfactory to us. Such request must
be  received  at our  Processing  Office at least  seven  days  before  the next
scheduled  rebalancing  date. A transfer  request from you while the rebalancing
program is in effect, will cancel the rebalancing program.

Rebalancing  may not be elected if a Dollar Cost  Averaging  program  (discussed
above) is in effect.

BASEBUILDER BENEFITS

   
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).
The baseBUILDER provides a degree of protection while you live (Income Benefit),
as well as for your  beneficiary  should you die. As part of the baseBUILDER you
will have a choice of two Guaranteed Minimum Death Benefit options for Annuitant
issue ages 20 through  75: (i) a 6% Roll Up to Age 80 or (ii) an Annual  Ratchet
to Age 80. If you do not elect the  baseBUILDER,  and for Annuitant issue ages 0
through 19 under NQ Certificates,  the Guaranteed  Minimum Death Benefit choices
are still  provided  under the  Certificate.  The  baseBUILDER  is not currently
available in New York.
    

If the  Annuitant's  age at issue is 76 or older and you are  interested  in the
Combined Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit,
ask  your  registered  representative  for a copy of the  prospectus  supplement
describing this benefit.

The main  advantages of the Guaranteed  Minimum Income Benefit relate to amounts
allocated to the Investment Funds.  Before electing the baseBUILDER,  you should
consider  the extent to which you expect to utilize the  Investment  Funds.  You
elect the baseBUILDER  guaranteed  benefits when you apply for a Certificate and
once elected, it may not be changed or cancelled.

GUARANTEED MINIMUM INCOME BENEFIT

The Guaranteed  Minimum  Income Benefit  provides a minimum amount of guaranteed
lifetime  income when you apply the Annuity  Account Value under your  Equitable
Accumulator  Certificate  to an Income  Manager(R)  (Life  Annuity with a Period
Certain) payout annuity  certificate during the periods of time indicated below.
This Income Manager payout annuity certificate provides payments during a period
certain with payments  continuing for life thereafter.  This means that payments
will be made for the rest of the Annuitant's life. In addition, if the Annuitant
dies before a specified period of time (period certain) has ended, payments will
continue to the beneficiary for the balance of the period certain.

On the Transaction Date that you exercise the Guaranteed Minimum Income Benefit,
the annual  lifetime income that will be provided under the Income Manager (Life
Annuity with a Period Certain) payout annuity certificate will be the greater of
(i) your  Guaranteed  Minimum Income  Benefit,  and (ii) the income  provided by
application of your Annuity Account Value at our then current  annuity  purchase
factors.  The  Guaranteed  Minimum  Income  Benefit  does not provide an Annuity
Account Value or guarantee performance of your Investment Options.  Because this
benefit is based on conservative actuarial factors, the level of lifetime income
that it  guarantees  may often be less than the level that would be  provided by
application of your Annuity Account Value at current annuity  purchase  factors.
It should therefore be regarded as a safety net.

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  or
withdrawals  and assuming there were no allocations to the Alliance Money Market
Fund or the Guaranteed Period Account.

                                       25

<PAGE>


- -------------------------------------------------------------
                                 GUARANTEED MINIMUM
      CONTRACT DATE        INCOME BENEFIT -- ANNUAL INCOME
 ANNIVERSARY AT ELECTION        PAYABLE FOR LIFE WITH
                               10 YEAR PERIOD CERTAIN
- -------------------------------------------------------------
             7                       $  8,992
            10                         12,160
            15                         18,358
- -------------------------------------------------------------

   
Withdrawals  will  reduce  your  Guaranteed  Minimum  Income  Benefit,  see "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death Benefit" in Part 5.

Under  Traditional  IRA, Roth IRA and NQ  Certificates,  the Guaranteed  Minimum
Income  Benefit may be exercised  only within 30 days  following  the seventh or
later Contract Date anniversary  under your Equitable  Accumulator  Certificate.
However,  it may not be exercised earlier than the Annuitant's age 60, nor later
than the Annuitant's age 83; except that for Annuitant issue ages 20 through 44,
it may be exercised following the 15th or later Contract Date anniversary.

For  information on when the Guaranteed  Minimum Income Benefit may be exercised
under QP  Certificates,  see "Exercise of the Guaranteed  Minimum Income Benefit
under QP Certificates" below.
    

When you exercise the  Guaranteed  Minimum Income  Benefit,  you will receive an
Income Manager (Life Annuity with a Period Certain)  payout annuity  certificate
and extinguish your rights in your Equitable  Accumulator  Certificate,  with at
least the minimum  annual  income  specified  and a period  certain based on the
Annuitant's age at the time the benefit is exercised as follows:

- -------------------------------------------------------------
                      LEVEL PAYMENTS*
                                  PERIOD CERTAIN YEARS
         ANNUITANT'S         TRADITIONAL AND
       AGE AT ELECTION           ROTH IRA          NQ
- -------------------------------------------------------------
          60 to 75                 10                10
             76                     9                10
             77                     8                10
             78                     7                10
             79                     7                10
             80                     7                10
             81                     7                 9
             82                     7                 8
             83                     7                 7

   
- ----------------
* Other  forms and periods  certain may also be  available.
  For    Traditional   IRA    Certificates,    please   see
  "Traditional      Individual     Retirement     Annuities
  (Traditional  IRAs):  Required Minimum  Distributions" in
  Part  8 to  see  how  this  option  may  be  affected  if
  exercised after age 70 1/2.
- --------------------------------------------------------------------------------
Payments  will  start one  payment  mode from the  Contract  Date of the  Income
Manager payout annuity certificate.
    

Each year on your Contract Date anniversary, if you are eligible to exercise the
Guaranteed  Minimum  Income  Benefit,  we will  send you an  eligibility  notice
illustrating how much income could be provided on the Contract Date anniversary.
You may then notify us within 30 days following the Contract Date anniversary if
you want to exercise the  Guaranteed  Minimum  Income  Benefit by submitting the
proper form and returning your Equitable Accumulator Certificate.  The amount of
income you actually  receive will be determined on the Transaction  Date that we
receive your properly completed exercise notice.

   
You may also  apply  your  Cash  Value at any time to an  Income  Manager  (Life
Annuity with a Period  Certain) payout annuity  certificate,  and you may always
apply  your  Annuity  Account  Value to any of our life  annuity  benefits.  The
annuity  benefits are discussed in Part 5. These benefits differ from the Income
Manager  payout  annuity  certificates  and may provide  higher or lower  income
levels,  but do not have all the features of the Income  Manager  payout annuity
certificates.   You  may   request   an   illustration   from  your   registered
representative.
    

The  Income  Manager  (Life  Annuity  with  a  Period  Certain)  payout  annuity
certificates  are offered  through our  prospectus for the Income Manager payout
annuities.  A copy  of the  most  current  version  may be  obtained  from  your
registered  representative.  You should read it  carefully  before you decide to
exercise your Guaranteed Minimum Income Benefit.

Successor Annuitant/Certificate Owner

If  the  successor  Annuitant/Certificate  Owner  (discussed  below)  elects  to
continue the Certificate after your death, the Guaranteed Minimum Income Benefit
will continue to be available on Contract  Date  anniversaries  specified  above
based on the Contract Date of your Equitable Accumulator  Certificate,  provided
the Guaranteed  Minimum Income Benefit is exercised as specified  above based on
the age of the successor Annuitant/Certificate Owner.

   
Exercise of the Guaranteed Minimum Income Benefit under QP Certificates

Under QP Certificates,  the Guaranteed  Minimum Income Benefit may be exercised,
on Contract Date anniversaries as indicated above, only after the trustee of the
qualified plan changes  ownership of the QP Certificate to the Annuitant and the
Annuitant,  as the new  Certificate  Owner,  converts such QP  Certificate  in a
direct rollover to a Traditional  IRA Certificate  according to our rules at the
time of the change.  The change of ownership and rollover to a  Traditional  IRA
Certificate may only occur when the Annuitant will no longer be a participant in
the qualified plan.
    

DEATH BENEFIT

When the Annuitant Dies

Generally,  upon receipt of proof  satisfactory to us of the  Annuitant's  death
prior to the Annuity  Commencement  Date,  we will pay the death  benefit to the
beneficiary




                                       26


<PAGE>


   
named in your  Certificate.  You designate the beneficiary at the time you apply
for the  Certificate.  While the  Certificate is in effect,  you may change your
beneficiary by writing to our Processing Office. The change will be effective on
the date the written submission was signed. If the Certificate is jointly owned,
the  surviving  Owner  will be deemed  the  beneficiary,  superseding  any other
beneficiary  designations.  (The joint  ownership  feature may not  currently be
available in your state.) The death benefit payable will be determined as of the
date we receive  such  proof of death and any  required  instructions  as to the
method of payment.
    

The death  benefit is equal to the Annuity  Account  Value or, if  greater,  the
Guaranteed Minimum Death Benefit described below.

GUARANTEED MINIMUM DEATH BENEFIT

   
Applicable  for  Annuitant  Issue  Ages 0 through 79 under NQ  Certificates;  20
through 78 under  Traditional IRA and Roth IRA  Certificates;  and 20 through 70
under QP Certificates. 
    

You elect  either the "6% 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.

6%  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 6% (4% for amounts in the Alliance
Money Market Fund and the Guarantee Periods,  except as indicated below) on each
Contract Date anniversary  through the Annuitant's age 80 (or at the Annuitant's
death,  if  earlier),  and 0%  thereafter,  and is adjusted  for any  subsequent
contributions  and  withdrawals.  The Guaranteed  Minimum Death Benefit interest
applicable to amounts in the Alliance Money Market Fund under the Special Dollar
Cost Averaging program (described above) will be 6%. The 6% Roll Up to Age 80 is
not available in New York.

Annual Ratchet 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 reset through the  Annuitant's  age 80, to the Annuity  Account
Value on a Contract Date anniversary if higher than the then current  Guaranteed
Minimum Death  Benefit,  and is adjusted for any  subsequent  contributions  and
withdrawals.

Applicable for Annuitant Issue Ages 80 through 83

On the Contract  Date,  the  Guaranteed  Minimum  Death  Benefit is equal to the
initial contribution.  Thereafter,  the initial contribution is adjusted for any
subsequent contributions, and any withdrawals.

   
Withdrawals  will  reduce  your  Guaranteed  Minimum  Death  Benefit,  see  "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death  Benefit" in Part 5. For  Certificates  issued in New York, the Guaranteed
Minimum Death Benefit at the Annuitant's death will not be less than the Annuity
Account  Value in the  Investment  Funds plus the sum of the  Guaranteed  Period
Amounts in each Guarantee Period. See "Guarantee Periods" in Part 2.
    

See Appendix III for an example of the  calculation  of the  Guaranteed  Minimum
Death Benefit.

HOW DEATH BENEFIT PAYMENT IS MADE

   
We will pay the death  benefit  to the  beneficiary  in the form of the  annuity
benefit you have chosen under your  Certificate.  If no annuity benefit has been
chosen at the time of the Annuitant's  death,  the beneficiary  will receive the
death  benefit  in a  lump  sum.  However,  subject  to  any  exceptions  in the
Certificate,  Equitable  Life's  rules then in effect  and any other  applicable
requirements  under  the  Code,  the  beneficiary  may  elect to apply the death
benefit to one or more annuity  benefits offered by Equitable Life. See "Annuity
Benefits  and Payout  Annuity  Options" in Part 5. Note that if you are both the
Certificate Owner and the Annuitant, only a life annuity or an annuity that does
not extend beyond the life expectancy of the beneficiary may be elected.
    

Successor Annuitant/Certificate Owner

If you are both the Certificate  Owner and the Annuitant,  and if your spouse is
the sole primary beneficiary or the Joint Owner under the Certificate, then upon
your death your spouse beneficiary may elect to receive the death benefit, or to
continue the Certificate and become the successor Annuitant/Certificate Owner by
completing the appropriate form and sending it to our Processing Office.

If the successor Annuitant/Certificate Owner elects to continue the Certificate,
then on the Contract Date anniversary  following your death, the Annuity Account
Value will be reset to the then current  Guaranteed  Minimum Death Benefit if it
is higher than the Annuity Account Value as of such date. In determining whether
the Guaranteed  Minimum Death Benefit will continue to grow, we will use the age
(as of the Contract Date  anniversary)  of the  successor  Annuitant/Certificate
Owner.

WHEN AN NQ CERTIFICATE OWNER DIES BEFORE THE ANNUITANT

When you are not the Annuitant  under an NQ  Certificate  and you die before the
Annuity  Commencement  Date, the beneficiary  named to receive the death benefit
upon the  Annuitant's  death will  automatically  succeed as  Certificate  Owner
(unless  you name a  different  

                                       27

<PAGE>


person as a successor  Owner in a written form  acceptable  to us and send it to
our Processing  Office). If the Certificate is jointly owned and the first Owner
to die is not the Annuitant,  the surviving  Owner becomes the sole  Certificate
Owner and will be deemed the  "beneficiary"  for  purposes  of the  distribution
rules described in this section, automatically superseding any other beneficiary
designation.

Unless the  surviving  spouse of the  deceased  Owner (or in the case of a joint
ownership  situation,  the  surviving  spouse of the first  Owner to die) is the
designated  beneficiary for this purpose, the entire interest in the Certificate
must be distributed under these rules.

The  Cash  Value  in the  Certificate  must  be  fully  paid  to the  designated
beneficiary  (new Owner) by December 31st of the fifth  calendar year after your
death (or in a joint ownership situation, the death of the first Owner to die).

A permissible  alternative is for the new Owner to elect to receive such amounts
as a life annuity (or  payments for a period  certain of not longer than the new
Owner's life  expectancy),  with payments  beginning no later than December 31st
following  the calendar  year of the  non-Annuitant  Owner's  death.  If such an
annuity benefit or payments for a period certain is not elected, we will pay any
Cash  Value in the  Certificate  on  December  31st of the fifth  calendar  year
following the year of your death (or the death of the first Owner to die).

Where a surviving  spouse is designated  beneficiary or Joint Owner,  the spouse
may elect to continue the Certificate.  No distributions are required as long as
the surviving spouse and Annuitant are living.

CASH VALUE

   
The Cash  Value  under the  Certificate  fluctuates  daily  with the  investment
performance of the Investment Funds you have selected and reflects any upward or
downward  market  value  adjustment,  and  any  guaranteed  interest.  We do not
guarantee  any minimum Cash Value except for amounts in a Guarantee  Period held
to the Expiration Date and amounts in the Special Dollar Cost Averaging Account.
See "Part 2: The Guaranteed Period Account" and "Part 3: The Special Dollar Cost
Averaging  Account." On any date before the Annuity  Commencement Date while the
Certificate is in effect,  the Cash Value is equal to the Annuity Account Value,
less any  withdrawal  charge.  The free  corridor  amount  will not  apply  when
calculating  the withdrawal  charge  applicable  upon a surrender.  See "Part 6:
Deductions and Charges."
    

SURRENDERING THE CERTIFICATES TO RECEIVE THE CASH VALUE

You may surrender a Certificate  to receive the Cash Value at any time while the
Annuitant is living and before the Annuity Commencement Date. For a surrender to
be effective,  we must receive your written  request and the  Certificate at our
Processing  Office.  The Cash Value will be determined on the Transaction  Date.
All benefits under the Certificate will be terminated as of that date.

   
You may  receive the Cash Value in a single sum payment or apply it under one or
more of the annuity benefits.  See "Annuity Benefits and Payout Annuity Options"
in Part 5. We will usually pay the Cash Value within seven calendar days, but we
may delay payment as described in "When Payments Are Made" below.

For the tax  consequences  of  surrenders,  see  "Part  8:  Tax  Aspects  of the
Certificates."
    

WHEN PAYMENTS ARE MADE

Under  applicable  law,  application of proceeds from the Investment  Funds to a
variable annuity,  payment of a death benefit from the Investment Funds, payment
of any portion of the Annuity  Account  Value  (less any  applicable  withdrawal
charge) from the  Investment  Funds,  and, upon  surrender,  payment of the Cash
Value from the  Investment  Funds will be made within seven  calendar days after
the  Transaction  Date.  Payments or application of proceeds from the Investment
Funds  can be  deferred  for any  period  during  which  (1) the New York  Stock
Exchange is closed or trading on it is  restricted,  (2) sales of  securities or
determination of the fair value of an Investment Fund's assets is not reasonably
practicable  because of an  emergency,  or (3) the SEC, by order,  permits us to
defer payment in order to protect persons with interest in the Investment Funds.

   
We can  defer  payment  of any  portion  of the  Annuity  Account  Value  in the
Guaranteed  Period Account and the Special Dollar Cost Averaging  Account (other
than for death benefits) for up to six months while you are living.  We may also
defer payments for any amount attributable to a contribution made in the form of
a check for a  reasonable  amount of time (not to exceed 15 days) to permit  the
check to clear.
    

ASSIGNMENT

Traditional  IRA and Roth IRA  Certificates  are not assignable or  transferable
except  through  surrender  to us. They may not be  borrowed  against or used as
collateral for a loan or other obligation.

   
QP Certificates may not be assigned.

The NQ Certificates may be assigned at any time before the Annuity  Commencement
Date and for any  purpose  other  than as  collateral  or  security  for a loan.
Equitable Life will not be bound by an assignment unless it is in writing and we
have received it at our Processing Office. In some cases, an assignment may 
    

                                       28


<PAGE>


have adverse tax consequences. See "Part 8: Tax Aspects of the Certificates."

SERVICES WE PROVIDE

o  REGULAR REPORTS

   o Statement of your Certificate values as of the last day of the calendar
     year;

   o Three additional reports of your Certificate values each year;

   o Annual and semiannual statements of each trust; and

   o Written confirmation of financial transactions.

o  TOLL-FREE TELEPHONE SERVICES

   
   o Call  1-800-789-7771  for a recording of daily Accumulation Unit Values and
     Guaranteed  Rates  applicable  to  the  Guarantee  Periods  and  guaranteed
     interest  rates for the Special Dollar Cost  Averaging  Account.  Also call
     during our regular  business hours to speak to one of our customer  service
     representatives.
    

o  PROCESSING OFFICE

   
   o FOR CONTRIBUTIONS SENT BY REGULAR MAIL:
     Equitable Life
     Equitable Accumulator
     P.O. Box 13014
     Newark, NJ 07188-0014
    

   o FOR CONTRIBUTIONS SENT BY EXPRESS MAIL:
     Equitable Life
     c/o First Chicago National Processing Center
     300 Harmon Meadow Boulevard, 3rd Floor
     Attn: Box 13014
     Secaucus, NJ 07094

   
   o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
     SENT BY REGULAR MAIL:
     Equitable Life
     Equitable Accumulator
     P.O. Box 1547
     Secaucus, NJ 07096-1547

   o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
     SENT BY EXPRESS MAIL:
     Equitable Life
     Equitable Accumulator
     200 Plaza Drive, 4th Floor
     Secaucus, NJ 07096

YEAR 2000 PROGRESS

Equitable Life relies upon various  computer systems in order to administer your
Certificate and operate the Investment Options.  Some of these systems belong to
service providers who are not affiliated with Equitable Life.

In 1995,  Equitable  Life began  addressing the question of whether its computer
system would  recognize the year 2000 before,  on or after January 1, 2000,  and
Equitable  Life  believes it has  identified  those of its  systems  critical to
business  operations  that  are not  Year  2000  compliant.  By year  end  1998,
Equitable  Life expects  that the work of  modifying or replacing  non-compliant
systems will  substantially be completed and expects a comprehensive test of its
Year 2000 compliance will be performed in the first half of 1999. Equitable Life
is in the process of seeking  assurances from third party service providers that
they are acting to address  the Year 2000  issue with the goal of  avoiding  any
material  adverse  effect on  services  provided  to  Certificate  Owners and on
operations of the Investment  Options.  Any  significant  unresolved  difficulty
related to the Year 2000 compliance  initiatives  could have a material  adverse
effect on the ability to administer your  Certificate and operate the Investment
Options.  Assuming the timely completion of computer  modifications by Equitable
Life and third party  service  providers,  there  should be no material  adverse
effect on the ability to perform these functions.
    

DISTRIBUTION OF THE CERTIFICATES

   
As the distributor of the Certificates,  Equitable Distributors,  Inc. (EDI), an
indirect,  wholly owned  subsidiary of Equitable  Life, has  responsibility  for
sales and  marketing  functions  for the  Certificates.  EDI also  serves as the
principal  underwriter of the Separate Account under the 1940 Act. EDI also acts
as  distributor  for  other  Equitable  Life  annuity  products  with  different
features,  expenses and fees. EDI is registered  with the SEC as a broker-dealer
under the Exchange Act and is a member of the National Association of Securities
Dealers,  Inc. EDI's principal  business address is 1290 Avenue of the Americas,
New  York,  New York  10104.  Pursuant  to a  "Distribution  Agreement"  between
Equitable Life,  certain of Equitable  Life's separate  accounts,  including the
Separate  Account,  and  EDI,  Equitable  Life  paid  EDI  distribution  fees of
$9,566,343  for 1997,  $87,157  for 1996 and $0 for 1995 as the  distributor  of
certain  certificates,   including  the  Certificates,   and  as  the  principal
underwriter of the Separate Account.

The Certificates will be sold by registered  representatives  of EDI, as well as
by affiliated and  unaffiliated  broker-dealers  with which EDI has entered into
selling  agreements.  Broker-dealer sales compensation will generally not exceed
7.0% of total  contributions  made under the Certificates.  EDI may also receive
compensation and reimbursement for its marketing services under the terms of its
distribution  agreement  with Equitable  Life.  Broker-dealers  receiving  sales
compensation   will  generally  pay  a  portion  thereof  to  their   registered
representatives  as  commissions  related  to  sales  of the  Certificates.  The
offering of the Certificates is intended to be continuous.
    

                                       29

<PAGE>



- --------------------------------------------------------------------------------

   
               PART 5: DISTRIBUTION METHODS UNDER THE CERTIFICATES
    

- --------------------------------------------------------------------------------

   
The Certificates offer several  distribution  methods  specifically  designed to
provide retirement income. Traditional IRA and Roth IRA Certificates permit Lump
Sum  Withdrawals,   Substantially  Equal  Payment  Withdrawals,  and  Systematic
Withdrawals.   Minimum   Distribution   Withdrawals  are  available  only  under
Traditional IRA  Certificates.  NQ Certificates  permit Lump Sum Withdrawals and
Systematic  Withdrawals.  The Certificates also offer fixed and variable annuity
benefits and Income Manager payout annuity options.  Traditional IRA Certificate
Owners  should  consider  how the  distribution  method  selected may affect the
ability to comply with the minimum  distribution rules discussed in "Part 8: Tax
Aspects of the Certificates."

For  Traditional  IRA  retirement  benefits  subject  to  minimum   distribution
requirements,  we will send a form outlining the distribution  options available
before you reach age 70 1/2 (if you have not begun your annuity  payments before
that time).
    

WITHDRAWAL OPTIONS

The  Certificates  are annuity  contracts,  even though you may elect to receive
your  benefits  in a  non-annuity  form.  You may  take  withdrawals  from  your
Certificate before the Annuity Commencement Date and while you are alive.

   
Amounts  withdrawn  from  the  Guaranteed  Period  Account,  other  than  at the
Expiration  Date,  will result in a market value  adjustment.  See "Market Value
Adjustment for Transfers, Withdrawals or Surrender Prior to the Expiration Date"
in Part 2.  Withdrawals may be taxable and subject to tax penalty.  See "Part 8:
Tax Aspects of the Certificates."

As a deterrent to early  withdrawal  (generally  prior to age 59 1/2),  the Code
provides  certain  penalties.  We may also be required to withhold  income taxes
from the amount distributed. These rules are outlined in "Part 8: Tax Aspects of
the Certificates."

Any withdrawal  while the Special  Dollar Cost Averaging  program in the Special
Dollar  Cost  Averaging  Account is in effect  will  cancel  such  program.  See
"Special Dollar Cost Averaging" in Part 4.
    

LUMP SUM WITHDRAWALS

(Available under Traditional IRA, Roth IRA and NQ Certificates)

   
You may take Lump Sum  Withdrawals  at any time subject to a minimum  withdrawal
amount of $1,000.  A request to  withdraw  more than 90% of the Cash Value as of
the Transaction  Date will result in the termination of the Certificate and will
be  treated  as  a  surrender  of  the  Certificate  for  its  Cash  Value.  See
"Surrendering the Certificates to Receive the Cash Value" in Part 4.

To make a Lump Sum  Withdrawal,  you must  submit a request  satisfactory  to us
which  specifies the Investment  Options from which the Lump Sum Withdrawal will
be  taken.  If we have  received  the  information  we  require,  the  requested
withdrawal  will become  effective on the  Transaction  Date and  proceeds  will
usually  be mailed  within  seven  calendar  days  thereafter,  but we may delay
payment as described  in "When  Payments Are Made" in Part 4. If we receive only
partially  completed  information,  our  Processing  Office will contact you for
specific instructions before your request can be processed.

Lump Sum Withdrawals in excess of the 15% free corridor amount may be subject to
a withdrawal charge. See "Withdrawal Charge" in Part 6.
    

SYSTEMATIC WITHDRAWALS

(Available  under   Traditional  IRA,  Roth  IRA  and  NQ  Certificates)   

Under  Traditional IRA and Roth IRA Certificates this option may be elected only
if you are between age 59 1/2 to 70 1/2.

Systematic Withdrawals provide level percentage or level amount payouts. You may
choose to  receive  Systematic  Withdrawals  on a monthly,  quarterly  or annual
basis.  You select a dollar amount or percentage of the Annuity Account Value to
be  withdrawn,  subject to a maximum of 1.2% monthly,  3.6%  quarterly and 15.0%
annually,  but in no event may any  payment be less than $250.  If at the time a
Systematic  Withdrawal is to be made, the  withdrawal  amount would be less than
$250,  no payment  will be made and your  Systematic  Withdrawal  election  will
terminate.

You select the date of the month when the withdrawals  will be made, but you may
not choose a date later than the 28th day of the month.  If no date is selected,
withdrawals  will be made on the same  calendar day of the month as the Contract
Date. The  commencement of payments under the Systematic  Withdrawal  option may
not be elected to start sooner than 28 days after issue of the Certificate.

You may elect  Systematic  Withdrawals at any time by completing the proper form
and sending it to our Processing Office. You may change the payment frequency of
your  Systematic  Withdrawals  once each Contract Year or cancel this withdrawal
option at any time by sending  notice in a form  satisfactory  to us. The notice
must be received at our Processing  Office at least seven calendar days prior to
the next scheduled 

                                       30

<PAGE>


withdrawal date. You may also change the amount or percentage of your Systematic
Withdrawals once in each Contract Year.  However,  you may not change the amount
or  percentage  in any Contract  Year where you have  previously  taken  another
withdrawal under the Lump Sum Withdrawal option described above.

   
Unless you specify otherwise,  Systematic Withdrawals will be withdrawn on a pro
rata basis from your Annuity Account Value in the Investment  Funds. If there is
insufficient value or no value in the Investment Funds, any additional amount of
the withdrawal  required or the total amount of the  withdrawal,  as applicable,
will be withdrawn from the Guarantee Periods in order of the earliest Expiration
Date(s) first (a market value adjustment may apply).

Systematic  Withdrawals  are not subject to a withdrawal  charge,  except to the
extent that,  when added to a Lump Sum Withdrawal  previously  taken in the same
Contract Year, the Systematic  Withdrawal  exceeds the 15% free corridor amount.
See "Withdrawal Charge" in Part 6.
    

Systematic  Withdrawals  may not be elected if the Special Dollar Cost Averaging
program from the Special Dollar Cost Averaging Account is in effect.

SUBSTANTIALLY EQUAL PAYMENT WITHDRAWALS
(Available under Traditional IRA and Roth IRA Certificates)  

   
Substantially Equal Payment  Withdrawals provide  distributions from the Annuity
Account  Value of the amounts  necessary so that the 10% penalty  tax,  normally
applicable to distributions  made prior to age 59 1/2, does not apply. See "Part
8: Tax Aspects of the Certificates."  Once distributions  begin, they should not
be changed or stopped  until the later of age 59 1/2 or five years from the date
of the first  distribution.  If you change or stop the  distributions  or take a
Lump Sum  Withdrawal,  you may be liable for the 10% penalty tax that would have
otherwise been due on all prior distributions made under this option and for any
interest thereon.

Substantially  Equal Payment  Withdrawals  may be elected at any time if you are
below age 59 1/2. You can elect this option by  submitting  the proper  election
form. You select the day and the month when the first  withdrawal  will be made,
but it may not be sooner than 28 days after the issue of the Certificate.  In no
event may you elect to receive the first  payment in the same  Contract  Year in
which a Lump Sum  Withdrawal  was  taken.  We will  calculate  the amount of the
distribution  under a  method  we  select  and  payments  will be made  monthly,
quarterly or annually as you select.  These  payments  will  continue to be made
until we receive written notice from you to cancel this option. Such notice must
be received at our  Processing  Office at least seven calendar days prior to the
next scheduled withdrawal date.  Substantially Equal Payment Withdrawals may not
be elected if the Special Dollar Cost Averaging  program from the Special Dollar
Cost  Averaging  Account  is in  effect.  A  Lump  Sum  Withdrawal  taken  while
Substantially   Equal  Payment  Withdrawals  are  in  effect  will  cancel  such
withdrawals.  You may  elect  to start  receiving  Substantially  Equal  Payment
Withdrawals  again,  but in no event can the payments start in the same Contract
Year in  which  a Lump  Sum  Withdrawal  was  taken.  We  will  calculate  a new
distribution amount. As indicated in the preceding paragraph,  you may be liable
for the 10% penalty tax on Substantially  Equal Payment  Withdrawals made before
cancellation.

Unless you specify otherwise,  Substantially  Equal Payment  Withdrawals will be
withdrawn on a pro rata basis from your Annuity  Account Value in the Investment
Funds. If there is insufficient  value or no value in the Investment  Funds, any
additional  amount of the withdrawal or the total amount of the  withdrawal,  as
applicable,  will be  withdrawn  from  the  Guarantee  Periods  in  order of the
earliest Expiration Date(s) first (a market value adjustment may apply).
    

Substantially Equal Payment Withdrawals are not subject to a withdrawal charge.

MINIMUM DISTRIBUTION WITHDRAWALS
(Available under Traditional IRA Certificates) 

   
Minimum Distribution  Withdrawals provide distributions from the Annuity Account
Value of the amounts  necessary to meet minimum  distribution  requirements  set
forth in the Code.  This  option  may be elected in the year in which you attain
age 70 1/2. You can elect Minimum  Distribution  Withdrawals  by submitting  the
proper  election form. The minimum amount we will pay out is $250. You may elect
Minimum  Distribution  Withdrawals for each Traditional IRA Certificate you own,
subject to our rules then in effect. Currently,  Minimum Distribution Withdrawal
payments will be made annually.

Unless you specify otherwise, Minimum Distribution Withdrawals will be withdrawn
on a pro rata basis from your Annuity Account Value in the Investment  Funds. If
there is insufficient  value or no value in the Investment Funds, any additional
amount of the  withdrawal  required or the total  amount of the  withdrawal,  as
applicable,  will be  withdrawn  from  the  Guarantee  Periods  in  order of the
earliest Expiration Date(s) first (a market value adjustment may apply).

Minimum Distribution  Withdrawals are not subject to a withdrawal charge, except
to the extent that, when added to a Lump Sum Withdrawal  previously taken in the
same Contract Year,  the Minimum  Distribution  Withdrawal  exceeds the 15% free
corridor amount. See "Withdrawal Charge" in Part 6.
    

                                       31


<PAGE>


Example
- -------

The chart below illustrates the pattern of payments,  under Minimum Distribution
Withdrawals  for a male who purchases a Traditional  IRA  Certificate  at age 70
with a single  contribution of $100,000,  with payments commencing at the end of
the first Contract Year.


                   PATTERN OF MINIMUM DISTRIBUTION WITHDRAWALS       
                       $100,000 SINGLE CONTRIBUTION FOR A            
                           SINGLE LIFE -- MALE AGE 70                
                                                                     
                [THE FOLLOWING TABLE WAS REPRESENTED AS AN AREA      
                            GRAPH IN THE PROSPECTUS]                 
                                                                     
                       AGE               AMOUNT WITHDRAWN            
                        70                   $6,250                  
                        75                   $7,653                  
                        80                   $8,667                  
                        85                   $8,770                  
                        90                   $6,931                  
                        95                   $3,727                  
                       100                   $1,179                  
                                                                     
                        Assumes 6.0% Rate of Return                  
                                                                     
                     [END OF GRAPHICALLY REPRESENTED DATA]           

Payments are calculated  each year based on the Annuity Account Value at the end
of each year, using the recalculation method of determining payments. (See "Part
1 -- Minimum  Distribution  Withdrawals -- Traditional IRA  Certificates" in the
SAI.)  Payments are made  annually,  and it is further  assumed that no Lump Sum
Withdrawals are taken.

   
This example  assumes an annual rate of return of 6.0%  compounded  annually for
both the  Investment  Funds and the  Guaranteed  Period  Account.  It assumes no
allocation to the Special Dollar Cost Averaging Account.  This rate of return is
for  illustrative  purposes only and is not intended to represent an expected or
guaranteed rate of return. Your investment results will vary. In addition,  this
example  does  not  reflect  any  charges  that  may  be  applicable  under  the
Traditional IRA. Such charges would effectively reduce the actual return.
    

HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME
BENEFIT AND GUARANTEED MINIMUM DEATH BENEFIT

Except as described in the next sentence, each withdrawal will cause a reduction
in your current  Guaranteed  Minimum Death Benefit and Guaranteed Minimum Income
Benefit  benefit  base  (described  below)  on a pro rata  basis.  Your  current
Guaranteed  Minimum Death Benefit if based on the 6% Roll Up to Age 80, and your
Guaranteed   Minimum  Income  Benefit   benefit  base,  will  be  reduced  on  a
dollar-for-dollar  basis as long as the sum of your  withdrawals in any Contract
Year is 6% or less of the  beginning of Contract Year  Guaranteed  Minimum Death
Benefit.  Once a  withdrawal  is made that causes  cumulative  withdrawals  in a
Contract Year to exceed 6% of the beginning of Contract Year Guaranteed  Minimum
Death Benefit,  that withdrawal and any subsequent  withdrawals in that Contract
Year will cause a pro rata reduction to occur.

Reduction on a  dollar-for-dollar  basis means your current  Guaranteed  Minimum
Death Benefit and Guaranteed  Minimum Income Benefit benefit base are 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  Guaranteed  Minimum  Death
Benefit  and  Guaranteed  Minimum  Income  Benefit  benefit  base by  that  same
percentage.  For  example,  if your  Annuity  Account  Value is $10,000  and you
withdraw $4,000, you have withdrawn 40% ($4,000/$10,000) of your Annuity Account
Value.  If your  Guaranteed  Minimum  Death  Benefit  was  $20,000  prior to the
withdrawal,  it  would  be  reduced  by  $8,000  ($20,000  x .40)  and  your new
Guaranteed  Minimum Death Benefit after the withdrawal would be $12,000 ($20,000
- - $8,000).

The  timing  of your  withdrawals  and  whether  they  exceed  the 6%  threshold
described above can have a significant  impact on your Guaranteed  Minimum Death
Benefit or Guaranteed Minimum Income Benefit.

GUARANTEED MINIMUM INCOME BENEFIT
BENEFIT BASE

   
The  Guaranteed  Minimum  Income  Benefit  benefit  base is equal to the initial
contribution  on the Contract Date.  Thereafter,  the Guaranteed  Minimum Income
Benefit  benefit  base is  credited  with  interest at 6% (4% for amounts in the
Alliance Money Market Fund and the Guarantee Periods, except as indicated below)
on each  Contract  Date  anniversary  through  the  Annuitant's  age 80,  and 0%
thereafter,  and is adjusted for any subsequent  contributions  and withdrawals.
The  Guaranteed  Minimum  Income  Benefit  benefit base  interest  applicable to
amounts  in the  Alliance  Money  Market  Fund  under the  Special  Dollar  Cost
Averaging  program  (described  in Part 4) will be 6%.  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% if the Guaranteed Minimum Income Benefit is exercised within 30
days  following a Contract  Date  anniversary  in years 7 through 9 and at 3% if
exercised within 30 days following the 10th or later Contract Date  anniversary,
and (ii) mortality tables that assume increasing  longevity.  These interest and
mortality  

                                       32


<PAGE>


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.

ANNUITY BENEFITS AND PAYOUT ANNUITY OPTIONS

The Equitable Accumulator Certificates offer annuity benefits and Income Manager
payout annuity options, described below, for providing retirement income.

ANNUITY BENEFITS

Annuity benefits under the Equitable  Accumulator provide periodic payments over
a specified period of time which may be fixed or may be based on the Annuitant's
life.  Annuity forms of payment are  calculated  as of the Annuity  Commencement
Date,  which is on file with our Processing  Office.  You can change the Annuity
Commencement Date by writing to our Processing Office anytime before the Annuity
Commencement Date. However, you may not choose a date later than the 28th day of
any  month.  Also,  based  on  the  issue  age  of the  Annuitant,  the  Annuity
Commencement  Date may not be later than the  Processing  Date which follows the
Annuitant's 90th birthday (may be different in some states).

Before  the  Annuity  Commencement  Date,  we will send a letter  advising  that
annuity  benefits are available.  Unless you otherwise  elect, we will pay fixed
annuity  benefits on the "normal form" indicated for your  Certificate as of the
Annuity  Commencement  Date. The amount  applied to provide the annuity  benefit
will be (1) the Annuity  Account Value for any life annuity form or (2) the Cash
Value for any period certain only annuity form except that if the period certain
is more than five  years,  the  amount  applied  will be no less than 95% of the
Annuity Account Value.

Amounts in the Guarantee Periods that are applied to an annuity benefit prior to
an Expiration Date will result in a market value  adjustment.  See "Market Value
Adjustment for Transfers, Withdrawals or Surrender Prior to the Expiration Date"
in Part 2.

Annuity Forms

o  Life  Annuity:  An  annuity  which  guarantees  payments  for the rest of the
   Annuitant's  life.  Payments  end with the last  monthly  payment  before the
   Annuitant's  death.  Because there is no death benefit  associated  with this
   annuity  form,  it provides  the highest  monthly  payment of any of the life
   income annuity options, so long as the Annuitant is living.

   
o  Life Annuity -- Period Certain:  This annuity form also  guarantees  payments
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the end of a selected period of time (the "certain period"),  payments
   will continue to the  beneficiary  for the balance of the certain  period.  A
   life annuity with a certain  period of 10 years is the normal form of annuity
   under the Certificates.

o  Life Annuity -- Refund Certain:  This annuity form guarantees payments to you
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the amount applied to purchase this annuity option has been recovered,
   payments  will  continue  to your  beneficiary  until  that  amount  has been
   recovered. This option is available only as a fixed annuity.

o  Period Certain Annuity:  This annuity form guarantees payments for a specific
   period of time,  usually  5, 10, 15 or 20 years,  and does not  involve  life
   contingencies.  Currently,  this annuity  option is available only as a fixed
   annuity.

o  Joint and Survivor Life Annuity:  This annuity form  guarantees  payments for
   the  rest  of  the  Annuitant's  life  and,  after  the  Annuitant's   death,
   continuation of payments to the survivor.
    

The life annuity -- period  certain and the life  annuity -- refund  certain are
available on either a single life or joint and survivor life basis.

   
We offer the annuity  distribution  options  outlined  above in fixed  form.  In
variable form, only the following options are available: Life Annuity (except in
New York),  Life Annuity -- Period Certain,  Joint and Survivor Life Annuity and
Life Period  Certain  Annuity  (100% to Survivor).  Fixed  annuity  payments are
guaranteed  by us and will be based either on the tables of  guaranteed  annuity
payments in your Certificate or on our then current annuity rates,  whichever is
more  favorable  for the  Annuitant.  Variable  income  annuities  may be funded
through your choice of  Investment  Funds of HRT through the purchase of annuity
units. The amount of each variable annuity payment may fluctuate, depending upon
the performance of the Investment  Funds. That is because the annuity unit value
rises and falls  depending on whether the actual rate of net  investment  return
(after  deduction of charges) is higher or lower than the assumed base rate. See
"Annuity  Unit  Values"  in the  SAI.  Variable  income  annuities  may  also be
available by separate prospectus through the Funds of other separate accounts we
offer.

Under QP  Certificates,  the only annuity forms  available are a Life Annuity 10
Year  Period  Certain,  or a Joint and  Survivor  Life  Annuity  10 Year  Period
Certain.

For all Annuitants  under  Traditional  IRA, Roth IRA and NQ  Certificates,  the
normal form of annuity provides for fixed payments. We may offer other forms 
    

                                       33


<PAGE>

not outlined here. Your registered  representative can provide details. 

For each annuity benefit, we will issue a separate written agreement putting the
benefit into effect. Before we pay any annuity benefit, we require the return of
the Certificate.

The amount of the annuity payments will depend on the amount applied to purchase
the annuity, the type of annuity chosen and, in the case of a life annuity form,
the  Annuitant's  age (or the  Annuitant's  and joint  Annuitant's  ages) and in
certain instances,  the sex of the Annuitant(s).  Once an income annuity form is
chosen and payments have commenced, no change can be made.

If, at the time you elect an annuity form, the amount to be applied is less than
$2,000 or the initial  payment  under the form elected is less than $20 monthly,
we reserve  the right to pay the  Annuity  Account  Value in a single sum rather
than as payments under the annuity form chosen.

INCOME MANAGER PAYOUT ANNUITY OPTIONS

   
Under Traditional IRA, Roth IRA and NQ Certificates,  you may apply your Annuity
Account Value to an Income Manager (Life Annuity with a Period  Certain)  payout
annuity  certificate,  or an Income  Manager  (Period  Certain)  payout  annuity
certificate.

Under QP Certificates,  Income Manager payout annuity certificates are available
only  after the  trustee  of the  qualified  plan  changes  ownership  of the QP
Certificate to the Annuitant,  and the Annuitant,  as the new Certificate Owner,
converts  such  QP  Certificate  in  a  direct  rollover  to a  Traditional  IRA
Certificate  according  to our rules at the time of the  change.  The  change of
ownership and rollover to a Traditional  IRA Certificate may only occur when the
Annuitant will no longer be a Participant/Employee in the qualified plan.

The  Income  Manager  (Life  Annuity  with  a  Period  Certain)  payout  annuity
certificates  provide  guaranteed  payments for the Annuitant's  life or for the
Annuitant's  life  and the life of a joint  Annuitant.  Income  Manager  (Period
Certain) payout annuity  certificates  provide payments for a specified  period.
The  Certificate  Owner  and  Annuitant  must  meet the  issue  age and  payment
requirements.  Income  Manager payout annuity  certificates  provide  guaranteed
level payments  (Traditional IRA, Roth IRA and NQ Certificates) under both forms
of certificate,  or guaranteed  increasing payments (NQ Certificates) under only
Income Manager (Life Annuity with a Period Certain) payout annuity certificates.
    

If you apply a part of the Annuity  Account  Value under any of the above Income
Manager payout annuity certificates,  it will be considered a withdrawal and may
be subject to withdrawal charges. See "Withdrawal Options" above. If 100% of the
Annuity Account Value is applied from an Equitable Accumulator  Certificate at a
time when the  dollar  amount of the  withdrawal  charge is  greater  than 2% of
remaining contributions (after withdrawals),  such withdrawal charge will not be
deducted.  However,  a new withdrawal  charge  schedule will apply under the new
certificate.  For purposes of the withdrawal charge schedule,  the year in which
your  Annuity  Account  Value  is  applied  under  the new  certificate  will be
"Contract  Year 1." If 100% of the  Annuity  Account  Value is applied  from the
Equitable  Accumulator when the dollar amount of the withdrawal  charge is 2% or
less,  such  withdrawal  charge  will  not be  deducted  and  there  will  be no
withdrawal  charge schedule under the new  certificate.  You should consider the
timing of your purchase as it relates to the potential  for  withdrawal  charges
under the new certificate.  No subsequent  contributions will be permitted under
an  Income  Manager  (Life  Annuity  with  a  Period   Certain)  payout  annuity
certificate.

You may also apply  your  Annuity  Account  Value to an Income  Manager  (Period
Certain) payout annuity  certificate  once  withdrawal  charges are no longer in
effect under your Equitable Accumulator Certificate.  No withdrawal charges will
apply under this Income Manager (Period Certain) payout annuity certificate.

The payout  annuities are described in our  prospectus  for the Income  Manager.
Copies  of  the  most  current   version  are  available  from  your  registered
representative. To purchase an Income Manager payout annuity certificate we also
require the return of your Equitable Accumulator Certificate.  An Income Manager
payout  annuity  certificate  will be  issued to put one of the  payout  annuity
options into effect. Depending upon your circumstances, this may be accomplished
on a tax-free basis. Consult your tax adviser.

                                       34

<PAGE>


- --------------------------------------------------------------------------------

   
                         PART 6: DEDUCTIONS AND CHARGES
    

- --------------------------------------------------------------------------------

CHARGES DEDUCTED FROM THE ANNUITY ACCOUNT VALUE

We allocate the entire amount of each contribution to the Investment Options you
select,  subject to certain  restrictions.  We then periodically  deduct certain
amounts from your Annuity Account Value. Unless otherwise indicated, the charges
described  below and under "Charges  Deducted from the  Investment  Funds" below
will not be  increased  by us for the life of the  Certificates.  We may  reduce
certain charges under group or sponsored  arrangements.  See "Group or Sponsored
Arrangements" below.

Withdrawal  Charge A withdrawal  charge will be imposed as a percentage  of each
contribution  made to the extent that (i) a Lump Sum  Withdrawal  or  cumulative
withdrawals  during a Contract Year exceed the free corridor amount,  or (ii) if
the  Certificate  is  surrendered  to receive its Cash Value.  We determine  the
withdrawal  charge separately for each contribution in accordance with the table
below.

                               CONTRACT YEAR
                 1    2     3     4     5     6     7    8+
- ------------------------------------------------------------------
Percentage of
Contribution   7.0% 6.0%  5.0%   4.0%  3.0% 2.0%  1.0%  0.0%

The applicable  withdrawal  charge percentage is determined by the Contract Year
in which  the  excess  withdrawal  is made or the  Certificate  is  surrendered,
beginning with "Contract Year 1" with respect to each contribution  withdrawn or
surrendered. For purposes of the table, for each contribution, the Contract Year
in which we receive that contribution is "Contract Year 1."

The withdrawal  charge is deducted from the  Investment  Options from which each
such  withdrawal is made in proportion to the amount being  withdrawn  from each
Investment Option.

Free Corridor Amount

The free corridor amount is 15% of the Annuity Account Value at the beginning of
the Contract Year,  minus any amount  previously  withdrawn during that Contract
Year.

There is no  withdrawal  charge  if a Lump Sum  Withdrawal  is taken to  satisfy
minimum  distribution  requirements under a Traditional IRA Certificate.  A free
corridor amount is not applicable to a surrender.

   
For purposes of calculating the withdrawal charge, (1) we treat contributions as
being withdrawn on a first-in,  first-out basis, and (2) amounts withdrawn up to
the free corridor  amount are not considered a withdrawal of any  contributions.
Although we treat  contributions  as withdrawn  before  earnings for purposes of
calculating  the withdrawal  charge,  the Federal income tax law treats earnings
under Equitable  Accumulator  Certificates as withdrawn  first. See "Part 8: Tax
Aspects of the Certificates."
    

The withdrawal charge is to help cover sales expenses.

   
For NQ  Certificates  issued to a charitable  remainder  trust  (CRT),  the free
corridor  amount will be changed to be the  greater of (1) the  current  Annuity
Account Value, less contributions that have not been withdrawn  (earnings in the
Certificate),  and  (2) the  free  corridor  amount  defined  above.  If you are
considering an annuity for use in a CRT, see  "Charitable  Remainder  Trusts" in
Part 8 concerning recent IRS announcements on the use of annuities in CRTs.

baseBUILDER Benefits Charge

If you elect the  Combined  Guaranteed  Minimum  Income  Benefit and  Guaranteed
Minimum Death Benefit,  we deduct a charge annually on each Processing Date. The
charge is equal to a percentage of the Guaranteed Minimum Income Benefit benefit
base in effect on the Processing  Date.  The  percentage is equal to 0.30%.  The
Guaranteed   Minimum  Income  Benefit  benefit  base  is  described  under  "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death Benefit" in Part 5.
    

This charge will be deducted from your Annuity  Account Value in the  Investment
Funds on a pro rata  basis.  If there is  insufficient  value in the  Investment
Funds,  all or a portion of such  charge  will be  deducted  from the  Guarantee
Periods  in order of the  earliest  Expiration  Date(s)  first.  A market  value
adjustment may apply. See "Market Value Adjustment for Transfers, Withdrawals or
Surrender Prior to the Expiration Date" in Part 2.

Charges for State Premium and Other Applicable Taxes

   
We deduct a charge for applicable  taxes,  such as state or local premium taxes,
that might be imposed in your state.  Generally,  we deduct this charge from the
amount applied to provide an annuity benefit. In certain states, however, we may
deduct the charge for taxes from  contributions.  The  current  tax charge  that
might be imposed  varies by state and ranges  from 0% to 3.5% (1% in Puerto Rico
and 5% in the Virgin Islands).
    

                                       35


<PAGE>


CHARGES DEDUCTED FROM THE INVESTMENT FUNDS

Mortality and Expense Risks Charge

   
We will  deduct a daily  charge from the net assets in each  Investment  Fund to
compensate us for mortality and expense risks,  including the Guaranteed Minimum
Death Benefit. The daily charge is at the rate of 0.003032%, which is equivalent
to an annual rate of 1.10%, on the assets in each Investment Fund.
    

The mortality risk assumed is the risk that  Annuitants as a group will live for
a longer time than our actuarial tables predict. As a result, we would be paying
more in annuity income than we planned. We also assume a risk that the mortality
assumptions  reflected in our guaranteed  annuity payment tables,  shown in each
Certificate,  will differ from actual mortality experience.  Lastly, we assume a
mortality risk to the extent that at the time of death,  the Guaranteed  Minimum
Death  Benefit  exceeds  the Cash Value of the  Certificate.  The  expense  risk
assumed  is the risk  that it will  cost us more to  issue  and  administer  the
Certificates than we expect.

Administration Charge

We will deduct a daily charge from the net assets in each  Investment  Fund,  to
compensate us for  administration  expenses  under the  Certificates.  The daily
charge is at a rate of 0.000692%  (equivalent to an annual rate of 0.25%) on the
assets in each Investment  Fund. We reserve the right to increase this charge to
an annual rate of 0.35%, the maximum permitted under the Certificates.

   
HRT CHARGES TO PORTFOLIOS

Investment  advisory fees charged  daily  against  HRT's assets,  the 12b-1 fee,
direct  operating  expenses  of  HRT  (such  as  trustees'  fees,   expenses  of
independent auditors and legal counsel, bank and custodian charges and liability
insurance),  and certain  investment-related  expenses of HRT (such as brokerage
commissions and other expenses  related to the purchase and sale of securities),
are  reflected in each  Portfolio's  daily share price.  The maximum  investment
advisory fees paid annually by the Portfolios  cannot be changed  without a vote
by shareholders. They are as follows:

- -------------------------------------------------------------
                                              MAXIMUM
                                             INVESTMENT
                                            ADVISORY FEE
HRT PORTFOLIO                              (ANNUAL RATE)
- -------------------------------------------------------------
Alliance Money Market                           0.350%
Alliance High Yield                             0.600%
Alliance Common Stock                           0.475%
Alliance Aggressive Stock                       0.625%
Alliance Small Cap Growth                       0.900%
- -------------------------------------------------------------

Investment  advisory  fees  are  established  under  HRT's  investment  advisory
agreements between HRT and its investment adviser, Alliance.

The Rule 12b-1 Plan provides that HRT, on behalf of each  Portfolio  (other than
the Alliance Small Cap Growth Portfolio), may pay to EDI annually up to 0.25% of
the average daily net assets of a Portfolio  attributable to its Class IB shares
in respect of activities  primarily  intended to result in the sale of the Class
IB shares. This fee will not be increased for the life of the Certificates. With
respect to the Alliance Small Cap Growth  Portfolio,  EDI will receive an annual
fee not to exceed the lesser of (a) 0.25% of the average daily net assets of the
Portfolio  attributable to Class IB shares and (b) an amount that, when added to
certain  other  expenses  of the  Class IB  shares,  would  result in a ratio of
expenses to average daily net assets  attributable to Class IB shares  equalling
1.20%.  Prior to  October  8,  1997,  EDI waived a portion of the 12b-1 fee with
respect  to the  Alliance  Small Cap Growth  Portfolio.  Fees and  expenses  are
described more fully in the HRT prospectus.

EQAT CHARGES TO PORTFOLIOS

Investment  management fees charged daily against EQAT's assets,  the 12b-1 fee,
direct  operating  expenses  of  EQAT  (such  as  trustees'  fees,  expenses  of
independent auditors and legal counsel,  administrative  service fees, custodian
fees, and liability insurance), and certain investment-related  expenses of EQAT
(such as brokerage  commissions  and other expenses  related to the purchase and
sale of securities),  are reflected in each  Portfolio's  daily share price. The
investment  management  fees paid annually by the  Portfolios  cannot be changed
without a vote by shareholders. They are as follows:
    

                                       36


<PAGE>


   
- -------------------------------------------------------------
                                              MAXIMUM
                                             INVESTMENT
                                            ADVISORY FEE
EQAT PORTFOLIO                             (ANNUAL RATE)
- -------------------------------------------------------------
BT Equity 500 Index                            0.25%
BT Small Company Index                         0.25%
BT International Equity Index                  0.35%
JPM Core Bond                                  0.45%
Lazard Large Cap Value                         0.55%
Lazard Small Cap Value                         0.80%
MFS Research                                   0.55%
MFS Emerging Growth Companies                  0.55%
Morgan Stanley Emerging
   Markets Equity                              1.15%
EQ/Putnam Growth & Income Value                0.55%
EQ/Putnam Investors Growth                     0.55%
EQ/Putnam International Equity                 0.70%
- -------------------------------------------------------------

EQ Financial  has entered into expense  limitation  agreements  with EQAT,  with
respect to each Portfolio, pursuant to which EQ Financial has agreed to waive or
limit its fees and to assume other  expenses so that the total annual  operating
expenses  of  each  Portfolio   (other  than  interest,   taxes,  and  brokerage
commissions, in accordance with generally accepted accounting principles,  other
extraordinary  expenses not incurred in the ordinary course of such  Portfolio's
business and amounts payable  pursuant to a plan adopted in accordance with Rule
12b-1 under the 1940 Act) are limited to certain amounts. See the prospectus for
EQAT for more information.

The Rule 12b-1 Plan provides that EQAT, on behalf of each Portfolio,  may pay to
EDI  annually  up to  0.25% of the  average  daily  net  assets  of a  Portfolio
attributable to its Class IB shares in respect of activities  primarily intended
to result in the sale of the Class IB shares. This fee will not be increased for
the life of the Certificates.  Fees and expenses are described more fully in the
EQAT prospectus.
    

GROUP OR SPONSORED ARRANGEMENTS

   
For certain group or sponsored arrangements, we may reduce the withdrawal charge
or the  mortality  and  expense  risks  charge,  or change the  minimum  initial
contribution  requirements.  We may also  change the  Guaranteed  Minimum  Death
Benefit and the Guaranteed Minimum Income Benefit.  We may also offer Investment
Funds investing in Class IA shares of HRT and EQAT, which are not subject to the
12b-1 fee. Group  arrangements  include those in which a trustee or an employer,
for example,  purchases  contracts  covering a group of  individuals  on a group
basis.  Group  arrangements  are not available for  Traditional IRA and Roth IRA
Certificates.  Sponsored  arrangements include those in which an employer allows
us to sell Certificates to its employees or retirees on an individual basis.
    

Our costs for sales, administration,  and mortality generally vary with the size
and stability of the group or sponsoring  organization  among other factors.  We
take all these  factors  into  account  when  reducing  charges.  To qualify for
reduced   charges,   a  group  or  sponsored   arrangement   must  meet  certain
requirements,  including  our  requirements  for  size  and  number  of years in
existence.  Group or sponsored  arrangements that have been set up solely to buy
Certificates  or that  have been in  existence  less  than six  months  will not
qualify for reduced charges.

We may also establish different Guaranteed Rates for the Guarantee Periods under
different classes of Certificates for group or sponsored arrangements.

We will make these and any similar  reductions  according to our rules in effect
when a Certificate is approved for issue. We may change these rules from time to
time. Any variation in the withdrawal  charge will reflect  differences in costs
or services and will not be unfairly discriminatory.

Group or  sponsored  arrangements  may be  governed  by the Code,  the  Employee
Retirement   Income  Security  Act  of  1974  (ERISA),   or  both.  We  make  no
representations  as to the  impact of those and  other  applicable  laws on such
programs. WE RECOMMEND THAT EMPLOYERS, TRUSTEES, AND OTHERS PURCHASING OR MAKING
CERTIFICATES AVAILABLE FOR PURCHASE UNDER SUCH PROGRAMS SEEK THE ADVICE OF THEIR
OWN LEGAL AND BENEFITS ADVISERS.

OTHER DISTRIBUTION ARRANGEMENTS

Charges  may be  reduced  or  eliminated  when  sales are made in a manner  that
results in savings of sales and administrative  expenses,  such as sales through
persons who are compensated by clients for recommending  investments and receive
no  commission  or  reduced  commissions  in  connection  with  the  sale of the
Certificates.  In no  event  will a  reduction  or  elimination  of  charges  be
permitted where it would be unfairly discriminatory.

                                       37


<PAGE>


- --------------------------------------------------------------------------------

   
                              PART 7: VOTING RIGHTS

- --------------------------------------------------------------------------------

THE TRUSTS' VOTING RIGHTS

As explained  previously,  contributions  allocated to the Investment  Funds are
invested in shares of the corresponding Portfolios of HRT and EQAT. Since we own
the assets of the Separate Account, we are the legal owner of the shares and, as
such,  have the right to vote on certain  matters.  Among other  things,  we may
vote:

o  to elect the Trusts' Board of Trustees,

o  to ratify the selection of independent auditors for the Trusts, and

o  on any other matters described in the current  prospectuses for the Trusts or
   requiring a vote by shareholders under the 1940 Act.

Because HRT is a  Massachusetts  business trust and EQAT is a Delaware  business
trust,  annual meetings are not required.  Whenever a shareholder vote is taken,
we will give  Certificate  Owners the opportunity to instruct us how to vote the
number  of  shares  attributable  to their  Certificates.  If we do not  receive
instructions in time from all Certificate  Owners,  we will vote the shares of a
Portfolio for which no instructions have been received in the same proportion as
we vote shares of that  Portfolio  for which we have received  instructions.  We
will also vote any  shares  that we are  entitled  to vote  directly  because of
amounts we have in an Investment Fund in the same  proportions  that Certificate
Owners vote.

Each share of the Trusts is  entitled  to one vote.  Fractional  shares  will be
counted.  Voting  generally  is on a  Portfolio-by-Portfolio  basis  except that
shares  will be voted on an  aggregate  basis when  universal  matters,  such as
election of Trustees and ratification of independent  auditors,  are voted upon.
However,  if the Trustees  determine  that  shareholders  in a Portfolio are not
affected by a particular matter,  then such shareholders  generally would not be
entitled to vote on that matter.
    


VOTING RIGHTS OF OTHERS

   
Currently,  we control each trust.  EQAT shares  currently  are sold only to our
separate accounts. HRT shares are held by other separate accounts of ours and by
separate  accounts of insurance  companies  unaffiliated with us. Shares held by
these separate  accounts will probably be voted according to the instructions of
the  owners of  insurance  policies  and  contracts  issued  by those  insurance
companies.  While this will dilute the effect of the voting  instructions of the
Certificate Owners, we currently do not foresee any disadvantages arising out of
this. HRT's Board of Trustees intends to monitor events in order to identify any
material irreconcilable  conflicts that possibly may arise and to determine what
action,  if any, should be taken in response.  If we believe that HRT's response
to any of those events  insufficiently  protects our Certificate Owners, we will
see to it that appropriate action is taken to protect our Certificate Owners.
    

SEPARATE ACCOUNT VOTING RIGHTS

If actions relating to the Separate Account require  Certificate Owner approval,
Certificate  Owners will be entitled to one vote for each Accumulation Unit they
have in the Investment  Funds. Each Certificate Owner who has elected a variable
annuity  payout  may cast the  number  of votes  equal to the  dollar  amount of
reserves we are holding for that  annuity in an  Investment  Fund divided by the
Accumulation   Unit  Value  for  that  Investment   Fund.  We  will  cast  votes
attributable  to any  amounts  we  have  in the  Investment  Funds  in the  same
proportion as votes cast by Certificate Owners.

CHANGES IN APPLICABLE LAW

The voting rights we describe in this  prospectus  are created under  applicable
Federal  securities  laws.  To the extent  that  those  laws or the  regulations
promulgated  under those laws  eliminate  the  necessity  to submit  matters for
approval  by persons  having  voting  rights in separate  accounts of  insurance
companies,  we reserve  the right to proceed  in  accordance  with those laws or
regulations.

                                       38


<PAGE>



- --------------------------------------------------------------------------------

   
                     PART 8: TAX ASPECTS OF THE CERTIFICATES
    

- --------------------------------------------------------------------------------

This Part of the prospectus  generally  covers our  understanding of the current
Federal  income  tax  rules  that  apply to NQ,  Traditional  IRA,  and Roth IRA
Certificates owned by United States taxpayers.

   
This Part does not apply to NQ Certificates  used as the investment  vehicle for
qualified plans discussed throughout the prospectus and in Appendix II.
    

This prospectus  does not provide  detailed tax information and does not address
issues such as state income and other taxes,  Federal income tax and withholding
rules for non-U.S. taxpayers, or Federal gift and estate taxes. A gift or estate
tax  transfer  may arise  whenever  payments or contract  rights are provided to
someone other than the original owner of the Certificates.  Please consult a tax
adviser when considering the tax aspects of the Certificates.

TAX CHANGES

   
The United  States  Congress  has in the past  considered  and may in the future
consider  proposals  for  legislation  that,  if enacted,  could  change the tax
treatment of annuities and individual retirement arrangements.  In addition, the
Treasury Department may amend existing  regulations,  issue new regulations,  or
adopt new interpretations of existing laws. State tax laws and, if you are not a
United States  resident,  foreign tax laws, may also affect the tax consequences
to you or the  beneficiary.  These  laws may  change  from time to time  without
notice and, as a result, the tax consequences may be altered. There is no way of
predicting whether,  when or in what form any such change would be adopted.  Any
such change could have retroactive  effects regardless of the date of enactment.
We suggest you consult your legal or tax adviser.

TRANSFERS AMONG INVESTMENT OPTIONS

Under current law,  there will not be any tax liability if you transfer  Annuity
Account  Value among the  Investment  Funds,  or between the  Guaranteed  Period
Account  and one or more  Investment  Funds,  or from the  Special  Dollar  Cost
Averaging Account.
    

TAXATION OF NON-QUALIFIED ANNUITIES

This section  generally  covers our  understanding of the current Federal income
tax laws that apply to a  non-qualified  annuity  purchased  with only after-tax
dollars and not subject to any special retirement plan rules.

   
Equitable  Life has designed the NQ  Certificate  to qualify as an "annuity" for
purposes of Federal  income tax law.  Gains in the Annuity  Account Value of the
Certificate  generally will not be taxable to you until a  distribution  occurs,
either by a  withdrawal  of part or all of its value or as a series of  periodic
payments.  However, there are some exceptions to this rule: (1) if a Certificate
fails  the  investment  diversification  requirements;  (2)  if you  transfer  a
Certificate,  for  example,  as a gift to  someone  other  than your  spouse (or
divorced  spouse),  any gain in its Annuity  Account  Value will be taxed at the
time of transfer;  (3) the assignment or pledge of any portion of the value of a
Certificate   will  be  treated  as  a  distribution  of  that  portion  of  the
Certificate;  and (4) when an insurance  company (or its affiliate)  issues more
than one  non-qualified  deferred  annuity  certificate  or contract  during any
calendar year to the same taxpayer,  the  certificates or contracts are required
to be aggregated in computing the taxable amount of any distribution.
    

Corporations,  partnerships,  trusts  and other  non-natural  persons  generally
cannot defer the taxation of current income credited to the  Certificate  unless
an exception under the Code applies.

Withdrawals

   
Prior to the Annuity  Commencement Date, any withdrawal which does not terminate
your total interest in the NQ  Certificate is taxable to you as ordinary  income
to the extent there has been a gain in the Annuity Account Value, and is subject
to income tax withholding. See "Federal and State Income Tax Withholding" below.
The balance of the  distribution  is treated as a return of the  "investment" or
"basis" in the  Certificate  and is not taxable.  Generally,  the  investment or
basis in the NQ  Certificate  equals the  contributions  made,  less any amounts
previously  withdrawn which were not taxable.  If your Equitable  Accumulator NQ
Certificate  was  issued as a result of a tax-free  exchange  of another NQ life
insurance  or deferred  annuity  contract as  described  in "Methods of Payment:
Section 1035  Exchanges" in Part 4, your  investment  in that original  contract
generally is treated as the basis in the Equitable  Accumulator  NQ  Certificate
regardless of the value of that  original  contract at the time of the exchange.
Special rules may apply if contributions made to another annuity  certificate or
contract prior to August 14, 1982 are transferred to a Certificate in a tax-free
exchange.  To take advantage of these rules, you must notify us prior to such an
exchange.
    

If you surrender or cancel the NQ  Certificate,  the  distribution is taxable to
the extent it exceeds the investment in the NQ Certificate.

                                       39

<PAGE>


Annuity Payments

Once annuity  payments  begin,  a portion of each payment is  considered to be a
tax-free  recovery of  investment  based on the ratio of the  investment  to the
expected return under the NQ Certificate.  The remainder of each payment will be
taxable. In the case of a variable annuity,  special rules apply if the payments
received in a year are less than the amount  permitted to be recovered tax free.
In the case of a life annuity,  after the total  investment has been  recovered,
future  payments are fully  taxable.  If payments  cease as a result of death, a
deduction for any unrecovered investment will be allowed.

Early Distribution Penalty Tax

   
In addition  to income tax, a penalty tax of 10% applies to the taxable  portion
of a distribution  unless the  distribution is (1) made on or after the date you
attain age 59 1/2,  (2) made on or after your death,  (3)  attributable  to your
disability,  (4) part of a series  of  substantially  equal  installments  as an
annuity  for your life (or life  expectancy)  or the joint  lives (or joint life
expectancies) of you and a beneficiary,  or (5) with respect to income allocable
to amounts contributed to an annuity certificate or contract prior to August 14,
1982 which are transferred to the Certificate in a tax-free exchange.
    

Payments as a Result of Death

   
If, as a result of the Annuitant's death, the beneficiary is entitled to receive
the death benefit  described in Part 4, the beneficiary is generally  subject to
the  same  tax  treatment  as  would  apply  to  you,  had you  surrendered  the
Certificate (discussed above).
    

If the beneficiary elects to take the death benefit in the form of a life income
or installment  option, the election should be made within 60 days after the day
on which a lump sum death benefit  first becomes  payable and before any benefit
is actually  paid.  The tax  computation  will  reflect your  investment  in the
Certificate.

The  Certificate  provides a minimum  guaranteed  death  benefit that in certain
circumstances may be greater than either the  contributions  made or the Annuity
Account Value. This provision provides investment protection against an untimely
termination  of a  Certificate  on the death of an  Annuitant at a time when the
Certificate's  Annuity  Account  Value  might  otherwise  have  provided a lower
benefit.  Although we do not believe that the  provision of this benefit  should
have any adverse tax effect,  it is possible  that the IRS could take a contrary
position  and could  assert  that some  portion of the  charges  for the minimum
guaranteed  death benefit should be treated for Federal income tax purposes as a
partial  withdrawal  from  the  Certificate.  If this  were  so,  such a  deemed
withdrawal could be taxable,  and for Certificate  Owners under age 59 1/2, also
subject to tax penalty.

   
Special  distribution  requirements  apply  upon  the  death  of the  owner of a
non-qualified  annuity.  That is, in the case of a contract  where the owner and
annuitant are different, even though the annuity contract could continue because
the  annuitant  has not died,  Federal  tax law  requires  that the  person  who
succeeds as owner of the  contract  take  taxable  distribution  of the contract
within a specified  period of time. This includes the surviving Joint Owner in a
nonspousal  joint ownership  situation.  See "When an NQ Certificate  Owner Dies
before the Annuitant" in Part 4.
    

CHARITABLE REMAINDER TRUSTS

On April 17, 1997,  the IRS issued  proposed  regulations  concerning  CRTs. The
preamble to the proposed  regulation  indicates that the IRS is studying whether
the use of deferred  annuities  or other  assets  offering  similar tax benefits
causes a CRT to fail to qualify as a CRT under the tax law.  The IRS also issued
a Revenue  Procedure  which indicates that effective such date it will no longer
issue rulings that a trust qualifies as a CRT in situations  where the timing of
trust income can be controlled to take advantage of the difference between trust
income and taxable income for the benefit of the unitrust recipient.

SPECIAL RULES FOR NQ CERTIFICATES ISSUED IN PUERTO RICO

   
Under  current  law  Equitable  Life  treats  income  from  NQ  Certificates  as
U.S.-source.  A  Puerto  Rico  resident  is  subject  to U.S.  taxation  on such
U.S.-source  income.  Only Puerto Rico-source income of Puerto Rico residents is
excludable  from U.S.  taxation.  Income from NQ Certificates is also subject to
Puerto Rico tax. The computation of the taxable  portion of amounts  distributed
from a Certificate  may differ in the two  jurisdictions.  Therefore,  you might
have to file both U.S. and Puerto Rico tax returns, showing different amounts of
income for each. Puerto Rico generally provides a credit against Puerto Rico tax
for U.S. tax paid.  Depending on your  personal  situation and the timing of the
different tax  liabilities,  you may not be able to take full  advantage of this
credit.
    

Please consult your tax adviser to determine the applicability of these rules to
your own tax situation.

IRA TAX INFORMATION

   
The term "IRA" may generally  refer to all individual  retirement  arrangements,
including individual retirement accounts and individual retirement annuities. In
addition to being  available  in both  trusteed  or  custodial  account  form or
individual   annuity  form,   there  are  many  varieties  of  IRAs.  There  are
"Traditional IRAs" which are generally funded on a pre-tax basis. There are Roth
IRAs,  newly  available  in 1998,  which must be funded on an  after-tax  basis.
SEP-IRAs  (including  SARSEP-IRAs)  and  SIMPLE-
    

                                       40


<PAGE>


   
IRAs are issued  and funded in  connection  with  employer-sponsored  retirement
plans.  Regardless  of the  type of IRA,  your  interest  in the IRA  cannot  be
forfeited.  You or your  beneficiaries who survive you are the only ones who can
receive the benefits or payments.

The Equitable  Accumulator  Certificate is designed to qualify as an "individual
retirement  annuity" under Section 408(b) of the Code. This prospectus  contains
the  information  which  the  Internal  Revenue  Service  (IRS)  requires  to be
disclosed to you before you purchase an individual retirement arrangement.  This
section of Part 8 covers some of the special tax rules that apply to  individual
retirement  arrangements,  including  Traditional IRAs and Roth IRAs.  Education
IRAs are not  discussed in this  prospectus  because  they are not  available in
individual retirement annuity form.

Further information regarding individual retirement  arrangements  generally can
be found in Internal  Revenue  Service  Publication  590,  entitled  "Individual
Retirement Arrangements (IRAs)," which is generally updated annually, and can be
obtained from any IRS district office.
    

There is no limit to the number of IRAs  (including Roth IRAs) you may establish
or maintain as long as you meet the  requirements  for  establishing and funding
the  IRA.  However,  if you  maintain  multiple  IRAs,  you may be  required  to
aggregate IRA values or contributions for tax purposes. You should be aware that
all types of IRAs are  subject to certain  restrictions  in order to qualify for
special treatment under the Federal tax law.

   
The Equitable  Accumulator  IRA  Certificate  has been approved by the IRS as to
form for use as a Traditional IRA. This IRS approval is a determination  only as
to the form of the annuity,  does not represent a determination of the merits of
the annuity as an  investment,  and may not address  certain  features under the
Equitable Accumulator IRA Certificate.  The IRS does not yet have a procedure in
place for approving the form of Roth IRAs.
    

TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)

   
Cancellation

You can  cancel a  Certificate  issued as a  Traditional  IRA by  following  the
directions  in Part 4 under "Free Look  Period."  Since there may be adverse tax
consequences  if a  Certificate  is  cancelled  (and  because we are required to
report to the IRS certain  distributions  from cancelled  Traditional IRAs), you
should consult with a tax adviser before making any such decision. If you cancel
this Certificate,  you may establish a new individual retirement  arrangement if
at the time you meet the requirements for establishing an individual  retirement
arrangement.
    

Contributions to Traditional IRAs

Individuals  may make  three  different  types of  contributions  to  purchase a
Traditional IRA, or as later additions to an existing Traditional IRA: "regular"
contributions  out  of  earnings,   tax-free   "rollover"   contributions   from
tax-qualified  plans,  or direct  custodian-to-custodian  transfers  from  other
traditional individual retirement arrangements ("direct transfers").

   
The  initial  contribution  to the  Certificate  must be either a rollover  or a
direct custodian-to-custodian  transfer. See "Rollovers and Transfers" discussed
below.  Any subsequent  contributions  you make may be any of rollovers,  direct
transfers or "regular"  Traditional IRA contributions.  See "Contributions under
the  Certificates" in Part 4. The immediately  following  discussion  relates to
"regular" Traditional IRA contributions. For the reasons noted in "Rollovers and
Transfers"  below,  you should  consult with your tax adviser  before making any
subsequent  contributions  to a Traditional  IRA which is intended to serve as a
"conduit" IRA.

Generally,  $2,000 is the maximum amount of contributions  which you may make to
all IRAs  (including Roth IRAs) in any taxable year. The above limit may be less
when your  earnings  are below  $2,000.  This limit  does not apply to  rollover
contributions or direct custodian-to-custodian transfers into a Traditional IRA.

If you are married and file a joint  income tax return,  your and your  spouse's
compensation  effectively  can be  aggregated  for purposes of  determining  the
permissible  amount of regular  contributions to Traditional IRAs (and Roth IRAs
discussed below).  Even if one spouse has no compensation or compensation  under
$2,000,  married  individuals filing jointly can contribute up to $4,000 for any
taxable  year to any  combination  of  Traditional  IRAs  and  Roth  IRAs.  (Any
contributions  to Roth IRAs reduce the ability to contribute to Traditional IRAs
and vice  versa.)  The maximum  amount may be less if earnings  are less and the
other spouse has made IRA contributions. No more than a combined total of $2,000
can be contributed  annually to either spouse's  traditional and Roth individual
retirement  arrangements.  Each  spouse  owns his or her  individual  retirement
arrangements  (Traditional and Roth IRA) even if contributions were fully funded
by the other spouse.

The amount of Traditional IRA  contributions  for a tax year that you can deduct
depends  on  whether  you  are  covered  by  an  employer-sponsored  tax-favored
retirement plan. An  employer-sponsored  tax-favored  retirement plan includes a
qualified plan, a  tax-sheltered  account or annuity under Section 403(b) of 
    

                                       41

<PAGE>


the Code  (TSA)  or a  simplified  employee  pension  plan.  In  certain  cases,
individuals covered by a tax-favored retirement plan include persons eligible to
participate  in the plan although not actually  participating.  Whether or not a
person is covered by a retirement  plan will be reported on an  employee's  Form
W-2.

Regardless of adjusted gross income (AGI), you may make deductible contributions
to a  Traditional  IRA for each tax year up to the  lesser  of $2,000 or 100% of
compensation  (MAXIMUM  PERMISSIBLE  DOLLAR  DEDUCTION)  if  not  covered  by  a
retirement plan.

   
If you are  single  and  covered  by a  retirement  plan  during any part of the
taxable year,  the deduction for IRA  contributions  phases out with AGI between
$30,000 and $40,000 in 1998.  This amount will be indexed every year until 2005.
If you are married and file a joint return, and you are covered by a tax-favored
retirement  plan  during  any  part  of the  taxable  year,  the  deduction  for
Traditional IRA contributions phases out with AGI between $50,000 and $60,000 in
1998.  This amount will be indexed  every year until 2007.  Married  individuals
filing separately and living apart at all times are not treated as being married
for purposes of this deductible contribution calculation.  Generally, the active
participation  in an  employer-sponsored  retirement  plan of an  individual  is
determined  independently  for each spouse.  Where spouses have "married  filing
jointly" status,  however,  the maximum deductible  Traditional IRA contribution
for an  individual  who is not an active  participant  (but  whose  spouse is an
active participant) is phased out for taxpayers with AGI of between $150,000 and
$160,000.

To determine the deductible  amount of the contribution  with the phase out, you
determine AGI and subtract $30,000 if you are single, $50,000 if you are married
and file a joint return with your spouse.  The  resulting  amount is your Excess
AGI.  You  then  determine  the  limit  on the  deduction  for  Traditional  IRA
contributions using the following formula:
    

                                Maximum           Adjusted
  $10,000 - Excess AGI    x   Permissible   =      Dollar
  --------------------           Dollar           Deduction 
        $10,000                Deduction            Limit   
                      

   
If  you  are  not  eligible  to  deduct  part  or all  of  the  Traditional  IRA
contribution  you may still make  nondeductible  contributions on which earnings
will  accumulate on a  tax-deferred  basis.  The  deductible  and  nondeductible
contributions  to your Traditional IRA (or the nonworking  spouse's  Traditional
IRA) may not, however,  together exceed the maximum $2,000 per person limit. See
"Excess  Contributions"  below. You must keep your own records of deductible and
nondeductible  contributions  in  order  to  prevent  double  taxation  on   the
distribution of previously taxed amounts.  See  "Distributions  from Traditional
IRA Certificates" below.

If you are making  nondeductible  contributions in any taxable year, or you have
made  nondeductible  contributions  to a Traditional  IRA in prior years and are
receiving  amounts  from  any  Traditional  IRA,  you  must  file  the  required
information with the IRS. Moreover, if you are making nondeductible  Traditional
IRA contributions, you must retain all income tax returns and records pertaining
to  such  contributions  until  interests  in all  Traditional  IRAs  are  fully
distributed.

Traditional IRA  contributions may be made for a tax year until the deadline for
filing a Federal  income tax return for that tax year (without  extensions).  No
contributions are allowed for the tax year in which you attain age 70 1/2 or any
tax  year  after  that.  A  working  spouse  age 70 1/2 or  over,  however,  can
contribute  up to the lesser of $2,000 or 100% of  "earned  income" to a spousal
individual  retirement  arrangement  for a  nonworking  spouse until the year in
which the nonworking spouse reaches age 70 1/2.
    

EXCESS CONTRIBUTIONS

   
Excess contributions to a Traditional IRA are subject to a 6% excise tax for the
year in which made and for each year thereafter until withdrawn.  In the case of
"regular" Traditional IRA contributions any contribution in excess of the lesser
of $2,000 or 100% of compensation  or earned income is an "excess  contribution"
(without  regard to the  deductibility  or  nondeductibility  of Traditional IRA
contributions  under this limit).  Also, any "regular"  contributions made after
you  reach  age  70 1/2  are  excess  contributions.  In the  case  of  rollover
Traditional IRA  contributions,  excess  contributions are amounts which are not
eligible to be rolled over (for example,  after-tax contributions to a qualified
plan or minimum  distributions  required to be made after age 70 1/2). An excess
contribution  (rollover or "regular")  which is withdrawn,  however,  before the
time for filing  your  Federal  income  tax  return for the tax year  (including
extensions)  is not includable in income and therefore is not subject to the 10%
penalty tax on early distributions  (discussed below under "Penalty Tax on Early
Distributions"),  provided any earnings  attributable to the excess contribution
are also  withdrawn and no tax  deduction is taken for the excess  contribution.
The withdrawn earnings on the excess contribution,  however, would be includable
in your gross  income and would be subject  to the 10%  penalty  tax.  If excess
contributions  are not withdrawn  before the time for filing your Federal income
tax return for the year  (including  extensions),  "regular"  contributions  may
still be withdrawn after that time if the Traditional IRA  contribution  for the
tax year did not  exceed  $2,000 and no tax  deduction  was taken for the excess
contribution;  in that event, the excess contribution would not be 
    

                                       42


<PAGE>


includable  in gross  income and would not be subject  to the 10%  penalty  tax.
Lastly, excess "regular" contributions may also be removed by underutilizing the
allowable contribution limits for a later year.

   
If excess rollover  contributions  are not withdrawn  before the time for filing
your  Federal  tax return  for the year  (including  extensions)  and the excess
contribution occurred as a result of incorrect information provided by the plan,
any such excess  amount can be withdrawn if no tax  deduction  was taken for the
excess  contribution.  As above, excess rollover  contributions  withdrawn under
those  circumstances  would not be  includable  in gross income and would not be
subject to the 10% penalty tax.

ROLLOVERS AND TRANSFERS

Rollover  contributions may be made to a Traditional IRA from these sources: (i)
qualified plans, (ii) TSAs (including  403(b)(7)  custodial  accounts) and (iii)
other traditional individual retirement arrangements.
    

The rollover  amount must be transferred to the  Certificate  either as a direct
rollover  of an  "eligible  rollover  distribution"  (described  below)  or as a
rollover  by  the  individual  plan  participant  or  owner  of  the  individual
retirement arrangement. In the latter cases, the rollover must be made within 60
days of the date the proceeds  from another  traditional  individual  retirement
arrangement or an eligible  rollover  distribution  from a qualified plan or TSA
were  received.  Generally,  the  taxable  portion  of any  distribution  from a
qualified  plan or TSA is an eligible  rollover  distribution  and may be rolled
over tax free to a  Traditional  IRA unless the  distribution  is (i) a required
minimum  distribution  under  Section  401(a)(9)  of the Code;  or (ii) one of a
series of substantially  equal periodic  payments made (not less frequently than
annually) (a) for the life (or life  expectancy) of the plan  participant or the
joint lives (or joint life  expectancies) of the plan participant and his or her
designated beneficiary,  or (b) for a specified period of ten years or more. Any
amount  contributed to a Traditional IRA after you attain age 70 1/2 must be net
of your  required  minimum  distribution  for the year in which the  rollover or
direct transfer contribution is made.

   
Under some  circumstances,  amounts from a  Certificate  may be rolled over on a
tax-free  basis to a  qualified  plan.  To get this  "conduit"  Traditional  IRA
treatment,  the source of funds used to establish the  Traditional IRA must be a
rollover  contribution  from the qualified  plan and the entire amount  received
from the Traditional  IRA (including any earnings on the rollover  contribution)
must be  rolled  over into  another  qualified  plan  within 60 days of the date
received.  Similar rules apply in the case of a TSA. If you make a  contribution
to the  Certificate  which is from an  eligible  rollover  distribution  and you
commingle such  contribution  with other  contributions,  you may not be able to
roll over these eligible  rollover  distribution  contributions  and earnings to
another qualified plan (or TSA, as the case may be) at a future date, unless the
Code permits.
    

Under  the  conditions  and  limitations  of the  Code,  you may  elect for each
Traditional  IRA to make a tax-free  rollover once every  12-month  period among
individual  retirement  arrangements  (including rollovers from retirement bonds
purchased before 1983).  Custodian-to-custodian  transfers are not rollovers and
can be made more frequently than once a year.

The same tax-free  treatment  applies to amounts  withdrawn from the Certificate
and rolled over into other traditional individual retirement arrangements unless
the  distribution  was received  under an inherited  Traditional  IRA.  Tax-free
rollovers are also available to the surviving  spouse  beneficiary of a deceased
individual, or a spousal alternate payee of a qualified domestic relations order
applicable  to a  qualified  plan.  In  some  cases,  Traditional  IRAs  can  be
transferred on a tax-free basis between spouses or former spouses  incidental to
a judicial decree of divorce or separation.

DISTRIBUTIONS FROM TRADITIONAL IRA CERTIFICATES

   
Income or gains on  contributions  under  Traditional  IRAs are not  subject  to
Federal income tax until benefits are distributed to you.  Distributions include
withdrawals  from your  Certificate,  surrender of your  Certificate and annuity
payments from your Certificate. Death benefits are also distributions. Except as
discussed below, the amount of any distribution  from a Traditional IRA is fully
includable as ordinary income by you in your gross income.

If you have made nondeductible IRA contributions to any Traditional IRA (whether
or not this particular arrangement),  those contributions are recovered tax free
when distributions are received. You must keep records of all such nondeductible
contributions.  At the end of each  tax  year  in  which  you  have  received  a
distribution  from  any  traditional  individual  retirement  arrangement,   you
determine a ratio of the total nondeductible Traditional IRA contributions (less
any amounts previously  withdrawn tax free) to the total account balances of all
Traditional  IRAs  held by you at the end of the tax  year  (including  rollover
Traditional  IRAs) plus all Traditional IRA  distributions  made during such tax
year.  The  resulting  ratio is then  multiplied by all  distributions  from the
Traditional IRA during that tax year to determine the nontaxable portion of each
distribution.

In addition, a distribution (other than a required minimum distribution received
after  age 70 1/2) is not  taxable  if (1) the  amount  received  is a return of
excess   contributions   which  are  withdrawn,   as  described   under  "Excess
Contributions"  above,  (2) 
    

                                       43

<PAGE>


the entire  amount  received  is rolled over to another  traditional  individual
retirement  arrangement (see "Rollovers and Transfers"  above) or (3) in certain
limited circumstances, where the Traditional IRA acts as a "conduit," the entire
amount is paid into a qualified plan or TSA that permits rollover contributions.

Distributions  from a Traditional IRA are not entitled to the special  favorable
five-year  averaging method (or, in certain cases,  favorable ten-year averaging
and   long-term   capital  gain   treatment)   available  in  certain  cases  to
distributions from qualified plans.

REQUIRED MINIMUM DISTRIBUTIONS

   
The minimum  distribution  rules require  Traditional IRA owners to start taking
annual distributions from their retirement plans by age 70 1/2. The distribution
requirements  are designed to provide for  distribution  of your interest in the
IRA over your life  expectancy.  Whether the correct amount has been distributed
is calculated on a  year-by-year  basis;  there are no provisions in the Code to
allow  amounts  taken in excess of the  required  amount to be  carried  over or
carried back and credited to other years.

Generally, you must take the first required minimum distribution with respect to
the calendar  year in which you turn age 70 1/2. You have the choice to take the
first  required  minimum  distribution  during  the  calendar  year you turn age
70 1/2, or to delay taking it until the three-month (January 1 - April 1) period
in the next  calendar  year.  (Distributions  must  commence  no later  than the
"Required Beginning Date," which is the April 1st of the calendar year following
the  calendar  year in which you turn age 70 1/2.) If you choose to delay taking
the first annual  minimum  distribution,  then you will have to take two minimum
distributions  in that year -- the  delayed  one for the first  year and the one
actually for that year. Once minimum  distributions  begin, they must be made at
some time every year.

There are two approaches to taking minimum  distributions  -- "account based" or
"annuity  based" -- and there are a number of  distribution  options  in both of
these  categories.  These  choices  are  intended  to give  you a great  deal of
flexibility to provide for yourself and your family.

An account-based  minimum  distribution  approach may be a lump sum payment,  or
periodic  withdrawals  made over a period which does not extend beyond your life
expectancy or the joint life  expectancies of you and a designated  beneficiary.
An annuity-based  approach involves  application of the Annuity Account Value to
an annuity for your life or the joint lives of you and a designated beneficiary,
or for a period certain not extending beyond applicable life expectancies.
    

You should discuss with your tax adviser which minimum  distribution options are
best for your own personal  situation.  Individuals who are participants in more
than  one  tax-favored   retirement  plan  may  be  able  to  choose   different
distribution options for each plan.

Your required minimum  distribution for any taxable year is calculated by taking
into account the required  minimum  distribution  from each of your  traditional
individual retirement arrangements.  The IRS, however, does not require that you
make the  required  distribution  from each  traditional  individual  retirement
arrangement that you maintain.  As long as the total amount distributed annually
satisfies your overall minimum distribution requirement,  you may choose to take
your annual required  distribution  from any one or more traditional  individual
retirement arrangements that you maintain.

   
You may  recompute  your  minimum  distribution  amount  each year based on your
current life  expectancy  as well as that of your spouse.  No  recomputation  is
permitted, however, for a beneficiary other than a spouse.

If you have been computing minimum distributions with respect to Traditional IRA
funds on an account-based  approach (discussed above) you may subsequently apply
such funds to a life  annuity-based  payout,  provided  that you have elected to
recalculate  life  expectancy  annually (and your spouse's life  expectancy if a
spousal joint annuity is selected).  For example,  if you anticipate  exercising
your  Guaranteed  Minimum  Income  Benefit or  selecting  any other form of life
annuity  payout after you are age 70 1/2,  you must have elected to  recalculate
life expectancies.
    

If there is an  insufficient  distribution in any year, a 50% tax may be imposed
on the amount by which the minimum required to be distributed exceeds the amount
actually  distributed.  The  penalty tax may be waived by the  Secretary  of the
Treasury in certain limited circumstances. Failure to have distributions made as
the Code and Treasury regulations require may result in disqualification of your
Traditional IRA. See "Tax Penalty for Insufficient Distributions" below.

   
Except as described in the next sentence,  if you die after  distribution in the
form of an annuity has begun, or after the Required  Beginning Date,  payment of
the remaining interest must be made at least as rapidly as under the method used
prior to your death.  (The IRS has indicated  that an exception to the rule that
payment of the remaining  interest must be made at least as rapidly as under the
method used prior to your death applies if the  beneficiary  of the  Traditional
IRA is your surviving spouse. In some  circumstances,  your surviving spouse may
elect to "make the Tradi-
    

                                       44

<PAGE>


tional IRA his or her own" and halt  distributions  until he or she  reaches age
70 1/2.)

   
If you die before the Required  Beginning Date and before  distributions  in the
form of an  annuity  begin,  distributions  of your  entire  interest  under the
Certificate must be completed within five years after death,  unless payments to
a designated  beneficiary  begin within one year of your death and are made over
the beneficiary's life or over a period certain which does not extend beyond the
beneficiary's life expectancy.

If your surviving  spouse is the designated  beneficiary,  your spouse may delay
the  commencement  of such  payments up until you would have attained 70 1/2. In
the  alternative,  a  surviving  spouse  may  elect to roll  over the  inherited
Traditional IRA into the surviving spouse's own Traditional IRA.
    

TAXATION OF DEATH BENEFITS

   
Distributions  received  by a  beneficiary  are  generally  given  the  same tax
treatment you would have received if distribution had been made to you.
    

If your  spouse  is the sole  primary  beneficiary  and  elects  to  become  the
successor Annuitant and Certificate Owner, no death benefit is payable until the
surviving spouse's death.

GUARANTEED MINIMUM DEATH BENEFIT

The  Code  provides  that no part of an  individual  retirement  account  may be
invested in life  insurance  contracts.  Treasury  Regulations  provide  that an
individual  retirement  account  may be invested  in an annuity  contract  which
provides a death benefit of the greater of premiums paid or the contract's  cash
value.  Your  Certificate  provides a minimum  death benefit  guarantee  that in
certain  circumstances  may be greater than either of contributions  made or the
Annuity Account Value. Although there is no ruling regarding the type of minimum
death benefit  guarantee  provided by the  Certificate,  Equitable Life believes
that the  Certificate's  minimum  death benefit  guarantee  should not adversely
affect the qualification of the Certificate as a Traditional IRA.  Nevertheless,
it is  possible  that the IRS could  disagree,  or take the  position  that some
portion of the charge in the Certificate for the minimum death benefit guarantee
should  be  treated  for  Federal  income  tax  purposes  as a  taxable  partial
withdrawal from the Certificate. If this were so, such a deemed withdrawal would
also be subject to tax penalty for Certificate Owners under age 59 1/2.

PROHIBITED TRANSACTION

   
A Traditional  IRA may not be borrowed  against or used as collateral for a loan
or other obligation.  If the IRA is borrowed against or used as collateral,  its
tax-favored status will be lost as of the first day of the tax year in which the
event  occurred.  If this happens,  you must include in Federal gross income for
that  year an  amount  equal to the fair  market  value of the  Traditional  IRA
Certificate  as of the  first  day of that  tax  year,  less the  amount  of any
nondeductible   contributions   not  previously   withdrawn.   Also,  the  early
distribution  penalty  tax of 10% will apply if you have not  reached age 59 1/2
before the first day of that tax year. See "Penalty Tax on Early  Distributions"
below.
    

PENALTY TAX ON EARLY DISTRIBUTIONS

The taxable  portion of Traditional IRA  distributions  will be subject to a 10%
penalty  tax unless the  distribution  is made (1) on or after your  death,  (2)
because  you have become  disabled,  (3) on or after the date when you reach age
59 1/2, or (4) in accordance with the exception  outlined below if you are under
59 1/2.  Also not subject to penalty tax are IRA  distributions  used to pay (5)
certain extraordinary medical expenses or medical insurance premiums for defined
unemployed individuals, (6) qualified first-time home buyer expense payments, or
(7) higher  educational  expense payments,  all as defined in the Code. 

   
A payout over your life or life  expectancy (or joint and survivor lives or life
expectancies),  which  is part  of a  series  of  substantially  equal  periodic
payments made at least  annually,  is also not subject to penalty tax. To permit
you to meet this exception,  Equitable Life has two options: Substantially Equal
Payment  Withdrawals and the Income Manager (Life Annuity with a Period Certain)
payout annuity certificates,  both of which are described in Part 5. The version
of the  Income  Manager  payout  annuity  certificates  which  would  meet  this
exception  must provide level  payments for life.  If you are a Traditional  IRA
Certificate  Owner who will be under age 59 1/2 as of the date the first payment
is expected to be received and you choose  either  option,  Equitable  Life will
calculate the substantially  equal annual payments under a method we will select
based on guidelines issued by the IRS (currently  contained in IRS Notice 89-25,
Question and Answer 12). Although  Substantially  Equal Payment  Withdrawals and
Income Manager payments are not subject to the 10% penalty tax, they are taxable
as discussed in "Distributions  from Traditional IRA  Certificates"  above. Once
Substantially  Equal Payment  Withdrawals or Income Manager  payments begin, the
distributions should not be stopped or changed until the later of your attaining
age 59 1/2 or five  years  after  the  date of the  first  distribution,  or the
penalty tax, including an interest charge for the prior penalty  avoidance,  may
apply to all prior  distributions  under this option.  Also, it is possible that
the IRS could  view any  additional  withdrawal  or  payment  you take from your
Certificate as changing your pattern of Substantially  Equal Payment Withdrawals
or Income  Manager  payments  for  purposes of  determining  whether the penalty
applies.
    

                                       45

<PAGE>


Where a taxpayer under age 59 1/2 purchases a traditional  individual retirement
annuity  contract  calling for  substantially  equal periodic  payments during a
fixed period, continuing afterwards under a joint life contingent annuity with a
reduced  payment  to the  survivor  (e.g.,  a joint  and 50% to  survivor),  the
question might be raised whether  payments will not be  substantially  equal for
the joint lives of the taxpayer and survivor, as the payments will be reduced at
some point. In issuing our information  returns, we code the substantially equal
periodic  payments  from such a contract as eligible for an  exception  from the
early  distribution  penalty.  We  believe  that any change in  payments  to the
survivor would come within the statutory  provision  covering change of payments
on account of death. As there is no direct authority on this point,  however, if
you are under age 59 1/2, you should discuss this item with your own tax adviser
when electing a reduced survivorship option.

TAX PENALTY FOR INSUFFICIENT DISTRIBUTIONS

Failure to make  required  distributions  discussed  above in "Required  Minimum
Distributions"   may  cause  the   disqualification   of  the  Traditional  IRA.
Disqualification  may result in current  taxation  of your  entire  benefit.  In
addition a 50% penalty tax may be imposed on the difference between the required
distribution amount and the amount actually distributed, if any.

We do not automatically make distributions from a Certificate before the Annuity
Commencement  Date unless a request has been made. It is your  responsibility to
comply with the minimum  distribution rules. We will notify you when our records
show that your age 70 1/2 is approaching. If you do not select a method, we will
assume you are taking your minimum  distribution  from another  Traditional  IRA
that you maintain.  You should  consult with your tax adviser  concerning  these
rules and their proper application to your situation.

ROTH INDIVIDUAL RETIREMENT ANNUITIES (ROTH IRAS)

   
This  section of Part 8 covers  some of the special tax rules that apply to Roth
IRAs.

The Equitable  Accumulator  Roth IRA is designed to qualify as a Roth individual
retirement annuity under Sections 408A and 408(b) of the Code.
    

Cancellation

   
You can cancel a Certificate issued as a Roth IRA by following the directions in
Part 4 under  "Free Look  Period."  In  addition,  you can  cancel an  Equitable
Accumulator  Roth IRA Certificate  issued as a result of a full conversion of an
Equitable Accumulator  Traditional IRA Certificate by following the instructions
in the request for full conversion form available from our Processing  Office or
your registered representative. Since there may be adverse tax consequences if a
Certificate  is  cancelled  (and  because we are  required  to report to the IRS
certain  distributions  from  cancelled  IRAs),  you should  consult  with a tax
adviser before making any such decision.
    

Contributions to Roth IRAs

The following discussion relates to contributions to Roth IRAs. Contributions to
Traditional IRAs are discussed above.

   
Individuals  may make four different types of  contributions  to purchase a Roth
IRA, or as later  additions  to an existing  Roth IRA: (1)  "regular"  after-tax
contributions  out  of  earnings,  (2)  taxable  "rollover"  contributions  from
Traditional   IRAs   ("conversion"   contributions),   (3)   tax-free   rollover
contributions    from    other    Roth   IRAs,    or   (4)    tax-free    direct
custodian-to-custodian  transfers from other Roth IRAs ("direct transfers"). See
"Contributions under the Certificates" in Part 4. Since only direct transfer and
rollover  contributions  are permitted under the Roth IRA  Certificate,  regular
after-tax contributions are not discussed here.
    

ROLLOVERS AND DIRECT  TRANSFERS -- WHAT IS THE DIFFERENCE  BETWEEN  ROLLOVER AND
DIRECT TRANSFER  TRANSACTIONS?  

Rollover  contributions  may be made to a Roth IRA from  only two  sources:  (i)
another Roth IRA ("tax-free rollover contribution"), or (ii) another Traditional
IRA  in  a  taxable  "conversion"  rollover  ("conversion   contribution").   No
contribution  may be made to a Roth  IRA from a  qualified  plan  under  Section
401(a) of the Code, or a tax-sheltered  arrangement  under Section 403(b) of the
Code.  Currently we also do not accept  rollover  contributions  from  SEP-IRAs,
SARSEP-IRAs or SIMPLE-IRAs. The rollover contribution must be applied to the new
Roth IRA Certificate within 60 days of the date the proceeds from the other Roth
IRA or the Traditional IRA was received by you.

   
Direct transfer  contributions  may be made to a Roth IRA only from another Roth
IRA.  The  difference  between  a  rollover  transaction  and a direct  transfer
transaction  is that in a rollover  transaction  the  individual  actually takes
possession of the funds rolled over, or constructively receives them in the case
of a change from one type of plan to another. In a direct transfer  transaction,
the individual  never takes  possession of the funds, but directs the first Roth
IRA  custodian,  trustee or issuer to transfer the first Roth IRA funds directly
to Equitable Life, as the Roth IRA issuer. Direct transfer transactions can only
be made  between  identical  plan  types  (for  example,  Roth IRA to Roth IRA);
rollover  transactions may be made between identical plan types but must be made
between  different  plan  types  (for  example,  Traditional  IRA to Roth  IRA).
Although the economic effect of a Roth IRA to Roth IRA rollover  transaction and
a Roth IRA to Roth IRA direct  transfer  transaction  is the same -- both can be
accomplished  on a  completely  tax-free  basis -- Roth IRA to Roth IRA 
    

                                       46

<PAGE>


   
rollover  transactions  are limited to once every  12-month  period for the same
funds.  Trustee-to-trustee  or  custodian-to-custodian  direct transfers are not
rollover transactions and can be made more frequently than once a year.
    

The  surviving  spouse  beneficiary  of a deceased  individual  can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. Also, in
some cases,  Roth IRAs can be transferred on a tax-free basis between spouses or
former spouses incidental to a judicial decree of divorce or separation.

CONVERSION CONTRIBUTIONS TO ROTH IRAS

   
In a conversion rollover  transaction,  you withdraw (or are deemed to withdraw)
all or a portion of funds from a Traditional  IRA you maintain and convert it to
a Roth IRA  within 60 days after you  receive  (or are  deemed to  receive)  the
Traditional  IRA proceeds.  Unlike a rollover from a Traditional  IRA to another
Traditional  IRA, the conversion  rollover  transaction  is not tax exempt;  the
distribution  from the Traditional IRA is generally fully taxable.  (If you have
ever made nondeductible  regular contributions to any Traditional IRA -- whether
or not it is the Traditional IRA you are converting -- a pro rata portion of the
distribution  is tax  exempt.) For this  reason,  Equitable  Life is required to
withhold 10% Federal income tax from the amount  converted  unless you elect out
of  such  withholding.  See  "Federal  and  State  Income  Tax  Withholding  and
Information Reporting" below.
    

However,  even if you are under age 59 1/2  there is no  premature  distribution
penalty on the Traditional IRA withdrawal that you are converting to a Roth IRA.
Also, a special rule applies to Traditional IRA funds converted to a Roth IRA in
calendar year 1998 only. For 1998 Roth IRA conversion rollover transactions, you
include the gross income from the  Traditional  IRA conversion  ratably over the
four-year  period  1998-2001.  See  discussion of the pre-age 59 1/2  withdrawal
penalty and the special  penalties  that may apply to premature  withdrawals  of
converted  funds under  "Additional  Taxes and  Penalties"  and  "Penalty Tax on
Premature Distributions" below.

YOU CANNOT MAKE CONVERSION  CONTRIBUTIONS  TO A ROTH IRA FOR ANY TAXABLE YEAR IN
WHICH YOUR ADJUSTED  GROSS INCOME  EXCEEDS  $100,000.  (For this  purpose,  your
adjusted  gross income is computed  without the gross income  stemming  from the
Traditional IRA conversion.) You also cannot make conversion  contributions to a
Roth IRA for any taxable year in which your Federal  income tax filing status is
"married filing separately."

Finally,  you cannot make conversion  contributions  to a Roth IRA to the extent
that the  funds in your  Traditional  IRA are  subject  to the  annual  required
minimum  distribution  rule  applicable  to  Traditional  IRAs  beginning at age
70 1/2.  For the potential  effects of violating these rules,  see discussion of
"Additional Taxes and Penalties" and "Excess Contributions" below.

WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS

   
NO RESTRICTIONS ON WITHDRAWALS. You can withdraw any or all of your funds from a
Roth  IRA at any  time;  you do not  need  to  wait  for a  special  event  like
retirement.  However, these withdrawals may be subject to a withdrawal charge as
stated in your  Certificate.  See discussion in Part 6. Also, the withdrawal may
be taxable to an extent and, even if not taxable,  may be subject to tax penalty
in certain  circumstances.  See the discussion below under  "Distributions  from
Roth IRAs,"  "Additional  Taxes and  Penalties,"  and  "Penalty Tax on Premature
Distributions."
    

DISTRIBUTIONS FROM ROTH IRAS

Distributions  include  withdrawals  from your  Certificate,  surrender  of your
Certificate and annuity payments from your Certificate.  Death benefits are also
distributions.

The following distributions from Roth IRAs are free of income tax:

(1) Rollovers from a Roth IRA to another Roth IRA.

(2) Direct  transfers  from a Roth IRA to another Roth IRA (see  "Rollovers  and
    Direct Transfers" above).

(3) "Qualified  Distributions" from Roth IRAs (see "Qualified Distributions from
    Roth IRAs" below).

(4) Return of excess  contributions  (see "Additional  Taxes and Penalties," and
    "Excess Contributions" below).

Qualified Distributions from Roth IRAs

Distributions  from  Roth  IRAs  made  because  of  one of  the  following  four
qualifying events or reasons are not includable in income,  provided a specified
five-year  holding or aging period is met. The qualifying  events or reasons are
(1) you  attain  age 59 1/2,  (2)  your  death,  (3) your  disability,  or (4) a
"qualified  first-time  homebuyer   distribution"  (as  defined  in  the  Code).
Qualified first-time homebuyer  distributions are limited to $10,000 lifetime in
the aggregate from all Roth and Traditional IRAs of the taxpayer.

Five-Year Holding or Aging Period

The  applicable  five-year  holding  or  aging  period  depends  on the  type of
contribution   made  to  the  Roth  IRA.   For  Roth  IRAs   funded  by  regular
contributions,  or  rollover  or  direct  transfer  contributions  which are not
directly  or  indirectly   attributable  to  converted   Traditional  IRAs,  any
distribution  made after the  five-taxable  year period beginning with the first
taxable year for which you made a regular  contribution to any Roth IRA (whether
or not the one from which the  

                                       47

<PAGE>


distribution  is being made) meets the five-year  holding or aging  period.  The
Equitable Accumulator Roth IRA does not accept "regular" contributions. However,
it does  accept  Roth IRA to Roth IRA  rollovers  and direct  transfers.  If the
source  of your  contribution  is  (indirectly)  regular  contributions  made to
another Roth IRA and not  conversion  contributions,  the  five-year  holding or
aging period discussed in the prior sentence applies to you.

For Roth IRAs funded directly or indirectly by converted  Traditional  IRAs, the
applicable  five-year  holding  period  begins  with the year of the  conversion
rollover transaction to a Roth IRA.

Although there is currently no statutory prohibition against commingling regular
contributions  and  conversion   contributions  in  any  Roth  IRA,  or  against
commingling conversion  contributions made in more than one taxable year to Roth
IRAs, the IRS strongly encourages individuals to maintain separate Roth IRAs for
regular contributions and conversion contributions.  It also strongly encourages
individuals to  differentiate  conversion  Roth IRAs by conversion  year.  Under
pending  legislation  which could be enacted with a retroactive  effective date,
aggregation  of Roth IRAs by conversion  year may be required.  In the case of a
Roth IRA which contains conversion  contributions and regular contributions,  or
conversion  contributions  from more than one year, the five-year holding period
would be reset to begin with the most recent taxable year for which a conversion
contribution is made.

Non-Qualified Distributions from Roth IRAs

Non-qualified  distributions  from Roth IRAs are any distributions  which do not
meet the qualifying event and five-year  holding or aging period tests described
above and are potentially taxable as ordinary income. In contrast to Traditional
IRA  distributions,  which  are  assumed  to  be  fully  taxable,  non-qualified
distributions  receive   return-of-investment-first   treatment.  That  is,  the
recipient is taxed only on the difference between the amount of the distribution
and the  amount of Roth IRA  contributions  (less any  distributions  previously
recovered tax free).

Like Traditional IRAs, taxable distributions from a Roth IRA are not entitled to
the  special  favorable  five-year  averaging  method  (or,  in  certain  cases,
favorable ten-year averaging and long-term capital gain treatment)  available in
certain cases to distributions from qualified plans.

   
Although  the IRS has not yet issued  complete  guidance  on all aspects of Roth
IRAs,  it appears  that you will be required to keep your own records of regular
and  conversion  contributions  to all Roth IRAs in order to assure  appropriate
taxation.  An individual making contributions to a Roth IRA in any taxable year,
or receiving  amounts from any Roth IRA may be required to file the  information
with the IRS and retain all income tax returns and  records  pertaining  to such
contributions until interests in Roth IRAs are fully distributed.
    

REQUIRED MINIMUM DISTRIBUTIONS AT DEATH

If you die before  annuitization or before the entire amount of the Roth IRA has
been  distributed to you,  distributions  of your entire interest under the Roth
IRA must be completed to your designated beneficiary by December 31 of the fifth
year after your death,  unless  payments to a  designated  beneficiary  begin by
December  31 of the year after  your  death and are made over the  beneficiary's
life or over a period  which  does not  extend  beyond  the  beneficiary's  life
expectancy.  If  your  surviving  spouse  is  the  designated  beneficiary,   no
distributions  to a beneficiary are required until after the surviving  spouse's
death.

TAXATION OF DEATH BENEFIT

Distributions  received  by a  beneficiary  are  generally  given  the  same tax
treatment you would have received if distribution had been made to you.

ADDITIONAL TAXES AND PENALTIES

You are  subject  to  additional  taxation  for  using  your  Roth IRA  funds in
prohibited  transactions (as described  below).  There are also additional taxes
for making excess contributions and making certain pre-age 59 1/2 distributions.

Prohibited Transactions

A Roth IRA may not be borrowed against or used as collateral for a loan or other
obligation.  If the Roth IRA is  borrowed  against  or used as  collateral,  its
tax-favored status will be lost as of the first day of the tax year in which the
event occurred.  If this happens, you may be required to include in your Federal
gross income for that year an amount equal to the fair market value of your Roth
IRA  Certificate  as of  the  first  day  of  that  tax  year.  Also,  an  early
distribution  penalty  tax of 10% could apply if you have not reached age 59 1/2
before  the  first  day  of  that  tax  year.  See  "Penalty  Tax  on  Premature
Distributions" below.

EXCESS CONTRIBUTIONS

Excess  contributions  to a Roth IRA are subject to a 6% excise tax for the year
in which  made and for each  year  thereafter  until  withdrawn.  In the case of
rollover Roth IRA  contributions,  "excess  contributions" are amounts which are
not eligible to be rolled over (for  example,  conversion  contributions  from a
Traditional  IRA if your  adjusted  gross income is in excess of $100,000 in the
conversion year).

As of the date of this  prospectus,  there  is some  uncertainty  regarding  the
adjustment  of  excess  contributions  to Roth  IRAs.  The rules  applicable  to
Traditional  IRAs,  which  may  apply,   provide  that  an  excess  contribution

                                       48

<PAGE>


("regular"  or  rollover)  which is  withdrawn  before the time for filing  your
Federal  income  tax  return  for the tax  year  (including  extensions)  is not
includable  in  income  and is not  subject  to the  10%  penalty  tax on  early
distributions (discussed below under "Penalty Tax on Premature  Distributions"),
provided  any  earnings   attributable  to  the  excess  contribution  are  also
withdrawn. The withdrawn earnings on the excess contribution,  however, could be
includable  in  your  gross  income  for  the  tax  year  in  which  the  excess
contribution  from  which  they  arose was made and could be  subject to the 10%
penalty tax.

As of the  date of this  prospectus,  pending  legislation,  if  enacted,  would
provide  that a  taxpayer  has up until the due date of the  Federal  income tax
return for a tax year (including  extensions) to correct an excess  contribution
to a Roth IRA by doing a trustee-to-trustee transfer to a Traditional IRA of the
excess  contribution  and the  applicable  earnings,  as long as no deduction is
taken  for  the  contribution.  There  can be no  assurance  that  such  pending
legislation  will be enacted or will not be  modified.  Please  consult your tax
adviser for information on the status of any legislation concerning Roth IRAs.

PENALTY TAX ON PREMATURE DISTRIBUTIONS

The taxable portion of  distributions  from a Roth IRA made before you reach age
59 1/2 will be subject to an additional  10% Federal  income tax penalty  unless
one of the following exceptions applies. There are exceptions for:

o  Your death,

o  Your disability,

o  Distributions used to pay certain extraordinary medical expenses,

o  Distributions used to pay medical insurance premiums for certain unemployed 
   individuals,

o  Substantially  equal  payments made at least annually over your life (or your
   life  expectancy),  or over the  lives of you and your  beneficiary  (or your
   joint life expectancies) using an IRS-approved distribution method,

o  "Qualified first-time homebuyer distributions" as defined in the Code, and

o  Distributions used to pay specified higher  education  expenses as defined in
   the Code.

Under  legislation  pending  as of the  date  of  this  prospectus,  if  amounts
converted  from a  Traditional  IRA to a Roth IRA are withdrawn in the five-year
period  beginning with the year of  conversion,  to the extent  attributable  to
amounts that were  includable in income due to the conversion  transaction,  the
amount  withdrawn from the Roth IRA would be subject to the 10% early withdrawal
penalty,  EVEN IF THE AMOUNT  WITHDRAWN  FROM THE ROTH IRA IS NOT  INCLUDABLE IN
INCOME  BECAUSE  OF  THE  RECOVERY-OF-INVESTMENT  FIRST  RULE.  However,  if the
recipient is eligible for one of the penalty  exceptions  described above (e.g.,
being age 59 1/2 or older) no penalty will apply.

Such pending  legislation  also provides that an additional 10% penalty applies,
apparently  without  exception,  to  withdrawals  allocable  to 1998  conversion
transactions  before the  five-year  exclusion  date,  in order to recapture the
benefit of the prorated  inclusion of Traditional IRA conversion income over the
four-year   period.   See   "Contributions   to  Roth  IRAs,"  and   "Conversion
Contributions to Roth IRAs" above. It is not known whether this legislation will
be enacted in its current form, but it may be retroactive to January 1, 1998.

Because Roth IRAs have only been recently approved, you should consult with your
tax adviser as to whether they are an appropriate investment vehicle for you.

   
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING

Equitable Life is required to withhold  Federal income tax from  Traditional IRA
distributions and the taxable portion of payments from annuity contracts, unless
the  recipient  elects not to be subject  to income  tax  withholding.  For this
reason  we are  generally  required  to  withhold  on  conversion  rollovers  of
Traditional IRAs to Roth IRAs, as the deemed withdrawal from the Traditional IRA
is taxable.  Withholding may also apply to any taxable amounts paid under a free
look or  cancellation.  Generally,  no withholding is required on  distributions
which are not  taxable  (for  example,  a direct  transfer  from one Roth IRA to
another Roth IRA you own). In the case of distributions  from a Roth IRA, we may
not be able to  calculate  the portion of the  distribution  (if any) subject to
tax. We may be required  to  withhold  on the gross  amount of the  distribution
unless you elect out of withholding as described  below.  This may result in tax
being withheld even though the Roth IRA  distribution is not taxable in whole or
in part.
    

The rate of withholding will depend on the type of distribution  and, in certain
cases,  the  amount of the  distribution.  Special  withholding  rules  apply to
foreign  recipients  and United  States  citizens  residing  outside  the United
States. See your tax adviser if you think you may be affected by such rules.

   
Any income tax  withheld is a credit  against  your income tax  liability.  If a
recipient  does  not  have  sufficient  income  tax  withheld  or does  not make
sufficient  estimated  income tax  payments,  however,  the  recipient may incur
penalties under the estimated income tax rules.  Recipients should consult their
tax advisers to determine whether they should elect out of withhold-
    

                                       49

<PAGE>


ing.  Requests not to withhold  Federal income tax must be made in writing prior
to receiving benefits under the Certificate.  Our Processing Office will provide
forms for this  purpose.  No election  out of  withholding  is valid  unless the
recipient  provides us with the  correct  Taxpayer  Identification  Number and a
United States residence address.

Certain states have indicated that income tax withholding will apply to payments
from the Certificates  made to residents.  In some states, a recipient may elect
out of state withholding. Generally, an election out of Federal withholding will
also be  considered  an  election  out of state  withholding.  If you need  more
information  concerning  a  particular  state or any  required  forms,  call our
Processing Office at the toll-free number and consult your tax adviser.

   
Periodic  payments are generally subject to wage-bracket type withholding (as if
such payments  were payments of wages by an employer to an employee)  unless the
recipient  elects  no  withholding.  If  a  recipient  does  not  elect  out  of
withholding  or  does  not  specify  the  number  of   withholding   exemptions,
withholding  will  generally be made as if the recipient is married and claiming
three  withholding  exemptions.  There is an annual  threshold of taxable income
from periodic annuity  payments which is exempt from  withholding  based on this
assumption.  For 1998, a recipient of periodic payments (e.g., monthly or annual
payments)  which  total less than a $14,400  taxable  amount will  generally  be
exempt from Federal  income tax  withholding,  unless the recipient  specifies a
different choice of withholding exemption. A withholding election may be revoked
at any time and remains effective until revoked. If a recipient fails to provide
a  correct  Taxpayer  Identification  Number,  withholding  is  made  as if  the
recipient is single with no exemptions.

A recipient of a non-periodic  distribution (total or partial) will generally be
subject to  withholding  at a flat 10% rate.  A recipient  who provides a United
States  residence  address  and a correct  Taxpayer  Identification  Number will
generally be permitted to elect not to have tax withheld.
    

All  recipients  receiving  periodic and  non-periodic  payments will be further
notified of the withholding  requirements and of their right to make withholding
elections.

OTHER WITHHOLDING

   
As a  general  rule,  if death  benefits  are  payable  to a person  two or more
generations  younger than you, a Federal generation  skipping tax may be payable
with respect to the benefit at rates  similar to the maximum  estate tax rate in
effect at the time. The generation  skipping tax provisions  generally  apply to
transfers  which  would  also be  subject  to the gift  and  estate  tax  rules.
Individuals are generally allowed an aggregate generation skipping tax exemption
of $1 million. Because these rules are complex, you should consult with your tax
adviser for  specific  information,  especially  where  benefits  are passing to
younger generations, as opposed to a spouse or child.
    

If we  believe a benefit  may be subject to  generation  skipping  tax we may be
required  to  withhold  for  such  tax  unless  we  receive  acceptable  written
confirmation that no such tax is payable.

IMPACT OF TAXES TO EQUITABLE LIFE

The Certificates provide that Equitable Life may charge the Separate Account for
taxes. Equitable Life can set up reserves for such taxes.

                                       50

<PAGE>



- --------------------------------------------------------------------------------

   
                            PART 9: OTHER INFORMATION

- --------------------------------------------------------------------------------

INDEPENDENT ACCOUNTANTS

The  consolidated  financial  statements and  consolidated  financial  statement
schedules  of  Equitable  Life at December 31, 1997 and 1996 and for each of the
three years in the period ended  December 31, 1997 included in Equitable  Life's
Annual Report on Form 10-K,  incorporated by reference in the  prospectus,  have
been examined by Price Waterhouse LLP,  independent  accountants,  whose reports
thereon  are  incorporated  herein by  reference.  Such  consolidated  financial
statements and consolidated financial statement schedules have been incorporated
herein by reference in reliance upon the reports of Price  Waterhouse  LLP given
upon their authority as experts in accounting and auditing.

LEGAL PROCEEDINGS

Equitable Life and its affiliates are parties to various legal proceedings, none
of which,  in our view,  are likely to have a material  adverse  effect upon the
Separate  Account,  our ability to meet our obligations under the Certificate or
the Certificates' distribution.
    

                                       51

<PAGE>



- --------------------------------------------------------------------------------

   
                         PART 10: INVESTMENT PERFORMANCE

- --------------------------------------------------------------------------------
This Part presents performance data for each of the Investment Funds included in
the tables below. The performance data were calculated by two methods. The first
method,  presented in Tables 1 and 2, reflects all applicable  fees and charges,
including the optional  baseBUILDER benefits charge, but not the charges for any
applicable taxes such as premium taxes.

The second method,  presented in Tables 3, 4 and 5, also reflects all applicable
fees and  charges,  but does not reflect the  withdrawal  charge,  the  optional
baseBUILDER  benefits charge, or the charge for tax such as premium taxes. These
additional  charges would  effectively  reduce the rates of return credited to a
particular Certificate.

The Certificates were first offered on May 1, 1997. Accordingly, the performance
data for the  Investment  Funds have been  adjusted for  expenses,  as described
herein,  that would have been  incurred had these  Certificates  been  available
prior to such date. In addition,  the investment  results prior to October 1996,
when HRT Class IB shares were not available, have been adjusted to reflect 12b-1
fees.

In all cases the results shown in the tables are based on the actual  historical
investment  experience  of the  corresponding  Portfolios of HRT or EQAT, as the
case may be (see "HRT Portfolios" below). Certain of the Investment Funds began
operations on a date after the inception date of the corresponding Portfolio, as
indicated in Table 1. When we advertise the performance of an Investment Fund we
will  separately  include the historical  performance  of the  Investment  Fund,
determined in the manner shown in Table 1, since the Investment Fund's inception
date, as and to the extent required by regulatory authorities.

HRT Portfolios

The  performance  data for the Alliance  Money Market and Alliance  Common Stock
Funds that invest in  corresponding  HRT Portfolios,  for periods prior to March
22, 1985,  reflect the investment  results of two open-end  management  separate
accounts (the  "predecessor  separate  accounts") which were reorganized in unit
investment trust form. The "Since Inception"  figures for these Investment Funds
are based on the date of inception of the predecessor  separate accounts.  These
performance data have been adjusted to reflect the maximum  investment  advisory
fee payable for the corresponding Portfolio of HRT, as well as an assumed charge
of 0.06% for direct operating expenses.

EQAT Portfolios

EQAT commenced  operations on May 1, 1997. The Investment  Funds of the Separate
Account  that  invest  in  Class  IB  shares  of  Portfolios  of EQAT  commenced
operations on May 1 and December 31, 1997.

See "Part 2: The Guaranteed  Period  Account" for  information on the Guaranteed
Period  Account,  and "Part 3: The Special  Dollar Cost  Averaging  Account" for
information on the Special Dollar Cost Averaging Account.

The  performance  data in Tables 1 and 2 (which  reflect  the first  calculation
method  described  above)  illustrate  the average  annual  total  return of the
Investment  Funds,  and the growth of an  investment  in the  Investment  Funds,
respectively,  over the periods shown, assuming a single initial contribution of
$1,000 and the surrender of a Certificate, at the end of each period on December
31, 1997. An Investment Fund's average annual total return is the annual rate of
growth of the  Investment  Fund that would be  necessary  to achieve  the ending
value of a contribution kept in the Investment Fund for the period specified.
    

Each calculation  assumes that the $1,000 contribution was allocated to only one
Investment  Fund,  no transfers  or  subsequent  contributions  were made and no
amounts were allocated to any other Investment Option under the Certificate.

   
In order to calculate  annualized rates of return, we divide the Cash Value of a
Certificate which is surrendered on December 31, 1997 by the $1,000 contribution
made at the beginning of each period illustrated. The result of that calculation
is the total growth rate for the period.  Then we annualize  that growth rate to
obtain the  average  annual  percentage  increase  (decrease)  during the period
shown.  When we "annualize," we assume that a single rate of return applied each
year during the period will  produce the ending  value,  taking into account the
effect of compounding.
    

                                       52

<PAGE>




   
                                     TABLE 1
         AVERAGE ANNUAL TOTAL RETURN UNDER A CERTIFICATE SURRENDERED ON
                               DECEMBER 31, 1997*
<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------------
                                                                       LENGTH OF INVESTMENT PERIOD
                                           ------------------------------------------------------------------------------------
                                                                                                      SINCE
                                                                                                    INVESTMENT
INVESTMENT                                     ONE          THREE          FIVE          TEN           FUND         SINCE
FUND                                          YEAR          YEARS         YEARS         YEARS      INCEPTION**   INCEPTION***
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>            <C>           <C>           <C>           <C>           <C>  
Alliance Money Market                        (3.26)%         2.02%         2.20%         3.79%        (0.88)%        5.01%
Alliance High Yield                           9.58          17.23         13.44         10.72          6.32          9.96
Alliance Common Stock                        20.16          25.30         18.57         15.88         12.85         13.76
Alliance Aggressive Stock                     2.04          17.94         12.44         16.89          1.62         17.16
Alliance Small Cap Growth                       --             --            --            --         18.38         18.38
MFS Research                                    --             --            --            --          7.99          7.99
MFS Emerging Growth Companies                   --             --            --            --         14.32         14.32
Morgan Stanley Emerging
    Markets Equity                              --             --            --            --            --        (27.59)
EQ/Putnam Growth & Income
    Value                                       --             --            --            --          8.15          8.15
EQ/Putnam Investors Growth                      --             --            --            --         16.53         16.53
EQ/Putnam International Equity                  --             --            --            --          1.59          1.59

- -------------------
See footnotes below.
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

                                     TABLE 2
     GROWTH OF $1,000 UNDER A CERTIFICATE SURRENDERED ON DECEMBER 31, 1997*
- -------------------------------------------------------------------------------------------------------------------------------
                                                                       LENGTH OF INVESTMENT PERIOD
                                           ------------------------------------------------------------------------------------
INVESTMENT                                       ONE              THREE              FIVE            TEN            SINCE
FUND                                             YEAR             YEARS             YEARS           YEARS       INCEPTION***
- ------------------------------------------ ----------------- ----------------- ----------------- ------------- ----------------
<S>                                              <C>              <C>                <C>             <C>           <C>  
Alliance Money Market                            $  967           $1,062             $1,115          $1,450        $ 2,296
Alliance High Yield                               1,096            1,605              1,879           2,769          2,842
Alliance Common Stock                             1,202            1,967              2,344           4,364         17,039
Alliance Aggressive Stock                         1,020            1,641              1,797           4,762          6,690
Alliance Small Cap Growth                            --               --                 --              --          1,184
MFS Research                                         --               --                 --              --          1,080
MFS Emerging Growth Companies                        --               --                 --              --          1,143
Morgan Stanley Emerging
    Markets Equity                                   --               --                 --              --            724
EQ/Putnam Growth & Income
    Value                                            --               --                 --              --          1,082
EQ/Putnam Investors Growth                           --               --                 --              --          1,165
EQ/Putnam International Equity                       --               --                 --              --          1,016
</TABLE>

- -------------------

*    The tables  reflect  the  withdrawal  charge and the  optional  baseBUILDER
     benefits charge.

**   The  "Since  Inception"  dates for the  Investment  Funds  are as  follows:
     Alliance  Money Market,  Alliance High Yield,  Alliance  Common Stock,  and
     Alliance  Aggressive  Stock (October 16, 1996);  Alliance Small Cap Growth,
     MFS Research,  MFS Emerging  Growth  Companies,  EQ/Putnam  Growth & Income
     Value, EQ/Putnam Investors Growth, and EQ/Putnam  International Equity (May
     1, 1997); and Morgan Stanley Emerging Markets Equity (December 31, 1997).

***  The  "Since  Inception"  dates  for the  Portfolios  of HRT and EQAT are as
     follows:  Alliance  Money  Market  (July 13,  1981);  Alliance  High  Yield
     (January 2, 1987);  Alliance  Common  Stock  (January 13,  1976);  Alliance
     Aggressive  Stock  (January 27,  1986);  Alliance  Small Cap Growth (May 1,
     1997);  MFS Research (May 1, 1997);  MFS Emerging Growth  Companies (May 1,
     1997); Morgan Stanley Emerging Markets Equity (August 20, 1997);  EQ/Putnam
     Growth & Income Value (May 1, 1997);  and  EQ/Putnam  International  Equity
     (May 1, 1997).

- --------------------------------------------------------------------------------


                                       53
<PAGE>




Tables 3, 4 and 5 (which reflect the second  calculation method described above)
provide you with information on rates of return on an annualized, cumulative and
year-by-year basis.

All rates of return  presented are  time-weighted  and include  reinvestment  of
investment income, including interest and dividends.  Cumulative rates of return
reflect  performance  over a stated period of time.  Annualized  rates of return
represent the annual rate of growth that would have produced the same cumulative
return, if performance had been constant over the entire period.
    

BENCHMARKS

Market  indices are not subject to any charges  for  investment  advisory  fees,
brokerage  commission or other operating  expenses  typically  associated with a
managed  portfolio.  Nor do they reflect other charges such as the mortality and
expense  risks  charge,  administration  charge,  or any  withdrawal or optional
benefit  charge,  under the  Certificates.  Comparisons  with these  benchmarks,
therefore, are of limited use. We include them because they are widely known and
may help you to understand the universe of securities  from which each Portfolio
is likely to select its holdings.  Benchmark  data reflect the  reinvestment  of
dividend income.

PORTFOLIO INCEPTION DATES AND COMPARATIVE BENCHMARKS:

ALLIANCE MONEY MARKET: July 13, 1981; Salomon Brothers Three-Month T-Bill Index.

ALLIANCE HIGH YIELD: January 2, 1987; Merrill Lynch High Yield Master Index.

ALLIANCE COMMON STOCK: January 13, 1976; Standard & Poor's 500 Index.

   
ALLIANCE AGGRESSIVE STOCK:  January 27, 1986; 50% Russell 2000 Small Stock Index
and 50% Standard & Poor's Mid-Cap Total Return Index.

ALLIANCE SMALL CAP GROWTH: May 1, 1997; Russell 2000 Growth Index.

MFS RESEARCH: May 1, 1997; Standard & Poor's 500 Index.

MFS EMERGING GROWTH COMPANIES: May 1, 1997; Russell 2000 Index.

MORGAN STANLEY EMERGING MARKETS EQUITY:  August 20, 1997; Morgan Stanley Capital
International Emerging Markets Free Price Return Index.

EQ/PUTNAM GROWTH & INCOME VALUE: May 1, 1997; Standard & Poor's 500 Index.

EQ/PUTNAM INVESTORS GROWTH: May 1, 1997; Standard & Poor's 500 Index.
    

EQ/PUTNAM   INTERNATIONAL   EQUITY:   May  1,  1997;   Morgan  Stanley   Capital
International Europe, Australia, Far East Index.

The Lipper  Variable  Insurance  Products  Performance  Analysis Survey (LIPPER)
records the performance of a large group of variable annuity products, including
managed separate accounts of insurance companies. According to Lipper Analytical
Services, Inc., the data are presented net of investment management fees, direct
operating  expenses and asset-based  charges applicable under annuity contracts.
Lipper  data  provide a more  accurate  picture  than market  benchmarks  of the
Equitable Accumulator performance relative to other variable annuity products.


                                       54
<PAGE>



   
                                     TABLE 3
        ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------
<S>                                       <C>         <C>         <C>         <C>         <C>          <C>         <C> 
ALLIANCE MONEY MARKET                      3.74%       3.81%       3.02%       4.09%       4.91%          --        5.48%
   Lipper Money Market                     3.95        4.05        3.29        4.41        5.39           --        5.77
   Benchmark                               5.23        5.41        4.71        5.61        6.33           --        6.87

ALLIANCE HIGH YIELD                       16.58       18.49       14.04       10.99          --           --       10.25
   Lipper High Yield                      12.87       14.23       10.68       10.33          --           --        9.46
   Benchmark                              12.83       14.54       11.72       12.09          --           --       11.39

ALLIANCE COMMON STOCK                     27.16       26.55       19.11       16.10       15.37        15.68%      13.98
   Lipper Growth                          24.35       24.72       16.01       15.40       13.99        15.20       13.97
   Benchmark                              33.36       31.15       20.27       18.05       17.52        16.66       15.44

ALLIANCE AGGRESSIVE STOCK                  9.04       19.31       13.05       17.08          --           --       17.45
   Lipper Mid-Cap                         12.11       15.54        9.27       14.32          --           --       15.87
   Benchmark                              27.31       24.88       17.11       17.74          --           --       15.12

ALLIANCE SMALL CAP
   GROWTH                                    --          --          --          --          --           --       25.38**
   Lipper Small Cap                          --          --          --          --          --           --       26.66**
   Benchmark                                 --          --          --          --          --           --       27.66**

MFS RESEARCH                                 --          --          --          --          --           --       14.99**
   Lipper Growth                             --          --          --          --          --           --       21.89**
   Benchmark                                 --          --          --          --          --           --       22.55**

MFS EMERGING GROWTH
   COMPANIES                                 --          --          --          --          --           --       21.32**
   Lipper Mid-Cap                            --          --          --          --          --           --       20.88**
   Benchmark                                 --          --          --          --          --           --       28.68**

MORGAN STANLEY
   EMERGING MARKETS
   EQUITY                                    --          --          --          --          --           --      (20.59)**
   Lipper Emerging Markets                   --          --          --          --          --           --         N/A
   Benchmark                                 --          --          --          --          --           --      (21.43)**

EQ/PUTNAM GROWTH &
   INCOME VALUE                              --          --          --          --          --           --       15.15**
   Lipper Growth & Income                    --          --          --          --          --           --       20.28**
   Benchmark                                 --          --          --          --          --           --       22.55**

EQ/PUTNAM INVESTORS
   GROWTH                                    --          --          --          --          --           --       23.53**
   Lipper Growth                             --          --          --          --          --           --       21.89**
   Benchmark                                 --          --          --          --          --           --       22.55**

EQ/PUTNAM INTERNATIONAL
   EQUITY                                    --          --          --          --          --           --        8.59**
   Lipper International                      --          --          --          --          --           --        3.41**
   Benchmark                                 --          --          --          --          --           --        2.85**

- -------------------
See footnotes on page 57.
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       55
<PAGE>


                                     TABLE 4
        CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
<TABLE>
<CAPTION>

- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------
<S>                                       <C>        <C>         <C>         <C>       <C>            <C>          <C>   
ALLIANCE MONEY MARKET                      3.74%      11.88%      16.03%      49.32%     105.23%            --       140.79%
   Lipper Money Market                     3.95       12.64       17.61       54.00      120.14             --       151.25
   Benchmark                               5.23       17.13       25.87       72.64      150.97             --       199.34

ALLIANCE HIGH YIELD                       16.58       66.34       92.84      183.74          --             --       192.34
   Lipper High Yield                      12.87       49.17       66.26      169.15          --             --       173.12
   Benchmark                              12.83       50.26       74.04      213.08          --             --       227.68

ALLIANCE COMMON STOCK                     27.16      102.66      139.73      344.83      753.99       1,740.23%    1,670.44
   Lipper Growth                          24.35       94.70      111.15      321.71      625.81       1,602.96     1,659.17
   Benchmark                              33.36      125.60      151.62      425.67    1,026.40       2,080.13     2,248.74

ALLIANCE AGGRESSIVE STOCK                  9.04       69.84       84.69      384.08          --             --       581.19
   Lipper Mid-Cap                         12.11       56.12       59.26      311.80          --             --       478.26
   Benchmark                              27.31       94.76      120.25      412.08          --             --       436.52

ALLIANCE SMALL CAP
   GROWTH                                    --          --          --          --          --             --        25.38**
   Lipper Small Cap                          --          --          --          --          --             --        26.66**
   Benchmark                                 --          --          --          --          --             --        27.66**

MFS RESEARCH                                 --          --          --          --          --             --        14.99**
   Lipper Growth                             --          --          --          --          --             --        21.89**
   Benchmark                                 --          --          --          --          --             --        22.55**

MFS EMERGING GROWTH
   COMPANIES                                 --          --          --          --          --             --        21.32**
   Lipper Mid-Cap                            --          --          --          --          --             --        20.88**
   Benchmark                                 --          --          --          --          --             --        28.68**

MORGAN STANLEY
   EMERGING MARKETS
   EQUITY                                    --          --          --          --          --             --       (20.59)**
   Lipper Emerging Markets                   --          --          --          --          --             --         N/A
   Benchmark                                 --          --          --          --          --             --       (21.43)**

EQ/PUTNAM GROWTH &
   INCOME VALUE                              --          --          --          --          --             --        15.15**
   Lipper Growth & Income                    --          --          --          --          --             --        20.28**
   Benchmark                                 --          --          --          --          --             --        22.55**

EQ/PUTNAM INVESTORS
   GROWTH                                    --          --          --          --          --             --        23.53**
   Lipper Growth                             --          --          --          --          --             --        21.89**
   Benchmark                                 --          --          --          --          --             --        22.55**

EQ/PUTNAM INTERNATIONAL
   EQUITY                                    --          --          --          --          --             --         8.59**
   Lipper International                      --          --          --          --          --             --         3.41**
   Benchmark                                 --          --          --          --          --             --         2.85**

- -------------------
See footnotes on page 57.
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                       56
<PAGE>

                                     TABLE 5
                          YEAR-BY-YEAR RATES OF RETURN*
<TABLE>
<CAPTION>

- ----------------------------------------------------------------------------------------------------------------------------------
                 1984    1985    1986     1987    1988    1989    1990    1991    1992    1993    1994     1995    1996    1997
               -------------------------------------------------------------------------------------------------------------------
<S>             <C>     <C>     <C>       <C>     <C>     <C>     <C>     <C>     <C>     <C>     <C>      <C>     <C>     <C>
ALLIANCE MONEY
   MARKET***     9.09%   6.74%   4.91%    4.93%   5.61%   7.45%   6.50%   4.49%   1.91%   1.32%   2.36%    4.06%   3.64%   3.74%
ALLIANCE HIGH
   YIELD           --      --      --     3.03    7.99    3.46   (2.70)  22.48   10.51   21.19   (4.33)   18.01   20.91   16.58
ALLIANCE
   COMMON
   STOCK***     (3.53)  31.30   15.50     5.73   20.48   23.60   (9.59)  35.69    1.57   22.83   (3.70)   30.34   22.28   27.16
ALLIANCE
   AGGRESSIVE
   STOCK           --      --   33.28     5.58   (0.48)  41.22    6.43   83.89   (4.71)  14.89   (5.35)   29.54   20.24    9.04
- ----------------
 * Returns do not  reflect  the  withdrawal  charge,  the  optional  baseBUILDER
   benefits charge,  and any charge for tax such as premium taxes.  There are no
   returns  shown in Table 5 for the  Alliance  Small  Cap  Growth  Fund and the
   Investment  Funds  investing in EQAT as such Funds have less than one year of
   performance.
 **Unannualized
<CAPTION>
***Prior  to 1984  the  Year-by-Year  Rates of         1976     1977      1978      1979     1980      1981     1982      1983
   Return were:                                   ----------------------------------------------------------------------------
<S>                                                   <C>      <C>       <C>      <C>       <C>      <C>       <C>      <C>   
   
   ALLIANCE COMMON STOCK                              7.73%    (10.69)%  6.51%    27.77%    47.74%   (7.37)%   15.70%   24.11%
   ALLIANCE MONEY MARKET                                --         --      --        --        --     5.49     11.22     7.22
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    

COMMUNICATING PERFORMANCE DATA

   
In reports or other communications or in advertising  material,  we may describe
general economic and market  conditions  affecting the Separate Account and each
respective  trust and may present the  performance  of the  Investment  Funds or
compare it with (1) that of other insurance  company separate accounts or mutual
funds included in the rankings  prepared by Lipper  Analytical  Services,  Inc.,
Morningstar,  Inc.,  VARDS or  similar  investment  services  that  monitor  the
performance of insurance  company  separate  accounts or mutual funds, (2) other
appropriate indices of investment  securities and averages for peer universes of
funds which are shown under  "Benchmarks"  and  "Portfolio  Inception  Dates and
Comparative  Benchmarks"  in this Part 10, or (3) data  developed  by us derived
from such indices or averages.  The  Morningstar  Variable  Annuity/Life  Report
consists of nearly 700  variable  life and annuity  funds,  all of which  report
their data net of investment  management  fees,  direct  operating  expenses and
separate account  charges.  VARDS is a monthly  reporting  service that monitors
approximately  760 variable life and variable  annuity funds on performance  and
account information. Advertisements or other communications furnished to present
or prospective  Certificate Owners may also include evaluations of an Investment
Fund or Portfolio by financial  publications that are nationally recognized such
as Barron's,  Morningstar's Variable Annuity Sourcebook,  Business Week, Chicago
Tribune, Forbes, Fortune, Institutional Investor, Investment Adviser, Investment
Dealer's Digest,  Investment  Management Weekly, Los Angeles Times, Money, Money
Management Letter,  Kiplinger's Personal Finance,  Financial Planning,  National
Underwriter,  Pension & Investments,  USA Today,  Investor's Business Daily, The
New York Times, and The Wall Street Journal.

ALLIANCE MONEY MARKET FUND AND ALLIANCE HIGH YIELD FUND YIELD INFORMATION

The current  yield and  effective  yield of the  Alliance  Money Market Fund and
Alliance  High  Yield Fund may appear in reports  and  promotional  material  to
current or prospective Certificate Owners.

Current yield for the Alliance Money Market Fund will be based on net changes in
a hypothetical  investment over a given seven-day  period,  exclusive of capital
changes,  and then  "annualized"  (assuming that the same seven-day result would
occur each week for 52 weeks).  Current  yield for the Alliance  High Yield Fund
will be based on net changes in a  hypothetical  investment  over a given 30-day
period,  exclusive of capital changes, and then "annualized"  (assuming that the
same 30-day result would occur each month for 12 months).  "Effective  yield" is
calculated in a manner similar to that used to calculate current yield, but when
annualized, any income earned by the investment is assumed to be reinvested. The
"effective  yield" will be slightly  higher than the "current yield" because any
earnings are  compounded  weekly for the Alliance  Money Market Fund and monthly
for the Alliance High Yield Fund.  Alliance  Money Market Fund and Alliance High
Yield Fund yields and effective  yields assume the deduction of all  Certificate
charges and expenses other than the withdrawal charge, the optional  baseBUILDER
benefits  charge,  and any charge for tax such as  premium  tax.  The yields and
effective  yields for the  Alliance  Money Market Fund when used for the Special
Dollar Cost Averaging program,  assume that no Certificate charges are deducted.
See "Part 5:  Alliance  Money  Market  Fund and  Alliance  High Yield Fund Yield
Information" in the SAI.
    


                                       57
<PAGE>



                   APPENDIX I: MARKET VALUE ADJUSTMENT EXAMPLE
- --------------------------------------------------------------------------------
The example below shows how the market value  adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated on
February 15, 1999 to a Guarantee  Period with an Expiration Date of February 15,
2008  at a  Guaranteed  Rate of  7.00%  resulting  in a  Maturity  Value  at the
Expiration Date of $183,846,  and further  assuming that a withdrawal of $50,000
was made on February 15, 2003.

- --------------------------------------------------------------------------------
                                                               ASSUMED
                                                          GUARANTEED RATE ON
                                                          FEBRUARY 15, 2003
                                                      5.00%               9.00%
                                                 -------------------------------
As of February 15, 2003 (Before Withdrawal)
- ------------------------------------------
(1)  Present Value of Maturity Value,
     also Annuity Account Value..................   $144,048           $119,487
(2)  Guaranteed Period Amount....................    131,080            131,080
(3)  Market Value Adjustment: (1) - (2)..........     12,968            (11,593)
On February 15, 2003 (After Withdrawal)
- --------------------------------------
(4)  Portion of (3) Associated
     with Withdrawal: (3) x [$50,000/(1)]........   $  4,501           $ (4,851)
(5)  Reduction in Guaranteed
     Period Amount: [$50,000 - (4)]..............     45,499             54,851
(6)  Guaranteed Period Amount: (2) - (5).........     85,581             76,229
(7)  Maturity Value..............................    120,032            106,915
(8)  Present Value of (7), also
     Annuity Account Value.......................     94,048             69,487
- --------------------------------------------------------------------------------

You should note that under this example if a withdrawal  is made when rates have
increased  (from 7.00% to 9.00% in the example),  a portion of a negative market
value  adjustment  is realized.  On the other hand, if a withdrawal is made when
rates  have  decreased  (from  7.00% to 5.00% in the  example),  a portion  of a
positive market value adjustment is realized.


                                       58
<PAGE>



   
            APPENDIX II: PURCHASE CONSIDERATIONS FOR QP CERTIFICATES
- --------------------------------------------------------------------------------

Any trustee  considering a purchase of a QP Certificate  should discuss with its
tax adviser whether this is an appropriate investment vehicle for the employer's
plan. Trustees should consider whether the plan provisions permit the investment
of plan assets in the QP Certificate,  the distribution of such an annuity,  the
purchase of the  Guaranteed  Minimum  Income  Benefit,  and the payment of death
benefits  in  accordance  with  the  requirements  of  the  Code.  The  form  of
Certificate  and this  prospectus  should be reviewed in full, and the following
factors,  among others,  should be noted.  This QP Certificate  accepts transfer
contributions only and not regular,  ongoing payroll  contributions.  For 401(k)
plans under defined contribution plans, no employee after-tax  contributions are
accepted.  Under defined  benefit  plans,  we will not accept  rollovers  from a
defined  contribution  plan to a  defined  benefit  plan.  We will  only  accept
transfers from a defined benefit plan or a change of investment  vehicles in the
plan.

For defined benefit plans, the maximum percentage of actuarial value of the plan
Participant/Employee's  "Normal Retirement  Benefit" which can be funded by a QP
Certificate is 80%. The Annuity  Account Value under a QP Certificate may at any
time be more or less  than the lump sum  actuarial  equivalent  of the  "Accrued
Benefit" for a defined  benefit plan  Participant/Employee.  Equitable Life does
not guarantee that the Annuity Account Value under a QP Certificate  will at any
time  equal  the  actuarial  value  of 80% of a  Participant/Employee's  Accrued
Benefit.  If overfunding of a plan occurs,  withdrawals  from the QP Certificate
may be required.  A withdrawal  charge and/or market value adjustment may apply.
Further,  Equitable will not perform or provide any plan recordkeeping  services
with respect to the QP  Certificates.  The plan's  administrator  will be solely
responsible for performing or providing for all such services.  There is no loan
feature offered under the QP Certificates, so if the plan provides for loans and
a  Participant/Employee  takes a loan from the plan,  other plan  assets must be
used as the source of the loan and any loan repayments must be credited to other
investment vehicles and/or accounts available under the plan.

Finally,  because the method of purchasing the QP Certificates  and the features
of the QP Certificates  may appeal more to plan  Participants/Employees  who are
older  and tend to be  highly  paid,  and  because  certain  features  of the QP
Certificates are available only to plan  Participants/Employees who meet certain
minimum and/or maximum age requirements, plan trustees should discuss with their
advisers  whether the  purchase of the QP  Certificates  would cause the plan to
engage in prohibited discrimination in contributions, benefits or otherwise.
    




                                       59
<PAGE>



             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" in Part 4).
    

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 and no  withdrawals,  the Guaranteed
Minimum Death Benefit for an Annuitant age 45 would be calculated as follows:

     ---------------------------------------------------------------------------
      END OF                    6% ROLL UP TO AGE 80    ANNUAL RATCHET TO AGE 80
     CONTRACT      ANNUITY       GUARANTEED MINIMUM        GUARANTEED MINIMUM
       YEAR     ACCOUNT VALUE     DEATH BENEFIT(1)           DEATH BENEFIT
     ---------------------------------------------------------------------------
         1          $105,000           $106,000                  $105,000(2)
         2          $115,500           $112,360                  $115,500(2)
         3          $132,825           $119,102                  $132,825(2)
         4          $106,260           $126,248                  $132,825(3)
         5          $116,886           $133,823                  $132,825(3)
         6          $140,263           $141,852                  $140,263(2)
         7          $140,263           $150,363                  $140,263(3)
     ---------------------------------------------------------------------------

The Annuity  Account Values for Contract Years 1 through 7 are determined  based
on hypothetical  rates of return of 5.00%,  10.00%,  15.00%,  (20.00)%,  10.00%,
20.00% and 0.00%, respectively.

6% ROLL UP TO AGE 80

(1) For Contract Years 1 through 7, the Guaranteed  Minimum Death Benefit equals
    the initial contribution increased by 6%.

ANNUAL RATCHET TO AGE 80

(2)  At the end of  Contract  Years 1, 2 and 3, and again at the end of Contract
     Year 6, the  Guaranteed  Minimum  Death  Benefit  is  equal to the  current
     Annuity Account Value.

(3)  At the end of  Contract  Years 4, 5 and 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.


                                       60
<PAGE>


- --------------------------------------------------------------------------------

                       STATEMENT OF ADDITIONAL INFORMATION
                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

   
- ------------------------------------------------------------------------------------------------------
                                                                                               PAGE
- ------------------------------------------------------------------------------------------------------
<S>          <C>                                                                                <C>
Part 1:      Minimum Distribution Withdrawals -- Traditional IRA Certificates                     2
- ------------------------------------------------------------------------------------------------------
Part 2:      Accumulation Unit Values                                                            2
- ------------------------------------------------------------------------------------------------------
Part 3:      Annuity Unit Values                                                                 2
- ------------------------------------------------------------------------------------------------------
Part 4:      Custodian and Independent Accountants                                               3
- ------------------------------------------------------------------------------------------------------
Part 5:      Alliance Money Market Fund and Alliance High Yield Fund Yield Information           3
- ------------------------------------------------------------------------------------------------------
Part 6:      Long-Term Market Trends                                                             4
- ------------------------------------------------------------------------------------------------------
Part 7:      Key Factors in Retirement Planning                                                  6
- ------------------------------------------------------------------------------------------------------
Part 8:      Financial Statements                                                               10
- ------------------------------------------------------------------------------------------------------
</TABLE>
    








                  HOW TO OBTAIN AN EQUITABLE ACCUMULATOR STATEMENT OF ADDITIONAL
                  INFORMATION FOR SEPARATE ACCOUNT NO. 49





                  Send this request form to:

   
                      Equitable Life
                      Equitable Accumulator
                      P.O. Box 1547
                      Secaucus, NJ 07096-1547


    

                  Please send me an Equitable Accumulator SAI dated May 1, 1998:


                  --------------------------------------------------------------
                  Name

                  --------------------------------------------------------------
                  Address

                  --------------------------------------------------------------
                  City                       State                Zip

   
(EDISAI5/98)
    

                                       61

<PAGE>



   
                                  SUPPLEMENT TO
                             EQUITABLE ACCUMULATORSM
                                (IRA, NQ AND QP)
                          PROSPECTUS DATED MAY 1, 1998
    

          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES

                                   Issued By:
            The Equitable Life Assurance Society of the United States

- --------------------------------------------------------------------------------

   
This prospectus supplement describes the baseBUILDER(R) Combined Guaranteed
Minimum Income Benefit and Guaranteed Minimum Death Benefit offered to Annuitant
issue ages 76 or older under the Equitable Accumulator (IRA, NQ and QP)
prospectus. Capitalized terms in this supplement have the same meaning as in the
prospectus.

A different version of the Combined Guaranteed Minimum Income Benefit and
Guaranteed Minimum Death Benefit than the versions discussed on page 23 of the
prospectus under "baseBUILDER Benefits" is available for Annuitant issue ages 76
or older. The charge for this benefit is 0.30% of the Guaranteed Minimum Income
Benefit benefit base in effect on a Processing Date. The versions of the
baseBUILDER benefits described in the prospectus are not available at these
Annuitant issue ages. The benefit for Annuitant issue ages 76 and older is as
discussed below:
    

         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 election.

The Guaranteed Minimum Death Benefit applicable to the combined benefit is as
follows:

         4% 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 4% on
         each Contract Date anniversary through the Annuitant's age 85 (or at
         the Annuitant's death, if earlier), and 0% thereafter, and is adjusted
         for any subsequent contributions and withdrawals.

   
The Guaranteed Minimum Income Benefit benefit base described on page 31 of the
prospectus is as follows:
    

         The Guaranteed Minimum Income Benefit benefit base is equal to the
         initial contribution on the Contract Date. Thereafter, the Guaranteed
         Minimum Income Benefit benefit base is credited with interest at 4% on
         each Contract Date anniversary through the Annuitant's age 85, and 0%
         thereafter, and is adjusted for any subsequent contributions and
         withdrawals. 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.

   
- --------------------------------------------------------------------------------
    Copyright 1998 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 MAY 1, 1998

PROS 1AML SUPP1(5/98)
    


<PAGE>


   
                                                                     MAY 1, 1998
    




THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES

   
            PROFILE OF THE EQUITABLE ACCUMULATOR(SM) (IRA, NQ AND QP)
          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES
    


This Profile is a summary of some of the more important points that you should
know and consider before purchasing a Certificate. The Certificate is more fully
described in the prospectus which accompanies this Profile. Please read the
prospectus carefully.


   
1. THE ANNUITY CERTIFICATE. The Equitable Accumulator Certificate is a
combination variable and fixed deferred annuity issued by Equitable Life.
Certificates can be issued as individual retirement annuities (IRAS, which can
be either TRADITIONAL IRAS or ROTH IRAS) or as non-qualified annuities (NQ) for
after-tax contributions only. NQ Certificates may also be used as an investment
vehicle for certain types of qualified plans (QP). The Equitable Accumulator
Certificate is designed to provide for the accumulation of retirement savings
and for income through the investment, during an accumulation phase, of (a)
rollover contributions, direct transfers from other individual retirement
arrangements and additional IRA contributions or (b) after-tax money.
    

You may allocate amounts to Investment Funds where your Certificate's value may
vary up or down depending upon investment performance. You may also allocate
amounts to Guarantee Periods (also called GUARANTEED FIXED INTEREST ACCOUNTS)
that when held to maturity provide guaranteed interest rates that we have set
and a guarantee of principal. If you make any transfers or withdrawals, the
Guaranteed Fixed Interest Accounts' investment value may increase or decrease
until maturity due to interest rate changes. Earnings accumulate under your
Certificate on a tax-deferred basis until amounts are distributed. Amounts
distributed under the Equitable Accumulator Certificate may be subject to income
tax.

The Investment Funds offer the potential for better returns than the interest
rates guaranteed under the Guaranteed Fixed Interest Accounts, but the
Investment Funds involve risk and you can lose money. You may make transfers
among the Investment Funds and Guaranteed Fixed Interest Accounts. The value of
Guaranteed Fixed Interest Accounts prior to their maturity fluctuates and you
can lose money on premature transfers or withdrawals.

   
                                   ----------
    Copyright 1998 The Equitable Life Assurance Society of the United States,
    New York, New York 10104. Accumulator is a service mark, and baseBUILDER
      and Income Manager are registered service marks of The Equitable Life
                     Assurance Society of the United States.
    

                                       1

<PAGE>


The Certificate provides a number of distribution methods during the
accumulation phase and for converting to annuity income. The amount accumulated
under your Certificate during the accumulation phase will affect the amount of
distribution or annuity benefits you receive.

   
You can elect the baseBUILDER(R) at issue of the Certificate for an additional
charge. The baseBUILDER provides a combined Guaranteed Minimum Income Benefit
and Guaranteed Minimum Death Benefit. The Guaranteed Minimum Income Benefit
provides a minimum amount of guaranteed lifetime income regardless of investment
performance when converting, at specific times, to the Income Manager(R)
(Life Annuity with a Period Certain) payout annuity certificate.


2. ANNUITY PAYMENTS. When you are ready to start receiving income, annuity
income is available by applying your Certificate's value to an Income Manager
payout annuity certificate. You can also have your IRA or NQ Certificate's value
applied to any of the following ANNUITY BENEFITS: (1) Life Annuity - payments
for the annuitant's life, (2) Life Annuity - Period Certain - payments for the
annuitant's life, but with payments continuing to the beneficiary for the
balance of the selected years if the annuitant dies before the end of the
selected period; (3) Life Annuity - Refund Certain - payments for the
annuitant's life, with payments continuing to the beneficiary after the
annuitant's death until any remaining amount applied to this option runs out;
and (4) Period Certain Annuity - payments for a specified period of time,
usually 5, 10, 15 or 20 years, with no life contingencies. Options (2) and (3)
are also available as a Joint and Survivor Annuity - payments for the
annuitant's life, and after the annuitant's death, continuation of payments to
the survivor for life. Under QP Certificates the only Annuity Benefit available
is Option (2) as a Life Annuity with a 10 Year Period Certain, or a Joint and
Survivor Life Annuity with a 10 Year Period Certain. Annuity Benefits (other
than the Life Annuity in New York, the Refund Certain and the Period Certain
which are only available on a fixed basis) are available as a fixed annuity, or
as a variable annuity, where the dollar amount of your payments will depend upon
the investment performance of the Investment Funds. Once you begin receiving
annuity payments, you cannot change your Annuity Benefit.
    


3. PURCHASE. You can purchase an Equitable Accumulator IRA Certificate by
rolling over or transferring at least $5,000 or more from one or more individual
retirement arrangements. Under a Traditional IRA Certificate you may add
additional amounts of $1,000 or more at any time (subject to certain
restrictions). Additional amounts under a Traditional IRA Certificate are
limited to $2,000 per year, but additional rollover or IRA transfer amounts are
unlimited. In certain cases, additional amounts may not be added to a Roth IRA
Certificate.

   
An Equitable Accumulator NQ or QP Certificate can be purchased with $5,000 or
more. Additional amounts of $1,000 or more can be made at anytime (subject to
certain restrictions). Certain restrictions also apply to the type of
contributions we will accept under Equitable Accumulator QP Certificates.
    

                                       2

<PAGE>


   
4. INVESTMENT OPTIONS. You may invest in any or all of the following Investment
Funds, which invest in shares of corresponding portfolios of The Hudson River
Trust (HRT) and EQ Advisors Trust (EQAT). The portfolios are described in the
prospectuses for HRT and EQAT.
    

<TABLE>
<CAPTION>
 HRT INVESTMENT FUNDS                                          EQAT INVESTMENT FUNDS
- --------------------------         -----------------------------------------------------------------------------------
<S>                                <C>                                         <C>
Alliance Money Market              BT Equity 500 Index                         Merrill Lynch Basic Value Equity
Alliance High Yield                BT Small Company Index                      Merrill Lynch World Strategy
Alliance Common Stock              BT International Equity Index               Morgan Stanley Emerging Markets Equity
Alliance Aggressive Stock          JPM Core Bond                               EQ/Putnam Growth & Income Value
Alliance Small Cap Growth          Lazard Large Cap Value                      EQ/Putnam Investors Growth     
                                   Lazard Small Cap Value                      EQ/Putnam International Equity 
                                   MFS Research                                
                                   MFS Emerging Growth Companies
</TABLE>

You may also invest in one or more Guaranteed Fixed Interest Accounts currently
maturing in years 1999 through 2008.


   
5. EXPENSES. The Certificates have expenses as follows: As a percentage of net
assets in the Investment Funds, a daily charge is deducted for mortality and
expense risks (including the Guaranteed Minimum Death Benefit discussed below)
at an annual rate of 1.10%, and a daily charge is deducted for administration
expenses at an annual rate of 0.25%. If baseBUILDER is elected, there is an
annual charge of 0.30% expressed as a percentage of the Guaranteed Minimum
Income Benefit benefit base. The baseBUILDER charge is deducted from your
Certificate's value.

The charges for the portfolios of HRT range from 0.64% to 1.20% of the average
daily net assets of HRT portfolios, depending upon the HRT portfolios selected.
The charges for the portfolios of EQAT range from 0.55% to 1.75% of the average
daily net assets of EQAT portfolios, depending upon the EQAT portfolios
selected. The amounts for HRT are based on average portfolio assets for the year
ended December 31, 1997 and have been restated to reflect the fees that would
have been paid if a new advisory agreement that Alliance, HRT's manager, and HRT
entered into (which went into effect on May 1, 1997) were in effect since
January 1, 1997. The amounts for EQAT are based on current expense caps. The
12b-1 fee (reflected in the "Total Annual Portfolio Charges" column in the chart
below) for the portfolios of HRT (other than the Alliance Small Cap Growth
portfolio) and EQAT are 0.25% of the average daily net assets of HRT and EQAT,
respectively. For the Alliance Small Cap Growth portfolio the 12b-1 fee may be
less than 0.25% under certain circumstances. Charges for state premium and other
applicable taxes may also apply at the time you elect to start receiving annuity
payments.
    

A withdrawal charge is imposed as a percentage of each contribution withdrawn in
excess of a free corridor amount, or if the Certificate is surrendered. The free
corridor amount for withdrawals is 15% of the Certificate's value at the
beginning of the year. The withdrawal charge does not apply under certain of the
distribution methods available under the Equitable Accumulator IRA Certificate.
When applicable, the withdrawal charge is determined in accordance with the
table below, based on the year a contribution is withdrawn. The year in which we
receive your contribution is "Year 1."

                                       3

<PAGE>


                         Year of Contribution Withdrawal

                1       2        3        4        5        6       7        8+
                ---------------------------------------------------------------
Percentage of
Contribution   7.0%    6.0%     5.0%     4.0%     3.0%     2.0%    1.0%     0.0%

The following chart is designed to help you understand the charges in the
Certificate. The "Total Annual Charges" column shows the combined total of the
Certificate charges deducted as a percentage of net assets in the Investment
Funds and the portfolio charges, as shown in the first two columns. The last two
columns show you two examples of the charges, in dollars, that you would pay
under a Certificate, and include the benefit based charge for the baseBUILDER
benefits. The examples assume that you invested $1,000 in a Certificate which
earns 5% annually and that you withdraw your money: (1) at the end of year 1,
and (2) at the end of year 10. For year 1, the Total Annual Charges are assessed
as well as the withdrawal charge. For year 10, the example shows the aggregate
of all the annual charges assessed for the 10 years, but there is no withdrawal
charge. No charges for state premium and other applicable taxes are assumed in
the examples.

<TABLE>
<CAPTION>
   
                                           TOTAL ANNUAL    TOTAL ANNUAL                           EXAMPLES
                                           CERTIFICATE       PORTFOLIO        TOTAL             Total Annual
                                             CHARGES          CHARGES         ANNUAL         Expenses at End of:
INVESTMENT FUND                                                              CHARGES     .....(1)           (2)
                                                                                            1 Year       10 Years
<S>                                            <C>             <C>           <C>          <C>            <C>    
Alliance Money Market                          1.35%           0.64%         1.99%        $  90.19       $269.23
Alliance High Yield                            1.35%           0.89%         2.24%        $  92.68       $294.28
Alliance Common Stock                          1.35%           0.65%         2.00%        $  90.29       $270.24
Alliance Aggressive Stock                      1.35%           0.82%         2.17%        $  91.98       $287.33
Alliance Small Cap Growth                      1.35%           1.20%         2.55%        $  95.76       $324.53
BT Equity 500 Index                            1.35%           0.55%         1.90%        $  89.30       $260.07
BT Small Company Index                         1.35%           0.60%         1.95%        $  89.80       $265.18
BT International Equity Index                  1.35%           0.80%         2.15%        $  91.78       $285.33
JPM Core Bond                                  1.35%           0.80%         2.15%        $  91.78       $285.33
Lazard Large Cap Value                         1.35%           0.90%         2.25%        $  92.78       $295.27
Lazard Small Cap Value                         1.35%           1.20%         2.55%        $  95.76       $324.53
MFS Research                                   1.35%           0.85%         2.20%        $  92.28       $290.31
MFS Emerging Growth Companies                  1.35%           0.85%         2.20%        $  92.28       $290.31
Merrill Lynch Basic Value Equity               1.35%           0.85%         2.20%        $  92.28       $290.31
Merrill Lynch World Strategy                   1.35%           1.20%         2.55%        $  95.76       $324.53
Morgan Stanley Emerging Markets
    Equity                                     1.35%           1.75%         3.10%        $ 101.22       $376.00
EQ/Putnam Growth & Income Value                1.35%           0.85%         2.20%        $  92.28       $290.31
EQ/Putnam Investors Growth                     1.35%           0.85%         2.20%        $  92.28       $290.31
EQ/Putnam International Equity                 1.35%           1.20%         2.55%        $  95.76       $324.53
</TABLE>
    


Total annual portfolio charges may vary from year to year. For Investment Funds
investing in portfolios with less than 10 years of operations, charges have been
estimated. The charges reflect any waiver or limitation.
For more detailed information, see the Fee Table in the prospectus.

                                       4

<PAGE>


   
6. TAXES. In most cases, your earnings are not taxed until distributions are
made from your Certificate. If you are younger than age 59 1/2 when you receive
any distributions, in addition to income tax you may be charged a 10% Federal
tax penalty on the taxable amount received. This tax discussion does not apply
to Roth IRA or QP Certificates. Please consult your tax adviser.


7. ACCESS TO YOUR MONEY. During the accumulation phase, you may receive
distributions under a Certificate through the following WITHDRAWAL OPTIONS.
Under IRA, NQ and QP Certificates: (1) Lump Sum Withdrawals of at least $1,000
taken at any time; and (2) Systematic Withdrawals paid monthly, quarterly or
annually, subject to certain restrictions, including a maximum percentage of
your Certificate's value. Under both the Traditional IRA and Roth IRA
Certificates only: (1) Substantially Equal Payment Withdrawals (if you are less
than age 59 1/2), paid monthly, quarterly or annually based on life expectancy;
and under Traditional IRA Certificates only (2) Minimum Distribution Withdrawals
(after you are age 70 1/2), which pay the minimum amount necessary to meet
minimum distribution requirements in the Internal Revenue Code.
    

You also have access to your Certificate's value by surrendering the
Certificate. All or a portion of certain withdrawals may be subject to a
withdrawal charge to the extent that the withdrawal exceeds the free corridor
amount. A free corridor amount does not apply to a surrender. Withdrawals and
surrenders may be subject to income tax and a tax penalty. Withdrawals from
Guaranteed Fixed Interest Accounts prior to their maturity may result in a
market value adjustment.


8. PERFORMANCE. During the accumulation phase, your Certificate's value in the
Investment Funds may vary up or down depending upon the investment performance
of the Investment Funds you have selected. Past performance is not a guarantee
of future results.


9. DEATH BENEFIT. If the annuitant dies before amounts are applied under an
annuity benefit, the named beneficiary will be paid a death benefit. The death
benefit is equal to your Certificate's value in the Investment Funds and the
Guaranteed Fixed Interest Accounts, or if greater, the Guaranteed Minimum Death
Benefit.

   
For Traditional IRA and Roth IRA Certificates if the annuitant is between the
ages of 20 through 78 at issue of the Certificate; for NQ Certificates for
annuitant ages 0 through 79 at issue of the Certificate; and for QP Certificates
for annuitant ages 20 through 70 at issue of the Certificate, you may choose one
of two types of Guaranteed Minimum Death Benefit available under the
Certificates: a "6% Roll Up to Age 80" or an "Annual Ratchet to Age 80." Both
types are described below. Both benefits are based on the amount you initially
put in and are adjusted for additional contributions and withdrawals. For NQ
Certificates, for annuitant ages 80 through 83 at issue of the Certificate, a
return of the contributions you have invested under the Certificate will be the
Guaranteed Minimum Death Benefit.
    

                                       5

<PAGE>


6% Roll Up to Age 80 (Not available in New York) -- We add interest to the
initial amount at 6% (4% 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 6% interest rate will still apply for
amounts in the Alliance Money Market Fund under the Special Dollar Cost
Averaging program discussed below.

Annual Ratchet to Age 80 --The Guaranteed Minimum Death Benefit is reset each
year through the annuitant's age 80 to the Certificate's value, if it is higher
than the prior year's Guaranteed Minimum Death Benefit. In New York, the
Guaranteed Minimum Death Benefit at the death of the annuitant will never be
less than the amounts in the Investment Funds, plus amounts (not reflecting any
increase due to interest rate changes) in the Guaranteed Fixed Interest Accounts
reflecting guaranteed interest.


10. OTHER INFORMATION.

QUALIFIED PLANS. If the QP Certificates will be purchased by certain types of
plans qualified under Section 401(a), or 401(k) of the Internal Revenue Code,
please consult your tax adviser first. Any discussion of taxes in this profile
does not apply.

BASEBUILDER BENEFITS. The baseBUILDER (available for annuitant ages 20 through
75 at issue of the Certificates) is an optional benefit that combines the
Guaranteed Minimum Income Benefit and the Guaranteed Minimum Death Benefit.
baseBUILDER benefits (which are different than the ones described below) may be
available for annuitant issue ages 76 and older. baseBUILDER benefits are not
currently available in New York.

         Income Benefit - The Guaranteed Minimum Income Benefit, as part of the
         baseBUILDER, provides a minimum amount of guaranteed lifetime income
         for your future. When you are ready to convert (at specified future
         times) your Certificate's value to the Income Manager (Life Annuity
         with a Period Certain) payout annuity certificate the amount of
         lifetime income that will be provided will be the greater of (i) your
         Guaranteed Minimum Income Benefit or (ii) your Certificate's current
         value applied at current annuity purchase factors.

         Death Benefit - As part of the baseBUILDER you have the choice, at
         issue of the Certificate, of two Guaranteed Minimum Death Benefit
         options: (i) the 6% Roll Up to Age 80 or (ii) the Annual Ratchet to Age
         80. These options are described in "Death Benefit" above.

      FREE LOOK. You can examine the Certificate for a period of 10 days after
      you receive it, and return it to us for a refund. The free look period is
      longer in some states.

                                       6

<PAGE>


Your refund will equal your Certificate's value, reflecting any investment gain
or loss in the Investment Funds, any increase or decrease in the value of any
amounts held in the Guaranteed Fixed Interest Accounts, through the date we
receive your Certificate. Some states or Federal income tax regulations may
require that we calculate the refund differently. In the case of a complete
conversion of an existing Traditional IRA Certificate to a Roth IRA, you may
cancel your Roth IRA and return to a Traditional IRA by following the
instructions in the request for full conversion form available from the
Processing Office or your registered representative.

   
AUTOMATIC INVESTMENT PROGRAM (AIP). AIP provides for a specified amount to be
automatically deducted from a checking account, money market account or credit
union checking account and to be applied as additional amounts under NQ and
Traditional IRA Certificates. AIP is not available for Roth IRA and QP
Certificates.
    

PRINCIPAL ASSURANCE. This option is designed to assure the return of your
original amount invested on a Guaranteed Fixed Interest Account maturity date,
by putting a portion of your money in a particular Guaranteed Fixed Interest
Account, and the balance in the Investment Funds in any way you choose. Assuming
that you make no transfers or withdrawals of the portion in the Guaranteed Fixed
Interest Account, such amount will grow to your original investment upon
maturity.

DOLLAR COST AVERAGING. Special Dollar Cost Averaging - You can elect when you
apply for your Certificate to allocate your contribution to the Alliance Money
Market Fund and have it transferred from the Alliance Money Market Fund into the
other Investment Funds on a monthly basis over the first twelve months, during
which time mortality and expense risks, and administration charges will not be
deducted from the Alliance Money Market Fund. General Dollar Cost Averaging -You
can elect at any time to put money into the Alliance Money Market Fund and have
a dollar amount or percentage transferred from the Alliance Money Market Fund
into the other Investment Funds on a periodic basis over a longer period of
time, and all applicable charges deducted from the Alliance Money Market Fund
will apply. Dollar Cost Averaging does not assure a profit or protect against a
loss should market prices decline.

   
REBALANCING. You can have your money automatically readjusted among the
Investment Funds quarterly, semiannually or annually as you select. The amounts
you have in each selected Investment Fund will grow or decline in value at
different rates during each time period. Rebalancing is intended to transfer
amounts among the chosen Investment Funds in order to retain the allocation
percentages you specify. Rebalancing does not assure a profit or protect against
a loss should market prices decline and should be reviewed periodically, as your
needs may change.

REPORTS. We will provide you with an annual statement of your Certificate's
values as of the last day of each year, and three additional reports of your
Certificate's values each year. You also will be provided with written
confirmations of each financial transaction, and copies of annual and semiannual
statements of HRT and EQAT.
    

You may call toll-free at 1-800-789-7771 for a recording of daily Investment
Fund values and guaranteed rates applicable to Guaranteed Fixed Interest
Accounts.

                                       7

<PAGE>


11. INQUIRIES. If you need more information, please contact your registered
representative. You may also contact us at:

   
sThe Equitable Life Assurance Society of the United States
Equitable Accumulator
P.O. Box 1547
Secaucus, NJ  07096-1547
Telephone 1-800-789-7771 and Fax 1-201-583-2224
    

                                       8

<PAGE>

   
                            EQUITABLE ACCUMULATOR(SM)
                                (IRA, NQ AND QP)
                          PROSPECTUS DATED MAY 1, 1998


- --------------------------------------------------------------------------------
          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES

                                   Issued By:
            The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------

This prospectus  describes  certificates The Equitable Life Assurance Society of
the United States  (EQUITABLE  LIFE,  WE, OUR AND US) offers under a combination
variable  and fixed  deferred  annuity  contract  issued on a group  basis or as
individual contracts. Enrollment under a group contract is evidenced by issuance
of a certificate.  Certificates and individual contracts are each referred to as
"Certificates."  Certificates can be issued as individual  retirement  annuities
(IRAS,  which can be either  TRADITIONAL  IRAS or ROTH IRAS),  or  non-qualified
annuities for after-tax  contributions  only (NQ). NQ  Certificates  may also be
used as an investment vehicle for a defined contribution plan or defined benefit
plan (QP). Under IRA Certificates we accept only initial  contributions that are
rollover  contributions  or that are  direct  transfers  from  other  individual
retirement arrangements,  as described in this prospectus. Under QP Certificates
we will only accept employer  contributions  from a trust under a plan qualified
under Section 401(a) or 401(k) of the Code. A minimum  initial  contribution  of
$5,000 is required to put a Certificate into effect.
    

The  Certificates  are designed to provide for the  accumulation  of  retirement
savings and for income. Contributions accumulate on a tax-deferred basis and can
be  distributed  under a number of  different  methods  which are designed to be
responsive to the owner's (CERTIFICATE OWNER, YOU and YOUR) objectives.

The Certificates offer investment options  (INVESTMENT  OPTIONS) that permit you
to create your own  strategies.  These  Investment  Options  include 19 variable
investment funds (INVESTMENT  FUNDS) and each GUARANTEE PERIOD in the GUARANTEED
PERIOD ACCOUNT.

   
We invest each Investment  Fund in Class IB shares of a corresponding  portfolio
(PORTFOLIO) of The Hudson River Trust (HRT) and EQ Advisors Trust (EQAT), mutual
funds whose shares are  purchased by separate  accounts of insurance  companies.
The prospectuses for HRT (in which the Alliance Funds invest) and EQAT (in which
the other  Investment  Funds invest),  both of which accompany this  prospectus,
describe the investment objectives, policies and risks, of the Portfolios.
    

                                INVESTMENT FUNDS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                                       <C>
O  ALLIANCE MONEY MARKET                  O  BT INTERNATIONAL EQUITY INDEX          O  MERRILL LYNCH BASIC VALUE EQUITY
O  ALLIANCE HIGH YIELD                    O  JPM CORE BOND                          O  MERRILL LYNCH WORLD STRATEGY
O  ALLIANCE COMMON STOCK                  O  LAZARD LARGE CAP VALUE                 O  MORGAN STANLEY EMERGING MARKETS EQUITY
O  ALLIANCE AGGRESSIVE STOCK              O  LAZARD SMALL CAP VALUE                 O  EQ/PUTNAM GROWTH & INCOME VALUE 
O  ALLIANCE SMALL CAP GROWTH              O  MFS RESEARCH                           O  EQ/PUTNAM INVESTORS GROWTH       
O  BT EQUITY 500 INDEX                    O  MFS EMERGING GROWTH COMPANIES          O  EQ/PUTNAM INTERNATIONAL EQUITY  
O  BT SMALL COMPANY INDEX
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Amounts  allocated  to a Guarantee  Period  accumulate  on a fixed basis and are
credited with interest at a rate we set (GUARANTEED RATE) for the entire period.
On each  business day (BUSINESS  DAY) we will  determine  the  Guaranteed  Rates
available  for amounts  newly  allocated  to Guarantee  Periods.  A market value
adjustment  (positive  or  negative)  will be made for  withdrawals,  transfers,
surrender  and certain  other  transactions  from a Guarantee  Period before its
expiration date (EXPIRATION  DATE). Each Guarantee Period has its own Guaranteed
Rates.  The Guarantee  Periods  currently  available  have  Expiration  Dates of
February 15, in years 1999 through 2008.

   
This prospectus  provides  information  about IRA, NQ and QP  Certificates  that
prospective investors should know before investing. You should read it carefully
and  retain  it  for  future  reference.  The  prospectus  is not  valid  unless
accompanied by current  prospectuses  for HRT and EQAT, both of which you should
also read carefully.

Registration  statements  relating to Separate Account No. 49 (SEPARATE ACCOUNT)
and interests  under the Guarantee  Periods have been filed with the  Securities
and Exchange  Commission (SEC). The statement of additional  information  (SAI),
dated May 1, 1998, which is part of the registration  statement for the Separate
Account,  is available  free of charge upon request by writing to our Processing
Office  or  calling  1-800-789-7771,  our  toll-free  number.  The SAI has  been
incorporated  by reference into this  prospectus.  The Table of Contents for the
SAI appears at the back of this prospectus.
    

THESE  SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED  BY THE SECURITIES AND
EXCHANGE  COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE CERTIFICATES  ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY.  THEY ARE NOT
DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK AND ARE NOT BANK GUARANTEED.  THEY ARE
SUBJECT TO INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL INVESTED.

   
- --------------------------------------------------------------------------------
    Copyright 1998 The Equitable Life Assurance Society of the United States,
                           New York, New York 10104.
                              All rights reserved.
                 Accumulator is a service mark, and baseBUILDER
               and Income Manager are registered service marks of
           The Equitable Life Assurance Society of the United States.
    


PROS 1AML (5/98)


<PAGE>

                 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

   
      Equitable  Life's Annual  Report on Form 10-K for the year ended  December
31, 1997 and a current  report on Form 8-K dated April 7, 1998 are  incorporated
herein by reference.
    

      All  documents  or reports  filed by  Equitable  Life  pursuant to Section
13(a),  13(c),  14 or 15(d) of the  Securities  Exchange Act of 1934, as amended
(EXCHANGE  ACT)  after  the date  hereof  and  prior to the  termination  of the
offering of the securities  offered hereby shall be deemed to be incorporated by
reference in this  prospectus and to be a part hereof from the date of filing of
such documents.  Any statement contained in a document incorporated or deemed to
be incorporated herein by reference shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement  contained herein
or in any other  subsequently  filed  document  which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded  shall not be deemed,  except as so modified
and superseded,  to constitute a part of this  prospectus.  Equitable Life files
its  Exchange Act  documents  and reports,  including  its annual and  quarterly
reports on Form 10-K and Form 10-Q,  electronically  pursuant to EDGAR under CIK
No.  0000727920.  The SEC maintains a web site that contains reports,  proxy and
information  statements and other  information  regarding  registrants that file
electronically with the SEC. The address of the site is http://www.sec.gov.

      Equitable  Life will  provide  without  charge to each person to whom this
prospectus is delivered, upon the written or oral request of such person, a copy
of any or all of the foregoing documents incorporated herein by reference (other
than exhibits not  specifically  incorporated by reference into the text of such
documents). Requests for such documents should be directed to The Equitable Life
Assurance Society of the United States,  1290 Avenue of the Americas,  New York,
New York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).


                                       2
<PAGE>



- --------------------------------------------------------------------------------
                          PROSPECTUS TABLE OF CONTENTS
- --------------------------------------------------------------------------------

   
GENERAL TERMS                                       PAGE   5

FEE TABLE                                           PAGE   7

PART 1:    EQUITABLE LIFE, THE SEPARATE
           ACCOUNT AND THE
           INVESTMENT FUNDS                          PAGE 11
Equitable Life                                          11
Separate Account No. 49                                 11
The Trusts                                              11
HRT's Manager and Adviser                               12
EQAT's Manager                                          12
EQAT's Investment Advisers                              12
Investment Policies and Objectives of HRT's
   Portfolios and EQAT's Portfolios                     14

PART 2:    THE GUARANTEED PERIOD
           ACCOUNT                                   PAGE 16
Guarantee Periods                                       16
Market Value Adjustment for Transfers,
   Withdrawals or Surrender Prior to the
   Expiration Date                                      17
Investments                                             17

PART 3:    PROVISIONS OF THE
           CERTIFICATES AND SERVICES
           WE PROVIDE                                PAGE 19
What Is the Equitable Accumulator?                      19
Joint Ownership                                         19
Contributions under the Certificates                    19
Methods of Payment                                      20
Allocation of Contributions                             21
Free Look Period                                        21
Annuity Account Value                                   22
Transfers among Investment Options                      22
Dollar Cost Averaging                                   22
Rebalancing                                             23
baseBUILDER Benefits                                    23
Guaranteed Minimum Income Benefit                       24
Death Benefit                                           25
How Death Benefit Payment Is Made                       26
When an NQ Certificate Owner Dies
   before the Annuitant                                 26
Cash Value                                              26
Surrendering the Certificates to
   Receive the Cash Value                               26
When Payments Are Made                                  27
Assignment                                              27

Services We Provide                                     27
Distribution of the Certificates                        28

PART 4:    DISTRIBUTION METHODS UNDER THE
           CERTIFICATES                              PAGE 29
Withdrawal Options                                      29
How Withdrawals Affect Your
   Guaranteed Minimum Income Benefit
   and Guaranteed Minimum Death Benefit                 31
Annuity Benefits and Payout Annuity Options             32

PART 5:    DEDUCTIONS AND CHARGES                    PAGE 34
Charges Deducted from the Annuity
   Account Value                                        34
Charges Deducted from the Investment Funds              35
HRT Charges to Portfolios                               35
EQAT Charges to Portfolios                              35
Group or Sponsored Arrangements                         36
Other Distribution Arrangements                         36

PART 6:    VOTING RIGHTS                             PAGE 37
The Trusts' Voting Rights                               37
Voting Rights of Others                                 37
Separate Account Voting Rights                          37
Changes in Applicable Law                               37

PART 7:    TAX ASPECTS OF THE CERTIFICATES           PAGE 38
Tax Changes                                             38
Taxation of Non-Qualified Annuities                     38
Charitable Remainder Trusts                             39
Special Rules for NQ Certificates Issued
   in Puerto Rico                                       39
IRA Tax Information                                     39
Traditional Individual Retirement Annuities
   (Traditional IRAs)                                   40
Roth Individual Retirement Annuities
   (Roth IRAs)                                          45
Federal and State Income Tax Withholding
   and Information Reporting                            48
Other Withholding                                       49
Impact of Taxes to Equitable Life                       49

PART 8:    OTHER INFORMATION                         PAGE 50
Independent Accountants                                 50
Legal Proceedings                                       50

PART 9:    INVESTMENT PERFORMANCE                    PAGE 51
Communicating Performance Data                          56
Alliance Money Market Fund And Alliance
   High Yield Fund Yield Information                    56


                                       3
<PAGE>

APPENDIX I: MARKET VALUE
   ADJUSTMENT EXAMPLE                                PAGE 57

APPENDIX II: PURCHASE CONSIDERATIONS
   FOR QP CERTIFICATES                               PAGE 58

APPENDIX III: GUARANTEED MINIMUM
   DEATH BENEFIT EXAMPLE                             PAGE 59

STATEMENT OF ADDITIONAL
   INFORMATION TABLE OF CONTENTS                     PAGE 60
    


                                       4
<PAGE>

- --------------------------------------------------------------------------------
                                  GENERAL TERMS
- --------------------------------------------------------------------------------

ACCUMULATION  UNIT --  Contributions  that are  invested in an  Investment  Fund
purchase Accumulation Units in that Investment Fund.

ACCUMULATION  UNIT VALUE -- The  dollar  value of each  Accumulation  Unit in an
Investment Fund on a given date.

   
ANNUITANT -- The individual who is the measuring life for  determining  benefits
under the  Certificate.  Under NQ  Certificates,  the Annuitant can be different
from the Certificate  Owner;  under both Traditional and Roth IRA  Certificates,
the  Annuitant  and  Certificate  Owner  must be the same  individual.  Under QP
Certificates, the Annuitant must be the Participant/Employee.
    

ANNUITY ACCOUNT VALUE -- The sum of the amounts in the Investment  Options under
the Certificate. See "Annuity Account Value" in Part 3.

ANNUITY  COMMENCEMENT  DATE -- The date on which Annuity Benefit payments are to
commence.

   
BASEBUILDER(R)  -- Optional  protection  benefit,  consisting of the  Guaranteed
Minimum Income Benefit and the Guaranteed Minimum Death Benefit.

BUSINESS DAY -- Generally,  any day on which the New York Stock Exchange is open
for trading.  For the purpose of determining the Transaction  Date, our Business
Day ends at 4:00 p.m. Eastern Time.
    

CASH VALUE -- The Annuity Account Value minus any applicable charges.

CERTIFICATE  -- The  Certificate  issued  under  the  terms  of a group  annuity
contract and any individual contract, including any endorsements.

   
CERTIFICATE  OWNER -- The  person  who owns a  Certificate  and has the right to
exercise  all  rights  under  the  Certificate.   Under  NQ  Certificates,   the
Certificate  Owner can be different from the Annuitant;  under both  Traditional
and Roth IRA Certificates,  the Certificate Owner must be the same individual as
the Annuitant. Under QP Certificates,  the Certificate Owner must be the trustee
of a trust for a qualified plan maintained by an employer.
    

CODE -- The Internal Revenue Code of 1986, as amended.

CONTRACT DATE -- The  effective  date of the  Certificates.  This is usually the
Business Day we receive the initial contribution at our Processing Office.

CONTRACT  YEAR -- The 12-month  period  beginning on your Contract Date and each
anniversary of that date.

   
EQAT -- EQ  Advisors  Trust,  a mutual  fund in which  the  assets  of  separate
accounts of insurance companies are invested. EQ Financial Consultants, Inc. (EQ
FINANCIAL)  is the manager of EQAT and has  appointed  advisers  for each of the
Portfolios.
    

EXPIRATION DATE -- The date on which a Guarantee Period ends.

GUARANTEED MINIMUM DEATH BENEFIT -- The minimum amount payable upon death of the
Annuitant.

GUARANTEED  MINIMUM INCOME  BENEFIT -- The minimum  amount of future  guaranteed
lifetime income.

GUARANTEE PERIOD -- Any of the periods of time ending on an Expiration Date that
are available for investment under the Certificates.  Guarantee Periods may also
be referred to as Guaranteed Fixed Interest Accounts.

GUARANTEED PERIOD ACCOUNT -- The Account that contains the Guarantee Periods.

GUARANTEED RATE -- The annual interest rate established for each allocation to a
Guarantee Period.

   
HRT -- The Hudson  River  Trust,  a mutual  fund in which the assets of separate
accounts of insurance  companies are invested.  Alliance Capital Management L.P.
(ALLIANCE) is the manager and adviser to HRT.
    

INVESTMENT  FUNDS -- The funds of the Separate  Account that are available under
the Certificates.

INVESTMENT OPTIONS -- The choices for investment:  the Investment Funds and each
available Guarantee Period.

   
IRA -- An individual  retirement  annuity,  as defined in Section  408(b) of the
Code.  There are two types of IRAs, a Traditional IRA and a Roth IRA. A Roth IRA
must also meet the requirements of Section 408A of the Code.

JOINT  OWNERS -- Two  individuals  who own  undivided  interests  in the  entire
Certificate.  If Joint Owners are named, reference to "Certificate Owner," "you"
or "your" will apply to both Joint Owners or either of them. Joint Owners may be
selected only for NQ Certificates.
    

MATURITY VALUE -- The amount in a Guarantee Period on its Expiration Date.

NQ  --  An  annuity   contract  which  may  be  purchased  only  with  after-tax
contributions, but is not a Roth IRA.


                                       5
<PAGE>

   
PARTICIPANT/EMPLOYEE  -- An individual who  participates  in an employer's  plan
funded by an Equitable Accumulator QP Certificate.

PORTFOLIOS -- The  portfolios of HRT and EQAT that  correspond to the Investment
Funds of the Separate Account.
    

PROCESSING  DATE -- The day when we  deduct  certain  charges  from the  Annuity
Account Value.  If the Processing  Date is not a Business Day, it will be on the
next succeeding Business Day. The Processing Date will be once each year on each
anniversary of the Contract Date.

PROCESSING  OFFICE -- The address to which all  contributions,  written requests
(e.g.,  transfers,  withdrawals,  etc.) or other written  communications must be
sent. See "Services We Provide" in Part 3.

   
QP -- When issued with the appropriate  endorsement,  an NQ Certificate which is
used as an investment vehicle for a defined contribution plan within the meaning
of Section  401(a) and 401(k) of the Code, or a defined  benefit plan within the
meaning of Section 401(a) of the Code.
    

ROTH IRA -- An IRA which must be funded on an after-tax basis, the distributions
from which may be tax free under specified circumstances.

SAI -- The statement of additional  information  for the Separate  Account under
the Certificates.

SEPARATE ACCOUNT -- Equitable Life's Separate Account No. 49.

   
TRADITIONAL   IRA  --  An  IRA  which  is  generally   purchased   with  pre-tax
contributions, the distributions from which are treated as taxable.
    

TRANSACTION  DATE -- The Business Day we receive a contribution or a transaction
request providing all the information we need at our Processing  Office. If your
contribution or request reaches our Processing  Office on a non-Business Day, or
after the  close of the  Business  Day,  the  Transaction  Date will be the next
following Business Day.  Transaction  requests must be made in a form acceptable
to us.

   
TRUSTS -- HRT and EQAT.
    

VALUATION  PERIOD -- Each Business Day together with any preceding  non-business
days.


                                       6

<PAGE>

- --------------------------------------------------------------------------------
                                    FEE TABLE
- --------------------------------------------------------------------------------

   
The  purpose of this fee table is to assist  you in  understanding  the  various
costs and expenses you may bear directly or indirectly under the Certificates so
that you may compare them with other similar  products.  The table reflects both
the charges of the Separate  Account and the  expenses of HRT and EQAT.  Charges
for applicable  taxes such as state or local premium taxes may also apply. For a
complete  description  of the  charges  under  the  Certificates,  see  "Part 5:
Deductions and Charges." For a complete  description of the Trusts'  charges and
expenses, see the prospectuses for HRT and EQAT.
    

As  explained  in Part 2, the  Guarantee  Periods are not a part of the Separate
Account and are not covered by the fee table and examples. The only charge shown
in the Table that will be  deducted  from  amounts  allocated  to the  Guarantee
Periods is the withdrawal  charge. A market value adjustment (either positive or
negative)  also may be  applicable  as a result  of a  withdrawal,  transfer  or
surrender of amounts from a Guarantee Period. See "Part 2: The Guaranteed Period
Account."


        OWNER TRANSACTION EXPENSES (DEDUCTED FROM ANNUITY ACCOUNT VALUE)

<TABLE>
<CAPTION>
<S>                                                                                         <C>
WITHDRAWAL  CHARGE AS A PERCENTAGE OF  CONTRIBUTIONS  (deducted  upon  surrender or for     CONTRACT
   certain  withdrawals.  The applicable  withdrawal charge percentage is determined by       YEAR
   the Contract Year in which the withdrawal is made or the  Certificate is surrendered       ----
   beginning  with  Contract  Year 1 with  respect to each  contribution  withdrawn  or
   surrendered.  For each  contribution,  the  Contract  Year in which we receive  that         1.......................7.00%
   contribution is "Contract Year 1").(1)                                                       2.......................6.00
                                                                                                3.......................5.00
                                                                                                4.......................4.00
                                                                                                5.......................3.00
                                                                                                6.......................2.00
                                                                                                7.......................1.00
                                                                                                8+......................0.00

<CAPTION>
SEPARATE ACCOUNT ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS IN EACH INVESTMENT FUND)

<S>                                                                                                                    <C>  
MORTALITY AND EXPENSE RISKS(2)..................................................................................         1.10%
ADMINISTRATION(3)...............................................................................................         0.25%
                                                                                                                       =======
   TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES.......................................................................         1.35%
                                                                                                                       =======


OPTIONAL BENEFIT EXPENSE (DEDUCTED FROM ANNUITY ACCOUNT VALUE)

<CAPTION>
   
BASEBUILDER BENEFITS EXPENSE (calculated as a percentage of the Guaranteed Minimum Income
   <S>                                                                                                                   <C>  
   Benefit benefit base)(4).....................................................................................         0.30%
</TABLE>
    

- -------------------
See footnotes on next page.


                                       7
<PAGE>

<TABLE>
<CAPTION>
   
HRT AND EQAT ANNUAL EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)
                                                       INVESTMENT                                                 TOTAL
                                                      MANAGEMENT &                              OTHER             ANNUAL
     PORTFOLIOS                                      ADVISORY FEES        12B-1 FEE (5)        EXPENSES          EXPENSES
     ----------                                      -------------        ---------            --------          --------
     HRT
     <S>                                                   <C>               <C>                 <C>                <C>  
     Alliance Money Market(6)                              0.35%             0.25%               0.04%              0.64%
     Alliance High Yield(6)                                0.60%             0.25%               0.04%              0.89%
     Alliance Common Stock(6)                              0.37%             0.25%               0.03%              0.65%
     Alliance Aggressive Stock (6)                         0.54%             0.25%               0.03%              0.82%
     Alliance Small Cap Growth(6)                          0.90%             0.25%               0.05%              1.20%

     EQAT
     BT Equity 500 Index(7)                                0.25%             0.25%               0.05%              0.55%
     BT Small Company Index(7)                             0.25%             0.25%               0.10%              0.60%
     BT International Equity Index(7)                      0.35%             0.25%               0.20%              0.80%
     JPM Core Bond(7)                                      0.45%             0.25%               0.10%              0.80%
     Lazard Large Cap Value(7)                             0.55%             0.25%               0.10%              0.90%
     Lazard Small Cap Value(7)                             0.80%             0.25%               0.15%              1.20%
     MFS Research(7)                                       0.55%             0.25%               0.05%              0.85%
     MFS Emerging Growth Companies(7)                      0.55%             0.25%               0.05%              0.85%
     Merrill Lynch Basic Value Equity(7)                   0.55%             0.25%               0.05%              0.85%
     Merrill Lynch World Strategy(7)                       0.70%             0.25%               0.25%              1.20%
     Morgan Stanley Emerging Markets Equity(7)             1.15%             0.25%               0.35%              1.75%
     EQ/Putnam Growth & Income Value(7)                    0.55%             0.25%               0.05%              0.85%
     EQ/Putnam Investors Growth(7)                         0.55%             0.25%               0.05%              0.85%
     EQ/Putnam International Equity(7)                     0.70%             0.25%               0.25%              1.20%
</TABLE>

- -------------------
Notes:

(1)Deducted upon a withdrawal  with respect to amounts in excess of the 15% free
   corridor amount, and upon surrender of a Certificate. See "Withdrawal Charge"
   in Part 5.

(2)A portion  of this  charge is for  providing  the  Guaranteed  Minimum  Death
   Benefit. See "Mortality and Expense Risks Charge" in Part 5.

(3)We reserve the right to increase this charge to an annual rate of 0.35%,  the
   maximum permitted under the Certificates.

(4)If the  baseBUILDER  is elected,  this  charge is  deducted  annually on each
   Processing  Date.  See  "baseBUILDER  Benefits  Charge"  in Part  5.  For the
   description  of the  Guaranteed  Minimum  Income  Benefit  benefit base,  see
   "Guaranteed Minimum Income Benefit Benefit Base" in Part 4.

(5)The  Class IB  shares  of HRT and  EQAT are  subject  to fees  imposed  under
   distribution plans (herein,  the "Rule 12b-1 Plans" ) adopted by HRT and EQAT
   pursuant to Rule 12b-1 under the Investment  Company Act of 1940, as amended.
   The Rule 12b-1 Plans provide that HRT and EQAT,  on behalf of each  Portfolio
   (other than the Alliance Small Cap Growth Portfolio of HRT), may pay annually
   up to 0.25% of the average  daily net assets of a Portfolio  attributable  to
   its Class IB shares in respect of activities  primarily intended to result in
   the sale of the Class IB shares.  The 12b-1 fee will not be increased for the
   life of the  Certificates.  The Rule  12b-1 Plan for the  Alliance  Small Cap
   Growth  Portfolio of HRT provides that Equitable  Distributors  Inc.  ("EDI")
   will  receive  an  annual  fee not to exceed  the  lesser of (a) 0.25% of the
   average daily net assets of the Portfolio attributable to Class IB shares and
   (b) an amount  that,  when added to certain  other  expenses  of the Class IB
   shares,  would  result in the ratio of expenses  to average  daily net assets
   attributable to Class IB shares equalling 1.20%.

(6)Effective May 1, 1997, a new Investment  Advisory  Agreement was entered into
   between  HRT  and  Alliance  Capital  Management  L.P.  ("Alliance"),   HRT's
   Investment  Adviser,  which  effected  changes  in HRT's  management  fee and
   expense  structure.  See HRT's prospectus for more  information.  The amounts
   shown for the Portfolios of HRT are based on average daily net assets for the
   year ended  December 31, 1997 and have been  restated to reflect (i) the fees
   that would have been paid to  Alliance  if the  current  Investment  Advisory
   Agreement  had been in  effect  as of  January  1,  1997  and (ii)  estimated
   accounting  expenses for the year ending  December 31, 1997.  The  investment
   management  and advisory  fees for each  Portfolio may vary from year to year
   depending  upon the average daily net assets of the  respective  Portfolio of
   HRT. The maximum investment management and advisory fees, however,  cannot be
   increased without a vote of that Portfolio's  shareholders.  The other direct
   operating  expenses will also fluctuate from year to year depending on actual
   expenses. See "HRT Charges to Portfolios" in Part 5.

(7)All EQAT Portfolios  commenced  operations on May 1, 1997,  except the Morgan
   Stanley  Emerging  Markets Equity  Portfolio,  which commenced  operations on
   August 20, 1997, and the following Portfolios, which had initial seed capital
   invested on December 31, 1997: BT Equity 500 Index,  BT Small Company  Index,
   BT  International  Equity Index,  JPM Core Bond,  Lazard Large Cap Value, and
   Lazard Small Cap Value.

   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,  total annual operating expenses of
   each  Portfolio   (other  than  interest,   taxes,   brokerage   commissions,
   capitalized expenditures, extraordinary expenses, and 12b-1 fees) are limited
   for the respective average daily net assets of each Portfolio as follows:  BT
   Equity 500 Index -- 0.30%; BT Small Company Index -- 0.35%; JPM Core Bond and
   BT  International  Equity  --  0.55%;  MFS  Research,   MFS  Emerging  Growth
   Companies, Merrill Lynch Basic Value Equity, EQ/Putnam Growth & Income Value,
   and  EQ/Putnam  Investors  Growth -- 0.60%;  Lazard Large Cap Value -- 0.65%;
   Merrill Lynch World  Strategy,  EQ/Putnam  International  Equity,  and Lazard
   Small Cap Value -- 0.95%; Morgan Stanley Emerging Markets Equity -- 1.50%.

   Absent the expense limitation, the "Other Expenses" for 1997 on an annualized
   basis  for each of the  following  Portfolios  would  have  been as  follows:
   EQ/Putnam Growth & Income Value -- 0.95%; MFS Research -- 0.98%; MFS Emerging
   Growth Companies -- 1.02%; Merrill Lynch Basic Value Equity -- 1.09%; Merrill
   Lynch World  Strategy -- 2.10%;  Morgan  Stanley  Emerging  Markets Equity --
   1.21%;  EQ/Putnam  Investors  Growth -- 1.33%;  and  EQ/Putnam  International
   Equity -- 1.58%.  For EQAT Portfolios which had initial seed capital invested
   on December 31, 1997,  the "Other  Expenses"  for 1998 are estimated to be as
   follows  (absent the expense  limitation):  BT Equity 500 Index -- 0.29%;  BT
   Small Company Index -- 0.23%;  BT  International  Equity Index -- 0.47%;  JPM
   Core Bond -- 0.41%;  Lazard  Large Cap Value -- 0.29%;  and Lazard  Small Cap
   Value -- 0.23%. See "EQAT Charges to Portfolios" in Part 5.

   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 for more information.
    


                                       8
<PAGE>

EXAMPLES
- --------

   
The examples below show the expenses that a hypothetical  Certificate Owner (who
has  elected  the  baseBUILDER)  would  pay in the two  situations  noted  below
assuming a $1,000  contribution  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>
   
- -------------------------------------------------------------------------------------------------------------------------------
                                IF YOU SURRENDER YOUR CERTIFICATE AT THE       IF YOU DO NOT SURRENDER YOUR CERTIFICATE AT
                                END OF EACH PERIOD SHOWN, THE EXPENSES         THE END OF EACH PERIOD SHOWN, THE EXPENSES
                                WOULD BE:                                      WOULD BE:
                                 1 YEAR     3 YEARS     5 YEARS     10 YEARS     1 YEAR     3 YEARS     5 YEARS     10 YEARS
- -------------------------------------------------------------------------------------------------------------------------------
HRT
<S>                             <C>         <C>         <C>         <C>          <C>        <C>         <C>         <C>    
Alliance Money
   Market                       $ 90.19     $118.74     $150.32     $263.86      $23.37     $ 72.31     $124.33     $269.23
Alliance High Yield               92.68      126.22      162.82      288.92       25.86       79.79      136.83      294.28
Alliance Common
   Stock                          90.29      119.04      150.82      264.87       23.47       72.61      124.83      270.24
Alliance Aggressive
   Stock                          91.98      124.12      159.32      281.95       25.16       77.70      133.34      287.33
Alliance Small Cap
   Growth                         95.76      135.44          --          --       28.94       89.01          --          --

EQAT
BT Equity 500 Index               89.30      116.04          --          --       22.48       69.62          --          --
BT Small Company Index            89.80      117.55          --          --       22.98       71.12          --          --
BT International Equity Index
                                  91.78      123.52          --          --       24.96       77.10          --          --
JPM Core Bond                     91.78      123.52          --          --       24.96       77.10          --          --
Lazard Large Cap Value            92.78      126.52          --          --       25.96       80.09          --          --
Lazard Small Cap Value            95.76      135.44          --          --       28.94       89.01          --          --
MFS Research                      92.28      125.02          --          --       25.46       78.59          --          --
MFS Emerging
   Growth Companies               92.28      125.02          --          --       25.46       78.59          --          --
Merrill Lynch Basic Value
   Equity                         92.28      125.02          --          --       25.46       78.59          --          --
Merrill Lynch World Strategy
                                  95.76      135.44          --          --       28.94       89.01          --          --
Morgan Stanley Emerging
   Markets Equity                101.22      151.65          --          --       34.40      105.23          --          --
EQ/Putnam Growth
   & Income Value                 92.28      125.02          --          --       25.46       78.59          --          --
EQ/Putnam
   Investors Growth               92.28      125.02          --          --       25.46       78.59          --          --
EQ/Putnam International
   Equity                         95.76      135.44          --          --       28.94       89.01          --          --
</TABLE>
    

- -------------------
Note:

(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  "Annuity  Benefits  and
   Payout  Annuity  Options" in Part 4. The examples do not reflect  charges for
   applicable  taxes  such as  state  or local  premium  taxes  that may also be
   deducted in certain jurisdictions.


                                       9
<PAGE>

   
CONDENSED FINANCIAL INFORMATION

ACCUMULATION UNIT VALUES

Equitable  Life  commenced  offering  the  Certificates  on August 1, 1997.  The
following table shows the Accumulation  Unit Values,  as of the applicable dates
each Investment  Fund was first available under the  Certificates as noted below
and the last business day of the periods shown.

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
                                                           AUGUST 1, 1997        DECEMBER 31, 1997           MARCH 1998
- -------------------------------------------------------------------------------------------------------------------------------
HRT
<S>                                                             <C>                    <C>                     <C>  
Alliance Aggressive Stock                                        72.38                  70.28                   79.88
Alliance Common Stock                                           184.44                 186.29                  210.70
Alliance High Yield                                              28.73                  29.96                   31.45
Alliance Money Market                                            25.23                  25.01                   25.23
Alliance Small Cap Growth                                        12.21                  12.54                   14.25

EQAT
BT Equity 500 Index*                                               --                   10.00                   11.12
BT Small Company Index*                                            --                   10.00                   10.90
BT International Equity Index*                                     --                   10.00                   11.33
JPM Core Bond*                                                     --                   10.00                   10.12
Lazard Large Cap Value*                                            --                   10.00                   11.17
Lazard Small Cap Value*                                            --                   10.00                   10.81
MFS Research                                                     11.69                  11.50                   13.32
MFS Emerging Growth Companies                                    12.16                  12.13                   14.57
Merrill Lynch Basic Value Equity                                 11.53                  11.60                   13.35
Merrill Lynch World Strategy                                     11.29                  10.38                   11.17
Morgan Stanley Emerging Markets Equity*                            --                    7.94                    8.27
EQ/Putnam Growth & Income Value                                  11.47                  11.52                   12.72
EQ/Putnam Investors Growth                                       11.94                  12.36                   14.32
EQ/Putnam International Equity                                   11.39                  10.86                   12.68
</TABLE>

- -------------------
 * The BT Equity 500 Index,  BT Small Company  Index,  BT  International  Equity
   Index,  JPM Core Bond,  Lazard Large Cap Value,  Lazard Small Cap Value,  and
   Morgan  Stanley  Emerging  Markets  Equity Funds were first offered under the
   Certificates on December 31, 1997.
    


                                       10
<PAGE>

- --------------------------------------------------------------------------------
                  PART 1: EQUITABLE LIFE, THE SEPARATE ACCOUNT
                            AND THE INVESTMENT FUNDS
- --------------------------------------------------------------------------------

EQUITABLE LIFE

   
Equitable  Life is a New York  stock  life  insurance  company  that has been in
business since 1859. For more than 100 years we have been among the largest life
insurance  companies  in the United  States.  Our home office is located at 1290
Avenue of the Americas, New York, New York 10104. We are authorized to sell life
insurance and annuities in all fifty  states,  the District of Columbia,  Puerto
Rico and the U.S.  Virgin  Islands.  We maintain  local offices  throughout  the
United States.

Equitable  Life  is  a  wholly  owned  subsidiary  of  The  Equitable  Companies
Incorporated  (THE  HOLDING  COMPANY).  The largest  shareholder  of the Holding
Company is AXA-UAP  (AXA).  As of December  31,  1997,  AXA  beneficially  owned
approximately  58.7% of the  outstanding  common  stock of the Holding  Company.
Under its investment  arrangements  with Equitable Life and the Holding Company,
AXA is able to exercise  significant  influence  over the operations and capital
structure of the Holding Company and its subsidiaries, including Equitable Life.
AXA, a French  company,  is the holding  company for an  international  group of
insurance and related financial service companies.

Equitable Life, the Holding Company and their subsidiaries managed approximately
$274.1 billion of assets as of December 31, 1997.
    

SEPARATE ACCOUNT NO. 49

   
Separate  Account No. 49 is  organized  as a unit  investment  trust,  a type of
investment company,  and is registered with the SEC under the Investment Company
Act of 1940,  as amended  (1940  ACT).  This  registration  does not involve any
supervision by the SEC of the management or investment  policies of the Separate
Account.  The  Separate  Account has  several  Investment  Funds,  each of which
invests in shares of a corresponding  Portfolio of HRT and EQAT. Because amounts
allocated to the  Investment  Funds are  invested in a mutual  fund,  investment
return and principal will  fluctuate and the  Certificate  Owner's  Accumulation
Units may be worth more or less than the original cost when redeemed.

Under the New York Insurance Law, the portion of the Separate  Account's  assets
equal to the reserves and other liabilities relating to the Certificates are not
chargeable  with  liabilities  arising out of any other business we may conduct.
Income,  gains or losses,  whether or not realized,  from assets of the Separate
Account are credited to or charged  against the Separate  Account without regard
to our other income gains or losses.  This means that assets supporting  Annuity
Account  Value in the  Separate  Account are not subject to claims of  Equitable
Life's creditors. We are the issuer of the Certificates, and the obligations set
forth in the Certificates (other than those of Annuitants or Certificate Owners)
are our obligations.
    

In addition to contributions made under the Certificates, we may allocate to the
Separate  Account  monies  received  under  other  contracts,  certificates,  or
agreements.  Owners  of all such  contracts,  certificates  or  agreements  will
participate  in the Separate  Account in  proportion to the amounts they have in
the Investment Funds that relate to their contracts, certificates or agreements.
We may retain in the Separate  Account assets that are in excess of the reserves
and  other  liabilities  relating  to the  Certificates  or to other  contracts,
certificates  or  agreements,  or we may  transfer  the  excess  to our  General
Account.

   
We reserve the right,  subject to  compliance  with  applicable  law: (1) to add
Investment Funds (or sub-funds of Investment  Funds) to, or to remove Investment
Funds (or  sub-funds)  from,  the  Separate  Account,  or to add other  separate
accounts;  (2) to combine any two or more Investment Funds or sub-funds thereof;
(3) to  transfer  the  assets  we  determine  to be the  share  of the  class of
contracts to which the  Certificates  belong from any Investment Fund to another
Investment Fund; (4) to operate the Separate Account or any Investment Fund as a
management  investment  company  under the 1940 Act,  in which case  charges and
expenses that  otherwise  would be assessed  against an  underlying  mutual fund
would be assessed against the Separate  Account;  (5) to deregister the Separate
Account  under  the 1940  Act,  provided  that  such  action  conforms  with the
requirements  of applicable  law; (6) to restrict or eliminate any voting rights
as to the Separate  Account;  and (7) to cause one or more  Investment  Funds to
invest  some or all of their  assets in one or more other  trusts or  investment
companies.  If any  changes  are made that  result in a  material  change in the
underlying  investment  policy of an  Investment  Fund,  you will be notified as
required by law.

THE TRUSTS
    

The Trusts are open-end  management  investment  companies  registered under the
1940 Act, more commonly called mutual funds. As a "series" type of


                                       11
<PAGE>

   
mutual fund, each Trust issues several  different series of stock, each of which
relates to a different  Portfolio of that Trust.  HRT  commenced  operations  in
January 1976 with a predecessor  of its Alliance  Common Stock  Portfolio.  EQAT
commenced  operations on May 1, 1997.  The Trusts do not impose sales charges or
"loads"  for  buying  and  selling  their   shares.   All  dividends  and  other
distributions  on a Portfolio's  shares are  reinvested  in full and  fractional
shares of the Portfolio to which they relate.  Each  Investment  Fund invests in
Class IB shares of a corresponding Portfolio. All of the Portfolios,  except for
the Morgan  Stanley  Emerging  Markets  Equity  and the  Lazard  Small Cap Value
Portfolios,  are diversified for 1940 Act purposes. The Board of Trustees of HRT
and EQAT may establish additional Portfolios or eliminate existing Portfolios at
any  time.  More  detailed   information  about  the  Trusts,  their  investment
objectives, policies, restrictions, risks, expenses, their respective Rule 12b-1
Plans relating to their respective  Class IB shares,  and other aspects of their
operations, appears in the HRT prospectus (beginning after this prospectus), the
EQAT prospectus  (beginning  after the HRT  prospectus),  or in their respective
Statements of Additional Information, which are available upon request.

HRT'S MANAGER AND ADVISER

HRT is managed and its  Portfolios  are advised by Alliance  Capital  Management
L.P. (ALLIANCE), which is registered with the SEC as an investment adviser under
the Investment Advisers Act of 1940, as amended (ADVISERS ACT).

In its role as manager  of HRT,  Alliance  has  overall  responsibility  for the
general management and administration of HRT, including  selecting the portfolio
managers for HRT's Portfolios, monitoring their investment programs and results,
reviewing brokerage matters,  performing fund accounting,  overseeing compliance
by HRT with various Federal and state statutes,  and carrying out the directives
of its Board of  Trustees.  With the  approval of HRT's  Trustees,  Alliance may
enter into agreements with other companies to assist with its administrative and
management responsibilities to HRT.

As adviser for all HRT  Portfolios,  Alliance is responsible  for developing the
Portfolios' investment programs, making investment decisions for the Portfolios,
placing all orders for the purchase and sale of those investments and performing
certain limited related administrative functions.

ALLIANCE CAPITAL MANAGEMENT L.P.

Alliance,  a  leading  international  investment  adviser,  provides  investment
management and consulting services to mutual funds,  endowment funds,  insurance
companies,  foreign entities,  qualified and non-tax qualified  corporate funds,
public and private pension and profit-sharing plans,  foundations and tax-exempt
organizations.

Alliance is a publicly traded limited partnership  incorporated in Delaware.  On
December 31, 1997, Alliance was managing approximately $218.7 billion in assets.
Alliance employs 223 investment professionals, including 83 research analysts.
Portfolio managers have average investment experience of more than 14 years.

Alliance is an indirect,  majority-owned  subsidiary of Equitable  Life, and its
main  office is  located at 1345  Avenue of the  Americas,  New York,  NY 10105.
Additional information regarding Alliance is located in the HRT prospectus which
directly follows this prospectus.

EQAT'S MANAGER

EQ Financial  Consultants,  Inc. (EQ FINANCIAL),  subject to the supervision and
direction of the Board of Trustees of EQAT, has overall  responsibility  for the
general  management  and  administration  of EQAT. EQ Financial is an investment
adviser registered under the Advisers Act, and a broker-dealer  registered under
the Exchange Act. EQ Financial currently furnishes specialized investment advice
to other  clients,  including  individuals,  pension and  profit-sharing  plans,
trusts, charitable organizations,  corporations, and other business entities. EQ
Financial is a Delaware corporation and an indirect,  wholly owned subsidiary of
Equitable Life.

EQ Financial is responsible for providing management and administrative services
to EQAT and selects the investment advisers for EQAT's Portfolios,  monitors the
EQAT  advisers'  investment  programs and results,  reviews  brokerage  matters,
oversees compliance by EQAT with various Federal and state statutes, and carries
out the directives of its Board of Trustees.  EQ Financial  Consultants,  Inc.'s
main office is located at 1290 Avenue of the Americas, New York, NY 10104.

Pursuant to a service agreement,  Chase Global Funds Services Company assists EQ
Financial in the performance of its administrative responsibilities to EQAT with
other necessary administrative, fund accounting and compliance services.

EQAT'S INVESTMENT ADVISERS

Bankers Trust Company,  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.

Each EQAT adviser  furnishes  EQAT's manager,  EQ Financial,  with an investment
program  (updated  periodically)  for each of its Portfolios,  makes  investment
    


                                       12
<PAGE>

   
decisions on behalf of its EQAT  Portfolios,  places all orders for the purchase
and sale of  investments  for the  Portfolio's  account  with brokers or dealers
selected by such adviser and may perform certain limited related  administrative
functions.

The assets of each Portfolio are allocated currently among the EQAT advisers. If
an EQAT  Portfolio  shall at any time  have  more  than  one EQAT  adviser,  the
allocation of an EQAT  Portfolio's  assets among EQAT advisers may be changed at
any time by EQ Financial.

BANKERS TRUST COMPANY

Bankers Trust Company  (BANKERS  TRUST) is a wholly owned  subsidiary of Bankers
Trust New York Corporation  which was founded in 1903.  Bankers Trust conducts a
variety  of  general  banking  and  trust  activities  and is a major  wholesale
supplier of financial  services to the international and domestic  institutional
markets. Bankers Trust advises BT Equity 500 Index, a domestic equity portfolio,
BT Small Company Index, an aggressive  equity  portfolio,  and BT  International
Equity  Index,  an  international  equity  portfolio.  As of December  31, 1997,
Bankers  Trust had  approximately  $317.8  billion  in assets  under  management
worldwide.  The  executive  offices of Bankers  Trust are located at 130 Liberty
Street (One Bankers Trust Plaza), New York, NY 10006.

J.P. MORGAN INVESTMENT MANAGEMENT INC.

J.P. Morgan  Investment  Management Inc. (J.P.  MORGAN) advises JPM Core Bond, a
high-quality  bond portfolio.  It is a wholly owned  subsidiary of J.P. Morgan &
Co.  Incorporated  (JPM &  CO.).  JPM &  Co.,  through  J.P.  Morgan  and  other
subsidiaries,  offers a wide range of services to  governmental,  institutional,
corporate and individual  customers and acts as investment adviser to individual
and  institutional  clients.  Its combined assets under management  totaled over
$255  billion  as of  December  31,  1997.  J.P.  Morgan is located at 522 Fifth
Avenue, New York, NY 10036.

LAZARD ASSET MANAGEMENT

Lazard Asset  Management  (LAM) is a division of Lazard Freres & Co. LLC,  which
was  founded  in 1848.  LAM and its  affiliates  provide  investment  management
services to client discretionary accounts with assets totaling approximately $53
billion as of December 31, 1997.  LAM advises Lazard Large Cap Value, a domestic
equity  portfolio,  and Lazard Small Cap Value, an aggressive  equity portfolio.
LAM's global  headquarters  are located at 30  Rockefeller  Plaza,  New York, NY
10112.

MASSACHUSETTS FINANCIAL SERVICES COMPANY

Massachusetts  Financial  Services Company (MFS) is America's oldest mutual fund
organization,  whose  assets  under  management  as of  December  31,  1997 were
approximately  $70.2 billion on behalf of more than 2.7 million  investors.  MFS
advises MFS  Research,  a domestic  equity  portfolio,  and MFS Emerging  Growth
Companies, an aggressive equity portfolio.  MFS is an indirect subsidiary of Sun
Life Assurance Company of Canada and is located at 500 Boylston Street,  Boston,
MA 02116.

MERRILL LYNCH ASSET MANAGEMENT, L.P.

Founded in 1976,  Merrill  Lynch Asset  Management,  L.P.  (MLAM) is a dedicated
asset management  affiliate of Merrill Lynch & Co., Inc., a financial management
and advisory company with more than a century of experience.  As of December 31,
1997, MLAM, along with its advisory  affiliates held  approximately $278 billion
in investment company and other portfolio assets under management.  MLAM advises
Merrill  Lynch Basic Value  Equity,  a domestic  equity  portfolio  with a value
approach to investing, and Merrill Lynch World Strategy, a global flexible asset
allocation  portfolio  that  invests in  equities  and fixed  income  securities
worldwide.  The company is located at 800  Scudders  Mill Road,  Plainsboro,  NJ
08543-9011.

MORGAN STANLEY ASSET MANAGEMENT INC.

Morgan Stanley Asset  Management Inc. (MSAM) provides a broad range of portfolio
management  services to customers in the United  States and abroad and serves as
an investment adviser to numerous open-end and closed-end  investment companies.
MSAM,  together  with  its  affiliated   institutional   investment   management
companies,  had  approximately  $146  billion  in assets  under  management  and
fiduciary care as of December 31, 1997.  MSAM advises  Morgan  Stanley  Emerging
Markets  Equity,  an  international  equity  portfolio.  MSAM is a subsidiary of
Morgan Stanley, Dean Witter & Co. and is located at 1221 Avenue of the Americas,
New York, NY 10020.

PUTNAM INVESTMENT MANAGEMENT, INC.

Putnam Investment Management, Inc. (PUTNAM) has been managing mutual funds since
1937. As of December 31, 1997, Putnam and its affiliates  managed more than $235
billion in assets.  Putnam advises  EQ/Putnam  Growth & Income Value, a domestic
equity portfolio,  EQ/Putnam Investors Growth, a domestic equity portfolio,  and
EQ/Putnam International Equity, an international equity portfolio.  Putnam is an
indirect  subsidiary of Marsh & McLennan  Companies,  Inc. and is located at One
Post Office Square, Boston, MA 02109.

Additional  information  regarding each of the companies  which serve as an EQAT
adviser appears in the EQAT prospectus beginning after the HRT prospectus.
    


                                       13

<PAGE>

   
INVESTMENT POLICIES AND OBJECTIVES OF HRT'S PORTFOLIOS AND EQAT'S PORTFOLIOS

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  prospectuses  for HRT and  EQAT,  both of which
accompany this  prospectus.  Please read the prospectuses for each of the trusts
carefully before investing.

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
           HRT PORTFOLIO                             INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>
Alliance Money Market                 Primarily high-quality U.S. dollar-denominated      High level of current income
                                      money market instruments.                           while preserving assets and
                                                                                          maintaining liquidity
- -------------------------------------------------------------------------------------------------------------------------------
Alliance High Yield                   Primarily a diversified mix of high-yield,          High return by maximizing current
                                      fixed-income securities which generally involve     income and, to the extent
                                      greater volatility of price and risk of             consistent with that objective,
                                      principal and income than higher-quality            capital appreciation
                                      fixed-income securities. Lower-quality debt
                                      securities are commonly known as "junk bonds."
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock                 Primarily common stock and other equity-type        Long-term growth of capital and
                                      instruments.                                        increasing income
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Aggressive Stock             Primarily common stocks and other equity-type       Long-term growth of capital
                                      securities issued by quality small- and
                                      intermediate-sized companies with strong growth
                                      prospects and in covered options on those
                                      securities.
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth             Primarily U.S. common stocks and other              Long-term growth of capital
                                      equity-type securities issued by smaller
                                      companies that, in the opinion of the adviser,
                                      have favorable growth prospects.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
           EQAT PORTFOLIO                            INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>
BT Equity 500 Index                   Invest in a statistically selected sample           Replicate as closely as possible
                                      of the 500 stocks included in the Standard          (before the deduction of
                                      & Poor's 500 Composite Stock Price Index ("S&P      Portfolio expenses) the total
                                      500").                                              return of the S&P 500
- -------------------------------------------------------------------------------------------------------------------------------
BT Small Company Index                Invest in a statistically selected sample of        Replicate as closely as possible
                                      the 2,000 stocks included in the Russell 2000       (before the deduction of
                                      Index ("Russell 2000").                             Portfolio expenses) the total
                                                                                          return of the Russell 2000
- -------------------------------------------------------------------------------------------------------------------------------
BT International Equity Index         Invest in a statistically selected sample of        Replicate as closely as possible
                                      the securities of companies included in the         (before the deduction of
                                      Morgan Stanley Capital International Europe,        Portfolio expenses) the total
                                      Australia, Far East Index ("EAFE"), although        return of the EAFE
                                      not all companies within a country will be
                                      represented in the Portfolio at the same time.
- -------------------------------------------------------------------------------------------------------------------------------
JPM Core Bond                         Under normal circumstances, all of the              High total return consistent with
                                      Portfolio's assets will, at the time of             moderate risk of capital and
                                      purchase, consist of investment grade               maintenance of liquidity
                                      fixed-income securities rated BBB or better by
                                      Standard and Poor's Rating Service or Baa or
                                      better by Moody's Investors Service, Inc. or
                                      unrated securities of comparable quality.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    


                                       14
<PAGE>

   
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
           EQAT PORTFOLIO                            INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>
Lazard Large Cap Value                Primarily equity securities of United States        Capital appreciation
                                      companies with relatively large market
                                      capitalizations (i.e., companies having market
                                      capitalizations of greater than $1 billion)
                                      that appear to the adviser to be inexpensively
                                      priced relative to the return on total capital
                                      or equity.
- -------------------------------------------------------------------------------------------------------------------------------
Lazard Small Cap Value                Primarily equity securities of United States        Capital appreciation
                                      companies      with      small      market
                                      capitalizations  (i.e.,  companies  in the
                                      range of  companies  in the  Russell  2000
                                      Index)   that   the   adviser    considers
                                      inexpensively   priced   relative  to  the
                                      return on total capital or equity.
- -------------------------------------------------------------------------------------------------------------------------------
MFS Research                          A substantial portion of assets invested in         Long-term growth of capital and
                                      common stock or securities convertible into         future income
                                      common stock of companies  believed by the
                                      adviser to  possess  better  than  average
                                      prospects for long-term growth.
- -------------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth                   Primarily (i.e., at least 80% of its assets         Long-term growth of capital
   Companies                          under normal circumstances) in common stocks of
                                      emerging growth companies that the adviser
                                      believes are early in their life cycle but
                                      which have the potential to become major
                                      enterprises.
- -------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Basic Value Equity      Investment in securities, primarily equities,       Capital appreciation and,
                                      that the Portfolio adviser believes are             secondarily, income
                                      undervalued and therefore represent basic
                                      investment value.
- -------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch World Strategy          Investment primarily in a portfolio of equity       High total investment return
                                      and fixed-income securities, including
                                      convertible securities, of U.S. and foreign
                                      issuers.
- -------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets       Primarily equity securities of emerging market      Long-term capital appreciation
   Equity                             country issuers with a focus on those in which
                                      the adviser  believes  the  economies  are
                                      developing   strongly  and  in  which  the
                                      markets are becoming more sophisticated.
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth                      Primarily common stocks that offer potential        Capital growth and, secondarily,
   & Income Value                     for capital growth and may, consistent with the     current income
                                      Portfolio's investment objective, invest in
                                      common stocks that offer potential for current
                                      income.
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Investors Growth            Primarily common stocks that the adviser            Long-term growth of capital and
                                      believes afford the best opportunity for            any increased income that results
                                      long-term capital growth.                           from this growth
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam International               Primarily a diversified portfolio of equity         Capital appreciation
   Equity                             securities of companies organized under laws of
                                      countries other than the United States.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    


                                       15
<PAGE>

- --------------------------------------------------------------------------------
                      PART 2: THE GUARANTEED PERIOD ACCOUNT
- --------------------------------------------------------------------------------

GUARANTEE PERIODS

Each amount allocated to a Guarantee Period and held to the Period's  Expiration
Date  accumulates  interest at a Guaranteed  Rate. The Guaranteed  Rate for each
allocation is the annual  interest rate  applicable to new  allocations  to that
Guarantee  Period,  which  was  in  effect  on  the  Transaction  Date  for  the
allocation.  We may establish different  Guaranteed Rates under other classes of
Certificates.  We use the term  GUARANTEED  PERIOD AMOUNT to refer to the amount
allocated to and  accumulated in each Guarantee  Period.  The Guaranteed  Period
Amount is reduced or  increased by any market  value  adjustment  as a result of
withdrawals, transfers or charges (see below).

Your Guaranteed  Period Account contains the Guarantee Periods to which you have
allocated  Annuity Account Value. On the Expiration Date of a Guarantee  Period,
its Guaranteed  Period Amount and its value in the Guaranteed Period Account are
equal. We call the Guaranteed  Period Amount on an Expiration Date the Guarantee
Period's  Maturity Value. We report the Annuity Account Value in your Guaranteed
Period  Account to reflect any market value  adjustment  that would apply if all
Guaranteed Period Amounts were withdrawn as of the calculation date. The Annuity
Account  Value in the  Guaranteed  Period  Account with respect to the Guarantee
Periods on any Business Day, therefore,  will be the sum of the present value of
the Maturity Value in each Guarantee Period, using the Guaranteed Rate in effect
for new allocations to each such Guarantee Period on such date.

Guarantee Periods and Expiration Dates

We currently  offer  Guarantee  Periods  ending on February 15th for each of the
maturity  years 1999 through 2008.  Not all of these  Guarantee  Periods will be
available for Annuitant ages 76 and above. See "Allocation of  Contributions" in
Part 3. Also,  the Guarantee  Periods may not be available for investment in all
states.  As Guarantee  Periods  expire we expect to add  maturity  years so that
generally 10 are available at any time.

We will not accept  allocations  to a  Guarantee  Period if, on the  Transaction
Date:

o Such  Transaction  Date and the Expiration Date for such Guarantee Period fall
within the same calendar year.

o  The Guaranteed Rate is 3%.

o The  Guarantee  Period  has  an  Expiration  Date  beyond  the  February  15th
immediately following the Annuity Commencement Date.

Guaranteed Rates and Price Per $100 of Maturity Value

Because the Maturity Value of a contribution allocated to a Guarantee Period can
be determined at the time it is made,  you can determine the amount  required to
be allocated to a Guarantee  Period in order to produce a target  Maturity Value
(assuming no transfers or  withdrawals  are made and no charges are allocated to
the Guarantee Period). The required amount is the present value of that Maturity
Value at the Guaranteed Rate on the Transaction Date for the contribution, which
may  also  be  expressed  as the  price  per  $100  of  Maturity  Value  on such
Transaction Date.

   
Guaranteed  Rates for new allocations as of April 15, 1998 and the related price
per $100 of Maturity Value for each currently available Guarantee Period were as
follows:

- -------------------------------------------------------------
      GUARANTEE
    PERIODS WITH          GUARANTEED
   EXPIRATION DATE        RATE AS OF            PRICE
  FEBRUARY 15TH OF        APRIL 15,          PER $100 OF
    MATURITY YEAR            1998          MATURITY VALUE
- -------------------------------------------------------------
        1999                  4.48%             $96.39
        2000                  4.59               92.08
        2001                  4.64               87.91
        2002                  4.68               83.89
        2003                  4.73               79.95
        2004                  4.80               76.04
        2005                  4.81               72.50
        2006                  4.83               69.07
        2007                  4.86               65.72
        2008                  4.86               62.68
- -------------------------------------------------------------

Allocation among Guarantee Periods
    

The same  approach as described  above may also be used to determine  the amount
which you would need to allocate to each  Guarantee  Period in order to create a
series of constant Maturity Values for two or more years.

   
For example,  if you wish to have $100 mature on February  15th of each of years
1999 through 2003,  then according to the above table the lump sum  contribution
you would have to make as of April 15,  1998  would be  $440.22  (the sum of the
prices  per $100 of  Maturity  Value for each  maturity  year from 1999  through
2003).
    

The  above  example  is  provided  to  illustrate   the  use  of  present  value
calculations.  It does not take into  account  the  potential  for charges to be
deducted, withdrawals or


                                       16
<PAGE>

transfers to be made from Guarantee  Periods or for the market value  adjustment
that would  apply to such  transactions.  Actual  calculations  will be based on
Guaranteed Rates on each actual Transaction Date, which may differ.

Options at Expiration Date

We will notify you on or before  December 31st prior to the  Expiration  Date of
each Guarantee  Period in which you have any Guaranteed  Period Amount.  You may
elect one of the  following  options to be  effective  at the  Expiration  Date,
subject to the restrictions set forth on the prior page and under "Allocation of
Contributions" in Part 3:

     (a) to transfer the Maturity  Value into any  Guarantee  Period we are then
         offering, or into any of our Investment Funds; or

     (b) to withdraw the Maturity Value (subject to any withdrawal charges which
         may apply).

If we have not received your election as of the  Expiration  Date,  the Maturity
Value in the expired  Guarantee  Period will be  transferred  into the Guarantee
Period with the earliest Expiration Date.

MARKET VALUE  ADJUSTMENT  FOR TRANSFERS,  WITHDRAWALS OR SURRENDER  PRIOR TO THE
EXPIRATION DATE

Any withdrawal (including transfers,  surrender and deductions) from a Guarantee
Period prior to its Expiration Date will cause any remaining  Guaranteed  Period
Amount for that Guarantee  Period to be increased or decreased by a market value
adjustment.  The amount of the  adjustment  will depend on two factors:  (a) the
difference  between the Guaranteed Rate applicable to the amount being withdrawn
and the  Guaranteed  Rate on the  Transaction  Date  for  new  allocations  to a
Guarantee  Period  with the same  Expiration  Date,  and (b) the  length of time
remaining  until the Expiration  Date. In general,  if interest rates have risen
between the time when an amount was originally  allocated to a Guarantee  Period
and the time it is withdrawn,  the market value adjustment will be negative, and
vice versa;  and the longer the period of time  remaining  until the  Expiration
Date, the greater the impact of the interest rate difference.  Therefore,  it is
possible that a significant rise in interest rates could result in a substantial
reduction in your Annuity Account Value in the Guaranteed Period Account related
to longer-term Guarantee Periods.

The market value adjustment  (positive or negative)  resulting from a withdrawal
of all funds from a Guarantee  Period will be determined  for each  contribution
allocated to that Period as follows:

(1) We determine the present value of the Maturity Value on the Transaction Date
as follows:

     (a) We determine the Guaranteed  Period Amount that would be payable on the
         Expiration Date, using the applicable Guaranteed Rate.

     (b) We determine the period  remaining in your  Guarantee  Period (based on
         the  Transaction  Date) and convert it to  fractional  years based on a
         365-day year. For example, three years and 12 days becomes 3.0329.

     (c) We  determine  the  current   Guaranteed  Rate  which  applies  on  the
         Transaction Date to new allocations to the same Guarantee Period.

     (d) We determine the present value of the Guaranteed  Period Amount payable
         at the Expiration Date, using the period determined in (b) and the rate
         determined in (c).

(2) We determine the Guaranteed Period Amount as of the current date.

(3)  We subtract  (2) from the result in (1)(d).  The result is the market value
     adjustment  applicable to such Guarantee  Period,  which may be positive or
     negative.

The market value adjustment  (positive or negative)  resulting from a withdrawal
(including  any  withdrawal  charges)  of a portion of the amount in a Guarantee
Period  will be a  percentage  of the  market  value  adjustment  that  would be
applicable  upon  a  withdrawal  of all  funds  from a  Guarantee  Period.  This
percentage  is  determined  by (i)  dividing  the  amount of the  withdrawal  or
transfer  from the  Guarantee  Period by (ii) the Annuity  Account Value in such
Guarantee  Period prior to the  withdrawal  or  transfer.  See Appendix I for an
example.

The Guaranteed  Rate for new  allocations  to a Guarantee  Period is the rate we
have in effect for this purpose even if new allocations to that Guarantee Period
would not be accepted at the time.  This rate will not be less than 3%. If we do
not have a  Guaranteed  Rate in  effect  for a  Guarantee  Period  to which  the
"current  Guaranteed  Rate" in (1)(c) would  apply,  we will use the rate at the
next  closest  Expiration  Date.  If we are no  longer  offering  new  Guarantee
Periods, the "current Guaranteed Rate" will be determined in accordance with our
procedures  then in  effect.  For  purposes  of  calculating  the  market  value
adjustment  only, we reserve the right to add up to 0.25% to the current rate in
(1)(c) above.

INVESTMENTS

Amounts allocated to Guarantee Periods will be held in a "nonunitized"  separate
account  established by Equitable Life under the laws of New York. This separate
account provides an additional measure of assurance that full payment of amounts
due under the Guarantee  Periods will be made. Under the New York Insurance Law,
the portion of the separate account's


                                       17
<PAGE>

assets  equal to the  reserves and other  contract  liabilities  relating to the
Certificates  are not  chargeable  with  liabilities  arising  out of any  other
business we may conduct.

   
Investments  purchased with amounts  allocated to the Guaranteed  Period Account
(and any earnings on those  amounts) are the  property of  Equitable  Life.  Any
favorable  investment  performance  on the assets held in the  separate  account
accrues  solely  to  Equitable  Life's  benefit.   Certificate   Owners  do  not
participate  in the  performance  of the assets held in this  separate  account.
Equitable  Life may,  subject  to  applicable  state  law,  transfer  all assets
allocated to the separate account to its general account.  Regardless of whether
assets  supporting  Guaranteed Period Accounts are held in a separate account or
our general account,  all benefits  relating to the Annuity Account Value in the
Guaranteed Period Account are guaranteed by Equitable Life.
    

Equitable Life has no specific formula for establishing the Guaranteed Rates for
the Guarantee Periods. Equitable Life expects the rates to be influenced by, but
not  necessarily   correspond  to,  among  other  things,   the  yields  on  the
fixed-income  securities  to be acquired  with amounts that are allocated to the
Guarantee  Periods at the time that the Guaranteed  Rates are  established.  Our
current plans are to invest such amounts in fixed-income obligations,  including
corporate bonds,  mortgage-backed and asset-backed securities and government and
agency issues having  durations in the  aggregate  consistent  with those of the
Guarantee Periods.

Although the foregoing  generally describes Equitable Life's plans for investing
the assets  supporting  Equitable Life's  obligations under the fixed portion of
the  Certificates,  Equitable  Life is not  obligated  to  invest  those  assets
according to any  particular  plan except as may be required by state  insurance
laws, nor will the Guaranteed  Rates Equitable Life establishes be determined by
the performance of the nonunitized separate account.

General Account

Our  general  account  supports  all  of our  policy  and  contract  guarantees,
including  those  applicable to the Guaranteed  Period  Account,  as well as our
general obligations.

The general  account is subject to regulation  and  supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations of
all jurisdictions where we are authorized to do business.  Because of applicable
exemptions and  exclusionary  provisions,  interests in the general account have
not been registered under the Securities Act of 1933, as amended (1933 ACT), nor
is the general  account an investment  company under the 1940 Act.  Accordingly,
the general account is not subject to regulation  under the 1933 Act or the 1940
Act. However,  the market value adjustment  interests under the Certificates are
registered under the 1933 Act.

We have  been  advised  that the  staff of the SEC has not made a review  of the
disclosure that is included in the prospectus for your  information that relates
to the general  account  (other than market  value  adjustment  interests).  The
disclosure,  however, may be subject to certain generally applicable  provisions
of the Federal  securities  laws  relating to the accuracy and  completeness  of
statements made in prospectuses.


                                       18
<PAGE>

- --------------------------------------------------------------------------------
         PART 3: PROVISIONS OF THE CERTIFICATES AND SERVICES WE PROVIDE
- --------------------------------------------------------------------------------

WHAT IS THE EQUITABLE ACCUMULATOR?

   
The  Equitable  Accumulator  is a deferred  annuity  designed to provide for the
accumulation of retirement savings, and for income at a future date.  Investment
Options available are Investment Funds providing  variable returns and Guarantee
Periods  providing   guaranteed  interest  when  held  to  maturity.   Equitable
Accumulator  Certificates  can be issued as two  different  types of  individual
retirement  annuities  (IRAS),  TRADITIONAL IRAS and ROTH IRAS, or non-qualified
annuities  (NQ). NQ Certificates  may also be used as an investment  vehicle for
qualified  plans (QP). The provisions of your  Certificate  may be restricted by
applicable  laws or  regulations.  Roth IRA  Certificates  may not  currently be
available in your state. Your registered  representative can provide information
about state availability, or you may contact our Processing Office.
    

Earnings  generally  accumulate on a tax-deferred  basis until withdrawn or when
distributions  become  payable.  Withdrawals  made  prior  to 59 1/2 may also be
subject to tax penalty.

IRA CERTIFICATES

IRA  Certificates  are  available  for  Annuitant  issue ages 20 through 78. IRA
Certificates are not available in Puerto Rico.

NQ CERTIFICATES

   
NQ Certificates are available for Annuitant issue ages 0 through 83.

QP CERTIFICATES

When issued with the appropriate endorsement, an NQ Certificate may be purchased
by a plan qualified  under Section 401(a) or 401(k) of the Code.  Such purchases
may not be available in all states.  QP Certificates are available for Annuitant
issue ages 20 through 70. Plan fiduciaries considering purchase of a Certificate
should read the important  information in "Appendix II: Purchase  Considerations
for QP Certificates."
    

JOINT OWNERSHIP

   
If Joint Owners are named under an NQ Certificate,  both Owners must be of legal
age, and joint  ownership  with  non-natural  persons is not  permitted.  Unless
otherwise  provided  in writing,  the  exercise  of any  ownership  right in the
Certificate  must be in a written  form  satisfactory  to us and  signed by both
Owners. A Joint Owner  designation  supersedes any beneficiary  designation (see
"Death  Benefit"  below).  This  feature may not  currently be available in your
state.  Your  registered  representative  can  provide  information  about state
availability, or you may contact our Processing Office.
    

CONTRIBUTIONS UNDER THE CERTIFICATES

   
The minimum initial contribution under all Certificates is $5,000. We may refuse
to  accept  any  contribution  if  the  sum  of  all  contributions   under  all
accumulation  Certificates  with the same  Annuitant  would then total more than
$1,500,000. We reserve the right to limit aggregate contributions made after the
first Contract Year to 150% of first-year  contributions.  We may also refuse to
accept any contribution if the sum of all contributions under all Equitable Life
annuity accumulation  certificates/contracts  that you own would then total more
than $2,500,000.
    

Contributions are credited as of the Transaction Date.

IRA CERTIFICATES

   
Under IRA  Certificates,  we will only accept  initial  contributions  which are
either rollover contributions under Sections 402(c),  403(a)(4),  403(b)(8),  or
408(d)(3) of the Code,  or direct  custodian-to-custodian  transfers  from other
traditional individual retirement arrangements.  Under Roth IRA Certificates, we
will only accept rollover  contributions from Traditional IRAs, or Roth IRAs, or
direct  custodian-to-custodian  transfers from other Roth IRAs. See "Part 7: Tax
Aspects of the Certificates."
    

Under Traditional IRA Certificates,  you may make subsequent contributions of at
least  $1,000.  Subsequent  Traditional  IRA  Certificate  contributions  may be
"regular" IRA contributions (limited to a maximum of $2,000 a year), or rollover
contributions or direct transfers as described above.

"Regular" contributions to Traditional IRAs may not be made for the taxable year
in which you  attain age 70 1/2 or  thereafter.  Rollover  and  direct  transfer
contributions may be made until you attain age 79. However,  under the Code, any
amount  contributed  after you  attain  age 70 1/2 must be net of your  required
minimum  distribution  for the year in which the  rollover  or  direct  transfer
contribution  is  made.  See  "Traditional   Individual   Retirement   Annuities
(Traditional  IRAs)" in Part 7. For the  consequences  of making a "regular" IRA
contribution to your IRA Certificate, also see Part 7.


                                       19
<PAGE>

We will not accept "regular" IRA contributions to Roth IRAs. Rollover and direct
custodian-to-custodian  transfer  contributions  can be made any time  until you
reach age 79,  provided  you meet  certain  requirements.  See "Roth  Individual
Retirement Annuities (Roth IRAs)" in Part 7.

   
NQ CERTIFICATES

Under NQ Certificates,  you may make subsequent contributions of at least $1,000
at any time until the Annuitant attains age 84.

QP CERTIFICATES

Under QP  Certificates,  we will only accept  contributions  which are  employer
contributions  from a trust under a plan  qualified  under Section 401(a) of the
Code. If a defined  contribution  plan is qualified  under Section 401(k) of the
Code,   contributions   may  include  employee  pre-tax  and  employer  matching
contributions, but not employee after-tax contributions to the plan. For defined
benefit plans,  contributions  may not be made by employees.  The employer shall
contribute to the  Certificates  such amounts as shall be determined by the plan
trustee.

Under QP Certificates,  you may make subsequent contributions of at least $1,000
once per Contract  Year at any time during the Contract Year until the Annuitant
attains age 71.
    

METHODS OF PAYMENT

   
Except as indicated under "Wire  Transmittals"  and "Automatic  Investment Plan"
below,  all  contributions  must be made by  check  drawn  on a bank in the U.S.
clearing  through the Federal  Reserve  System,  in U.S.  dollars and payable to
Equitable Life. Third party checks endorsed to Equitable Life are not acceptable
forms of payment except in cases of a rollover from a qualified plan, a tax-free
exchange  under the Code or a trustee check that involves no refund.  All checks
are accepted subject to collection.  Equitable Life reserves the right to reject
a payment if an unacceptable form of payment is received.
    

Contributions  must be sent to Equitable Life at our  Processing  Office address
designated for contributions. Your initial contribution must be accompanied by a
completed  application  which is acceptable to us. In the event the  application
information is incomplete or the application is otherwise not acceptable, we may
retain your  contribution for a period not exceeding five Business Days while an
attempt is made to obtain the required information.  If the required information
cannot be obtained  within those five Business Days, the Processing  Office will
inform the  broker-dealer,  on behalf of the  applicant,  of the reasons for the
delay or  non-acceptability  and  return  the  contribution  immediately  to the
applicant,  unless the  applicant  specifically  consents to our  retaining  the
contribution  until the  required  information  is  received  by the  Processing
Office.

Wire Transmittals

We will accept,  by agreement  with  broker-dealers  who use wire  transmittals,
transmittal of initial contributions by wire order from the broker-dealer to the
Processing   Office.   Such   transmittals  must  be  accompanied  by  essential
information we require to allocate the contribution.

Contributions  accepted  by  wire  order  will be  invested  at the  value  next
determined  following  receipt for  contributions  allocated  to the  Investment
Funds. Contributions allocated to the Guaranteed Period Account will receive the
Guaranteed  Rate(s)  in effect for the  applicable  Guarantee  Period(s)  on the
Business Day contributions are received. Wire orders not accompanied by complete
information may be retained as described above.

Notwithstanding  the  acceptance  by us of the  wire  order  and  the  essential
information,  however,  a  Certificate  generally  will not be issued  until the
receipt and acceptance of a properly completed application.  In certain cases we
may issue a Certificate based on information forwarded electronically.  In these
cases, you must sign our Acknowledgment of Receipt form.

Where a signed  application  is  required,  no  financial  transactions  will be
permitted until such time as we receive such signed  application and have issued
the  Certificate.  Where an  Acknowledgment  of Receipt is  required,  financial
transactions  will only be  permitted  if  requested  in writing,  signed by the
Certificate  Owner  and  signature  guaranteed  until  we  receive  such  signed
Acknowledgment of Receipt.

After  your  Certificate  has  been  issued,  subsequent  contributions  may  be
transmitted by wire.

Section 1035 Exchanges

You may apply the values of an existing NQ life  insurance  or deferred  annuity
contract to purchase an Equitable  Accumulator  NQ Certificate in a tax-deferred
exchange,  if you follow certain procedures.  For further  information,  consult
your tax adviser. See also "Taxation of Non-Qualified Annuities: Withdrawals" in
Part 7. In the case of joint  ownership,  1035  exchanges  will not be permitted
unless both owners authorize the exchange.

Automatic Investment Program

   
Our Automatic  Investment  Program (AIP)  provides for a specified  amount to be
automatically  deducted from a checking account, money market account, or credit
union checking account and to be contributed as a subsequent  contribution  into
an NQ or a Traditional IRA Certificate on a
    


                                       20
<PAGE>

   
monthly  or  quarterly  basis.  AIP  is  not  available  for  Roth  IRA  and  QP
Certificates.

The minimum  amount that will be  deducted  is $100  monthly and $300  quarterly
(subject to the maximum $2,000  annually for Traditional  IRAs).  AIP subsequent
contributions  may be allocated  to any of the  Investment  Funds and  available
Guarantee  Periods.  You may elect AIP by properly  completing  the  appropriate
form, which is available from your registered  representative,  and returning it
to our Processing Office. You elect which day of the month (other than the 29th,
30th,  or 31st) you wish to have your account  debited.  That date,  or the next
Business Day if that day is a non-Business Day, will be the Transaction Date.
    

You may cancel AIP at any time by notifying our Processing  Office in writing at
least two business days prior to the next scheduled transaction.  Equitable Life
is not responsible for any debits made to your account prior to the time written
notice of revocation is received at our Processing Office.

ALLOCATION OF CONTRIBUTIONS

You may choose  Self-Directed,  Principal  Assurance  or Dollar  Cost  Averaging
allocations.

A contribution  allocated to an Investment Fund purchases  Accumulation Units in
that  Investment Fund based on the  Accumulation  Unit Value for that Investment
Fund  computed  for  the  Transaction  Date.  A  contribution  allocated  to the
Guaranteed  Period  Account  will  have the  Guaranteed  Rate for the  specified
Guarantee Period offered on the Transaction Date.

Self-Directed Allocation

   
You allocate your contributions to one or up to all of the available  Investment
Funds and Guarantee Periods.  Allocations among the available Investment Options
must be in whole percentages.  Allocation percentages can be changed at any time
by  writing to our  Processing  Office,  or by  telephone.  The  change  will be
effective  on the  Transaction  Date  and  will  remain  in  effect  for  future
contributions unless another change is requested.
    

At Annuitant ages 76 and above, allocations to Guarantee Periods must be limited
to those with  maturities of five years or less and with maturity dates no later
than the February 15th immediately following the Annuity Commencement Date.

Principal Assurance Allocation

   
This option  (for  Annuitant  issue ages up through  age 75)  assures  that your
Maturity  Value  in  a  specified  Guarantee  Period  will  equal  your  initial
contribution on the Guarantee  Period's  Expiration Date, while at the same time
allowing you to invest in the Investment  Funds. It may be elected only at issue
of your  Certificate  and assumes no withdrawals or transfers from the Guarantee
Period.  The maturity year  generally may not be later than 10 years nor earlier
than seven years from the Contract  Date. In order to accomplish  this strategy,
we  will  allocate  a  portion  of your  initial  contribution  to the  selected
Guarantee Period. See "Guaranteed Rates and Price Per $100 of Maturity Value" in
Part  2.  The  balance  of  your  initial   contribution   and  all   subsequent
contributions  must be allocated under  "Self-Directed  Allocation" as described
above.
    

If you are  applying  for a  Traditional  IRA  Certificate,  before you select a
maturity  year that would extend beyond the year in which you will attain age 70
1/2, you should consider your ability to take minimum  distributions  from other
Traditional  IRA  funds  that you may have or from the  Investment  Funds to the
extent possible.  See "Traditional  Individual Retirement Annuities (Traditional
IRAs): Required Minimum Distributions" in Part 7.

Dollar Cost Averaging Allocation

A Special  Dollar Cost  Averaging  program is available  for  allocation of your
initial contribution. Also, a General Dollar Cost Averaging program is available
for allocation of your initial contribution, or if elected at a later date, your
Annuity Account Value. Both programs are more fully described later in this Part
3 under "Dollar Cost Averaging."

FREE LOOK PERIOD

You have the right to examine your Certificate for a period of 10 days after you
receive it, and to return it to us for a refund.  You cancel it by sending it to
our Processing Office. The free look period is extended if your state requires a
refund period of longer than 10 days.

Your refund will equal the Annuity Account Value  reflecting any investment gain
or loss and any positive or negative market value adjustment through the date we
receive your Certificate at our Processing Office. Some states or Federal income
tax  regulations  may require that we calculate the refund  differently.  If you
cancel your  Certificate  during the free look  period,  we may require that you
wait six months before you may apply for a Certificate with us again.

We follow these same  procedures if you change your mind before you receive your
Certificate, but after a contribution has been made. See "Part 7: Tax Aspects of
the  Certificates"  for possible  consequences  of cancelling  your  Certificate
during the free look period.

In the  case of a  complete  conversion  of an  existing  Equitable  Accumulator
Traditional IRA Certificate to an Equitable  Accumulator  Roth IRA  Certificate,
you may cancel your Equitable  Accumulator Roth IRA Certificate and return to an
Equitable Accumu-


                                       21
<PAGE>

lator  Traditional IRA Certificate by following the instructions
in the request for full conversion form available from our Processing  Office or
your registered representative.

ANNUITY ACCOUNT VALUE

Your Annuity Account Value is the sum of the amounts in the Investment Options.

Annuity Account Value in Investment Funds

The Annuity  Account Value in an Investment Fund on any Business Day is equal to
the number of Accumulation  Units in that Investment Fund times the Accumulation
Unit Value for the  Investment  Fund for that date.  The number of  Accumulation
Units in an  Investment  Fund at any  time is  equal to the sum of  Accumulation
Units  purchased by  contributions  and transfers  less the sum of  Accumulation
Units redeemed for withdrawals, transfers or deductions for charges.

The number of Accumulation Units purchased or sold in any Investment Fund equals
the dollar amount of the transaction  divided by the Accumulation Unit Value for
that Investment Fund for the applicable Transaction Date.

The number of  Accumulation  Units will not vary  because of any later change in
the  Accumulation  Unit  Value.  The  Accumulation  Unit Value  varies  with the
investment performance of the corresponding Portfolios of each respective trust,
which in turn reflects the investment income and realized and unrealized capital
gains and losses of the Portfolios,  as well as each respective trust's fees and
expenses.  The  Accumulation  Unit Value is also stated  after  deduction of the
Separate  Account asset charges relating to the  Certificates.  A description of
the computation of the Accumulation Unit Value is found in the SAI.

Annuity Account Value in Guaranteed Period Account

The Annuity  Account Value in the Guaranteed  Period Account on any Business Day
will be the sum of the present  value of the  Maturity  Value in each  Guarantee
Period,  using  the  Guaranteed  Rate  in  effect  for new  allocations  to such
Guarantee  Period on such date.  (This is  equivalent to the  Guaranteed  Period
Amount increased or decreased by the full market value  adjustment.) The Annuity
Account Value,  therefore,  may be higher or lower than the contributions  (less
withdrawals)  accumulated  at the Guaranteed  Rate. At the  Expiration  Date the
Annuity  Account Value in the Guaranteed  Period Account will equal the Maturity
Value. See "Part 2: The Guaranteed Period Account."

TRANSFERS AMONG INVESTMENT OPTIONS

At any time prior to the Annuity  Commencement  Date,  you may  transfer  all or
portions of your Annuity Account Value among the Investment Options,  subject to
the following:

o  Transfers out of a Guarantee  Period other than at the  Expiration  Date will
   result  in a market  value  adjustment.  See "Part 2: The  Guaranteed  Period
   Account."

o  At Annuitant age 76 and above, transfers to Guarantee Periods must be limited
   to those with  maturities  of five years or less and with  maturity  dates no
   later than the February 15th immediately  following the Annuity  Commencement
   Date.

o  Transfers may not be made to a Guarantee  Period with an  Expiration  Date in
   the current calendar year, or if the Guaranteed Rate is 3%.

Transfer requests must be made directly to our Processing  Office.  Your request
for  a  transfer  should  specify  your  Certificate   number,  the  amounts  or
percentages to be transferred  and the Investment  Options to and from which the
amounts are to be  transferred.  Your  transfer  request may be in writing or by
telephone.

For telephone transfer  requests,  procedures have been established by Equitable
Life that are  considered  to be  reasonable  and are  designed to confirm  that
instructions  communicated  by telephone are genuine.  Such  procedures  include
requiring  certain  personal  identification  information  prior  to  acting  on
telephone  instructions  and  providing  written  confirmation.  In light of the
procedures  established,  Equitable  Life  will  not  be  liable  for  following
telephone instructions that it reasonably believes to be genuine.

We may  restrict,  in our sole  discretion,  the use of an agent  acting under a
power  of  attorney,  such  as a  market  timer,  on  behalf  of more  than  one
Certificate  Owner to effect  transfers.  Any  agreements  to use market  timing
services to effect transfers are subject to our rules then in effect and must be
on a form satisfactory to us.

A transfer request will be effective on the Transaction Date and the transfer to
or from  Investment  Funds  will be made at the  Accumulation  Unit  Value  next
computed after the Transaction Date. All transfers will be confirmed in writing.

DOLLAR COST AVERAGING

   
We offer two programs for Dollar Cost  Averaging  as described  below.  The main
objective of Dollar Cost Averaging is to attempt to shield your  investment from
short-term price  fluctuations.  Since approximately the same dollar amounts are
transferred  from the Alliance Money Market Fund to the other  Investment  Funds
periodically, more Accumulation Units are purchased in an Investment Fund if the
value per Accumulation Unit is low and fewer Accumulation Units are purchased if
the value per Accumulation  Unit is high.  Therefore,  a lower average value per
Accumulation  Unit may be achieved  over the long term.  This plan of  investing
allows you to take advantage of market fluctuations but
    


                                       22
<PAGE>

does not assure a profit or protect against a loss in declining markets.

   
You elect a Dollar  Cost  Averaging  program by  completing  the proper form and
sending it to our Processing Office. The transfer date will be the same calendar
day of the month as the Contract Date (other than the 29th, 30th or 31st).
    

Dollar  Cost  Averaging  may  not  be  elected  while  the  rebalancing  program
(discussed   below)  or  the  Systematic   Withdrawal  option  (described  under
"Withdrawal Options" in Part 4) is in effect.

Special Dollar Cost Averaging

   
For  Certificate  Owners  who at issue of the  Certificate  want to Dollar  Cost
Average their entire  initial  contribution  from the Alliance Money Market Fund
into the other Investment Funds monthly over a period of twelve months, we offer
a Special  Dollar Cost  Averaging  program under which the mortality and expense
risks and the  administration  charges normally deducted from the Alliance Money
Market Fund will not be deducted.  See  "Charges  Deducted  from the  Investment
Funds" in Part 5.
    

General Dollar Cost Averaging

   
If you have at least  $5,000 of  Annuity  Account  Value in the  Alliance  Money
Market Fund,  you may choose to have a specified  dollar amount or percentage of
your Annuity  Account Value  transferred  from the Alliance Money Market Fund to
other Investment Funds on a monthly, quarterly or annual basis. You may not have
Annuity Account Value transferred to the Guarantee Periods.  This program may be
elected at any time.
    

The minimum amount that may be transferred on each Transaction Date is $250. The
maximum amount which may be transferred is equal to the Annuity Account Value in
the Alliance  Money  Market Fund at the time the program is elected,  divided by
the number of transfers scheduled to be made each Contract Year.

   
If, on any transfer date, the Annuity Account Value in the Alliance Money Market
Fund is equal to or less than the amount you have  elected to have  transferred,
the entire amount will be transferred and the Dollar Cost Averaging program will
end. You may change the transfer  amount once each Contract Year, or cancel this
program by  sending us  satisfactory  notice to our  Processing  Office at least
seven calendar days before the next transfer date.
    

REBALANCING

   
We  currently  offer a  rebalancing  program  under  which you  authorize  us to
automatically  transfer your Annuity  Account Value among the  Investment  Funds
selected by you in order to maintain a particular  percentage  allocation (which
you  specify)  in such  Investment  Funds.  Such  percentages  must be in  whole
numbers.  You select the period of time at the end of which the  transfers  will
take place. The period of time may be quarterly,  semiannually, or annually on a
Contract  Year basis on the same day of the month as the  Contract  Date  (other
than the 29th, 30th or 31st). Rebalancing  automatically reallocates the Annuity
Account  Value in the chosen  Investment  Funds at the end of each period to the
specified  allocation  percentages.  The  transfers  to  and  from  each  chosen
Investment Fund will be made at the Accumulation  Unit Value next computed after
the Transaction Date. Rebalancing is not available for amounts in the Guaranteed
Period Account.
    

Rebalancing  does not  assure a profit or  protect  against a loss in  declining
markets and should be  periodically  reviewed as your needs may change.  You may
want to discuss the  rebalancing  program  with your  financial  adviser  before
electing such program.

You may elect the  rebalancing  program at any time by properly  completing  the
appropriate form, which is available from your registered  representative or our
Processing Office.

You may change your rebalancing allocation percentages or cancel this program at
any time by submitting a request in a form satisfactory to us. Such request must
be  received  at our  Processing  Office at least  seven  days  before  the next
scheduled  rebalancing  date. A transfer  request from you while the rebalancing
program is in effect, will cancel the rebalancing program.

Rebalancing  may not be elected if a Dollar Cost  Averaging  program  (discussed
above) is in effect.

BASEBUILDER BENEFITS

   
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).
The baseBUILDER provides a degree of protection while you live (Income Benefit),
as well as for your  beneficiary  should you die. As part of the baseBUILDER you
will have a choice of two Guaranteed Minimum Death Benefit options for Annuitant
issue ages 20 through  75: (i) a 6% Roll Up to Age 80 or (ii) an Annual  Ratchet
to Age 80. If you do not elect the  baseBUILDER,  and for Annuitant issue ages 0
through 19 under NQ Certificates,  the Guaranteed  Minimum Death Benefit choices
are still  provided  under the  Certificate.  The  baseBUILDER  is not currently
available in New York.
    

If the  Annuitant's  age at issue is 76 or older and you are  interested  in the
Combined Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit,
ask  your  registered  representative  for a copy of the  prospectus  supplement
describing this benefit.

The main  advantages of the Guaranteed  Minimum Income Benefit relate to amounts
allocated to the Investment Funds.  Before electing the base-


                                       23
<PAGE>

BUILDER,  you should
consider  the extent to which you expect to utilize the  Investment  Funds.  You
elect the baseBUILDER  guaranteed  benefits when you apply for a Certificate and
once elected, it may not be changed or cancelled.

GUARANTEED MINIMUM INCOME BENEFIT

The Guaranteed  Minimum  Income Benefit  provides a minimum amount of guaranteed
lifetime  income when you apply the Annuity  Account Value under your  Equitable
Accumulator  Certificate  to an Income  Manager(R)  (Life  Annuity with a Period
Certain) payout annuity  certificate during the periods of time indicated below.
This Income Manager payout annuity certificate provides payments during a period
certain with payments  continuing for life thereafter.  This means that payments
will be made for the rest of the Annuitant's life. In addition, if the Annuitant
dies before a specified period of time (period certain) has ended, payments will
continue to the beneficiary for the balance of the period certain.

On the Transaction Date that you exercise the Guaranteed Minimum Income Benefit,
the annual  lifetime income that will be provided under the Income Manager (Life
Annuity with a Period Certain) payout annuity certificate will be the greater of
(i) your  Guaranteed  Minimum Income  Benefit,  and (ii) the income  provided by
application of your Annuity Account Value at our then current  annuity  purchase
factors.  The  Guaranteed  Minimum  Income  Benefit  does not provide an Annuity
Account Value or guarantee performance of your Investment Options.  Because this
benefit is based on conservative actuarial factors, the level of lifetime income
that it  guarantees  may often be less than the level that would be  provided by
application of your Annuity Account Value at current annuity  purchase  factors.
It should therefore be regarded as a safety net.

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  or
withdrawals  and assuming there were no allocations to the Alliance Money Market
Fund or the Guaranteed Period Account.

- -------------------------------------------------------------
                                 GUARANTEED MINIMUM
      CONTRACT DATE        INCOME BENEFIT -- ANNUAL INCOME
 ANNIVERSARY AT ELECTION        PAYABLE FOR LIFE WITH
                               10 YEAR PERIOD CERTAIN
- -------------------------------------------------------------
             7                       $  8,992
            10                         12,160
            15                         18,358
- -------------------------------------------------------------

Withdrawals  will  reduce  your  Guaranteed  Minimum  Income  Benefit,  see "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death Benefit" in Part 4.

   
Under  Traditional  IRA, Roth IRA and NQ  Certificates,  the Guaranteed  Minimum
Income  Benefit may be exercised  only within 30 days  following  the seventh or
later Contract Date anniversary  under your Equitable  Accumulator  Certificate.
However,  it may not be exercised earlier than the Annuitant's age 60, nor later
than the Annuitant's age 83; except that for Annuitant issue ages 20 through 44,
it may be exercised following the 15th or later Contract Date anniversary.

For  information on when the Guaranteed  Minimum Income Benefit may be exercised
under QP  Certificates,  see "Exercise of the Guaranteed  Minimum Income Benefit
under QP Certificates" below.
    

When you exercise the  Guaranteed  Minimum Income  Benefit,  you will receive an
Income Manager (Life Annuity with a Period Certain)  payout annuity  certificate
and extinguish your rights in your Equitable  Accumulator  Certificate,  with at
least the minimum  annual  income  specified  and a period  certain based on the
Annuitant's age at the time the benefit is exercised as follows:

- -------------------------------------------------------------
                      LEVEL PAYMENTS*
                                   PERIOD CERTAIN YEARS
         ANNUITANT'S           TRADITIONAL AND
       AGE AT ELECTION            ROTH IRA          NQ
- -------------------------------------------------------------
           60 to 75                  10               10
              76                      9               10
              77                      8               10
              78                      7               10
              79                      7               10
              80                      7               10
              81                      7                9
              82                      7                8
              83                      7                7

   
- ----------------
 * Other forms and periods  certain may also be  available.
   For   Traditional   IRA    Certificates,    please   see
   "Traditional     Individual     Retirement     Annuities
   (Traditional IRAs):  Required Minimum  Distributions" in
   Part  7 to see  how  this  option  may  be  affected  if
   exercised after age 70 1/2.
- -------------------------------------------------------------
    

Payments  will  start one  payment  mode from the  Contract  Date of the  Income
Manager payout annuity certificate.

Each year on your Contract Date anniversary, if you are eligible to exercise the
Guaranteed  Minimum  Income  Benefit,  we will  send you an  eligibility  notice
illustrating how much income could be provided on the Contract Date anniversary.
You may then notify us within 30 days following the Contract Date anniversary if
you want to exercise the  Guaranteed  Minimum  Income  Benefit by submitting the
proper form and returning your Equitable Accumulator Certificate.  The amount of
income you actually  receive will be determined on the Transaction  Date that we
receive your properly completed exercise notice.

You may also  apply  your  Cash  Value at any time to an  Income  Manager  (Life
Annuity with a Period Certain) payout annuity certificate, and you may


                                       24
<PAGE>

always apply your Annuity Account Value to any of our life annuity benefits. The
annuity  benefits are discussed in Part 4. These benefits differ from the Income
Manager  payout  annuity  certificates  and may provide  higher or lower  income
levels,  but do not have all the features of the Income  Manager  payout annuity
certificates.   You  may   request   an   illustration   from  your   registered
representative.

The  Income  Manager  (Life  Annuity  with  a  Period  Certain)  payout  annuity
certificates  are offered  through our  prospectus for the Income Manager payout
annuities.  A copy  of the  most  current  version  may be  obtained  from  your
registered  representative.  You should read it  carefully  before you decide to
exercise your Guaranteed Minimum Income Benefit.

Successor Annuitant/Certificate Owner

If  the  successor  Annuitant/Certificate  Owner  (discussed  below)  elects  to
continue the Certificate after your death, the Guaranteed Minimum Income Benefit
will continue to be available on Contract  Date  anniversaries  specified  above
based on the Contract Date of your Equitable Accumulator  Certificate,  provided
the Guaranteed  Minimum Income Benefit is exercised as specified  above based on
the age of the successor Annuitant/Certificate Owner.

   
Exercise of the Guaranteed Minimum Income Benefit under QP Certificates

Under QP Certificates,  the Guaranteed  Minimum Income Benefit may be exercised,
on Contract Date anniversaries as indicated above, only after the trustee of the
qualified plan changes  ownership of the QP Certificate to the Annuitant and the
Annuitant,  as the new  Certificate  Owner,  converts such QP  Certificate  in a
direct rollover to a Traditional  IRA Certificate  according to our rules at the
time of the change.  The change of ownership and rollover to a  Traditional  IRA
Certificate may only occur when the Annuitant will no longer be a participant in
the qualified plan.
    

DEATH BENEFIT

When the Annuitant Dies

Generally,  upon receipt of proof  satisfactory to us of the  Annuitant's  death
prior to the Annuity  Commencement  Date,  we will pay the death  benefit to the
beneficiary named in your Certificate. You designate the beneficiary at the time
you apply for the  Certificate.  While the  Certificate  is in  effect,  you may
change your beneficiary by writing to our Processing  Office. The change will be
effective on the date the written  submission was signed.  If the Certificate is
jointly owned, the surviving Owner will be deemed the  beneficiary,  superseding
any  other  beneficiary  designations.  (The  joint  ownership  feature  may not
currently  be  available  in your  state.)  The death  benefit  payable  will be
determined  as of the date we  receive  such  proof of  death  and any  required
instructions as to the method of payment.

The death  benefit is equal to the Annuity  Account  Value or, if  greater,  the
Guaranteed Minimum Death Benefit described below.

GUARANTEED MINIMUM DEATH BENEFIT

   
Applicable  for  Annuitant  Issue  Ages 0 through 79 under NQ  Certificates;  20
through 78 under  Traditional IRA and Roth IRA  Certificates;  and 20 through 70
under QP Certificates
    

You elect  either the "6% 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.

6%  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 6% (4% for amounts in the Alliance
Money Market Fund and the Guarantee Periods,  except as indicated below) on each
Contract Date anniversary  through the Annuitant's age 80 (or at the Annuitant's
death,  if  earlier),  and 0%  thereafter,  and is adjusted  for any  subsequent
contributions  and  withdrawals.  The Guaranteed  Minimum Death Benefit interest
applicable to amounts in the Alliance Money Market Fund under the Special Dollar
Cost Averaging program (described above) will be 6%. The 6% Roll Up to Age 80 is
not available in New York.

Annual Ratchet 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 reset through the  Annuitant's  age 80, to the Annuity  Account
Value on a Contract Date anniversary if higher than the then current  Guaranteed
Minimum Death  Benefit,  and is adjusted for any  subsequent  contributions  and
withdrawals.

Applicable for Annuitant Issue Ages 80 through 83

On the Contract  Date,  the  Guaranteed  Minimum  Death  Benefit is equal to the
initial contribution.  Thereafter,  the initial contribution is adjusted for any
subsequent contributions, and any withdrawals.

Withdrawals  will  reduce  your  Guaranteed  Minimum  Death  Benefit,  see  "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death  Benefit" in Part 4. For  Certificates  issued in New York, the Guaranteed
Minimum Death Benefit at the Annuitant's death will not be less than the Annuity
Account  Value in the  Investment  Funds plus the sum of the  Guaranteed  Period
Amounts in each Guarantee Period. See "Guarantee Periods" in Part 2.


                                       25
<PAGE>

See Appendix III for an example of the  calculation  of the  Guaranteed  Minimum
Death Benefit.

HOW DEATH BENEFIT PAYMENT IS MADE

We will pay the death  benefit  to the  beneficiary  in the form of the  annuity
benefit you have chosen under your  Certificate.  If no annuity benefit has been
chosen at the time of the Annuitant's  death,  the beneficiary  will receive the
death  benefit  in a  lump  sum.  However,  subject  to  any  exceptions  in the
Certificate,  Equitable  Life's  rules then in effect  and any other  applicable
requirements  under  the  Code,  the  beneficiary  may  elect to apply the death
benefit to one or more annuity  benefits offered by Equitable Life. See "Annuity
Benefits  and Payout  Annuity  Options" in Part 4. Note that if you are both the
Certificate Owner and the Annuitant, only a life annuity or an annuity that does
not extend beyond the life expectancy of the beneficiary may be elected.

Successor Annuitant/Certificate Owner

If you are both the Certificate  Owner and the Annuitant,  and if your spouse is
the sole primary beneficiary or the Joint Owner under the Certificate, then upon
your death your spouse beneficiary may elect to receive the death benefit, or to
continue the Certificate and become the successor Annuitant/Certificate Owner by
completing the appropriate form and sending it to our Processing Office.

If the successor Annuitant/Certificate Owner elects to continue the Certificate,
then on the Contract Date anniversary  following your death, the Annuity Account
Value will be reset to the then current  Guaranteed  Minimum Death Benefit if it
is higher than the Annuity Account Value as of such date. In determining whether
the Guaranteed  Minimum Death Benefit will continue to grow, we will use the age
(as of the Contract Date  anniversary)  of the  successor  Annuitant/Certificate
Owner.

WHEN AN NQ CERTIFICATE OWNER DIES BEFORE THE ANNUITANT

When you are not the Annuitant  under an NQ  Certificate  and you die before the
Annuity  Commencement  Date, the beneficiary  named to receive the death benefit
upon the  Annuitant's  death will  automatically  succeed as  Certificate  Owner
(unless  you name a  different  person as a  successor  Owner in a written  form
acceptable to us and send it to our Processing  Office).  If the  Certificate is
jointly  owned and the first Owner to die is not the  Annuitant,  the  surviving
Owner becomes the sole  Certificate  Owner and will be deemed the  "beneficiary"
for purposes of the distribution rules described in this section,  automatically
superseding any other beneficiary designation.

Unless the  surviving  spouse of the  deceased  Owner (or in the case of a joint
ownership  situation,  the  surviving  spouse of the first  Owner to die) is the
designated  beneficiary for this purpose, the entire interest in the Certificate
must be distributed under these rules.

The  Cash  Value  in the  Certificate  must  be  fully  paid  to the  designated
beneficiary  (new Owner) by December 31st of the fifth  calendar year after your
death (or in a joint ownership situation, the death of the first Owner to die).

A permissible  alternative is for the new Owner to elect to receive such amounts
as a life annuity (or  payments for a period  certain of not longer than the new
Owner's life  expectancy),  with payments  beginning no later than December 31st
following  the calendar  year of the  non-Annuitant  Owner's  death.  If such an
annuity benefit or payments for a period certain is not elected, we will pay any
Cash  Value in the  Certificate  on  December  31st of the fifth  calendar  year
following the year of your death (or the death of the first Owner to die).

Where a surviving  spouse is designated  beneficiary or Joint Owner,  the spouse
may elect to continue the Certificate.  No distributions are required as long as
the surviving spouse and Annuitant are living.

CASH VALUE

   
The Cash  Value  under the  Certificate  fluctuates  daily  with the  investment
performance of the Investment Funds you have selected and reflects any upward or
downward  market value  adjustment.  We do not  guarantee any minimum Cash Value
except for amounts in a Guarantee  Period held to the Expiration Date. See "Part
2: The Guaranteed  Period Account." On any date before the Annuity  Commencement
Date while the Certificate is in effect,  the Cash Value is equal to the Annuity
Account Value,  less any withdrawal  charge.  The free corridor  amount will not
apply when calculating the withdrawal  charge  applicable upon a surrender.  See
"Part 5: Deductions and Charges."
    

SURRENDERING THE CERTIFICATES TO RECEIVE THE CASH VALUE

You may surrender a Certificate  to receive the Cash Value at any time while the
Annuitant is living and before the Annuity Commencement Date. For a surrender to
be effective,  we must receive your written  request and the  Certificate at our
Processing  Office.  The Cash Value will be determined on the Transaction  Date.
All benefits under the Certificate will be terminated as of that date.

You may  receive the Cash Value in a single sum payment or apply it under one or
more of the annuity benefits.  See "Annuity Benefits and Payout Annuity Options"
in Part 4. We will usually pay the Cash Value within seven calendar days, but we
may delay payment as described in "When Payments Are Made" below.

For the tax  consequences  of  surrenders,  see  "Part  7:  Tax  Aspects  of the
Certificates."


                                       26
<PAGE>

WHEN PAYMENTS ARE MADE

Under  applicable  law,  application of proceeds from the Investment  Funds to a
variable annuity,  payment of a death benefit from the Investment Funds, payment
of any portion of the Annuity  Account  Value  (less any  applicable  withdrawal
charge) from the  Investment  Funds,  and, upon  surrender,  payment of the Cash
Value from the  Investment  Funds will be made within seven  calendar days after
the  Transaction  Date.  Payments or application of proceeds from the Investment
Funds  can be  deferred  for any  period  during  which  (1) the New York  Stock
Exchange is closed or trading on it is  restricted,  (2) sales of  securities or
determination of the fair value of an Investment Fund's assets is not reasonably
practicable  because of an  emergency,  or (3) the SEC, by order,  permits us to
defer payment in order to protect persons with interest in the Investment Funds.

We can  defer  payment  of any  portion  of the  Annuity  Account  Value  in the
Guaranteed  Period Account (other than for death  benefits) for up to six months
while you are living. We may also defer payments for any amount  attributable to
a contribution  made in the form of a check for a reasonable amount of time (not
to exceed 15 days) to permit the check to clear.

ASSIGNMENT

Traditional  IRA and Roth IRA  Certificates  are not assignable or  transferable
except  through  surrender  to us. They may not be  borrowed  against or used as
collateral for a loan or other obligation.

   
QP Certificates may not be assigned.
    

The NQ Certificates may be assigned at any time before the Annuity  Commencement
Date and for any  purpose  other  than as  collateral  or  security  for a loan.
Equitable Life will not be bound by an assignment unless it is in writing and we
have received it at our Processing Office. In some cases, an assignment may have
adverse tax consequences. See "Part 7: Tax Aspects of the Certificates."

SERVICES WE PROVIDE

o  REGULAR REPORTS

   o Statement  of your  Certificate  values as of the last day of the  calendar
     year;

   o Three additional reports of your Certificate values each year;

   o Annual and semiannual statements of each trust; and

   o Written confirmation of financial transactions.

o  TOLL-FREE TELEPHONE SERVICES

   o Call  1-800-789-7771  for a recording of daily Accumulation Unit Values and
     Guaranteed Rates applicable to the Guarantee Periods.  Also call during our
     regular   business   hours  to  speak  to  one  of  our  customer   service
     representatives.

o  PROCESSING OFFICE

   
   o FOR CONTRIBUTIONS SENT BY REGULAR MAIL:
     Equitable Life
     Equitable Accumulator
     P.O. Box 13014
     Newark, NJ 07188-0014
    

   o FOR CONTRIBUTIONS SENT BY EXPRESS MAIL:
     Equitable Life
     c/o First Chicago National Processing Center
     300 Harmon Meadow Boulevard, 3rd Floor
     Attn: Box 13014
     Secaucus, NJ 07094

   
   o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
     SENT BY REGULAR MAIL:
     Equitable Life
     Equitable Accumulator
     P.O. Box 1547
     Secaucus, NJ 07096-1547

   o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
     SENT BY EXPRESS MAIL:
     Equitable Life
     Equitable Accumulator
     200 Plaza Drive, 4th Floor
     Secaucus, NJ 07096

YEAR 2000 PROGRESS

Equitable Life relies upon various  computer systems in order to administer your
Certificate and operate the Investment Options.  Some of these systems belong to
service providers who are not affiliated with Equitable Life.

In 1995,  Equitable  Life began  addressing the question of whether its computer
systems would  recognize the year 2000 before,  on or after January 1, 2000, and
Equitable  Life  believes it has  identified  those of its  systems  critical to
business  operations  that  are not  Year  2000  compliant.  By year  end  1998,
Equitable  Life expects  that the work of  modifying or replacing  non-compliant
systems will  substantially be completed and expects a comprehensive test of its
Year 2000 compliance will be performed in the first half of 1999. Equitable Life
is in the process of seeking  assurances from third party service providers that
they are acting to address  the Year 2000  issue with the goal of  avoiding  any
material  adverse  effect on  services  provided  to  Certificate  Owners and on
operations of the Investment  Options.  Any  significant  unresolved  difficulty
related to the Year 2000 compliance  initiatives  could have a material  adverse
effect on the ability to administer your  Certificate and operate the Investment
Options.  Assuming the timely completion of computer  modifications by Equitable
Life and third party  service  providers,  there  should be no material  adverse
effect on the ability to perform these functions.


                                       27
<PAGE>

DISTRIBUTION OF THE CERTIFICATES

As the distributor of the Certificates,  Equitable Distributors,  Inc. (EDI), an
indirect,  wholly owned  subsidiary of Equitable  Life, has  responsibility  for
sales and  marketing  functions  for the  Certificates.  EDI also  serves as the
principal  underwriter  of the  Separate  Account  under  the 1940  Act.  EDI is
registered  with the SEC as a  broker-dealer  under  the  Exchange  Act and is a
member of the National  Association of Securities Dealers,  Inc. EDI's principal
business  address is 1290  Avenue of the  Americas,  New York,  New York  10104.
Pursuant  to a  "Distribution  Agreement"  between  Equitable  Life,  certain of
Equitable Life's separate  accounts,  including the Separate  Account,  and EDI,
Equitable Life paid EDI  distribution  fees of $9,566,343 for 1997,  $87,157 for
1996 and $0 for 1995 as the distributor of certain  certificates,  including the
Certificates, and as the principal underwriter of the Separate Account.

The Certificates will be sold by registered  representatives  of EDI, as well as
by  unaffiliated   broker-dealers  with  which  EDI  has  entered  into  selling
agreements.  Broker-dealer  sales compensation will generally not exceed 7.0% of
total   contributions  made  under  the  Certificates.   EDI  may  also  receive
compensation and reimbursement for its marketing services under the terms of its
distribution  agreement  with Equitable  Life.  Broker-dealers  receiving  sales
compensation   will  generally  pay  a  portion  thereof  to  their   registered
representatives  as  commissions  related  to  sales  of the  Certificates.  The
offering of the Certificates is intended to be continuous.

    

                                       28
<PAGE>

- --------------------------------------------------------------------------------
               PART 4: DISTRIBUTION METHODS UNDER THE CERTIFICATES
- --------------------------------------------------------------------------------

   
The Certificates offer several  distribution  methods  specifically  designed to
provide retirement income. Traditional IRA and Roth IRA Certificates permit Lump
Sum  Withdrawals,   Substantially  Equal  Payment  Withdrawals,  and  Systematic
Withdrawals.   Minimum   Distribution   Withdrawals  are  available  only  under
Traditional IRA  Certificates.  NQ Certificates  permit Lump Sum Withdrawals and
Systematic  Withdrawals.  The Certificates also offer fixed and variable annuity
benefits and Income Manager payout annuity options.  Traditional IRA Certificate
Owners  should  consider  how the  distribution  method  selected may affect the
ability to comply with the minimum  distribution rules discussed in "Part 7: Tax
Aspects of the Certificates."
    

For  Traditional  IRA  retirement  benefits  subject  to  minimum   distribution
requirements,  we will send a form outlining the distribution  options available
before you reach age 70 1/2 (if you have not begun your annuity  payments before
that time).

WITHDRAWAL OPTIONS

The  Certificates  are annuity  contracts,  even though you may elect to receive
your  benefits  in a  non-annuity  form.  You may  take  withdrawals  from  your
Certificate before the Annuity Commencement Date and while you are alive.

Amounts  withdrawn  from  the  Guaranteed  Period  Account,  other  than  at the
Expiration  Date,  will result in a market value  adjustment.  See "Market Value
Adjustment for Transfers, Withdrawals or Surrender Prior to the Expiration Date"
in Part 2.  Withdrawals may be taxable and subject to tax penalty.  See "Part 7:
Tax Aspects of the Certificates."

As a deterrent to early  withdrawal  (generally  prior to age 59 1/2),  the Code
provides  certain  penalties.  We may also be required to withhold  income taxes
from the amount distributed. These rules are outlined in "Part 7: Tax Aspects of
the Certificates."

LUMP SUM WITHDRAWALS
(Available under Traditional IRA, Roth IRA  and NQ Certificates)

You may take Lump Sum  Withdrawals  at any time subject to a minimum  withdrawal
amount of $1,000.  A request to  withdraw  more than 90% of the Cash Value as of
the Transaction  Date will result in the termination of the Certificate and will
be  treated  as  a  surrender  of  the  Certificate  for  its  Cash  Value.  See
"Surrendering the Certificates to Receive the Cash Value" in Part 3.

To make a Lump Sum  Withdrawal,  you must  submit a request  satisfactory  to us
which  specifies the Investment  Options from which the Lump Sum Withdrawal will
be  taken.  If we have  received  the  information  we  require,  the  requested
withdrawal  will become  effective on the  Transaction  Date and  proceeds  will
usually  be mailed  within  seven  calendar  days  thereafter,  but we may delay
payment as described  in "When  Payments Are Made" in Part 3. If we receive only
partially  completed  information,  our  Processing  Office will contact you for
specific instructions before your request can be processed.

Lump Sum Withdrawals in excess of the 15% free corridor amount may be subject to
a withdrawal charge. See "Withdrawal Charge" in Part 5.

SYSTEMATIC WITHDRAWALS
(Available under Traditional IRA, Roth IRA  and NQ Certificates)

Under  Traditional IRA and Roth IRA Certificates this option may be elected only
if you are between age 59 1/2 to 70 1/2.

Systematic Withdrawals provide level percentage or level amount payouts. You may
choose to  receive  Systematic  Withdrawals  on a monthly,  quarterly  or annual
basis.  You select a dollar amount or percentage of the Annuity Account Value to
be  withdrawn,  subject to a maximum of 1.2% monthly,  3.6%  quarterly and 15.0%
annually,  but in no event may any  payment be less than $250.  If at the time a
Systematic  Withdrawal is to be made, the  withdrawal  amount would be less than
$250,  no payment  will be made and your  Systematic  Withdrawal  election  will
terminate.

You select the date of the month when the withdrawals  will be made, but you may
not choose a date later than the 28th day of the month.  If no date is selected,
withdrawals  will be made on the same  calendar day of the month as the Contract
Date. The  commencement of payments under the Systematic  Withdrawal  option may
not be elected to start sooner than 28 days after issue of the Certificate.

You may elect  Systematic  Withdrawals at any time by completing the proper form
and sending it to our Processing Office. You may change the payment frequency of
your  Systematic  Withdrawals  once each Contract Year or cancel this withdrawal
option at any time by sending  notice in a form  satisfactory  to us. The notice
must be received at our Processing  Office at least seven calendar days prior to
the next scheduled withdrawal date. You may also change the amount or


                                       29
<PAGE>

percentage of your Systematic  Withdrawals once in each Contract Year.  However,
you may not change the amount or  percentage in any Contract Year where you have
previously  taken  another  withdrawal  under  the  Lump Sum  Withdrawal  option
described above.

   
Unless you specify otherwise,  Systematic Withdrawals will be withdrawn on a pro
rata basis from your Annuity Account Value in the Investment  Funds. If there is
insufficient value or no value in the Investment Funds, any additional amount of
the withdrawal  required or the total amount of the  withdrawal,  as applicable,
will be withdrawn from the Guarantee Periods in order of the earliest Expiration
Date(s) first (a market value adjustment may apply).
    

Systematic  Withdrawals  are not subject to a withdrawal  charge,  except to the
extent that,  when added to a Lump Sum Withdrawal  previously  taken in the same
Contract Year, the Systematic  Withdrawal  exceeds the 15% free corridor amount.
See "Withdrawal Charge" in Part 5.

SUBSTANTIALLY EQUAL PAYMENT WITHDRAWALS
(Available under Traditional IRA and Roth IRA Certificates)

Substantially Equal Payment  Withdrawals provide  distributions from the Annuity
Account  Value of the amounts  necessary so that the 10% penalty  tax,  normally
applicable to distributions  made prior to age 59 1/2, does not apply. See "Part
7: Tax Aspects of the Certificates."  Once distributions  begin, they should not
be changed or stopped  until the later of age 59 1/2 or five years from the date
of the first  distribution.  If you change or stop the  distributions  or take a
Lump Sum  Withdrawal,  you may be liable for the 10% penalty tax that would have
otherwise been due on all prior distributions made under this option and for any
interest thereon.

Substantially  Equal Payment  Withdrawals  may be elected at any time if you are
below age 59 1/2. You can elect this option by  submitting  the proper  election
form. You select the day and the month when the first  withdrawal  will be made,
but it may not be sooner than 28 days after the issue of the Certificate.  In no
event may you elect to receive the first  payment in the same  Contract  Year in
which a Lump Sum  Withdrawal  was  taken.  We will  calculate  the amount of the
distribution  under a  method  we  select  and  payments  will be made  monthly,
quarterly or annually as you select.  These  payments  will  continue to be made
until we receive written notice from you to cancel this option. Such notice must
be received at our  Processing  Office at least seven calendar days prior to the
next scheduled  withdrawal date. A Lump Sum Withdrawal taken while Substantially
Equal Payment  Withdrawals are in effect will cancel such  withdrawals.  You may
elect to start receiving  Substantially  Equal Payment Withdrawals again, but in
no event can the payments  start in the same  Contract  Year in which a Lump Sum
Withdrawal was taken. We will calculate a new distribution  amount. As indicated
in the  preceding  paragraph,  you may be  liable  for the  10%  penalty  tax on
Substantially Equal Payment Withdrawals made before cancellation.

   
Unless you specify otherwise,  Substantially  Equal Payment  Withdrawals will be
withdrawn on a pro rata basis from your Annuity  Account Value in the Investment
Funds. If there is insufficient  value or no value in the Investment  Funds, any
additional  amount of the withdrawal or the total amount of the  withdrawal,  as
applicable,  will be  withdrawn  from  the  Guarantee  Periods  in  order of the
earliest Expiration Date(s) first (a market value adjustment may apply).
    

Substantially Equal Payment Withdrawals are not subject to a withdrawal charge.

MINIMUM DISTRIBUTION WITHDRAWALS
(Available under Traditional IRA Certificates)

   
Minimum Distribution  Withdrawals provide distributions from the Annuity Account
Value of the amounts  necessary to meet minimum  distribution  requirements  set
forth in the Code.  This  option  may be elected in the year in which you attain
age 70 1/2. You can elect Minimum  Distribution  Withdrawals  by submitting  the
proper  election form. The minimum amount we will pay out is $250. You may elect
Minimum  Distribution  Withdrawals for each Traditional IRA Certificate you own,
subject to our rules then in effect. Currently,  Minimum Distribution Withdrawal
payments will be made annually.

Unless  you  specify  otherwise,   Minimum  Distributions  Withdrawals  will  be
withdrawn on a pro rata basis from your Annuity  Account Value in the Investment
Funds. If there is insufficient  value or no value in the Investment  Funds, any
additional  amount  of the  withdrawal  required  or  the  total  amount  of the
withdrawal, as applicable, will be withdrawn from the Guarantee Periods in order
of the earliest Expiration Date(s) first (a market value adjustment may apply).
    

Minimum Distribution  Withdrawals are not subject to a withdrawal charge, except
to the extent that, when added to a Lump Sum Withdrawal  previously taken in the
same Contract Year,  the Minimum  Distribution  Withdrawal  exceeds the 15% free
corridor amount. See "Withdrawal Charge" in Part 5.


                                       30
<PAGE>

Example

The chart below illustrates the pattern of payments,  under Minimum Distribution
Withdrawals  for a male who purchases a Traditional  IRA  Certificate  at age 70
with a single  contribution of $100,000,  with payments commencing at the end of
the first Contract Year.


                   PATTERN OF MINIMUM DISTRIBUTION WITHDRAWALS       
                       $100,000 SINGLE CONTRIBUTION FOR A            
                           SINGLE LIFE -- MALE AGE 70                
                                                                     
                [THE FOLLOWING TABLE WAS REPRESENTED AS AN AREA      
                            GRAPH IN THE PROSPECTUS]                 
                                                                     
                       AGE               AMOUNT WITHDRAWN            
                        70                   $6,250                  
                        75                   $7,653                  
                        80                   $8,667                  
                        85                   $8,770                  
                        90                   $6,931                  
                        95                   $3,727                  
                       100                   $1,179                  
                                                                     
                        Assumes 6.0% Rate of Return                  
                                                                     
                     [END OF GRAPHICALLY REPRESENTED DATA]           

Payments are calculated  each year based on the Annuity Account Value at the end
of each year, using the recalculation method of determining payments. (See "Part
1 -- Minimum  Distribution  Withdrawals -- Traditional IRA  Certificates" in the
SAI.)  Payments are made  annually,  and it is further  assumed that no Lump Sum
Withdrawals are taken.

This example  assumes an annual rate of return of 6.0%  compounded  annually for
both the Investment Funds and the Guaranteed Period Account. This rate of return
is for  illustrative  purposes only and is not intended to represent an expected
or guaranteed rate of return.  Your  investment  results will vary. In addition,
this  example  does not  reflect any charges  that may be  applicable  under the
Traditional IRA. Such charges would effectively reduce the actual return.

HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME
BENEFIT AND GUARANTEED MINIMUM DEATH BENEFIT

Except as described in the next sentence, each withdrawal will cause a reduction
in your current  Guaranteed  Minimum Death Benefit and Guaranteed Minimum Income
Benefit  benefit  base  (described  below)  on a pro rata  basis.  Your  current
Guaranteed  Minimum Death Benefit if based on the 6% Roll Up to Age 80, and your
Guaranteed   Minimum  Income  Benefit   benefit  base,  will  be  reduced  on  a
dollar-for-dollar  basis as long as the sum of your  withdrawals in any Contract
Year is 6% or less of the  beginning of Contract Year  Guaranteed  Minimum Death
Benefit.  Once a  withdrawal  is made that causes  cumulative  withdrawals  in a
Contract Year to exceed 6% of the beginning of Contract Year Guaranteed  Minimum
Death Benefit,  that withdrawal and any subsequent  withdrawals in that Contract
Year will cause a pro rata reduction to occur.

Reduction on a  dollar-for-dollar  basis means your current  Guaranteed  Minimum
Death Benefit and Guaranteed  Minimum Income Benefit benefit base are 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  Guaranteed  Minimum  Death
Benefit  and  Guaranteed  Minimum  Income  Benefit  benefit  base by  that  same
percentage.  For  example,  if your  Annuity  Account  Value is $10,000  and you
withdraw  $4,000,  you have  withdrawn  40%  ($4,000/  $10,000) of your  Annuity
Account Value. If your Guaranteed Minimum Death Benefit was $20,000 prior to the
withdrawal,  it  would  be  reduced  by  $8,000  ($20,000  x .40)  and  your new
Guaranteed  Minimum Death Benefit after the withdrawal would be $12,000 ($20,000
- - $8,000).

The  timing  of your  withdrawals  and  whether  they  exceed  the 6%  threshold
described above can have a significant  impact on your Guaranteed  Minimum Death
Benefit or Guaranteed Minimum Income Benefit.

GUARANTEED MINIMUM INCOME BENEFIT BENEFIT BASE

The  Guaranteed  Minimum  Income  Benefit  benefit  base is equal to the initial
contribution  on the Contract Date.  Thereafter,  the Guaranteed  Minimum Income
Benefit  benefit  base is  credited  with  interest at 6% (4% for amounts in the
Alliance Money Market Fund and the Guarantee Periods, except as indicated below)
on each  Contract  Date  anniversary  through  the  Annuitant's  age 80,  and 0%
thereafter,  and is adjusted for any subsequent  contributions  and withdrawals.
The  Guaranteed  Minimum  Income  Benefit  benefit base  interest  applicable to
amounts  in the  Alliance  Money  Market  Fund  under the  Special  Dollar  Cost
Averaging  program  (described  in Part 3) will be 6%.  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% if the Guaranteed Minimum Income Benefit is exercised within 30
days  following a Contract  Date  anniversary  in years 7 through 9 and at 3% if
exercised within 30 days following the 10th or later


31
<PAGE>

Contract Date  anniversary,  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.

ANNUITY BENEFITS AND PAYOUT ANNUITY OPTIONS

The Equitable Accumulator Certificates offer annuity benefits and Income Manager
payout annuity options, described below, for providing retirement income.

ANNUITY BENEFITS

Annuity benefits under the Equitable  Accumulator provide periodic payments over
a specified period of time which may be fixed or may be based on the Annuitant's
life.  Annuity forms of payment are  calculated  as of the Annuity  Commencement
Date,  which is on file with our Processing  Office.  You can change the Annuity
Commencement Date by writing to our Processing Office anytime before the Annuity
Commencement Date. However, you may not choose a date later than the 28th day of
any  month.  Also,  based  on  the  issue  age  of the  Annuitant,  the  Annuity
Commencement  Date may not be later than the  Processing  Date which follows the
Annuitant's 90th birthday (may be different in some states).

Before  the  Annuity  Commencement  Date,  we will send a letter  advising  that
annuity  benefits are available.  Unless you otherwise  elect, we will pay fixed
annuity  benefits on the "normal form" indicated for your  Certificate as of the
Annuity  Commencement  Date. The amount  applied to provide the annuity  benefit
will be (1) the Annuity  Account Value for any life annuity form or (2) the Cash
Value for any period certain only annuity form except that if the period certain
is more than five  years,  the  amount  applied  will be no less than 95% of the
Annuity Account Value.

Amounts in the Guarantee Periods that are applied to an annuity benefit prior to
an Expiration Date will result in a market value  adjustment.  See "Market Value
Adjustment for Transfers, Withdrawals or Surrender Prior to the Expiration Date"
in Part 2.

Annuity Forms

o  Life  Annuity:  An  annuity  which  guarantees  payments  for the rest of the
   Annuitant's  life.  Payments  end with the last  monthly  payment  before the
   Annuitant's  death.  Because there is no death benefit  associated  with this
   annuity  form,  it provides  the highest  monthly  payment of any of the life
   income annuity options, so long as the Annuitant is living.

   
o  Life Annuity -- Period Certain:  This annuity form also  guarantees  payments
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the end of a selected period of time (the "certain period"),  payments
   will continue to the  beneficiary  for the balance of the certain  period.  A
   life annuity with a certain  period of 10 years is the normal form of annuity
   under the Certificates.

o  Life Annuity -- Refund Certain:  This annuity form guarantees payments to you
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the amount applied to purchase this annuity option has been recovered,
   payments  will  continue  to your  beneficiary  until  that  amount  has been
   recovered. This option is available only as a fixed annuity.

o  Period Certain Annuity:  This annuity form guarantees payments for a specific
   period of time,  usually  5, 10, 15 or 20 years,  and does not  involve  life
   contingencies.  Currently,  this annuity  option is available only as a fixed
   annuity.
    

o  Joint and Survivor Life Annuity:  This annuity form  guarantees  payments for
   the  rest  of  the  Annuitant's  life  and,  after  the  Annuitant's   death,
   continuation of payments to the survivor.

The life annuity -- period  certain and the life  annuity -- refund  certain are
available on either a single life or joint and survivor life basis.

   
We offer the annuity  distribution  options  outlined  above in fixed  form.  In
variable form, only the following options are available: Life Annuity (except in
New York),  Life Annuity -- Period Certain,  Joint and Survivor Life Annuity and
Life Period  Certain  Annuity  (100% to Survivor).  Fixed  annuity  payments are
guaranteed  by us and will be based either on the tables of  guaranteed  annuity
payments in your Certificate or on our then current annuity rates,  whichever is
more  favorable  for the  Annuitant.  Variable  income  annuities  may be funded
through your choice of  Investment  Funds of HRT through the purchase of annuity
units. The amount of each variable annuity payment may fluctuate, depending upon
the performance of the Investment  Funds. That is because the annuity unit value
rises and falls  depending on whether the actual rate of net  investment  return
(after  deduction of charges) is higher or lower than the assumed base rate. See
"Annuity  Unit  Values"  in the  SAI.  Variable  income  annuities  may  also be
available by separate prospectus through the Funds of other separate accounts we
offer.

Under QP  Certificates,  the only annuity forms  available are a Life Annuity 10
Year  Period  Certain,  or a Joint and  Survivor  Life  Annuity  10 Year  Period
Certain.
    


                                       32

<PAGE>

   
For all Annuitants  under  Traditional  IRA, Roth IRA and NQ  Certificates,  the
normal form of annuity provides for fixed payments. We may offer other forms not
outlined here. Your registered representative can provide details.
    

For each annuity benefit, we will issue a separate written agreement putting the
benefit into effect. Before we pay any annuity benefit, we require the return of
the Certificate.

The amount of the annuity payments will depend on the amount applied to purchase
the annuity, the type of annuity chosen and, in the case of a life annuity form,
the  Annuitant's  age (or the  Annuitant's  and joint  Annuitant's  ages) and in
certain instances,  the sex of the Annuitant(s).  Once an income annuity form is
chosen and payments have commenced, no change can be made.

If, at the time you elect an annuity form, the amount to be applied is less than
$2,000 or the initial  payment  under the form elected is less than $20 monthly,
we reserve  the right to pay the  Annuity  Account  Value in a single sum rather
than as payments under the annuity form chosen.

INCOME MANAGER PAYOUT ANNUITY OPTIONS

   
Under Traditional IRA, Roth IRA and NQ Certificates,  you may apply your Annuity
Account Value to an Income Manager (Life Annuity with a Period  Certain)  payout
annuity  certificate,  or an Income  Manager  (Period  Certain)  payout  annuity
certificate.

Under QP Certificates,  Income Manager payout annuity certificates are available
only  after the  trustee  of the  qualified  plan  changes  ownership  of the QP
Certificate to the Annuitant,  and the Annuitant,  as the new Certificate Owner,
converts  such  QP  Certificate  in  a  direct  rollover  to a  Traditional  IRA
Certificate  according  to our rules at the time of the  change.  The  change of
ownership and rollover to a Traditional  IRA Certificate may only occur when the
Annuitant will no longer be a Participant/Employee in the qualified plan.
    

The  Income  Manager  (Life  Annuity  with  a  Period  Certain)  payout  annuity
certificates  provide  guaranteed  payments for the Annuitant's  life or for the
Annuitant's  life  and the life of a joint  Annuitant.  Income  Manager  (Period
Certain) payout annuity  certificates  provide payments for a specified  period.
The  Certificate  Owner  and  Annuitant  must  meet the  issue  age and  payment
requirements.  Income  Manager payout annuity  certificates  provide  guaranteed
level payments  (Traditional IRA, Roth IRA and NQ Certificates) under both forms
of certificate,  or guaranteed  increasing payments (NQ Certificates) under only
Income Manager (Life Annuity with a Period Certain) payout annuity certificates.

If you apply a part of the Annuity  Account  Value under any of the above Income
Manager payout annuity certificates,  it will be considered a withdrawal and may
be subject to withdrawal charges. See "Withdrawal Options" above. If 100% of the
Annuity Account Value is applied from an Equitable Accumulator  Certificate at a
time when the  dollar  amount of the  withdrawal  charge is  greater  than 2% of
remaining contributions (after withdrawals),  such withdrawal charge will not be
deducted.  However,  a new withdrawal  charge  schedule will apply under the new
certificate.  For purposes of the withdrawal charge schedule,  the year in which
your  Annuity  Account  Value  is  applied  under  the new  certificate  will be
"Contract  Year 1." If 100% of the  Annuity  Account  Value is applied  from the
Equitable  Accumulator when the dollar amount of the withdrawal  charge is 2% or
less,  such  withdrawal  charge  will  not be  deducted  and  there  will  be no
withdrawal  charge schedule under the new  certificate.  You should consider the
timing of your purchase as it relates to the potential  for  withdrawal  charges
under the new certificate.  No subsequent  contributions will be permitted under
an  Income  Manager  (Life  Annuity  with  a  Period   Certain)  payout  annuity
certificate.

You may also apply  your  Annuity  Account  Value to an Income  Manager  (Period
Certain) payout annuity  certificate  once  withdrawal  charges are no longer in
effect under your Equitable Accumulator Certificate.  No withdrawal charges will
apply under this Income Manager (Period Certain) payout annuity certificate.

The payout  annuities are described in our  prospectus  for the Income  Manager.
Copies  of  the  most  current   version  are  available  from  your  registered
representative. To purchase an Income Manager payout annuity certificate we also
require the return of your Equitable Accumulator Certificate.  An Income Manager
payout  annuity  certificate  will be  issued to put one of the  payout  annuity
options into effect. Depending upon your circumstances, this may be accomplished
on a tax-free basis.
Consult your tax adviser.


                                       33
<PAGE>

- --------------------------------------------------------------------------------
                         PART 5: DEDUCTIONS AND CHARGES
- --------------------------------------------------------------------------------

CHARGES DEDUCTED FROM THE ANNUITY ACCOUNT VALUE

We allocate the entire amount of each contribution to the Investment Options you
select,  subject to certain  restrictions.  We then periodically  deduct certain
amounts from your Annuity Account Value. Unless otherwise indicated, the charges
described  below and under "Charges  Deducted from the  Investment  Funds" below
will not be  increased  by us for the life of the  Certificates.  We may  reduce
certain charges under group or sponsored  arrangements.  See "Group or Sponsored
Arrangements" below.

Withdrawal Charge

A withdrawal charge will be imposed as a percentage of each contribution made to
the extent that (i) a Lump Sum  Withdrawal  or cumulative  withdrawals  during a
Contract Year exceed the free corridor  amount,  or (ii) if the  Certificate  is
surrendered  to receive its Cash  Value.  We  determine  the  withdrawal  charge
separately for each contribution in accordance with the table below.

                               CONTRACT YEAR
                 1    2     3     4     5     6     7    8+
- --------------------------------------------------------------------------------
Percentage of
Contribution   7.0% 6.0%  5.0%   4.0%  3.0% 2.0%  1.0%  0.0%

The applicable  withdrawal  charge percentage is determined by the Contract Year
in which  the  excess  withdrawal  is made or the  Certificate  is  surrendered,
beginning with "Contract Year 1" with respect to each contribution  withdrawn or
surrendered. For purposes of the table, for each contribution, the Contract Year
in which we receive that contribution is "Contract Year 1."

The withdrawal  charge is deducted from the  Investment  Options from which each
such  withdrawal is made in proportion to the amount being  withdrawn  from each
Investment Option.

Free Corridor Amount

The free corridor amount is 15% of the Annuity Account Value at the beginning of
the Contract Year,  minus any amount  previously  withdrawn during that Contract
Year.

There is no  withdrawal  charge  if a Lump Sum  Withdrawal  is taken to  satisfy
minimum  distribution  requirements under a Traditional IRA Certificate.  A free
corridor amount is not applicable to a surrender.

For purposes of calculating the withdrawal charge, (1) we treat contributions as
being withdrawn on a first-in,  first-out basis, and (2) amounts withdrawn up to
the free corridor  amount are not considered a withdrawal of any  contributions.
Although we treat  contributions  as withdrawn  before  earnings for purposes of
calculating  the withdrawal  charge,  the Federal income tax law treats earnings
under Equitable  Accumulator  Certificates as withdrawn  first. See "Part 7: Tax
Aspects of the Certificates."

The withdrawal charge is to help cover sales expenses.

For NQ  Certificates  issued to a charitable  remainder  trust  (CRT),  the free
corridor  amount will be changed to be the  greater of (1) the  current  Annuity
Account Value, less contributions that have not been withdrawn  (earnings in the
Certificate),  and  (2) the  free  corridor  amount  defined  above.  If you are
considering an annuity for use in a CRT, see  "Charitable  Remainder  Trusts" in
Part 7 concerning recent IRS announcements on the use of annuities in CRTs.

   
baseBUILDER Benefits Charge
    

If you elect the  Combined  Guaranteed  Minimum  Income  Benefit and  Guaranteed
Minimum Death Benefit,  we deduct a charge annually on each Processing Date. The
charge is equal to a percentage of the Guaranteed Minimum Income Benefit benefit
base in effect on the Processing  Date.  The  percentage is equal to 0.30%.  The
Guaranteed   Minimum  Income  Benefit  benefit  base  is  described  under  "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death Benefit" in Part 4.

This charge will be deducted from your Annuity  Account Value in the  Investment
Funds on a pro rata  basis.  If there is  insufficient  value in the  Investment
Funds,  all or a portion of such  charge  will be  deducted  from the  Guarantee
Periods  in order of the  earliest  Expiration  Date(s)  first.  A market  value
adjustment may apply. See "Market Value Adjustment for Transfers, Withdrawals or
Surrender Prior to the Expiration Date" in Part 2.

Charges for State Premium and Other Applicable Taxes

   
We deduct a charge for applicable  taxes,  such as state or local premium taxes,
that might be imposed in your state.  Generally,  we deduct this charge from the
amount applied to provide an annuity benefit. In certain states, however, we may
deduct the charge for taxes from  contributions.  The  current  tax charge  that
might be imposed  varies by state and ranges  from 0% to 3.5% (1% in Puerto Rico
and 5% in the Virgin Islands).
    


                                       34
<PAGE>

CHARGES DEDUCTED FROM THE INVESTMENT FUNDS

Mortality and Expense Risks Charge

We will  deduct a daily  charge from the net assets in each  Investment  Fund to
compensate us for mortality and expense risks,  including the Guaranteed Minimum
Death Benefit. The daily charge is at the rate of 0.003032%, which is equivalent
to an annual rate of 1.10%, on the assets in each Investment Fund.

The mortality risk assumed is the risk that  Annuitants as a group will live for
a longer time than our actuarial tables predict. As a result, we would be paying
more in annuity income than we planned. We also assume a risk that the mortality
assumptions  reflected in our guaranteed  annuity payment tables,  shown in each
Certificate,  will differ from actual mortality experience.  Lastly, we assume a
mortality risk to the extent that at the time of death,  the Guaranteed  Minimum
Death  Benefit  exceeds  the Cash Value of the  Certificate.  The  expense  risk
assumed  is the risk  that it will  cost us more to  issue  and  administer  the
Certificates than we expect.

Administration Charge

   
We will deduct a daily charge from the net assets in each  Investment  Fund,  to
compensate us for  administration  expenses  under the  Certificates.  The daily
charge is at a rate of 0.000692%  (equivalent to an annual rate of 0.25%) on the
assets in each Investment  Fund. We reserve the right to increase this charge to
an annual rate of 0.35%, the maximum permitted under the Certificates.

HRT CHARGES TO PORTFOLIOS

Investment  advisory fees charged  daily  against  HRT's assets,  the 12b-1 fee,
direct  operating  expenses  of  HRT  (such  as  trustees'  fees,   expenses  of
independent auditors and legal counsel, bank and custodian charges and liability
insurance),  and certain  investment-related  expenses of HRT (such as brokerage
commissions and other expenses  related to the purchase and sale of securities),
are  reflected in each  Portfolio's  daily share price.  The maximum  investment
advisory fees paid annually by the Portfolios  cannot be changed  without a vote
by shareholders. They are as follows:

- -------------------------------------------------------------

                                              MAXIMUM
                                             INVESTMENT
                                            ADVISORY FEE
HRT PORTFOLIO                              (ANNUAL RATE)
- -------------------------------------------------------------
Alliance Money Market                           0.350%
Alliance High Yield                             0.600%
Alliance Common Stock                           0.475%
Alliance Aggressive Stock                       0.625%
Alliance Small Cap Growth                       0.900%
- -------------------------------------------------------------

Investment  advisory  fees  are  established  under  HRT's  investment  advisory
agreements between HRT and its investment adviser, Alliance.

The Rule 12b-1 Plan provides that HRT, on behalf of each  Portfolio  (other than
the Alliance Small Cap Growth Portfolio), may pay to EDI annually up to 0.25% of
the average daily net assets of a Portfolio  attributable to its Class IB shares
in respect of activities  primarily  intended to result in the sale of the Class
IB shares. This fee will not be increased for the life of the Certificates. With
respect to the Alliance Small Cap Growth  Portfolio,  EDI will receive an annual
fee not to exceed the lesser of (a) 0.25% of the average daily net assets of the
Portfolio  attributable to Class IB shares and (b) an amount that, when added to
certain  other  expenses  of the  Class IB  shares,  would  result in a ratio of
expenses to average daily net assets  attributable to Class IB shares  equalling
1.20%.  Prior to  October  8,  1997,  EDI waived a portion of the 12b-1 fee with
respect  to the  Alliance  Small Cap Growth  Portfolio.  Fees and  expenses  are
described more fully in the HRT prospectus.

EQAT CHARGES TO PORTFOLIOS

Investment  management fees charged daily against EQAT's assets,  the 12b-1 fee,
direct  operating  expenses  of  EQAT  (such  as  trustees'  fees,  expenses  of
independent auditors and legal counsel,  administrative  service fees, custodian
fees, and liability insurance), and certain investment-related  expenses of EQAT
(such as brokerage  commissions  and other expenses  related to the purchase and
sale of securities),  are reflected in each  Portfolio's  daily share price. The
investment  management  fees paid annually by the  Portfolios  cannot be changed
without a vote by shareholders. They are as follows:
    


                                       35
<PAGE>

   
- -------------------------------------------------------------
                                              MAXIMUM
                                             INVESTMENT
                                            ADVISORY FEE
EQAT PORTFOLIO                             (ANNUAL RATE)
- -------------------------------------------------------------
BT Equity 500 Index                            0.25%
BT Small Company Index                         0.25%
BT International Equity Index                  0.35%
JPM Core Bond                                  0.45%
Lazard Large Cap Value                         0.55%
Lazard Small Cap Value                         0.80%
MFS Research                                   0.55%
MFS Emerging Growth Companies                  0.55%
Merrill Lynch Basic Value Equity               0.55%
Merrill Lynch World Strategy                   0.70%
Morgan Stanley Emerging
   Markets Equity                              1.15%
EQ/Putnam Growth & Income Value                0.55%
EQ/Putnam Investors Growth                     0.55%
EQ/Putnam International Equity                 0.70%
- -------------------------------------------------------------

EQ Financial  has entered into expense  limitation  agreements  with EQAT,  with
respect to each Portfolio, pursuant to which EQ Financial has agreed to waive or
limit its fees and to assume other  expenses so that the total annual  operating
expenses  of  each  Portfolio   (other  than  interest,   taxes,  and  brokerage
commissions, in accordance with generally accepted accounting prin-ciples, other
extraordinary  expenses not incurred in the ordinary course of such  Portfolio's
business and amounts payable  pursuant to a plan adopted in accordance with Rule
12b-1 under the 1940 Act) are limited to certain amounts. See the prospectus for
EQAT for more information.

The Rule 12b-1 Plan provides that EQAT, on behalf of each Portfolio,  may pay to
EDI  annually  up to  0.25% of the  average  daily  net  assets  of a  Portfolio
attributable to its Class IB shares in respect of activities  primarily intended
to result in the sale of the Class IB shares. This fee will not be increased for
the life of the Certificates.  Fees and expenses are described more fully in the
EQAT prospectus.
    

GROUP OR SPONSORED ARRANGEMENTS

   
For certain group or sponsored arrangements, we may reduce the withdrawal charge
or the  mortality  and  expense  risks  charge,  or change the  minimum  initial
contribution  requirements.  We may also  change the  Guaranteed  Minimum  Death
Benefit and the Guaranteed Minimum Income Benefit.  We may also offer Investment
Funds investing in Class IA shares of HRT and EQAT, which are not subject to the
12b-1 fee. Group  arrangements  include those in which a trustee or an employer,
for example,  purchases  contracts  covering a group of  individuals  on a group
basis.  Group  arrangements  are not available for  Traditional IRA and Roth IRA
Certificates.  Sponsored  arrangements include those in which an employer allows
us to sell Certificates to its employees or retirees on an individual basis.
    

Our costs for sales, administration,  and mortality generally vary with the size
and stability of the group or sponsoring  organization  among other factors.  We
take all these  factors  into  account  when  reducing  charges.  To qualify for
reduced   charges,   a  group  or  sponsored   arrangement   must  meet  certain
requirements,  including  our  requirements  for  size  and  number  of years in
existence.  Group or sponsored  arrangements that have been set up solely to buy
Certificates  or that  have been in  existence  less  than six  months  will not
qualify for reduced charges.

We may also establish different Guaranteed Rates for the Guarantee Periods under
different classes of Certificates for group or sponsored arrangements.

We will make these and any similar  reductions  according to our rules in effect
when a Certificate is approved for issue. We may change these rules from time to
time. Any variation in the withdrawal  charge will reflect  differences in costs
or services and will not be unfairly discriminatory.

Group or  sponsored  arrangements  may be  governed  by the Code,  the  Employee
Retirement   Income  Security  Act  of  1974  (ERISA),   or  both.  We  make  no
representations  as to the  impact of those and  other  applicable  laws on such
programs. WE RECOMMEND THAT EMPLOYERS, TRUSTEES, AND OTHERS PURCHASING OR MAKING
CERTIFICATES AVAILABLE FOR PURCHASE UNDER SUCH PROGRAMS SEEK THE ADVICE OF THEIR
OWN LEGAL AND BENEFITS ADVISERS.

OTHER DISTRIBUTION ARRANGEMENTS

Charges  may be  reduced  or  eliminated  when  sales are made in a manner  that
results in savings of sales and administrative  expenses,  such as sales through
persons who are compensated by clients for recommending  investments and receive
no  commission  or  reduced  commissions  in  connection  with  the  sale of the
Certificates.  In no  event  will a  reduction  or  elimination  of  charges  be
permitted where it would be unfairly discriminatory.


                                       36
<PAGE>

- --------------------------------------------------------------------------------
                              PART 6: VOTING RIGHTS
- --------------------------------------------------------------------------------

   
THE TRUSTS' VOTING RIGHTS

As explained  previously,  contributions  allocated to the Investment  Funds are
invested in shares of the corresponding Portfolios of HRT and EQAT. Since we own
the assets of the Separate Account, we are the legal owner of the shares and, as
such,  have the right to vote on certain  matters.  Among other  things,  we may
vote:

o  to elect the Trusts' Board of Trustees,

o  to ratify the selection of independent auditors for the Trusts, and

o  on any other matters described in the current  prospectuses for the Trusts or
   requiring a vote by shareholders under the 1940 Act.

Because HRT is a  Massachusetts  business trust and EQAT is a Delaware  business
trust,  annual meetings are not required.  Whenever a shareholder vote is taken,
we will give  Certificate  Owners the opportunity to instruct us how to vote the
number  of  shares  attributable  to their  Certificates.  If we do not  receive
instructions in time from all Certificate  Owners,  we will vote the shares of a
Portfolio for which no instructions have been received in the same proportion as
we vote shares of that  Portfolio  for which we have received  instructions.  We
will also vote any  shares  that we are  entitled  to vote  directly  because of
amounts we have in an Investment Fund in the same  proportions  that Certificate
Owners vote.

Each share of the Trusts is  entitled  to one vote.  Fractional  shares  will be
counted.  Voting  generally  is on a  Portfolio-by-Portfolio  basis  except that
shares  will be voted on an  aggregate  basis when  universal  matters,  such as
election of Trustees and ratification of independent  auditors,  are voted upon.
However,  if the Trustees  determine  that  shareholders  in a Portfolio are not
affected by a particular matter,  then such shareholders  generally would not be
entitled to vote on that matter.
    

VOTING RIGHTS OF OTHERS

   
Currently,  we control each trust.  EQAT shares  currently  are sold only to our
separate accounts. HRT shares are held by other separate accounts of ours and by
separate  accounts of insurance  companies  unaffiliated with us. Shares held by
these separate  accounts will probably be voted according to the instructions of
the  owners of  insurance  policies  and  contracts  issued  by those  insurance
companies.  While this will dilute the effect of the voting  instructions of the
Certificate Owners, we currently do not foresee any disadvantages arising out of
this. HRT's Board of Trustees intends to monitor events in order to identify any
material irreconcilable  conflicts that possibly may arise and to determine what
action,  if any, should be taken in response.  If we believe that HRT's response
to any of those events  insufficiently  protects our Certificate Owners, we will
see to it that appropriate action is taken to protect our Certificate Owners.
    

SEPARATE ACCOUNT VOTING RIGHTS

If actions relating to the Separate Account require  Certificate Owner approval,
Certificate  Owners will be entitled to one vote for each Accumulation Unit they
have in the Investment  Funds. Each Certificate Owner who has elected a variable
annuity  payout  may cast the  number  of votes  equal to the  dollar  amount of
reserves we are holding for that  annuity in an  Investment  Fund divided by the
Accumulation   Unit  Value  for  that  Investment   Fund.  We  will  cast  votes
attributable  to any  amounts  we  have  in the  Investment  Funds  in the  same
proportion as votes cast by Certificate Owners.

CHANGES IN APPLICABLE LAW

The voting rights we describe in this  prospectus  are created under  applicable
Federal  securities  laws.  To the extent  that  those  laws or the  regulations
promulgated  under those laws  eliminate  the  necessity  to submit  matters for
approval  by persons  having  voting  rights in separate  accounts of  insurance
companies,  we reserve  the right to proceed  in  accordance  with those laws or
regulations.


                                       37
<PAGE>

- --------------------------------------------------------------------------------
                     PART 7: TAX ASPECTS OF THE CERTIFICATES
- --------------------------------------------------------------------------------

   
This Part of the prospectus  generally  covers our  understanding of the current
Federal  income  tax  rules  that  apply to NQ,  Traditional  IRA,  and Roth IRA
Certificates owned by United States taxpayers.
    

This Part does not apply to NQ Certificates  used as the investment  vehicle for
qualified plans discussed throughout the prospectus and in Appendix II.

This prospectus  does not provide  detailed tax information and does not address
issues such as state income and other taxes,  Federal income tax and withholding
rules for non-U.S. taxpayers, or Federal gift and estate taxes. A gift or estate
tax  transfer  may arise  whenever  payments or contract  rights are provided to
someone other than the original owner of the Certificates.  Please consult a tax
adviser when considering the tax aspects of the Certificates.

TAX CHANGES

   
The United  States  Congress  has in the past  considered  and may in the future
consider  proposals  for  legislation  that,  if enacted,  could  change the tax
treatment of annuities and individual retirement arrangements.  In addition, the
Treasury Department may amend existing  regulations,  issue new regulations,  or
adopt new interpretations of existing laws. State tax laws and, if you are not a
United States  resident,  foreign tax laws, may also affect the tax consequences
to you or the  beneficiary.  These  laws may  change  from time to time  without
notice and, as a result, the tax consequences may be altered. There is no way of
predicting whether,  when or in what form any such change would be adopted.  Any
such change could have retroactive  effects regardless of the date of enactment.
We suggest you consult your legal or tax adviser.

TRANSFERS AMONG INVESTMENT OPTIONS
    

Under  current law there will not be any tax  liability if you transfer  Annuity
Account  Value among the  Investment  Funds,  or between the  Guaranteed  Period
Account and one or more Investment Funds.

TAXATION OF NON-QUALIFIED ANNUITIES

This section  generally  covers our  understanding of the current Federal income
tax laws that apply to a  non-qualified  annuity  purchased  with only after-tax
dollars and not subject to any special retirement plan rules.

   
Equitable  Life has designed the NQ  Certificate  to qualify as an "annuity" for
purposes of Federal  income tax law.  Gains in the Annuity  Account Value of the
Certificate  generally will not be taxable to you until a  distribution  occurs,
either by a  withdrawal  of part or all of its value or as a series of  periodic
payments.  However, there are some exceptions to this rule: (1) if a Certificate
fails  the  investment  diversification  requirements;  (2)  if you  transfer  a
Certificate,  for  example,  as a gift to  someone  other  than your  spouse (or
divorced  spouse),  any gain in its Annuity  Account  Value will be taxed at the
time of transfer;  (3) the assignment or pledge of any portion of the value of a
Certificate   will  be  treated  as  a  distribution  of  that  portion  of  the
Certificate;  and (4) when an insurance  company (or its affiliate)  issues more
than one  non-qualified  deferred  annuity  certificate  or contract  during any
calendar year to the same taxpayer,  the  certificates or contracts are required
to be aggregated in computing the taxable amount of any distribution.
    

Corporations,  partnerships,  trusts  and other  non-natural  persons  generally
cannot defer the taxation of current income credited to the  Certificate  unless
an exception under the Code applies.

Withdrawals

   
Prior to the Annuity  Commencement Date, any withdrawal which does not terminate
your total interest in the NQ  Certificate is taxable to you as ordinary  income
to the extent there has been a gain in the Annuity Account Value, and is subject
to income tax withholding. See "Federal and State Income Tax Withholding" below.
The balance of the  distribution  is treated as a return of the  "investment" or
"basis" in the  Certificate  and is not taxable.  Generally,  the  investment or
basis in the NQ  Certificate  equals the  contributions  made,  less any amounts
previously  withdrawn which were not taxable.  If your Equitable  Accumulator NQ
Certificate  was  issued as a result of a tax-free  exchange  of another NQ life
insurance  or deferred  annuity  contract as  described  in "Methods of Payment:
Section 1035  Exchanges" in Part 3, your  investment  in that original  contract
generally is treated as the basis in the Equitable  Accumulator  NQ  Certificate
regardless of the value of that  original  contract at the time of the exchange.
Special rules may apply if contributions made to another annuity  certificate or
contract prior to August 14, 1982 are transferred to a Certificate in a tax-free
exchange.  To take advantage of these rules, you must notify us prior to such an
exchange.
    

If you surrender or cancel the NQ  Certificate,  the  distribution is taxable to
the extent it exceeds the investment in the NQ Certificate.


                                       38
<PAGE>

Annuity Payments

Once annuity  payments  begin,  a portion of each payment is  considered to be a
tax-free  recovery of  investment  based on the ratio of the  investment  to the
expected return under the NQ Certificate.  The remainder of each payment will be
taxable. In the case of a variable annuity,  special rules apply if the payments
received in a year are less than the amount  permitted to be recovered tax free.
In the case of a life annuity,  after the total  investment has been  recovered,
future  payments are fully  taxable.  If payments  cease as a result of death, a
deduction for any unrecovered investment will be allowed.

Early Distribution Penalty Tax

   
In addition  to income tax, a penalty tax of 10% applies to the taxable  portion
of a distribution  unless the  distribution is (1) made on or after the date you
attain age 59 1/2,  (2) made on or after your death,  (3)  attributable  to your
disability,  (4) part of a series  of  substantially  equal  installments  as an
annuity  for your life (or life  expectancy)  or the joint  lives (or joint life
expectancies) of you and a beneficiary,  or (5) with respect to income allocable
to amounts contributed to an annuity certificate or contract prior to August 14,
1982 which are transferred to the Certificate in a tax-free exchange.
    

Payments as a Result of Death

If, as a result of the Annuitant's death, the beneficiary is entitled to receive
the death benefit  described in Part 3, the beneficiary is generally  subject to
the  same  tax  treatment  as  would  apply  to  you,  had you  surrendered  the
Certificate (discussed above).

If the beneficiary elects to take the death benefit in the form of a life income
or installment  option, the election should be made within 60 days after the day
on which a lump sum death benefit  first becomes  payable and before any benefit
is actually  paid.  The tax  computation  will  reflect your  investment  in the
Certificate.

The  Certificate  provides a minimum  guaranteed  death  benefit that in certain
circumstances may be greater than either the  contributions  made or the Annuity
Account Value. This provision provides investment protection against an untimely
termination  of a  Certificate  on the death of an  Annuitant at a time when the
Certificate's  Annuity  Account  Value  might  otherwise  have  provided a lower
benefit.  Although we do not believe that the  provision of this benefit  should
have any adverse tax effect,  it is possible  that the IRS could take a contrary
position  and could  assert  that some  portion of the  charges  for the minimum
guaranteed  death benefit should be treated for Federal income tax purposes as a
partial  withdrawal  from  the  Certificate.  If this  were  so,  such a  deemed
withdrawal could be taxable,  and for Certificate  Owners under age 59 1/2, also
subject to tax penalty.

Special  distribution  requirements  apply  upon  the  death  of the  owner of a
non-qualified  annuity.  That is, in the case of a contract  where the owner and
annuitant are different, even though the annuity contract could continue because
the  annuitant  has not died,  Federal  tax law  requires  that the  person  who
succeeds as owner of the  contract  take  taxable  distribution  of the contract
within a specified  period of time. This includes the surviving Joint Owner in a
nonspousal  joint ownership  situation.  See "When an NQ Certificate  Owner Dies
before the Annuitant" in Part 3.

CHARITABLE REMAINDER TRUSTS

On April 17, 1997,  the IRS issued  proposed  regulations  concerning  CRTs. The
preamble to the proposed  regulation  indicates that the IRS is studying whether
the use of deferred  annuities  or other  assets  offering  similar tax benefits
causes a CRT to fail to qualify as a CRT under the tax law.  The IRS also issued
a Revenue  Procedure  which indicates that effective such date it will no longer
issue rulings that a trust qualifies as a CRT in situations  where the timing of
trust income can be controlled to take advantage of the difference between trust
income and taxable income for the benefit of the unitrust recipient.

SPECIAL RULES FOR NQ CERTIFICATES ISSUED IN PUERTO RICO

   
Under  current  law  Equitable  Life  treats  income  from  NQ  Certificates  as
U.S.-source.  A  Puerto  Rico  resident  is  subject  to U.S.  taxation  on such
U.S.-source  income.  Only Puerto Rico-source income of Puerto Rico residents is
excludable  from U.S.  taxation.  Income from NQ Certificates is also subject to
Puerto Rico tax. The computation of the taxable  portion of amounts  distributed
from a Certificate  may differ in the two  jurisdictions.  Therefore,  you might
have to file both U.S. and Puerto Rico tax returns, showing different amounts of
income for each. Puerto Rico generally provides a credit against Puerto Rico tax
for U.S. tax paid.  Depending on your  personal  situation and the timing of the
different tax  liabilities,  you may not be able to take full  advantage of this
credit.
    

Please consult your tax adviser to determine the applicability of these rules to
your own tax situation.

IRA TAX INFORMATION

The term "IRA" may generally  refer to all individual  retirement  arrangements,
including individual retirement accounts and individual retirement annuities. In
addition to being  available  in both  trusteed  or  custodial  account  form or
individual   annuity  form,   there  are  many  varieties  of  IRAs.  There  are
"Traditional IRAs" which are generally funded on a pre-tax basis. There are Roth
IRAs,  newly  available  in 1998,  which must be funded on an  after-tax  basis.
SEP-IRAs (including SARSEP-IRAs) and SIMPLE-IRAs are issued and


                                       39
<PAGE>

   
funded in connection with employer-sponsored retirement plans. Regardless of the
type  of  IRA,  your  interest  in the  IRA  cannot  be  forfeited.  You or your
beneficiaries  who survive you are the only ones who can receive the benefits or
payments.

The Equitable  Accumulator  Certificate is designed to qualify as an "individual
retirement  annuity" under Section 408(b) of the Code. This prospectus  contains
the  information  which  the  Internal  Revenue  Service  (IRS)  requires  to be
disclosed to you before you purchase an individual retirement arrangement.  This
section of Part 7 covers some of the special tax rules that apply to  individual
retirement  arrangements,  including  Traditional IRAs and Roth IRAs.  Education
IRAs are not  discussed in this  prospectus  because  they are not  available in
individual retirement annuity form.

Further information regarding individual retirement  arrangements  generally can
be found in Internal  Revenue  Service  Publication  590,  entitled  "Individual
Retirement Arrangements (IRAs)," which is generally updated annually, and can be
obtained from any IRS district office.
    

There is no limit to the number of IRAs  (including Roth IRAs) you may establish
or maintain as long as you meet the  requirements  for  establishing and funding
the  IRA.  However,  if you  maintain  multiple  IRAs,  you may be  required  to
aggregate IRA values or contributions for tax purposes. You should be aware that
all types of IRAs are  subject to certain  restrictions  in order to qualify for
special treatment under the Federal tax law.

   
The Equitable  Accumulator  IRA  Certificate  has been approved by the IRS as to
form for use as a Traditional IRA. This IRS approval is a determination  only as
to the form of the annuity,  does not represent a determination of the merits of
the annuity as an  investment,  and may not address  certain  features under the
Equitable Accumulator IRA Certificate.  The IRS does not yet have a procedure in
place for approving the form of Roth IRAs.
    

TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)

   
Cancellation
    

You can  cancel a  Certificate  issued as a  Traditional  IRA by  following  the
directions  in Part 3 under "Free Look  Period."  Since there may be adverse tax
consequences  if a  Certificate  is  cancelled  (and  because we are required to
report to the IRS certain  distributions  from cancelled  Traditional IRAs), you
should consult with a tax adviser before making any such decision. If you cancel
this Certificate,  you may establish a new individual retirement  arrangement if
at the time you meet the requirements for establishing an individual  retirement
arrangement.

Contributions to Traditional IRAs

Individuals  may make  three  different  types of  contributions  to  purchase a
Traditional IRA, or as later additions to an existing Traditional IRA: "regular"
contributions  out  of  earnings,   tax-free   "rollover"   contributions   from
tax-qualified  plans,  or direct  custodian-to-custodian  transfers  from  other
traditional individual retirement arrangements ("direct transfers").

   
The  initial  contribution  to the  Certificate  must be either a rollover  or a
direct custodian-to-custodian  transfer. See "Rollovers and Transfers" discussed
below.  Any subsequent  contributions  you make may be any of rollovers,  direct
transfers or "regular"  Traditional IRA contributions.  See "Contributions under
the  Certificates" in Part 3. The immediately  following  discussion  relates to
"regular" Traditional IRA contributions. For the reasons noted in "Rollovers and
Transfers"  below,  you should  consult with your tax adviser  before making any
subsequent  contributions  to a Traditional  IRA which is intended to serve as a
"conduit" IRA.

Generally,  $2,000 is the maximum amount of contributions  which you may make to
all IRAs  (including Roth IRAs) in any taxable year. The above limit may be less
when your  earnings  are below  $2,000.  This limit  does not apply to  rollover
contributions or direct custodian-to-custodian transfers into a Traditional IRA.

If you are married and file a joint  income tax return,  your and your  spouse's
compensation  effectively  can be  aggregated  for purposes of  determining  the
permissible  amount of regular  contributions to Traditional IRAs (and Roth IRAs
discussed below).  Even if one spouse has no compensation or compensation  under
$2,000,  married  individuals filing jointly can contribute up to $4,000 for any
taxable  year to any  combination  of  Traditional  IRAs  and  Roth  IRAs.  (Any
contributions  to Roth IRAs reduce the ability to contribute to Traditional IRAs
and vice  versa.)  The maximum  amount may be less if earnings  are less and the
other spouse has made IRA contributions. No more than a combined total of $2,000
can be contributed  annually to either spouse's  traditional and Roth individual
retirement  arrangements.  Each  spouse  owns his or her  individual  retirement
arrangements  (Traditional and Roth IRA) even if contributions were fully funded
by the other spouse.

The amount of Traditional IRA  contributions  for a tax year that you can deduct
depends  on  whether  you  are  covered  by  an  employer-sponsored  tax-favored
retirement plan. An  employer-sponsored  tax-favored  retirement plan includes a
qualified plan, a  tax-sheltered  account or annuity under Section 403(b) of the
Code (TSA) or a simplified employee 
    

                                       40


<PAGE>

pension plan. In certain cases,  individuals covered by a tax-favored retirement
plan include  persons  eligible to participate in the plan although not actually
participating.  Whether or not a person is covered by a retirement  plan will be
reported on an employee's Form W-2.

Regardless of adjusted gross income (AGI), you may make deductible contributions
to a  Traditional  IRA for each tax year up to the  lesser  of $2,000 or 100% of
compensation  (MAXIMUM  PERMISSIBLE  DOLLAR  DEDUCTION)  if  not  covered  by  a
retirement plan.

   
If you are  single  and  covered  by a  retirement  plan  during any part of the
taxable year,  the deduction for IRA  contributions  phases out with AGI between
$30,000 and $40,000 in 1998.  This amount will be indexed every year until 2005.
If you are married and file a joint return, and you are covered by a tax-favored
retirement  plan  during  any  part  of the  taxable  year,  the  deduction  for
Traditional IRA contributions phases out with AGI between $50,000 and $60,000 in
1998.  This amount will be indexed  every year until 2007.  Married  individuals
filing separately and living apart at all times are not treated as being married
for purposes of this deductible contribution calculation.  Generally, the active
participation  in an  employer-sponsored  retirement  plan of an  individual  is
determined  independently  for each spouse.  Where spouses have "married  filing
jointly" status,  however,  the maximum deductible  Traditional IRA contribution
for an  individual  who is not an active  participant  (but  whose  spouse is an
active participant) is phased out for taxpayers with AGI of between $150,000 and
$160,000.

To determine the deductible  amount of the contribution  with the phase out, you
determine AGI and subtract $30,000 if you are single, $50,000 if you are married
and file a joint return with your spouse.  The  resulting  amount is your Excess
AGI.  You  then  determine  the  limit  on the  deduction  for  Traditional  IRA
contributions using the following formula:
    

                                Maximum           Adjusted
  $10,000 - Excess AGI    x   Permissible   =      Dollar
  --------------------           Dollar           Deduction 
        $10,000                Deduction            Limit   
                              

   
If  you  are  not  eligible  to  deduct  part  or all  of  the  Traditional  IRA
contribution  you may still make  nondeductible  contributions on which earnings
will  accumulate on a  tax-deferred  basis.  The  deductible  and  nondeductible
contributions  to your Traditional IRA (or the nonworking  spouse's  Traditional
IRA) may not, however,  together exceed the maximum $2,000 per person limit. See
"Excess  Contributions"  below. You must keep your own records of deductible and
non  deductible  contributions  in  order  to  prevent  double  taxation  on the
distribution of previously taxed amounts.  See  "Distributions  from Traditional
IRA Certificates" below.

If you are making  nondeductible  contributions in any taxable year, or you have
made  nondeductible  contributions  to a Traditional  IRA in prior years and are
receiving  amounts  from  any  Traditional  IRA,  you  must  file  the  required
information with the IRS. Moreover, if you are making nondeductible  Traditional
IRA contributions, you must retain all income tax returns and records pertaining
to  such  contributions  until  interests  in all  Traditional  IRAs  are  fully
distributed.

Traditional IRA  contributions may be made for a tax year until the deadline for
filing a Federal  income tax return for that tax year (without  extensions).  No
contributions are allowed for the tax year in which you attain age 70 1/2 or any
tax  year  after  that.  A  working  spouse  age 70 1/2 or  over,  however,  can
contribute  up to the lesser of $2,000 or 100% of  "earned  income" to a spousal
individual  retirement  arrangement  for a  nonworking  spouse until the year in
which the nonworking spouse reaches age 70 1/2.
    

EXCESS CONTRIBUTIONS

   
Excess contributions to a Traditional IRA are subject to a 6% excise tax for the
year in which made and for each year thereafter until withdrawn.  In the case of
"regular" Traditional IRA contributions any contribution in excess of the lesser
of $2,000 or 100% of compensation  or earned income is an "excess  contribution"
(without  regard to the  deductibility  or  nondeductibility  of Traditional IRA
contributions  under this limit).  Also, any "regular"  contributions made after
you  reach  age  70 1/2  are  excess  contributions.  In the  case  of  rollover
Traditional IRA  contributions,  excess  contributions are amounts which are not
eligible to be rolled over (for example,  after-tax contributions to a qualified
plan or minimum  distributions  required to be made after age 70 1/2). An excess
contribution  (rollover or "regular")  which is withdrawn,  however,  before the
time for filing  your  Federal  income  tax  return for the tax year  (including
extensions)  is not includable in income and therefore is not subject to the 10%
penalty tax on early distributions  (discussed below under "Penalty Tax on Early
Distributions"),  provided any earnings  attributable to the excess contribution
are also  withdrawn and no tax  deduction is taken for the excess  contribution.
The withdrawn earnings on the excess contribution,  however, would be includable
in your gross  income and would be subject  to the 10%  penalty  tax.  If excess
contributions  are not withdrawn  before the time for filing your Federal income
tax return for the year  (including  extensions),  "regular"  contributions  may
still be withdrawn after that time if the Traditional IRA  contribution  for the
tax year did not  exceed  $2,000 and no tax  deduction  was taken for the excess
contribution;  in that event, the excess contribution would not be includable in
gross  income and would not be subject to the 10% penalty  tax.  Lastly,  excess
"regular"  contributions  may also be removed by  underutilizing  the  allowable
contribution limits for a later year.
    


                                       41
<PAGE>

   
If excess rollover  contributions  are not withdrawn  before the time for filing
your  Federal  tax return  for the year  (including  extensions)  and the excess
contribution occurred as a result of incorrect information provided by the plan,
any such excess  amount can be withdrawn if no tax  deduction  was taken for the
excess  contribution.  As above, excess rollover  contributions  withdrawn under
those  circumstances  would not be  includable  in gross income and would not be
subject to the 10% penalty tax.

ROLLOVERS AND TRANSFERS

Rollover  contributions may be made to a Traditional IRA from these sources: (i)
qualified plans, (ii) TSAs (including  403(b)(7)  custodial  accounts) and (iii)
other traditional individual retirement arrangements.
    

The rollover  amount must be transferred to the  Certificate  either as a direct
rollover  of an  "eligible  rollover  distribution"  (described  below)  or as a
rollover  by  the  individual  plan  participant  or  owner  of  the  individual
retirement arrangement. In the latter cases, the rollover must be made within 60
days of the date the proceeds  from another  traditional  individual  retirement
arrangement or an eligible  rollover  distribution  from a qualified plan or TSA
were  received.  Generally,  the  taxable  portion  of any  distribution  from a
qualified  plan or TSA is an eligible  rollover  distribution  and may be rolled
over tax free to a  Traditional  IRA unless the  distribution  is (i) a required
minimum  distribution  under  Section  401(a)(9)  of the Code;  or (ii) one of a
series of substantially  equal periodic  payments made (not less frequently than
annually) (a) for the life (or life  expectancy) of the plan  participant or the
joint lives (or joint life  expectancies) of the plan participant and his or her
designated beneficiary,  or (b) for a specified period of ten years or more. Any
amount  contributed to a Traditional IRA after you attain age 70 1/2 must be net
of your  required  minimum  distribution  for the year in which the  rollover or
direct transfer contribution is made.

Under some  circumstances,  amounts from a  Certificate  may be rolled over on a
tax-free  basis to a  qualified  plan.  To get this  "conduit"  Traditional  IRA
treatment,  the source of funds used to establish the  Traditional IRA must be a
rollover  contribution  from the qualified  plan and the entire amount  received
from the Traditional  IRA (including any earnings on the rollover  contribution)
must be  rolled  over into  another  qualified  plan  within 60 days of the date
received.  Similar rules apply in the case of a TSA. If you make a  contribution
to the  Certificate  which is from an  eligible  rollover  distribution  and you
commingle such  contribution  with other  contributions,  you may not be able to
roll over these eligible  rollover  distribution  contributions  and earnings to
another qualified plan (or TSA, as the case may be) at a future date, unless the
Code permits.

   
Under  the  conditions  and  limitations  of the  Code,  you may  elect for each
Traditional  IRA to make a tax-free  rollover once every  12-month  period among
individual  retirement  arrangements  (including rollovers from retirement bonds
purchased before 1983).  Custodian-to-custodian  transfers are not rollovers and
can be made more frequently than once a year.
    

The same tax-free  treatment  applies to amounts  withdrawn from the Certificate
and rolled over into other traditional individual retirement arrangements unless
the  distribution  was received  under an inherited  Traditional  IRA.  Tax-free
rollovers are also available to the surviving  spouse  beneficiary of a deceased
individual, or a spousal alternate payee of a qualified domestic relations order
applicable  to a  qualified  plan.  In  some  cases,  Traditional  IRAs  can  be
transferred on a tax-free basis between spouses or former spouses  incidental to
a judicial decree of divorce or separation.

DISTRIBUTIONS FROM TRADITIONAL IRA CERTIFICATES

   
Income or gains on  contributions  under  Traditional  IRAs are not  subject  to
Federal income tax until benefits are distributed to you.  Distributions include
withdrawals  from your  Certificate,  surrender of your  Certificate and annuity
payments from your Certificate. Death benefits are also distributions. Except as
discussed below, the amount of any distribution  from a Traditional IRA is fully
includable as ordinary income by you in your gross income.

If you have made nondeductible IRA contributions to any Traditional IRA (whether
or not this particular arrangement),  those contributions are recovered tax free
when distributions are received. You must keep records of all such nondeductible
contributions.  At the end of each  tax  year  in  which  you  have  received  a
distribution  from  any  traditional  individual  retirement  arrangement,   you
determine  a ratio of the total  non-deductible  Traditional  IRA  contributions
(less any amounts  previously  withdrawn tax free) to the total account balances
of all  Traditional  IRAs  held  by you at the end of the  tax  year  (including
rollover  Traditional IRAs) plus all Traditional IRA  distributions  made during
such tax year. The resulting ratio is then multiplied by all distributions  from
the Traditional IRA during that tax year to determine the nontaxable  portion of
each distribution.

In addition, a distribution (other than a required minimum distribution received
after age 70 1/2 ) is not  taxable  if (1) the  amount  received  is a return of
excess   contributions   which  are  withdrawn,   as  described   under  "Excess
Contributions"  above,  (2) the entire amount received is rolled over to another
traditional  individual  retirement  arrangement  (see "Rollovers and Transfers"
above) or (3) in certain limited  circumstances,  where the Traditional IRA acts
as a "conduit,"
    


                                       42
<PAGE>

the entire  amount is paid into a qualified  plan or TSA that  permits  rollover
contributions.

Distributions  from a Traditional IRA are not entitled to the special  favorable
five-year  averaging method (or, in certain cases,  favorable ten-year averaging
and   long-term   capital  gain   treatment)   available  in  certain  cases  to
distributions from qualified plans.

REQUIRED MINIMUM DISTRIBUTIONS

   
The minimum  distribution  rules require  Traditional IRA owners to start taking
annual distributions from their retirement plans by age 70 1/2. The distribution
requirements  are designed to provide for  distribution  of your interest in the
IRA over your life  expectancy.  Whether the correct amount has been distributed
is calculated on a  year-by-year  basis;  there are no provisions in the Code to
allow  amounts  taken in excess of the  required  amount to be  carried  over or
carried back and credited to other years.

Generally, you must take the first required minimum distribution with respect to
the calendar  year in which you turn age 70 1/2. You have the choice to take the
first  required  minimum  distribution  during the calendar year you turn age 70
1/2, or to delay taking it until the three-month (January 1 - April 1) period in
the next calendar year. (Distributions must commence no later than the "Required
Beginning  Date,"  which is the April 1st of the  calendar  year  following  the
calendar  year in which you turn age 70 1/2.) If you choose to delay  taking the
first  annual  minimum  distribution,  then  you will  have to take two  minimum
distributions  in that year -- the  delayed  one for the first  year and the one
actually for that year. Once minimum  distributions  begin, they must be made at
some time every year.

There are two approaches to taking minimum  distributions  -- "account based" or
"annuity  based" -- and there are a number of  distribution  options  in both of
these  categories.  These  choices  are  intended  to give  you a great  deal of
flexibility to provide for yourself and your family.

An account-based  minimum  distribution  approach may be a lump sum payment,  or
periodic  withdrawals  made over a period which does not extend beyond your life
expectancy or the joint life  expectancies of you and a designated  beneficiary.
An annuity-based  approach involves  application of the Annuity Account Value to
an annuity for your life or the joint lives of you and a designated beneficiary,
or for a period certain not extending beyond applicable life expectancies.
    

You should discuss with your tax adviser which minimum  distribution options are
best for your own personal  situation.  Individuals who are participants in more
than  one  tax-favored   retirement  plan  may  be  able  to  choose   different
distribution options for each plan.

Your required minimum  distribution for any taxable year is calculated by taking
into account the required  minimum  distribution  from each of your  traditional
individual retirement arrangements.  The IRS, however, does not require that you
make the  required  distribution  from each  traditional  individual  retirement
arrangement that you maintain.  As long as the total amount distributed annually
satisfies your overall minimum distribution requirement,  you may choose to take
your annual required  distribution  from any one or more traditional  individual
retirement arrangements that you maintain.

   
You may  recompute  your  minimum  distribution  amount  each year based on your
current life  expectancy  as well as that of your spouse.  No  recomputation  is
permitted, however, for a beneficiary other than a spouse.

If you have been computing minimum distributions with respect to Traditional IRA
funds on an account-based  approach (discussed above) you may subsequently apply
such funds to a life  annuity-based  payout,  provided  that you have elected to
recalculate  life  expectancy  annually (and your spouse's life  expectancy if a
spousal joint annuity is selected).  For example,  if you anticipate  exercising
your  Guaranteed  Minimum  Income  Benefit or  selecting  any other form of life
annuity  payout after you are age 70 1/2,  you must have elected to  recalculate
life expectancies.
    

If there is an  insufficient  distribution in any year, a 50% tax may be imposed
on the amount by which the minimum required to be distributed exceeds the amount
actually  distributed.  The  penalty tax may be waived by the  Secretary  of the
Treasury in certain limited circumstances. Failure to have distributions made as
the Code and Treasury regulations require may result in disqualification of your
Traditional IRA. See "Tax Penalty for Insufficient Distributions" below.

   
Except as described in the next sentence,  if you die after  distribution in the
form of an annuity has begun, or after the Required  Beginning Date,  payment of
the remaining interest must be made at least as rapidly as under the method used
prior to your death.  (The IRS has indicated  that an exception to the rule that
payment of the remaining  interest must be made at least as rapidly as under the
method used prior to your death applies if the  beneficiary  of the  Traditional
IRA is your surviving spouse. In some  circumstances,  your surviving spouse may
elect to "make the Traditional IRA his or her own" and halt distributions  until
he or she reaches age 70 1/2.)

If you die before the Required  Beginning Date and before  distributions  in the
form of an  annuity  begin,  distributions  of your  entire  interest  under the
Certificate must be completed within five years after death,  unless payments to
a designated beneficiary begin


                                       43
<PAGE>

within one year of your death and are made over the beneficiary's life or over a
period certain which does not extend beyond the beneficiary's life expectancy.

If your surviving  spouse is the designated  beneficiary,  your spouse may delay
the  commencement  of such  payments up until you would have attained 70 1/2. In
the  alternative,  a  surviving  spouse  may  elect to roll  over the  inherited
Traditional IRA into the surviving spouse's own Traditional IRA.
    

TAXATION OF DEATH BENEFITS

   
Distributions  received  by a  beneficiary  are  generally  given  the  same tax
treatment you would have received if distribution had been made to you.
    

If your  spouse  is the sole  primary  beneficiary  and  elects  to  become  the
successor Annuitant and Certificate Owner, no death benefit is payable until the
surviving spouse's death.

GUARANTEED MINIMUM DEATH BENEFIT

The  Code  provides  that no part of an  individual  retirement  account  may be
invested in life  insurance  contracts.  Treasury  Regulations  provide  that an
individual  retirement  account  may be invested  in an annuity  contract  which
provides a death benefit of the greater of premiums paid or the contract's  cash
value.  Your  Certificate  provides a minimum  death benefit  guarantee  that in
certain  circumstances  may be greater than either of contributions  made or the
Annuity Account Value. Although there is no ruling regarding the type of minimum
death benefit  guarantee  provided by the  Certificate,  Equitable Life believes
that the  Certificate's  minimum  death benefit  guarantee  should not adversely
affect the qualification of the Certificate as a Traditional IRA.  Nevertheless,
it is  possible  that the IRS could  disagree,  or take the  position  that some
portion of the charge in the Certificate for the minimum death benefit guarantee
should  be  treated  for  Federal  income  tax  purposes  as a  taxable  partial
withdrawal from the Certificate. If this were so, such a deemed withdrawal would
also be subject to tax penalty for Certificate Owners under age 59 1/2.

PROHIBITED TRANSACTION

   
A Traditional  IRA may not be borrowed  against or used as collateral for a loan
or other obligation.  If the IRA is borrowed against or used as collateral,  its
tax-favored status will be lost as of the first day of the tax year in which the
event  occurred.  If this happens,  you must include in Federal gross income for
that  year an  amount  equal to the fair  market  value of the  Traditional  IRA
Certificate  as of the  first  day of that  tax  year,  less the  amount  of any
nondeductible   contributions   not  previously   withdrawn.   Also,  the  early
distribution  penalty  tax of 10% will apply if you have not  reached age 59 1/2
before the first day of that tax year. See "Penalty Tax on Early  Distributions"
below.
    

PENALTY TAX ON EARLY DISTRIBUTIONS

The taxable  portion of Traditional IRA  distributions  will be subject to a 10%
penalty  tax unless the  distribution  is made (1) on or after your  death,  (2)
because you have become disabled, (3) on or after the date when you reach age 59
1/2, or (4) in accordance with the exception  outlined below if you are under 59
1/2.  Also not  subject to  penalty  tax are IRA  distributions  used to pay (5)
certain extraordinary medical expenses or medical insurance premiums for defined
unemployed individuals, (6) qualified first-time home buyer expense payments, or
(7) higher educational expense payments, all as defined in the Code.

A payout over your life or life  expectancy (or joint and survivor lives or life
expectancies),  which  is part  of a  series  of  substantially  equal  periodic
payments made at least  annually,  is also not subject to penalty tax. To permit
you to meet this exception,  Equitable Life has two options: Substantially Equal
Payment  Withdrawals and the Income Manager (Life Annuity with a Period Certain)
payout annuity certificates,  both of which are described in Part 4. The version
of the  Income  Manager  payout  annuity  certificates  which  would  meet  this
exception  must provide level  payments for life.  If you are a Traditional  IRA
Certificate  Owner who will be under age 59 1/2 as of the date the first payment
is expected to be received and you choose  either  option,  Equitable  Life will
calculate the substantially  equal annual payments under a method we will select
based on guidelines issued by the IRS (currently  contained in IRS Notice 89-25,
Question and Answer 12). Although  Substantially  Equal Payment  Withdrawals and
Income Manager payments are not subject to the 10% penalty tax, they are taxable
as discussed in "Distributions  from Traditional IRA  Certificates"  above. Once
Substantially  Equal Payment  Withdrawals or Income Manager  payments begin, the
distributions should not be stopped or changed until the later of your attaining
age 59 1/2 or five  years  after  the  date of the  first  distribution,  or the
penalty tax, including an interest charge for the prior penalty  avoidance,  may
apply to all prior  distributions  under this option.  Also, it is possible that
the IRS could  view any  additional  withdrawal  or  payment  you take from your
Certificate as changing your pattern of Substantially  Equal Payment Withdrawals
or Income  Manager  payments  for  purposes of  determining  whether the penalty
applies.

Where a taxpayer under age 59 1/2 purchases a traditional  individual retirement
annuity  contract  calling for  substantially  equal periodic  payments during a
fixed period, continuing afterwards under a joint life contingent annuity with a
reduced  payment  to the  survivor  (e.g.,  a joint  and 50% to  survivor),  the
question might be raised whether  payments will not be  substantially  equal for
the joint lives of the taxpayer and survivor, as the payments will be reduced


                                       44
<PAGE>

at some point. In issuing our  information  returns,  we code the  substantially
equal  periodic  payments from such a contract as eligible for an exception from
the early  distribution  penalty.  We believe that any change in payments to the
survivor would come within the statutory  provision  covering change of payments
on account of death. As there is no direct authority on this point,  however, if
you are under age 59 1/2, you should discuss this item with your own tax adviser
when electing a reduced survivorship option.

TAX PENALTY FOR INSUFFICIENT DISTRIBUTIONS

Failure to make  required  distributions  discussed  above in "Required  Minimum
Distributions"   may  cause  the   disqualification   of  the  Traditional  IRA.
Disqualification  may result in current  taxation  of your  entire  benefit.  In
addition a 50% penalty tax may be imposed on the difference between the required
distribution amount and the amount actually distributed, if any.

We do not automatically make distributions from a Certificate before the Annuity
Commencement  Date unless a request has been made. It is your  responsibility to
comply with the minimum  distribution rules. We will notify you when our records
show that your age 70 1/2 is approaching. If you do not select a method, we will
assume you are taking your minimum  distribution  from another  Traditional  IRA
that you maintain.  You should  consult with your tax adviser  concerning  these
rules and their proper application to your situation.

ROTH INDIVIDUAL RETIREMENT ANNUITIES (ROTH IRAS)

   
This  section of Part 7 covers  some of the special tax rules that apply to Roth
IRAs.

The Equitable  Accumulator  Roth IRA is designed to qualify as a Roth individual
retirement annuity under Sections 408A and 408(b) of the Code.
    

Cancellation

You can cancel a Certificate issued as a Roth IRA by following the directions in
Part 3 under  "Free Look  Period."  In  addition,  you can  cancel an  Equitable
Accumulator  Roth IRA Certificate  issued as a result of a full conversion of an
Equitable Accumulator  Traditional IRA Certificate by following the instructions
in the request for full conversion form available from our Processing  Office or
your registered representative. Since there may be adverse tax consequences if a
Certificate  is  cancelled  (and  because we are  required  to report to the IRS
certain  distributions  from  cancelled  IRAs),  you should  consult  with a tax
adviser before making any such decision.

Contributions to Roth IRAs

The following discussion relates to contributions to Roth IRAs. Contributions to
Traditional IRAs are discussed above.

Individuals  may make four different types of  contributions  to purchase a Roth
IRA, or as later  additions  to an existing  Roth IRA: (1)  "regular"  after-tax
contributions  out  of  earnings,  (2)  taxable  "rollover"  contributions  from
Traditional   IRAs   ("conversion"   contributions),   (3)   tax-free   rollover
contributions    from    other    Roth   IRAs,    or   (4)    tax-free    direct
custodian-to-custodian  transfers from other Roth IRAs ("direct transfers"). See
"Contributions under the Certificates" in Part 3. Since only direct transfer and
rollover  contributions  are permitted under the Roth IRA  Certificate,  regular
after-tax contributions are not discussed here.

ROLLOVERS AND DIRECT  TRANSFERS -- WHAT IS THE DIFFERENCE  BETWEEN  ROLLOVER AND
DIRECT TRANSFER TRANSACTIONS?

Rollover  contributions  may be made to a Roth IRA from  only two  sources:  (i)
another Roth IRA ("tax-free rollover contribution"), or (ii) another Traditional
IRA  in  a  taxable  "conversion"  rollover  ("conversion   contribution").   No
contribution  may be made to a Roth  IRA from a  qualified  plan  under  Section
401(a) of the Code, or a tax-sheltered  arrangement  under Section 403(b) of the
Code.  Currently we also do not accept  rollover  contributions  from  SEP-IRAs,
SARSEP-IRAs or SIMPLE-IRAs. The rollover contribution must be applied to the new
Roth IRA Certificate within 60 days of the date the proceeds from the other Roth
IRA or the Traditional IRA was received by you.

Direct transfer  contributions  may be made to a Roth IRA only from another Roth
IRA.  The  difference  between  a  rollover  transaction  and a direct  transfer
transaction  is that in a rollover  transaction  the  individual  actually takes
possession of the funds rolled over, or constructively receives them in the case
of a change from one type of plan to another. In a direct transfer  transaction,
the individual  never takes  possession of the funds, but directs the first Roth
IRA  custodian,  trustee or issuer to transfer the first Roth IRA funds directly
to Equitable Life, as the Roth IRA issuer. Direct transfer transactions can only
be made  between  identical  plan  types  (for  example,  Roth IRA to Roth IRA);
rollover  transactions may be made between identical plan types but must be made
between  different  plan  types  (for  example,  Traditional  IRA to Roth  IRA).
Although the economic effect of a Roth IRA to Roth IRA rollover  transaction and
a Roth IRA to Roth IRA direct  transfer  transaction  is the same -- both can be
accomplished  on a  completely  tax-free  basis -- Roth IRA to Roth IRA rollover
transactions  are  limited to once  every  12-month  period for the same  funds.
Trustee-to-trustee or  custodian-to-custodian  direct transfers are not rollover
transactions and can be made more frequently than once a year.

The  surviving  spouse  beneficiary  of a deceased  individual  can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. Also, in
some


                                       45

<PAGE>

cases,  Roth IRAs can be  transferred  on a tax-free  basis  between  spouses or
former spouses incidental to a judicial decree of divorce or separation.

CONVERSION CONTRIBUTIONS TO ROTH IRAS

   
In a conversion rollover  transaction,  you withdraw (or are deemed to withdraw)
all or a portion of funds from a Traditional  IRA you maintain and convert it to
a Roth IRA  within 60 days after you  receive  (or are  deemed to  receive)  the
Traditional  IRA proceeds.  Unlike a rollover from a Traditional  IRA to another
Traditional  IRA, the conversion  rollover  transaction  is not tax exempt;  the
distribution  from the Traditional IRA is generally fully taxable.  (If you have
ever made nondeductible  regular contributions to any Traditional IRA -- whether
or not it is the Traditional IRA you are converting -- a pro rata portion of the
distribution  is tax  exempt.) For this  reason,  Equitable  Life is required to
withhold 10% Federal income tax from the amount  converted  unless you elect out
of  such  withholding.  See  "Federal  and  State  Income  Tax  Withholding  and
Information Reporting" below.
    

However,  even if you are under age 59 1/2  there is no  premature  distribution
penalty on the Traditional IRA withdrawal that you are converting to a Roth IRA.
Also, a special rule applies to Traditional IRA funds converted to a Roth IRA in
calendar year 1998 only. For 1998 Roth IRA conversion rollover transactions, you
include the gross income from the  Traditional  IRA conversion  ratably over the
four-year  period  1998-2001.  See  discussion of the pre-age 59 1/2  withdrawal
penalty and the special  penalties  that may apply to premature  withdrawals  of
converted  funds under  "Additional  Taxes and  Penalties"  and  "Penalty Tax on
Premature Distributions" below.

YOU CANNOT MAKE CONVERSION  CONTRIBUTIONS  TO A ROTH IRA FOR ANY TAXABLE YEAR IN
WHICH YOUR ADJUSTED  GROSS INCOME  EXCEEDS  $100,000.  (For this  purpose,  your
adjusted  gross income is computed  without the gross income  stemming  from the
Traditional IRA conversion.) You also cannot make conversion  contributions to a
Roth IRA for any taxable year in which your Federal  income tax filing status is
"married filing separately."

Finally,  you cannot make conversion  contributions  to a Roth IRA to the extent
that the  funds in your  Traditional  IRA are  subject  to the  annual  required
minimum  distribution  rule  applicable to Traditional  IRAs beginning at age 70
1/2. For the  potential  effects of violating  these rules,  see  discussion  of
"Additional Taxes and Penalties" and "Excess Contributions" below.

WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS

NO RESTRICTIONS ON WITHDRAWALS. You can withdraw any or all of your funds from a
Roth  IRA at any  time;  you do not  need  to  wait  for a  special  event  like
retirement.  However, these withdrawals may be subject to a withdrawal charge as
stated in your  Certificate.  See discussion in Part 5. Also, the withdrawal may
be taxable to an extent and, even if not taxable,  may be subject to tax penalty
in certain  circumstances.  See the discussion below under  "Distributions  from
Roth IRAs,"  "Additional  Taxes and  Penalties,"  and  "Penalty Tax on Premature
Distributions."

DISTRIBUTIONS FROM ROTH IRAS

Distributions  include  withdrawals  from your  Certificate,  surrender  of your
Certificate and annuity payments from your Certificate.  Death benefits are also
distributions.

The following distributions from Roth IRAs are free of income tax:

(1) Rollovers from a Roth IRA to another Roth IRA.

(2) Direct  transfers  from a Roth IRA to another Roth IRA (see  "Rollovers  and
Direct Transfers" above).

(3) "Qualified  Distributions" from Roth IRAs (see "Qualified Distributions from
Roth IRAs" below).

(4) Return of excess  contributions  (see "Additional  Taxes and Penalties," and
"Excess Contributions" below).

Qualified Distributions from Roth IRAs

Distributions  from  Roth  IRAs  made  because  of  one of  the  following  four
qualifying events or reasons are not includable in income,  provided a specified
five-year  holding or aging period is met. The qualifying  events or reasons are
(1) you  attain  age 59 1/2,  (2)  your  death,  (3) your  disability,  or (4) a
"qualified  first-time  homebuyer   distribution"  (as  defined  in  the  Code).
Qualified first-time homebuyer  distributions are limited to $10,000 lifetime in
the aggregate from all Roth and Traditional IRAs of the taxpayer.

Five-Year Holding or Aging Period

The  applicable  five-year  holding  or  aging  period  depends  on the  type of
contribution   made  to  the  Roth  IRA.   For  Roth  IRAs   funded  by  regular
contributions,  or  rollover  or  direct  transfer  contributions  which are not
directly  or  indirectly   attributable  to  converted   Traditional  IRAs,  any
distribution  made after the  five-taxable  year period beginning with the first
taxable year for which you made a regular  contribution to any Roth IRA (whether
or not the one from which the  distribution  is being made) meets the  five-year
holding or aging  period.  The  Equitable  Accumulator  Roth IRA does not accept
"regular" contributions.  However, it does accept Roth IRA to Roth IRA rollovers
and direct transfers. If the source of your contribution is (indirectly) regular
contributions made to another Roth IRA and not conversion contributions,


                                       46
<PAGE>

the five-year holding or aging period discussed in the prior sentence applies to
you.

For Roth IRAs funded directly or indirectly by converted  Traditional  IRAs, the
applicable  five-year  holding  period  begins  with the year of the  conversion
rollover transaction to a Roth IRA.

Although there is currently no statutory prohibition against commingling regular
contributions  and  conversion   contributions  in  any  Roth  IRA,  or  against
commingling conversion  contributions made in more than one taxable year to Roth
IRAs, the IRS strongly encourages individuals to maintain separate Roth IRAs for
regular contributions and conversion contributions.  It also strongly encourages
individuals to  differentiate  conversion  Roth IRAs by conversion  year.  Under
pending  legislation  which could be enacted with a retroactive  effective date,
aggregation  of Roth IRAs by conversion  year may be required.  In the case of a
Roth IRA which contains conversion  contributions and regular contributions,  or
conversion  contributions  from more than one year, the five-year holding period
would be reset to begin with the most recent taxable year for which a conversion
contribution is made.

Non-Qualified Distributions from Roth IRAs

Non-qualified  distributions  from Roth IRAs are any distributions  which do not
meet the qualifying event and five-year  holding or aging period tests described
above and are potentially taxable as ordinary income. In contrast to Traditional
IRA  distributions,  which  are  assumed  to  be  fully  taxable,  non-qualified
distributions  receive   return-of-investment-first   treatment.  That  is,  the
recipient is taxed only on the difference between the amount of the distribution
and the  amount of Roth IRA  contributions  (less any  distributions  previously
recovered tax free).

Like Traditional IRAs, taxable distributions from a Roth IRA are not entitled to
the  special  favorable  five-year  averaging  method  (or,  in  certain  cases,
favorable ten-year averaging and long-term capital gain treatment)  available in
certain cases to distributions from qualified plans.

   
Although  the IRS has not yet issued  complete  guidance  on all aspects of Roth
IRAs,  it appears  that you will be required to keep your own records of regular
and  conversion  contributions  to all Roth IRAs in order to assure  appropriate
taxation.  An individual making contributions to a Roth IRA in any taxable year,
or receiving  amounts from any Roth IRA may be required to file the  information
with the IRS and retain all income tax returns and  records  pertaining  to such
contributions until interests in Roth IRAs are fully distributed.
    

REQUIRED MINIMUM DISTRIBUTIONS AT DEATH

If you die before  annuitization or before the entire amount of the Roth IRA has
been  distributed to you,  distributions  of your entire interest under the Roth
IRA must be completed to your designated beneficiary by December 31 of the fifth
year after your death,  unless  payments to a  designated  beneficiary  begin by
December  31 of the year after  your  death and are made over the  beneficiary's
life or over a period  which  does not  extend  beyond  the  beneficiary's  life
expectancy.  If  your  surviving  spouse  is  the  designated  beneficiary,   no
distributions  to a beneficiary are required until after the surviving  spouse's
death.

TAXATION OF DEATH BENEFIT

Distributions  received  by a  beneficiary  are  generally  given  the  same tax
treatment you would have received if distribution had been made to you.

ADDITIONAL TAXES AND PENALTIES

You are  subject  to  additional  taxation  for  using  your  Roth IRA  funds in
prohibited  transactions (as described  below).  There are also additional taxes
for making excess contributions and making certain pre-age 59 1/2 distributions.

Prohibited Transactions

A Roth IRA may not be borrowed against or used as collateral for a loan or other
obligation.  If the Roth IRA is  borrowed  against  or used as  collateral,  its
tax-favored status will be lost as of the first day of the tax year in which the
event occurred.  If this happens, you may be required to include in your Federal
gross income for that year an amount equal to the fair market value of your Roth
IRA  Certificate  as of  the  first  day  of  that  tax  year.  Also,  an  early
distribution  penalty  tax of 10% could apply if you have not reached age 59 1/2
before  the  first  day  of  that  tax  year.  See  "Penalty  Tax  on  Premature
Distributions" below.

EXCESS CONTRIBUTIONS

Excess  contributions  to a Roth IRA are subject to a 6% excise tax for the year
in which  made and for each  year  thereafter  until  withdrawn.  In the case of
rollover Roth IRA  contributions,  "excess  contributions" are amounts which are
not eligible to be rolled over (for  example,  conversion  contributions  from a
Traditional  IRA if your  adjusted  gross income is in excess of $100,000 in the
conversion year).

As of the date of this  prospectus,  there  is some  uncertainty  regarding  the
adjustment  of  excess  contributions  to Roth  IRAs.  The rules  applicable  to
Traditional  IRAs,  which  may  apply,   provide  that  an  excess  contribution
("regular"  or  rollover)  which is  withdrawn  before the time for filing  your
Federal  income  tax  return  for the tax  year  (including  extensions)  is not
includable  in  income  and is not  subject  to the  10%  penalty  tax on  


                                       47

<PAGE>

early   distributions   (discussed   below  under   "Penalty  Tax  on  Premature
Distributions"),  provided any earnings  attributable to the excess contribution
are also withdrawn. The withdrawn earnings on the excess contribution,  however,
could be  includable  in your gross  income for the tax year in which the excess
contribution  from  which  they  arose was made and could be  subject to the 10%
penalty tax.

As of the  date of this  prospectus,  pending  legislation,  if  enacted,  would
provide  that a  taxpayer  has up until the due date of the  Federal  income tax
return for a tax year (including  extensions) to correct an excess  contribution
to a Roth IRA by doing a trustee-to-trustee transfer to a Traditional IRA of the
excess  contribution  and the  applicable  earnings,  as long as no deduction is
taken  for  the  contribution.  There  can be no  assurance  that  such  pending
legislation  will be enacted or will not be  modified.  Please  consult your tax
adviser for information on the status of any legislation concerning Roth IRAs.

PENALTY TAX ON PREMATURE DISTRIBUTIONS

The taxable portion of  distributions  from a Roth IRA made before you reach age
59 1/2 will be subject to an additional  10% Federal  income tax penalty  unless
one of the following exceptions applies. There are exceptions for:

o  Your death,

o  Your disability,

o  Distributions used to pay certain extraordinary medical expenses,

o   Distributions  used to pay medical insurance premiums for certain unemployed
    individuals,

o  Substantially  equal  payments made at least annually over your life (or your
   life  expectancy),  or over the  lives of you and your  beneficiary  (or your
   joint life expectancies) using an IRS-approved distribution method,

o  "Qualified first-time homebuyer distributions" as defined in the Code, and

o Distributions  used to pay specified higher  education  expenses as defined in
  the Code.

Under  legislation  pending  as of the  date  of  this  prospectus,  if  amounts
converted  from a  Traditional  IRA to a Roth IRA are withdrawn in the five-year
period  beginning with the year of  conversion,  to the extent  attributable  to
amounts that were  includable in income due to the conversion  transaction,  the
amount  withdrawn from the Roth IRA would be subject to the 10% early withdrawal
penalty,  EVEN IF THE AMOUNT  WITHDRAWN  FROM THE ROTH IRA IS NOT  INCLUDABLE IN
INCOME  BECAUSE  OF  THE  RECOVERY-OF-INVESTMENT  FIRST  RULE.  However,  if the
recipient is eligible for one of the penalty  exceptions  described above (e.g.,
being age 59 1/2 or older) no penalty will apply.

Such pending  legislation  also provides that an additional 10% penalty applies,
apparently  without  exception,  to  withdrawals  allocable  to 1998  conversion
transactions  before the  five-year  exclusion  date,  in order to recapture the
benefit of the prorated  inclusion of Traditional IRA conversion income over the
four-year   period.   See   "Contributions   to  Roth  IRAs,"  and   "Conversion
Contributions to Roth IRAs" above. It is not known whether this legislation will
be enacted in its current form, but it may be retroactive to January 1, 1998.

Because Roth IRAs have only been recently approved, you should consult with your
tax adviser as to whether they are an appropriate investment vehicle for you.

   
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING

Equitable Life is required to withhold  Federal income tax from  Traditional IRA
distributions and the taxable portion of payments from annuity contracts, unless
the  recipient  elects not to be subject  to income  tax  withholding.  For this
reason  we are  generally  required  to  withhold  on  conversion  rollovers  of
Traditional IRAs to Roth IRAs, as the deemed withdrawal from the Traditional IRA
is taxable.  Withholding may also apply to any taxable amounts paid under a free
look or  cancellation.  Generally,  no withholding is required on  distributions
which are not  taxable  (for  example,  a direct  transfer  from one Roth IRA to
another Roth IRA you own). In the case of distributions  from a Roth IRA, we may
not be able to  calculate  the portion of the  distribution  (if any) subject to
tax. We may be required  to  withhold  on the gross  amount of the  distribution
unless you elect out of withholding as described  below.  This may result in tax
being withheld even though the Roth IRA  distribution is not taxable in whole or
in part.
    

The rate of withholding will depend on the type of distribution  and, in certain
cases,  the  amount of the  distribution.  Special  withholding  rules  apply to
foreign  recipients  and United  States  citizens  residing  outside  the United
States. See your tax adviser if you think you may be affected by such rules.

   
Any income tax  withheld is a credit  against  your income tax  liability.  If a
recipient  does  not  have  sufficient  income  tax  withheld  or does  not make
sufficient  estimated  income tax  payments,  however,  the  recipient may incur
penalties under the estimated income tax rules.  Recipients should consult their
tax advisers to determine whether they should elect out of withholding. Requests
not to withhold  Federal  income tax must be made in writing  prior to receiving
benefits under the  Certificate.  Our  Processing  Office will provide forms for
this purpose. No election out of withholding is valid
    

                                       48

<PAGE>

   
unless the recipient provides us with the correct Taxpayer Identification Number
and a United States residence address.
    

Certain states have indicated that income tax withholding will apply to payments
from the Certificates  made to residents.  In some states, a recipient may elect
out of state withholding. Generally, an election out of Federal withholding will
also be  considered  an  election  out of state  withholding.  If you need  more
information  concerning  a  particular  state or any  required  forms,  call our
Processing Office at the toll-free number and consult your tax adviser.

Periodic  payments are generally subject to wage-bracket type withholding (as if
such payments  were payments of wages by an employer to an employee)  unless the
recipient  elects  no  withholding.  If  a  recipient  does  not  elect  out  of
withholding  or  does  not  specify  the  number  of   withholding   exemptions,
withholding  will  generally be made as if the recipient is married and claiming
three  withholding  exemptions.  There is an annual  threshold of taxable income
from periodic annuity  payments which is exempt from  withholding  based on this
assumption.  For 1998, a recipient of periodic payments (e.g., monthly or annual
payments)  which  total less than a $14,400  taxable  amount will  generally  be
exempt from Federal  income tax  withholding,  unless the recipient  specifies a
different choice of withholding exemption. A withholding election may be revoked
at any time and remains effective until revoked. If a recipient fails to provide
a  correct  taxpayer  identification  number,  withholding  is  made  as if  the
recipient is single with no exemptions.


   
A recipient of a non-periodic  distribution (total or partial) will generally be
subject to  withholding  at a flat 10% rate.  A recipient  who provides a United
States  residence  address  and a correct  Taxpayer  Identification  Number will
generally be permitted to elect not to have tax withheld.
    

All  recipients  receiving  periodic and  non-periodic  payments will be further
notified of the withholding  requirements and of their right to make withholding
elections.

OTHER WITHHOLDING

   
As a  general  rule,  if death  benefits  are  payable  to a person  two or more
generations  younger than you, a Federal generation  skipping tax may be payable
with respect to the benefit at rates  similar to the maximum  estate tax rate in
effect at the time. The generation  skipping tax provisions  generally  apply to
transfers  which  would  also be  subject  to the gift  and  estate  tax  rules.
Individuals are generally allowed an aggregate generation skipping tax exemption
of $1 million. Because these rules are complex, you should consult with your tax
adviser for  specific  information,  especially  where  benefits  are passing to
younger generations, as opposed to a spouse or child.
    

If we  believe a benefit  may be subject to  generation  skipping  tax we may be
required  to  withhold  for  such  tax  unless  we  receive  acceptable  written
confirmation that no such tax is payable.

IMPACT OF TAXES TO EQUITABLE LIFE

The Certificates provide that Equitable Life may charge the Separate Account for
taxes. Equitable Life can set up reserves for such taxes.

                                       49



<PAGE>



- --------------------------------------------------------------------------------

   
                            PART 8: OTHER INFORMATION

- --------------------------------------------------------------------------------
INDEPENDENT ACCOUNTANTS

The  consolidated  financial  statements and  consolidated  financial  statement
schedules  of  Equitable  Life at December 31, 1997 and 1996 and for each of the
three years in the period ended  December 31, 1997 included in Equitable  Life's
Annual Report on Form 10-K,  incorporated by reference in the  prospectus,  have
been examined by Price Waterhouse LLP,  independent  accountants,  whose reports
thereon  are  incorporated  herein by  reference.  Such  consolidated  financial
statements and consolidated financial statement schedules have been incorporated
herein by reference in reliance upon the reports of Price  Waterhouse  LLP given
upon their authority as experts in accounting and auditing.

LEGAL PROCEEDINGS

Equitable Life and its affiliates are parties to various legal proceedings, none
of which,  in our view,  are likely to have a material  adverse  effect upon the
Separate Account,  our ability to meet our obligations under the Certificates or
the Certificates' distribution.
    

                                       50

<PAGE>



- --------------------------------------------------------------------------------

                         PART 9: INVESTMENT PERFORMANCE

   
- --------------------------------------------------------------------------------
This Part presents performance data for each of the Investment Funds included in
the tables below. The performance data were calculated by two methods. The first
method,  presented in Tables 1 and 2, reflects all applicable  fees and charges,
including the optional  baseBUILDER benefits charge, but not the charges for any
applicable taxes such as premium taxes.

The second method,  presented in Tables 3, 4 and 5, also reflects all applicable
fees and  charges,  but does not reflect the  withdrawal  charge,  the  optional
baseBUILDER  benefits charge, or the charge for tax such as premium taxes. These
additional  charges would  effectively  reduce the rates of return credited to a
particular Certificate.

The  Certificates  were  first  offered  on August  1,  1997.  Accordingly,  the
performance  data for the Investment  Funds have been adjusted for expenses,  as
described  herein,  that would have been  incurred had these  Certificates  been
available  prior to such date.  In addition,  the  investment  results  prior to
October 1996, when HRT Class IB shares were not available, have been adjusted to
reflect 12b-1 fees.

In all cases the results shown in the tables are based on the actual  historical
investment  experience  of the  corresponding  Portfolios of HRT or EQAT, as the
case may be (see "HRT Portfolios," below). Certain of the Investment Funds began
operations on a date after the inception date of the corresponding Portfolio, as
indicated in Table 1. When we advertise the performance of an Investment Fund we
will  separately  include the historical  performance  of the  Investment  Fund,
determined in the manner shown in Table 1, since the Investment Fund's inception
date, as and to the extent required by regulatory authorities.

HRT Portfolios

The  performance  data for the Alliance  Money Market and Alliance  Common Stock
Funds that invest in  corresponding  HRT Portfolios,  for periods prior to March
22, 1985,  reflect the investment  results of two open-end  management  separate
accounts (the  "predecessor  separate  accounts") which were reorganized in unit
investment trust form. The "Since Inception"  figures for these Investment Funds
are based on the date of inception of the predecessor  separate accounts.  These
performance data have been adjusted to reflect the maximum  investment  advisory
fee payable for the corresponding Portfolio of HRT, as well as an assumed charge
of 0.06% for direct operating expenses.

EQAT Portfolios

EQAT commenced  operations on May 1, 1997. The Investment  Funds of the Separate
Account that invest in Class IB shares of Portfolios of EQAT commenced operating
on May 1 and December 31, 1997.

See "Part 2: The Guaranteed  Period  Account" for  information on the Guaranteed
Period Account.

The  performance  data in Tables 1 and 2 (which  reflect  the first  calculation
method  described  above)  illustrate  the average  annual  total  return of the
Investment  Funds,  and the growth of an  investment  in the  Investment  Funds,
respectively,  over the periods shown, assuming a single initial contribution of
$1,000 and the surrender of a Certificate, at the end of each period on December
31, 1997. An Investment Fund's average annual total return is the annual rate of
growth of the  Investment  Fund that would be  necessary  to achieve  the ending
value of a contribution kept in the Investment Fund for the period specified.
    

Each calculation  assumes that the $1,000 contribution was allocated to only one
Investment  Fund,  no transfers  or  subsequent  contributions  were made and no
amounts were allocated to any other Investment Option under the Certificate.

   
In order to calculate  annualized rates of return, we divide the Cash Value of a
Certificate which is surrendered on December 31, 1997 by the $1,000 contribution
made at the beginning of each period illustrated. The result of that calculation
is the total growth rate for the period.  Then we annualize  that growth rate to
obtain the  average  annual  percentage  increase  (decrease)  during the period
shown.  When we "annualize," we assume that a single rate of return applied each
year during the period will  produce the ending  value,  taking into account the
effect of compounding.
    

                                       51

<PAGE>

<TABLE>
<CAPTION>
   
                                     TABLE 1
         AVERAGE ANNUAL TOTAL RETURN UNDER A CERTIFICATE SURRENDERED ON
                               DECEMBER 31, 1997*

- ---------------------------------------------- --------------------------------------------------------------------------------

                                                                         LENGTH OF INVESTMENT PERIOD
                                               --------------------------------------------------------------------------------
                                                                                                     SINCE
INVESTMENT FUND                                                                                   INVESTMENT
                                                 ONE         THREE        FIVE          TEN          FUND            SINCE
                                                YEAR         YEARS        YEARS        YEARS      INCEPTION**    INCEPTION***
- -------------------------------------------- ------------ ------------ ------------ ------------ -------------- ----------------
                                                
<S>                                             <C>           <C>          <C>          <C>         <C>              <C>  
Alliance Money Market                           (3.26)%       2.02%        2.20%        3.79%       (0.88)%          5.01%
Alliance High Yield                              9.58        17.23        13.44        10.72         6.32            9.96
Alliance Common Stock                           20.16        25.30        18.57        15.88        12.85           13.76
Alliance Aggressive Stock                        2.04        17.94        12.44        16.89         1.62           17.16
Alliance Small Cap Growth                          --           --           --           --        18.38           18.38
MFS Research                                       --           --           --           --         7.99            7.99
MFS Emerging Growth Companies                      --           --           --           --        14.32           14.32
Merrill Lynch Basic Value Equity                   --           --           --           --         8.97            8.97
Merrill Lynch World Strategy                       --           --           --           --        (3.24)          (3.24)
Morgan Stanley Emerging
   Markets Equity                                  --           --           --           --           --          (27.59)
EQ/Putnam Growth & Income Value                    --           --           --           --         8.15            8.15
EQ/Putnam Investors Growth                         --           --           --           --        16.53           16.53
EQ/Putnam International Equity                     --           --           --           --         1.59            1.59

- -------------------
See footnotes below.

- ------------------------------------------------------------------------------------------------------------------------------

                                     TABLE 2
     GROWTH OF $1,000 UNDER A CERTIFICATE SURRENDERED ON DECEMBER 31, 1997*

- ---------------------------------------------- --------------------------------------------------------------------------------
                                                                         LENGTH OF INVESTMENT PERIOD
                                               --------------------------------------------------------------------------------
                                                    ONE            THREE            FIVE            TEN             SINCE
INVESTMENT FUND                                     YEAR           YEARS           YEARS           YEARS        INCEPTION***
- ---------------------------------------------- --------------- --------------- --------------- --------------- ----------------

Alliance Money Market                               $  967          $1,062          $1,115          $1,450        $  2,296
Alliance High Yield                                  1,096           1,605           1,879           2,769           2,842
Alliance Common Stock                                1,202           1,967           2,344           4,364          17,039
Alliance Aggressive Stock                            1,020           1,641           1,797           4,762           6,690
Alliance Small Cap Growth                               --              --              --              --           1,184
MFS Research                                            --              --              --              --           1,080
MFS Emerging Growth Companies                           --              --              --              --           1,143
Merrill Lynch Basic Value Equity                        --              --              --              --           1,090
Merrill Lynch World Strategy                            --              --              --              --             968
Morgan Stanley Emerging
   Markets Equity                                       --              --              --              --             724
EQ/Putnam Growth & Income Value                         --              --              --              --           1,082
EQ/Putnam Investors Growth                              --              --              --              --           1,165
EQ/Putnam International Equity                          --              --              --              --           1,016
</TABLE>

- -------------------
 * The  tables  reflect  the  withdrawal  charge  and the  optional  baseBUILDER
   benefits charge.
** The  "Since  Inception"  dates  for  the  Investment  Funds  are as  follows:
   Alliance  Money Market,  Alliance  High Yield,  Alliance  Common  Stock,  and
   Alliance Aggressive Stock (October 16, 1996);  Alliance Small Cap Growth, MFS
   Research,  MFS Emerging Growth  Companies,  EQ/Putnam  Growth & Income Value,
   EQ/Putnam Investors Growth, and EQ/Putnam International Equity (May 1, 1997);
   Merrill Lynch Basic Value Equity and Merrill Lynch World Strategy  (August 1,
   1997); and Morgan Stanley Emerging Markets Equity (December 31, 1997).
***The  "Since  Inception"  dates  for the  Portfolios  of HRT and  EQAT  are as
   follows:  Alliance Money Market (July 13, 1981); Alliance High Yield (January
   2, 1987); Alliance Common Stock (January 13, 1976); Alliance Aggressive Stock
   (January 27,  1986);  Alliance  Small Cap Growth (May 1, 1997);  MFS Research
   (May 1, 1997);  MFS Emerging  Growth  Companies (May 1, 1997);  Merrill Lynch
   Basic Value Equity (May 1, 1997); Merrill Lynch World Strategy (May 1, 1997);
   Morgan Stanley Emerging Markets Equity (August 20, 1997);  EQ/Putnam Growth &
   Income Value (May 1, 1997); and EQ/Putnam International Equity (May 1, 1997).
   -----------------------------------------------------------------------------
    

                                       52

<PAGE>


   
Tables 3, 4 and 5 (which reflect the second  calculation method described above)
provide you with information on rates of return on an annualized, cumulative and
year-by-year basis.
    

All rates of return  presented are  time-weighted  and include  reinvestment  of
investment income, including interest and dividends.  Cumulative rates of return
reflect  performance  over a stated period of time.  Annualized  rates of return
represent the annual rate of growth that would have produced the same cumulative
return, if performance had been constant over the entire period.

BENCHMARKS

Market  indices are not subject to any charges  for  investment  advisory  fees,
brokerage  commission or other operating  expenses  typically  associated with a
managed  portfolio.  Nor do they reflect other charges such as the mortality and
expense  risks  charge,  administration  charge,  or any  withdrawal or optional
benefit  charge,  under the  Certificates.  Comparisons  with these  benchmarks,
therefore, are of limited use. We include them because they are widely known and
may help you to understand the universe of securities  from which each Portfolio
is likely to select its holdings.  Benchmark  data reflect the  reinvestment  of
dividend income.

   
PORTFOLIO INCEPTION DATES AND COMPARATIVE BENCHMARKS:
    

ALLIANCE MONEY MARKET: July 13, 1981; Salomon Brothers Three-Month T-Bill Index.

ALLIANCE HIGH YIELD: January 2, 1987; Merrill Lynch High Yield Master Index.

ALLIANCE COMMON STOCK: January 13, 1976; Standard & Poor's 500 Index.

   
ALLIANCE AGGRESSIVE STOCK:  January 27, 1986; 50% Russell 2000 Small Stock Index
and 50% Standard & Poor's Mid-Cap Total Return Index.

ALLIANCE SMALL CAP GROWTH: May 1, 1997; Russell 2000 Growth Index.

MFS RESEARCH: May 1, 1997; Standard & Poor's 500 Index.

MFS EMERGING GROWTH COMPANIES: May 1, 1997; Russell 2000 Index.

MERRILL LYNCH BASIC VALUE EQUITY: May 1, 1997; Standard & Poor's 500 Index.

MERRILL LYNCH WORLD  STRATEGY:  May 1, 1997; 36% Standard & Poor's 500 Index/24%
Morgan  Stanley  Capital  International  Europe,  Australia,  Far East Index/21%
Salomon  Brothers  U.S.   Treasury  Bond  1  Year+/14%  Salomon  Brothers  World
Government Bond (excluding U.S.)/and 5% Three-Month U.S. Treasury Bill.

MORGAN STANLEY EMERGING MARKETS EQUITY:  August 20, 1997; Morgan Stanley Capital
International Emerging Markets Free Price Return Index.

EQ/PUTNAM GROWTH & INCOME VALUE: May 1, 1997; Standard & Poor's 500 Index.

EQ/PUTNAM INVESTORS GROWTH: May 1, 1997; Standard & Poor's 500 Index.
    

EQ/PUTNAM   INTERNATIONAL   EQUITY:   May  1,  1997;   Morgan  Stanley   Capital
International Europe, Australia, Far East Index.

The Lipper  Variable  Insurance  Products  Performance  Analysis Survey (LIPPER)
records the performance of a large group of variable annuity products, including
managed separate accounts of insurance companies. According to Lipper Analytical
Services, Inc., the data are presented net of investment management fees, direct
operating  expenses and asset-based  charges applicable under annuity contracts.
Lipper  data  provide a more  accurate  picture  than market  benchmarks  of the
Equitable Accumulator performance relative to other variable annuity products.

<TABLE>
<CAPTION>
   
                                     TABLE 3
        ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
- -------------------------------------------------------------------------------------------------------------------------------

                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------

<S>                                       <C>         <C>         <C>         <C>         <C>          <C>         <C>  
ALLIANCE MONEY MARKET                      3.74%       3.81%       3.02%       4.09%       4.91%          --        5.48%
   Lipper Money Market                     3.95        4.05        3.29        4.41        5.39           --        5.77
   Benchmark                               5.23        5.41        4.71        5.61        6.33           --        6.87

ALLIANCE HIGH YIELD                       16.58       18.49       14.04       10.99          --           --       10.25
   Lipper High Yield                      12.87       14.23       10.68       10.33          --           --        9.46
   Benchmark                              12.83       14.54       11.72       12.09          --           --       11.39

ALLIANCE COMMON STOCK                     27.16       26.55       19.11       16.10       15.37        15.68%      13.98
   Lipper Growth                          24.35       24.72       16.01       15.40       13.99        15.20       13.97
   Benchmark                              33.36       31.15       20.27       18.05       17.52        16.66       15.44
</TABLE>

                                       53

<PAGE>

<TABLE>
<CAPTION>
                               TABLE 3 (CONTINUED)
        ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
- -------------------------------------------------------------------------------------------------------------------------------

                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------

<S>                                       <C>         <C>          <C>        <C>                                  <C>  
ALLIANCE AGGRESSIVE STOCK
                                           9.04%      19.31%      13.05%      17.08%         --           --       17.45%
   Lipper Mid-Cap                         12.11       15.54        9.27       14.32          --           --       15.87
   Benchmark                              27.31       24.88       17.11       17.74          --           --       15.12

ALLIANCE SMALL CAP GROWTH
                                             --          --          --          --          --           --       25.38**
   Lipper Small Cap                          --          --          --          --          --           --       26.66**
   Benchmark                                 --          --          --          --          --           --       27.66**

MFS RESEARCH                                 --          --          --          --          --           --       14.99**
   Lipper Growth                             --          --          --          --          --           --       21.89**
   Benchmark                                 --          --          --          --          --           --       22.55**

MFS EMERGING GROWTH COMPANIES
                                             --          --          --          --          --           --       21.32**
   Lipper Mid-Cap                            --          --          --          --          --           --       20.88**
   Benchmark                                 --          --          --          --          --           --       28.68**

MERRILL LYNCH BASIC VALUE EQUITY
                                             --          --          --          --          --           --       15.97**
   Lipper Growth & Income                    --          --          --          --          --           --       20.28**
   Benchmark                                 --          --          --          --          --           --       22.55**

MERRILL LYNCH WORLD STRATEGY
                                             --          --          --          --          --           --        3.76**
   Lipper Global Flexible Portfolio          --          --          --          --          --           --        8.52**
   Benchmark                                 --          --          --          --          --           --       10.81**

MORGAN STANLEY EMERGING MARKETS EQUITY
                                             --          --          --          --          --           --      (20.59)**
   Lipper Emerging Markets                   --          --          --          --          --           --        N/A
   Benchmark                                 --          --          --          --          --           --      (21.43)**

EQ/PUTNAM GROWTH & INCOME VALUE
                                             --          --          --          --          --           --       15.15**
   Lipper Growth & Income                    --          --          --          --          --           --       20.28**
   Benchmark                                 --          --          --          --          --           --        22.55**
EQ/PUTNAM INVESTORS GROWTH
                                             --          --          --          --          --           --       23.53%**
   Lipper Growth                             --          --          --          --          --           --       21.89**
   Benchmark                                 --          --          --          --          --           --       22.55**

EQ/PUTNAM INTERNATIONAL EQUITY
                                             --          --          --          --          --           --        8.59**
   Lipper International                      --          --          --          --          --           --        3.41**
   Benchmark                                 --          --          --          --          --           --        2.85**


- -------------------
See Footnote on page 56.
</TABLE>

                                       54

<PAGE>


<TABLE>
<CAPTION>
                                     TABLE 4
        CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*

- -------------------------------------------------------------------------------------------------------------------------------

                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------

<S>                                       <C>        <C>         <C>         <C>         <C>          <C>          <C>     
ALLIANCE MONEY MARKET                      3.74%      11.88%      16.03%      49.32%     105.23%            --       140.79%
   Lipper Money Market                     3.95       12.64       17.61       54.00      120.14             --       151.25
   Benchmark                               5.23       17.13       25.87       72.64      150.97             --       199.34

ALLIANCE HIGH YIELD                       16.58       66.34       92.84      183.74          --             --       192.34
   Lipper High Yield                      12.87       49.17       66.26      169.15          --             --       173.12
   Benchmark                              12.83       50.26       74.04      213.08          --             --       227.68

ALLIANCE COMMON STOCK                     27.16      102.66      139.73      344.83      735.99       1,740.23%    1,670.44
   Lipper Growth                          24.35       94.70      111.15      321.71      615.81       1,602.96     1,659.17
   Benchmark                              33.36      125.60      151.62      425.67    1,026.40       2,080.13     2,248.74

ALLIANCE AGGRESSIVE STOCK
                                           9.04       69.84       84.69      384.08          --             --       581.19
   Lipper Mid-Cap                         12.11       56.12       59.26      311.80          --             --       478.26
   Benchmark                              27.31       94.76      120.25      412.08          --             --       436.52

ALLIANCE SMALL CAP GROWTH
                                             --          --          --          --          --           --          25.38**
   Lipper Small Cap                          --          --          --          --          --           --          26.66**
   Benchmark                                 --          --          --          --          --           --          27.66**

MFS RESEARCH                                 --          --          --          --          --           --          14.99**
   Lipper Growth                             --          --          --          --          --           --          21.89**
   Benchmark                                 --          --          --          --          --           --          22.55**

MFS EMERGING GROWTH COMPANIES
                                             --          --          --          --          --           --          21.32**
   Lipper Mid-Cap                            --          --          --          --          --           --          20.88**
   Benchmark                                 --          --          --          --          --           --          28.68**

MERRILL LYNCH BASIC VALUE EQUITY
                                             --          --          --          --          --           --          15.97**
   Lipper Growth & Income                    --          --          --          --          --           --          20.28**
   Benchmark                                 --          --          --          --          --           --          22.55**

MERRILL LYNCH WORLD STRATEGY
                                             --          --          --          --          --           --           3.76%**
   Lipper Global Flexible Portfolio          --          --          --          --          --           --           8.52**
   Benchmark                                 --          --          --          --          --           --          10.81**

MORGAN STANLEY EMERGING MARKETS EQUITY
                                             --          --          --          --          --           --         (20.59)**
   Lipper Emerging Markets                   --          --          --          --          --           --           N/A
   Benchmark                                 --          --          --          --          --           --         (21.43)**

EQ/PUTNAM GROWTH & INCOME VALUE
                                             --          --          --          --          --           --          15.15**
   Lipper Growth & Income                    --          --          --          --          --           --          20.28**
   Benchmark                                 --          --          --          --          --           --          22.55**

EQ/PUTNAM INVESTORS GROWTH
                                             --          --          --          --          --           --          23.53**
   Lipper Growth                             --          --          --          --          --           --          21.89**
   Benchmark                                 --          --          --          --          --           --          22.55**

EQ/PUTNAM INTERNATIONAL EQUITY
                                             --          --          --          --          --           --           8.59**
   Lipper International                      --          --          --          --          --           --           3.41**
   Benchmark                                 --          --          --          --          --           --           2.85**

- -------------------
See Footnote on page 56.
</TABLE>

                                       55

<PAGE>

<TABLE>
<CAPTION>
                                     TABLE 5
                          YEAR-BY-YEAR RATES OF RETURN*

- --------------------------------------------------------------------------------------------------------------------------------

                    1984    1985   1986    1987    1988    1989   1990    1991    1992    1993    1994    1995    1996   1997
                  --------------------------------------------------------------------------------------------------------------

<S>                <C>     <C>     <C>     <C>    <C>     <C>     <C>    <C>      <C>    <C>     <C>     <C>     <C>     <C>  
ALLIANCE MONEY
   MARKET***        9.09%%  6.74%   4.91%  4.93%   5.61%   7.45%   6.50%  4.49%   1.91%   1.32%   2.36%   4.06%   3.64%   3.74%
ALLIANCE HIGH
   YIELD              --      --      --   3.03    7.99    3.46   (2.70) 22.48   10.51   21.19   (4.33)  18.01   20.91   16.58
ALLIANCE COMMON
   STOCK***
                   (3.53)  31.30   15.50   5.73   20.48   23.60   (9.59) 35.69    1.57   22.83   (3.70)  30.34   22.28   27.16
ALLIANCE
   AGGRESSIVE
   STOCK              --      --   33.28   5.58   (0.48)  41.22    6.43  83.89   (4.71)  14.89   (5.35)  29.54   20.24    9.04

- -------------------
 * Returns do not  reflect  the  withdrawal  charge,  the  optional  baseBUILDER
   benefits charge,  and any charge for tax such as premium taxes.  There are no
   returns  shown in Table 5 for the  Alliance  Small  Cap  Growth  Fund and the
   Investment  Funds  investing in EQAT as such Funds have less than one year of
   performance.
** Unannualized
***Prior  to 1984  the  Year-by-Year  Rates of
   Return were:                                        1976     1977      1978      1979     1980      1981     1982      1983

   ALLIANCE COMMON STOCK                              7.73%    (10.69)%  6.51%    27.77%    47.74%   (7.37)%   15.70%   24.11%

   ALLIANCE MONEY MARKET                                --         --      --        --        --     5.49     11.22     7.22
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    

COMMUNICATING PERFORMANCE DATA

In reports or other communications or in advertising  material,  we may describe
general economic and market  conditions  affecting the Separate Account and each
respective  trust and may present the  performance  of the  Investment  Funds or
compare it with (1) that of other insurance  company separate accounts or mutual
funds included in the rankings  prepared by Lipper  Analytical  Services,  Inc.,
Morningstar,  Inc.,  VARDS or  similar  investment  services  that  monitor  the
performance of insurance  company  separate  accounts or mutual funds, (2) other
appropriate indices of investment  securities and averages for peer universes of
funds which are shown under  "Benchmarks"  and  "Portfolio  Inception  Dates and
Comparative Benchmarks" in this Part 9, or (3) data developed by us derived from
such indices or averages.  The Morningstar Variable Annuity/Life Report consists
of nearly 700 variable  life and annuity  funds,  all of which report their data
net of  investment  management  fees,  direct  operating  expenses  and separate
account   charges.   VARDS  is  a  monthly   reporting   service  that  monitors
approximately  760 variable life and variable  annuity funds on performance  and
account information. Advertisements or other communications furnished to present
or prospective  Certificate Owners may also include evaluations of an Investment
Fund or Portfolio by financial  publications that are nationally recognized such
as Barron's,  Morningstar's Variable Annuity Sourcebook,  Business Week, Chicago
Tribune, Forbes, Fortune, Institutional Investor, Investment Adviser, Investment
Dealer's Digest,  Investment  Management Weekly, Los Angeles Times, Money, Money
Management Letter,  Kiplinger's Personal Finance,  Financial Planning,  National
Underwriter,  Pension & Investments,  USA Today,  Investor's Business Daily, The
New York Times, and The Wall Street Journal.

   
ALLIANCE MONEY MARKET FUND AND ALLIANCE HIGH YIELD FUND YIELD INFORMATION

The current  yield and  effective  yield of the  Alliance  Money Market Fund and
Alliance  High  Yield Fund may appear in reports  and  promotional  material  to
current or prospective Certificate Owners.

Current yield for the Alliance Money Market Fund will be based on net changes in
a hypothetical  investment over a given seven-day  period,  exclusive of capital
changes,  and then  "annualized"  (assuming that the same seven-day result would
occur each week for 52 weeks).  Current  yield for the Alliance  High Yield Fund
will be based on net changes in a  hypothetical  investment  over a given 30-day
period,  exclusive of capital changes, and then "annualized"  (assuming that the
same 30-day result would occur each month for 12 months).  "Effective  yield" is
calculated in a manner similar to that used to calculate current yield, but when
annualized, any income earned by the investment is assumed to be reinvested. The
"effective  yield" will be slightly  higher than the "current yield" because any
earnings are  compounded  weekly for the Alliance  Money Market Fund and monthly
for the Alliance High Yield Fund.  Alliance  Money Market Fund and Alliance High
Yield Fund yields and effective  yields assume the deduction of all  Certificate
charges and expenses other than the withdrawal charge, the optional  baseBUILDER
benefits  charge,  and any charge for tax such as  premium  tax.  The yields and
effective  yields for the  Alliance  Money Market Fund when used for the Special
Dollar Cost Averaging program,  assume that no Certificate charges are deducted.
See "Part 4:  Alliance  Money  Market  Fund and  Alliance  High Yield Fund Yield
Information" in the SAI.
    

                                       56

<PAGE>



                   APPENDIX I: MARKET VALUE ADJUSTMENT EXAMPLE
- --------------------------------------------------------------------------------
The example below shows how the market value  adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated on
February 15, 1999 to a Guarantee  Period with an Expiration Date of February 15,
2008  at a  Guaranteed  Rate of  7.00%  resulting  in a  Maturity  Value  at the
Expiration Date of $183,846,  and further  assuming that a withdrawal of $50,000
was made on February 15, 2003.

- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                             ASSUMED
                                                                               GUARANTEED RATE ON FEBRUARY 15, 2003

                                                                                5.00%                        9.00%
                                                                    -----------------------------------------------------------
<S>                                                                             <C>                          <C>
As of February 15, 2003 (Before Withdrawal)
(1)  Present Value of Maturity Value, also
     Annuity Account Value.......................................               $144,048                     $119,487
(2)  Guaranteed Period Amount....................................                131,080                      131,080
(3)  Market Value Adjustment: (1) - (2)..........................                 12,968                      (11,593)

On February 15, 2003 (After Withdrawal)
(4)  Portion of (3) Associated
     with Withdrawal: (3) x [$50,000/(1)]........................             $    4,501                   $   (4,851)
(5)  Reduction in Guaranteed
     Period Amount: [$50,000 - (4)]..............................                 45,499                       54,851
(6)  Guaranteed Period Amount: (2) - (5).........................                 85,581                       76,229
(7)  Maturity Value..............................................                120,032                      106,915
(8)  Present Value of (7), also
     Annuity Account Value.......................................                 94,048                       69,487
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>

- ---------------------------------------------------------------------
You should note that under this example if a withdrawal  is made when rates have
increased  (from 7.00% to 9.00% in the example),  a portion of a negative market
value  adjustment  is realized.  On the other hand, if a withdrawal is made when
rates  have  decreased  (from  7.00% to 5.00% in the  example),  a portion  of a
positive market value adjustment is realized.

                                       57

<PAGE>



   
            APPENDIX II: PURCHASE CONSIDERATIONS FOR QP CERTIFICATES
- --------------------------------------------------------------------------------
Any trustee  considering a purchase of a QP Certificate  should discuss with its
tax adviser whether this is an appropriate investment vehicle for the employer's
plan. Trustees should consider whether the plan provisions permit the investment
of plan assets in the QP Certificate,  the distribution of such an annuity,  the
purchase of the  Guaranteed  Minimum  Income  Benefit,  and the payment of death
benefits  in  accordance  with  the  requirements  of  the  Code.  The  form  of
Certificate  and this  prospectus  should be reviewed in full, and the following
factors,  among others,  should be noted.  This QP Certificate  accepts transfer
contributions only and not regular,  ongoing payroll  contributions.  For 401(k)
plans under defined contribution plans, no employee after-tax  contributions are
accepted.  Under defined  benefit  plans,  we will not accept  rollovers  from a
defined  contribution  plan to a  defined  benefit  plan.  We will  only  accept
transfers from a defined benefit plan or a change of investment  vehicles in the
plan.

For defined benefit plans, the maximum percentage of actuarial value of the plan
Participant/Employee's  "Normal Retirement  Benefit" which can be funded by a QP
Certificate is 80%. The Annuity  Acocunt Value under a QP Certificate may at any
time be more or less  than the lump sum  actuarial  equivalent  of the  "Accrued
Benefit" for a defined  benefit plan  Participant/Employee.  Equitable Life does
not guarantee that the Annuity Account Value under a QP Certificate  will at any
time  equal  the  actuarial  value  of 80% of a  Participant/Employee's  Accrued
Benefit.  If overfunding of a plan occurs,  withdrawals  from the QP Certificate
may be required.  A withdrawal  charge and/or market value adjustment may apply.
Further,  Equitable will not perform or provide any plan recordkeeping  services
with respect to the QP  Certificates.  The plan's  administrator  will be solely
responsible for performing or providing for all such services.  There is no loan
feature offered under the QP Certificates, so if the plan provides for loans and
a  Participant/Employee  takes a loan from the plan,  other plan  assets must be
used as the source of the loan and any loan repayments must be credited to other
investment vehicles and/or accounts available under the plan.

Finally,  because the method of purchasing the QP Certificates  and the features
of the QP Certificates  may appeal more to plan  Participants/Employees  who are
older  and tend to be  highly  paid,  and  because  certain  features  of the QP
Certificates are available only to plan  Participants/Employees who meet certain
minimum and/or maximum age requirements, plan trustees should discuss with their
advisers  whether the  purchase of the QP  Certificates  would cause the plan to
engage in prohibited discrimination in contributions, benefits or otherwise.
    

                                       58

<PAGE>

   
    


             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" in Part 3).

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 and no  withdrawals,  the Guaranteed
Minimum Death Benefit for an Annuitant age 45 would be calculated as follows:

<TABLE>
<CAPTION>
         ----------------------------------------------------------------------------------------------------------------------

                END OF                                              6% ROLL UP TO AGE 80          ANNUAL RATCHET TO AGE 80
               CONTRACT                   ANNUITY                    GUARANTEED MINIMUM              GUARANTEED MINIMUM
                 YEAR                  ACCOUNT VALUE                  DEATH BENEFIT(1)                 DEATH BENEFIT
         ----------------------------------------------------------------------------------------------------------------------
                   <S>                     <C>                             <C>                             <C>        
                   1                       $105,000                        $106,000                        $105,000(2)
                   2                       $115,500                        $112,360                        $115,500(2)
                   3                       $132,825                        $119,102                        $132,825(2)
                   4                       $106,260                        $126,248                        $132,825(3)
                   5                       $116,886                        $133,823                        $132,825(3)
                   6                       $140,263                        $141,852                        $140,263(2)
                   7                       $140,263                        $150,363                        $140,263(3)
         ----------------------------------------------------------------------------------------------------------------------
</TABLE>

The Annuity  Account Values for Contract Years 1 through 7 are determined  based
on hypothetical  rates of return of 5.00%,  10.00%,  15.00%,  (20.00)%,  10.00%,
20.00% and 0.00%, respectively.

6% ROLL UP TO AGE 80

(1)  For Contract Years 1 through 7, the Guaranteed Minimum Death Benefit equals
     the initial contribution increased by 6%.

ANNUAL RATCHET TO AGE 80

(2)  At the end of  Contract  Years 1, 2 and 3, and again at the end of Contract
     Year 6, the  Guaranteed  Minimum  Death  Benefit  is  equal to the  current
     Annuity Account Value.

(3)  At the end of  Contract  Years 4, 5 and 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.

                                       59

<PAGE>


   
- --------------------------------------------------------------------------------
                       STATEMENT OF ADDITIONAL INFORMATION
                                TABLE OF CONTENTS
- --------------------------------------------------------------------------------
                                                                            PAGE
- --------------------------------------------------------------------------------
Part 1:    Minimum Distribution Withdrawals -- 
           Traditional IRA Certificates                                        2
- --------------------------------------------------------------------------------
Part 2:    Accumulation Unit Values                                            2
- --------------------------------------------------------------------------------
Part 3:    Annuity Unit Values                                                 2
- --------------------------------------------------------------------------------
Part 3:    Custodian and Independent Accountants                               3
- --------------------------------------------------------------------------------
Part 4:    Alliance Money Market Fund and Alliance 
           High Yield Fund Yield Information                                   3
- --------------------------------------------------------------------------------
Part 5:    Long-Term Market Trends                                             4
- --------------------------------------------------------------------------------
Part 6:    Key Factors in Retirement Planning                                  6
- --------------------------------------------------------------------------------
Part 7:    Financial Statements                                                9
- --------------------------------------------------------------------------------
    




                  HOW TO OBTAIN AN EQUITABLE ACCUMULATOR STATEMENT OF ADDITIONAL
                  INFORMATION FOR SEPARATE ACCOUNT NO. 49




                  Send this request form to:

   
                      Equitable Life
                      Equitable Accumulator
                      P.O. Box 1547
                      Secaucus, NJ 07096-1547




                  Please send me an Equitable Accumulator SAI dated May 1, 1998:
    




                  --------------------------------------------------------------
                  Name

                  --------------------------------------------------------------
                  Address

                  --------------------------------------------------------------
                  City                                  State                Zip



   
(MLSAI 5/98)
    

                                       60

<PAGE>


   
                                  SUPPLEMENT TO
                         EQUITABLE ACCUMULATORSM SELECT
                                (IRA, NQ AND QP)
                          PROSPECTUS DATED MAY 1, 1998
    

          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES

                                   Issued By:
            The Equitable Life Assurance Society of the United States

- --------------------------------------------------------------------------------

   
This prospectus supplement describes the baseBUILDER(R) Combined Guaranteed
Minimum Income Benefit and Guaranteed Minimum Death Benefit offered to Annuitant
issue ages 76 through 83 under the Equitable Accumulator Select (IRA, NQ and QP)
prospectus. The baseBUILDER is not available for Annuitant issue ages 84 and 85.
Capitalized terms in this supplement have the same meaning as in the prospectus.

A different version of the Combined Guaranteed Minimum Income Benefit and
Guaranteed Minimum Death Benefit than the versions discussed on page 22 of the
prospectus under "baseBUILDER Benefits" is available for Annuitant issue ages 76
through 83. The charge for this benefit is 0.30% of the Guaranteed Minimum
Income Benefit benefit base in effect on a Processing Date. The versions of the
baseBUILDER benefits described in the prospectus are not available at these
Annuitant issue ages. The benefit for Annuitant issue ages 76 through 83 is as
discussed below:
    

         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 election.

The Guaranteed Minimum Death Benefit applicable to the combined benefit is as
follows:

         4% 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 4% on
         each Contract Date anniversary through the Annuitant's age 85 (or at
         the Annuitant's death, if earlier), and 0% thereafter, and is adjusted
         for any subsequent contributions and withdrawals.

   
The Guaranteed Minimum Income Benefit benefit base described on page 30 of the
prospectus is as follows:
    

         The Guaranteed Minimum Income Benefit benefit base is equal to the
         initial contribution on the Contract Date. Thereafter, the Guaranteed
         Minimum Income Benefit benefit base is credited with interest at 4% on
         each Contract Date anniversary through the Annuitant's age 85, and 0%
         thereafter, and is adjusted for any subsequent contributions and
         withdrawals.

   
- --------------------------------------------------------------------------------
    Copyright 1998 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 MAY 1, 1998

PROS 4ACS SUPP1(5/98)
    

<PAGE>


   
                                                                     MAY 1, 1998
    




THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES

   
               PROFILE OF THE EQUITABLE ACCUMULATOR(SM) SELECT (IRA,
               NQ AND QP) COMBINATION VARIABLE AND FIXED DEFERRED
                              ANNUITY CERTIFICATES
    


This Profile is a summary of some of the more important points that you should
know and consider before purchasing a Certificate. The Certificate is more fully
described in the prospectus which accompanies this Profile. Please read the
prospectus carefully.


   
1. THE ANNUITY CERTIFICATE. The Equitable Accumulator Select Certificate is a
combination variable and fixed deferred annuity issued by Equitable Life.
Certificates can be issued as individual retirement annuities (IRAS, which can
be either TRADITIONAL IRAS or ROTH IRAS) or as non-qualified annuities (NQ) for
after-tax contributions only. NQ Certificates may also be used as an investment
vehicle for certain types of qualified plans (QP). The Equitable Accumulator
Select Certificate is designed to provide for the accumulation of retirement
savings and for income through the investment, during an accumulation phase, of
(a) rollover contributions, direct transfers from other individual retirement
arrangements and additional IRA contributions or (b) after-tax money.
    

You may allocate amounts to Investment Funds where your Certificate's value may
vary up or down depending upon investment performance. You may also allocate
amounts to Guarantee Periods (also called GUARANTEED FIXED INTEREST ACCOUNTS)
that when held to maturity provide guaranteed interest rates that we have set
for your class of Certificate and a guarantee of principal. If you make any
transfers or withdrawals, the Guaranteed Fixed Interest Accounts' investment
value may increase or decrease until maturity due to interest rate changes.
Earnings accumulate under your Certificate on a tax-deferred basis until amounts
are distributed. Amounts distributed under the Equitable Accumulator Select
Certificate may be subject to income tax.

The Investment Funds offer the potential for better returns than the interest
rates guaranteed under the Guaranteed Fixed Interest Accounts, but the
Investment Funds involve risk and you can lose money. You may make transfers
among the Investment Funds and Guaranteed Fixed Interest Accounts. The value of
Guaranteed Fixed Interest Accounts prior to their maturity fluctuates and you
can lose money on premature transfers or withdrawals.

The Certificate provides a number of distribution methods during the
accumulation phase and for converting to annuity income. The amount accumulated
under your Certificate during the accumulation phase will affect the amount of
distribution or annuity benefits you receive.

   
                                   ----------
    Copyright 1998 The Equitable Life Assurance Society of the United States,
    New York, New York 10104. Accumulator is a service mark, and baseBUILDER
      and Income Manager are registered service marks of The Equitable Life
                     Assurance Society of the United States.
    

                                       1

<PAGE>


   
You can elect the baseBUILDER(R) at issue of the Certificate for an additional
charge. The baseBUILDER provides a combined Guaranteed Minimum Income Benefit
and Guaranteed Minimum Death Benefit. The Guaranteed Minimum Income Benefit
provides a minimum amount of guaranteed lifetime income regardless of investment
performance when converting, at specific times, to the Income Manager(R)
(Life Annuity with a Period Certain) payout annuity certificate.


2. ANNUITY PAYMENTS. When you are ready to start receiving income, annuity
income is available by applying your Certificate's value to an Income Manager
payout annuity certificate. You can also have your IRA or NQ Certificate's value
applied to any of the following ANNUITY BENEFITS: (1) Life Annuity - payments
for the annuitant's life, (2) Life Annuity - Period Certain - payments for the
annuitant's life, but with payments continuing to the beneficiary for the
balance of the selected years if the annuitant dies before the end of the
selected period; (3) Life Annuity - Refund Certain - payments for the
annuitant's life, with payments continuing to the beneficiary after the
annuitant's death until any remaining amount applied to this option runs out;
and (4) Period Certain Annuity - payments for a specified period of time,
usually 5, 10, 15 or 20 years, with no life contingencies. Options (2) and (3)
are also available as a Joint and Survivor Annuity - payments for the
annuitant's life, and after the annuitant's death, continuation of payments to
the survivor for life. Under QP Certificates the only Annuity Benefit available
is Option (2) as a Life Annuity with a 10 Year Period Certain, or a Joint and
Survivor Life Annuity with a 10 Year Period Certain. Annuity Benefits (other
than the Refund Certain and the Period Certain which are only available on a
fixed basis) are available as a fixed annuity, or as a variable annuity, where
the dollar amount of your payments will depend upon the investment performance
of the Investment Funds. Once you begin receiving annuity payments, you cannot
change your Annuity Benefit.
    


3. PURCHASE. You can purchase an Equitable Accumulator Select IRA Certificate by
rolling over or transferring at least $25,000 or more from one or more
individual retirement arrangements. Under a Traditional IRA Certificate you may
add additional amounts of $1,000 or more at any time (subject to certain
restrictions). Additional amounts under a Traditional IRA Certificate are
limited to $2,000 per year, but additional rollover or IRA transfer amounts are
unlimited. In certain cases, additional amounts may not be added to a Roth IRA
Certificate.

   
An Equitable Accumulator Select NQ or QP Certificate can be purchased with
$25,000 or more. Additional amounts of $1,000 or more can be made at anytime
(subject to certain restrictions). Certain restrictions also apply to the type
of contributions we will accept under Equitable Accumulator QP Certificates.


4. INVESTMENT OPTIONS. You may invest in any or all of the following Investment
Funds, which invest in shares of corresponding portfolios of The Hudson River
Trust (HRT) and EQ Advisors Trust (EQAT). The portfolios are described in the
prospectuses for HRT and EQAT.
    

                                       2

<PAGE>


<TABLE>
<CAPTION>
HRT INVESTMENT FUNDS                                           EQAT INVESTMENT FUNDS
- --------------------                   ----------------------------------------------------------------------------
<S>                                    <C>                                   <C>
Alliance Money Market                  BT Equity 500 Index                   MFS Research
Alliance High Yield                    BT Small Company Index                MFS Emerging Growth Companies
Alliance Common Stock                  BT International Equity Index         Morgan Stanley Emerging Markets Equity
Alliance Aggressive Stock              JPM Core Bond                         EQ/Putnam Growth & Income Value
Alliance Small Cap Growth              Lazard Large Cap Value                EQ/Putnam Investors Growth
                                       Lazard Small Cap Value                EQ/Putnam International Equity
</TABLE>

You may also invest in one or more Guaranteed Fixed Interest Accounts currently
maturing in years 1999 through 2008.

   
5. EXPENSES. The Certificates have expenses as follows: As a percentage of net
assets in the Investment Funds, a daily charge is deducted for mortality and
expense risks (including the Guaranteed Minimum Death Benefit discussed below)
at an annual rate of 1.10%, a daily charge is deducted for administration
expenses at an annual rate of 0.25%, and a daily distribution charge is deducted
for sales expenses at an annual rate of 0.25%. If baseBUILDER is elected, there
is an annual charge of 0.30% expressed as a percentage of the Guaranteed Minimum
Income Benefit benefit base. The baseBUILDER charge is deducted from the
Certificate's value.

The charges for the portfolios of HRT range from 0.64% to 1.20% of the average
daily net assets of HRT portfolios, depending upon the HRT portfolios selected.
The charges for the portfolios of EQAT range from 0.55% to 1.75% of the average
daily net assets of EQAT portfolios, depending upon the EQAT portfolios
selected. The amounts for HRT are based on average portfolio assets for the year
ended December 31, 1997 and have been restated to reflect the fees that would
have been paid if a new advisory agreement that Alliance, HRT's manager, and HRT
entered into (which went into effect on May 1, 1997) were in effect since
January 1, 1997. The amounts for EQAT are based on current expense caps. The
12b-1 fee (reflected in the "Total Annual Portfolio Charges" column in the chart
below) for the portfolios of HRT (other than the Alliance Small Cap Growth
portfolio) and EQAT are 0.25% of the average daily net assets of HRT and EQAT,
respectively. For the Alliance Small Cap Growth portfolio the 12b-1 fee may be
less than 0.25% under certain circumstances. Charges for state premium and other
applicable taxes may also apply at the time you elect to start receiving annuity
payments.
    

The following chart is designed to help you understand the charges in the
Certificate. The "Total Annual Charges" column shows the combined total of the
Certificate charges deducted as a percentage of net assets in the Investment
Funds and the portfolio charges, as shown in the first two columns. The last two
columns show you two examples of the charges, in dollars, that you would pay
under a Certificate, and include the benefit based charge for the baseBUILDER
benefits. The examples assume that you invested $1,000 in a Certificate which
earns 5% annually and that you withdraw your money: (1) at the end of year 1,
and (2) at the end of year 10. For year 1, the Total Annual Charges are
assessed. For year 10, the example shows the aggregate of all the annual charges
assessed for the 10 years. No charges for state premium and other applicable
taxes are assumed in the examples.

                                       3

<PAGE>



<TABLE>
<CAPTION>
   
                                           TOTAL ANNUAL    TOTAL ANNUAL                           EXAMPLES
                                           CERTIFICATE       PORTFOLIO        TOTAL             Total Annual
                                             CHARGES          CHARGES         ANNUAL         Expenses at End of:
INVESTMENT FUND                                                              CHARGES     .....(1)           (2)
                                                                                            1 Year       10 Years
<S>                                            <C>             <C>           <C>            <C>          <C>    
Alliance Money Market                          1.60%           0.64%         2.24%          $25.93       $294.91
Alliance High Yield                            1.60%           0.89%         2.49%          $28.41       $319.33
Alliance Common Stock                          1.60%           0.65%         2.25%          $26.03       $295.89
Alliance Aggressive Stock                      1.60%           0.82%         2.42%          $27.71       $312.53
Alliance Small Cap Growth                      1.60%           1.20%         2.80%          $31.48       $348.77
BT Equity 500 Index                            1.60%           0.55%         2.15%          $25.04       $285.99
BT Small Company Index                         1.60%           0.60%         2.20%          $25.53       $290.95
BT International Equity Index                  1.60%           0.80%         2.40%          $27.52       $310.62
JPM Core Bond                                  1.60%           0.80%         2.40%          $27.52       $310.62
Lazard Large Cap Value                         1.60%           0.90%         2.50%          $28.51       $320.30
Lazard Small Cap Value                         1.60%           1.20%         2.80%          $31.48       $348.77
MFS Research                                   1.60%           0.85%         2.45%          $28.01       $315.46
MFS Emerging Growth Companies                  1.60%           0.85%         2.45%          $28.01       $315.46
Morgan Stanley Emerging Markets
    Equity                                     1.60%           1.75%         3.35%          $36.94       $398.94
EQ/Putnam Growth & Income Value                1.60%           0.85%         2.45%          $28.01       $315.46
EQ/Putnam Investors Growth                     1.60%           0.85%         2.45%          $28.01       $315.46
EQ/Putnam International Equity                 1.60%           1.20%         2.80%          $31.48       $348.76
</TABLE>
    


Total annual portfolio charges may vary from year to year. For Investment Funds
investing in portfolios with less than 10 years of operations, charges have been
estimated. The charges reflect any waiver or limitation.
For more detailed information, see the Fee Table in the prospectus.

We also offer other Equitable Accumulator certificates that do not have a
distribution charge, but certain withdrawals are subject to a charge which
declines to zero after seven years for each contribution. These other
certificates may also provide higher guaranteed interest rates for Guaranteed
Fixed Interest Accounts. A current prospectus for the Equitable Accumulator with
a withdrawal charge instead of a distribution charge may be obtained from your
registered representative.


   
6. TAXES. In most cases, your earnings are not taxed until distributions are
made from your Certificate. If you are younger than age 59 1/2 when you receive
any distributions, in addition to income tax you may be charged a 10% Federal
tax penalty on the taxable amount received. This tax discussion does not apply
to Roth IRA or QP Certificates. Please consult your tax adviser.
    

                                       4

<PAGE>


   
7. ACCESS TO YOUR MONEY. During the accumulation phase, you may receive
distributions under a Certificate through the following WITHDRAWAL OPTIONS.
Under IRA, NQ and QP Certificates: (1) Lump Sum Withdrawals of at least $1,000
taken at any time; and (2) Systematic Withdrawals paid monthly, quarterly or
annually, subject to certain restrictions, including a maximum percentage of
your Certificate's value. Under both the Traditional IRA and Roth IRA
Certificates only: (1) Substantially Equal Payment Withdrawals (if you are less
than age 59 1/2), paid monthly, quarterly or annually based on life expectancy;
and under Traditional IRA Certificates only (2) Minimum Distribution Withdrawals
(after you are age 70 1/2), which pay the minimum amount necessary to meet
minimum distribution requirements in the Internal Revenue Code.
    

You also have access to your Certificate's value by surrendering the
Certificate. Withdrawals and surrenders are not subject to withdrawal charges,
but may be subject to income tax and a tax penalty. Withdrawals from Guaranteed
Fixed Interest Accounts prior to their maturity may result in a market value
adjustment.


8. PERFORMANCE. During the accumulation phase, your Certificate's value in the
Investment Funds may vary up or down depending upon the investment performance
of the Investment Funds you have selected. Past performance is not a guarantee
of future results.


9. DEATH BENEFIT. If the annuitant dies before amounts are applied under an
annuity benefit, the named beneficiary will be paid a death benefit. The death
benefit is equal to your Certificate's value in the Investment Funds and
Guaranteed Fixed Interest Accounts, or if greater, the Guaranteed Minimum Death
Benefit.

   
For Traditional IRA and Roth IRA Certificates if the annuitant is between the
ages of 20 through 79 at issue of the Certificate; for NQ Certificates for
annuitant ages 0 through 79 at issue of the Certificate; and for QP Certificates
for annuitant ages 20 through 70 at issue of the Certificate, you may choose one
of two types of Guaranteed Minimum Death Benefit available under the
Certificates: a "6% Roll Up to Age 80" or an "Annual Ratchet to Age 80." Both
types are described below. Both benefits are based on the amount you initially
put in and are adjusted for additional contributions and withdrawals. For
annuitant ages 80 through 85 at issue of the Certificate a return of the
contributions you have invested under the Certificate will be the Guaranteed
Minimum Death Benefit.

6% Roll Up to Age 80 -- We add interest to the initial amount at 6% (4% 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 6% interest rate will still apply for amounts in the Alliance
Money Market Fund under the Special Dollar Cost Averaging program discussed
below.
    

                                       5

<PAGE>


   
Annual Ratchet to Age 80 --The Guaranteed Minimum Death Benefit is reset each
year through the annuitant's age 80 to the Certificate's value, if it is higher
than the prior year's Guaranteed Minimum Death Benefit.
    

10. OTHER INFORMATION.

QUALIFIED PLANS. If the QP Certificates will be purchased by certain types of
plans qualified under Section 401(a), or 401(k) of the Internal Revenue Code,
please consult your tax adviser first. Any discussion of taxes in this profile
does not apply.

BASEBUILDER BENEFITS. The baseBUILDER (available for annuitant ages 20 through
75 at issue of the Certificates) is an optional benefit that combines the
Guaranteed Minimum Income Benefit and the Guaranteed Minimum Death Benefit.
baseBUILDER benefits (which are different than the ones described below) may be
available for annuitant issue ages 76 and older.

         Income Benefit - The Guaranteed Minimum Income Benefit, as part of the
         baseBUILDER, provides a minimum amount of guaranteed lifetime income
         for your future. When you are ready to convert (at specified future
         times) your Certificate's value to the Income Manager (Life Annuity
         with a Period Certain) payout annuity certificate the amount of
         lifetime income that will be provided will be the greater of (i) your
         Guaranteed Minimum Income Benefit or (ii) your Certificate's current
         value applied at current annuity purchase factors.

         Death Benefit - As part of the baseBUILDER you have the choice, at
         issue of the Certificate, of two Guaranteed Minimum Death Benefit
         options: (i) the 6% Roll Up to Age 80 or (ii) the Annual Ratchet to Age
         80. These options are described in "Death Benefit" above.

FREE LOOK. You can examine the Certificate for a period of 10 days after you
receive it, and return it to us for a refund. The free look period is longer in
some states.

Your refund will equal your Certificate's value, reflecting any investment gain
or loss in the Investment Funds, and any increase or decrease in the value of
any amounts held in the Guaranteed Fixed Interest Accounts, through the date we
receive your Certificate. Some states or Federal income tax regulations may
require that we calculate the refund differently. In the case of a complete
conversion of an existing Traditional IRA Certificate to a Roth IRA, you may
cancel your Roth IRA and return to a Traditional IRA by following the
instructions in the request for full conversion form available from the
Processing Office or your registered representative.

   
AUTOMATIC INVESTMENT PROGRAM (AIP). AIP provides for a specified amount to be
automatically deducted from a checking account, money market account or credit
union checking account and to be applied as additional amounts under NQ and
Traditional IRA Certificates. AIP is not available for Roth IRA and QP
Certificates.
    

                                       6

<PAGE>


PRINCIPAL ASSURANCE. This option is designed to assure the return of your
original amount invested on a Guaranteed Fixed Interest Account maturity date,
by putting a portion of your money in a particular Guaranteed Fixed Interest
Account, and the balance in the Investment Funds in any way you choose. Assuming
that you make no transfers or withdrawals of the portion in the Guaranteed Fixed
Interest Account, such amount will grow to your original investment upon
maturity.

DOLLAR COST AVERAGING. Special Dollar Cost Averaging - You can elect when you
apply for your Certificate to allocate your contribution to the Alliance Money
Market Fund and have it transferred from the Alliance Money Market Fund into the
other Investment Funds on a monthly basis over the first twelve months, during
which time mortality and expense risks, administration, and distribution charges
will not be deducted from the Alliance Money Market Fund. General Dollar Cost
Averaging -You can elect at any time to put money into the Alliance Money Market
Fund and have a dollar amount or percentage transferred from the Alliance Money
Market Fund into the other Investment Funds on a periodic basis over a longer
period of time, and all applicable charges deducted from the Alliance Money
Market Fund will apply. Dollar Cost Averaging does not assure a profit or
protect against a loss should market prices decline.

   
REBALANCING. You can have your money automatically readjusted among the
Investment Funds quarterly, semiannually or annually as you select. The amounts
you have in each selected Investment Fund will grow or decline in value at
different rates during each time period. Rebalancing is intended to transfer
amounts among the chosen Investment Funds in order to retain the allocation
percentages you specify. Rebalancing does not assure a profit or protect against
a loss should market prices decline and should be reviewed periodically, as your
needs may change.

REPORTS. We will provide you with an annual statement of your Certificate's
values as of the last day of each year, and three additional reports of your
Certificate's values each year. You also will be provided with written
confirmations of each financial transaction, and copies of annual and semiannual
statements of HRT and EQAT.
    

You may call toll-free at 1-800-789-7771 for a recording of daily Investment
Fund values and guaranteed rates applicable to Guaranteed Fixed Interest
Accounts.


11. INQUIRIES. If you need more information, please contact your registered
representative. You may also contact us at:

   
The Equitable Life Assurance Society of the United States
Equitable Accumulator Select
P.O. Box 1547
Secaucus, NJ  07096-1547
Telephone 1-800-789-7771 and Fax 1-201-583-2224
    

                                       7

<PAGE>

   
                         EQUITABLE ACCUMULATOR(SM) SELECT
                                (IRA, NQ AND QP)

                          PROSPECTUS DATED MAY 1, 1998
                             -----------------------

          COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES

                                   Issued By:
            The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------

This prospectus  describes  certificates The Equitable Life Assurance Society of
the United States  (EQUITABLE  LIFE,  WE, OUR and US) offers under a combination
variable  and fixed  deferred  annuity  contract  issued on a group  basis or as
individual contracts. Enrollment under a group contract is evidenced by issuance
of a certificate.  Certificates and individual contracts are each referred to as
"Certificates."  Certificates can be issued as individual  retirement  annuities
(IRAS,  which can be either  TRADITIONAL  IRAS or ROTH IRAS),  or  non-qualified
annuities for after-tax  contributions  only (NQ). NQ  Certificates  may also be
used as an investment vehicle for a defined contribution plan or defined benefit
plan (QP). Under IRA Certificates we accept only initial  contributions that are
rollover  contributions  or that are  direct  transfers  from  other  individual
retirement arrangements,  as described in this prospectus. Under QP Certificates
we will only accept employer  contributions  from a trust under a plan qualified
under Section 401(a) or 401(k) of the Code. A minimum  initial  contribution  of
$25,000 is required to put a Certificate into effect.
    

The  Certificates  are designed to provide for the  accumulation  of  retirement
savings and for income. Contributions accumulate on a tax-deferred basis and can
be  distributed  under a number of  different  methods  which are designed to be
responsive to the owner's  (CERTIFICATE  OWNER, YOU and YOUR) objectives.  There
are no  withdrawal  charges  under  the  Certificates;  however  an  asset-based
distribution charge applies for the life of the Certificate.

The Certificates offer investment options  (INVESTMENT  OPTIONS) that permit you
to create your own  strategies.  These  Investment  Options  include 17 variable
investment funds (INVESTMENT  FUNDS) and each GUARANTEE PERIOD in the GUARANTEED
PERIOD ACCOUNT.

   
We invest each Investment  Fund in Class IB shares of a corresponding  portfolio
(PORTFOLIO) of The Hudson River Trust (HRT) and EQ Advisors Trust (EQAT), mutual
funds whose shares are  purchased by separate  accounts of insurance  companies.
The prospectuses for HRT (in which the Alliance Funds invest) and EQAT (in which
the other  Investment  Funds invest),  both of which accompany this  prospectus,
describe the investment objectives, policies and risks, of the Portfolios.
    

<TABLE>
<CAPTION>
                                                       INVESTMENT FUNDS
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                                       <C>
O  ALLIANCE MONEY MARKET                  O  BT EQUITY 500 INDEX                    O  MFS RESEARCH
O  ALLIANCE HIGH YIELD                    O  BT SMALL COMPANY INDEX                 O  MFS EMERGING GROWTH COMPANIES
O  ALLIANCE COMMON STOCK                  O  BT INTERNATIONAL EQUITY INDEX          O  MORGAN STANLEY EMERGING MARKETS EQUITY
O  ALLIANCE AGGRESSIVE STOCK              O  JPM CORE BOND                          O  EQ/PUTNAM GROWTH & INCOME VALUE 
O  ALLIANCE SMALL CAP GROWTH              O  LAZARD LARGE CAP VALUE                 O  EQ/PUTNAM INVESTORS GROWTH      
                                          O  LAZARD SMALL CAP VALUE                 O  EQ/PUTNAM INTERNATIONAL EQUITY  
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Amounts  allocated  to a Guarantee  Period  accumulate  on a fixed basis and are
credited  with  interest  at a  rate  we  set  for  your  class  of  Certificate
(GUARANTEED  RATE) for the entire period. On each business day (BUSINESS DAY) we
will determine the  Guaranteed  Rates  available for amounts newly  allocated to
Guarantee Periods. A market value adjustment (positive or negative) will be made
for  withdrawals,  transfers,  surrender and certain other  transactions  from a
Guarantee  Period before its expiration date (EXPIRATION  DATE).  Each Guarantee
Period has its own Guaranteed Rates. The Guarantee  Periods currently  available
have Expiration Dates of February 15, in years 1999 through 2008.

   
This prospectus  provides  information  about IRA, NQ and QP  Certificates  that
prospective investors should know before investing. You should read it carefully
and  retain  it  for  future  reference.  The  prospectus  is not  valid  unless
accompanied by current  prospectuses  for HRT and EQAT, both of which you should
also read carefully.

Registration  statements  relating to Separate Account No. 49 (SEPARATE ACCOUNT)
and interests  under the Guarantee  Periods have been filed with the  Securities
and Exchange  Commission (SEC). The statement of additional  information  (SAI),
dated May 1, 1998, which is part of the registration  statement for the Separate
Account,  is available  free of charge upon request by writing to our Processing
Office  or  calling  1-800-789-7771,  our  toll-free  number.  The SAI has  been
incorporated  by reference into this  prospectus.  The Table of Contents for the
SAI appears at the back of this prospectus.
    

THESE  SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED  BY THE SECURITIES AND
EXCHANGE  COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE CERTIFICATES  ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY.  THEY ARE NOT
DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK AND ARE NOT BANK GUARANTEED.  THEY ARE
SUBJECT TO INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL INVESTED.

   
- --------------------------------------------------------------------------------
              Copyright 1998 The Equitable Life Assurance Society 
                of the United States, New York, New York 10104.
               All rights reserved. Accumulator is a service mark,
        and baseBUILDER and Income Manager are registered service marks
          of The Equitable Life Assurance Society of the United States.
    


<PAGE>

                 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

   
      Equitable  Life's Annual  Report on Form 10-K for the year ended  December
31, 1997 and a current  report on Form 8-K dated April 7, 1998 are  incorporated
herein by reference.
    

      All  documents  or reports  filed by  Equitable  Life  pursuant to Section
13(a),  13(c),  14 or 15(d) of the  Securities  Exchange Act of 1934, as amended
(EXCHANGE  ACT)  after  the date  hereof  and  prior to the  termination  of the
offering of the securities  offered hereby shall be deemed to be incorporated by
reference in this  prospectus and to be a part hereof from the date of filing of
such documents.  Any statement contained in a document incorporated or deemed to
be incorporated herein by reference shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement  contained herein
or in any other  subsequently  filed  document  which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded  shall not be deemed,  except as so modified
and superseded,  to constitute a part of this  prospectus.  Equitable Life files
its  Exchange Act  documents  and reports,  including  its annual and  quarterly
reports on Form 10-K and Form 10-Q,  electronically  pursuant to EDGAR under CIK
No.  0000727920.  The SEC maintains a web site that contains reports,  proxy and
information  statements and other  information  regarding  registrants that file
electronically with the SEC. The address of the site is http://www.sec.gov.

      Equitable  Life will  provide  without  charge to each person to whom this
prospectus is delivered, upon the written or oral request of such person, a copy
of any or all of the foregoing documents incorporated herein by reference (other
than exhibits not  specifically  incorporated by reference into the text of such
documents). Requests for such documents should be directed to The Equitable Life
Assurance Society of the United States,  1290 Avenue of the Americas,  New York,
New York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).


                                       2

<PAGE>

- --------------------------------------------------------------------------------
                          PROSPECTUS TABLE OF CONTENTS
- --------------------------------------------------------------------------------

   
GENERAL TERMS                                      PAGE  4

FEE TABLE                                          PAGE  6

PART 1:    EQUITABLE LIFE, THE SEPARATE ACCOUNT 
           AND THE INVESTMENT FUNDS                PAGE 10
Equitable Life                                          10
Separate Account No. 49                                 10
The Trusts                                              10
HRT's Manager and Adviser                               11
EQAT's Manager                                          11
EQAT's Investment Advisers                              11
Investment Policies and Objectives of
   HRT's Portfolios and EQAT's Portfolios               13

PART 2:    THE GUARANTEED PERIOD
           ACCOUNT                                 PAGE 15
Guarantee Periods                                       15
Market Value Adjustment for Transfers,
   Withdrawals or Surrender Prior
   to the Expiration Date                               16
Investments                                             16

PART 3:    PROVISIONS OF THE CERTIFICATES
           AND SERVICES WE PROVIDE                 PAGE 18
What Is the Equitable Accumulator Select?               18
Joint Ownership                                         18
Contributions under the Certificates                    18
Methods of Payment                                      19
Allocation of Contributions                             20
Free Look Period                                        20
Annuity Account Value                                   21
Transfers among Investment Options                      21
Dollar Cost Averaging                                   21
Rebalancing                                             22
baseBUILDER Benefits                                    22
Guaranteed Minimum Income Benefit                       23
Death Benefit                                           24
How Death Benefit Payment Is Made                       25
When an NQ Certificate Owner Dies
   before the Annuitant                                 25
Cash Value                                              25
Surrendering the Certificates to Receive
   the Cash Value                                       25
When Payments Are Made                                  26
Assignment                                              26
Services We Provide                                     26
Distribution of the Certificates                        27

PART 4:    DISTRIBUTION METHODS
           UNDER THE CERTIFICATES                  PAGE 28
Withdrawal Options                                      28

How Withdrawals Affect Your Guaranteed
   Minimum Income Benefit and Guaranteed
   Minimum Death Benefit                                30
Annuity Benefits and Payout Annuity Options             30

PART 5:    DEDUCTIONS AND CHARGES                  PAGE 33
Charges Deducted from the Annuity
   Account Value                                        33
Charges Deducted from the Investment
   Funds                                                33
HRT Charges to Portfolios                               33
EQAT Charges to Portfolios                              34
Group or Sponsored Arrangements                         34

PART 6:    VOTING RIGHTS                           PAGE 36
The Trusts' Voting Rights                               36
Voting Rights of Others                                 36
Separate Account Voting Rights                          36
Changes in Applicable Law                               36

PART 7:    TAX ASPECTS OF THE
           CERTIFICATES                            PAGE 37
Tax Changes                                             37
Taxation of Non-Qualified Annuities                     37
Charitable Remainder Trusts                             38
Special Rules for NQ Certificates Issued
   in Puerto Rico                                       38
IRA Tax Information                                     38
Traditional Individual Retirement
   Annuities (Traditional IRAs)                         39
Roth Individual Retirement Annuities
   (Roth IRAs)                                          44
Federal and State Income Tax Withholding
   and Information Reporting                            47
Other Withholding                                       48
Impact of Taxes to Equitable Life                       48

PART 8:    OTHER INFORMATION                       PAGE 49
Independent Accountants                                 49
Legal Proceedings                                       49

PART 9:    INVESTMENT PERFORMANCE                  PAGE 50
Communicating Performance Data                          55
Alliance Money Market Fund And
   Alliance High Yield Fund Yield Information           55

APPENDIX I: MARKET VALUE
   ADJUSTMENT EXAMPLE                              PAGE 56

APPENDIX II: PURCHASE CONSIDERATIONS
   FOR QP CERTIFICATES                             PAGE 57

APPENDIX III: GUARANTEED MINIMUM
   DEATH BENEFIT EXAMPLE                           PAGE 58

STATEMENT OF ADDITIONAL INFORMATION
   TABLE OF CONTENTS                               PAGE 59
    


                                       3
<PAGE>

- --------------------------------------------------------------------------------
                                  GENERAL TERMS
- --------------------------------------------------------------------------------

ACCUMULATION  UNIT --  Contributions  that are  invested in an  Investment  Fund
purchase Accumulation Units in that Investment Fund.

ACCUMULATION  UNIT VALUE -- The  dollar  value of each  Accumulation  Unit in an
Investment Fund on a given date.

   
ANNUITANT -- The individual who is the measuring life for  determining  benefits
under the  Certificate.  Under NQ  Certificates,  the Annuitant can be different
from the Certificate  Owner;  under both Traditional and Roth IRA  Certificates,
the  Annuitant  and  Certificate  Owner  must be the same  individual.  Under QP
Certificates, the Annuitant must be the Participant/Employee.
    

ANNUITY ACCOUNT VALUE -- The sum of the amounts in the Investment  Options under
the Certificate. See "Annuity Account Value" in Part 3.

   
ANNUITY  COMMENCEMENT  DATE -- The date on which Annuity Benefit payments are to
commence.

BASEBUILDER(R)  -- Optional  protection  benefit,  consisting of the  Guaranteed
Minimum Income Benefit and the Guaranteed Minimum Death Benefit.

BUSINESS DAY -- Generally,  any day on which the New York Stock Exchange is open
for trading.  For the purpose of determining the Transaction  Date, our Business
Day ends at 4:00 p.m. Eastern Time.
    

CASH VALUE -- The Cash Value is equal to the Annuity Account Value.

CERTIFICATE  -- The  Certificate  issued  under  the  terms  of a group  annuity
contract and any individual contract, including any endorsements.

   
CERTIFICATE  OWNER -- The  person  who owns a  Certificate  and has the right to
exercise  all  rights  under  the  Certificate.   Under  NQ  Certificates,   the
Certificate  Owner can be different from the Annuitant;  under both  Traditional
and Roth IRA Certificates,  the Certificate Owner must be the same individual as
the Annuitant. Under QP Certificates,  the Certificate Owner must be the trustee
of a trust for a qualified plan maintained by an employer.
    

CODE -- The Internal Revenue Code of 1986, as amended.

CONTRACT DATE -- The  effective  date of the  Certificates.  This is usually the
Business Day we receive the initial contribution at our Processing Office.

CONTRACT  YEAR -- The 12-month  period  beginning on your Contract Date and each
anniversary of that date.

   
EQAT -- EQ  Advisors  Trust,  a mutual  fund in which  the  assets  of  separate
accounts of insurance companies are invested. EQ Financial Consultants, Inc. (EQ
FINANCIAL)  is the manager of EQAT and has  appointed  advisers  for each of the
Portfolios.
    

EXPIRATION DATE -- The date on which a Guarantee Period ends.

GUARANTEED MINIMUM DEATH BENEFIT -- The minimum amount payable upon death of the
Annuitant.

GUARANTEED  MINIMUM INCOME  BENEFIT -- The minimum  amount of future  guaranteed
lifetime income.

GUARANTEE PERIOD -- Any of the periods of time ending on an Expiration Date that
are available for investment under the Certificates.  Guarantee Periods may also
be referred to as Guaranteed Fixed Interest Accounts.

GUARANTEED PERIOD ACCOUNT -- The Account that contains the Guarantee Periods.

GUARANTEED RATE -- The annual interest rate established for each allocation to a
Guarantee Period.

   
HRT -- The Hudson  River  Trust,  a mutual  fund in which the assets of separate
accounts of insurance  companies are invested.  Alliance Capital Management L.P.
(ALLIANCE) is the manager and adviser to HRT.
    

INVESTMENT  FUNDS -- The funds of the Separate  Account that are available under
the Certificates.

INVESTMENT OPTIONS -- The choices for investment:  the Investment Funds and each
available Guarantee Period.

   
IRA -- An individual  retirement  annuity,  as defined in Section  408(b) of the
Code.  There are two types of IRAs, a Traditional IRA and a Roth IRA. A Roth IRA
must also meet the requirements of Section 408A of the Code.

JOINT  OWNERS -- Two  individuals  who own  undivided  interests  in the  entire
Certificate.  If Joint Owners are named, reference to "Certificate Owner," "you"
or "your" will apply to both Joint Owners or either of them. Joint Owners may be
selected only for NQ Certificates.
    

MATURITY VALUE -- The amount in a Guarantee Period on its Expiration Date.

NQ  --  An  annuity   contract  which  may  be  purchased  only  with  after-tax
contributions, but is not a Roth IRA.


                                       4
<PAGE>

   
PARTICIPANT/EMPLOYEE  -- An individual who  participates  in an employer's  plan
funded by an Equitable Accumulator QP Certificate.

PORTFOLIOS -- The  portfolios of HRT and EQAT that  correspond to the Investment
Funds of the Separate Account.
    

PROCESSING  DATE -- The day when we  deduct  certain  charges  from the  Annuity
Account Value.  If the Processing  Date is not a Business Day, it will be on the
next succeeding Business Day. The Processing Date will be once each year on each
anniversary of the Contract Date.

PROCESSING  OFFICE -- The address to which all  contributions,  written requests
(e.g.,  transfers,  withdrawals,  etc.) or other written  communications must be
sent. See "Services We Provide" in Part 3.

   
QP -- When issued with the appropriate  endorsement,  an NQ Certificate which is
used as an investment vehicle for a defined contribution plan within the meaning
of Section  401(a) and 401(k) of the Code, or a defined  benefit plan within the
meaning of Section 401(a) of the Code.
    

ROTH IRA -- An IRA which must be funded on an after-tax basis, the distributions
from which may be tax free under specified circumstances.

SAI -- The statement of additional  information  for the Separate  Account under
the Certificates.

SEPARATE ACCOUNT -- Equitable Life's Separate Account No. 49.

TRADITIONAL   IRA  --  An  IRA  which  is  generally   purchased   with  pre-tax
contributions, the distributions from which are treated as taxable.

TRANSACTION  DATE -- The Business Day we receive a contribution or a transaction
request providing all the information we need at our Processing  Office. If your
contribution or request reaches our Processing  Office on a non-Business Day, or
after the  close of the  Business  Day,  the  Transaction  Date will be the next
following Business Day.  Transaction  requests must be made in a form acceptable
to us.

   
TRUSTS -- HRT and EQAT.
    

VALUATION  PERIOD -- Each Business Day together with any preceding  non-business
days.


                                       5
<PAGE>
- --------------------------------------------------------------------------------
                                    FEE TABLE
- --------------------------------------------------------------------------------

   
The  purpose of this fee table is to assist  you in  understanding  the  various
costs and expenses you may bear directly or indirectly under the Certificates so
that you may compare them with other similar  products.  The table reflects both
the charges of the Separate  Account and the  expenses of HRT and EQAT.  Charges
for applicable  taxes such as state or local premium taxes may also apply. For a
complete  description  of the  charges  under  the  Certificates,  see  "Part 5:
Deductions and Charges." For a complete  description of the Trusts'  charges and
expenses, see the prospectuses for HRT and EQAT.

As  explained  in Part 2, the  Guarantee  Periods are not a part of the Separate
Account  and are not  covered  by the fee  table  and  example.  A market  value
adjustment (either positive or negative) also may be applicable as a result of a
withdrawal,  transfer or surrender of amounts from a Guarantee Period. See "Part
2: The Guaranteed Period Account."
    

<TABLE>
<CAPTION>
SEPARATE ACCOUNT ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS IN EACH INVESTMENT FUND)
- ----------------------------------------------------------------------------------------
<S>                                                                                                                <C>  
MORTALITY AND EXPENSE RISKS(1)..............................................................................       1.10%

ADMINISTRATION(2)...........................................................................................       0.25%

DISTRIBUTION(3).............................................................................................       0.25%
                                                                                                                   =====
   TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES...................................................................       1.60%
                                                                                                                   =====

   
OPTIONAL BENEFIT EXPENSE (DEDUCTED FROM ANNUITY ACCOUNT VALUE)
- --------------------------------------------------------------
BASEBUILDER BENEFITS EXPENSE (calculated as a percentage of the Guaranteed Minimum Income
   Benefit benefit base)(4).................................................................................       0.30%
</TABLE>
    

<TABLE>
<CAPTION>
   
HRT AND EQAT ANNUAL EXPENSES (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)
- --------------------------------------------------------------------------------------------

                                                       INVESTMENT                                                 TOTAL
                                                      MANAGEMENT &                              OTHER             ANNUAL
     PORTFOLIOS                                      ADVISORY FEES        12B-1 FEE (5)        EXPENSES          EXPENSES
     ----------                                      -------------        ---------            --------          --------

     HRT

     <S>                                                   <C>               <C>                 <C>                <C>  
     Alliance Money Market(6)                              0.35%             0.25%               0.04%              0.64%
     Alliance High Yield(6)                                0.60%             0.25%               0.04%              0.89%
     Alliance Common Stock(6)                              0.37%             0.25%               0.03%              0.65%
     Alliance Aggressive Stock (6)                         0.54%             0.25%               0.03%              0.82%
     Alliance Small Cap Growth(6)                          0.90%             0.25%               0.05%              1.20%

     EQAT
    

     BT Equity 500 Index(7)                                0.25%             0.25%               0.05%              0.55%
     BT Small Company Index(7)                             0.25%             0.25%               0.10%              0.60%
     BT International Equity Index(7)                      0.35%             0.25%               0.20%              0.80%
     JPM Core Bond(7)                                      0.45%             0.25%               0.10%              0.80%
     Lazard Large Cap Value(7)                             0.55%             0.25%               0.10%              0.90%
     Lazard Small Cap Value(7)                             0.80%             0.25%               0.15%              1.20%
     MFS Research(7)                                       0.55%             0.25%               0.05%              0.85%
     MFS Emerging Growth Companies(7)                      0.55%             0.25%               0.05%              0.85%
     Morgan Stanley Emerging Markets Equity(7)             1.15%             0.25%               0.35%              1.75%
     EQ/Putnam Growth & Income Value(7)                    0.55%             0.25%               0.05%              0.85%
     EQ/Putnam Investors Growth(7)                         0.55%             0.25%               0.05%              0.85%
     EQ/Putnam International Equity(7)                     0.70%             0.25%               0.25%              1.20%

</TABLE>
- -------------------
See footnotes on next page.


                                       6
<PAGE>

- -------------------
Notes:

(1)A portion  of this  charge is for  providing  the  Guaranteed  Minimum  Death
   Benefit. See "Mortality and Expense Risks Charge" in Part 5.

(2)We reserve the right to increase this charge to an annual rate of 0.35%,  the
   maximum permitted under the Certificates.

(3)The  deduction  of  this  charge  is  subject  to  regulatory  limits.  See
   "Distribution Charge" in Part 5.

   
(4)If the  baseBUILDER  is elected,  this  charge is  deducted  annually on each
   Processing  Date.  See  "baseBUILDER  Benefits  Charge"  in Part  5.  For the
   description  of the  Guaranteed  Minimum  Income  Benefit  benefit base,  see
   "Guaranteed Minimum Income Benefit Benefit Base" in Part 4.

(5)The  Class IB  shares  of HRT and  EQAT are  subject  to fees  imposed  under
   distribution  plans (herein,  the "Rule 12b-1 Plans") adopted by HRT and EQAT
   pursuant to Rule 12b-1 under the Investment  Company Act of 1940, as amended.
   The Rule 12b-1 Plans provide that HRT and EQAT,  on behalf of each  Portfolio
   (other than the Alliance Small Cap Growth Portfolio of HRT), may pay annually
   up to 0.25% of the average  daily net assets of a Portfolio  attributable  to
   its Class IB shares in respect of activities  primarily intended to result in
   the sale of the Class IB shares.  The 12b-1 fee will not be increased for the
   life of the  Certificates.  The Rule  12b-1 Plan for the  Alliance  Small Cap
   Growth  Portfolio of HRT provides that Equitable  Distributors  Inc.  ("EDI")
   will  receive  an  annual  fee not to exceed  the  lesser of (a) 0.25% of the
   average daily net assets of the Portfolio attributable to Class IB shares and
   (b) an amount  that,  when added to certain  other  expenses  of the Class IB
   shares,  would  result in the ratio of expenses  to average  daily net assets
   attributable to Class IB shares equalling 1.20%.

(6)Effective May 1, 1997, a new Investment  Advisory  Agreement was entered into
   between  HRT  and  Alliance  Capital  Management  L.P.  ("Alliance"),   HRT's
   Investment  Adviser,  which  effected  changes  in HRT's  management  fee and
   expense  structure.  See HRT's prospectus for more  information.  The amounts
   shown for the Portfolios of HRT are based on average daily net assets for the
   year ended  December 31, 1997 and have been  restated to reflect (i) the fees
   that would have been paid to  Alliance  if the  current  Investment  Advisory
   Agreement  had been in  effect  as of  January  1,  1997  and (ii)  estimated
   accounting  expenses for the year ending  December 31, 1997.  The  investment
   management  and advisory  fees for each  Portfolio may vary from year to year
   depending  upon the average daily net assets of the  respective  Portfolio of
   HRT. The maximum investment management and advisory fees, however,  cannot be
   increased without a vote of that Portfolio's  shareholders.  The other direct
   operating  expenses will also fluctuate from year to year depending on actual
   expenses. See "HRT Charges to Portfolios" in Part 5.

(7)All EQAT Portfolios  commenced  operations on May 1, 1997,  except the Morgan
   Stanley  Emerging  Markets Equity  Portfolio,  which commenced  operations on
   August 20, 1997, and the following Portfolios, which had initial seed capital
   invested on December 31, 1997: BT Equity 500 Index,  BT Small Company  Index,
   BT  International  Equity Index,  JPM Core Bond,  Lazard Large Cap Value, and
   Lazard Small Cap Value.

   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,  total annual operating expenses of
   each  Portfolio   (other  than  interest,   taxes,   brokerage   commissions,
   capitalized expenditures, extraordinary expenses, and 12b-1 fees) are limited
   for the respective average daily net assets of each Portfolio as follows:  BT
   Equity 500 Index - 0.30%;  BT Small Company Index - 0.35%;  JPM Core Bond and
   BT International Equity - 0.55%; MFS Research, MFS Emerging Growth Companies,
   EQ/Putnam  Growth & Income  Value,  and EQ/Putnam  Investors  Growth - 0.60%;
   Lazard  Large Cap Value - 0.65%;  EQ/Putnam  International  Equity and Lazard
   Small Cap Value - 0.95%; Morgan Stanley Emerging Markets Equity - 1.50%.

   Absent the expense limitation, the "Other Expenses" for 1997 on an annualized
   basis for each of the following  Portfolios  1997 would have been as follows:
   EQ/Putnam  Growth & Income Value - 0.95%;  MFS Research - 0.98%; MFS Emerging
   Growth  Companies - 1.02%;  Morgan Stanley  Emerging  Markets Equity - 1.21%;
   EQ/Putnam  Investors  Growth - 1.33%;  and EQ/Putnam  International  Equity -
   1.58%.  For EQAT  Portfolios  which had  initial  seed  capital  invested  on
   December  31,  1997,  the "Other  Expenses"  for 1998 are  estimated to be as
   follows  (absent the  expense  limitation):  BT Equity 500 Index - 0.29%;  BT
   Small Company Index - 0.23%; BT International  Equity Index - 0.47%; JPM Core
   Bond - 0.41%;  Lazard  Large Cap Value - 0.29%;  and Lazard Small Cap Value -
   0.23%. See "EQAT Charges to Portfolios" in Part 5.

   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 for more information.
    

We also  offer  other  Equitable  Accumulator  certificates  that do not  have a
distribution  charge,  but withdrawals of contributions  are subject to a charge
which  declines  to zero after seven  years for each  contribution.  These other
certificates may also provide higher Guaranteed Rates for the Guarantee Periods.
A current  prospectus  for the Equitable  Accumulator  with a withdrawal  charge
instead  of  a  distribution   charge  may  be  obtained  from  your  registered
representative.


                                       7
<PAGE>


EXAMPLE
- ---------------

   
The example below shows the expenses that a hypothetical  Certificate Owner (who
has elected the baseBUILDER) would pay assuming a $1,000  contribution  invested
in one of the Investment Funds listed, and a 5% annual return on assets.(1)
    

This  example  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
example is not an estimate or guarantee of future investment performance.

<TABLE>
<CAPTION>
   
- --------------------------------------------------------------------------------------------------------------------------------
AT THE END OF EACH PERIOD SHOWN, THE EXPENSES WOULD BE:
                                                        1 YEAR             3 YEARS            5 YEARS            10 YEARS
- --------------------------------------------------------------------------------------------------------------------------------
HRT
<S>                                                     <C>                <C>                <C>                 <C>    
Alliance Money Market                                   $25.93             $ 80.00            $137.17             $294.91
Alliance High Yield                                      28.41               87.43             149.52              319.33
Alliance Common Stock                                    26.03               80.30             137.66              295.89
Alliance Aggressive Stock                                27.71               85.34             146.06              312.53
Alliance Small Cap Growth                                31.48               96.58                 --                  --

EQAT
BT Equity 500 Index                                      25.04               77.32                 --                  --
BT Small Company Index                                   25.53               78.80                 --                  --
BT International Equity Index                            27.52               84.77                 --                  --
JPM Core Bond                                            27.52               84.77                 --                  --
Lazard Large Cap Value                                   28.51               87.73                 --                  --
Lazard Small Cap Value                                   31.48               96.58                 --                  --
MFS Research                                             28.01               86.24                 --                  --
MFS Emerging Growth Companies                            28.01               86.24                 --                  --
Morgan Stanley Emerging Markets Equity                   36.94              112.70                 --                  --
EQ/Putnam Growth & Income Value                          28.01               86.24                 --                  --
EQ/Putnam Investors Growth                               28.01               86.24                 --                  --
EQ/Putnam International Equity                           31.48               96.58                 --                  --

</TABLE>
- -------------------
Note:

(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 example.  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  "Annuity  Benefits  and
   Payout Annuity  Options" in Part 4. The example does not reflect  charges for
   applicable  taxes  such as  state  or local  premium  taxes  that may also be
   deducted in certain jurisdictions.
    


                                       8
<PAGE>

   
CONDENSED FINANCIAL INFORMATION

ACCUMULATION UNIT VALUES

Equitable  Life  commenced  offering the  Certificates  on October 1, 1997.  The
following table shows the Accumulation  Unit Values,  as of the applicable dates
each Investment Fund was available under the Certificates as noted below and the
last business day of the periods shown.

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
                                                          OCTOBER 1, 1997        DECEMBER 31, 1997         MARCH 31, 1998
- -------------------------------------------------------------------------------------------------------------------------------
HRT
- ---
<S>                                                             <C>                     <C>                     <C>  
Alliance Aggressive Stock                                        75.44                   68.19                   77.45
Alliance Common Stock                                           172.77                  176.22                  199.19
Alliance High Yield                                              28.79                   29.13                   30.57
Alliance Money Market                                            23.78                   23.98                   24.19
Alliance Small Cap Growth                                        13.22                   12.52                   14.22


EQAT
- ----
BT Equity 500 Index*                                                --                   10.00                   11.11
BT Small Company Index*                                             --                   10.00                   10.89
BT International Equity Index*                                      --                   10.00                   11.32
JPM Core Bond*                                                      --                   10.00                   10.12
Lazard Large Cap Value*                                             --                   10.00                   11.17
Lazard Small Cap Value*                                             --                   10.00                   10.81
MFS Research                                                     11.77                   11.48                   13.29
MFS Emerging Growth Companies                                    12.60                   12.11                   14.53
Morgan Stanley Emerging Markets Equity*                             --                    7.93                    8.25
EQ/Putnam Growth & Income Value                                  11.64                   11.50                   12.69
EQ/Putnam Investors Growth                                       12.12                   12.33                   14.29
EQ/Putnam International Equity                                   11.52                   10.84                   12.65

</TABLE>
- -------------------
*  The BT Equity 500 Index,  BT Small Company  Index,  BT  International  Equity
   Index,  JPM Core Bond,  Lazard Large Cap Value,  Lazard Small Cap Value,  and
   Morgan  Stanley  Emerging  Markets  Equity Funds were first offered under the
   Certificates on December 31, 1997.
    


                                       9
<PAGE>

- --------------------------------------------------------------------------------
                  PART 1: EQUITABLE LIFE, THE SEPARATE ACCOUNT
                            AND THE INVESTMENT FUNDS
- --------------------------------------------------------------------------------

EQUITABLE LIFE

   
Equitable  Life is a New York  stock  life  insurance  company  that has been in
business since 1859. For more than 100 years we have been among the largest life
insurance  companies  in the United  States.  Our home office is located at 1290
Avenue of the Americas, New York, New York 10104. We are authorized to sell life
insurance and annuities in all fifty  states,  the District of Columbia,  Puerto
Rico and the U.S.  Virgin  Islands.  We maintain  local offices  throughout  the
United States.

Equitable  Life  is  a  wholly  owned  subsidiary  of  The  Equitable  Companies
Incorporated  (THE  HOLDING  COMPANY).  The largest  shareholder  of the Holding
Company is AXA-UAP  (AXA).  As of December  31,  1997,  AXA  beneficially  owned
approximately  58.7% of the  outstanding  common  stock of the Holding  Company.
Under its investment  arrangements  with Equitable Life and the Holding Company,
AXA is able to exercise  significant  influence  over the operations and capital
structure of the Holding Company and its subsidiaries, including Equitable Life.
AXA, a French  company,  is the holding  company for an  international  group of
insurance and related financial service companies.
    

Equitable Life, the Holding Company and their subsidiaries managed approximately
$274.1 billion of assets as of December 31, 1997.

SEPARATE ACCOUNT NO. 49

   
Separate  Account No. 49 is  organized  as a unit  investment  trust,  a type of
investment company,  and is registered with the SEC under the Investment Company
Act of 1940,  as amended  (1940  ACT).  This  registration  does not involve any
supervision by the SEC of the management or investment  policies of the Separate
Account.  The  Separate  Account has  several  Investment  Funds,  each of which
invests in shares of a corresponding  Portfolio of HRT and EQAT. Because amounts
allocated to the  Investment  Funds are  invested in a mutual  fund,  investment
return and principal will  fluctuate and the  Certificate  Owner's  Accumulation
Units may be worth more or less than the original cost when redeemed.

Under the New York Insurance Law, the portion of the Separate  Account's  assets
equal to the reserves and other liabilities relating to the Certificates are not
chargeable  with  liabilities  arising out of any other business we may conduct.
Income,  gains or losses,  whether or not realized,  from assets of the Separate
Account are credited to or charged  against the Separate  Account without regard
to our other income gains or losses.  This means that assets supporting  Annuity
Account  Value in the  Separate  Account are not subject to claims of  Equitable
Life's creditors. We are the issuer of the Certificates, and the obligations set
forth in the Certificates (other than those of Annuitants or Certificate Owners)
are our obligations.
    

In addition to contributions made under the Certificates, we may allocate to the
Separate  Account  monies  received  under  other  contracts,  certificates,  or
agreements.  Owners  of all such  contracts,  certificates  or  agreements  will
participate  in the Separate  Account in  proportion to the amounts they have in
the Investment Funds that relate to their contracts, certificates or agreements.
We may retain in the Separate  Account assets that are in excess of the reserves
and  other  liabilities  relating  to the  Certificates  or to other  contracts,
certificates  or  agreements,  or we may  transfer  the  excess  to our  General
Account.

   
We reserve the right,  subject to  compliance  with  applicable  law: (1) to add
Investment Funds (or sub-funds of Investment  Funds) to, or to remove Investment
Funds (or  sub-funds)  from,  the  Separate  Account,  or to add other  separate
accounts;  (2) to combine any two or more Investment Funds or sub-funds thereof;
(3) to  transfer  the  assets  we  determine  to be the  share  of the  class of
contracts to which the  Certificates  belong from any Investment Fund to another
Investment Fund; (4) to operate the Separate Account or any Investment Fund as a
management  investment  company  under the 1940 Act,  in which case  charges and
expenses that  otherwise  would be assessed  against an  underlying  mutual fund
would be assessed against the Separate  Account;  (5) to deregister the Separate
Account  under  the 1940  Act,  provided  that  such  action  conforms  with the
requirements  of applicable  law; (6) to restrict or eliminate any voting rights
as to the Separate  Account;  and (7) to cause one or more  Investment  Funds to
invest  some or all of their  assets in one or more other  trusts or  investment
companies.  If any  changes  are made that  result in a  material  change in the
underlying  investment  policy of an  Investment  Fund,  you will be notified as
required by law.

THE TRUSTS

The Trusts are open-end  management  investment  companies  registered under the
1940 Act, more commonly called mutual
    


                                       10
<PAGE>

   
funds.  As a "series" type of mutual fund,  each Trust issues several  different
series of stock,  each of which relates to a different  Portfolio of that Trust.
HRT  commenced  operations  in January 1976 with a  predecessor  of its Alliance
Common Stock Portfolio.  EQAT commenced operations on May 1, 1997. The Trusts do
not impose sales  charges or "loads" for buying and selling  their  shares.  All
dividends and other distributions on a Portfolio's shares are reinvested in full
and  fractional  shares of the Portfolio to which they relate.  Each  Investment
Fund  invests  in Class  IB  shares  of a  corresponding  Portfolio.  All of the
Portfolios, except for the Morgan Stanley Emerging Markets Equity and the Lazard
Small Cap Value Portfolios,  are diversified for 1940 Act purposes. The Board of
Trustees  of HRT and EQAT  may  establish  additional  Portfolios  or  eliminate
existing  Portfolios at any time.  More detailed  information  about the Trusts,
their investment objectives,  policies,  restrictions,  risks,  expenses,  their
respective Rule 12b-1 Plans relating to their  respective  Class IB shares,  and
other  aspects of their  operations,  appears in the HRT  prospectus  (beginning
after  this   prospectus),   the  EQAT  prospectus   (beginning  after  the  HRT
prospectus), or in their respective Statements of Additional Information,  which
are available upon request.

HRT'S MANAGER AND ADVISER

HRT is managed and its  Portfolios  are advised by Alliance  Capital  Management
L.P. (ALLIANCE), which is registered with the SEC as an investment adviser under
the Investment Advisers Act of 1940, as amended (ADVISERS ACT).

In its role as manager  of HRT,  Alliance  has  overall  responsibility  for the
general management and administration of HRT, including  selecting the portfolio
managers for HRT's Portfolios, monitoring their investment programs and results,
reviewing brokerage matters,  performing fund accounting,  overseeing compliance
by HRT with various Federal and state statutes,  and carrying out the directives
of its Board of  Trustees.  With the  approval of HRT's  Trustees,  Alliance may
enter into agreements with other companies to assist with its administrative and
management responsibilities to HRT.

As adviser for all HRT  Portfolios,  Alliance is responsible  for developing the
Portfolios' investment programs, making investment decisions for the Portfolios,
placing all orders for the purchase and sale of those investments and performing
certain limited related administrative functions.

ALLIANCE CAPITAL MANAGEMENT L.P.

Alliance,  a  leading  international  investment  adviser,  provides  investment
management and consulting services to mutual funds,  endowment funds,  insurance
companies,  foreign entities,  qualified and non-tax qualified  corporate funds,
public and private pension and profit-sharing plans,  foundations and tax-exempt
organizations.

Alliance is a publicly traded limited partnership  incorporated in Delaware.  On
December 31, 1997, Alliance was managing approximately $218.7 billion in assets.
Alliance employs 223 investment professionals, including 83 research analysts.
Portfolio managers have average investment experience of more than 14 years.

Alliance is an indirect,  majority-owned  subsidiary of Equitable  Life, and its
main  office is  located at 1345  Avenue of the  Americas,  New York,  NY 10105.
Additional information regarding Alliance is located in the HRT prospectus which
directly follows this prospectus.

EQAT'S MANAGER

EQ Financial  Consultants,  Inc. (EQ FINANCIAL),  subject to the supervision and
direction of the Board of Trustees of EQAT, has overall  responsibility  for the
general  management  and  administration  of EQAT. EQ Financial is an investment
adviser registered under the Advisers Act, and a broker-dealer  registered under
the Exchange Act. EQ Financial currently furnishes specialized investment advice
to other  clients,  including  individuals,  pension and  profit-sharing  plans,
trusts, charitable organizations,  corporations, and other business entities. EQ
Financial is a Delaware corporation and an indirect,  wholly owned subsidiary of
Equitable Life.

EQ Financial is responsible for providing management and administrative services
to EQAT and selects the investment advisers for EQAT's Portfolios,  monitors the
EQAT  advisers'  investment  programs and results,  reviews  brokerage  matters,
oversees compliance by EQAT with various Federal and state statutes, and carries
out the directives of its Board of Trustees.  EQ Financial  Consultants,  Inc.'s
main office is located at 1290 Avenue of the Americas, New York, NY 10104.

Pursuant to a service agreement,  Chase Global Funds Services Company assists EQ
Financial in the performance of its administrative responsibilities to EQAT with
other necessary administrative, fund accounting and compliance services.

EQAT'S INVESTMENT ADVISERS

Bankers Trust Company,  J.P. Morgan  Investment  Management  Inc.,  Lazard Asset
Management,  Massachusetts  Financial  Services  Company,  Morgan  Stanley Asset
Management Inc., and Putnam Investment  Management,  Inc. serve as EQAT advisers
only for their respective EQAT Portfolios.

Each EQAT adviser  furnishes  EQAT's manager,  EQ Financial,  with an investment
program  (updated  periodically)  for each of its Portfolios,  makes  investment
decisions on behalf of its EQAT Portfolios, places all
    


                                       11
<PAGE>

   
orders for the purchase and sale of investments for the Portfolio's account with
brokers or dealers  selected by such  adviser and may  perform  certain  limited
related administrative functions.

The assets of each Portfolio are allocated currently among the EQAT advisers. If
an EQAT  Portfolio  shall at any time  have  more  than  one EQAT  adviser,  the
allocation of an EQAT  Portfolio's  assets among EQAT advisers may be changed at
any time by EQ Financial.

BANKERS TRUST COMPANY

Bankers Trust Company  (BANKERS  TRUST) is a wholly owned  subsidiary of Bankers
Trust New York Corporation  which was founded in 1903.  Bankers Trust conducts a
variety  of  general  banking  and  trust  activities  and is a major  wholesale
supplier of financial  services to the international and domestic  institutional
markets. Bankers Trust advises BT Equity 500 Index, a domestic equity portfolio,
BT Small Company Index, an aggressive  equity  portfolio,  and BT  International
Equity  Index,  an  international  equity  portfolio.  As of December  31, 1997,
Bankers  Trust had  approximately  $317.8  billion  in assets  under  management
worldwide.  The  executive  offices of Bankers  Trust are located at 130 Liberty
Street (One Bankers Trust Plaza), New York, NY 10006.

J.P. MORGAN INVESTMENT MANAGEMENT INC.

J.P. Morgan  Investment  Management Inc. (J.P.  MORGAN) advises JPM Core Bond, a
high-quality  bond portfolio.  It is a wholly owned  subsidiary of J.P. Morgan &
Co.  Incorporated  (JPM &  CO.).  JPM &  Co.,  through  J.P.  Morgan  and  other
subsidiaries,  offers a wide range of services to  governmental,  institutional,
corporate and individual  customers and acts as investment adviser to individual
and  institutional  clients.  Its combined assets under management  totaled over
$255  billion  as of  December  31,  1997.  J.P.  Morgan is located at 522 Fifth
Avenue, New York, NY 10036.

LAZARD ASSET MANAGEMENT

Lazard Asset  Management  (LAM) is a division of Lazard Freres & Co. LLC,  which
was  founded  in 1848.  LAM and its  affiliates  provide  investment  management
services to client discretionary accounts with assets totaling approximately $53
billion as of December 31, 1997.  LAM advises Lazard Large Cap Value, a domestic
equity  portfolio and Lazard Small Cap Value,  an aggressive  equity  portfolio.
LAM's global  headquarters  are located at 30  Rockefeller  Plaza,  New York, NY
10112.

MASSACHUSETTS FINANCIAL SERVICES COMPANY

Massachusetts  Financial  Services Company (MFS) is America's oldest mutual fund
organization,  whose  assets  under  management  as of  December  31,  1997 were
approximately  $70.2 billion on behalf of more than 2.7 million  investors.  MFS
advises MFS  Research,  a domestic  equity  portfolio,  and MFS Emerging  Growth
Companies, an aggressive equity portfolio.  MFS is an indirect subsidiary of Sun
Life Assurance Company of Canada and is located at 500 Boylston Street,  Boston,
MA 02116.

MORGAN STANLEY ASSET MANAGEMENT INC.

Morgan Stanley Asset  Management Inc. (MSAM) provides a broad range of portfolio
management  services to customers in the United  States and abroad and serves as
an investment adviser to numerous open-end and closed-end  investment companies.
MSAM,  together  with  its  affiliated   institutional   investment   management
companies,  had  approximately  $146  billion  in assets  under  management  and
fiduciary care as of December 31, 1997.  MSAM advises  Morgan  Stanley  Emerging
Markets  Equity,  an  international  equity  portfolio.  MSAM is a subsidiary of
Morgan Stanley, Dean Witter & Co. and is located at 1221 Avenue of the Americas,
New York, NY 10020.

PUTNAM INVESTMENT MANAGEMENT, INC.

Putnam Investment Management, Inc. (PUTNAM) has been managing mutual funds since
1937. As of December 31, 1997 Putnam and its  affiliates  managed more than $235
billion in assets.  Putnam advises  EQ/Putnam  Growth & Income Value, a domestic
equity portfolio,  EQ/Putnam Investors Growth, a domestic equity portfolio,  and
EQ/Putnam International Equity, an international equity portfolio.  Putnam is an
indirect  subsidiary of Marsh & McLennan  Companies,  Inc. and is located at One
Post Office Square, Boston, MA 02109.
    

Additional  information  regarding each of the companies  which serve as an EQAT
adviser appears in the EQAT prospectus beginning after the HRT prospectus.


                                       12
<PAGE>

   
INVESTMENT POLICIES AND OBJECTIVES OF HRT'S PORTFOLIOS AND EQAT'S PORTFOLIOS

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  prospectuses  for HRT and  EQAT,  both of which
accompany this  prospectus.  Please read the prospectuses for each of the trusts
carefully before investing.

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
           HRT PORTFOLIO                             INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>
Alliance Money Market                 Primarily high-quality U.S. dollar-denominated      High level of current income
                                      money market instruments.                           while preserving assets and
                                                                                          maintaining liquidity
- -------------------------------------------------------------------------------------------------------------------------------
Alliance High Yield                   Primarily a diversified mix of high-yield,          High return by maximizing current
                                      fixed-income securities which generally involve     income and, to the extent
                                      greater volatility of price and risk of             consistent with that objective,
                                      principal and income than higher-quality            capital appreciation
                                      fixed-income securities. Lower-quality debt
                                      securities are commonly known as "junk bonds."
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Common Stock                 Primarily common stock and other equity-type        Long-term growth of capital and
                                      instruments.                                        increasing income
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Aggressive Stock             Primarily common stocks and other equity-type       Long-term growth of capital
                                      securities issued by quality small- and
                                      intermediate-sized companies with strong growth
                                      prospects and in covered options on those
                                      securities.
- -------------------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth             Primarily U.S. common stocks and other              Long-term growth of capital
                                      equity-type securities issued by smaller
                                      companies that, in the opinion of the adviser,
                                      have favorable growth prospects.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
           EQAT PORTFOLIO                            INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>
BT Equity 500 Index                   Invest in a statistically selected sample           Replicate as closely as possible
                                      of the 500 stocks included in the Standard          (before the deduction of
                                      & Poor's 500 Composite Stock Price Index ("S&P      Portfolio expenses) the total
                                      500").                                              return of the S&P 500
- -------------------------------------------------------------------------------------------------------------------------------
BT Small Company Index                Invest in a statistically selected sample of        Replicate as closely as possible
                                      the 2,000 stocks included in the Russell 2000       (before the deduction of
                                      Index ("Russell 2000").                             Portfolio expenses) the total
                                                                                          return of the Russell 2000
- -------------------------------------------------------------------------------------------------------------------------------
BT International Equity Index         Invest in a statistically selected sample of        Replicate as closely as possible
                                      the securities of companies included in the         (before the deduction of
                                      Morgan Stanley Capital International Europe,        Portfolio expenses) the total
                                      Australia, Far East Index ("EAFE"), although        return of the EAFE
                                      not all companies within a country will be
                                      represented in the Portfolio at the same time.
- -------------------------------------------------------------------------------------------------------------------------------
JPM Core Bond                         Under normal circumstances, all of the              High total return consistent with
                                      Portfolio's assets will, at the time of             moderate risk of capital and 
                                      purchase, consist of investment grade               maintenance of liquidity
                                      fixed-income securities rated BBB or better by
                                      Standard and Poor's Rating Services or Baa or 
                                      better by Moody's Investors Service, Inc. or  
                                      unrated securities of comparable quality.     
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    


                                       13
<PAGE>

<TABLE>
<CAPTION>
   
- -------------------------------------------------------------------------------------------------------------------------------
           EQAT PORTFOLIO                            INVESTMENT POLICY                                OBJECTIVE
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>                                                 <C>
Lazard Large Cap Value                Primarily equity securities of United States        Capital appreciation
                                      companies with relatively large market
                                      capitalizations (i.e., companies having market
                                      capitalizations of greater than $1 billion)
                                      that appear to the adviser to be inexpensively
                                      priced relative to the return on total capital
                                      or equity.
- -------------------------------------------------------------------------------------------------------------------------------
Lazard Small Cap Value                Primarily equity securities of United States        Capital appreciation
                                      companies with small market capitalizations
                                      (i.e., companies in the range of companies
                                      represented in the Russell 2000 Index) that the
                                      adviser considers inexpensively priced relative
                                      to the return on total capital or equity.
- -------------------------------------------------------------------------------------------------------------------------------
MFS Research                          A substantial portion of assets invested in         Long-term growth of capital and
                                      common stock or securities convertible into         future income
                                      common stock of companies  believed by the
                                      adviser to  possess  better  than  average
                                      prospects for long-term growth.
- -------------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth                   Primarily (i.e., at least 80% of its assets         Long-term growth of capital
   Companies                          under normal circumstances) in common stocks of
                                      emerging growth companies that the adviser
                                      believes are early in their life cycle but
                                      which have the potential to become major
                                      enterprises.
- -------------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets       Primarily equity securities of emerging market      Long-term capital appreciation
   Equity                             country issuers with a focus on those in which
                                      the  adviser believes the economies are
                                      developing strongly and in which the markets
                                      are becoming more sophisticated.
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth                      Primarily common stocks that offer potential        Capital growth and, secondarily,
   & Income Value                     for capital growth and may, consistent with the     current income
                                      Portfolio's investment objective, invest in
                                      common stocks that offer potential for current
                                      income.
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Investors Growth            Primarily common stocks that the adviser            Long-term growth of capital and
                                      believes afford the best opportunity for            any increased income that results
                                      long-term capital growth.                           from this growth
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Putnam International               Primarily a diversified portfolio of equity         Capital appreciation
   Equity                             securities of companies organized under laws of
                                      countries other than the United States.
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
    


                                         14
<PAGE>

- --------------------------------------------------------------------------------
                      PART 2: THE GUARANTEED PERIOD ACCOUNT
- --------------------------------------------------------------------------------

GUARANTEE PERIODS

Each amount allocated to a Guarantee Period and held to the Period's  Expiration
Date  accumulates  interest at a Guaranteed  Rate. The Guaranteed  Rate for each
allocation  is  the  annual  interest  rate  applicable   under  your  class  of
Certificate to new allocations to that Guarantee Period,  which was in effect on
the Transaction Date for the allocation.  We may establish different  Guaranteed
Rates under other classes of  Certificates.  We use the term  GUARANTEED  PERIOD
AMOUNT to refer to the amount  allocated to and  accumulated  in each  Guarantee
Period. The Guaranteed Period Amount is reduced or increased by any market value
adjustment as a result of withdrawals, transfers or charges (see below).

Your Guaranteed  Period Account contains the Guarantee Periods to which you have
allocated  Annuity Account Value. On the Expiration Date of a Guarantee  Period,
its Guaranteed  Period Amount and its value in the Guaranteed Period Account are
equal. We call the Guaranteed  Period Amount on an Expiration Date the Guarantee
Period's  Maturity Value. We report the Annuity Account Value in your Guaranteed
Period  Account to reflect any market value  adjustment  that would apply if all
Guaranteed Period Amounts were withdrawn as of the calculation date. The Annuity
Account  Value in the  Guaranteed  Period  Account with respect to the Guarantee
Periods on any Business Day, therefore,  will be the sum of the present value of
the Maturity Value in each Guarantee Period, using the Guaranteed Rate in effect
for new allocations to each such Guarantee Period on such date.

Guarantee Periods and Expiration Dates

We currently  offer  Guarantee  Periods  ending on February 15th for each of the
maturity  years 1999 through 2008.  Not all of these  Guarantee  Periods will be
available for Annuitant ages 76 and above. See "Allocation of  Contributions" in
Part 3. Also,  the Guarantee  Periods may not be available for investment in all
states.  As Guarantee  Periods  expire we expect to add  maturity  years so that
generally 10 are available at any time.

We will not accept  allocations  to a  Guarantee  Period if, on the  Transaction
Date:

o Such  Transaction  Date and the Expiration Date for such Guarantee Period fall
within the same calendar year.

o  The Guaranteed Rate is 3%.

o The  Guarantee  Period  has  an  Expiration  Date  beyond  the  February  15th
immediately following the Annuity Commencement Date.

Guaranteed Rates and Price Per $100 of Maturity Value

Because the Maturity Value of a contribution allocated to a Guarantee Period can
be determined at the time it is made,  you can determine the amount  required to
be allocated to a Guarantee  Period in order to produce a target  Maturity Value
(assuming no transfers or  withdrawals  are made and no charges are allocated to
the Guarantee Period). The required amount is the present value of that Maturity
Value at the Guaranteed Rate on the Transaction Date for the contribution, which
may  also  be  expressed  as the  price  per  $100  of  Maturity  Value  on such
Transaction Date.

   
Guaranteed  Rates for new allocations as of April 15, 1998 and the related price
per $100 of Maturity Value for each currently available Guarantee Period were as
follows:

- -------------------------------------------------------------

      GUARANTEE
    PERIODS WITH
   EXPIRATION DATE        GUARANTEED            PRICE
  FEBRUARY 15TH OF        RATE AS OF         PER $100 OF
    MATURITY YEAR       APRIL 15, 1998     MATURITY VALUE
- -------------------------------------------------------------

        1999                  4.23%             $96.58
        2000                  4.34               92.49
        2001                  4.39               88.51
        2002                  4.43               84.66
        2003                  4.48               80.88
        2004                  4.55               77.11
        2005                  4.56               73.70
        2006                  4.58               70.38
        2007                  4.61               67.13
        2008                  4.61               64.17
- -------------------------------------------------------------
    

Allocation among Guarantee Periods

The same  approach as described  above may also be used to determine  the amount
which you would need to allocate to each  Guarantee  Period in order to create a
series of constant Maturity Values for two or more years.

For example,  if you wish to have $100 mature on February  15th of each of years
1999 through 2003,  then according to the above table the lump sum  contribution
you would have to make as of April 15,  1998  would be  $443.12  (the sum of the
prices  per $100 of  Maturity  Value for each  maturity  year from 1999  through
2003). 

The  above  example  is  provided  to  illustrate   the  use  of  present  value
calculations. It does not take into account



                                       15
<PAGE>


the  potential for charges to be deducted,  withdrawals  or transfers to be made
from Guarantee  Periods or for the market value  adjustment  that would apply to
such transactions. Actual calculations will be based on Guaranteed Rates on each
actual Transaction Date, which may differ.

Options at Expiration Date

We will notify you on or before  December 31st prior to the  Expiration  Date of
each Guarantee  Period in which you have any Guaranteed  Period Amount.  You may
elect one of the  following  options to be  effective  at the  Expiration  Date,
subject to the restrictions set forth on the prior page and under "Allocation of
Contributions" in Part 3:

  (a) to  transfer  the  Maturity  Value into any  Guarantee  Period we are then
offering, or into any of our Investment Funds; or

  (b) to withdraw the Maturity Value  (subject to any  withdrawal  charges which
may apply).

If we have not received your election as of the  Expiration  Date,  the Maturity
Value in the expired  Guarantee  Period will be  transferred  into the Guarantee
Period with the earliest Expiration Date.

MARKET VALUE  ADJUSTMENT  FOR TRANSFERS,  WITHDRAWALS OR SURRENDER  PRIOR TO THE
EXPIRATION DATE

Any withdrawal (including transfers,  surrender and deductions) from a Guarantee
Period prior to its Expiration Date will cause any remaining  Guaranteed  Period
Amount for that Guarantee  Period to be increased or decreased by a market value
adjustment.  The amount of the  adjustment  will depend on two factors:  (a) the
difference  between the Guaranteed Rate applicable to the amount being withdrawn
and the  Guaranteed  Rate on the  Transaction  Date  for  new  allocations  to a
Guarantee  Period  with the same  Expiration  Date,  and (b) the  length of time
remaining  until the Expiration  Date. In general,  if interest rates have risen
between the time when an amount was originally  allocated to a Guarantee  Period
and the time it is withdrawn,  the market value adjustment will be negative, and
vice versa;  and the longer the period of time  remaining  until the  Expiration
Date, the greater the impact of the interest rate difference.  Therefore,  it is
possible that a significant rise in interest rates could result in a substantial
reduction in your Annuity Account Value in the Guaranteed Period Account related
to longer-term Guarantee Periods.

The market value adjustment  (positive or negative)  resulting from a withdrawal
of all funds from a Guarantee  Period will be determined  for each  contribution
allocated to that Period as follows:

(1) We determine the present value of the Maturity Value on the Transaction Date
as follows:

  (a) We determine  the  Guaranteed  Period  Amount that would be payable on the
      Expiration Date, using the applicable Guaranteed Rate.

  (b) We determine the period  remaining in your Guarantee  Period (based on the
      Transaction  Date) and convert it to  fractional  years based on a 365-day
      year. For example, three years and 12 days becomes 3.0329.

  (c) We determine the current  Guaranteed Rate which applies on the Transaction
      Date to new allocations to the same Guarantee Period.

  (d) We determine the present value of the Guaranteed  Period Amount payable at
      the  Expiration  Date,  using the  period  determined  in (b) and the rate
      determined in (c).

(2) We determine the Guaranteed Period Amount as of the current date.

(3)  We subtract  (2) from the result in (1)(d).  The result is the market value
     adjustment  applicable to such Guarantee  Period,  which may be positive or
     negative.

The market value adjustment  (positive or negative)  resulting from a withdrawal
of a portion of the amount in a  Guarantee  Period will be a  percentage  of the
market value  adjustment that would be applicable upon a withdrawal of all funds
from a Guarantee  Period.  This  percentage  is  determined  by (i) dividing the
amount of the  withdrawal  or  transfer  from the  Guarantee  Period by (ii) the
Annuity  Account  Value in such  Guarantee  Period  prior to the  withdrawal  or
transfer. See Appendix I for an example.

The Guaranteed  Rate for new  allocations  to a Guarantee  Period is the rate we
have in effect for this purpose even if new allocations to that Guarantee Period
would not be accepted at the time.  This rate will not be less than 3%. If we do
not have a  Guaranteed  Rate in  effect  for a  Guarantee  Period  to which  the
"current  Guaranteed  Rate" in (1)(c) would  apply,  we will use the rate at the
next  closest  Expiration  Date.  If we are no  longer  offering  new  Guarantee
Periods, the "current Guaranteed Rate" will be determined in accordance with our
procedures  then in  effect.  For  purposes  of  calculating  the  market  value
adjustment  only, we reserve the right to add up to 0.25% to the current rate in
(1)(c) above.

INVESTMENTS

Amounts allocated to Guarantee Periods will be held in a "nonunitized"  separate
account  established by Equitable Life under the laws of New York. This separate
account provides an additional measure of assurance that full payment of amounts
due under the Guarantee Periods will be made. Under the New York


                                       16
<PAGE>

Insurance  Law,  the  portion  of the  separate  account's  assets  equal to the
reserves and other contract  liabilities  relating to the  Certificates  are not
chargeable with liabilities arising out of any other business we may conduct.

   
Investments  purchased with amounts  allocated to the Guaranteed  Period Account
(and any earnings on those  amounts) are the  property of  Equitable  Life.  Any
favorable  investment  performance  on the assets held in the  separate  account
accrues  solely  to  Equitable  Life's  benefit.   Certificate   Owners  do  not
participate  in the  performance  of the assets held in this  separate  account.
Equitable  Life may,  subject  to  applicable  state  law,  transfer  all assets
allocated to the separate account to its general account.  Regardless of whether
assets  supporting  Guaranteed Period Accounts are held in a separate account or
our general account,  all benefits  relating to the Annuity Account Value in the
Guaranteed Period Account are guaranteed by Equitable Life.

Equitable Life has no specific formula for establishing the Guaranteed Rates for
the Guarantee Periods. Equitable Life expects the rates to be influenced by, but
not  necessarily   correspond  to,  among  other  things,   the  yields  on  the
fixed-income  securities  to be acquired  with amounts that are allocated to the
Guarantee  Periods at the time that the Guaranteed  Rates are  established.  Our
current plans are to invest such amounts in fixed-income obligations,  including
corporate bonds,  mortgage-backed and asset-backed securities and government and
agency issues having  durations in the  aggregate  consistent  with those of the
Guarantee Periods.
    

Although the foregoing  generally describes Equitable Life's plans for investing
the assets  supporting  Equitable Life's  obligations under the fixed portion of
the  Certificates,  Equitable  Life is not  obligated  to  invest  those  assets
according to any  particular  plan except as may be required by state  insurance
laws, nor will the Guaranteed  Rates Equitable Life establishes be determined by
the performance of the nonunitized separate account.

General Account

Our  general  account  supports  all  of our  policy  and  contract  guarantees,
including  those  applicable to the Guaranteed  Period  Account,  as well as our
general obligations.

The general  account is subject to regulation  and  supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations of
all jurisdictions where we are authorized to do business.  Because of applicable
exemptions and  exclusionary  provisions,  interests in the general account have
not been registered under the Securities Act of 1933, as amended (1933 ACT), nor
is the general  account an investment  company under the 1940 Act.  Accordingly,
the general account is not subject to regulation  under the 1933 Act or the 1940
Act. However,  the market value adjustment  interests under the Certificates are
registered under the 1933 Act.

We have  been  advised  that the  staff of the SEC has not made a review  of the
disclosure that is included in the prospectus for your  information that relates
to the general  account  (other than market  value  adjustment  interests).  The
disclosure,  however, may be subject to certain generally applicable  provisions
of the Federal  securities  laws  relating to the accuracy and  completeness  of
statements made in prospectuses.


                                       17
<PAGE>

- --------------------------------------------------------------------------------
         PART 3: PROVISIONS OF THE CERTIFICATES AND SERVICES WE PROVIDE
- --------------------------------------------------------------------------------

WHAT IS THE EQUITABLE ACCUMULATOR SELECT?

   
The Equitable  Accumulator  Select is a deferred annuity designed to provide for
the  accumulation  of  retirement  savings,  and for  income  at a future  date.
Investment Options available are Investment Funds providing variable returns and
Guarantee Periods providing guaranteed interest when held to maturity. Equitable
Accumulator  Select  Certificates  can be  issued  as  two  different  types  of
individual  retirement  annuities  (IRAS),  TRADITIONAL  IRAS and ROTH IRAS,  or
non-qualified  annuities (NQ). NQ Certificates may also be used as an investment
vehicle for qualified  plans (QP).  The  provisions of your  Certificate  may be
restricted  by  applicable  laws or  regulations.  The  Certificates  may not be
available in all states. Your registered  representative can provide information
about state availability, or you may contact our Processing Office.
    

Earnings  generally  accumulate on a tax-deferred  basis until withdrawn or when
distributions  become  payable.  Withdrawals  made  prior  to 59 1/2 may also be
subject to tax penalty.

   
IRA CERTIFICATES

IRA  Certificates  are  available  for  Annuitant  issue ages 20 through 85. IRA
Certificates are not available in Puerto Rico.

NQ CERTIFICATES

NQ Certificates are available for Annuitant issue ages 0 through 85.

QP CERTIFICATES

When issued with the appropriate endorsement, an NQ Certificate may be purchased
by a plan qualified  under Section 401(a) or 401(k) of the Code.  Such purchases
may not be available in all states.  QP Certificates are available for Annuitant
issue ages 20 through 70. Plan fiduciaries considering purchase of a Certificate
should read the important  information in "Appendix II: Purchase  Considerations
for QP Certificates."

JOINT OWNERSHIP

If Joint Owners are named under an NQ Certificate,  both Owners must be of legal
age, and joint  ownership  with  non-natural  persons is not  permitted.  Unless
otherwise  provided  in writing,  the  exercise  of any  ownership  right in the
Certificate  must be in a written  form  satisfactory  to us and  signed by both
Owners. A Joint Owner  designation  supersedes any beneficiary  designation (see
"Death  Benefit"  below).  This  feature may not  currently be available in your
state.  Your  registered  representative  can  provide  information  about state
availability, or you may contact our Processing Office.

CONTRIBUTIONS UNDER THE CERTIFICATES

The minimum  initial  contribution  under all  Certificates  is $25,000.  We may
refuse to accept  any  contribution  if the sum of all  contributions  under all
accumulation  Certificates  with the same  Annuitant  would then total more than
$1,500,000. We reserve the right to limit aggregate contributions made after the
first Contract Year to 150% of first-year  contributions.  We may also refuse to
accept any contribution if the sum of all contributions under all Equitable Life
annuity accumulation  certificates/contracts  that you own would then total more
than $2,500,000.

Contributions are credited as of the Transaction Date.

IRA CERTIFICATES

Under IRA  Certificates,  we will only accept  initial  contributions  which are
either rollover contributions under Sections 402(c),  403(a)(4),  403(b)(8),  or
408(d)(3) of the Code,  or direct  custodian-to-custodian  transfers  from other
traditional individual retirement arrangements.  Under Roth IRA Certificates, we
will only accept rollover  contributions from Traditional IRAs, or Roth IRAs, or
direct  custodian-to-custodian  transfers from other Roth IRAs. See "Part 7: Tax
Aspects of the Certificates."

Under Traditional IRA Certificates,  you may make subsequent contributions of at
least  $1,000.  Subsequent  Traditional  IRA  Certificate  contributions  may be
"regular" IRA contributions (limited to a maximum of $2,000 a year), or rollover
contributions or direct transfers as described above.

"Regular" contributions to Traditional IRAs may not be made for the taxable year
in which you  attain age 70 1/2 or  thereafter.  Rollover  and  direct  transfer
contributions may be made until you attain age 86. However,  under the Code, any
amount  contributed  after you  attain  age 70 1/2 must be net of your  required
minimum  distribution  for the year in which the  rollover  or  direct  transfer
contribution  is  made.  See  "Traditional   Individual   Retirement   Annuities
(Traditional  IRAs)" in Part 7. For the  consequences  of making a "regular" IRA
contribution to your IRA Certificate, also see Part 7.

We will not accept "regular" IRA contributions to Roth IRAs. Rollover and direct
custodian-to-custodian  transfer  contributions  can be made any time  until you
attain age 86,
    


                                       18
<PAGE>

   
provided  you  meet  certain  requirements.   See  "Roth  Individual  Retirement
Annuities (Roth IRAs)" in Part 7.

NQ CERTIFICATES

Under NQ Certificates,  you may make subsequent contributions of at least $1,000
at any time until the Annuitant attains age 86.

QP CERTIFICATES

Under QP  Certificates,  we will only accept  contributions  which are  employer
contributions  from a trust under a plan  qualified  under Section 401(a) of the
Code. If a defined  contribution  plan is qualified  under Section 401(k) of the
Code,   contributions   may  include  employee  pre-tax  and  employer  matching
contributions, but not employee after-tax contributions to the plan. For defined
benefit plans,  contributions  may not be made by employees.  The employer shall
contribute to the  Certificates  such amounts as shall be determined by the plan
trustee.

Under QP Certificates,  you may make subsequent contributions of at least $1,000
once per Contract Year, at any time during the Contract Year until the Annuitant
attains age 71.

METHODS OF PAYMENT

Except as indicated under "Wire  Transmittals"  and "Automatic  Investment Plan"
below,  all  contributions  must be made by  check  drawn  on a bank in the U.S.
clearing  through the Federal  Reserve  System,  in U.S.  dollars and payable to
Equitable Life. Third party checks endorsed to Equitable Life are not acceptable
forms of payment except in cases of a rollover from a qualified plan, a tax-free
exchange  under the Code or a trustee check that  involves no refund.  All check
are accepted subject to collection.  Equitable Life reserves the right to reject
a payment if an unacceptable form of payment is received.
    

Contributions  must be sent to Equitable Life at our  Processing  Office address
designated for contributions. Your initial contribution must be accompanied by a
completed  application  which is acceptable to us. In the event the  application
information is incomplete or the application is otherwise not acceptable, we may
retain your  contribution for a period not exceeding five Business Days while an
attempt is made to obtain the required information.  If the required information
cannot be obtained  within those five Business Days, the Processing  Office will
inform the  broker-dealer,  on behalf of the  applicant,  of the reasons for the
delay or  non-acceptability  and  return  the  contribution  immediately  to the
applicant,  unless the  applicant  specifically  consents to our  retaining  the
contribution  until the  required  information  is  received  by the  Processing
Office.

Wire Transmittals

We will accept,  by agreement  with  broker-dealers  who use wire  transmittals,
transmittal of initial contributions by wire order from the broker-dealer to the
Processing   Office.   Such   transmittals  must  be  accompanied  by  essential
information we require to allocate the contribution.

Contributions  accepted  by  wire  order  will be  invested  at the  value  next
determined  following  receipt for  contributions  allocated  to the  Investment
Funds. Contributions allocated to the Guaranteed Period Account will receive the
Guaranteed  Rate(s)  in effect for the  applicable  Guarantee  Period(s)  on the
Business Day contributions are received. Wire orders not accompanied by complete
information may be retained as described above.

Notwithstanding  the  acceptance  by us of the  wire  order  and  the  essential
information,  however,  a  Certificate  generally  will not be issued  until the
receipt and acceptance of a properly completed application.  In certain cases we
may issue a Certificate based on information forwarded electronically.  In these
cases, you must sign our Acknowledgment of Receipt form.

Where a signed  application  is  required,  no  financial  transactions  will be
permitted until such time as we receive such signed  application and have issued
the  Certificate.  Where an  Acknowledgment  of Receipt is  required,  financial
transactions  will only be  permitted  if  requested  in writing,  signed by the
Certificate  Owner  and  signature  guaranteed  until  we  receive  such  signed
Acknowledgment of Receipt.

After  your  Certificate  has  been  issued,  subsequent  contributions  may  be
transmitted by wire.

Section 1035 Exchanges

You may apply the values of an existing NQ life  insurance  or deferred  annuity
contract  to  purchase  an  Equitable  Accumulator  Select NQ  Certificate  in a
tax-deferred   exchange,   if  you  follow  certain   procedures.   For  further
information,  consult your tax  adviser.  See also  "Taxation  of  Non-Qualified
Annuities:  Withdrawals"  in Part  7.  In the  case  of  joint  ownership,  1035
exchanges will not be permitted unless both owners authorize the exchange.

Automatic Investment Program

   
Our Automatic  Investment  Program (AIP)  provides for a specified  amount to be
automatically  deducted from a checking account, money market account, or credit
union checking account and to be contributed as a subsequent  contribution  into
an NQ or a Traditional IRA Certificate on a monthly or quarterly  basis.  AIP is
not available for Roth IRA and QP Certificates.
    


                                       19
<PAGE>

   
The minimum  amount that will be  deducted  is $100  monthly and $300  quarterly
(subject to the maximum $2,000  annually for Traditional  IRAs).  AIP subsequent
contributions may be allocated to any of the Investment  Options available under
your Certificate. You may elect AIP by properly completing the appropriate form,
which is available from your registered representative,  and returning it to our
Processing  Office. You elect which day of the month (other than the 29th, 30th,
or 31st) you wish to have your account debited.  That date, or the next Business
Day if that day is a non-Business Day, will be the Transaction Date.

You may cancel AIP at any time by notifying our Processing  Office in writing at
least two business days prior to the next scheduled transaction.  Equitable Life
is not responsible for any debits made to your account prior to the time written
notice of revocation is received at our Processing Office.
    

ALLOCATION OF CONTRIBUTIONS

You may choose  Self-Directed,  Principal  Assurance  or Dollar  Cost  Averaging
allocations.

A contribution  allocated to an Investment Fund purchases  Accumulation Units in
that  Investment Fund based on the  Accumulation  Unit Value for that Investment
Fund  computed  for  the  Transaction  Date.  A  contribution  allocated  to the
Guaranteed  Period  Account  will  have the  Guaranteed  Rate for the  specified
Guarantee Period offered on the Transaction Date.

Self-Directed Allocation

   
You allocate your contributions to one or up to all of the available  Investment
Options.  Allocations  among the available  Investment  Options must be in whole
percentages. Allocation percentages can be changed at any time by writing to our
Processing  Office,  or by  telephone.  The  change  will  be  effective  on the
Transaction  Date and will  remain in effect  for  future  contributions  unless
another change is requested.
    

At Annuitant ages 76 and above, allocations to Guarantee Periods must be limited
to those with  maturities of five years or less and with maturity dates no later
than the February 15th immediately following the Annuity Commencement Date.

Principal Assurance Allocation

   
This option  (for  Annuitant  issue ages up through  age 75)  assures  that your
Maturity  Value  in  a  specified  Guarantee  Period  will  equal  your  initial
contribution on the Guarantee  Period's  Expiration Date, while at the same time
allowing you to invest in the Investment  Funds. It may be elected only at issue
of your  Certificate  and assumes no withdrawals or transfers from the Guarantee
Period.  The maturity year  generally may not be later than 10 years nor earlier
than seven years from the Contract  Date. In order to accomplish  this strategy,
we  will  allocate  a  portion  of your  initial  contribution  to the  selected
Guarantee Period. See "Guaranteed Rates and Price Per $100 of Maturity Value" in
Part  2.  The  balance  of  your  initial   contribution   and  all   subsequent
contributions  must be allocated under  "Self-Directed  Allocation" as described
above.

If you are  applying  for a  Traditional  IRA  Certificate,  before you select a
maturity  year that would extend beyond the year in which you will attain age 70
1/2, you should consider your ability to take minimum  distributions  from other
Traditional  IRA  funds  that you may have or from the  Investment  Funds to the
extent possible.  See "Traditional  Individual Retirement Annuities (Traditional
IRAs): Required Minimum Distributions" in Part 7.
    

Dollar Cost Averaging Allocation

A Special  Dollar Cost  Averaging  program is available  for  allocation of your
initial contribution. Also, a General Dollar Cost Averaging program is available
for allocation of your initial contribution, or if elected at a later date, your
Annuity Account Value. Both programs are more fully described later in this Part
3 under "Dollar Cost Averaging."

FREE LOOK PERIOD

You have the right to examine your Certificate for a period of 10 days after you
receive it, and to return it to us for a refund.  You cancel it by sending it to
our Processing Office. The free look period is extended if your state requires a
refund period of longer than 10 days.

Your refund will equal the Annuity Account Value  reflecting any investment gain
or loss, and any positive or negative market value adjustment,  through the date
we receive your  Certificate  at our Processing  Office.  Some states or Federal
income tax regulations may require that we calculate the refund differently.  If
you cancel your Certificate during the free look period, we may require that you
wait six months before you may apply for a Certificate with us again.

   
We follow these same  procedures if you change your mind before you receive your
Certificate, but after a contribution has been made. See "Part 7: Tax Aspects of
the Certificates" for possible consequences of canceling your Certificate during
the free look period.

In the case of a complete conversion of an existing Equitable Accumulator Select
Traditional  IRA  Certificate  to  an  Equitable  Accumulator  Select  Roth  IRA
Certificate,   you  may  cancel  your  Equitable  Accumulator  Select  Roth  IRA
Certificate  and  return to an  Equitable  Accumulator  Select  Traditional  IRA
Certificate  by following the  instructions  in the request for full  conversion
form available from our Processing Office or your registered representative.
    


                                       20
<PAGE>

ANNUITY ACCOUNT VALUE

Your Annuity Account Value is the sum of the amounts in the Investment Options.

Annuity Account Value in Investment Funds

The Annuity  Account Value in an Investment Fund on any Business Day is equal to
the number of Accumulation  Units in that Investment Fund times the Accumulation
Unit Value for the  Investment  Fund for that date.  The number of  Accumulation
Units in an  Investment  Fund at any  time is  equal to the sum of  Accumulation
Units  purchased by  contributions  and transfers  less the sum of  Accumulation
Units redeemed for withdrawals, transfers or deductions for charges.

The number of Accumulation Units purchased or sold in any Investment Fund equals
the dollar amount of the transaction  divided by the Accumulation Unit Value for
that Investment Fund for the applicable Transaction Date.

The number of  Accumulation  Units will not vary  because of any later change in
the  Accumulation  Unit  Value.  The  Accumulation  Unit Value  varies  with the
investment performance of the corresponding Portfolios of each respective trust,
which in turn reflects the investment income and realized and unrealized capital
gains and losses of the Portfolios,  as well as each respective trust's fees and
expenses.  The  Accumulation  Unit Value is also stated  after  deduction of the
Separate  Account asset charges relating to the  Certificates.  A description of
the computation of the Accumulation Unit Value is found in the SAI.

Annuity Account Value in Guaranteed Period Account

The Annuity  Account Value in the Guaranteed  Period Account on any Business Day
will be the sum of the present  value of the  Maturity  Value in each  Guarantee
Period,  using  the  Guaranteed  Rate  in  effect  for new  allocations  to such
Guarantee  Period on such date.  (This is  equivalent to the  Guaranteed  Period
Amount increased or decreased by the full market value  adjustment.) The Annuity
Account Value,  therefore,  may be higher or lower than the contributions  (less
withdrawals)  accumulated  at the Guaranteed  Rate. At the  Expiration  Date the
Annuity  Account Value in the Guaranteed  Period Account will equal the Maturity
Value. See "Part 2: The Guaranteed Period Account."

TRANSFERS AMONG INVESTMENT OPTIONS

At any time prior to the Annuity  Commencement  Date,  you may  transfer  all or
portions of your Annuity Account Value among the Investment Options,  subject to
the following:

o  Transfers out of a Guarantee  Period other than at the  Expiration  Date will
   result  in a market  value  adjustment.  See "Part 2: The  Guaranteed  Period
   Account."

o  At Annuitant age 76 and above, transfers to Guarantee Periods must be limited
   to those with  maturities  of five years or less and with  maturity  dates no
   later than the February 15th immediately  following the Annuity  Commencement
   Date.

o  Transfers may not be made to a Guarantee  Period with an  Expiration  Date in
   the current calendar year, or if the Guaranteed Rate is 3%.

Transfer requests must be made directly to our Processing  Office.  Your request
for  a  transfer  should  specify  your  Certificate   number,  the  amounts  or
percentages to be transferred  and the Investment  Options to and from which the
amounts are to be  transferred.  Your  transfer  request may be in writing or by
telephone.

For telephone transfer  requests,  procedures have been established by Equitable
Life that are  considered  to be  reasonable  and are  designed to confirm  that
instructions  communicated  by telephone are genuine.  Such  procedures  include
requiring  certain  personal  identification  information  prior  to  acting  on
telephone  instructions  and  providing  written  confirmation.  In light of the
procedures  established,  Equitable  Life  will  not  be  liable  for  following
telephone instructions that it reasonably believes to be genuine.

We may  restrict,  in our sole  discretion,  the use of an agent  acting under a
power  of  attorney,  such  as a  market  timer,  on  behalf  of more  than  one
Certificate  Owner to effect  transfers.  Any  agreements  to use market  timing
services to effect transfers are subject to our rules then in effect and must be
on a form satisfactory to us.

A transfer request will be effective on the Transaction Date and the transfer to
or from  Investment  Funds  will be made at the  Accumulation  Unit  Value  next
computed after the Transaction Date. All transfers will be confirmed in writing.

DOLLAR COST AVERAGING

We offer two programs for Dollar Cost  Averaging  as described  below.  The main
objective of Dollar Cost Averaging is to attempt to shield your  investment from
short-term price  fluctuations.  Since approximately the same dollar amounts are
transferred  from the  Alliance  Money  Market  Fund to other  Investment  Funds
periodically, more Accumulation Units are purchased in an Investment Fund if the
value per Accumulation Unit is low and fewer Accumulation Units are purchased if
the value per Accumulation  Unit is high.  Therefore,  a lower average value per
Accumulation  Unit may be achieved  over the long term.  This plan of  investing
allows you to take advantage of market fluctuations but does not assure a profit
or protect against a loss in declining markets.

   
You elect a Dollar  Cost  Averaging  program by  completing  the proper form and
sending it to our Processing
    


                                       21
<PAGE>

   
Office.  The  transfer  date will be the same  calendar  day of the month as the
Contract Date (other than the 29th, 30th or 31st).
    

Dollar  Cost  Averaging  may  not  be  elected  while  the  rebalancing  program
(discussed   below)  or  the  Systematic   Withdrawal  option  (described  under
"Withdrawal Options" in Part 4) is in effect.

Special Dollar Cost Averaging

   
For  Certificate  Owners  who at issue of the  Certificate  want to Dollar  Cost
Average their entire  initial  contribution  from the Alliance Money Market Fund
into the other Investment Funds monthly over a period of twelve months, we offer
a Special  Dollar Cost  Averaging  program under which the mortality and expense
risks charge,  the administration  charge, and the distribution  charge normally
deducted from the Alliance Money Market Fund will not be deducted.  See "Charges
Deducted from the Investment Funds" in Part 5.
    

General Dollar Cost Averaging

   
If you have at least  $25,000 of Annuity  Account  Value in the  Alliance  Money
Market Fund,  you may choose to have a specified  dollar amount or percentage of
your Annuity  Account Value  transferred  from the Alliance Money Market Fund to
other Investment Funds on a monthly, quarterly or annual basis. You may not have
Annuitys Account Value transferred to the Guarantee Periods. This program may be
elected at any time.

The minimum amount that may be transferred on each Transaction Date is $250. The
maximum amount which may be transferred is equal to the Annuity Account Value in
the Alliance  Money  Market Fund at the time the program is elected,  divided by
the number of transfers scheduled to be made each Contract Year.

If, on any transfer date, the Annuity Account Value in the Alliance Money Market
Fund is equal to or less than the amount you have  elected to have  transferred,
the entire amount will be transferred and the Dollar Cost Averaging program will
end. You may change the transfer  amount once each Contract Year, or cancel this
program by  sending us  satisfactory  notice to our  Processing  Office at least
seven calendar days before the next transfer date.
    

REBALANCING

   
We  currently  offer a  rebalancing  program  under  which you  authorize  us to
automatically  transfer your Annuity  Account Value among the  Investment  Funds
selected by you in order to maintain a particular  percentage  allocation (which
you  specify)  in such  Investment  Funds.  Such  percentages  must be in  whole
numbers.  You select the period of time at the end of which the  transfers  will
take place. The period of time may be quarterly,  semiannually, or annually on a
Contract  Year basis on the same day of the month as the  Contract  Date  (other
than the 29th, 30th or 31st). Rebalancing  automatically reallocates the Annuity
Account  Value in the chosen  Investment  Funds at the end of each period to the
specified  allocation  percentages.  The  transfers  to  and  from  each  chosen
Investment Fund will be made at the Accumulation  Unit Value next computed after
the Transaction Date. Rebalancing is not available for amounts in the Guaranteed
Period Account.

Rebalancing  does not  assure a profit or  protect  against a loss in  declining
markets and should be  periodically  reviewed as your needs may change.  You may
want to discuss the  rebalancing  program  with your  financial  adviser  before
electing such program.

You may elect the  rebalancing  program at any time by properly  completing  the
appropriate form, which is available from your registered  representative or our
Processing Office.

You may change your rebalancing allocation percentages or cancel this program at
any time by submitting a request in a form satisfactory to us. Such request must
be  received  at our  Processing  Office at least  seven  days  before  the next
scheduled  rebalancing  date. A transfer  request from you while the rebalancing
program is in effect, will cancel the rebalancing program.
    

Rebalancing  may not be elected if a Dollar Cost  Averaging  program  (discussed
above) is in effect.

BASEBUILDER BENEFITS

   
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).
The baseBUILDER provides a degree of protection while you live (Income Benefit),
as well as for your  beneficiary  should you die. As part of the baseBUILDER you
will  have  a  choice  of two  Guaranteed  Minimum  Death  Benefit  options  for
Annunitant  issue  ages  20  through  75:  (i) a 6% Roll Up to Age 80 or (ii) an
Annual Ratchet to Age 80. If you do not elect the baseBUILDER, and for Annuitant
issue ages 0 through 19 under NQ  Certificates,  the  Guaranteed  Minimum  Death
Benefit choices are still provided under the Certificate.
    

For  Annuitant  issue ages 76 through 83, if you are  interested in the Combined
Guaranteed Minimum Income Benefit and Guaranteed Minimum Death Benefit, ask your
registered  representative  for a copy of the prospectus  supplement  describing
this benefit.  The  baseBUILDER is not available for Annuitant issue ages 84 and
85.


                                       22
<PAGE>

The main  advantages of the Guaranteed  Minimum Income Benefit relate to amounts
allocated to the Investment Funds.  Before electing the baseBUILDER,  you should
consider  the extent to which you expect to utilize the  Investment  Funds.  You
elect the baseBUILDER  guaranteed  benefits when you apply for a Certificate and
once elected, it may not be changed or cancelled.

GUARANTEED MINIMUM INCOME BENEFIT

The Guaranteed  Minimum  Income Benefit  provides a minimum amount of guaranteed
lifetime  income when you apply the Annuity  Account Value under your  Equitable
Accumulator  Certificate  to an Income  Manager(R)  (Life  Annuity with a Period
Certain) payout annuity  certificate during the periods of time indicated below.
This Income Manager payout annuity certificate provides payments during a period
certain with payments  continuing for life thereafter.  This means that payments
will be made for the rest of the Annuitant's life. In addition, if the Annuitant
dies before a specified period of time (period certain) has ended, payments will
continue to the beneficiary for the balance of the period certain.

On the Transaction Date that you exercise the Guaranteed Minimum Income Benefit,
the annual  lifetime income that will be provided under the Income Manager (Life
Annuity with a Period Certain) payout annuity certificate will be the greater of
(i) your  Guaranteed  Minimum Income  Benefit,  and (ii) the income  provided by
application of your Annuity Account Value at our then current  annuity  purchase
factors.  The  Guaranteed  Minimum  Income  Benefit  does not provide an Annuity
Account Value or guarantee performance of your Investment Options.  Because this
benefit is based on conservative actuarial factors, the level of lifetime income
that it  guarantees  may often be less than the level that would be  provided by
application of your Annuity Account Value at current annuity  purchase  factors.
It should therefore be regarded as a safety net.

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  or
withdrawals  and assuming there were no allocations to the Alliance Money Market
Fund or the Guaranteed Period Account.

- -------------------------------------------------------------
                                 GUARANTEED MINIMUM
      CONTRACT DATE        INCOME BENEFIT -- ANNUAL INCOME
 ANNIVERSARY AT ELECTION        PAYABLE FOR LIFE WITH
                               10 YEAR PERIOD CERTAIN
- -------------------------------------------------------------
             7                       $  8,992
            10                         12,160
            15                         18,358
- -------------------------------------------------------------

Withdrawals  will  reduce  your  Guaranteed  Minimum  Income  Benefit,  see "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death Benefit" in Part 4.

   
Under  Traditional  IRA, Roth IRA and NQ  Certificates,  the Guaranteed  Minimum
Income  Benefit may be exercised  only within 30 days  following  the seventh or
later  Contract  Date  anniversary  under  your  Equitable   Accumulator  Select
Certificate.  However,  it may not be exercised earlier than the Annuitant's age
60, nor later than the  Annuitant's age 83; except that for Annuitant issue ages
20 through 44, it may be exercised  following  the 15th or later  Contract  Date
anniversary.

For  information on when the Guaranteed  Minimum Income Benefit may be exercised
under QP  Certificates,  see "Exercise of the Guaranteed  Minimum Income Benefit
under QP Certificates" below.
    

When you exercise the  Guaranteed  Minimum Income  Benefit,  you will receive an
Income Manager (Life Annuity with a Period Certain)  payout annuity  certificate
and extinguish  your rights in your Equitable  Accumulator  Select  Certificate,
with at least the minimum annual income  specified and a period certain based on
the Annuitant's age at the time the benefit is exercised as follows:

- -------------------------------------------------------------
                      LEVEL PAYMENTS*
                                   PERIOD CERTAIN YEARS
         ANNUITANT'S           TRADITIONAL AND
       AGE AT ELECTION            ROTH IRA            NQ
- -------------------------------------------------------------
           60 to 75                  10               10
              76                      9               10
              77                      8               10
              78                      7               10
              79                      7               10
              80                      7               10
              81                      7                9
              82                      7                8
              83                      7                7

   
- ----------------
 * Other forms and periods  certain may also be  available.
   For   Traditional   IRA    Certificates,    please   see
   "Traditional     Individual     Retirement     Annuities
   (Traditional IRAs):  Required Minimum  Distributions" in
   Part  7 to see  how  this  option  may  be  affected  if
   exercised after age 70 1/2.
- -------------------------------------------------------------

Payments  will  start one  payment  mode from the  Contract  Date of the  Income
Manager payout annuity certificate.
    

Each year on your Contract Date anniversary, if you are eligible to exercise the
Guaranteed  Minimum  Income  Benefit,  we will  send you an  eligibility  notice
illustrating how much income could be provided on the Contract Date anniversary.
You may then notify us within 30 days following the Contract Date anniversary if
you want to exercise the  Guaranteed  Minimum  


                                       23
<PAGE>

Income  Benefit by  submitting  the proper  form and  returning  your  Equitable
Accumulator Select  Certificate.  The amount of income you actually receive will
be determined on the  Transaction  Date that we receive your properly  completed
exercise notice.

   
You may also  apply  your  Cash  Value at any time to an  Income  Manager  (Life
Annuity with a Period  Certain) payout annuity  certificate,  and you may always
apply  your  Annuity  Account  Value to any of our life  annuity  benefits.  The
annuity  benefits are discussed in Part 4. These benefits differ from the Income
Manager  payout  annuity  certificates  and may provide  higher or lower  income
levels,  but do not have all the features of the Income  Manager  payout annuity
certificates.   You  may   request   an   illustration   from  your   registered
representative.
    

The  Income  Manager  (Life  Annuity  with  a  Period  Certain)  payout  annuity
certificates  are offered  through our  prospectus for the Income Manager payout
annuities.  A copy  of the  most  current  version  may be  obtained  from  your
registered  representative.  You should read it  carefully  before you decide to
exercise your Guaranteed Minimum Income Benefit.

Successor Annuitant/Certificate Owner

If  the  successor  Annuitant/Certificate  Owner  (discussed  below)  elects  to
continue the Certificate after your death, the Guaranteed Minimum Income Benefit
will continue to be available on Contract  Date  anniversaries  specified  above
based on the Contract Date of your  Equitable  Accumulator  Select  Certificate,
provided the Guaranteed  Minimum Income Benefit is exercised as specified  above
based on the age of the successor Annuitant/Certificate Owner.

   
Exercise of the Guaranteed Minimum Income Benefit under QP Certificates

Under QP Certificates,  the Guaranteed  Minimum Income Benefit may be exercised,
on Contract Date anniversaries as indicated above, only after the trustee of the
qualified plan changes  ownership of the QP Certificate to the Annuitant and the
Annuitant,  as the new  Certificate  Owner,  converts such QP  Certificate  in a
direct rollover to a Traditional  IRA Certificate  according to our rules at the
time of the change.  The change of ownership and rollover to a  Traditional  IRA
Certificate may only occur when the Annuitant will no longer be a participant in
the qualified plan.
    

DEATH BENEFIT

When the Annuitant Dies

   
Generally,  upon receipt of proof  satisfactory to us of the  Annuitant's  death
prior to the Annuity  Commencement  Date,  we will pay the death  benefit to the
beneficiary named in your Certificate. You designate the beneficiary at the time
you apply for the  Certificate.  While the  Certificate  is in  effect,  you may
change your beneficiary by writing to our Processing  Office. The change will be
effective on the date the written  submission was signed.  If the Certificate is
jointly owned, the surviving Owner will be deemed the  beneficiary,  superseding
any  other  beneficiary  designations.  (The  joint  ownership  feature  may not
currently  be  available  in your  state.)  The death  benefit  payable  will be
determined  as of the date we  receive  such  proof of  death  and any  required
instructions as to the method of payment.
    

The death  benefit is equal to the Annuity  Account  Value or, if  greater,  the
Guaranteed Minimum Death Benefit described below.

GUARANTEED MINIMUM DEATH BENEFIT

   
Applicable  for  Annuitant  Issue  Ages 0 through 79 under NQ  Certificates;  20
through 79 under  Traditional IRA and Roth IRA  Certificates;  and 20 through 70
under QP Certificates

You elect  either the "6% 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.

6%  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 6% (4% for amounts in the Alliance
Money Market Fund and the Guarantee Periods,  except as indicated below) on each
Contract Date anniversary  through the Annuitant's age 80 (or at the Annuitant's
death,  if  earlier),  and 0%  thereafter,  and is adjusted  for any  subsequent
contributions  and  withdrawals.  The Guaranteed  Minimum Death Benefit interest
applicable to amounts in the Alliance Money Market Fund under the Special Dollar
Cost Averaging program (described above) will be 6%.
    

Annual Ratchet 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 reset through the  Annuitant's  age 80, to the Annuity  Account
Value on a Contract Date anniversary if higher than the then current  Guaranteed
Minimum Death  Benefit,  and is adjusted for any  subsequent  contributions  and
withdrawals.

Applicable for Annuitant Issue Ages 80 through 85

On the Contract  Date,  the  Guaranteed  Minimum  Death  Benefit is equal to the
initial contribution.  Thereafter,  the initial contribution is adjusted for any
subsequent contributions, and any withdrawals.

Withdrawals  will  reduce  your  Guaranteed  Minimum  Death  Benefit,  see  "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death Benefit" in Part 4.


                                       24
<PAGE>

See Appendix III for an example of the  calculation  of the  Guaranteed  Minimum
Death Benefit.

HOW DEATH BENEFIT PAYMENT IS MADE

We will pay the death  benefit  to the  beneficiary  in the form of the  annuity
benefit you have chosen under your  Certificate.  If no annuity benefit has been
chosen at the time of the Annuitant's  death,  the beneficiary  will receive the
death  benefit  in a  lump  sum.  However,  subject  to  any  exceptions  in the
Certificate,  Equitable  Life's  rules then in effect  and any other  applicable
requirements  under  the  Code,  the  beneficiary  may  elect to apply the death
benefit to one or more annuity  benefits offered by Equitable Life. See "Annuity
Benefits  and Payout  Annuity  Options" in Part 4. Note that if you are both the
Certificate Owner and the Annuitant, only a life annuity or an annuity that does
not extend beyond the life expectancy of the beneficiary may be elected.

Successor Annuitant/Certificate Owner

If you are both the Certificate  Owner and the Annuitant,  and if your spouse is
the sole primary beneficiary or the Joint Owner under the Certificate, then upon
your death your spouse beneficiary may elect to receive the death benefit, or to
continue the Certificate and become the successor Annuitant/Certificate Owner by
completing the appropriate form and sending it to our Processing Office.

If the successor Annuitant/Certificate Owner elects to continue the Certificate,
then on the Contract Date anniversary  following your death, the Annuity Account
Value will be reset to the then current  Guaranteed  Minimum Death Benefit if it
is higher than the Annuity Account Value as of such date. In determining whether
the Guaranteed  Minimum Death Benefit will continue to grow, we will use the age
(as of the Contract Date  anniversary)  of the  successor  Annuitant/Certificate
Owner.

WHEN AN NQ CERTIFICATE OWNER DIES BEFORE THE ANNUITANT

When you are not the Annuitant  under an NQ  Certificate  and you die before the
Annuity  Commencement  Date, the beneficiary  named to receive the death benefit
upon the  Annuitant's  death will  automatically  succeed as  Certificate  Owner
(unless  you name a  different  person as a  successor  Owner in a written  form
acceptable to us and send it to our Processing  Office).  If the  Certificate is
jointly  owned and the first Owner to die is not the  Annuitant,  the  surviving
Owner becomes the sole  Certificate  Owner and will be deemed the  "beneficiary"
for purposes of the distribution rules described in this section,  automatically
superseding any other beneficiary designation.

Unless the  surviving  spouse of the  deceased  Owner (or in the case of a joint
ownership  situation,  the  surviving  spouse of the first  Owner to die) is the
designated  beneficiary for this purpose, the entire interest in the Certificate
must be distributed under these rules.

   
The  Cash  Value  in the  Certificate  must  be  fully  paid  to the  designated
beneficiary  (new Owner) by December 31st of the fifth  calendar year after your
death (or in a joint ownership situation, the death of the first Owner to die).
    

A permissible  alternative is for the new Owner to elect to receive such amounts
as a life annuity (or  payments for a period  certain of not longer than the new
Owner's life  expectancy),  with payments  beginning no later than December 31st
following  the calendar  year of the  non-Annuitant  Owner's  death.  If such an
annuity benefit or payments for a period certain is not elected, we will pay any
Cash  Value in the  Certificate  on  December  31st of the fifth  calendar  year
following the year of your death (or the death of the first Owner to die).

Where a surviving  spouse is designated  beneficiary or Joint Owner,  the spouse
may elect to continue the Certificate.  No distributions are required as long as
the surviving spouse and Annuitant are living.

CASH VALUE

   
The Cash  Value  under the  Certificate  fluctuates  daily  with the  investment
performance of the Investment Funds you have selected and reflects any upward or
downward  market value  adjustment.  We do not  guarantee any minimum Cash Value
except for amounts in a Guarantee  Period held to the Expiration Date. See "Part
2: The Guaranteed  Period Account." On any date before the Annuity  Commencement
Date while the Certificate is in effect,  the Cash Value is equal to the Annuity
Account Value.
    

SURRENDERING THE CERTIFICATES TO RECEIVE THE CASH VALUE

You may surrender a Certificate  to receive the Cash Value at any time while the
Annuitant is living and before the Annuity Commencement Date. For a surrender to
be effective,  we must receive your written  request and the  Certificate at our
Processing  Office.  The Cash Value will be determined on the Transaction  Date.
All benefits under the Certificate will be terminated as of that date.

You may  receive the Cash Value in a single sum payment or apply it under one or
more of the annuity benefits.  See "Annuity Benefits and Payout Annuity Options"
in Part 4. We will usually pay the Cash Value within seven calendar days, but we
may delay payment as described in "When Payments Are Made" below.

For the tax  consequences  of  surrenders,  see  "Part  7:  Tax  Aspects  of the
Certificates."


                                       25
<PAGE>

WHEN PAYMENTS ARE MADE

Under  applicable  law,  application of proceeds from the Investment  Funds to a
variable annuity,  payment of a death benefit from the Investment Funds, payment
of any portion of the Annuity Account Value from the Investment Funds, and, upon
surrender,  payment  of the Cash Value  from the  Investment  Funds will be made
within seven calendar days after the Transaction  Date.  Payments or application
of proceeds  from the  Investment  Funds can be deferred  for any period  during
which (1) the New York Stock  Exchange is closed or trading on it is restricted,
(2) sales of  securities  or  determination  of the fair value of an  Investment
Fund's assets is not reasonably practicable because of an emergency,  or (3) the
SEC,  by order,  permits us to defer  payment in order to protect  persons  with
interest in the Investment Funds.

We can  defer  payment  of any  portion  of the  Annuity  Account  Value  in the
Guaranteed  Period Account (other than for death  benefits) for up to six months
while you are living. We may also defer payments for any amount  attributable to
a contribution  made in the form of a check for a reasonable amount of time (not
to exceed 15 days) to permit the check to clear.

ASSIGNMENT

Traditional  IRA and Roth IRA  Certificates  are not assignable or  transferable
except  through  surrender  to us. They may not be  borrowed  against or used as
collateral for a loan or other obligation.

   
QP Certificates may not be assigned.
    

The NQ Certificates may be assigned at any time before the Annuity  Commencement
Date and for any  purpose  other  than as  collateral  or  security  for a loan.
Equitable Life will not be bound by an assignment unless it is in writing and we
have received it at our Processing Office. In some cases, an assignment may have
adverse tax consequences. See "Part 7: Tax Aspects of the Certificates."

SERVICES WE PROVIDE

o  REGULAR REPORTS

   o Statement  of your  Certificate  values as of the last day of the  calendar
     year;

   o Three additional reports of your Certificate values each year;

   o Annual and semiannual statements of each trust; and

   o Written confirmation of financial transactions.

o  TOLL-FREE TELEPHONE SERVICES

   o Call  1-800-789-7771  for a recording of daily Accumulation Unit Values and
     Guaranteed Rates applicable to the Guarantee Periods.  Also call during our
     regular   business   hours  to  speak  to  one  of  our  customer   service
     representatives.

o  PROCESSING OFFICE

   
   o FOR CONTRIBUTIONS SENT BY REGULAR MAIL:
     Equitable Life
     Equitable Accumulator Select
     P.O. Box 13014
     Newark, NJ 07188-0014
    

   o FOR CONTRIBUTIONS SENT BY EXPRESS MAIL:
     Equitable Life
     c/o First Chicago National Processing Center
     300 Harmon Meadow Boulevard, 3rd Floor
     Attn: Box 13014
     Secaucus, NJ 07094

   
   o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
     SENT BY REGULAR MAIL:
     Equitable Life
     Equitable Accumulator Select
     P.O. Box 1547
     Secaucus, NJ 07096-1547

   o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
     SENT BY EXPRESS MAIL:
     Equitable Life
     Equitable Accumulator Select
     200 Plaza Drive, 4th Floor
     Secaucus, NJ 07096

YEAR 2000 PROGRESS

Equitable Life relies upon various  computer systems in order to administer your
Certificate and operate the Investment Options.  Some of these systems belong to
service providers who are not affiliated with Equitable Life.

In 1995,  Equitable  Life began  addressing the question of whether its computer
systems would  recognize the year 2000 before,  on or after January 1, 2000, and
Equitable  Life  believes it has  identified  those of its  systems  critical to
business  operations  that  are not  Year  2000  compliant.  By year  end  1998,
Equitable  Life expects  that the work of  modifying or replacing  non-compliant
systems will  substantially be completed and expects a comprehensive test of its
Year 2000 compliance will be performed in the first half of 1999. Equitable Life
is in the process of seeking  assurances from third party service providers that
they are acting to address  the Year 2000  issue with the goal of  avoiding  any
material  adverse  effect on  services  provided  to  Certificate  Owners and on
operations of the Investment  Options.  Any  significant  unresolved  difficulty
related to the Year 2000 compliance  initiatives  could have a material  adverse
effect on the ability to administer your  Certificate and operate the Investment
Options.  Assuming the timely completion of computer  modifica-
    


                                       26
<PAGE>

   
tions by Equitable Life and third-party  service  providers,  there should be no
material adverse effect on the ability to perform these functions.
    

DISTRIBUTION OF THE CERTIFICATES

   
As the distributor of the Certificates,  Equitable Distributors,  Inc. (EDI), an
indirect,  wholly owned  subsidiary of Equitable  Life, has  responsibility  for
sales and  marketing  functions  for the  Certificates.  EDI also  serves as the
principal  underwriter  of the  Separate  Account  under  the 1940  Act.  EDI is
registered  with the SEC as a  broker-dealer  under  the  Exchange  Act and is a
member of the National  Association of Securities Dealers,  Inc. EDI's principal
business  address is 1290  Avenue of the  Americas,  New York,  New York  10104.
Pursuant  to a  "Distribution  Agreement"  between  Equitable  Life,  certain of
Equitable Life's separate  accounts,  including the Separate  Account,  and EDI,
Equitable Life paid EDI  distribution  fees of $9,566,343 for 1997,  $87,157 for
1996 and $0 for 1995 as the distributor of certain  certificates,  including the
Certificates, and as the principal underwriter of the Separate Account.
    

The Certificates will be sold by registered  representatives  of EDI, as well as
by affiliated and  unaffiliated  broker-dealers  with which EDI has entered into
selling  agreements.  Broker-dealer  sales  compensation  will not  exceed  1.0%
annually of the Annuity  Account Value on a Contract Date  anniversary.  EDI may
also receive compensation and reimbursement for its marketing services under the
terms  of  its  distribution  agreement  with  Equitable  Life.   Broker-dealers
receiving  sales  compensation  will  generally  pay a portion  thereof to their
registered  representatives as commissions related to sales of the Certificates.
The offering of the Certificates is intended to be continuous.


                                       27
<PAGE>

- --------------------------------------------------------------------------------

               PART 4: DISTRIBUTION METHODS UNDER THE CERTIFICATES

- --------------------------------------------------------------------------------

The Certificates offer several  distribution  methods  specifically  designed to
provide retirement income. Traditional IRA and Roth IRA Certificates permit Lump
Sum  Withdrawals,   Substantially  Equal  Payment  Withdrawals,  and  Systematic
Withdrawals.   Minimum   Distribution   Withdrawals  are  available  only  under
Traditional IRA  Certificates.  NQ Certificates  permit Lump Sum Withdrawals and
Systematic  Withdrawals.  The Certificates also offer fixed and variable annuity
benefits and Income Manager payout annuity options.  Traditional IRA Certificate
Owners  should  consider  how the  distribution  method  selected may affect the
ability to comply with the minimum  distribution rules discussed in "Part 7: Tax
Aspects of the Certificates."

For  Traditional  IRA  retirement  benefits  subject  to  minimum   distribution
requirements,  we will send a form outlining the distribution  options available
before you reach age 70 1/2 (if you have not begun your annuity  payments before
that time).

WITHDRAWAL OPTIONS

The  Certificates  are annuity  contracts,  even though you may elect to receive
your  benefits  in a  non-annuity  form.  You may  take  withdrawals  from  your
Certificate before the Annuity Commencement Date and while you are alive.

Withdrawals are not subject to a withdrawal  charge.  Amounts withdrawn from the
Guaranteed  Period Account,  other than at the Expiration Date, will result in a
market value adjustment. See "Market Value Adjustment for Transfers, Withdrawals
or Surrender Prior to the Expiration Date" in Part 2. Withdrawals may be taxable
and subject to tax penalty. See "Part 7: Tax Aspects of the Certificates."

As a deterrent to early  withdrawal  (generally  prior to age 59 1/2),  the Code
provides  certain  penalties.  We may also be required to withhold  income taxes
from the amount distributed. These rules are outlined in "Part 7: Tax Aspects of
the Certificates."

LUMP SUM WITHDRAWALS
(Available under Traditional IRA, Roth IRA and
NQ Certificates)

   
You may take Lump Sum  Withdrawals  at any time subject to a minimum  withdrawal
amount of $1,000.  A request to  withdraw  more than 90% of the Cash Value as of
the Transaction  Date will result in the termination of the Certificate and will
be  treated  as  a  surrender  of  the  Certificate  for  its  Cash  Value.  See
"Surrendering the Certificates to Receive the Cash Value" in Part 3.
    

To make a Lump Sum  Withdrawal,  you must  submit a request  satisfactory  to us
which  specifies the Investment  Options from which the Lump Sum Withdrawal will
be  taken.  If we have  received  the  information  we  require,  the  requested
withdrawal  will become  effective on the  Transaction  Date and  proceeds  will
usually  be mailed  within  seven  calendar  days  thereafter,  but we may delay
payment as described  in "When  Payments Are Made" in Part 3. If we receive only
partially  completed  information,  our  Processing  Office will contact you for
specific instructions before your request can be processed.

SYSTEMATIC WITHDRAWALS
(Available under Traditional IRA, Roth IRA and
NQ Certificates)

Under  Traditional IRA and Roth IRA Certificates this option may be elected only
if you are between age 59 1/2 to 70 1/2.

Systematic Withdrawals provide level percentage or level amount payouts. You may
choose to  receive  Systematic  Withdrawals  on a monthly,  quarterly  or annual
basis.  You select a dollar amount or percentage of the Annuity Account Value to
be  withdrawn,  subject to a maximum of 1.2% monthly,  3.6%  quarterly and 15.0%
annually,  but in no event may any  payment be less than $250.  If at the time a
Systematic  Withdrawal is to be made, the  withdrawal  amount would be less than
$250,  no payment  will be made and your  Systematic  Withdrawal  election  will
terminate.

You select the date of the month when the withdrawals  will be made, but you may
not choose a date later than the 28th day of the month.  If no date is selected,
withdrawals  will be made on the same  calendar day of the month as the Contract
Date. The  commencement of payments under the Systematic  Withdrawal  option may
not be elected to start sooner than 28 days after issue of the Certificate.

You may elect  Systematic  Withdrawals at any time by completing the proper form
and sending it to our Processing Office. You may change the payment frequency of
your  Systematic  Withdrawals  once each Contract Year or cancel this withdrawal
option at any time by sending  notice in a form  satisfactory  to us. The notice
must be received at our Processing  Office at least seven calendar days prior to
the next scheduled withdrawal date. You may also change the amount or percentage
of your Systematic  Withdrawals once in each Contract Year. However, you may not
change the amount or percentage  in any Contract Year where you 


                                       28
<PAGE>

have previously taken another  withdrawal  under the Lump Sum Withdrawal  option
described above.

Unless you specify otherwise,  Systematic Withdrawals will be withdrawn on a pro
rata basis from your Annuity Account Value in the Investment  Funds. If there is
insufficient value or no value in the Investment Funds, any additional amount of
the withdrawal  required or the total amount of the  withdrawal,  as applicable,
will be withdrawn from the Guarantee Periods in order of the earliest Expiration
Date(s) first. A market value adjustment may apply.

   
SUBSTANTIALLY EQUAL PAYMENT WITHDRAWALS
(Available under Traditional IRA and Roth IRA Certificates)

Substantially Equal Payment  Withdrawals provide  distributions from the Annuity
Account  Value of the amounts  necessary so that the 10% penalty  tax,  normally
applicable to distributions  made prior to age 59 1/2, does not apply. See "Part
7: Tax Aspects of the Certificates."  Once distributions  begin, they should not
be changed or stopped  until the later of age 59 1/2 or five years from the date
of the first  distribution.  If you change or stop the  distributions  or take a
Lump Sum  Withdrawal,  you may be liable for the 10% penalty tax that would have
otherwise been due on all prior distributions made under this option and for any
interest thereon.
    

Substantially  Equal Payment  Withdrawals  may be elected at any time if you are
below age 59 1/2. You can elect this option by  submitting  the proper  election
form. You select the day and the month when the first  withdrawal  will be made,
but it may not be sooner than 28 days after the issue of the Certificate.  In no
event may you elect to receive the first  payment in the same  Contract  Year in
which a Lump Sum  Withdrawal  was  taken.  We will  calculate  the amount of the
distribution  under a  method  we  select  and  payments  will be made  monthly,
quarterly or annually as you select.  These  payments  will  continue to be made
until we receive written notice from you to cancel this option. Such notice must
be received at our  Processing  Office at least seven calendar days prior to the
next scheduled  withdrawal date. A Lump Sum Withdrawal taken while Substantially
Equal Payment  Withdrawals are in effect will cancel such  withdrawals.  You may
elect to start receiving  Substantially  Equal Payment Withdrawals again, but in
no event can the payments  start in the same  Contract  Year in which a Lump Sum
Withdrawal was taken. We will calculate a new distribution  amount. As indicated
in the  preceding  paragraph,  you may be  liable  for the  10%  penalty  tax on
Substantially Equal Payment Withdrawals made before cancellation.

Unless you specify otherwise,  Substantially  Equal Payment  Withdrawals will be
withdrawn on a pro rata basis from your Annuity  Account Value in the Investment
Funds. If there is insufficient  value or no value in the Investment  Funds, any
additional  amount of the withdrawal or the total amount of the  withdrawal,  as
applicable,  will be  withdrawn  from  the  Guarantee  Periods  in  order of the
earliest Expiration Date(s) first. A market value adjustment may apply.

MINIMUM DISTRIBUTION WITHDRAWALS
(Available under Traditional IRA Certificates)

   
Minimum Distribution  Withdrawals provide distributions from the Annuity Account
Value of the amounts  necessary to meet minimum  distribution  requirements  set
forth in the Code.  This  option  may be elected in the year in which you attain
age 70 1/2. You can elect Minimum  Distribution  Withdrawals  by submitting  the
proper  election form. The minimum amount we will pay out is $250. You may elect
Minimum  Distribution  Withdrawals for each Traditional IRA Certificate you own,
subject to our rules then in effect. Currently,  Minimum Distribution Withdrawal
payments will be made annually.

Unless  you  specify  otherwise,   Minimum  Distributions  Withdrawals  will  be
withdrawn on a pro rata basis from your Annuity  Account Value in the Investment
Funds. If there is insufficient  value or no value in the Investment  Funds, any
additional  amount  of the  withdrawal  required  or  the  total  amount  of the
withdrawal, as applicable, will be withdrawn from the Guarantee Periods in order
of the earliest Expiration Date(s) first. A market value adjustment may apply.
    

Example
- -------
The chart below illustrates the pattern of payments,  under Minimum Distribution
Withdrawals  for a male who purchases a Traditional  IRA  Certificate  at age 70
with a single  contribution of $100,000,  with payments commencing at the end of
the first Contract Year.


                   PATTERN OF MINIMUM DISTRIBUTION WITHDRAWALS
                       $100,000 SINGLE CONTRIBUTION FOR A
                           SINGLE LIFE -- MALE AGE 70

                [THE FOLLOWING TABLE WAS REPRESENTED AS AN AREA
                            GRAPH IN THE PROSPECTUS]

                       AGE               AMOUNT WITHDRAWN
                        70                   $6,250
                        75                   $7,653
                        80                   $8,667
                        85                   $8,770
                        90                   $6,931
                        95                   $3,727
                       100                   $1,179
                        
                        Assumes 6.0% Rate of Return

                     [END OF GRAPHICALLY REPRESENTED DATA]

Payments are calculated  each year based on the Annuity Account Value at the end
of each year, using the recalculation method of determining payments. (See 


                                       29
<PAGE>

"Part 1 -- Minimum Distribution  Withdrawals -- Traditional IRA Certificates" in
the SAI.) Payments are made annually, and it is further assumed that no Lump Sum
Withdrawals are taken.

This example  assumes an annual rate of return of 6.0%  compounded  annually for
both the Investment Funds and the Guaranteed Period Account. This rate of return
is for  illustrative  purposes only and is not intended to represent an expected
or guaranteed rate of return.  Your  investment  results will vary. In addition,
this  example  does not  reflect any charges  that may be  applicable  under the
Traditional IRA. Such charges would effectively reduce the actual return.

HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME BENEFIT AND GUARANTEED 
MINIMUM DEATH BENEFIT

   
Except as described in the next sentence, each withdrawal will cause a reduction
in your current  Guaranteed  Minimum Death Benefit and Guaranteed Minimum Income
Benefit  benefit  base  (described  below)  on a pro rata  basis.  Your  current
Guaranteed  Minimum Death Benefit if based on the 6% Roll Up to Age 80, and your
Guaranteed   Minimum  Income  Benefit   benefit  base,  will  be  reduced  on  a
dollar-for-dollar  basis as long as the sum of your  withdrawals in any Contract
Year is 6% or less of the  beginning of Contract Year  Guaranteed  Minimum Death
Benefit.  Once a  withdrawal  is made that causes  cumulative  withdrawals  in a
Contract Year to exceed 6% of the beginning of Contract Year Guaranteed  Minimum
Death Benefit,  that withdrawal and any subsequent  withdrawals in that Contract
Year will cause a pro rata reduction to occur.

Reduction on a  dollar-for-dollar  basis means your current  Guaranteed  Minimum
Death Benefit and Guaranteed  Minimum Income Benefit benefit base are 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  Guaranteed  Minimum  Death
Benefit  and  Guaranteed  Minimum  Income  Benefit  benefit  base 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 6%  threshold
described above can have a significant  impact on your Guaranteed  Minimum Death
Benefit or Guaranteed Minimum Income Benefit.

GUARANTEED MINIMUM INCOME BENEFIT
BENEFIT BASE

The  Guaranteed  Minimum  Income  Benefit  benefit  base is equal to the initial
contribution  on the Contract Date.  Thereafter,  the Guaranteed  Minimum Income
Benefit  benefit  base is  credited  with  interest at 6% (4% for amounts in the
Alliance Money Market Fund and the Guarantee Periods, except as indicated below)
on each  Contract  Date  anniversary  through  the  Annuitant's  age 80,  and 0%
thereafter,  and is adjusted for any subsequent  contributions  and withdrawals.
The  Guaranteed  Minimum  Income  Benefit  benefit base  interest  applicable to
amounts  in the  Alliance  Money  Market  Fund  under the  Special  Dollar  Cost
Averaging program (described in Part 3) will be 6%.

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% if the Guaranteed Minimum Income Benefit is exercised within 30
days  following a Contract  Date  anniversary  in years 7 through 9 and at 3% if
exercised within 30 days following the 10th or later Contract Date  anniversary,
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.

ANNUITY BENEFITS AND PAYOUT ANNUITY OPTIONS

The Equitable  Accumulator Select Certificates offer annuity benefits and Income
Manager  payout  annuity  options,  described  below,  for providing  retirement
income.

ANNUITY BENEFITS

   
Annuity  benefits  under  the  Equitable  Accumulator  Select  provide  periodic
payments  over a specified  period of time which may be fixed or may be based on
the Annuitant's life.  Annuity forms of payment are calculated as of the Annuity
Commencement  Date, which is on file with our Processing  Office. You can change
the Annuity Commencement Date by writing to our Processing Office anytime before
the Annuity Commencement Date. However, you may not choose a date later than the
28th day of any  month.  Also,  based on the  issue  age of the  Annuitant,  the
Annuity  Com-
    


                                       30
<PAGE>

mencement  Date may not be later  than the  Processing  Date which  follows  the
Annuitant's 90th birthday (may be different in some states).

Before  the  Annuity  Commencement  Date,  we will send a letter  advising  that
annuity  benefits are available.  Unless you otherwise  elect, we will pay fixed
annuity  benefits on the "normal form" indicated for your  Certificate as of the
Annuity  Commencement  Date. The amount  applied to provide the annuity  benefit
will be the Annuity Account Value.

Amounts in the Guarantee Periods that are applied to an annuity benefit prior to
an Expiration Date will result in a market value  adjustment.  See "Market Value
Adjustment for Transfers, Withdrawals or Surrender Prior to the Expiration Date"
in Part 2. 

Annuity Forms

o  Life  Annuity:  An  annuity  which  guarantees  payments  for the rest of the
   Annuitant's  life.  Payments  end with the last  monthly  payment  before the
   Annuitant's  death.  Because there is no death benefit  associated  with this
   annuity  form,  it provides  the highest  monthly  payment of any of the life
   income annuity options, so long as the Annuitant is living.

   
o  Life Annuity -- Period Certain:  This annuity form also  guarantees  payments
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the end of a selected period of time (the "certain period"),  payments
   will continue to the  beneficiary  for the balance of the certain  period.  A
   life annuity with a certain  period of 10 years is the normal form of annuity
   under the Certificates.

o  Life Annuity -- Refund Certain:  This annuity form guarantees payments to you
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the amount applied to purchase this annuity option has been recovered,
   payments  will  continue  to your  beneficiary  until  that  amount  has been
   recovered. This option is available only as a fixed annuity.

o  Period Certain Annuity:  This annuity form guarantees payments for a specific
   period of time,  usually  5, 10, 15 or 20 years,  and does not  involve  life
   contingencies.  Currently,  this annuity  option is available only as a fixed
   annuity.

o  Joint and Survivor Life Annuity:  This annuity form  guarantees  payments for
   the  rest  of  the  Annuitant's  life  and,  after  the  Annuitant's   death,
   continuation of payments to the survivor.
    

The life annuity -- period  certain and the life  annuity -- refund  certain are
available on either a single life or joint and survivor life basis.

   
We offer the annuity  distribution  options  outlined  above in fixed  form.  In
variable  form,  only the following  options are available:  Life Annuity,  Life
Annuity -- Period  Certain,  Joint and  Survivor  Life  Annuity  and Life Period
Certain Annuity (100% to Survivor).  Fixed annuity payments are guaranteed by us
and will be based either on the tables of  guaranteed  annuity  payments in your
Certificate or on our then current  annuity  rates,  whichever is more favorable
for the Annuitant.  Variable income  annuities may be funded through your choice
of Investment  Funds of HRT through the purchase of annuity units. The amount of
each variable  annuity payment may fluctuate,  depending upon the performance of
the  Investment  Funds.  That is because the annuity  unit value rises and falls
depending on whether the actual rate of net investment  return (after  deduction
of charges) is higher or lower than the assumed  base rate.  See  "Annuity  Unit
Values" in the SAI.  Variable income annuities may also be available by separate
prospectus through the Funds of other separate accounts we offer.

Under QP  Certificates,  the only annuity forms  available are a Life Annuity 10
Year  Period  Certain,  or a Joint and  Survivor  Life  Annuity  10 Year  Period
Certain.

For all Annuitants  under  Traditional  IRA, Roth IRA and NQ  Certificates,  the
normal form of annuity provides for fixed payments. We may offer other forms not
outlined here. Your registered representative can provide details.
    

For each annuity benefit, we will issue a separate written agreement putting the
benefit into effect. Before we pay any annuity benefit, we require the return of
the Certificate.

The amount of the annuity payments will depend on the amount applied to purchase
the annuity, the type of annuity chosen and, in the case of a life annuity form,
the  Annuitant's  age (or the  Annuitant's  and joint  Annuitant's  ages) and in
certain instances,  the sex of the Annuitant(s).  Once an income annuity form is
chosen and payments have commenced, no change can be made.

If, at the time you elect an annuity form, the amount to be applied is less than
$2,000 or the initial  payment  under the form elected is less than $20 monthly,
we reserve  the right to pay the  Annuity  Account  Value in a single sum rather
than as payments under the annuity form chosen.

INCOME MANAGER PAYOUT ANNUITY OPTIONS

   
Under Traditional IRA, Roth IRA and NQ Certificates,  you may apply your Annuity
Account Value to an Income Manager (Life Annuity with a Period  Certain)  payout
annuity  certificate,  or an Income  Manager  (Period  Certain)  payout  annuity
certificate.

Under QP Certificates,  Income Manager payout annuity certificates are available
only  after the  trustee  of the  qualified  plan  changes  ownership  of the QP
Certificate to the Annuitant,  and the Annuitant,  as the 
    


                                       31
<PAGE>

   
new  Certificate  Owner,  converts such QP Certificate in a direct rollover to a
Traditional  IRA  Certificate  according to our rules at the time of the change.
The change of ownership and rollover to a Traditional  IRA  Certificate may only
occur  when  the  Annuitant  will no  longer  be a  Participant/Employee  in the
qualified plan.
    

The  Income  Manager  (Life  Annuity  with  a  Period  Certain)  payout  annuity
certificates  provide  guaranteed  payments for the Annuitant's  life or for the
Annuitant's  life  and the life of a joint  Annuitant.  Income  Manager  (Period
Certain) payout annuity  certificates  provide payments for a specified  period.
The  Certificate  Owner  and  Annuitant  must  meet the  issue  age and  payment
requirements.  Income  Manager payout annuity  certificates  provide  guaranteed
level payments  (Traditional IRA, Roth IRA and NQ Certificates) under both forms
of certificate,  or guaranteed  increasing payments (NQ Certificates) under only
Income Manager (Life Annuity with a Period Certain) payout annuity certificates.

If you apply a part of the Annuity  Account  Value under any of the above Income
Manager payout  annuity  certificates,  it will be considered a withdrawal.  See
"Withdrawal  Options"  above.  Amounts  received under the Income Manager payout
annuity  certificates in such case will be taxable as  withdrawals.  See Part 7,
"Tax Aspects of the Certificates."

No  subsequent  contributions  will be permitted  under an Income  Manager (Life
Annuity with a Period Certain) payout annuity certificate.

The payout  annuities are described in our  prospectus  for the Income  Manager.
Copies  of  the  most  current   version  are  available  from  your  registered
representative. To purchase an Income Manager payout annuity certificate we also
require the return of your Equitable  Accumulator Select Certificate.  An Income
Manager  payout  annuity  certificate  will be issued  to put one of the  payout
annuity  options into effect.  Depending  upon your  circumstances,  this may be
accomplished on a tax-free basis. Consult your tax adviser.


                                       32
<PAGE>

- --------------------------------------------------------------------------------

                         PART 5: DEDUCTIONS AND CHARGES

- --------------------------------------------------------------------------------

CHARGES DEDUCTED FROM THE ANNUITY ACCOUNT VALUE

   
We allocate the entire amount of each contribution to the Investment Options you
select,  subject to certain  restrictions.  We then periodically  deduct certain
amounts from your Annuity Account Value. Unless otherwise indicated, the charges
described  below and under "Charges  Deducted from the  Investment  Funds" below
will not be  increased  by us for the life of the  Certificates.  We may  reduce
certain charges under group or sponsored  arrangements.  See "Group or Sponsored
Arrangements" below.
    

baseBUILDER Benefits Charge

If you elect the  Combined  Guaranteed  Minimum  Income  Benefit and  Guaranteed
Minimum Death Benefit,  we deduct a charge annually on each Processing Date. The
charge is equal to a percentage of the Guaranteed Minimum Income Benefit benefit
base in effect on the Processing  Date.  The  percentage is equal to 0.30%.  The
Guaranteed   Minimum  Income  Benefit  benefit  base  is  described  under  "How
Withdrawals Affect Your Guaranteed Minimum Income Benefit and Guaranteed Minimum
Death Benefit" in Part 4.

This charge will be deducted from your Annuity  Account Value in the  Investment
Funds on a pro rata  basis.  If there is  insufficient  value in the  Investment
Funds,  all or a portion of such  charge  will be  deducted  from the  Guarantee
Periods  in order of the  earliest  Expiration  Date(s)  first.  A market  value
adjustment may apply. See "Market Value Adjustment for Transfers, Withdrawals or
Surrender Prior to the Expiration Date" in Part 2.

Charges for State Premium and Other Applicable Taxes

   
We deduct a charge for applicable  taxes,  such as state or local premium taxes,
that might be imposed in your state.  Generally,  we deduct this charge from the
amount applied to provide an annuity benefit. In certain states, however, we may
deduct the charge for taxes from  contributions.  The  current  tax charge  that
might be imposed  varies by state and ranges  from 0% to 3.5% (1% in Puerto Rico
and 5% in the Virgin Islands).
    

CHARGES DEDUCTED FROM THE INVESTMENT FUNDS

Mortality and Expense Risks Charge

   
We will  deduct a daily  charge from the net assets in each  Investment  Fund to
compensate us for mortality and expense risks,  including the Guaranteed Minimum
Death Benefit. The daily charge is at the rate of 0.003032%, which is equivalent
to an annual rate of 1.10%, on the assets in each Investment Fund.
    

The mortality risk assumed is the risk that  Annuitants as a group will live for
a longer time than our actuarial tables predict. As a result, we would be paying
more in annuity income than we planned. We also assume a risk that the mortality
assumptions  reflected in our guaranteed  annuity payment tables,  shown in each
Certificate,  will differ from actual mortality experience.  Lastly, we assume a
mortality risk to the extent that at the time of death,  the Guaranteed  Minimum
Death  Benefit  exceeds  the Cash Value of the  Certificate.  The  expense  risk
assumed  is the risk  that it will  cost us more to  issue  and  administer  the
Certificates than we expect.

Administration Charge

We will deduct a daily charge from the net assets in each  Investment  Fund,  to
compensate us for  administration  expenses  under the  Certificates.  The daily
charge is at a rate of 0.000692%  (equivalent to an annual rate of 0.25%) on the
assets in each Investment  Fund. We reserve the right to increase this charge to
an annual rate of 0.35%, the maximum permitted under the Certificates.

Distribution Charge

We will  deduct  a daily  charge  from the  assets  in each  Investment  Fund to
compensate  us for sales  expenses.  The daily  charge is at a rate of 0.000695%
(equivalent to an annual rate of 0.25%) on the assets in each  Investment  Fund.
This charge will never exceed applicable regulatory limitations.

We also  offer  other  Equitable  Accumulator  certificates  that do not  have a
distribution  charge,  but withdrawals of contributions  are subject to a charge
which  declines  to zero after seven  years for each  contribution.  These other
certificates may also provide higher Guaranteed Rates for the Guarantee Periods.
A current  prospectus  for the Equitable  Accumulator  with a withdrawal  charge
instead  of  a  distribution   charge  may  be  obtained  from  your  registered
representative.

   
HRT CHARGES TO PORTFOLIOS

Investment  advisory fees charged  daily  against  HRT's assets,  the 12b-1 fee,
direct  operating  expenses  of  HRT  (such  as  trustees'  fees,   expenses  of
independent auditors and legal counsel, bank and custodian charges and liability
insurance),  and certain  investment-related  expenses of HRT (such as brokerage
commissions and other expenses  related to the 
    


                                       33
<PAGE>

purchase and sale of securities),  are reflected in each Portfolio's daily share
price.  The maximum  investment  advisory fees paid  annually by the  Portfolios
cannot be changed without a vote by shareholders. They are as follows:

   
- -------------------------------------------------------------
                                              MAXIMUM
                                             INVESTMENT
                                            ADVISORY FEE
HRT PORTFOLIO                              (ANNUAL RATE)
- -------------------------------------------------------------

Alliance Money Market                           0.350%
Alliance High Yield                             0.600%
Alliance Common Stock                           0.475%
Alliance Aggressive Stock                       0.625%
Alliance Small Cap Growth                       0.900%
- -------------------------------------------------------------

Investment  advisory  fees  are  established  under  HRT's  investment  advisory
agreements between HRT and its investment adviser, Alliance.

The Rule 12b-1 Plan provides that HRT, on behalf of each  Portfolio  (other than
the Alliance Small Cap Growth Portfolio), may pay to EDI annually up to 0.25% of
the average daily net assets of a Portfolio  attributable to its Class IB shares
in respect of activities  primarily  intended to result in the sale of the Class
IB shares. This fee will not be increased for the life of the Certificates. With
respect to the Alliance Small Cap Growth  Portfolio,  EDI will receive an annual
fee not to exceed the lesser of (a) 0.25% of the average daily net assets of the
Portfolio  attributable to Class IB shares and (b) an amount that, when added to
certain  other  expenses  of the  Class IB  shares,  would  result in a ratio of
expenses to average daily net assets  attributable to Class IB shares  equalling
1.20%.  Prior to  October  8,  1997,  EDI waived a portion of the 12b-1 fee with
respect  to the  Alliance  Small Cap Growth  Portfolio.  Fees and  expenses  are
described more fully in the HRT prospectus.

EQAT CHARGES TO PORTFOLIOS

Investment  management fees charged daily against EQAT's assets,  the 12b-1 fee,
direct  operating  expenses  of  EQAT  (such  as  trustees'  fees,  expenses  of
independent auditors and legal counsel,  administrative  service fees, custodian
fees, and liability insurance), and certain investment-related  expenses of EQAT
(such as brokerage  commissions  and other expenses  related to the purchase and
sale of securities),  are reflected in each  Portfolio's  daily share price. The
investment  management  fees paid annually by the  Portfolios  cannot be changed
without a vote by shareholders. They are as follows:

- -------------------------------------------------------------
                                              MAXIMUM
                                             INVESTMENT
                                            ADVISORY FEE
EQAT PORTFOLIO                             (ANNUAL RATE)
- -------------------------------------------------------------
BT Equity 500 Index                            0.25%
BT Small Company Index                         0.25%
BT International Equity Index                  0.35%
JPM Core Bond                                  0.45%
Lazard Large Cap Value                         0.55%
Lazard Small Cap Value                         0.80%
MFS Research                                   0.55%
MFS Emerging Growth Companies                  0.55%
Morgan Stanley Emerging
   Markets Equity                              1.15%
EQ/Putnam Growth & Income Value                0.55%
EQ/Putnam Investors Growth                     0.55%
EQ/Putnam International Equity                 0.70%
- -------------------------------------------------------------

EQ Financial  has entered into expense  limitation  agreements  with EQAT,  with
respect to each Portfolio, pursuant to which EQ Financial has agreed to waive or
limit its fees and to assume other  expenses so that the total annual  operating
expenses  of  each  Portfolio   (other  than  interest,   taxes,  and  brokerage
commissions, in accordance with generally accepted accounting principles,  other
extraordinary  expenses not incurred in the ordinary course of such  Portfolio's
business and amounts payable  pursuant to a plan adopted in accordance with Rule
12b-1 under the 1940 Act) are limited to certain amounts. See the prospectus for
EQAT for more information.

The Rule 12b-1 Plan provides that EQAT, on behalf of each Portfolio,  may pay to
EDI  annually  up to  0.25% of the  average  daily  net  assets  of a  Portfolio
attributable to its Class IB shares in respect of activities  primarily intended
to result in the sale of the Class IB shares. This fee will not be increased for
the life of the Certificates.  Fees and expenses are described more fully in the
EQAT prospectus.

GROUP OR SPONSORED ARRANGEMENTS

For certain  group or sponsored  arrangements,  we may reduce the  mortality and
expense risks charge,  the  distribution  charge,  or change the minimum initial
contribution  requirements.  We may also  change the  Guaranteed  Minimum  Death
Benefit and the Guaranteed Minimum Income Benefit.  We may also offer Investment
Funds investing in Class IA shares of HRT and EQAT, which are not subject to the
12b-1 fee. Group  arrangements  include those in which a trustee or an employer,
for example,  purchases  contracts  covering a group of  individuals  on a group
basis.  Group  arrangements  are not available for  Traditional IRA and Roth IRA
Certificates.  Sponsored  arrangements include those in which an employer allows
us to sell Certificates to its employees or retirees on an individual basis.
    


                                       34
<PAGE>

   
Our costs for sales, administration,  and mortality generally vary with the size
and stability of the group or sponsoring  organization  among other factors.  We
take all these  factors  into  account  when  reducing  charges.  To qualify for
reduced   charges,   a  group  or  sponsored   arrangement   must  meet  certain
requirements,  including  our  requirements  for  size  and  number  of years in
existence.  Group or sponsored  arrangements that have been set up solely to buy
Certificates  or that  have been in  existence  less  than six  months  will not
qualify for reduced charges.

We may also establish different Guaranteed Rates for the Guarantee Periods under
different classes of Certificates for group or sponsored arrangements.
    

We will make these and any similar  reductions  according to our rules in effect
when a Certificate is approved for issue. We may change these rules from time to
time. Any variations will reflect  differences in costs or services and will not
be unfairly discriminatory.

Group or  sponsored  arrangements  may be  governed  by the Code,  the  Employee
Retirement   Income  Security  Act  of  1974  (ERISA),   or  both.  We  make  no
representations  as to the  impact of those and  other  applicable  laws on such
programs. WE RECOMMEND THAT EMPLOYERS, TRUSTEES, AND OTHERS PURCHASING OR MAKING
CERTIFICATES AVAILABLE FOR PURCHASE UNDER SUCH PROGRAMS SEEK THE ADVICE OF THEIR
OWN LEGAL AND BENEFITS ADVISERS.


                                       35
<PAGE>

- --------------------------------------------------------------------------------

                              PART 6: VOTING RIGHTS

- --------------------------------------------------------------------------------

   
THE TRUSTS' VOTING RIGHTS

As explained  previously,  contributions  allocated to the Investment  Funds are
invested in shares of the corresponding Portfolios of HRT and EQAT. Since we own
the assets of the Separate Account, we are the legal owner of the shares and, as
such,  have the right to vote on certain  matters.  Among other  things,  we may
vote:

o  to elect the Trusts' Board of Trustees,

o  to ratify the selection of independent auditors for the Trusts, and

o  on any other matters described in the current  prospectuses for the Trusts or
   requiring a vote by shareholders under the 1940 Act.

Because HRT is a  Massachusetts  business trust and EQAT is a Delaware  business
trust,  annual meetings are not required.  Whenever a shareholder vote is taken,
we will give  Certificate  Owners the opportunity to instruct us how to vote the
number  of  shares  attributable  to their  Certificates.  If we do not  receive
instructions in time from all Certificate  Owners,  we will vote the shares of a
Portfolio for which no instructions have been received in the same proportion as
we vote shares of that  Portfolio  for which we have received  instructions.  We
will also vote any  shares  that we are  entitled  to vote  directly  because of
amounts we have in an Investment Fund in the same  proportions  that Certificate
Owners vote.

Each share of the Trusts is  entitled  to one vote.  Fractional  shares  will be
counted.  Voting  generally  is on a  Portfolio-by-Portfolio  basis  except that
shares  will be voted on an  aggregate  basis when  universal  matters,  such as
election of Trustees and ratification of independent  auditors,  are voted upon.
However,  if the Trustees  determine  that  shareholders  in a Portfolio are not
affected by a particular matter,  then such shareholders  generally would not be
entitled to vote on that matter.
    

VOTING RIGHTS OF OTHERS

   
Currently,  we control each trust.  EQAT shares  currently  are sold only to our
separate accounts. HRT shares are held by other separate accounts of ours and by
separate  accounts of insurance  companies  unaffiliated with us. Shares held by
these separate  accounts will probably be voted according to the instructions of
the  owners of  insurance  policies  and  contracts  issued  by those  insurance
companies.  While this will dilute the effect of the voting  instructions of the
Certificate Owners, we currently do not foresee any disadvantages arising out of
this. HRT's Board of Trustees intends to monitor events in order to identify any
material irreconcilable  conflicts that possibly may arise and to determine what
action,  if any, should be taken in response.  If we believe that HRT's response
to any of those events  insufficiently  protects our Certificate Owners, we will
see to it that appropriate action is taken to protect our Certificate Owners.
    

SEPARATE ACCOUNT VOTING RIGHTS

If actions relating to the Separate Account require  Certificate Owner approval,
Certificate  Owners will be entitled to one vote for each Accumulation Unit they
have in the Investment  Funds. Each Certificate Owner who has elected a variable
annuity  payout  may cast the  number  of votes  equal to the  dollar  amount of
reserves we are holding for that  annuity in an  Investment  Fund divided by the
Accumulation   Unit  Value  for  that  Investment   Fund.  We  will  cast  votes
attributable  to any  amounts  we  have  in the  Investment  Funds  in the  same
proportion as votes cast by Certificate Owners.

CHANGES IN APPLICABLE LAW

The voting rights we describe in this  prospectus  are created under  applicable
Federal  securities  laws.  To the extent  that  those  laws or the  regulations
promulgated  under those laws  eliminate  the  necessity  to submit  matters for
approval  by persons  having  voting  rights in separate  accounts of  insurance
companies,  we reserve  the right to proceed  in  accordance  with those laws or
regulations.


                                       36
<PAGE>

- --------------------------------------------------------------------------------

                     PART 7: TAX ASPECTS OF THE CERTIFICATES

- --------------------------------------------------------------------------------

   
This Part of the prospectus  generally  covers our  understanding of the current
Federal  income  tax  rules  that  apply to NQ,  Traditional  IRA,  and Roth IRA
Certificates owned by United States taxpayers.

This Part does not apply to NQ Certificates  used as the investment  vehicle for
qualified plans discussed throughout the prospectus and in Appendix II.

This prospectus  does not provide  detailed tax information and does not address
issues such as state income and other taxes,  Federal income tax and withholding
rules for non-U.S. taxpayers, or Federal gift and estate taxes. A gift or estate
tax  transfer  may arise  whenever  payments or contract  rights are provided to
someone other than the original owner of the Certificates.  Please consult a tax
adviser when considering the tax aspects of the Certificates.
    

TAX CHANGES

The United  States  Congress  has in the past  considered  and may in the future
consider  proposals  for  legislation  that,  if enacted,  could  change the tax
treatment of annuities and individual retirement arrangements.  In addition, the
Treasury Department may amend existing  regulations,  issue new regulations,  or
adopt new interpretations of existing laws. State tax laws and, if you are not a
United States  resident,  foreign tax laws, may also affect the tax consequences
to you or the  beneficiary.  These  laws may  change  from time to time  without
notice and, as a result, the tax consequences may be altered. There is no way of
predicting whether,  when or in what form any such change would be adopted.  Any
such change could have retroactive  effects regardless of the date of enactment.
We suggest you consult your legal or tax adviser.

   
TRANSFERS AMONG INVESTMENT OPTIONS

Under current law,  there will not be any tax liability if you transfer  Annuity
Account  Value  among the  Investment  Funds or between  the  Guaranteed  Period
Account and one or more Investment Funds.
    

TAXATION OF NON-QUALIFIED ANNUITIES

   
This section  generally  covers our  understanding of the current Federal income
tax laws that apply to a  non-qualified  annuity  purchased  with only after-tax
dollars and not subject to any special retirement plan rules.

Equitable  Life has designed the NQ  Certificate  to qualify as an "annuity" for
purposes of Federal  income tax law.  Gains in the Annuity  Account Value of the
Certificate  generally will not be taxable to you until a  distribution  occurs,
either by a  withdrawal  of part or all of its value or as a series of  periodic
payments.  However, there are some exceptions to this rule: (1) if a Certificate
fails  the  investment  diversification  requirements;  (2)  if you  transfer  a
Certificate,  for  example,  as a gift to  someone  other  than your  spouse (or
divorced  spouse),  any gain in its Annuity  Account  Value will be taxed at the
time of transfer;  (3) the assignment or pledge of any portion of the value of a
Certificate   will  be  treated  as  a  distribution  of  that  portion  of  the
Certificate;  and (4) when an insurance  company (or its affiliate)  issues more
than one  non-qualified  deferred  annuity  certificate  or contract  during any
calendar year to the same taxpayer,  the  certificates or contracts are required
to be aggregated in computing the taxable amount of any distribution.
    

Corporations,  partnerships,  trusts  and other  non-natural  persons  generally
cannot defer the taxation of current income credited to the  Certificate  unless
an exception under the Code applies.

Withdrawals

   
Prior to the Annuity  Commencement Date, any withdrawal which does not terminate
your total interest in the NQ  Certificate is taxable to you as ordinary  income
to the extent there has been a gain in the Annuity Account Value, and is subject
to income tax withholding. See "Federal and State Income Tax Withholding" below.
The balance of the  distribution  is treated as a return of the  "investment" or
"basis" in the  Certificate  and is not taxable.  Generally,  the  investment or
basis in the NQ  Certificate  equals the  contributions  made,  less any amounts
previously  withdrawn  which were not  taxable.  If your  Equitable  Accumulator
Select NQ Certificate  was issued as a result of a tax-free  exchange of another
NQ life  insurance  or deferred  annuity  contract as  described  in "Methods of
Payment:  Section 1035  Exchanges"  in Part 3, your  investment in that original
contract  generally is treated as the basis in the Equitable  Accumulator Select
NQ Certificate  regardless of the value of that original contract at the time of
the exchange.  Special rules may apply if contributions  made to another annuity
certificate  or  contract  prior  to  August  14,  1982  are  transferred  to  a
Certificate in a tax-free  exchange.  To take advantage of these rules, you must
notify us prior to such an exchange.
    

If you surrender or cancel the NQ  Certificate,  the  distribution is taxable to
the extent it exceeds the investment in the NQ Certificate.


                                       37
<PAGE>

Annuity Payments

Once annuity  payments  begin,  a portion of each payment is  considered to be a
tax-free  recovery of  investment  based on the ratio of the  investment  to the
expected return under the NQ Certificate.  The remainder of each payment will be
taxable. In the case of a variable annuity,  special rules apply if the payments
received in a year are less than the amount  permitted to be recovered tax free.
In the case of a life annuity,  after the total  investment has been  recovered,
future  payments are fully  taxable.  If payments  cease as a result of death, a
deduction for any unrecovered investment will be allowed.

Early Distribution Penalty Tax

   
In addition  to income tax, a penalty tax of 10% applies to the taxable  portion
of a distribution  unless the  distribution is (1) made on or after the date you
attain age 59 1/2,  (2) made on or after your death,  (3)  attributable  to your
disability,  (4) part of a series  of  substantially  equal  installments  as an
annuity  for your life (or life  expectancy)  or the joint  lives (or joint life
expectancies) of you and a beneficiary,  or (5) with respect to income allocable
to amounts contributed to an annuity certificate or contract prior to August 14,
1982 which are transferred to the Certificate in a tax-free exchange.
    

Payments as a Result of Death

If, as a result of the Annuitant's death, the beneficiary is entitled to receive
the death benefit  described in Part 3, the beneficiary is generally  subject to
the  same  tax  treatment  as  would  apply  to  you,  had you  surrendered  the
Certificate (discussed above).

If the beneficiary elects to take the death benefit in the form of a life income
or installment  option, the election should be made within 60 days after the day
on which a lump sum death benefit  first becomes  payable and before any benefit
is actually  paid.  The tax  computation  will  reflect your  investment  in the
Certificate.

The  Certificate  provides a minimum  guaranteed  death  benefit that in certain
circumstances may be greater than either the  contributions  made or the Annuity
Account Value. This provision provides investment protection against an untimely
termination  of a  Certificate  on the death of an  Annuitant at a time when the
Certificate's  Annuity  Account  Value  might  otherwise  have  provided a lower
benefit.  Although we do not believe that the  provision of this benefit  should
have any adverse tax effect,  it is possible  that the IRS could take a contrary
position  and could  assert  that some  portion of the  charges  for the minimum
guaranteed  death benefit should be treated for Federal income tax purposes as a
partial  withdrawal  from  the  Certificate.  If this  were  so,  such a  deemed
withdrawal could be taxable,  and for Certificate  Owners under age 59 1/2, also
subject to tax penalty.

Special  distribution  requirements  apply  upon  the  death  of the  owner of a
non-qualified  annuity.  That is, in the case of a contract  where the owner and
annuitant are different, even though the annuity contract could continue because
the  annuitant  has not died,  Federal  tax law  requires  that the  person  who
succeeds as owner of the  contract  take  taxable  distribution  of the contract
within a specified  period of time. This includes the surviving Joint Owner in a
nonspousal  joint ownership  situation.  See "When an NQ Certificate  Owner Dies
before the Annuitant" in Part 3.

CHARITABLE REMAINDER TRUSTS

   
On April 17, 1997, the IRS issued  proposed  regulations  concerning  charitable
remainder trusts (CRTS). The preamble to the proposed regulation  indicates that
the IRS is  studying  whether  the use of  deferred  annuities  or other  assets
offering similar tax benefits causes a CRT to fail to qualify as a CRT under the
tax law. The IRS also issued a Revenue  Procedure which indicates that effective
such date it will no longer  issue  rulings  that a trust  qualifies as a CRT in
situations  where the timing of trust income can be controlled to take advantage
of the difference between trust income and taxable income for the benefit of the
unitrust recipient.
    

SPECIAL RULES FOR NQ CERTIFICATES ISSUED IN PUERTO RICO

   
Under  current  law  Equitable  Life  treats  income  from  NQ  Certificates  as
U.S.-source.  A  Puerto  Rico  resident  is  subject  to U.S.  taxation  on such
U.S.-source  income.  Only Puerto Rico-source income of Puerto Rico residents is
excludable  from U.S.  taxation.  Income from NQ Certificates is also subject to
Puerto Rico tax. The computation of the taxable  portion of amounts  distributed
from a Certificate  may differ in the two  jurisdictions.  Therefore,  you might
have to file both U.S. and Puerto Rico tax returns, showing different amounts of
income for each. Puerto Rico generally provides a credit against Puerto Rico tax
for U.S. tax paid.  Depending on your  personal  situation and the timing of the
different tax  liabilities,  you may not be able to take full  advantage of this
credit.
    

Please consult your tax adviser to determine the applicability of these rules to
your own tax situation.

IRA TAX INFORMATION

   
The term "IRA" may generally  refer to all individual  retirement  arrangements,
including individual retirement accounts and individual retirement annuities. In
addition to being  available  in both  trusteed  or  custodial  account  form or
individual   annuity  form,   there  are  many  varieties  of  IRAs.  There  are
"Traditional IRAs" which are generally funded on a pre-tax basis. There are Roth
IRAs,  newly  available  in 1998,  which must be funded on an  after-tax  basis.
SEP-IRAs  (including  SARSEP-IRAs)  and  SIMPLE-IRAs  are  issued  and 
    


                                       38
<PAGE>

   
funded in connection with employer-sponsored retirement plans. Regardless of the
type  of  IRA,  your  interest  in the  IRA  cannot  be  forfeited.  You or your
beneficiaries  who survive you are the only ones who can receive the benefits or
payments.

The  Equitable  Accumulator  Select  Certificate  is  designed  to qualify as an
"individual   retirement  annuity"  under  Section  408(b)  of  the  Code.  This
prospectus  contains the  information  which the Internal  Revenue Service (IRS)
requires to be  disclosed to you before you  purchase an  individual  retirement
arrangement.  This  section of Part 7 covers  some of the special tax rules that
apply to individual retirement arrangements, including Traditional IRAs and Roth
IRAs.  Education IRAs are not discussed in this prospectus  because they are not
available in individual retirement annuity form.

Further information regarding individual retirement  arrangements  generally can
be found in Internal  Revenue  Service  Publication  590,  entitled  "Individual
Retirement Arrangements (IRAs)," which is generally updated annually, and can be
obtained from any IRS district office.
    

There is no limit to the number of IRAs  (including Roth IRAs) you may establish
or maintain as long as you meet the  requirements  for  establishing and funding
the  IRA.  However,  if you  maintain  multiple  IRAs,  you may be  required  to
aggregate IRA values or contributions for tax purposes. You should be aware that
all types of IRAs are  subject to certain  restrictions  in order to qualify for
special treatment under the Federal tax law.

   
The Equitable Accumulator Select IRA Certificate has been approved by the IRS as
to form for use as a Traditional IRA. This IRS approval is a determination  only
as to the form of the annuity,  does not represent a determination of the merits
of the annuity as an investment,  and may not address certain features under the
Equitable  Accumulator  Select  IRA  Certificate.  The IRS  does  not yet have a
procedure in place for approving the form of Roth IRAs.
    

TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)

   
Cancellation
    

You can  cancel a  Certificate  issued as a  Traditional  IRA by  following  the
directions  in Part 3 under "Free Look  Period."  Since there may be adverse tax
consequences  if a  Certificate  is  cancelled  (and  because we are required to
report to the IRS certain  distributions  from cancelled  Traditional IRAs), you
should consult with a tax adviser before making any such decision. If you cancel
this Certificate,  you may establish a new individual retirement  arrangement if
at the time you meet the requirements for establishing an individual  retirement
arrangement.

Contributions to Traditional IRAs

Individuals  may make  three  different  types of  contributions  to  purchase a
Traditional IRA, or as later additions to an existing Traditional IRA: "regular"
contributions  out  of  earnings,   tax-free   "rollover"   contributions   from
tax-qualified  plans,  or direct  custodian-to-custodian  transfers  from  other
traditional individual retirement arrangements ("direct transfers").

   
The  initial  contribution  to the  Certificate  must be either a rollover  or a
direct custodian-to-custodian  transfer. See "Rollovers and Transfers" discussed
below.  Any subsequent  contributions  you make may be any of rollovers,  direct
transfers or "regular"  Traditional IRA contributions.  See "Contributions under
the  Certificates" in Part 3. The immediately  following  discussion  relates to
"regular" Traditional IRA contributions. For the reasons noted in "Rollovers and
Transfers"  below,  you should  consult with your tax adviser  before making any
subsequent  contributions  to a Traditional  IRA which is intended to serve as a
"conduit" IRA.

Generally,  $2,000 is the maximum amount of contributions  which you may make to
all IRAs  (including Roth IRAs) in any taxable year. The above limit may be less
when your  earnings  are below  $2,000.  This limit  does not apply to  rollover
contributions or direct custodian-to-custodian transfers into a Traditional IRA.

If you are married and file a joint  income tax return,  your and your  spouse's
compensation  effectively  can be  aggregated  for purposes of  determining  the
permissible  amount of regular  contributions to Traditional IRAs (and Roth IRAs
discussed below).  Even if one spouse has no compensation or compensation  under
$2,000,  married  individuals filing jointly can contribute up to $4,000 for any
taxable  year to any  combination  of  Traditional  IRAs  and  Roth  IRAs.  (Any
contributions  to Roth IRAs reduce the ability to contribute to Traditional IRAs
and vice  versa.)  The maximum  amount may be less if earnings  are less and the
other spouse has made IRA contributions. No more than a combined total of $2,000
can be contributed  annually to either spouse's  traditional and Roth individual
retirement  arrangements.  Each  spouse  owns his or her  individual  retirement
arrangements  (Traditional and Roth IRA) even if contributions were fully funded
by the other spouse.

The amount of Traditional IRA  contributions  for a tax year that you can deduct
depends  on  whether  you  are  covered  by  an  employer-sponsored  tax-favored
retirement plan. An  employer-sponsored  tax-favored  retirement plan includes a
qualified plan, a  tax-sheltered  account or annuity under Section 403(b) of the
Code (TSA) or a simplified employee 
    


                                       39
<PAGE>

pension plan. In certain cases,  individuals covered by a tax-favored retirement
plan include  persons  eligible to participate in the plan although not actually
participating.  Whether or not a person is covered by a retirement  plan will be
reported on an employee's Form W-2.

Regardless of adjusted gross income (AGI), you may make deductible contributions
to a  Traditional  IRA for each tax year up to the  lesser  of $2,000 or 100% of
compensation  (MAXIMUM  PERMISSIBLE  DOLLAR  DEDUCTION)  if  not  covered  by  a
retirement plan.

   
If you are  single  and  covered  by a  retirement  plan  during any part of the
taxable year,  the deduction for IRA  contributions  phases out with AGI between
$30,000 and $40,000 in 1998.  This amount will be indexed every year until 2005.
If you are married and file a joint return, and you are covered by a tax-favored
retirement  plan  during  any  part  of the  taxable  year,  the  deduction  for
Traditional IRA contributions phases out with AGI between $50,000 and $60,000 in
1998.  This amount will be indexed  every year until 2007.  Married  individuals
filing separately and living apart at all times are not treated as being married
for purposes of this deductible contribution calculation.  Generally, the active
participation  in an  employer-sponsored  retirement  plan of an  individual  is
determined  independently  for each spouse.  Where spouses have "married  filing
jointly" status,  however,  the maximum deductible  Traditional IRA contribution
for an  individual  who is not an active  participant  (but  whose  spouse is an
active participant) is phased out for taxpayers with AGI of between $150,000 and
$160,000.

To determine the deductible  amount of the contribution  with the phase out, you
determine AGI and subtract $30,000 if you are single, $50,000 if you are married
and file a joint return with your spouse.  The  resulting  amount is your Excess
AGI.  You  then  determine  the  limit  on the  deduction  for  Traditional  IRA
contributions using the following formula:
    

                                Maximum           Adjusted
  $10,000 - Excess AGI    x   Permissible   =      Dollar
  --------------------         Dollar           Deduction
      $10,000                  Deduction            Limit

   
If  you  are  not  eligible  to  deduct  part  or all  of  the  Traditional  IRA
contribution  you may still make  nondeductible  contributions on which earnings
will  accumulate on a  tax-deferred  basis.  The  deductible  and  nondeductible
contributions  to your Traditional IRA (or the nonworking  spouse's  Traditional
IRA) may not, however,  together exceed the maximum $2,000 per person limit. See
"Excess  Contributions"  below. You must keep your own records of deductible and
nondeductible   contributions  in  order  to  prevent  double  taxation  on  the
distribution of previously taxed amounts.  See  "Distributions  from Traditional
IRA Certificates" below.

If you are making  nondeductible  contributions in any taxable year, or you have
made  nondeductible  contributions  to a Traditional  IRA in prior years and are
receiving  amounts  from  any  Traditional  IRA,  you  must  file  the  required
information with the IRS. Moreover, if you are making nondeductible  Traditional
IRA contributions, you must retain all income tax returns and records pertaining
to  such  contributions  until  interests  in all  Traditional  IRAs  are  fully
distributed.

Traditional IRA  contributions may be made for a tax year until the deadline for
filing a Federal  income tax return for that tax year (without  extensions).  No
contributions are allowed for the tax year in which you attain age 70 1/2 or any
tax  year  after  that.  A  working  spouse  age 70 1/2 or  over,  however,  can
contribute  up to the lesser of $2,000 or 100% of  "earned  income" to a spousal
individual  retirement  arrangement  for a  nonworking  spouse until the year in
which the nonworking spouse reaches age 70 1/2.
    

EXCESS CONTRIBUTIONS

   
Excess contributions to a Traditional IRA are subject to a 6% excise tax for the
year in which made and for each year thereafter until withdrawn.  In the case of
"regular" Traditional IRA contributions any contribution in excess of the lesser
of $2,000 or 100% of compensation  or earned income is an "excess  contribution"
(without  regard to the  deductibility  or  nondeductibility  of Traditional IRA
contributions  under this limit).  Also, any "regular"  contributions made after
you  reach  age  70 1/2  are  excess  contributions.  In the  case  of  rollover
Traditional IRA  contributions,  excess  contributions are amounts which are not
eligible to be rolled over (for example,  after-tax contributions to a qualified
plan or minimum  distributions  required to be made after age 70 1/2). An excess
contribution  (rollover or "regular")  which is withdrawn,  however,  before the
time for filing  your  Federal  income  tax  return for the tax year  (including
extensions)  is not includable in income and therefore is not subject to the 10%
penalty tax on early distributions  (discussed below under "Penalty Tax on Early
Distributions"),  provided any earnings  attributable to the excess contribution
are also  withdrawn and no tax  deduction is taken for the excess  contribution.
The withdrawn earnings on the excess contribution,  however, would be includable
in your gross  income and would be subject  to the 10%  penalty  tax.  If excess
contributions  are not withdrawn  before the time for filing your Federal income
tax return for the year  (including  extensions),  "regular"  contributions  may
still be withdrawn after that time if the Traditional IRA  contribution  for the
tax year did not  exceed  $2,000 and no tax  deduction  was taken for the excess
contribution;  in that event, the excess contribution would not be includable in
gross  income and would not be subject to 


                                       40
<PAGE>

the 10% penalty tax. Lastly, excess "regular"  contributions may also be removed
by underutilizing the allowable contribution limits for a later year.

If excess rollover  contributions  are not withdrawn  before the time for filing
your  Federal  tax return  for the year  (including  extensions)  and the excess
contribution occurred as a result of incorrect information provided by the plan,
any such excess  amount can be withdrawn if no tax  deduction  was taken for the
excess  contribution.  As above, excess rollover  contributions  withdrawn under
those  circumstances  would not be  includable  in gross income and would not be
subject to the 10% penalty tax.

ROLLOVERS AND TRANSFERS

Rollover  contributions may be made to a Traditional IRA from these sources: (i)
qualified plans, (ii) TSAs (including  403(b)(7)  custodial  accounts) and (iii)
other traditional individual retirement arrangements.
    

The rollover  amount must be transferred to the  Certificate  either as a direct
rollover  of an  "eligible  rollover  distribution"  (described  below)  or as a
rollover  by  the  individual  plan  participant  or  owner  of  the  individual
retirement arrangement. In the latter cases, the rollover must be made within 60
days of the date the proceeds  from another  traditional  individual  retirement
arrangement or an eligible  rollover  distribution  from a qualified plan or TSA
were  received.  Generally,  the  taxable  portion  of any  distribution  from a
qualified  plan or TSA is an eligible  rollover  distribution  and may be rolled
over tax free to a  Traditional  IRA unless the  distribution  is (i) a required
minimum  distribution  under  Section  401(a)(9)  of the Code;  or (ii) one of a
series of substantially  equal periodic  payments made (not less frequently than
annually) (a) for the life (or life  expectancy) of the plan  participant or the
joint lives (or joint life  expectancies) of the plan participant and his or her
designated beneficiary,  or (b) for a specified period of ten years or more. Any
amount  contributed to a Traditional IRA after you attain age 70 1/2 must be net
of your  required  minimum  distribution  for the year in which the  rollover or
direct transfer contribution is made.

Under some  circumstances,  amounts from a  Certificate  may be rolled over on a
tax-free  basis to a  qualified  plan.  To get this  "conduit"  Traditional  IRA
treatment,  the source of funds used to establish the  Traditional IRA must be a
rollover  contribution  from the qualified  plan and the entire amount  received
from the Traditional  IRA (including any earnings on the rollover  contribution)
must be  rolled  over into  another  qualified  plan  within 60 days of the date
received.  Similar rules apply in the case of a TSA. If you make a  contribution
to the  Certificate  which is from an  eligible  rollover  distribution  and you
commingle such  contribution  with other  contributions,  you may not be able to
roll over these eligible  rollover  distribution  contributions  and earnings to
another qualified plan (or TSA, as the case may be) at a future date, unless the
Code permits.

Under  the  conditions  and  limitations  of the  Code,  you may  elect for each
Traditional  IRA to make a tax-free  rollover once every  12-month  period among
individual  retirement  arrangements  (including rollovers from retirement bonds
purchased before 1983).  Custodian-to-custodian  transfers are not rollovers and
can be made more frequently than once a year.

   
The same tax-free  treatment  applies to amounts  withdrawn from the Certificate
and rolled over into other traditional individual retirement arrangements unless
the  distribution  was received  under an inherited  Traditional  IRA.  Tax-free
rollovers are also available to the surviving  spouse  beneficiary of a deceased
individual, or a spousal alternate payee of a qualified domestic relations order
applicable  to a  qualified  plan.  In  some  cases,  Traditional  IRAs  can  be
transferred on a tax-free basis between spouses or former spouses  incidental to
a judicial decree of divorce or separation.
    

DISTRIBUTIONS FROM TRADITIONAL IRA CERTIFICATES

Income or gains on  contributions  under  Traditional  IRAs are not  subject  to
Federal income tax until benefits are distributed to you.  Distributions include
withdrawals  from your  Certificate,  surrender of your  Certificate and annuity
payments from your Certificate. Death benefits are also distributions. Except as
discussed below, the amount of any distribution  from a Traditional IRA is fully
includable as ordinary income by you in your gross income.

   
If you have made nondeductible IRA contributions to any Traditional IRA (whether
or not this particular arrangement),  those contributions are recovered tax free
when distributions are received. You must keep records of all such nondeductible
contributions.  At the end of each  tax  year  in  which  you  have  received  a
distribution  from  any  traditional  individual  retirement  arrangement,   you
determine a ratio of the total nondeductible Traditional IRA contributions (less
any amounts previously  withdrawn tax free) to the total account balances of all
Traditional  IRAs  held by you at the end of the tax  year  (including  rollover
Traditional  IRAs) plus all Traditional IRA  distributions  made during such tax
year.  The  resulting  ratio is then  multiplied by all  distributions  from the
Traditional IRA during that tax year to determine the nontaxable portion of each
distribution.

In addition, a distribution (other than a required minimum distribution received
after  age 70 1/2) is not  taxable  if (1) the  amount  received  is a return of
excess   contributions   which  are  withdrawn,   as  described   under  "Excess
Contributions"  above,  (2) the entire amount received is rolled over to another
traditional  individual  
    


                                       41
<PAGE>

retirement  arrangement (see "Rollovers and Transfers"  above) or (3) in certain
limited circumstances, where the Traditional IRA acts as a "conduit," the entire
amount is paid into a qualified plan or TSA that permits rollover contributions.

Distributions  from a Traditional IRA are not entitled to the special  favorable
five-year  averaging method (or, in certain cases,  favorable ten-year averaging
and   long-term   capital  gain   treatment)   available  in  certain  cases  to
distributions from qualified plans.

REQUIRED MINIMUM DISTRIBUTIONS

   
The minimum  distribution  rules require  Traditional IRA owners to start taking
annual distributions from their retirement plans by age 70 1/2. The distribution
requirements  are designed to provide for  distribution  of your interest in the
IRA over your life  expectancy.  Whether the correct amount has been distributed
is calculated on a  year-by-year  basis;  there are no provisions in the Code to
allow  amounts  taken in excess of the  required  amount to be  carried  over or
carried back and credited to other years.

Generally, you must take the first required minimum distribution with respect to
the calendar  year in which you turn age 70 1/2. You have the choice to take the
first  required  minimum  distribution  during the calendar year you turn age 70
1/2, or to delay taking it until the three-month (January 1 - April 1) period in
the next calendar year. (Distributions must commence no later than the "Required
Beginning  Date,"  which is the April 1st of the  calendar  year  following  the
calendar  year in which you turn age 70 1/2.) If you choose to delay  taking the
first  annual  minimum  distribution,  then  you will  have to take two  minimum
distributions  in that year -- the  delayed  one for the first  year and the one
actually for that year. Once minimum  distributions  begin, they must be made at
some time every year.

There are two approaches to taking minimum  distributions  -- "account based" or
"annuity  based" -- and there are a number of  distribution  options  in both of
these  categories.  These  choices  are  intended  to give  you a great  deal of
flexibility to provide for yourself and your family.

An account-based  minimum  distribution  approach may be a lump sum payment,  or
periodic  withdrawals  made over a period which does not extend beyond your life
expectancy or the joint life  expectancies of you and a designated  beneficiary.
An annuity-based  approach involves  application of the Annuity Account Value to
an annuity for your life or the joint lives of you and a designated beneficiary,
or for a period certain not extending beyond applicable life expectancies.
    

You should discuss with your tax adviser which minimum  distribution options are
best for your own personal  situation.  Individuals who are participants in more
than  one  tax-favored   retirement  plan  may  be  able  to  choose   different
distribution options for each plan.

Your required minimum  distribution for any taxable year is calculated by taking
into account the required  minimum  distribution  from each of your  traditional
individual retirement arrangements.  The IRS, however, does not require that you
make the  required  distribution  from each  traditional  individual  retirement
arrangement that you maintain.  As long as the total amount distributed annually
satisfies your overall minimum distribution requirement,  you may choose to take
your annual required  distribution  from any one or more traditional  individual
retirement arrangements that you maintain.

   
You may  recompute  your  minimum  distribution  amount  each year based on your
current life  expectancy  as well as that of your spouse.  No  recomputation  is
permitted, however, for a beneficiary other than a spouse.

If you have been computing minimum distributions with respect to Traditional IRA
funds on an account-based  approach (discussed above) you may subsequently apply
such funds to a life  annuity-based  payout,  provided  that you have elected to
recalculate  life  expectancy  annually (and your spouse's life  expectancy if a
spousal joint annuity is selected).  For example,  if you anticipate  exercising
your  Guaranteed  Minimum  Income  Benefit or  selecting  any other form of life
annuity  payout after you are age 70 1/2,  you must have elected to  recalculate
life expectancies.
    

If there is an  insufficient  distribution in any year, a 50% tax may be imposed
on the amount by which the minimum required to be distributed exceeds the amount
actually  distributed.  The  penalty tax may be waived by the  Secretary  of the
Treasury in certain limited circumstances. Failure to have distributions made as
the Code and Treasury regulations require may result in disqualification of your
Traditional IRA. See "Tax Penalty for Insufficient Distributions" below.

   
Except as described in the next sentence,  if you die after  distribution in the
form of an annuity has begun, or after the Required  Beginning Date,  payment of
the remaining interest must be made at least as rapidly as under the method used
prior to your death.  (The IRS has indicated  that an exception to the rule that
payment of the remaining  interest must be made at least as rapidly as under the
method used prior to your death applies if the  beneficiary  of the  Traditional
IRA is your surviving spouse. In some  circumstances,  your surviving spouse may
elect to "make the Traditional IRA his or her own" and halt distributions  until
he or she reaches age 70 1/2.)

If you die before the Required  Beginning Date and before  distributions  in the
form of an  annuity  begin,  distributions  of your  entire  interest  under the
Certificate must be completed within five years after death,  


                                       42
<PAGE>

unless payments to a designated  beneficiary begin within one year of your death
and are made over the beneficiary's life or over a period certain which does not
extend beyond the beneficiary's life expectancy.

If your surviving  spouse is the designated  beneficiary,  your spouse may delay
the  commencement  of such  payments up until you would have attained 70 1/2. In
the  alternative,  a  surviving  spouse  may  elect to roll  over the  inherited
Traditional IRA into the surviving spouse's own Traditional IRA.
    

TAXATION OF DEATH BENEFITS

   
Distributions  received  by a  beneficiary  are  generally  given  the  same tax
treatment you would have received if distribution had been made to you.
    

If your  spouse  is the sole  primary  beneficiary  and  elects  to  become  the
successor Annuitant and Certificate Owner, no death benefit is payable until the
surviving spouse's death.

GUARANTEED MINIMUM DEATH BENEFIT

The  Code  provides  that no part of an  individual  retirement  account  may be
invested in life  insurance  contracts.  Treasury  Regulations  provide  that an
individual  retirement  account  may be invested  in an annuity  contract  which
provides a death benefit of the greater of premiums paid or the contract's  cash
value.  Your  Certificate  provides a minimum  death benefit  guarantee  that in
certain  circumstances  may be greater than either of contributions  made or the
Annuity Account Value. Although there is no ruling regarding the type of minimum
death benefit  guarantee  provided by the  Certificate,  Equitable Life believes
that the  Certificate's  minimum  death benefit  guarantee  should not adversely
affect the qualification of the Certificate as a Traditional IRA.  Nevertheless,
it is  possible  that the IRS could  disagree,  or take the  position  that some
portion of the charge in the Certificate for the minimum death benefit guarantee
should  be  treated  for  Federal  income  tax  purposes  as a  taxable  partial
withdrawal from the Certificate. If this were so, such a deemed withdrawal would
also be subject to tax penalty for Certificate Owners under age 59 1/2.

PROHIBITED TRANSACTION

   
A Traditional  IRA may not be borrowed  against or used as collateral for a loan
or other obligation.  If the IRA is borrowed against or used as collateral,  its
tax-favored status will be lost as of the first day of the tax year in which the
event  occurred.  If this happens,  you must include in Federal gross income for
that  year an  amount  equal to the fair  market  value of the  Traditional  IRA
Certificate  as of the  first  day of that  tax  year,  less the  amount  of any
nondeductible   contributions   not  previously   withdrawn.   Also,  the  early
distribution  penalty  tax of 10% will apply if you have not  reached age 59 1/2
before the first day of that tax year. See "Penalty Tax on Early  Distributions"
below. 
    

PENALTY TAX ON EARLY DISTRIBUTIONS

The taxable  portion of Traditional IRA  distributions  will be subject to a 10%
penalty  tax unless the  distribution  is made (1) on or after your  death,  (2)
because you have become disabled, (3) on or after the date when you reach age 59
1/2, or (4) in accordance with the exception  outlined below if you are under 59
1/2.  Also not  subject to  penalty  tax are IRA  distributions  used to pay (5)
certain extraordinary medical expenses or medical insurance premiums for defined
unemployed individuals, (6) qualified first-time home buyer expense payments, or
(7) higher educational expense payments, all as defined in the Code.

   
A payout over your life or life  expectancy (or joint and survivor lives or life
expectancies),  which  is part  of a  series  of  substantially  equal  periodic
payments made at least  annually,  is also not subject to penalty tax. To permit
you to meet this exception,  Equitable Life has two options: Substantially Equal
Payment  Withdrawals and the Income Manager (Life Annuity with a Period Certain)
payout annuity certificates,  both of which are described in Part 4. The version
of the  Income  Manager  payout  annuity  certificates  which  would  meet  this
exception  must provide level  payments for life.  If you are a Traditional  IRA
Certificate  Owner who will be under age 59 1/2 as of the date the first payment
is expected to be received and you choose  either  option,  Equitable  Life will
calculate the substantially  equal annual payments under a method we will select
based on guidelines issued by the IRS (currently  contained in IRS Notice 89-25,
Question and Answer 12). Although  Substantially  Equal Payment  Withdrawals and
Income Manager payments are not subject to the 10% penalty tax, they are taxable
as discussed in "Distributions  from Traditional IRA  Certificates"  above. Once
Substantially  Equal Payment  Withdrawals or Income Manager  payments begin, the
distributions should not be stopped or changed until the later of your attaining
age 59 1/2 or five  years  after  the  date of the  first  distribution,  or the
penalty tax, including an interest charge for the prior penalty  avoidance,  may
apply to all prior  distributions  under this option.  Also, it is possible that
the IRS could  view any  additional  withdrawal  or  payment  you take from your
Certificate as changing your pattern of Substantially  Equal Payment Withdrawals
or Income  Manager  payments  for  purposes of  determining  whether the penalty
applies.
    

Where a taxpayer under age 59 1/2 purchases a traditional  individual retirement
annuity  contract  calling for  substantially  equal periodic  payments during a
fixed period, continuing afterwards under a joint life contingent annuity with a
reduced  payment  to the  survivor  (e.g.,  a joint  and 50% to  survivor),  the
question might be raised whether  payments will not 


                                       43
<PAGE>

be substantially equal for the joint lives of the taxpayer and survivor,  as the
payments will be reduced at some point. In issuing our information  returns,  we
code the substantially  equal periodic payments from such a contract as eligible
for an exception from the early distribution penalty. We believe that any change
in payments to the survivor would come within the statutory  provision  covering
change of payments on account of death. As there is no direct  authority on this
point,  however,  if you are under age 59 1/2, you should discuss this item with
your own tax adviser when electing a reduced survivorship option.

TAX PENALTY FOR INSUFFICIENT DISTRIBUTIONS

Failure to make  required  distributions  discussed  above in "Required  Minimum
Distributions"   may  cause  the   disqualification   of  the  Traditional  IRA.
Disqualification  may result in current  taxation  of your  entire  benefit.  In
addition a 50% penalty tax may be imposed on the difference between the required
distribution amount and the amount actually distributed, if any.

We do not automatically make distributions from a Certificate before the Annuity
Commencement  Date unless a request has been made. It is your  responsibility to
comply with the minimum  distribution rules. We will notify you when our records
show that your age 70 1/2 is approaching. If you do not select a method, we will
assume you are taking your minimum  distribution  from another  Traditional  IRA
that you maintain.  You should  consult with your tax adviser  concerning  these
rules and their proper application to your situation.

ROTH INDIVIDUAL RETIREMENT ANNUITIES (ROTH IRAS)

   
This  section of Part 7 covers  some of the special tax rules that apply to Roth
IRAs.

The  Equitable  Accumulator  Select  Roth IRA is  designed  to qualify as a Roth
individual retirement annuity under Sections 408A and 408(b) of the Code.

Cancellation

You can cancel a Certificate issued as a Roth IRA by following the directions in
Part 3 under  "Free Look  Period."  In  addition,  you can  cancel an  Equitable
Accumulator  Select Roth IRA Certificate issued as a result of a full conversion
of an Equitable  Accumulator Select Traditional IRA Certificate by following the
instructions  in the  request  for  full  conversion  form  available  from  our
Processing Office or your registered representative.  Since there may be adverse
tax  consequences  if a Certificate is cancelled (and because we are required to
report to the IRS certain distributions from cancelled IRAs), you should consult
with a tax adviser before making any such decision.

Contributions to Roth IRAs

The following discussion relates to contributions to Roth IRAs. Contributions to
Traditional IRAs are discussed above.

Individuals  may make four different types of  contributions  to purchase a Roth
IRA, or as later  additions  to an existing  Roth IRA: (1)  "regular"  after-tax
contributions  out  of  earnings,  (2)  taxable  "rollover"  contributions  from
Traditional   IRAs   ("conversion"   contributions),   (3)   tax-free   rollover
contributions    from    other    Roth   IRAs,    or   (4)    tax-free    direct
custodian-to-custodian  transfers from other Roth IRAs ("direct transfers"). See
"Contributions under the Certificates" in Part 3. Since only direct transfer and
rollover  contributions  are permitted under the Roth IRA  Certificate,  regular
after-tax contributions are not discussed here.

ROLLOVERS AND DIRECT  TRANSFERS -- WHAT IS THE DIFFERENCE  BETWEEN  ROLLOVER AND
DIRECT TRANSFER TRANSACTIONS?

Rollover  contributions  may be made to a Roth IRA from  only two  sources:  (i)
another Roth IRA ("tax-free rollover contribution"), or (ii) another Traditional
IRA  in  a  taxable  "conversion"  rollover  ("conversion   contribution").   No
contribution  may be made to a Roth  IRA from a  qualified  plan  under  Section
401(a) of the Code, or a tax-sheltered  arrangement  under Section 403(b) of the
Code.  Currently we also do not accept  rollover  contributions  from  SEP-IRAs,
SARSEP-IRAs or SIMPLE-IRAs. The rollover contribution must be applied to the new
Roth IRA Certificate within 60 days of the date the proceeds from the other Roth
IRA or the Traditional IRA was received by you.

Direct transfer  contributions  may be made to a Roth IRA only from another Roth
IRA.  The  difference  between  a  rollover  transaction  and a direct  transfer
transaction  is that in a rollover  transaction  the  individual  actually takes
possession of the funds rolled over, or constructively receives them in the case
of a change from one type of plan to another. In a direct transfer  transaction,
the individual  never takes  possession of the funds, but directs the first Roth
IRA  custodian,  trustee or issuer to transfer the first Roth IRA funds directly
to Equitable Life, as the Roth IRA issuer. Direct transfer transactions can only
be made  between  identical  plan  types  (for  example,  Roth IRA to Roth IRA);
rollover  transactions may be made between identical plan types but must be made
between  different  plan  types  (for  example,  Traditional  IRA to Roth  IRA).
Although the economic effect of a Roth IRA to Roth IRA rollover  transaction and
a Roth IRA to Roth IRA direct  transfer  transaction  is the same -- both can be
accomplished  on a  completely  tax-free  basis -- Roth IRA to Roth IRA rollover
transactions  are  limited to once  every  12-month  period for the same  funds.
Trustee-to-trustee or  custodian-to-custodian  direct transfers are not rollover
    


                                       44
<PAGE>

transactions and can be made more frequently than once a year.

The  surviving  spouse  beneficiary  of a deceased  individual  can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. Also, in
some cases,  Roth IRAs can be transferred on a tax-free basis between spouses or
former spouses incidental to a judicial decree of divorce or separation.

CONVERSION CONTRIBUTIONS TO ROTH IRAS

   
In a conversion rollover  transaction,  you withdraw (or are deemed to withdraw)
all or a portion of funds from a Traditional  IRA you maintain and convert it to
a Roth IRA  within 60 days after you  receive  (or are  deemed to  receive)  the
Traditional  IRA proceeds.  Unlike a rollover from a Traditional  IRA to another
Traditional  IRA, the conversion  rollover  transaction  is not tax exempt;  the
distribution  from the Traditional IRA is generally fully taxable.  (If you have
ever made nondeductible  regular contributions to any Traditional IRA -- whether
or not it is the Traditional IRA you are converting -- a pro rata portion of the
distribution  is tax  exempt.) For this  reason,  Equitable  Life is required to
withhold 10% Federal income tax from the amount  converted  unless you elect out
of  such  withholding.  See  "Federal  and  State  Income  Tax  Withholding  and
Information Reporting" below.

However,  even if you are under age 59 1/2  there is no  premature  distribution
penalty on the Traditional IRA withdrawal that you are converting to a Roth IRA.
Also, a special rule applies to Traditional IRA funds converted to a Roth IRA in
calendar year 1998 only. For 1998 Roth IRA conversion rollover transactions, you
include the gross income from the  Traditional  IRA conversion  ratably over the
four-year  period  1998-2001.  See  discussion of the pre-age 59 1/2  withdrawal
penalty and the special  penalties  that may apply to premature  withdrawals  of
converted  funds under  "Additional  Taxes and  Penalties"  and  "Penalty Tax on
Premature Distributions" below.

YOU CANNOT MAKE CONVERSION  CONTRIBUTIONS  TO A ROTH IRA FOR ANY TAXABLE YEAR IN
WHICH YOUR ADJUSTED  GROSS INCOME  EXCEEDS  $100,000.  (For this  purpose,  your
adjusted  gross income is computed  without the gross income  stemming  from the
Traditional IRA conversion.) You also cannot make conversion  contributions to a
Roth IRA for any taxable year in which your Federal  income tax filing status is
"married filing separately."

Finally,  you cannot make conversion  contributions  to a Roth IRA to the extent
that the  funds in your  Traditional  IRA are  subject  to the  annual  required
minimum  distribution  rule  applicable to Traditional  IRAs beginning at age 70
1/2. For the  potential  effects of violating  these rules,  see  discussion  of
"Additional Taxes and Penalties" and "Excess Contributions" below.
    

WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS

NO RESTRICTIONS ON WITHDRAWALS. You can withdraw any or all of your funds from a
Roth  IRA at any  time;  you do not  need  to  wait  for a  special  event  like
retirement.  However, these withdrawals may be subject to a withdrawal charge as
stated in your  Certificate.  See discussion in Part 5. Also, the withdrawal may
be taxable to an extent and, even if not taxable,  may be subject to tax penalty
in certain  circumstances.  See the discussion below under  "Distributions  from
Roth IRAs,"  "Additional  Taxes and  Penalties,"  and  "Penalty Tax on Premature
Distributions."

DISTRIBUTIONS FROM ROTH IRAS

Distributions  include  withdrawals  from your  Certificate,  surrender  of your
Certificate and annuity payments from your Certificate.  Death benefits are also
distributions.

The following distributions from Roth IRAs are free of income tax:

(1) Rollovers from a Roth IRA to another Roth IRA.

   
(2) Direct  transfers  from a Roth IRA to another Roth IRA (see  "Rollovers  and
    Direct Transfers" above).

(3) "Qualified  Distributions" from Roth IRAs (see "Qualified Distributions from
    Roth IRAs" below).

(4) Return of excess  contributions  (see "Additional  Taxes and Penalties," and
    "Excess Contributions" below).
    

Qualified Distributions from Roth IRAs

   
Distributions  from  Roth  IRAs  made  because  of  one of  the  following  four
qualifying events or reasons are not includable in income,  provided a specified
five-year  holding or aging period is met. The qualifying  events or reasons are
(1) you  attain  age 59 1/2,  (2)  your  death,  (3) your  disability,  or (4) a
"qualified  first-time  homebuyer   distribution"  (as  defined  in  the  Code).
Qualified first-time homebuyer  distributions are limited to $10,000 lifetime in
the aggregate from all Roth and Traditional IRAs of the taxpayer.
    

Five-Year Holding or Aging Period

   
The  applicable  five-year  holding  or  aging  period  depends  on the  type of
contribution   made  to  the  Roth  IRA.   For  Roth  IRAs   funded  by  regular
contributions,  or  rollover  or  direct  transfer  contributions  which are not
directly  or  indirectly   attributable  to  converted   Traditional  IRAs,  any
distribution  made after the  five-taxable  year period beginning with the first
taxable year for which you made a regular  contribution to any Roth IRA (whether
or not the one from which the  distribution  is being made) meets the  five-year
holding or aging  period.  The  Equitable  Accumulator  Roth IRA does not accept
"regular" contributions.  However, it 
    


                                       45
<PAGE>

does accept Roth IRA to Roth IRA rollovers and direct  transfers.  If the source
of your contribution is (indirectly) regular  contributions made to another Roth
IRA and not  conversion  contributions,  the  five-year  holding or aging period
discussed in the prior sentence applies to you.

For Roth IRAs funded directly or indirectly by converted  Traditional  IRAs, the
applicable  five-year  holding  period  begins  with the year of the  conversion
rollover transaction to a Roth IRA.

Although there is currently no statutory prohibition against commingling regular
contributions  and  conversion   contributions  in  any  Roth  IRA,  or  against
commingling conversion  contributions made in more than one taxable year to Roth
IRAs, the IRS strongly encourages individuals to maintain separate Roth IRAs for
regular contributions and conversion contributions.  It also strongly encourages
individuals to  differentiate  conversion  Roth IRAs by conversion  year.  Under
pending  legislation  which could be enacted with a retroactive  effective date,
aggregation  of Roth IRAs by conversion  year may be required.  In the case of a
Roth IRA which contains conversion  contributions and regular contributions,  or
conversion  contributions  from more than one year, the five-year holding period
would be reset to begin with the most recent taxable year for which a conversion
contribution is made.

   
Non-Qualified Distributions from Roth IRAs
    

Non-qualified  distributions  from Roth IRAs are any distributions  which do not
meet the qualifying event and five-year  holding or aging period tests described
above and are potentially taxable as ordinary income. In contrast to Traditional
IRA  distributions,  which  are  assumed  to  be  fully  taxable,  non-qualified
distributions  receive   return-of-investment-first   treatment.  That  is,  the
recipient is taxed only on the difference between the amount of the distribution
and the  amount of Roth IRA  contributions  (less any  distributions  previously
recovered tax free).

Like Traditional IRAs, taxable distributions from a Roth IRA are not entitled to
the  special  favorable  five-year  averaging  method  (or,  in  certain  cases,
favorable ten-year averaging and long-term capital gain treatment)  available in
certain cases to distributions from qualified plans.

   
Although  the IRS has not yet issued  complete  guidance  on all aspects of Roth
IRAs,  it appears  that you will be required to keep your own records of regular
and  conversion  contributions  to all Roth IRAs in order to assure  appropriate
taxation.  An individual making contributions to a Roth IRA in any taxable year,
or receiving  amounts from any Roth IRA may be required to file the  information
with the IRS and retain all income tax returns and  records  pertaining  to such
contributions until interests in Roth IRAs are fully distributed.
    

REQUIRED MINIMUM DISTRIBUTIONS AT DEATH

If you die before  annuitization or before the entire amount of the Roth IRA has
been  distributed to you,  distributions  of your entire interest under the Roth
IRA must be completed to your designated beneficiary by December 31 of the fifth
year after your death,  unless  payments to a  designated  beneficiary  begin by
December  31 of the year after  your  death and are made over the  beneficiary's
life or over a period  which  does not  extend  beyond  the  beneficiary's  life
expectancy.  If  your  surviving  spouse  is  the  designated  beneficiary,   no
distributions  to a beneficiary are required until after the surviving  spouse's
death.

TAXATION OF DEATH BENEFIT

Distributions  received  by a  beneficiary  are  generally  given  the  same tax
treatment you would have received if distribution had been made to you.

ADDITIONAL TAXES AND PENALTIES

You are  subject  to  additional  taxation  for  using  your  Roth IRA  funds in
prohibited  transactions (as described  below).  There are also additional taxes
for making excess contributions and making certain pre-age 59 1/2 distributions.

Prohibited Transactions

A Roth IRA may not be borrowed against or used as collateral for a loan or other
obligation.  If the Roth IRA is  borrowed  against  or used as  collateral,  its
tax-favored status will be lost as of the first day of the tax year in which the
event occurred.  If this happens, you may be required to include in your Federal
gross income for that year an amount equal to the fair market value of your Roth
IRA  Certificate  as of  the  first  day  of  that  tax  year.  Also,  an  early
distribution  penalty  tax of 10% could apply if you have not reached age 59 1/2
before  the  first  day  of  that  tax  year.  See  "Penalty  Tax  on  Premature
Distributions" below.

EXCESS CONTRIBUTIONS

Excess  contributions  to a Roth IRA are subject to a 6% excise tax for the year
in which  made and for each  year  thereafter  until  withdrawn.  In the case of
rollover Roth IRA  contributions,  "excess  contributions" are amounts which are
not eligible to be rolled over (for  example,  conversion  contributions  from a
Traditional  IRA if your  adjusted  gross income is in excess of $100,000 in the
conversion year).

   
As of the date of this  prospectus,  there  is some  uncertainty  regarding  the
adjustment  of  excess  contributions  to Roth  IRAs.  The rules  applicable  to
Traditional  IRAs,  which  may  apply,   provide  that  an  excess  contribution
("regular"  or  rollover)  which is  withdrawn  before the time for filing  your
Federal  income  tax  return  for the 
    


                                       46
<PAGE>

tax year  (including  extensions) is not includable in income and is not subject
to the 10% penalty tax on early  distributions  (discussed  below under "Penalty
Tax on Premature  Distributions"),  provided any  earnings  attributable  to the
excess  contribution  are also withdrawn.  The withdrawn  earnings on the excess
contribution, however, could be includable in your gross income for the tax year
in which the  excess  contribution  from  which they arose was made and could be
subject to the 10% penalty tax.

   
As of the  date of this  prospectus,  pending  legislation,  if  enacted,  would
provide  that a  taxpayer  has up until the due date of the  Federal  income tax
return for a tax year (including  extensions) to correct an excess  contribution
to a Roth IRA by doing a trustee-to-trustee transfer to a Traditional IRA of the
excess  contribution  and the  applicable  earnings,  as long as no deduction is
taken  for  the  contribution.  There  can be no  assurance  that  such  pending
legislation  will be enacted or will not be  modified.  Please  consult your tax
adviser for information on the status of any legislation concerning Roth IRAs.
    

PENALTY TAX ON PREMATURE DISTRIBUTIONS

The taxable portion of  distributions  from a Roth IRA made before you reach age
59 1/2 will be subject to an additional  10% Federal  income tax penalty  unless
one of the following exceptions applies. There are exceptions for:

o  Your death,

o  Your disability,

o  Distributions used to pay certain extraordinary medical expenses,

o  Distributions  used to pay medical insurance  premiums for certain unemployed
   individuals,

o  Substantially  equal  payments made at least annually over your life (or your
   life  expectancy),  or over the  lives of you and your  beneficiary  (or your
   joint life expectancies) using an IRS-approved distribution method,

o  "Qualified first-time homebuyer distributions" as defined in the Code, and

o  Distributions  used to pay specified higher education  expenses as defined in
   the Code.

   
Under  legislation  pending  as of the  date  of  this  prospectus,  if  amounts
converted  from a  Traditional  IRA to a Roth IRA are withdrawn in the five-year
period  beginning with the year of  conversion,  to the extent  attributable  to
amounts that were  includable in income due to the conversion  transaction,  the
amount  withdrawn from the Roth IRA would be subject to the 10% early withdrawal
penalty,  EVEN IF THE AMOUNT  WITHDRAWN  FROM THE ROTH IRA IS NOT  INCLUDABLE IN
INCOME  BECAUSE  OF  THE  RECOVERY-OF-INVESTMENT  FIRST  RULE.  However,  if the
recipient is eligible for one of the penalty  exceptions  described above (e.g.,
being age 59 1/2 or older) no penalty will apply.

Such pending  legislation  also provides that an additional 10% penalty applies,
apparently  without  exception,  to  withdrawals  allocable  to 1998  conversion
transactions  before the  five-year  exclusion  date,  in order to recapture the
benefit of the prorated  inclusion of Traditional IRA conversion income over the
four-year   period.   See   "Contributions   to  Roth  IRAs,"  and   "Conversion
Contributions to Roth IRAs" above. It is not known whether this legislation will
be enacted in its current form, but it may be retroactive to January 1, 1998.
    

Because Roth IRAs have only been recently approved, you should consult with your
tax adviser as to whether they are an appropriate investment vehicle for you.

   
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING

Equitable Life is required to withhold  Federal income tax from  Traditional IRA
distributions and the taxable portion of payments from annuity contracts, unless
the  recipient  elects not to be subject  to income  tax  withholding.  For this
reason  we are  generally  required  to  withhold  on  conversion  rollovers  of
Traditional IRAs to Roth IRAs, as the deemed withdrawal from the Traditional IRA
is taxable.  Withholding may also apply to any taxable amounts paid under a free
look or  cancellation.  Generally,  no withholding is required on  distributions
which are not  taxable  (for  example,  a direct  transfer  from one Roth IRA to
another Roth IRA you own). In the case of distributions  from a Roth IRA, we may
not be able to  calculate  the portion of the  distribution  (if any) subject to
tax. We may be required  to  withhold  on the gross  amount of the  distribution
unless you elect out of withholding as described  below.  This may result in tax
being withheld even though the Roth IRA  distribution is not taxable in whole or
in part.
    

The rate of withholding will depend on the type of distribution  and, in certain
cases,  the  amount of the  distribution.  Special  withholding  rules  apply to
foreign  recipients  and United  States  citizens  residing  outside  the United
States. See your tax adviser if you think you may be affected by such rules.

   
Any income tax  withheld is a credit  against  your income tax  liability.  If a
recipient  does  not  have  sufficient  income  tax  withheld  or does  not make
sufficient  estimated  income tax  payments,  however,  the  recipient may incur
penalties under the estimated income tax rules.  Recipients should consult their
tax advisers to determine whether they should elect out of withholding. Requests
not to withhold  Federal  income tax must be made in writing  prior to receiving
benefits under the  
    


                                       47
<PAGE>

Certificate.  Our  Processing  Office will provide  forms for this  purpose.  No
election out of withholding  is valid unless the recipient  provides us with the
correct Taxpayer Identification Number and a United States residence address.

Certain states have indicated that income tax withholding will apply to payments
from the Certificates  made to residents.  In some states, a recipient may elect
out of state withholding. Generally, an election out of Federal withholding will
also be  considered  an  election  out of state  withholding.  If you need  more
information  concerning  a  particular  state or any  required  forms,  call our
Processing Office at the toll-free number and consult your tax adviser.

Periodic  payments are generally subject to wage-bracket type withholding (as if
such payments  were payments of wages by an employer to an employee)  unless the
recipient  elects  no  withholding.  If  a  recipient  does  not  elect  out  of
withholding  or  does  not  specify  the  number  of   withholding   exemptions,
withholding  will  generally be made as if the recipient is married and claiming
three  withholding  exemptions.  There is an annual  threshold of taxable income
from periodic annuity  payments which is exempt from  withholding  based on this
assumption.  For 1998, a recipient of periodic payments (e.g., monthly or annual
payments)  which  total less than a $14,400  taxable  amount will  generally  be
exempt from Federal  income tax  withholding,  unless the recipient  specifies a
different choice of withholding exemption. A withholding election may be revoked
at any time and remains effective until revoked. If a recipient fails to provide
a  correct  taxpayer  identification  number,  withholding  is  made  as if  the
recipient is single with no exemptions.

   
A recipient of a non-periodic  distribution (total or partial) will generally be
subject to  withholding  at a flat 10% rate.  A recipient  who provides a United
States  residence  address  and a correct  Taxpayer  Identification  Number will
generally be permitted to elect not to have tax withheld.
    

All  recipients  receiving  periodic and  non-periodic  payments will be further
notified of the withholding  requirements and of their right to make withholding
elections.

OTHER WITHHOLDING

   
As a  general  rule,  if death  benefits  are  payable  to a person  two or more
generations  younger than you, a Federal generation  skipping tax may be payable
with respect to the benefit at rates  similar to the maximum  estate tax rate in
effect at the time. The generation  skipping tax provisions  generally  apply to
transfers  which  would  also be  subject  to the gift  and  estate  tax  rules.
Individuals are generally allowed an aggregate generation skipping tax exemption
of $1 million. Because these rules are complex, you should consult with your tax
adviser for  specific  information,  especially  where  benefits  are passing to
younger generations, as opposed to a spouse or child.
    

If we  believe a benefit  may be subject to  generation  skipping  tax we may be
required  to  withhold  for  such  tax  unless  we  receive  acceptable  written
confirmation that no such tax is payable.

IMPACT OF TAXES TO EQUITABLE LIFE

The Certificates provide that Equitable Life may charge the Separate Account for
taxes. Equitable Life can set up reserves for such taxes.


                                       48
<PAGE>

- --------------------------------------------------------------------------------

   
                            PART 8: OTHER INFORMATION

- --------------------------------------------------------------------------------

INDEPENDENT ACCOUNTANTS

The  consolidated  financial  statements and  consolidated  financial  statement
schedules  of  Equitable  Life at December 31, 1997 and 1996 and for each of the
three years in the period ended  December 31, 1997 included in Equitable  Life's
Annual Report on Form 10-K,  incorporated by reference in the  prospectus,  have
been examined by Price Waterhouse LLP,  independent  accountants,  whose reports
thereon  are  incorporated  herein by  reference.  Such  consolidated  financial
statements and consolidated financial statement schedules have been incorporated
herein by reference in reliance upon the reports of Price  Waterhouse  LLP given
upon their authority as experts in accounting and auditing.

LEGAL PROCEEDINGS

Equitable Life and its affiliates are parties to various legal proceedings, none
of which,  in our view,  are likely to have a material  adverse  effect upon the
Separate Account,  our ability to meet our obligations under the Certificates or
the Certificates' distribution.
    


                                       49
<PAGE>

- --------------------------------------------------------------------------------

                         PART 9: INVESTMENT PERFORMANCE

- --------------------------------------------------------------------------------

   
This Part presents performance data for each of the Investment Funds included in
the tables below. The performance data were calculated by two methods. The first
method,  presented in Tables 1 and 2, reflects all applicable  fees and charges,
including the optional  baseBUILDER benefits charge, but not the charges for any
applicable taxes such as premium taxes.

The second method,  presented in Tables 3, 4 and 5, also reflects all applicable
fees and charges, but does not reflect the optional baseBUILDER benefits charge,
or the charge for tax such as premium  taxes.  These  additional  charges  would
effectively reduce the rates of return credited to a particular Certificate.

The  Certificates  were first  offered on  October  1,  1997.  Accordingly,  the
performance  data for the Investment  Funds have been adjusted for expenses,  as
described  herein,  that would have been  incurred had these  Certificates  been
available  prior to such date.  In addition,  the  investment  results  prior to
October 1996, when HRT Class IB shares were not available, have been adjusted to
reflect 12b-1 fees.

In all cases the results shown in the tables are based on the actual  historical
investment  experience  of the  corresponding  Portfolios of HRT or EQAT, as the
case may be (see "HRT Portfolios," below). Certain of the Investment Funds began
operations on a date after the inception date of the corresponding Portfolio, as
indicated in Table 1. When we advertise the performance of an Investment Fund we
will  separately  include the historical  performance  of the  Investment  Fund,
determined in the manner shown in Table 1, since the Investment Fund's inception
date, as and to the extent required by regulatory authorities.

HRT Portfolios

The  performance  data for the Alliance  Money Market and Alliance  Common Stock
Funds that invest in  corresponding  HRT Portfolios,  for periods prior to March
22, 1985,  reflect the investment  results of two open-end  management  separate
accounts (the  "predecessor  separate  accounts") which were reorganized in unit
investment trust form. The "Since Inception"  figures for these Investment Funds
are based on the date of inception of the predecessor  separate accounts.  These
performance data have been adjusted to reflect the maximum  investment  advisory
fee payable for the corresponding Portfolio of HRT, as well as an assumed charge
of 0.06% for direct operating expenses.

EQAT Portfolios

EQAT commenced  operations on May 1, 1997.  EQAT commenced  operations on May 1,
1997.  The  Investment  Funds of the  Separate  Account  that invest in Class IB
shares of  Portfolios  of EQAT  commenced  operations  on May 1 and December 31,
1997.

See "Part 2: The Guaranteed  Period  Account" for  information on the Guaranteed
Period Account.

The  performance  data in Tables 1 and 2 (which  reflect  the first  calculation
method  described  above)  illustrate  the average  annual  total  return of the
Investment  Funds,  and the growth of an  investment  in the  Investment  Funds,
respectively,  over the periods shown, assuming a single initial contribution of
$1,000 and the surrender of a Certificate, at the end of each period on December
31, 1997. An Investment Fund's average annual total return is the annual rate of
growth of the  Investment  Fund that would be  necessary  to achieve  the ending
value of a contribution kept in the Investment Fund for the period specified.

Each calculation  assumes that the $1,000 contribution was allocated to only one
Investment  Fund,  no transfers  or  subsequent  contributions  were made and no
amounts were allocated to any other Investment Option under the Certificate.

In order to calculate  annualized rates of return, we divide the Cash Value of a
Certificate which is surrendered on December 31, 1997 by the $1,000 contribution
made at the beginning of each period illustrated. The result of that calculation
is the total growth rate for the period.  Then we annualize  that growth rate to
obtain the  average  annual  percentage  increase  (decrease)  during the period
shown.  When we "annualize," we assume that a single rate of return applied each
year during the period will  produce the ending  value,  taking into account the
effect of compounding.
    


                                       50
<PAGE>

   
                                     TABLE 1
         AVERAGE ANNUAL TOTAL RETURN UNDER A CERTIFICATE SURRENDERED ON
                               DECEMBER 31, 1997*
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
                                                                      LENGTH OF INVESTMENT PERIOD
                                           ----------------------------------------------------------------------------------
                                                                                                SINCE
                                                                                             INVESTMENT
INVESTMENT                                   ONE          THREE        FIVE         TEN         FUND          SINCE
FUND                                         YEAR         YEARS       YEARS        YEARS     INCEPTION**    INCEPTION ***
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                         <C>           <C>          <C>         <C>           <C>           <C> 
Alliance Money Market                        3.48%         3.34%        2.48%       3.52%        1.94%         4.75%
Alliance High Yield                         16.28         17.98        13.51       10.43         8.93          9.67
Alliance Common Stock                       26.84         26.04        18.57       15.58        15.30         13.46
Alliance Aggressive Stock                    8.77         18.82        12.52       16.59         4.38         16.87
Alliance Small Cap Growth                      --            --           --          --        25.16         25.16
MFS Research                                   --            --           --          --        14.80         14.80
MFS Emerging Growth
   Companies                                   --            --           --          --        21.11         21.11
Morgan Stanley Emerging
   Markets Equity                              --            --           --          --           --        (20.66)
EQ/Putnam Growth & Income
   Value                                       --            --           --          --        14.96         14.96
EQ/Putnam Investors Growth                     --            --           --          --        23.32         23.32
EQ/Putnam International Equity                 --            --           --          --         8.40          8.40
</TABLE>
- --------------------
See footnotes
below.
- --------------------------------------------------------------------------------

                                     TABLE 2
GROWTH OF $1,000 UNDER A CERTIFICATE SURRENDERED ON DECEMBER 31, 1997*
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
                                                                      LENGTH OF INVESTMENT PERIOD
                                           ----------------------------------------------------------------------------------
INVESTMENT                                    ONE            THREE           FIVE            TEN            SINCE
FUND                                          YEAR           YEARS           YEARS          YEARS         INCEPTION ***
- -----------------------------------------------------------------------------------------------------------------------------
<S>                                            <C>             <C>             <C>            <C>          <C>     
Alliance Money Market                          $1,035          $1,103          $1,131         $1,414       $  2,200
Alliance High Yield                             1,163           1,642           1,884          2,698          2,762
Alliance Common Stock                           1,268           2,002           2,344          4,254         16,102
Alliance Aggressive Stock                       1,088           1,678           1,804          4,642          6,490
Alliance Small Cap Growth                          --              --              --             --          1,252
MFS Research                                       --              --              --             --          1,148
MFS Emerging Growth
   Companies                                       --              --              --             --          1,211
Morgan Stanley Emerging
   Markets Equity                                  --              --              --             --            793
EQ/Putnam Growth & Income
   Value                                           --              --              --             --          1,150
EQ/Putnam Investors Growth                         --              --              --             --          1,233
EQ/Putnam International Equity                     --              --              --             --          1,084
</TABLE>
- -------------------
  *  The tables reflect the optional baseBUILDER benefits charge.
 **  The  "Since  Inception"  dates for the  Investment  Funds  are as  follows:
     Alliance  Money Market,  Alliance High Yield,  Alliance  Common Stock,  and
     Alliance  Aggressive  Stock (October 16, 1996);  Alliance Small Cap Growth,
     MFS Research,  MFS Emerging  Growth  Companies,  EQ/Putnam  Growth & Income
     Value, EQ/Putnam Investors Growth, and EQ/Putnam  International Equity (May
     1, 1997); and Morgan Stanley Emerging Markets Equity (December 31, 1997).
***  The  "Since  Inception"  dates  for the  Portfolios  of HRT and EQAT are as
     follows:  Alliance  Money  Market  (July 13,  1981);  Alliance  High  Yield
     (January 2, 1987);  Alliance  Common  Stock  (January 13,  1976);  Alliance
     Aggressive  Stock  (January 27,  1986);  Alliance  Small Cap Growth (May 1,
     1997);  MFS Research (May 1, 1997);  MFS Emerging Growth  Companies (May 1,
     1997); Morgan Stanley Emerging Markets Equity (August 20, 1997);  EQ/Putnam
     Growth & Income Value (May 1, 1997);  and  EQ/Putnam  International  Equity
     (May 1, 1997).
- --------------------------------------------------------------------------------


                                       51
<PAGE>
    

Tables 3, 4 and 5 (which reflect the second  calculation method described above)
provide you with information on rates of return on an annualized, cumulative and
year-by-year basis.

All rates of return  presented are  time-weighted  and include  reinvestment  of
investment income, including interest and dividends.  Cumulative rates of return
reflect  performance  over a stated period of time.  Annualized  rates of return
represent the annual rate of growth that would have produced the same cumulative
return, if performance had been constant over the entire period.

BENCHMARKS

Market  indices are not subject to any charges  for  investment  advisory  fees,
brokerage  commission or other operating  expenses  typically  associated with a
managed  portfolio.  Nor do they reflect other charges such as the mortality and
expense risks charge,  administration  charge,  distribution charge, or optional
benefit  charge  under the  Certificates.  Comparisons  with  these  benchmarks,
therefore, are of limited use. We include them because they are widely known and
may help you to understand the universe of securities  from which each Portfolio
is likely to select its holdings.  Benchmark  data reflect the  reinvestment  of
dividend income.

PORTFOLIO INCEPTION DATES AND COMPARATIVE BENCHMARKS:

ALLIANCE MONEY MARKET: July 13, 1981; Salomon Brothers Three-Month T-Bill Index.

ALLIANCE HIGH YIELD: January 2, 1987; Merrill Lynch High Yield Master Index.

ALLIANCE COMMON STOCK: January 13, 1976; Standard & Poor's 500 Index.

   
ALLIANCE AGGRESSIVE STOCK:  January 27, 1986; 50% Russell 2000 Small Stock Index
and 50% Standard & Poor's Mid-Cap Total Return Index.

ALLIANCE SMALL CAP GROWTH: May 1, 1997; Russell 2000 Growth Index.

MFS RESEARCH: May 1, 1997; Standard & Poor's 500 Index.

MFS EMERGING GROWTH COMPANIES: May 1, 1997; Russell 2000 Index.

MORGAN STANLEY EMERGING MARKETS EQUITY:  August 20, 1997; Morgan Stanley Capital
International Emerging Markets Free Price Return Index.

EQ/PUTNAM GROWTH & INCOME VALUE: May 1, 1997; Standard & Poor's 500 Index.

EQ/PUTNAM INVESTORS GROWTH: May 1, 1997; Standard & Poor's 500 Index.

EQ/PUTNAM   INTERNATIONAL   EQUITY:   May  1,  1997;   Morgan  Stanley   Capital
International Europe, Australia, Far East Index.
    

The Lipper  Variable  Insurance  Products  Performance  Analysis Survey (LIPPER)
records the performance of a large group of variable annuity products, including
managed separate accounts of insurance companies. According to Lipper Analytical
Services, Inc., the data are presented net of investment management fees, direct
operating  expenses and asset-based  charges applicable under annuity contracts.
Lipper  data  provide a more  accurate  picture  than market  benchmarks  of the
Equitable  Accumulator  Select  performance  relative to other variable  annuity
products.


                                       52
<PAGE>

   
                                     TABLE 3
        ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------
<S>                                       <C>         <C>         <C>         <C>         <C>          <C>         <C>  
ALLIANCE MONEY MARKET                      3.48%       3.55%       2.76%       3.83%       4.64%          --        5.21%
   Lipper Money Market                     3.95        4.05        3.29        4.41        5.39           --        5.77
   Benchmark                               5.23        5.41        4.71        5.61        6.33           --        6.87

ALLIANCE HIGH YIELD                       16.28       18.18       13.75       10.71          --           --        9.97
   Lipper High Yield                      12.87       14.23       10.68       10.33          --           --        9.46
   Benchmark                              12.83       14.54       11.72       12.09          --           --       11.39

ALLIANCE COMMON STOCK                     26.84       26.23       18.81       15.80       15.08        15.38%      13.69
   Lipper Growth                          24.35       24.72       16.01       15.40       13.99        15.20       13.97
   Benchmark                              33.36       31.15       20.27       18.05       17.52        16.66       15.44

ALLIANCE AGGRESSIVE STOCK                  8.77       19.01       12.77       16.79          --           --       17.16
   Lipper Mid-Cap                         12.11       15.54        9.27       14.32          --           --       15.87
   Benchmark                              27.31       24.88       17.11       17.74          --           --       15.12

ALLIANCE SMALL CAP
   GROWTH                                    --          --          --           --         --           --       25.16**
   Lipper Small Cap                          --          --          --           --         --           --       26.66**
   Benchmark                                 --          --          --           --         --           --       27.66**

 MFS RESEARCH                                --          --          --           --         --           --       14.80**
   Lipper Growth                             --          --          --           --         --           --       21.89**
   Benchmark                                 --          --          --           --         --           --       22.55**

 MFS EMERGING GROWTH
   COMPANIES                                 --          --          --           --         --           --       21.11**
   Lipper Mid-Cap                            --          --          --           --         --           --       20.88**
   Benchmark                                 --          --          --           --         --           --       28.68**

 MORGAN STANLEY EMERGING MARKETS
   EQUITY                                    --          --          --           --         --           --      (20.66)**
   Lipper Emerging Markets                   --          --          --           --         --           --        N/A
   Benchmark                                 --          --          --           --         --           --      (21.43)**

 EQ/PUTNAM GROWTH &
   INCOME VALUE                              --          --          --           --         --           --       14.96**
   Lipper Growth & Income                    --          --          --           --         --           --       20.28**
   Benchmark                                 --          --          --           --         --           --       22.55**

 EQ/PUTNAM INVESTORS
   GROWTH                                    --          --          --           --         --           --       23.32**
   Lipper Growth                             --          --          --           --         --           --       21.89**
   Benchmark                                 --          --          --           --         --           --       22.55**

 EQ/PUTNAM INTERNATIONAL
   EQUITY                                    --          --          --           --         --           --        8.40**
   Lipper International                      --          --          --           --         --           --        3.41**
   Benchmark                                 --          --          --           --         --           --        2.85**
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------
See footnotes on page 55.


                                       53

<PAGE>

                                     TABLE 4
        CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1997:*
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    SINCE
                                         1 YEAR     3 YEARS     5 YEARS     10 YEARS    15 YEARS     20 YEARS     INCEPTION
                                      -----------------------------------------------------------------------------------------
<S>                                       <C>        <C>         <C>         <C>         <C>          <C>          <C>     
ALLIANCE MONEY MARKET                      3.48%      11.03%      14.57%      45.58%      97.57%            --       130.94%
   Lipper Money Market                     3.95       12.64       17.61       54.00      120.14             --       151.25
   Benchmark                               5.23       17.13       25.87       72.64      150.97             --       199.34

ALLIANCE HIGH YIELD                       16.28       65.08       90.41      176.63          --             --       184.30
   Lipper High Yield                      12.87       49.17       66.26      169.15          --             --       173.12
   Benchmark                              12.83       50.26       74.04      213.08          --             --       227.68

ALLIANCE COMMON STOCK                     26.84      101.12      136.71      333.69      722.13       1,649.46%    1,574.72
   Lipper Growth                          24.35       94.70      111.50      321.71      625.81       1,602.96     1,659.17
   Benchmark                              33.36      125.60      151.62      425.67    1,026.40       2,080.13     2,248.74

ALLIANCE AGGRESSIVE STOCK                  8.77       68.55       82.36      371.95          --             --       560.88
   Lipper Mid-Cap                         12.11       56.12       69.26      311.80          --             --       478.26
   Benchmark                              27.31       94.76      120.25      412.08          --             --       436.52

 ALLIANCE SMALL CAP
   GROWTH                                    --          --          --           --          --            --        25.16**
   Lipper Small Cap                          --          --          --           --          --            --        26.66**
   Benchmark                                 --          --          --           --          --            --        27.66**

 MFS RESEARCH                                --          --          --           --          --            --        14.80**
   Lipper Growth                             --          --          --           --          --            --        21.89**
   Benchmark                                 --          --          --           --          --            --        22.55**

 MFS EMERGING GROWTH
   COMPANIES                                 --          --          --           --          --            --        21.11**
   Lipper Mid-Cap                            --          --          --           --          --            --        20.88**
   Benchmark                                 --          --          --           --          --            --        28.68**

 MORGAN STANLEY
   EMERGING MARKETS
   EQUITY                                    --          --          --           --          --            --       (20.66)**
   Lipper Emerging Markets                   --          --          --           --          --            --         N/A
   Benchmark                                 --          --          --           --          --            --       (21.43)

 EQ/PUTNAM GROWTH &
   INCOME VALUE                              --          --          --           --          --            --        14.96**
   Lipper Growth & Income                    --          --          --           --          --            --        20.28**
   Benchmark                                 --          --          --           --          --            --        22.55**

 EQ/PUTNAM INVESTORS
   GROWTH                                    --          --          --           --          --            --        23.32**
   Lipper Growth                             --          --          --           --          --            --        21.89**
   Benchmark                                 --          --          --           --          --            --        22.55**

 EQ/PUTNAM INTERNATIONAL EQUITY              --          --          --           --          --            --         8.40**
   Lipper International                      --          --          --           --          --            --         3.41**
   Benchmark                                 --          --          --           --          --            --         2.85**
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------
See footnotes on page 55.


                                       54

<PAGE>

                                     TABLE 5
                          YEAR-BY-YEAR RATES OF RETURN*
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
                    1984    1985   1986    1987    1988    1989   1990    1991    1992    1993    1994    1995    1996   1997
                  --------------------------------------------------------------------------------------------------------------
<S>                <C>     <C>     <C>     <C>    <C>     <C>     <C>    <C>      <C>    <C>     <C>     <C>     <C>     <C>  
ALLIANCE MONEY
   MARKET***        8.82%   6.47%   4.64%  4.66%   5.34%   7.18%   6.23%  4.23%   1.65%   1.06%   2.10%   3.80%   3.37%   3.48%
ALLIANCE HIGH
   YIELD              --      --      --   2.77    7.71    3.20   (2.95) 22.17   10.23   20.88   (4.58)  17.71   20.60   16.28
ALLIANCE COMMON
   STOCK***        (3.78)  30.97   15.21   5.46   20.18   23.28   (9.82) 35.34    1.31   22.52   (3.94)  30.01   21.97   26.84
ALLIANCE
   AGGRESSIVE
   STOCK              --      --   32.96   5.32   (0.73)  40.86    6.16  83.43   (4.95)  14.59   (5.59)  29.21   19.93    8.77
- -------------------
  *  Returns do not reflect the optional  baseBUILDER  benefits charge,  and any
     charge for tax such as premium taxes. There are no returns shown in Table 5
     for the Alliance Small Cap Growth Fund and the Investment  Funds  investing
     in EQAT as such Funds have less than one year of performance.
 **  Unannualized.
***  Prior to 1984 the Year-by-Year  Rates of Return
     were:                                             1976     1977      1978      1979     1980      1981     1982      1983
     ALLIANCE COMMON STOCK                              7.46%   (10.92)%   6.24%    27.45%    47.37%   (7.60)%   15.41%   23.80%
     ALLIANCE MONEY MARKET                                --        --       --        --        --     5.36     10.94     6.95
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

COMMUNICATING PERFORMANCE DATA

In reports or other communications or in advertising  material,  we may describe
general economic and market  conditions  affecting the Separate Account and each
respective  trust and may present the  performance  of the  Investment  Funds or
compare it with (1) that of other insurance  company separate accounts or mutual
funds included in the rankings  prepared by Lipper  Analytical  Services,  Inc.,
Morningstar,  Inc.,  VARDS or  similar  investment  services  that  monitor  the
performance of insurance  company  separate  accounts or mutual funds, (2) other
appropriate indices of investment  securities and averages for peer universes of
funds which are shown under  "Benchmarks"  and  "Portfolio  Inception  Dates and
Comparative Benchmarks" in this Part 9, or (3) data developed by us derived from
such indices or averages.  The Morningstar Variable Annuity/Life Report consists
of nearly 700 variable  life and annuity  funds,  all of which report their data
net of  investment  management  fees,  direct  operating  expenses  and separate
account   charges.   VARDS  is  a  monthly   reporting   service  that  monitors
approximately  760 variable life and variable  annuity funds on performance  and
account information. Advertisements or other communications furnished to present
or prospective  Certificate Owners may also include evaluations of an Investment
Fund or Portfolio by financial  publications that are nationally recognized such
as Barron's,  Morningstar's Variable Annuity Sourcebook,  Business Week, Chicago
Tribune, Forbes, Fortune, Institutional Investor, Investment Adviser, Investment
Dealer's Digest,  Investment  Management Weekly, Los Angeles Times, Money, Money
Management Letter,  Kiplinger's Personal Finance,  Financial Planning,  National
Underwriter,  Pension & Investments,  USA Today,  Investor's Business Daily, The
New York Times, and The Wall Street Journal.

ALLIANCE MONEY MARKET FUND AND ALLIANCE HIGH YIELD FUND YIELD INFORMATION

The current  yield and  effective  yield of the  Alliance  Money Market Fund and
Alliance  High  Yield Fund may appear in reports  and  promotional  material  to
current or prospective Certificate Owners.

Current yield for the Alliance Money Market Fund will be based on net changes in
a hypothetical  investment over a given seven-day  period,  exclusive of capital
changes,  and then  "annualized"  (assuming that the same seven-day result would
occur each week for 52 weeks).  Current  yield for the Alliance  High Yield Fund
will be based on net changes in a  hypothetical  investment  over a given 30-day
period,  exclusive of capital changes, and then "annualized"  (assuming that the
same 30-day result would occur each month for 12 months).  "Effective  yield" is
calculated in a manner similar to that used to calculate current yield, but when
annualized, any income earned by the investment is assumed to be reinvested. The
"effective  yield" will be slightly  higher than the "current yield" because any
earnings are  compounded  weekly for the Alliance  Money Market Fund and monthly
for the Alliance High Yield Fund.  Alliance  Money Market Fund and Alliance High
Yield Fund yields and effective  yields assume the deduction of all  Certificate
charges and expenses other than the optional  baseBUILDER  benefits charge,  and
any charge for tax such as premium tax. The yields and effective  yields for the
Alliance  Money  Market  Fund when used for the Special  Dollar  Cost  Averaging
program,  assume that no Certificate charges are deducted. See "Part 5: Alliance
Money Market Fund and Alliance High Yield Fund Yield Information" in the SAI.
    


                                       55
<PAGE>

                   APPENDIX I: MARKET VALUE ADJUSTMENT EXAMPLE
- --------------------------------------------------------------------------------

The example below shows how the market value  adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated on
February 15, 1999 to a Guarantee  Period with an Expiration Date of February 15,
2008  at a  Guaranteed  Rate of  7.00%  resulting  in a  Maturity  Value  at the
Expiration Date of $183,846,  and further  assuming that a withdrawal of $50,000
was made on February 15, 2003.

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
                                                                                             ASSUMED
                                                                               GUARANTEED RATE ON FEBRUARY 15, 2003
                                                                                5.00%                        9.00%
                                                                    -----------------------------------------------------------
<S>                                                                         <C>                          <C>       
As of February 15, 2003 (Before Withdrawal)
- -------------------------------------------
(1)  Present Value of Maturity Value,
     also Annuity Account Value..................................           $  144,048                   $  119,487
(2)  Guaranteed Period Amount....................................              131,080                      131,080
(3)  Market Value Adjustment: (1) - (2)..........................               12,968                      (11,593)

On February 15, 2003 (After Withdrawal)
- ---------------------------------------
(4)  Portion of (3) Associated
     with Withdrawal: (3) x [$50,000/(1)]........................           $    4,501                   $   (4,851)
(5)  Reduction in Guaranteed
     Period Amount: [$50,000 - (4)]..............................               45,499                       54,851
(6)  Guaranteed Period Amount: (2) - (5).........................               85,581                       76,229
(7)  Maturity Value..............................................              120,032                      106,915
(8)  Present Value of (7), also
     Annuity Account Value.......................................               94,048                       69,487
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>

You should note that under this example if a withdrawal  is made when rates have
increased  (from 7.00% to 9.00% in the example),  a portion of a negative market
value  adjustment  is realized.  On the other hand, if a withdrawal is made when
rates  have  decreased  (from  7.00% to 5.00% in the  example),  a portion  of a
positive market value adjustment is realized.


                                       56
<PAGE>

   
            APPENDIX II: PURCHASE CONSIDERATIONS FOR QP CERTIFICATES
- --------------------------------------------------------------------------------

Any trustee  considering a purchase of a QP Certificate  should discuss with its
tax adviser whether this is an appropriate investment vehicle for the employer's
plan. Trustees should consider whether the plan provisions permit the investment
of plan assets in the QP Certificate,  the distribution of such an annuity,  the
purchase of the  Guaranteed  Minimum  Income  Benefit,  and the payment of death
benefits  in  accordance  with  the  requirements  of  the  Code.  The  form  of
Certificate  and this  prospectus  should be reviewed in full, and the following
factors,  among others,  should be noted.  This QP Certificate  accepts transfer
contributions only and not regular,  ongoing payroll  contributions.  For 401(k)
plans under defined contribution plans, no employee after-tax  contributions are
accepted.  Under defined  benefit  plans,  we will not accept  rollovers  from a
defined  contribution  plan to a  defined  benefit  plan.  We will  only  accept
transfers from a defined benefit plan or a change of investment  vehicles in the
plan.

For defined benefit plans, the maximum percentage of actuarial value of the plan
Participant/Employee's  "Normal Retirement  Benefit" which can be funded by a QP
Certificate is 80%. The Annuity  Account Value under a QP Certificate may at any
time be more or less  than the lump sum  actuarial  equivalent  of the  "Accrued
Benefit" for a defined  benefit plan  Participant/Employee.  Equitable Life does
not guarantee that the Annuity Account Value under a QP Certificate  will at any
time  equal  the  actuarial  value  of 80% of a  Participant/Employee's  Accrued
Benefit.  If overfunding of a plan occurs,  withdrawals  from the QP Certificate
may be required.  A withdrawal  charge and/or market value adjustment may apply.
Further,  Equitable will not perform or provide any plan recordkeeping  services
with respect to the QP  Certificates.  The plan's  administrator  will be solely
responsible for performing or providing for all such services.  There is no loan
feature offered under the QP Certificates, so if the plan provides for loans and
a  Participant/Employee  takes a loan from the plan,  other plan  assets must be
used as the source of the loan and any loan repayments must be credited to other
investment vehicles and/or accounts available under the plan.

Finally,  because the method of purchasing the QP Certificates  and the features
of the QP Certificates  may appeal more to plan  Participants/Employees  who are
older  and tend to be  highly  paid,  and  because  certain  features  of the QP
Certificates are available only to plan  Participants/Employees who meet certain
minimum and/or maximum age requirements, plan trustees should discuss with their
advisers  whether the  purchase of the QP  Certificates  would cause the plan to
engage in prohibited discrimination in contributions, benefits or otherwise.
    


                                       57
<PAGE>


             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" in Part 3).

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 and no  withdrawals,  the Guaranteed
Minimum Death Benefit for an Annuitant age 45 would be calculated as follows:

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
       END OF                                              6% ROLL UP TO AGE 80          ANNUAL RATCHET TO AGE 80
      CONTRACT                   ANNUITY                    GUARANTEED MINIMUM              GUARANTEED MINIMUM
        YEAR                  ACCOUNT VALUE                  DEATH BENEFIT(1)                 DEATH BENEFIT
- ----------------------------------------------------------------------------------------------------------------------
<S>                               <C>                             <C>                             <C>        
          1                       $105,000                        $106,000                        $105,000(2)
          2                       $115,500                        $112,360                        $115,500(2)
          3                       $132,825                        $119,102                        $132,825(2)
          4                       $106,260                        $126,248                        $132,825(3)
          5                       $116,886                        $133,823                        $132,825(3)
          6                       $140,263                        $141,852                        $140,263(2)
          7                       $140,263                        $150,363                        $140,263(3)
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>

The Annuity  Account Values for Contract Years 1 through 7 are determined  based
on hypothetical  rates of return of 5.00%,  10.00%,  15.00%,  (20.00)%,  10.00%,
20.00% and 0.00%, respectively.

   
6% ROLL UP TO AGE 80
    

(1)  For Contract Years 1 through 7, the Guaranteed Minimum Death Benefit equals
     the initial contribution increased by 6%.

ANNUAL RATCHET TO AGE 80

(2)  At the end of  Contract  Years 1, 2 and 3, and again at the end of Contract
     Year 6, the  Guaranteed  Minimum  Death  Benefit  is  equal to the  current
     Annuity Account Value.

(3)  At the end of  Contract  Years 4, 5 and 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.


                                       58
<PAGE>

- --------------------------------------------------------------------------------

                       STATEMENT OF ADDITIONAL INFORMATION
                                TABLE OF CONTENTS

- --------------------------------------------------------------------------------

   
                                                                       PAGE
- --------------------------------------------------------------------------------
Part 1:   Minimum Distribution Withdrawals -- 
          Traditional IRA Certificates                                   2
- --------------------------------------------------------------------------------
Part 2:   Accumulation Unit Values                                       2
- --------------------------------------------------------------------------------
Part 3:   Annuity Unit Values                                            2
- --------------------------------------------------------------------------------
Part 4:   Custodian and Independent Accountants                          3
- --------------------------------------------------------------------------------
Part 5:   Alliance Money Market Fund and 
          Alliance High Yield Fund Yield Information                     3
- --------------------------------------------------------------------------------
Part 6:   Long-Term Market Trends                                        4
- --------------------------------------------------------------------------------
Part 7:   Key Factors in Retirement Planning                             6
- --------------------------------------------------------------------------------
Part 8:   Financial Statements                                           9
- --------------------------------------------------------------------------------
    








          HOW TO OBTAIN AN EQUITABLE ACCUMULATOR SELECT STATEMENT OF ADDITIONAL
          INFORMATION FOR SEPARATE ACCOUNT NO. 49






          Send this request form to:


   
             Equitable Life
             Equitable Accumulator
             P.O. Box 1547
             Secaucus, NJ 07096-1547





          Please send me an Equitable  Accumulator  Select SAI dated May
          1, 1998:
    




          ----------------------------------------------------------------------
          Name

          ----------------------------------------------------------------------
          Address

          ----------------------------------------------------------------------
          City                                          State                Zip



(SELSAI)


                                       59

<PAGE>



   
                                INCOME MANAGER(R)
                                  (IRA AND NQ)
                          PROSPECTUS DATED MAY 1, 1998
    
                              --------------------

                           PAYOUT ANNUITY CERTIFICATES
                                   Issued By:
            The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------

   
This prospectus  describes  certificates The Equitable Life Assurance Society of
the United States (EQUITABLE LIFE, WE, OUR and US) offers under a payout annuity
contract  (INCOME  MANAGER) issued on a group basis or as individual  contracts.
Enrollment   under  a  group  contract  will  be  evidenced  by  issuance  of  a
certificate.  Certificates and individual  contracts each will be referred to as
"Certificates."   Income  Manager  Certificates  can  be  issued  as  individual
retirement   annuities   (IRA),   or   non-qualified   annuities  for  after-tax
contributions only (NQ). There are two types of IRAs,  Traditional IRAs and Roth
IRAs. Because Roth IRAs are new in 1998 and have a five-year aging period before
distributions  should begin, they are not discussed in this prospectus  (consult
your  tax  adviser).  The  discussion  of  IRAs  in this  prospectus  refers  to
Traditional  IRAs.  A minimum  contribution  of  $10,000  is  required  to put a
Certificate  into effect.  Under IRA  Certificates,  we will accept only initial
contributions that are rollover  contributions or that are direct transfers from
other  traditional  individual  retirement  arrangements,  as  described in this
prospectus.
    

The Owner  (CERTIFICATE  OWNER,  YOU and YOUR) may choose to receive  guaranteed
periodic  payments  under one of our Income Manager  payout  annuities.  You may
choose to receive  level  guaranteed  payments  payable for a  specified  period
(PERIOD  CERTAIN)  with  payments  generally  starting one payment mode from the
CONTRACT  DATE.  Or, you may choose to receive  lifetime  income  payable for at
least a specified  period (LIFE ANNUITY WITH A PERIOD CERTAIN) where the annuity
payments are level,  or under NQ  Certificates  only payments may also increase.
You also choose whether payments are made for the Annuitant's life (SINGLE LIFE)
or for the  Annuitant's  life  and the  life of a  joint  Annuitant  (JOINT  AND
SURVIVOR) you designate.

   
Amounts are  allocated  to the  GUARANTEED  PERIOD  ACCOUNT to provide  payments
during  the period  certain.  Amounts  allocated  to a  GUARANTEE  PERIOD in the
Guaranteed  Period  Account  accumulate  on a fixed basis and are credited  with
interest at a rate we set for your class of  Certificate  (GUARANTEED  RATE) for
the entire  period.  On each business day (BUSINESS  DAY) we will  determine the
Guaranteed Rates available for amounts newly allocated to Guarantee  Periods.  A
market value  adjustment  (positive or negative)  will be made for  withdrawals,
surrender  and certain  other  transactions  from a Guarantee  Period before its
expiration date (EXPIRATION DATE). The Guarantee Periods currently available are
those  maturing in calendar years 1999 through 2013.  Each Guarantee  Period has
its own Guaranteed Rates.
    

This prospectus  provides  information  about the Certificates  that prospective
investors should know before investing.  You should read it carefully and retain
it for future reference.

A registration  statement  relating to interests under the Guarantee Periods has
been filed with the Securities and Exchange Commission (SEC).

THESE  SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED  BY THE SECURITIES AND
EXCHANGE  COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE CERTIFICATES  ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY.  THEY ARE NOT
DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK AND ARE NOT BANK GUARANTEED.  THEY ARE
SUBJECT TO INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL INVESTED.

   
- --------------------------------------------------------------------------------
           Copyright 1998 The Equitable Life Assurance Society of the
                    United States, New York, New York 10104.
        All rights reserved. Income Manager is a registered service mark
         of The Equitable Life Assurance Society of the United States.
    


<PAGE>

                 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENC

   
      Equitable  Life's Annual  Report on Form 10-K for the year ended  December
31, 1997 and a current  report on Form 8-K dated April 7, 1998 are  incorporated
herein by reference.
    

      All  documents  or reports  filed by  Equitable  Life  pursuant to Section
13(a),  13(c),  14 or 15(d) of the  Securities  Exchange Act of 1934, as amended
(EXCHANGE  ACT)  after  the date  hereof  and  prior to the  termination  of the
offering of the securities  offered hereby shall be deemed to be incorporated by
reference in this  prospectus and to be a part hereof from the date of filing of
such documents.  Any statement contained in a document incorporated or deemed to
be incorporated herein by reference shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement  contained herein
or in any other  subsequently  filed  document  which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded  shall not be deemed,  except as so modified
and superseded,  to constitute a part of this  prospectus.  Equitable Life files
its  Exchange Act  documents  and reports,  including  its annual and  quarterly
reports on Form 10-K and Form 10-Q,  electronically  pursuant to EDGAR under CIK
No.  0000727920.  The SEC maintains a web site that contains reports,  proxy and
information  statements and other  information  regarding  registrants that file
electronically with the SEC. The address of the site is http://www.sec.gov.

      Equitable  Life will  provide  without  charge to each person to whom this
prospectus is delivered, upon the written or oral request of such person, a copy
of any or all of the foregoing documents incorporated herein by reference (other
than exhibits not  specifically  incorporated by reference into the text of such
documents). Requests for such documents should be directed to The Equitable Life
Assurance Society of the United States,  1290 Avenue of the Americas,  New York,
New York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).


                                       2
<PAGE>




- --------------------------------------------------------------------------------

                          PROSPECTUS TABLE OF CONTENTS

- --------------------------------------------------------------------------------
GENERAL TERMS                                         PAGE 4

   
PART 1: SUMMARY                                       PAGE 5
What Is the Income Manager?                              5
Income Manager (Life Annuity
   with a Period Certain)                                5
Income Manager (Period Certain)                          6
Other Provisions of the Certificates                     6
Withdrawal Charge                                        6
Free Look Period                                         7
Services We Provide                                      7
Surrendering the Certificates                            7
Annuity Benefits                                         7
Taxes                                                    7
Charges for State Premium and Other
   Applicable Taxes                                      7
Equitable Life                                           8

PART 2:  THE GUARANTEED PERIOD
         ACCOUNT                                     PAGE 9
Guarantee Periods                                        9
Market Value Adjustment for
   Withdrawals or Surrender
   Prior to the Expiration Date                          9
Modal Payment Portion                                   10
Investments                                             10

PART 3: PROVISIONS OF THE
        CERTIFICATES                                 PAGE 12
Joint Ownership                                         12
Income Manager (Life Annuity with
   a Period Certain)                                    12
   Lump Sum Withdrawals                                 14
   Allocation of Lump Sum Withdrawals                   15
   Death Benefit                                        15
   Surrendering the Certificates                        16
Income Manager (Period Certain)                         16
   Lump Sum Withdrawals                                 17

   Allocation of Lump Sum Withdrawals                   17
   Death Benefit                                        18

PART 4: OTHER PROVISIONS OF THE
        CERTIFICATES AND SERVICES
        WE PROVIDE                                   PAGE 19
Methods of Payment                                      19
Free Look Period                                        19
Beneficiary                                             20
Cash Value                                              20
Surrendering the Certificates to
   Receive the Cash Value                               20
Annuity Benefits                                        20
When Payments Are Made                                  20
Assignment                                              20
Distribution of the Certificates                        21
Withdrawal Charge                                       21
Charges for State Premium and Other
   Applicable Taxes                                     22
Group or Sponsored Arrangements                         22
Other Distribution Arrangements                         22

PART 5: TAX ASPECTS OF THE CERTIFICATES              PAGE 23
Tax Changes                                             23
Taxation of Non-Qualified Annuities                     23
Special Rules for NQ Certificates
   Issued in Puerto Rico                                25
IRA Tax Information                                     25
Federal and State Income Tax
   Withholding                                          30
Other Withholding                                       31

PART 6: OTHER INFORMATION                            PAGE 32
Independent Accountants                                 32
Legal Proceedings                                       32

APPENDIX: MARKET VALUE
   ADJUSTMENT EXAMPLE                                PAGE 33
    


                                       3
<PAGE>


- --------------------------------------------------------------------------------

                                  GENERAL TERMS

- --------------------------------------------------------------------------------

ANNUITANT -- The individual who is the measuring life for  determining  benefits
under the  Certificates.  Under NQ Certificates,  the Annuitant can be different
from  the  Certificate  Owner;   under  IRA  Certificates,   the  Annuitant  and
Certificate Owner must be the same individual.

ANNUITY  ACCOUNT VALUE -- The sum of the present value of the Maturity  Value in
each  Guarantee  Period  plus any  amount in the Modal  Payment  Portion  of the
Guaranteed Period Account.

ANNUITY COMMENCEMENT DATE -- The date on which annuity payments are to commence.

INCOME MANAGER (PERIOD CERTAIN) -- An annuity under which you elect to receive a
level stream of periodic payments for a period certain.

   
INCOME MANAGER (LIFE ANNUITY WITH A PERIOD CERTAIN) -- An annuity which provides
guaranteed  periodic  payments  during a period certain and for the  Annuitant's
lifetime thereafter or for the Annuitant's  lifetime and the lifetime of a joint
Annuitant you designate.

BUSINESS DAY -- Generally,  any day on which the New York Stock Exchange is open
for trading.  For the purpose of determining the Transaction  Date, our Business
Day ends at 4:00 p.m. Eastern Time.
    

CASH VALUE -- The Annuity Account Value minus any applicable charges.

CERTIFICATE  -- The  Certificate  issued  under  the  terms  of a group  annuity
contract and any individual contract, including any endorsements.

CERTIFICATE  OWNER -- The  person  who owns a  Certificate  and has the right to
exercise  all  rights  under  the  Certificate.   Under  NQ  Certificates,   the
Certificate  Owner can be different from the Annuitant;  under IRA Certificates,
the Certificate Owner must be the same individual as the Annuitant.

CODE -- The Internal Revenue Code of 1986, as amended.

CONTRACT DATE -- The  effective  date of the  Certificates.  This is usually the
Business Day we receive the initial contribution at our Processing Office.

CONTRACT  YEAR -- The 12-month  period  beginning on your Contract Date and each
anniversary of that date.

EXPIRATION DATE -- The date on which a Guarantee Period ends.

GUARANTEE PERIOD -- Any of the periods of time ending on an Expiration Date that
are available for investment under the Certificate.  Guarantee  Periods may also
be referred to as Guaranteed  Interest Rate Options (GIROs) or Guaranteed  Fixed
Interest  Accounts.  

GUARANTEED PERIOD ACCOUNT -- The Account that contains the Guarantee Periods and
the Modal Payment Portion of such Account.

GUARANTEED  PERIOD  AMOUNT -- The term used to refer to the amount  allocated to
and accumulated in each Guarantee Period.

GUARANTEED RATE -- The annual interest rate established for each allocation to a
Guarantee Period.

   
IRA -- In the  prospectus,  the  term IRA  refers  to a  traditional  individual
retirement  annuity, as defined in Section 408(b) of the Code. A traditional IRA
is generally purchased with pre-tax contributions,  the distributions from which
are treated as taxable.

JOINT AND SURVIVOR -- The form of the Income Manager (Life Annuity with a Period
Certain)  under which after the death of an Annuitant  payments  continue to the
surviving  Annuitant.  Payments  are made as long as at least one  Annuitant  is
living. Under IRA Certificates, the joint Annuitant must be your spouse.

JOINT  OWNERS -- Two  individuals  who own  undivided  interests  in the  entire
Certificate.  If Joint Owners are named, reference to "Certificate Owner," "you"
or "your" will apply to both Joint Owners or either of them. Joint Owners may be
selected only for NQ Certificates.

LIFE CONTINGENT ANNUITY -- The component of the payout annuity Certificates that
provides guaranteed lifetime income after a period certain.

MATURITY VALUE -- The amount in a Guarantee Period on its Expiration Date.

MODAL PAYMENT PORTION -- The portion of the Guaranteed Period Account from which
payments, other than payments due on an Expiration Date, are made.

NQ  --  An  annuity   contract  which  may  be  purchased  only  with  after-tax
contributions.

PROCESSING  OFFICE -- The address to which all  contributions,  written requests
(e.g.,  withdrawals,  etc.) or other written  communications  must be sent.  See
"Services We Provide" in Part 1.

SINGLE  LIFE -- The  form of the  Income  Manager  (Life  Annuity  with a Period
Certain) under which payments are made to you for the Annuitant's lifetime.
    

TRANSACTION  DATE -- The Business Day we receive a contribution or a transaction
request providing all the information we need at our Processing  Office. If your
contribution or request reaches our Processing  Office on a non-Business Day, or
after the  close of the  Business  Day,  the  Transaction  Date will be the next
following Business Day.  Transaction  requests must be made in a form acceptable
to us.


                                       4
<PAGE>




- --------------------------------------------------------------------------------

                                 PART 1: SUMMARY

- --------------------------------------------------------------------------------

The  following  Summary  is  qualified  in  its  entirety  by the  terms  of the
Certificate when issued and the more detailed information appearing elsewhere in
this prospectus (see "Prospectus Table of Contents").

WHAT IS THE INCOME MANAGER

   
The  Income  Manager  is a  family  of  payout  annuities  designed  to  provide
retirement income. Income Manager payout annuities feature a series of Guarantee
Periods  which  provide  the source of a Cash Value  until the end of the period
certain.

Income Manager  Certificates  can be issued as individual  retirement  annuities
(IRAS) or  non-qualified  annuities (NQ).  Although there are different types of
IRAs, only Traditional IRA Certificates are discussed under this prospectus.
    

INCOME MANAGER
(Life Annuity with a Period Certain)

This version of the payout  annuity  Certificates  provides  level or increasing
payments for a period  certain and  continuing for the lifetime of the Annuitant
and any  joint  Annuitant.  Increasing  payments  are not  available  under  IRA
Certificates.  You may elect to  receive  payments  on a monthly,  quarterly  or
annual mode.

   
Payments will  generally  start one payment mode from the Contract Date. You can
also elect to delay the date payments will start generally for a period of up to
72 months.  The ability to defer the payment  start date may not be available in
all states.
    

Based on  information  you  provide,  your  contribution  (less any  charge  for
applicable  taxes) is allocated among the Guarantee  Periods,  the Modal Payment
Portion of the Guaranteed Period Account, if applicable, and the Life Contingent
Annuity.  This  allocation  will not be changed (unless a Lump Sum Withdrawal is
made).  Payments  during  the  period  certain  represent  distributions  of the
Maturity Values of serially maturing Guarantee Periods on their Expiration Dates
or  distributions  from amounts in the Modal Payment  Portion of the  Guaranteed
Period Account.

Under NQ  Certificates  a portion of each payment will  generally be  excludable
from  taxable  income  until  you have  received  a  tax-free  recovery  of your
investment in your Certificate. Under IRA Certificates all amounts are generally
fully taxable.

The Life Contingent  Annuity  continues  lifetime payments if the Annuitant or a
joint  Annuitant is living at the end of the period certain.  Payments  continue
while the Annuitant or joint Annuitant, if applicable,  is alive. The portion of
your  contribution  that is applied under the Life  Contingent  Annuity does not
have a Cash Value or an Annuity Account Value and,  therefore,  does not provide
for withdrawals.

o  Contributions

   
   To put a Certificate  into effect,  you must make a contribution  of at least
   $10,000. Under certain circumstances you may make subsequent contributions of
   at least $1,000 at any time up until 15 days before the Annuity  Commencement
   Date. However, subsequent contributions are not permitted after the Annuitant
   attains age 78 except for contributions  made within the first Contract Year.
   Also, if you apply amounts to an Income  Manager  payout annuity from another
   annuity certificate issued by us, no subsequent contributions are permitted.

   Under  IRA  Certificates  your  initial  contribution  must be in the form of
   either a rollover  contribution or a direct  custodian-to-custodian  transfer
   from  one or  more  other  traditional  individual  retirement  arrangements.
   Subsequent  contributions must not exceed $2,000 for any taxable year, except
   for additional rollover contributions or direct transfers,  both of which are
   unlimited.
    

o  Lump Sum Withdrawals

   After the first Contract Year and before the end of the period  certain,  you
   may take a Lump Sum Withdrawal from your  Certificate  once per Contract Year
   at any  time  during  such  Contract  Year.  You may  request  such  Lump Sum
   Withdrawal, which must be at least $1,000, by submitting a written request in
   a form  satisfactory  to us. A request to withdraw  more than 90% of the Cash
   Value as of the  Transaction  Date  will be  treated  as a  surrender  of the
   Certificate for its Cash Value and the Life Contingent  Annuity will continue
   to  be  in  effect.  Lump  Sum  Withdrawals  may  result  in a  market  value
   adjustment.

   Lump Sum Withdrawals may be subject to a withdrawal charge to the extent that
   a Lump  Sum  Withdrawal  exceeds  the 10%  free  corridor  amount.  Lump  Sum
   Withdrawals will reduce the amount of your future payments.

o  Death Benefit

   If the Annuitant dies before the Annuity  Commencement  Date, the beneficiary
   will be paid a death benefit equal to the greater of (i) the Annuity  Account
   Value and (ii) the sum of the  Guaranteed  Period  Amounts in each  Guarantee
   Period, plus any amount 


                                       5
<PAGE>

   in the Modal Payment Portion of the Guaranteed  Period Account.  However,  if
   the Annuitant's  spouse is the designated  beneficiary  under the Certificate
   and no deferral of the payment  start date has been  elected,  or if payments
   are  scheduled  to start  within  one year under a  deferral  schedule,  such
   beneficiary may elect to receive the payments for the period certain starting
   on the  scheduled  Annuity  Commencement  Date,  in lieu of taking  the death
   benefit.  Unless  you have  elected  a Joint  and  Survivor  form,  after the
   Annuitant  dies no payment  will be made under the Life  Contingent  Annuity.
   Special  distribution  requirements apply upon the death of an NQ Certificate
   Owner.

   If death occurs after the Annuity  Commencement Date,  payments will continue
   to be made during the period  certain to the  designated  beneficiary  on the
   same  payment  basis  that  was in  effect  prior  to the  death.  In lieu of
   continuing  payments during the period certain,  the beneficiary may elect to
   receive a single sum. If you have elected a Joint and Survivor form, payments
   will be made as long as either the Annuitant or the joint Annuitant is living
   after the end of the period certain.

o  Surrendering Your Certificate

   During the period  certain,  you may surrender your  Certificate for its Cash
   Value,  and  thereafter  receive  the  lifetime  income  provided by the Life
   Contingent Annuity. You cannot surrender the Life Contingent Annuity.

INCOME MANAGER (Period Certain)

   
Under this version of the payout annuity Certificates,  you will receive a level
stream of payments  which are fully  guaranteed  for a period  certain which you
select. The period certain may be for a duration ranging from 7 to 15 years. You
may elect to receive payments on a monthly,  quarterly or annual mode.  Payments
will  generally  start  one  payment  mode  from  the  Contract  Date.  Based on
information  you provide,  your  contribution  is allocated  among the Guarantee
Periods and the Modal  Payment  Portion of the  Guaranteed  Period  Account,  if
applicable. This allocation will not be changed (unless a Lump Sum Withdrawal is
made).  Payments  during  the  period  certain  represent  distributions  of the
Maturity Values of serially maturing Guarantee Periods on their Expiration Dates
or,  distributions  from amounts in the Modal Payment  Portion of the Guaranteed
Period Account.

Under NQ  Certificates a portion of each payment will be excludable from taxable
income. Under IRA Certificates amounts are generally taxable.

o  Contributions

   To put the Certificate into effect, you must make a single contribution of at
   least $10,000.  Under IRA Certificates  your contribution must be in the form
   of either a rollover contribution or a direct custodian-to-custodian transfer
   from  one or  more  other  traditional  individual  retirement  arrangements.
   Subsequent contributions are not permitted.
    

o  Lump Sum Withdrawals

   After the first Contract Year and during the period  certain,  you may take a
   Lump Sum Withdrawal from your  Certificate  once per Contract Year. Such Lump
   Sum Withdrawal must be in a minimum amount of the greater of $2,000 or 25% of
   the Cash Value,  and  requested  in writing in a form  satisfactory  to us. A
   request to  withdraw  more than 90% of the Cash  Value as of the  Transaction
   Date will result in the termination of the Certificate and will be treated as
   a surrender of the Certificate  for its cash value.  Lump Sum Withdrawals may
   result  in a market  value  adjustment  and may be  subject  to a  withdrawal
   charge.  There is no free corridor amount for Lump Sum Withdrawals.  Lump Sum
   Withdrawals will reduce the amount of your future annual payments.

o  Death Benefit

   
   If the Annuitant dies before the Annuity  Commencement  Date, the beneficiary
   will be paid the  death  benefit  which is  equal to the  greater  of the (i)
   Annuity  Account Value and (ii) the sum of the  Guaranteed  Period Amounts in
   each Guarantee  Period,  plus any amount in the Modal Payment  Portion of the
   Guaranteed Period Account.  Special distribution  requirements apply upon the
   death of an NQ Certificate Owner.
    

   If death occurs after the Annuity  Commencement Date,  payments will continue
   to be  made  for  the  remainder  of the  period  certain  to the  designated
   beneficiary  on the same  payment  basis  that was in  effect  at the time of
   death, or the beneficiary may elect to receive a single sum.

OTHER PROVISIONS OF THE CERTIFICATES
WITHDRAWAL CHARGE

A  withdrawal  charge  is  imposed  as a  percentage  of  the  portion  of  each
contribution  (or the single  contribution)  allocated to the Guaranteed  Period
Account,  for a Lump Sum Withdrawal as discussed above, or if the Certificate is
surrendered.   The   withdrawal   charge  is  determined   separately  for  each
contribution in accordance with the table below.

                               CONTRACT YEAR
                 1    2     3     4     5     6     7    8+
- --------------------------------------------------------------------------------
Percentage of
Contribution   7.0% 6.0%  5.0%   4.0%  3.0% 2.0%  1.0%  0.0%

The applicable  withdrawal  charge percentage is determined by the Contract Year
in which the Lump Sum Withdrawal is made or the Certificate is surrendered.  For
each  contribution,  the Contract Year


                                       6
<PAGE>

in which we receive that contribution is "Contract Year 1."

FREE  LOOK  PERIOD 

You have the right to examine your Certificate for a period of 10 days after you
receive it, and to return it to us for a refund. You may cancel it by sending it
to our  Processing  Office.  Your refund will equal the  Annuity  Account  Value
reflecting  any  positive  or  negative  market  value  adjustment,  through the
Transaction  Date we receive your Certificate for cancellation at our Processing
Office.  If you elected the Income Manager (Life Annuity with a Period Certain),
your refund will also include any amount applied to the Life Contingent Annuity

SERVICES WE PROVIDE 

o REGULAR REPORTS

  o Statement  of your  Certificate  values as of the last day of the  calendar
    year;  

  o Three  additional  reports of your  Certificate  values each year;  

  o Written confirmation of financial transactions.

o TOLL-FREE TELEPHONE SERVICES

  o Call  1-800-789-7771 for a recording of daily Guaranteed Rates applicable to
    the Guarantee Periods.  Also call during our regular business hours to speak
    to one of our customer service representatives.

  o PROCESSING OFFICE

   
  o FOR CONTRIBUTIONS SENT BY REGULAR MAIL:
    Equitable Life
    Income Manager
    P.O. Box 13014
    Newark, NJ 07188-0014

  o FOR CONTRIBUTIONS SENT BY EXPRESS MAIL:
    Equitable Life
    c/o First Chicago National Processing Center
    300 Harmon Meadow Boulevard, 3rd Floor
    Attn.: Box 13014
    Secaucus, NJ 07094

  o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
    SENT BY REGULAR MAIL:
    Equitable Life
    Income Manager
    P.O. Box 1547
    Secaucus, NJ 07096-1547

  o FOR ALL OTHER COMMUNICATIONS  (E.G.,  REQUESTS FOR TRANSFERS,  WITHDRAWALS)
    SENT BY EXPRESS MAIL:
    Equitable Life
    Income Manager
    200 Plaza Drive, 4th Floor
    Secaucus, NJ 07096

YEAR 2000 PROGRESS

Equitable Life relies upon various  computer systems in order to administer your
Certificate and operate the Guarantee  Periods.  Some of these systems belong to
service providers who are not affiliated with Equitable Life.

In 1995,  Equitable  Life began  addressing the question of whether its computer
systems would  recognize the year 2000 before,  on or after January 1, 2000, and
Equitable  Life  believes it has  identified  those of its  systems  critical to
business  operations  that  are not  Year  2000  compliant.  By year  end  1998,
Equitable  Life expects  that the work of  modifying or replacing  non-compliant
systems will  substantially be completed and expects a comprehensive test of its
Year 2000 compliance will be performed in the first half of 1999. Equitable Life
is in the process of seeking  assurances from third party service providers that
they are acting to address  the Year 2000  issue with the goal of  avoiding  any
material  adverse  effect on  services  provided  to  Certificate  Owners and on
operations of the  Guarantee  Periods.  Any  significant  unresolved  difficulty
related to the Year 2000 compliance  initiatives  could have a material  adverse
effect on the ability to administer  your  Certificate and operate the Guarantee
Periods.  Assuming the timely completion of computer  modifications by Equitable
Life and third party  service  providers,  there  should be no material  adverse
effect on the ability to perform these functions.
    

SURRENDERING THE CERTIFICATES

You may surrender a Certificate and receive the Cash Value at any time while the
Annuitant is living and the Certificate is in effect.  Withdrawal  charges and a
market value adjustment may apply. A surrender may also be subject to income tax
and tax penalty.

ANNUITY BENEFITS

The  Certificates  provide  annuity  benefits to which the  beneficiary may have
amounts applied if the Annuitant dies before the Annuity  Commencement Date. The
annuity benefits are offered on a fixed basis.

TAXES

Generally,  earnings  on  contributions  made  to the  Certificate  will  not be
included  in  your  taxable  income  until   distributions  are  made  from  the
Certificate.  Distributions prior to your attaining age 59 1/2 may be subject to
tax penalty.

CHARGES FOR STATE PREMIUM AND OTHER APPLICABLE TAXES

   
Generally,  we deduct a charge for state premium and other applicable taxes from
your  contribution(s).  The current  tax charge that might be imposed  varies by
state and  ranges  from 0% to 3.5% (the rate is 1% in Puerto  Rico and 5% in the
Virgin Islands).
    


                                       7
<PAGE>


EQUITABLE LIFE

   
Equitable  Life is a New York  stock  life  insurance  company  that has been in
business since 1859. For more than 100 years we have been among the largest life
insurance  companies  in the United  States.  Our home office is located at 1290
Avenue of the Americas, New York, New York 10104. We are authorized to sell life
insurance and annuities in all fifty  states,  the District of Columbia,  Puerto
Rico and the U.S.  Virgin  Islands.  We maintain  local offices  throughout  the
United States.

Equitable  Life  is  a  wholly  owned  subsidiary  of  The  Equitable  Companies
Incorporated  (THE  HOLDING  COMPANY).  The largest  shareholder  of the Holding
Company is AXA-UAP  (AXA).  As of December  31,  1997,  AXA  beneficially  owned
approximately  58.7% of the  outstanding  common  stock of the Holding  Company.
Under its investment  arrangements  with Equitable Life and the Holding Company,
AXA is able to exercise  significant  influence  over the operations and capital
structure of the Holding Company and its subsidiaries, including Equitable Life.
AXA, a French  company,  is the holding  company for an  international  group of
insurance and related financial service companies.
    


                                       8
<PAGE>



- --------------------------------------------------------------------------------

                      PART 2: THE GUARANTEED PERIOD ACCOUNT

- --------------------------------------------------------------------------------

GUARANTEE PERIOD

Each amount allocated to a Guarantee Period and held to the Period's  Expiration
Date  accumulates  interest at a Guaranteed  Rate.  We may  establish  different
Guaranteed Rates under different  classes of  Certificates.  The Guaranteed Rate
for each allocation is the annual interest rate applicable to new allocations to
that  Guarantee  Period,  which was in effect  on the  Transaction  Date for the
allocation.  We use the term  Guaranteed  Period  Amount to refer to the  amount
allocated to and  accumulated in each Guarantee  Period.  The Guaranteed  Period
Amount is reduced or  increased by any market  value  adjustment  as a result of
withdrawals or charges (see below).

Your Guaranteed  Period Account contains the Guarantee Periods to which you have
allocated  Annuity Account Value. On the Expiration Date of a Guarantee  Period,
its Guaranteed  Period Amount and its value in the Guaranteed Period Account are
equal. We call the Guaranteed  Period Amount on an Expiration Date the Guarantee
Period's  Maturity Value. We report the Annuity Account Value in your Guaranteed
Period  Account to reflect any market value  adjustment  that would apply if all
Guaranteed Period Amounts were withdrawn as of the calculation date. The Annuity
Account  Value in the  Guaranteed  Period  Account with respect to the Guarantee
Periods on any Business Day, therefore,  will be the sum of the present value of
the Maturity Value in each Guarantee Period, using the Guaranteed Rate in effect
for new allocations to such Guarantee Period on such date.

Guarantee Periods and Expiration Dates

   
We currently  offer  Guarantee  Periods  ending on February 15th for each of the
maturity years 1999 through 2013. As Guarantee  Periods expire, we expect to add
maturity years so that generally 15 are available.
    

Guaranteed Rates and Price Per $100 of Maturity Value

Because the Maturity Value of a contribution allocated to a Guarantee Period can
be determined at the time it is made,  you can determine the amount  required to
be allocated to a Guarantee  Period in order to produce a target  Maturity Value
(assuming no withdrawals are made).  The required amount is the present value of
that  Maturity  Value at the  Guaranteed  Rate on the  Transaction  Date for the
contribution,  which may also be  expressed  as the  price per $100 of  Maturity
Value on such Transaction Date.

   
Guaranteed  Rates for new allocations as of April 15, 1998 and the related price
per $100 of Maturity Value for each currently available Guarantee Period were as
follows:

- --------------------------------------------------------------
      GUARANTEE
    PERIODS WITH          GUARANTEED
   EXPIRATION DATE        RATE AS OF            PRICE
  FEBRUARY 15TH OF        APRIL 15,          PER $100 OF
    MATURITY YEAR            1998           MATURITY VALUE
- --------------------------------------------------------------
        1999                  4.48%             $96.39
        2000                  4.59               92.08
        2001                  4.64               87.91
        2002                  4.68               83.89
        2003                  4.73               79.95
        2004                  4.80               76.04
        2005                  4.81               72.50
        2006                  4.83               69.07
        2007                  4.86               65.72
        2008                  4.86               62.68
        2009                  4.75               60.45
        2010                  4.75               57.71
        2011                  4.75               55.09
        2012                  4.75               52.59
        2013                  4.75               50.20
- --------------------------------------------------------------

Allocation among Guarantee Periods

The same  approach as described  above may also be used to determine  the amount
which would need to be allocated to each  Guarantee  Period in order to create a
series of constant Maturity Values for two or more years.

For example,  to have $100 mature on February 15th of each of years 1999 through
2003,  according to the above table the lump sum contribution that would have to
be made as of April 15,  1998 would be $440.22  (i.e.,  the sum of the price per
$100 of Maturity Value for each maturity year from 1999 through 2003).
    

The  above  example  is  provided  to  illustrate   the  use  of  present  value
calculations.  It does not take into account withdrawals and withdrawal charges.
Actual  calculations  will  also be based  on  Guaranteed  Rates on each  actual
Transaction Date, which may differ.

MARKET VALUE ADJUSTMENT FOR WITHDRAWALS OR SURRENDER
PRIOR TO THE EXPIRATION DATE

Any withdrawal  (including  surrender and  deductions)  from a Guarantee  Period
prior to its Expiration Date will cause any remaining  Guaranteed  Period Amount
for that  Guarantee  Period  to be  increased  or  decreased  by a market  value
adjustment.  The amount of the  adjustment  will depend on two factors:  (a) the
difference  between the Guaranteed Rate applicable to the amount being withdrawn
and the  Guaranteed  Rate on 

                                       9
<PAGE>

the  Transaction  Date for new  allocations to a Guarantee  Period with the same
Expiration Date, and (b) the length of time remaining until the Expiration Date.
In  general,  if interest  rates have risen  between the time when an amount was
originally  allocated to a Guarantee  Period and the time it is  withdrawn,  the
market value  adjustment  will be negative,  and vice versa;  and the longer the
period of time remaining  until the  Expiration  Date, the greater the impact of
the interest rate difference.  Therefore, it is possible that a significant rise
in interest  rates  could  result in a  substantial  reduction  in your  Annuity
Account Value related to longer-term Guarantee Periods.

The market value adjustment  (positive or negative)  resulting from a withdrawal
of all funds from a Guarantee  Period will be determined  for each  contribution
allocated to that Guarantee Period as follows:

(1) We determine the present value of the Maturity Value on the Transaction Date
    as follows:

     (a) We determine the Guaranteed  Period Amount that would be payable on the
         Expiration Date, using the applicable Guaranteed Rate.

     (b) We determine the period  remaining in your  Guarantee  Period (based on
         the  Transaction  Date) and convert it to  fractional  years based on a
         365-day year. For example, three years and 12 days becomes 3.0329.

     (c) We  determine  the  current   Guaranteed  Rate  which  applies  on  the
         Transaction Date to new allocations to the same Guarantee Period.

     (d) We determine the present value of the Guaranteed  Period Amount payable
         at the Expiration Date, using the period determined in (b) and the rate
         determined in (c).

(2) We determine the Guaranteed Period Amount as of the current date.

(3) We subtract (2) from the  result in (1)(d).  The result is the market  value
    adjustment  applicable to such  Guarantee  Period,  which may be positive or
    negative.

   
The market value adjustment  (positive or negative)  resulting from a withdrawal
(including  any  withdrawal  charges)  of a portion of the amount in a Guarantee
Period  will be a  percentage  of the  market  value  adjustment  that  would be
applicable  upon  a  withdrawal  of all  funds  from a  Guarantee  Period.  This
percentage is determined by (i) dividing the amount of the  withdrawal  from the
Guarantee  Period by (ii) the Annuity  Account  Value in such  Guarantee  Period
prior to the withdrawal. See the Appendix for an example.
    

The Guaranteed  Rate for new  allocations  to a Guarantee  Period is the rate we
have in effect for this purpose even if new allocations to that Guarantee Period
would not be accepted at the time.  This rate will not be less than 3%. If we do
not have a  Guaranteed  Rate in  effect  for a  Guarantee  Period  to which  the
"current  Guaranteed  Rate" in (1)(c) would  apply,  we will use the rate at the
next  closest  Expiration  Date.  If we are no  longer  offering  new  Guarantee
Periods, the "current Guaranteed Rate" will be determined in accordance with our
procedures  then in  effect.  For  purposes  of  calculating  the  market  value
adjustment  only, we reserve the right to add up to 0.25% to the current rate in
(1)(c) above.

MODAL PAYMENT PORTION

A portion of your contributions is allocated to the Modal Payment Portion of the
Guaranteed  Period Account for payments to be made prior to the Expiration  Date
of the  earliest  Guarantee  Period we then offer.  Such amount will  accumulate
interest  beginning on the Transaction Date at an interest rate we set. Interest
will be credited daily. Such rate will not be less than 3%.

Upon the expiration of a Guarantee Period,  the Guaranteed Period Amount will be
held in the Modal Payment Portion of the Guaranteed Period Account. Amounts from
an expired  Guarantee Period held in the Modal Payment Portion of the Guaranteed
Period  Account will be credited with interest at a rate equal to the Guaranteed
Rate  applicable to the expired  Guarantee  Period,  beginning on the Expiration
Date of such Guarantee Period.

There is no market  value  adjustment  with respect to amounts held in the Modal
Payment Portion of the Guaranteed Period Account.

INVESTMENTS

Amounts  allocated  to  Guarantee  Periods or the Modal  Payment  Portion of the
Guaranteed  Period  Account  will be held in a  "nonunitized"  separate  account
established by Equitable Life under the laws of New York. This separate  account
provides an  additional  measure of  assurance  that full payment of amounts due
under the Guarantee  Periods will be made. Under the New York Insurance Law, the
portion  of the  separate  account's  assets  equal to the  reserves  and  other
contract  liabilities  relating  to the  Certificates  are not  chargeable  with
liabilities arising out of any other business we may conduct.

Investments  purchased with amounts  allocated to the Guaranteed  Period Account
are the property of Equitable Life. Any favorable investment  performance on the
assets held in the separate  account accrues solely to Equitable Life's benefit.
Certificate  Owners do not  participate in the performance of the assets held in
this separate  account.  Equitable  Life may,  subject to applicable  state law,
transfer all assets  allocated to the separate  account to its general  account.
Regardless of whether assets supporting Guaranteed Period Accounts are held in a
separate  account or our general account,  all benefits  relating to the Annuity
Account Value in 


                                       10
<PAGE>

the Guaranteed Period Account are guaranteed by Equitable Life.

Equitable Life has no specific formula for establishing the Guaranteed Rates for
the Guarantee Periods. Equitable Life expects the rates to be influenced by, but
not  necessarily   correspond  to,  among  other  things,   the  yields  on  the
fixed-income  securities  to be acquired  with amounts that are allocated to the
Guarantee  Periods at the time that the Guaranteed  Rates are  established.  Our
current plans are to invest such amounts in fixed-income obligations,  including
corporate bonds,  mortgage-backed and asset-backed securities and government and
agency issues having  durations in the  aggregate  consistent  with those of the
Guarantee Periods.

Although the foregoing  generally describes Equitable Life's plans for investing
the assets  supporting  Equitable Life's  obligations under the fixed portion of
the  Certificates,  Equitable  Life is not  obligated  to  invest  those  assets
according to any  particular  plan except as may be required by state  insurance
laws, nor will the Guaranteed  Rates Equitable Life establishes be determined by
the performance of the nonunitized separate account.

General Account

   
Our general account supports all of our policy and contract guarantees including
those  applicable  to the  Guaranteed  Period  Account,  as well as our  general
obligations.  Amounts applied under the Life  Contingent  Annuity become part of
our  general  account.  For a  discussion  of the Life  Contingent  Annuity  see
"Payments after the Period Certain," in Part 3.
    

The general  account is subject to regulation  and  supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations of
all jurisdictions where we are authorized to do business.  Because of applicable
exemptions and  exclusionary  provisions,  interests in the general account have
not been registered under the Securities Act of 1933, as amended (1933 ACT), nor
is the general account an investment company under the Investment Company Act of
1940, as amended (1940 ACT).  Accordingly,  neither the general  account nor the
Life Contingent  Annuity is subject to regulation under the 1933 Act or the 1940
Act. However,  the market value adjustment  interests under the Certificates are
registered under the 1933 Act.

We have  been  advised  that the  staff of the SEC has not made a review  of the
disclosure that is included in this prospectus for your information that relates
to the general  account (other than market value  adjustment  interests) and the
Life  Contingent  Annuity.  The disclosure,  however,  may be subject to certain
generally  applicable  provisions of the Federal securities laws relating to the
accuracy and completeness of statements made in prospectuses.


                                       11
<PAGE>



- --------------------------------------------------------------------------------

                     PART 3: PROVISIONS OF THE CERTIFICATES

- --------------------------------------------------------------------------------

We offer two versions of the Income  Manager payout  annuity  Certificates  from
which you may choose to receive your retirement income. The Income Manager (Life
Annuity  with  a  Period  Certain)  and  the  Income  Manager  (Period  Certain)
Certificates. Both versions are described below.

   
Income Manager  Certificates  can be issued as individual  retirement  annuities
(IRAS) or non-qualified annuities (NQ). There are two types of IRAs, Traditional
IRAs and Roth IRAs. Because Roth IRAs are new in 1998 and have a five-year aging
period  before  distributions  should  begin,  they  are not  discussed  in this
prospectus (consult your tax adviser). The discussion of IRAs in this prospectus
refers to Traditional IRAs.

These  Certificates may not be available in all states, and IRA Certificates are
not available in Puerto Rico.

JOINT OWNERSHIP

If Joint Owners are named under an NQ Certificate,  both Owners must be of legal
age, and joint  ownership  with  non-natural  persons is not  permitted.  Unless
otherwise  provided  in writing,  the  exercise  of any  ownership  right in the
Certificate  must be in a written  form  satisfactory  to us and  signed by both
Owners. A Joint Owner  designation  supersedes any beneficiary  designation (see
"Death  Benefit"  below).  This  feature may not  currently be available in your
state.  Your  registered  representative  can  provide  information  about state
availability, or you may contact our Processing Office.
    

INCOME MANAGER
(Life Annuity with a Period Certain)

This payout annuity  Certificate  provides  guaranteed  lifetime payments,  with
payments  continuing  during a "period certain," even if the Annuitant has died.
Guaranteed  payments  may be provided on a Single Life basis or a Joint and 100%
to Survivor  basis.  Payments  may also be  provided on a Joint and  one-half to
Survivor or a Joint and two-thirds to Survivor basis.

This payout annuity with level or increasing  payments is available at Annuitant
issue ages 59 1/2 through 83 except as described  below,  and Certificate  Owner
issue ages 59 1/2 and over.  Increasing  payments  are not  available  under IRA
Certificates.  The payout  annuity  with level  payments  is also  available  at
Certificate   Owner  issue  ages  as  young  as  45.  However,   there  are  tax
considerations that should be taken into account before purchasing a Certificate
if you are under age 59 1/2. See "Early Distribution  Penalty Tax" in Part 5. NQ
Certificate  increasing  payments (described below) are available at Certificate
Owner  issue ages as young as 53 1/2,  provided  payments  do not start prior to
your age 59 1/2.

Payments  during the period  certain are designed to pay out the entire  Annuity
Account  Value by the end of the period  certain.  All payments  committed to be
paid out must be paid out as the Guarantee  Periods  serially mature and amounts
are due to be paid from the  Modal  Payment  Portion  of the  Guaranteed  Period
Account.  Once  commenced,  these  payments occur  automatically  through income
payments to you and may not be stopped.  The deferral  period  together with the
period certain may be referred to as a "liquidity period," as unlike traditional
life annuities that provide periodic payments, you will be able to make Lump Sum
Withdrawals  prior to the end of the period  certain while  continuing  lifetime
income in reduced  amounts,  or to surrender the  Certificate for its Cash Value
while keeping the Life Contingent Annuity in effect.

Contributions

   
Your initial contribution must be at least $10,000. If your Annuity Commencement
Date is February 15, 1999 or later, you may make subsequent  contributions of at
least $1,000 at any time up until 15 days before the Annuity  Commencement Date.
However,  subsequent contributions are not permitted after the Annuitant attains
age 78 except for contributions made within the first Contract Year.

Under IRA  Certificates,  we will only accept  initial  contributions  which are
either rollover  contributions under Section 402(c),  403(a)(4),  403(b)(8),  or
408(d)(3)  of the Code,  or direct  custodian-to-custodian  transfer  from other
traditional individual retirement arrangements.  Subsequent contributions may be
made at any time until 15 days before the Annuity  Commencement Date, subject to
the Annuity  Commencement Date restriction  discussed above and age restrictions
discussed here.  Subsequent  contributions may be any of "regular,"  rollover or
direct transfers.  Subsequent  "regular" IRA contributions may no longer be made
for the taxable year in which you attain age 70 1/2 and thereafter.  If you make
a direct  transfer or rollover  contribution  in the year you turn age 70 1/2 or
later you must have taken the required minimum  distribution for the year before
the funds are applied to this Certificate. See "IRA Tax Information" in Part 5.

If  your  Certificate   resulted  from  application  of  proceeds  from  another
certificate issued by us, no subsequent contributions are permitted. For appli-
    


                                       12
<PAGE>

   
- --------------------------------------------------------------------------------
INCOME MANAGER (Life Annuity with a Period Certain) (CONTINUED)
- --------------------------------------------------------------------------------

cations  received  under  certain  types  of  transactions,  we  may  offer  the
opportunity to lock in Guaranteed Rates on contributions.

We may refuse to accept any contribution if the sum of all contributions under a
Certificate would then total more than $1,500,000.  We may also refuse to accept
any  contribution  if the sum of all  contributions  under  all  Equitable  Life
annuity  payout  certificates/contracts  that you own would then total more than
$2,500,000.
    

Allocation of Contributions

Based on the amount of your contribution,  the form of annuity,  the age and sex
of the Annuitant (and the age and sex of the joint  Annuitant,  if the Joint and
Survivor is elected),  the type and mode of payment,  and the period certain you
select,  your contribution is allocated by us among the Guarantee  Periods,  and
the Modal Payment Portion of the Guaranteed Period Account,  if applicable,  and
applied to the Life  Contingent  Annuity.  This allocation may not be changed by
you. Any  subsequent  contributions  will be  allocated  by us to the  Guarantee
Periods  and the Life  Contingent  Annuity  so as to  increase  the level of all
payments.

Payments

   
You may elect to receive  monthly,  quarterly or annual payments.  However,  all
payments  are  made on the  15th of the  month.  The  payments  to be made on an
Expiration  Date  during  the  period  certain  represent  distributions  of the
Maturity  Values of  serially  maturing  Guarantee  Periods on their  Expiration
Dates. Payments to be made monthly, quarterly or annually on dates other than an
Expiration  Date  represent  distributions  from  amounts  in the Modal  Payment
Portion of the Guaranteed Period Account.

You will receive  level  payments  during the period  certain and under the Life
Contingent  Annuity.  Under NQ  Certificates,  you may instead  elect to receive
payments that increase. If you elect the increasing payments,  during the period
certain payments  increase by 10% every three years or each third anniversary of
the Annuity  Commencement  Date.  After the end of the period certain,  payments
continue under the Life  Contingent  Annuity.  Your first payment under the Life
Contingent  Annuity will be 10% greater than the final  payment under the period
certain. See "Payments after the Period Certain" below. Under NQ Certificates, a
portion of each payment is excluded  from taxable  income until the total amount
of  your  investment  in  the   Certificate   has  been  recovered.   Under  IRA
Certificates, all amounts are generally taxable.
    

Payments  generally start one payment mode from the Contract Date.  However,  if
you are at least age 59 1/2 you may elect to defer the date  payments will start
generally  for a period of up to 72 months.  Deferral of the payment  start date
permits you to lock in rates at a time when you may consider current rates to be
high, while permitting you to delay receiving  payments if you have no immediate
need to receive  income under your  Certificate.  In making this  decision,  you
should  consider  that the amount of income you  purchase  is based on the rates
applicable on the  Transaction  Date, so if rates rise during the interim,  your
payments  may be  less  than  they  would  have  been  if you  had  purchased  a
Certificate at a later date. Deferral of the payment start date is not available
if the  Annuitant  is above age 80. The ability to defer the payment  start date
may not be available in all states.  Under IRA  Certificates,  if your  deferred
payment start date is the year you turn 70 1/2 or later, you should consider the
effect that deferral may have on the  requirement  to take minimum  distribution
from IRAs.

If your initial  contribution will come from multiple sources, the payment start
date must be deferred  until at least the February 15th next  following the date
the last amount of the initial contribution is received.

Period Certain

Under level  payments,  you may select a period certain of not less than 7 years
nor more than 15 years. The maximum period certain available based on the age of
the Annuitant at issue of the Certificate is as follows:

   
- -------------------------------------------------------------
                      NQ CERTIFICATES
          ANNUITANT                      MAXIMUM
          ISSUE AGE*                  PERIOD CERTAIN
- -------------------------------------------------------------
        45 through 70                    15 years
        71 through 75               85 less issue age
        76 through 80                    10 years
        81 through 83               90 less issue age
- -------------------------------------------------------------

- -------------------------------------------------------------
                      IRA CERTIFICATES
          ANNUITANT                      MAXIMUM
          ISSUE AGE*                  PERIOD CERTAIN
- -------------------------------------------------------------
        45 through 70                    15 years
        71 through 78               85 less issue age
        79 through 83                     7 years

* For Joint and Survivor,  the period certain is based on the age of the younger
  Annuitant.
- --------------------------------------------------------------------------------

The minimum and maximum  period  certain  will be reduced by each year you defer
the date your payments will start.
    

Under NQ Certificates if you elect increasing payments, you do not have a choice
as to the  period  certain.  Based

  
                                     13
<PAGE>

- --------------------------------------------------------------------------------
INCOME MANAGER (Life Annuity with a Period Certain) (CONTINUED)
- --------------------------------------------------------------------------------

on the age of the  Annuitant at issue of the  Certificate,  your period  certain
will be as follows:

- -------------------------------------------------------------
          ANNUITANT
          ISSUE AGE*                  PERIOD CERTAIN
- -------------------------------------------------------------
        59 1/2 through 70                15 years
        71 through 75                    12 years
        76 through 80                     9 years
        81 through 83                     6 years
- -------------------------------------------------------------

   
If you elect  increasing  payments and defer the date payments will start,  your
period certain will be as follows:
    

- -------------------------------------------------------------
                                 PERIOD CERTAIN
                            BASED ON DEFERRAL PERIOD
                     ----------------------------------------
      ANNUITANT          1-36         37-60        61-72
     ISSUE AGE*         MONTHS       MONTHS       MONTHS
- -------------------------------------------------------------
   53 1/2 through 70   12 years      9 years      9 years
    71 through 75       9 years      9 years        N/A
    76 through 80       6 years      6 years        N/A
    81 through 83         N/A          N/A          N/A

   
* For Joint and Survivor,  the period certain is based on the age of the younger
  Annuitant.
- --------------------------------------------------------------------------------
    

Purchase Restrictions for Joint & Survivors

Under the Joint and Survivor  forms:  (i) the joint  Annuitant  must also be the
beneficiary under the Certificate.  Under IRA Certificates,  the joint Annuitant
must be your spouse;  (ii) neither the Annuitant nor the joint  Annuitant can be
over age 83; and (iii) under level  payments the Joint and 100% to Survivor form
is only available for the longest period certain permitted.

   
Payments after the Period Certain
    

The Life  Contingent  Annuity  continues  lifetime  payments if the Annuitant is
living  at  the  end  of  the  period  certain.  Payments  continue  during  the
Annuitant's lifetime (and the lifetime of the joint Annuitant, if applicable) on
the same payment mode and date as the payments  that were made during the period
certain.  The portion of your  contribution  applied  under the Life  Contingent
Annuity does not have a Cash Value or an Annuity  Account Value and,  therefore,
does not provide for withdrawals.

THERE IS NO DEATH BENEFIT PROVIDED UNDER THE LIFE CONTINGENT ANNUITY AND ANNUITY
INCOME IS PAID ONLY IF THE  ANNUITANT  (OR A JOINT  ANNUITANT)  IS LIVING AT THE
DATE  ANNUITY  BENEFITS  BEGIN.  BENEFITS  ARE ONLY PAID DURING THE  ANNUITANT'S
LIFETIME AND, IF APPLICABLE,  THE LIFETIME OF A JOINT  ANNUITANT.  CONSEQUENTLY,
YOU SHOULD CONSIDER THE POSSIBILITY  THAT NO AMOUNTS WILL BE PAID UNDER THE LIFE
CONTINGENT  ANNUITY IF THE ANNUITANT (OR A JOINT  ANNUITANT) DOES NOT SURVIVE TO
THE DATE PAYMENTS ARE TO START UNDER SUCH ANNUITY.

You may elect to have the Life Contingent  Annuity provide  payments on a Single
Life or a Joint and 100% to Survivor  basis.  If you elect  increasing  payments
under NQ Certificates, your first payment under the Life Contingent Annuity will
be 10% greater  than the final  payment  under the period  certain.  Thereafter,
payments will increase  annually on each  anniversary  of the payment start date
under the Life Contingent Annuity,  based on the annual increase in the Consumer
Price  Index,  but in no event  greater  than 3% per year.  The Life  Contingent
Annuity may also provide payments on a Joint and one-half to Survivor or a Joint
and two-thirds to Survivor basis.

Example of Payments

   
The  chart  below  illustrates  level  payments  for a male  (who  is  both  the
Certificate  Owner and the Annuitant),  age 70, who purchases the Income Manager
(Life  Annuity  with a Period  Certain) on a single  life  basis,  with a single
contribution of $100,000. The example also assumes a period certain of 15 years.
Based on  Guaranteed  Rates in effect on the Contract Date of April 15, 1998, an
election of either monthly,  quarterly or annual payments with payments starting
one payment mode from the Contract Date,  the following  level payments would be
provided:

- -------------------------------------------------------------
     MODE          MONTHLY       QUARTERLY       ANNUAL
- -------------------------------------------------------------
  Start Date       5/15/98        7/15/98        4/15/99
    Payment         $655          $1,975         $8,094
- -------------------------------------------------------------
    

LUMP SUM WITHDRAWALS

After the first Contract Year and before the end of the period certain,  you may
take a Lump Sum  Withdrawal  once per  Contract  Year at any  time  during  such
Contract Year. You may request such withdrawal, in an amount of at least $1,000,
by  submitting  a written  request  on a form  satisfactory  to us. A request to
withdraw more than 90% of the Cash Value as of the Transaction  Date will result
in the  termination of the Certificate and will be treated as a surrender of the
Certificate  for its Cash Value.  See  "Surrendering  the  Certificates"  below.
Amounts withdrawn from the Guarantee Periods, other than at the Expiration Date,
will result in a market  value  adjustment.  See "Market  Value  Adjustment  for
Withdrawals or Surrender Prior to the Expiration  Date" in Part 2. If you take a
Lump  Sum  Withdrawal  under  an NQ  Certificate,  a  portion  of such  Lump Sum
Withdrawal  may be  excludable  from  taxable  income,  only  if  payments  have
commenced.  Withdrawals  may be  taxable  and if you are under age 59 1/2 may be
subject to an additional 10% Federal income tax penalty.


                                       14

<PAGE>


- --------------------------------------------------------------------------------
INCOME MANAGER (Life Annuity with a Period Certain) (CONTINUED)
- --------------------------------------------------------------------------------

A  withdrawal  charge  will be imposed as a  percentage  of the  portion of each
contribution allocated to the Guarantee Period Account to the extent that a Lump
Sum Withdrawal exceeds the free corridor amount.

Free Corridor Amount

The free corridor amount is 10% of the Annuity Account Value at the beginning of
the Contract Year.

See "Withdrawal Charge" in Part 4.

ALLOCATION OF LUMP SUM WITHDRAWALS

   
Lump Sum Withdrawals will be taken from all remaining Guarantee Periods to which
your Annuity  Account Value is allocated  and the Modal  Payment  Portion of the
Guaranteed Period Account such that the amount of the payments and the length of
the  period  certain  will be  reduced,  and the date  payments  under  the Life
Contingent  Annuity are to start will be accelerated.  Additional  amounts above
the amount of the requested  withdrawal  will be withdrawn  from the  Guaranteed
Period  Account  and  applied  to the  Life  Contingent  Annuity  to the  extent
necessary to achieve this result. As a result, the same pattern of payments will
continue in reduced  amounts for the  Annuitant's  life, and if applicable,  the
life of the joint Annuitant.  If you have elected increasing payments, the first
reduction  in your  payments  will take place no later than the date of the next
planned increase.

Example

The example below illustrates the effect of a Lump Sum Withdrawal.  This example
assumes a single  contribution  of  $100,000  is paid on April 15,  1998,  which
purchases level annual payments of $7,529 to be made on February 15th each year,
for a male and female,  both age 70, on a Joint and two-thirds to Survivor basis
with a period  certain  of 15 years.  It  assumes a Lump Sum  Withdrawal  at the
beginning  of the fourth  Contract  Year of 25% of an Annuity  Account  Value of
$68,094.12 at which time the Annuitants are age 73.

The requested withdrawal amount would be $17,023.53  ($68,094.12 x .25). In this
case,  $6,809.41  ($68,094.12 x .10) would be the free corridor amount and could
be  withdrawn  without  the  imposition  of a  withdrawal  charge.  The  balance
$10,214.12  ($17,023.53 - $6,809.41)  would be considered a withdrawal of a part
of the contribution of $100,000.  This  contribution  would be subject to a 4.0%
withdrawal charge of $408.56 ($10,214.12 x .04). The Annuity Account Value after
the withdrawal is $50,662.03  ($68,094.12 - $17,023.53  -$408.56).  The payments
would be reduced to $6,219.71 and the remaining  period certain would be reduced
to 10 years from 15.

DEATH BENEFIT

When the Annuitant Dies before the Annuity  Commencement  Date 

Generally,  upon receipt of proof  satisfactory to us of the  Annuitant's  death
prior to the  Annuity  Commencement  Date we will pay the death  benefit  to the
beneficiary named in your  Certificate.  See "Beneficiary" in Part 4. If a Joint
Owner who is also the  Annuitant  dies under an NQ  Certificate,  the  surviving
Owner  will  be  deemed  the  beneficiary,  superseding  any  other  beneficiary
designations.  (The Joint Owner  feature may not  currently be available in your
state.)

The death  benefit  payable  will be  determined  as of the date we receive such
proof of death and any required  instructions  as to the method of payment.  The
death  benefit is the greater of (i) the Annuity  Account Value and (ii) the sum
of the Guaranteed Period Amounts in each Guarantee  Period,  plus any amounts in
the Modal Payment Portion of the Guaranteed Period Account.  However, if you are
the  Annuitant and your spouse is a Joint Owner under an NQ  Certificate  or the
designated  beneficiary  under the Certificate and you have not elected to defer
the date payments are to start, or if payments are scheduled to start within one
year under a  deferral  schedule,  such  beneficiary  may elect to  receive  the
payments for the period certain starting on the scheduled  Annuity  Commencement
Date in lieu of taking the death  benefit.  Unless you have  elected a Joint and
Survivor  form,  after the Annuitant dies no payment will be made under the Life
Contingent  Annuity.  The death benefit  payable  relates only to the Guaranteed
Period  Account;  a death  benefit is never  payable  under the Life  Contingent
Annuity.

How Death Benefit Payment Is Made

We will pay the death  benefit  to the  beneficiary  in the form of the  annuity
benefit you have chosen under your  Certificate.  If no annuity benefit has been
chosen at the time of the Annuitant's  death,  the beneficiary  will receive the
death  benefit  in a  lump  sum.  However,  subject  to  any  exceptions  in the
Certificate,  Equitable  Life's  rules then in effect  and any other  applicable
requirements  under  the  Code,  the  beneficiary  may  elect to apply the death
benefit to one or more annuity  benefits offered by Equitable Life. See "Annuity
Benefits"  in Part 4. Such an election  when made on a timely  basis,  can defer
otherwise taxable income.  See "Payments as a Result of Death," and "Taxation of
Death Benefits" in Part 5. Note that if you are both the  Certificate  Owner and
the Annuitant  only a life annuity or an annuity that does not extend beyond the
life expectancy of the beneficiary may be elected.
    


                                       15
<PAGE>

- --------------------------------------------------------------------------------
INCOME MANAGER (Life Annuity with a Period Certain) (CONTINUED)
- --------------------------------------------------------------------------------

   
When the Annuitant Dies after the Annuity Commencement Date

If the Annuitant's death occurs after the Annuity  Commencement  Date,  payments
will continue to be made during the period  certain to either the Joint Owner or
the designated beneficiary, as applicable, on the same payment basis that was in
effect prior to the Annuitant's  death. See "Beneficiary" in Part 4. If you have
elected a Joint and Survivor  form,  payments  will be made as long as the joint
Annuitant is living after the end of the period  certain.  At the  beneficiary's
option,  payments  during the period certain may be  discontinued  and paid in a
single  sum.  If the single sum is  elected  within one year of the  Annuitant's
death, the single sum will be equal to the Annuity Account Value, or if greater,
the sum of the  Guaranteed  Period Amounts in each  Guarantee  Period,  plus any
amounts in the Modal Payment  Portion of the  Guaranteed  Period  Account.  If a
single sum is elected and there is a joint  Annuitant,  the date payments are to
start under the Life  Contingent  Annuity will be  accelerated  so that payments
will be made in reduced amounts.

When the NQ Certificate Owner Who Is Not the Annuitant Dies before the Annuitant
and before the Annuity Commencement Date 

When you are not the Annuitant  under an NQ  Certificate  and you die before the
Annuity  Commencement  Date, the beneficiary  named to receive the death benefit
upon the  Annuitant's  death will  automatically  succeed as  Certificate  Owner
(unless  you name a  different  person as a  successor  Owner in a written  form
acceptable to us and send it to our Processing  Office).  If the  Certificate is
jointly  owned and the first Owner to die is not the  Annuitant,  the  surviving
Owner becomes the sole  Certificate  Owner and will be deemed the  "beneficiary"
for purposes of the distribution rules described in this section,  automatically
superseding any other beneficiary designation.

Unless the  surviving  spouse of the  deceased  Owner (or in the case of a joint
ownership  situation,  the  surviving  spouse of the first  Owner to die) is the
designated  beneficiary for this purpose, the entire interest in the Certificate
must be distributed under these rules.

The  Cash  Value  in the  Certificate  must  be  fully  paid  to the  designated
beneficiary  (new Owner) by December 31st of the fifth  calendar year after your
death (or in a joint ownership situation, the death of the first Owner to die).

A permissible  alternative is for the new Owner to elect to receive such amounts
as a life annuity (or  payments for a period  certain of not longer than the new
Owner's life  expectancy),  with payments  beginning no later than December 31st
following  the calendar  year of the  non-Annuitant  Owner's  death.  If such an
annuity benefit or payments for a period certain is not elected, we will pay any
Cash  Value in the  Certificate  on  December  31st of the fifth  calendar  year
following the year of your death (or the death of the first Owner to die).

Where a surviving  spouse is the  designated  beneficiary  or Joint  Owner,  the
spouse may elect to continue the Certificate.  No distributions  are required as
long as the surviving spouse and the Annuitant are living.

When the NQ  Certificate  Owner Who Is Not the Annuitant  Dies after the Annuity
Commencement  Date 

If the  Certificate  Owner's death occurs after the Annuity  Commencement  Date,
payments  will continue to be made during the period  certain to the  designated
beneficiary (who effectively  becomes the Certificate  Owner), or in the case of
Joint Owners to the surviving Owner on the same payment basis that was in effect
prior to the death.  After the period  certain  payments will be made as long as
either the Annuitant or the joint Annuitant, if applicable, is living.

SURRENDERING THE CERTIFICATES

You may  surrender  the  Certificate  for its Cash Value at any time  during the
period certain,  and thereafter receive the lifetime income provided by the Life
Contingent Annuity. See "Cash Value" in Part 4.
    

Once the  Certificate is  surrendered,  the date payments are to start under the
Life  Contingent  Annuity will be  accelerated to the date when the next payment
was to be received  under the period  certain and such  payments will be made in
reduced amounts. Once your Certificate has been surrendered, it will be returned
to you with a notation that the Life Contingent  Annuity is still in effect. The
Life Contingent Annuity cannot be surrendered.

INCOME MANAGER (Period Certain)

This version of the payout annuity  Certificates  (available at Annuitant  issue
ages 59 1/2  through  78 and  Certificate  Owner  issue  ages  59 1/2 or  older)
provides a level stream of guaranteed  payments for a period certain of not less
than 7 years  nor more than 15  years.  At  Annuitant  issue  ages over 70,  the
maximum period certain is age 85 less the Annuitant's issue age.

You may elect to receive  monthly,  quarterly or annual payments.  However,  all
payments are made on the 15th of the month. Payments will start one payment mode
from the Contract Date. The level payments to be made on Expiration Dates during
the period certain  represent  distributions  of the Maturity Values of serially
maturing  Guarantee  Periods  on their  Expiration  Dates.  


                                       16
<PAGE>

- --------------------------------------------------------------------------------
INCOME MANAGER (Life Annuity with a Period Certain) (CONTINUED)
- --------------------------------------------------------------------------------

Payments  to be made  monthly,  quarterly  or  annually  on dates  other than an
Expiration  Date  represent  distributions  from  amounts  in the Modal  Payment
Portion of the Guaranteed Period Account.

Under NQ  Certificates,  a portion of each payment will be excluded from taxable
income. Under IRA Certificates, all amounts are generally fully taxable.

   
During  the period  certain  (which may also be  referred  to as the  "liquidity
period")  you have access to your Cash Value  through  Lump Sum  Withdrawals  or
surrender of the Certificate.
    

Contribution

Under  this  version of the  payout  annuity  Certificates  the  minimum  single
contribution  is  $10,000.  You  may  not  make  subsequent  contributions.  For
applications  received  under  certain types of  transactions,  we may offer the
opportunity to lock in Guaranteed Rates on contributions.

   
Under IRA  Certificates,  we will only  accept  single  contributions  which are
either rollover  contributions under Section 402(c),  403(a)(4),  403(b)(8),  or
408(d)(3) of the Code,  or direct  custodian-to-custodian  transfers  from other
traditional  individual retirement  arrangements.  If you are age 70 1/2 or over
when you  purchase a  Certificate,  the amount  contributed  must be net of your
required  minimum  distribution  for the year in which  the  rollover  or direct
transfer contribution is made. See "IRA Tax Information" in Part 5.

We may  refuse to accept a  contribution  in excess of  $1,500,000.  We may also
refuse to accept  any  contribution  if the sum of all  contributions  under all
Equitable  Life annuity  payout  certificates/contracts  that you own would then
total more than $2,500,000.
    

Allocation of Contribution

Based on the amount of your contribution and the period certain you select, your
contribution  is  allocated  by us among  the  Guarantee  Periods  and the Modal
Payment Portion of the Guaranteed Period Account, if applicable,  and may not be
changed by you, such that you are assured a level stream of periodic payments.

   
The following  example  illustrates a ten-year level stream of annual  payments,
each in the  amount  of  $10,000,  purchased  on April  15,  1998 with the first
payment on February 15, 1999. To achieve this result,  a single  contribution of
$78,625.26  is  required,  and is  allocated  among  the  Guarantee  Periods  as
indicated below.

- -------------------------------------------------------------
 FEBRUARY 15TH,                PRICE PER $100
OF CALENDAR YEAR                OF MATURITY   ALLOCATION OF
                   PAYMENT         VALUE       CONTRIBUTION
- -------------------------------------------------------------
       1999         10,000          $96.39      $ 9,639.25
       2000         10,000           92.08        9,208.10
       2001         10,000           87.91        8,790.97
       2002         10,000           83.89        8,388.83
       2003         10,000           79.95        7,995.53
       2004         10,000           76.04        7,604.45
       2005         10,000           72.50        7,250.49
       2006         10,000           69.07        6,907.40
       2007         10,000           65.72        6,572.45
       2008         10,000           62.68        6,267.79
                                              ---------------
                                     Total      $78,625.26
- -------------------------------------------------------------

LUMP SUM WITHDRAWALS

After the  first  Contract  Year,  you may take a Lump Sum  Withdrawal  once per
Contract  Year at any time  during such  Contract  Year.  You may  request  such
withdrawal by  submitting a written  request on a form  satisfactory  to us. The
minimum  amount of a Lump Sum Withdrawal is the greater of $2,000 and 25% of the
Cash  Value.  A request  to  withdraw  more than 90% of the Cash Value as of the
Transaction  Date will result in the  termination of the Certificate and will be
treated as a surrender of the Certificate for its Cash Value. See  "Surrendering
the  Certificates  to Receive the Cash Value" in Part 4. Amounts  withdrawn from
the Guarantee  Periods other than at the Expiration Date will result in a market
value  adjustment.  See "Market Value  Adjustment  for  Withdrawals or Surrender
Prior to the Expiration  Date" in Part 2. Lump Sum Withdrawals may be subject to
a  withdrawal  charge.  See  "Withdrawal  Charge"  in Part 4.  There  is no free
corridor  amount.  Under NQ  Certificates,  if you take a Lump Sum  Withdrawal a
portion of such Lump Sum Withdrawal may be excludable from taxable income. Under
IRA Certificates, all amounts are generally fully taxable.
    

ALLOCATION OF LUMP SUM WITHDRAWALS

Lump Sum Withdrawals will be taken pro rata from all unmatured Guarantee Periods
and the Modal Payment Portion of the Guaranteed  Period Account so that periodic
payments will  continue in reduced level amounts over the remaining  term of the
period certain.


                                       17
<PAGE>

- --------------------------------------------------------------------------------
INCOME MANAGER (Life Annuity with a Period Certain) (CONCLUDED)
- --------------------------------------------------------------------------------

DEATH BENEFIT

   
When the Annuitant Dies before the Annuity Commencement Date

Upon receipt of proof  satisfactory  to us of the  Annuitant's  death before the
Annuity  Commencement  Date, we will pay the death  benefit  described in "Death
Benefit" under "Income Manager (Life Annuity with a Period Certain)" above.

When the Annuitant Dies after the Annuity Commencement Date

If the Annuitant's death occurs after the Annuity  Commencement  Date,  payments
will continue to be made to the designated beneficiary or the Joint Owner (under
an NQ  Certificate)  on the same  payment  basis that was in effect prior to the
Annuitant's  death. See  "Beneficiary" in Part 4. At the  beneficiary's  option,
payments  may be  discontinued  and paid in a single  sum.  If the single sum is
elected within one year of the Annuitant's  death,  the single sum will be equal
to the Annuity  Account Value, or if greater,  the sum of the Guaranteed  Period
Amounts in each Guarantee Period,  plus any amounts in the Modal Payment Portion
of the Guaranteed Period Account. After the one-year period, the beneficiary may
surrender the Certificate and receive the Cash Value.

When the NQ Certificate Owner Who Is Not the Annuitant Dies before the Annuitant
and before the Annuity  Commencement Date

When you are not the Annuitant and you die before the Annuity Commencement Date,
the beneficiary or the Joint Owner, if applicable, will automatically succeed as
Certificate  Owner as described in "Death  Benefit" under "Income  Manager (Life
Annuity with a Period Certain)" above.

When the NQ  Certificate  Owner Who Is Not the Annuitant  Dies after the Annuity
Commencement Date
    

If the  Certificate  Owner's death occurs after the Annuity  Commencement  Date,
payments  will continue to be made during the period  certain to the  designated
beneficiary (who effectively  becomes the Certificate Owner) on the same payment
basis that was in effect prior to the death.


                                       18
<PAGE>



- --------------------------------------------------------------------------------

                  PART 4: OTHER PROVISIONS OF THE CERTIFICATES
                             AND SERVICES WE PROVIDE

- --------------------------------------------------------------------------------

The  provisions of your  Certificate  may be  restricted  by applicable  laws or
regulations.

METHODS OF PAYMENT

   
Except as indicated under "Wire  Transmittals"  below, all contributions must be
made by check drawn on a bank clearing  through the Federal Reserve  System,  in
the U.S.,  in U.S.  dollars and payable to  Equitable  Life.  Third party checks
endorsed to Equitable Life are not  acceptable  forms of payment except in cases
of a rollover  from a qualified  plan, a tax-free  exchange  under the Code or a
trustee check that involves no refund.

All checks are accepted subject to collection. Equitable Life reserves the right
to reject a payment if an unacceptable form of payment is received.
    

Contributions  must be sent to Equitable Life at our  Processing  Office address
designated  for  contributions.  Your  initial  or single  contribution  must be
accompanied by a completed  application  which is acceptable to us. In the event
the application  information or the application is otherwise not acceptable,  we
may retain your contribution for a period not exceeding five Business Days while
an  attempt  is  made  to  obtain  the  required  information.  If the  required
information  cannot be obtained  within those five Business Days, the Processing
Office will inform the broker-dealer, on behalf of the applicant, of the reasons
for the delay and return the contribution  immediately to the applicant,  unless
the applicant  specifically consents to our retaining the contribution until the
required information is received by the Processing Office.

Wire Transmittals

We will accept,  by agreement  with  broker-dealers  who use wire  transmittals,
transmittal of initial contributions by wire order from the broker-dealer to the
Processing   Office.   Such   transmittals  must  be  accompanied  by  essential
information we require to allocate the contribution.

Contributions  accepted  by wire order will  receive the  Guaranteed  Rate(s) in
effect for the applicable  Guarantee Period(s) on the Business Day contributions
are  received.  Wire  orders not  accompanied  by  complete  information  may be
retained as described above.

Notwithstanding  the  acceptance  by us of the  wire  order  and  the  essential
information,  however,  a  Certificate  will not be issued until the receipt and
acceptance of a properly completed application.  During the time from receipt of
the  initial  contribution  until a  signed  application  is  received  from the
Certificate Owner, no other financial transactions may be requested.

If an  application  is not  received  within ten days of receipt of the  initial
contribution  via wire order,  or if an incomplete  application  is received and
cannot be completed within ten days of receipt of the initial contribution,  the
amount of the  initial  contribution  will be  returned  to the  applicant  with
immediate notification to the broker-dealer.

After your  Certificate  has been  issued,  subsequent  contributions  under the
Income Manager (Life Annuity with a Period Certain) may be transmitted by wire.

   
Section 1035 Exchanges

You may apply the values of an existing NQ life  insurance  or deferred  annuity
contract  to  purchase  an  Income  Manager  NQ  Certificate  in a  tax-deferred
exchange,  if you follow certain procedures.  For further  information,  consult
your tax adviser. See also "Taxation of Non-Qualified Annuities: Withdrawals" in
Part 5. In the case of joint  ownership,  1035  exchanges  will not be permitted
unless both owners authorize the exchange.

FREE LOOK PERIOD

You have the right to examine your Certificate for a period of 10 days after you
receive it, and to return it to us for a refund.  You cancel it by sending it to
our Processing Office. The free look period is extended if your state requires a
refund period of longer than 10 days.
    

Your refund will equal the Annuity  Account  Value  reflecting  any  positive or
negative market value  adjustment,  through the date we receive your Certificate
for  cancellation  at our  Processing  Office.  Under the Income  Manager  (Life
Annuity with a Period  Certain) your refund will also include any amount applied
to the Life  Contingent  Annuity.  Some states or Federal income tax regulations
may  require  that we  calculate  the refund  differently.  If you  cancel  your
Certificate during the free look period, we may require that you wait six months
before you may apply for a Certificate with us again.

We follow these same  procedures if you change your mind before you receive your
Certificate, but after a contribution has been made. See "Part 5: Tax Aspects of
the  Certificates"  for possible tax consequences of cancelling your Certificate
during the free look period.


                                       19
<PAGE>

BENEFICIARY

You designate the beneficiary at the time you apply for the  Certificate.  While
the Certificate is in effect,  you may change your beneficiary by writing to our
Processing  Office.  The  change  will be  effective  on the  date  the  written
submission was signed.

CASH VALUE

The Cash Value under the  Certificates  reflects  any upward or downward  market
value adjustment. See "Part 2: The Guaranteed Period Account." On any date while
the Certificates  are in effect,  the Cash Value is equal to the Annuity Account
Value less any withdrawal  charge.  The free corridor amount will not apply when
calculating the withdrawal charge  applicable upon a surrender.  See "Withdrawal
Charge" below.

SURRENDERING THE CERTIFICATES TO RECEIVE THE CASH VALUE

   
You may surrender a Certificate  to receive the Cash Value at any time while the
Annuitant is living and the Certificate is in effect. See "Cash Value" above.
    

For a surrender to be  effective,  we must receive your written  request and the
Certificate at our Processing  Office.  The Cash Value will be determined on the
Transaction Date. All benefits under the Certificate (other than Life Contingent
Annuity  benefits)  will be terminated as of that date.  See  "Surrendering  the
Certificates"  in Part 3. We will  usually  pay the Cash  Value in a single  sum
payment  within seven  calendar  days,  but we may delay payment as described in
"When Payments Are Made" below.

For the tax  consequences  of  surrenders,  see  "Part  5:  Tax  Aspects  of the
Certificates."

ANNUITY BENEFITS

If you die before the Annuity  Commencement  Date, the  beneficiary may elect to
apply the death benefit to an annuity benefit.

Annuity Forms

o  Life  Annuity:  An  annuity  which  guarantees  payments  for the rest of the
   Annuitant's  life.  Payments  end with the last  monthly  payment  before the
   Annuitant's  death.  Because there is no death benefit  associated  with this
   annuity  form,  it provides  the highest  monthly  payment of any of the life
   income annuity options, so long as the Annuitant is living.

   
o  Life Annuity -- Period Certain:  This annuity form also  guarantees  payments
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the end of a selected period of time (the "certain period"),  payments
   will continue to the  beneficiary  for the balance of the certain  period.  A
   life annuity with a certain  period of 10 years is the normal form of annuity
   under the Certificates.

o  Life Annuity -- Refund Certain:  This annuity form guarantees payments to you
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the amount applied to purchase this annuity option has been recovered,
   payments  will  continue  to your  beneficiary  until  that  amount  has been
   recovered.

o  Period Certain Annuity:  This annuity form guarantees payments for a specific
   period of time,  usually  5, 10, 15 or 20 years,  and does not  involve  life
   contingencies.

o  Joint and Survivor Life Annuity:  This annuity form  guarantees  payments for
   the  rest  of  the  Annuitant's  life  and,  after  the  Annuitant's   death,
   continuation of payments to the survivor.

The life annuity -- period  certain and the life  annuity -- refund  certain are
available on either a single life or joint and survivor life basis.
    

The Certificates  offer the annuity benefits outlined above in fixed form. Fixed
annuity  payments  are  guaranteed  by us and  will be based  on the  tables  of
guaranteed  annuity  payments in your Certificate or on our then current annuity
rates, whichever is more favorable for the Annuitant.

For each annuity benefit, we will issue a separate written agreement putting the
benefit into effect. Before we pay any annuity benefit, we require the return of
the Certificate.

The amount of the annuity payments will depend on the amount applied to purchase
the annuity, the type of annuity chosen and, in the case of a life annuity form,
the  Annuitant's  age (or the  Annuitant's  and joint  Annuitant's  ages) and in
certain instances,  the sex of the Annuitant(s).  Once an annuity form is chosen
and payments have commenced, no change can be made.

If, at the time an  annuity  form is  elected,  the amount to be applied is less
than  $2,000 or the  initial  payment  under the form  elected  is less than $20
monthly,  we reserve  the right to pay the death  benefit in a single sum rather
than as payments under the annuity form chosen.

WHEN PAYMENTS ARE MADE

   
We can defer  payment of any portion of the Annuity  Account  Value  (other than
death benefits) for up to six months while the Annuitant is living.  We may also
defer payments for any amount attributable to a contribution made in the form of
a check for a  reasonable  amount of time (not to exceed 15 days) to permit  the
check to clear.
    

ASSIGNMENT

The Certificates are not assignable or transferable  except through surrender to
us. They may not be borrowed  against or used as collateral  for a loan or other
obligation.


                                       20
<PAGE>

DISTRIBUTION OF THE CERTIFICATES

   
Equitable  Distributors,  Inc.  (EDI), an indirect,  wholly owned  subsidiary of
Equitable Life, has responsibility for sales and marketing  functions and may be
deemed to be the distributor of the Certificates. EDI is registered with the SEC
as a  broker-dealer  under  the  Exchange  Act and is a member  of the  National
Association of Securities Dealers, Inc. EDI's principal business address is 1290
Avenue of the Americas,  New York, New York 10104.  Pursuant to a  "Distribution
Agreement"  between Equitable Life,  certain of Equitable's  separate  accounts,
including  the  Guaranteed  Period  Account,  and EDI,  Equitable  Life paid EDI
distribution  fees of $962,599 for 1997,  $202,400 for 1996 and $50,842 for 1995
as the distributor of certain certificates, including the Certificates.

The  Certificates  will  be sold by  registered  representatives  of EDI and its
affiliates,  who  are  also  our  licensed  insurance  agents,  as  well  as  by
unaffiliated  broker-dealers with which EDI has entered into selling agreements.
Broker-dealer  sales  compensation  (including for EDI and its affiliates)  will
generally  not  exceed  five  percent  of  total   contributions  made  under  a
Certificate.  EDI  may  also  receive  compensation  and  reimbursement  for its
marketing services under the terms of its distribution  agreement with Equitable
Life.  Broker-dealers  receiving sales compensation will generally pay a portion
thereof to their registered  representatives  as commission  related to sales of
the Certificates. The offering of the Certificates is intended to be continuous.
    

WITHDRAWAL CHARGE

A withdrawal  charge for Lump Sum Withdrawals will be imposed as a percentage of
the  portion of each  contribution  (or single  contribution)  allocated  to the
Guaranteed  Period Account as discussed under "Lump Sum  Withdrawals" in Part 3,
or if the Certificate is surrendered to receive the Cash Value. We determine the
withdrawal  charge separately for each contribution in accordance with the table
below.

                               CONTRACT YEAR
                 1    2     3     4     5     6     7    8+
- --------------------------------------------------------------------------------
Percentage of
Contribution   7.0% 6.0%  5.0%   4.0%  3.0% 2.0%  1.0%  0.0%

The applicable  withdrawal  charge percentage is determined by the Contract Year
in which the Lump Sum  Withdrawal  is made or the  Certificate  is  surrendered,
beginning with "Contract Year 1" with respect to each contribution  withdrawn or
surrendered.  For each contribution,  the Contract Year in which we receive that
contribution is "Contract Year 1."

The  withdrawal  charge  is  deducted  from the  Guaranteed  Period  Account  in
proportion  to the amount being  withdrawn  from each  Guarantee  Period and the
Modal Payment Portion of the Guaranteed Period Account.

For purposes of calculating the withdrawal charge, (1) we treat contributions as
being withdrawn on a first-in,  first-out basis, and (2) amounts withdrawn up to
the free corridor  amount are not considered a withdrawal of any  contributions.
Although we treat  contributions  as withdrawn  before  earnings for purposes of
calculating the withdrawal charge, the Federal income tax law treats earnings as
withdrawn first. See "Part 5: Tax Aspects of the Certificates."

The withdrawal  charge is to help cover sales expenses.  This charge will not be
increased  for the life of the  Certificates.  We may reduce this  charge  under
group or sponsored arrangements. See "Group or Sponsored Arrangements" below.

AMOUNTS APPLIED FROM OTHER CERTIFICATES ISSUED BY EQUITABLE LIFE

Income Manager (Life Annuity with a Period Certain)

A Certificate Owner of certain other  certificates  issued by Equitable Life may
apply the annuity account value under those  certificates to purchase the Income
Manager (Life Annuity with a Period Certain)  Certificate provided the issue age
and payment  restrictions  for such Income Manager  Certificate  are met. If the
annuity  account  value is  applied  from  another  certificate  issued by us to
purchase the Income  Manager at a time when the dollar amount of the  withdrawal
charge   under  such  other   certificate   is  greater  than  2%  of  remaining
contributions (after withdrawals),  such withdrawal charge will not be deducted.
However,  a new  withdrawal  charge  schedule  will  apply  under the new Income
Manager Certificate. For purposes of the withdrawal charge schedule, the year in
which your annuity account value is applied under the Income Manager Certificate
will be  "Contract  Year 1." If the annuity  account  value is applied from such
other certificate when the dollar amount of the withdrawal charge is 2% or less,
there  will  be  no  withdrawal   charge   schedule  under  the  Income  Manager
Certificate.  You should  consider the timing of your  purchase as it relates to
the potential for withdrawal charges under the Income Manager (Life Annuity with
a Period Certain) Certificate.

Income Manager (Period Certain)

A Certificate Owner of certain other  certificates  issued by Equitable Life may
apply the annuity account value to purchase the Income Manager (Period  Certain)
once withdrawal  charges are no longer in effect under such other  certificates.
No withdrawal  charges will apply under the Income Manager (Period Certain). 

To purchase an Income Manager Certificate, we require the return of the original
certificate.  A new  Income  Manager  Certificate  will be issued  putting  this
annuity form into effect.


                                       21
<PAGE>

CHARGES FOR STATE PREMIUM AND OTHER APPLICABLE TAXES

Generally,  we  deduct a charge  for  applicable  taxes,  such as state or local
premium taxes, from your  contribution(s).  The current tax charge that might be
imposed  varies by state and ranges  from 0% to 2.25% for IRA  Certificates  and
from 0% to 3.5% for NQ Certificates (the rate is 1% in Puerto Rico and 5% in the
Virgin Islands).

GROUP OR SPONSORED ARRANGEMENTS

For certain group or sponsored arrangements, we may reduce the withdrawal charge
or change the minimum  contribution  requirements.  We may  increase  Guaranteed
Rates  for the  Guarantee  Periods  and  reduce  purchase  rates  for  the  Life
Contingent  Annuity.  Group arrangements  include those in which a trustee or an
employer, for example,  purchases contracts covering a group of individuals on a
group basis. Sponsored arrangements include those in which an employer allows us
to sell  Certificates to its employees or retirees on an individual  basis.  IRA
Certificates are only available for sponsored arrangements.

Our costs for sales, administration,  and mortality generally vary with the size
and stability of the group among other  factors.  We take all these factors into
account  when  reducing  charges.  To qualify  for reduced  charges,  a group or
sponsored arrangement must meet certain requirements, including our requirements
for size and number of years in existence.  Group or sponsored arrangements that
have been set up solely to buy  Certificates or that have been in existence less
than six months will not qualify for reduced charges.

We will make these and any similar  reductions  according to our rules in effect
when a Certificate is approved for issue. We may change these rules from time to
time. Any variation in the withdrawal  charge will reflect  differences in costs
or services and will not be unfairly discriminatory.

Group and  sponsored  arrangements  may be  governed by the Code,  the  Employee
Retirement   Income  Security  Act  of  1974  (ERISA),   or  both.  We  make  no
representations  as to the  impact of those and  other  applicable  laws on such
programs. WE RECOMMEND THAT EMPLOYERS, TRUSTEES, AND OTHERS PURCHASING OR MAKING
CERTIFICATES AVAILABLE FOR PURCHASE UNDER SUCH PROGRAMS SEEK THE ADVICE OF THEIR
OWN LEGAL AND BENEFITS ADVISERS.

OTHER DISTRIBUTION ARRANGEMENTS

The  withdrawal  charge may be reduced  or  eliminated  when sales are made in a
manner that  results in savings of sales and  administrative  expenses,  such as
sales  through  persons  who  are   compensated  by  clients  for   recommending
investments and receive no commission or reduced  commissions in connection with
the sale of the Certificates. In no event will a reduction or elimination of the
withdrawal charge be permitted where it would be unfairly discriminatory.


                                       22
<PAGE>

- --------------------------------------------------------------------------------

                     PART 5: TAX ASPECTS OF THE CERTIFICATES

- --------------------------------------------------------------------------------

   
This Part of the prospectus  generally  covers our  understanding of the current
Federal income tax rules that apply to Traditional IRA and NQ Certificates owned
by United States taxpayers.

This prospectus  does not provide  detailed tax information and does not address
issues such as state income and other taxes,  Federal income tax and withholding
rules for non-U.S. taxpayers, or Federal gift and estate taxes. A gift or estate
tax  transfer  may arise  whenever  payments or contract  rights are provided to
someone other than the original owner of the Certificates.  Please consult a tax
adviser when considering the tax aspects of the Certificates.

TAX CHANGES

The United  States  Congress  has in the past  considered  and may in the future
consider  proposals  for  legislation  that,  if enacted,  could  change the tax
treatment of annuities and individual retirement arrangements.  In addition, the
Treasury Department may amend existing  regulations,  issue new regulations,  or
adopt new  interpretations of existing laws. State tax laws and if you are not a
United States  resident,  foreign tax laws, may also affect the tax consequences
to you or the  beneficiary.  These  laws may  change  from time to time  without
notice and, as a result, the tax consequences may be altered. There is no way of
predicting whether,  when or in what form any such change would be adopted.  Any
such change could have retroactive  effects regardless of the date of enactment.
We suggest you consult your legal or tax adviser.

TAXATION OF NON-QUALIFIED ANNUITIES

This section  generally  covers our  understanding of the current Federal income
tax laws that apply to a  non-qualified  annuity  purchased  with only after-tax
dollars and not subject to any special retirement plan rules.

Equitable Life has designed the NQ  Certificates  to qualify as an "annuity" for
purposes of Federal  income tax law.  Annuity  contract  payments are taxable as
ordinary  income and are subject to income tax  withholding.  See  "Federal  and
State Income Tax Withholding"  below.  Gains in the Annuity Account Value of the
Certificate  generally will not be taxable to you until a  distribution  occurs,
either by a  withdrawal  of part or all of its value or as a series of  periodic
payments.  However,  there are some  exceptions  to this  rule for  transactions
occurring  before  the  annuity   commencement  date:  (1)  if  you  transfer  a
Certificate  as a gift to someone  other than your spouse (or divorced  spouse),
any gain in its Annuity Account Value will be taxed at the time of transfer; (2)
the  assignment or pledge of any portion of the value of a  Certificate  will be
treated as a distribution  of that portion of the  Certificate;  and (3) when an
insurance company (or its affiliate) issues more than one non-qualified deferred
annuity  certificate or contract  during any calendar year to the same taxpayer,
the  certificates  or contracts  are required to be  aggregated in computing the
taxable  amount of any  distribution.  The Income  Manager  (Life Annuity with a
Period Certain) will be treated as a non-qualified  deferred  annuity if annuity
payments start after 12 months of the Contract Date.

Corporations,  partnerships,  trusts  and other  non-natural  persons  generally
cannot defer the taxation of current income credited to the  Certificate  unless
an  exception  under  the Code  applies.  There is an  exception  for  immediate
annuities.  Discuss  with your tax adviser if this  exception  may apply in your
case.

Withdrawals

Prior to the Annuity  Commencement Date, any withdrawal which does not terminate
your total interest in the NQ  Certificate is taxable to you as ordinary  income
to the extent there has been a gain in the Annuity Account Value, and is subject
to income tax withholding. See "Federal and State Income Tax Withholding" below.
The balance of the  distribution  is treated as a return of the  "investment" or
"basis" in the  Certificate  and is not taxable.  Generally,  the  investment or
basis in the NQ  Certificate  equals the  contributions  made,  less any amounts
previously  withdrawn  which  were  not  taxable.  If  your  Income  Manager  NQ
Certificate  was  issued as a result of a tax-free  exchange  of another NQ life
insurance  or deferred  annuity  contract as  described  in "Methods of Payment:
Section 1035  Exchanges" in Part 3, your  investment  in that original  contract
generally  is  treated  as  the  basis  in the  Income  Manager  NQ  Certificate
regardless of the value of that  original  contract at the time of the exchange.
Special rules may apply if contributions made to another annuity  certificate or
contract prior to August 14, 1982 are transferred to a Certificate in a tax-free
exchange.  To take advantage of these rules, you must notify us prior to such an
exchange.
    


                                       23
<PAGE>

   
If you surrender or cancel the NQ  Certificate,  the  distribution is taxable to
the extent it exceeds the investment in the NQ Certificate.

You  should  discuss  with  your tax  adviser  the  effect of any  surrender  or
withdrawal under an Income Manager Certificate.

Annuity Payments

Once annuity  payments  begin  (whether  under one of the Income  Manager payout
annuities  or under an annuity  benefit  option),  a portion of each  payment is
considered  to be a tax-free  recovery of  investment  based on the ratio of the
investment  to the expected  return under the NQ  Certificate.  The remainder of
each payment  will be taxable.  In the case of a life  annuity,  after the total
investment has been recovered,  future  payments are fully taxable.  If payments
cease as a result of death, a deduction for any  unrecovered  investment will be
allowed.

Taxation of Lump Sum Withdrawals Made after Payments Have Commenced

If your Lump Sum  Withdrawal  terminates  all periodic  payments due, it will be
taxable as a  complete  surrender  as  discussed  above.  If you make a Lump Sum
Withdrawal  under one of the  Income  Manager  payout  annuities  which does not
terminate all periodic  payments  due,  then a portion of the remaining  reduced
payments will be eligible for tax-free  recovery of investment.  Also, a portion
of such Lump Sum Withdrawal may be excludable  from taxable  income.  You should
discuss with your tax adviser the taxation of any  surrender  or  withdrawal  of
Cash Value.

Early Distribution Penalty Tax

In addition  to income tax, a penalty tax of 10% applies to the taxable  portion
of a distribution  unless the  distribution is (1) made on or after the date you
attain age 59 1/2,  (2) made on or after your death,  (3)  attributable  to your
disability,  (4) part of a series  of  substantially  equal  installments  as an
annuity  for your life (or life  expectancy)  or the joint  lives (or joint life
expectancies) of you and a beneficiary,  (5) with respect to income allocable to
amounts  contributed  to an annuity  certificate or contract prior to August 14,
1982 which are  transferred to the  Certificate in a tax-free  exchange,  or (6)
payments  under an  immediate  annuity.  An  immediate  annuity is  generally an
annuity which commences  payments within one year from purchase and provides for
a series of substantially equal periodic payments made at least annually.

Periodic  annuity  payments  made to you while you are under age 59 1/2 from the
Income  Manager  (Life  Annuity with a Period  Certain)  should  qualify for the
"substantially  equal  periodic  payments for life"  exception  under (4) above.
However,  this  exception  may not  apply  if you  take a Lump  Sum  Withdrawal,
surrender  the  Certificate  or change the payment  pattern in any way. Once you
begin  receiving  Income  Manager  payments  and you are under  age 59 1/2,  the
payments  should not be stopped or changed until the later of your attaining age
59 1/2 or five years after the date of the first  payment,  or the penalty  tax,
including an interest charge for the prior penalty  avoidance,  may apply. Also,
it is possible that the IRS could view any  additional  withdrawal you take from
your  Certificate  as changing the pattern of  substantially  equal payments for
purposes of determining whether the penalty applies.

If you  are  under  age 59 1/2 and  purchase  a  joint  life-contingent  annuity
certificate  with a reduced  payment  to the  survivor  (e.g.,  joint and 50% to
survivor), a question might be raised whether payments will not be substantially
equal for the joint lives of the Annuitants,  as the payments will be reduced at
some point. In issuing our information  returns,  we code annuity  payments from
such a  Certificate  as eligible  for an exception  from the early  distribution
penalty.  We believe  that any change in  payments  to the  survivor  would come
within  the  statutory  provision  covering a change of  payments  on account of
death. As there is no direct authority on this point,  however, if you are under
age 59 1/2, you should discuss this item with your own tax adviser when electing
a reduced survivorship option.

Payments as a Result of Death

If, as a result of the Annuitant's death, the beneficiary is entitled to receive
the death benefit  described in Part 3, the beneficiary is generally  subject to
the same tax treatment as would apply to you. If the beneficiary takes the death
benefit in a single sum, the  beneficiary is treated as if the  Certificate  had
been  surrendered.  The tax  computation  will  reflect your  investment  in the
Certificate.

If the beneficiary elects to take the death benefit in the form of a life income
or installment  option, the election should be made within 60 days after the day
on which a single sum death benefit first becomes payable and before any benefit
is  actually  paid.  The  taxable  income  that  would  otherwise  occur will be
deferred,  and  payments  will  be  taxed  as  described  above  under  "Annuity
Payments."

Special  distribution  requirements  apply  upon  the  death  of the  owner of a
non-qualified  annuity before annuity payments have begun.  That is, in the case
of a contract  where the owner and  annuitant  are  different,  even  though the
annuity contract could continue because the annuitant has not died,  Federal tax
law requires  that the person who succeeds as owner of the contract take taxable
distribution  of the contract  within a specified  period of time. This includes
the surviving Joint Owner in a nonspousal joint owner-
    


                                       24
<PAGE>

   
ship situation. See "When the NQ Certificate Owner Who Is Not the Annuitant Dies
before the Annuitant and before the Annuity Commencement Date" in Part 3.

SPECIAL RULES FOR NQ CERTIFICATES ISSUED IN PUERTO RICO

Under  current  law  Equitable  Life  treats  income  from  NQ  Certificates  as
U.S.-source.  A  Puerto  Rico  resident  is  subject  to U.S.  taxation  on such
U.S.-source  income.  Only Puerto Rico-source income of Puerto Rico residents is
excludable  from U.S.  taxation.  Income from NQ Certificates is also subject to
Puerto Rico tax. The computation of the taxable  portion of amounts  distributed
from a Certificate  may differ in the two  jurisdictions.  Therefore,  you might
have to file both U.S. and Puerto Rico tax returns, showing different amounts of
income for each. Puerto Rico generally provides a credit against Puerto Rico tax
for U.S. tax paid.  Depending on your  personal  situation and the timing of the
different tax  liabilities,  you may not be able to take full  advantage of this
credit.

Please consult your tax adviser to determine the applicability of these rules to
your own tax situation.

IRA TAX INFORMATION

The term "IRA" may generally  refer to all individual  retirement  arrangements,
including individual retirement accounts and individual retirement annuities. In
addition  to being  available  in both  trustee  or  custodial  account  form or
individual  annuity  form,  there are many  varieties of IRAs.  This  prospectus
discusses  "Traditional  IRAs" which are  generally  funded on a pre-tax  basis.
There  are Roth  IRAs,  newly  available  in 1998,  which  must be  funded on an
after-tax basis. SEP-IRAs (including SARSEP-IRAs) and SIMPLE IRAs are issued and
funded in connection with  employer-sponsored  retirement plans.  There are also
Education IRAs, which are not discussed herein because they are not available in
individual  retirement annuity form. Because Roth IRAs are new in 1998, and have
a five-year aging period before  distributions  should begin,  Roth IRAs are not
discussed in this prospectus. Please consult your tax adviser.

TRADITIONAL INDIVIDUAL RETIREMENT
ANNUITIES (IRAS)

This  prospectus  contains the  information  which the Internal  Revenue Service
(IRS)  requires to be disclosed to an  individual  before he or she purchases an
IRA.

The  Income  Manager  IRA  Certificate  is  designed  to qualify as an IRA under
Section  408(b) of the Code.  Your rights  under the IRA  Certificate  cannot be
forfeited.

This  prospectus  covers some of the special tax rules that apply to  individual
retirement  arrangements.  You should be aware that an IRA is subject to certain
restrictions in order to qualify for its special treatment under the Federal tax
law.

This prospectus provides our general  understanding of applicable Federal income
tax rules,  but does not provide  detailed tax  information and does not address
issues such as state  income and other taxes or Federal  gift and estate  taxes.
Please  consult  a tax  adviser  when  considering  the tax  aspects  of the IRA
Certificates.

Further  information  on IRA tax matters can be obtained  from any IRS  district
office.  Additional  information  regarding  IRAs,  including  a  discussion  of
required   distributions,   can  be  found  in  IRS  Publication  590,  entitled
"Individual   Retirement   Arrangements  (IRAs),"  which  is  generally  updated
annually.

The Income Manager IRA  Certificate  has been approved by the IRS as to form for
use as an IRA. This IRS approval is a  determination  only as to the form of the
annuity,  does not represent a determination  of the merits of the annuity as an
investment,  and may not address  certain  features under the Income Manager IRA
Certificate.

Cancellation

You can cancel a  Certificate  issued as an IRA by following  the  directions in
Part 4 under "Free Look Period." Since there may be adverse tax  consequences if
a  Certificate  is  cancelled  (and because we are required to report to the IRS
certain  distributions  from  cancelled  IRAs),  you should  consult  with a tax
adviser before making any such decision. If you cancel this Certificate, you may
establish a new  individual  retirement  arrangement if at the time you meet the
requirements for establishing an individual retirement arrangement.

Contributions to IRAs

Individuals may make three different types of  contributions to purchase an IRA,
or as  later  additions  to an  existing  IRA:  "regular"  contributions  out of
earnings,  tax-free "rollover" contributions from tax-qualified plans, or direct
custodian-to-custodian  transfers from other individual retirement  arrangements
("direct transfers").

The  initial  contribution  to the  Certificate  must be either a rollover  or a
direct custodian-to-custodian transfer. See "Rollovers and Transfers," discussed
below.  Any subsequent  contributions  you make may be any of rollovers,  direct
transfers or "regular" IRA  contributions.  See  "Contributions"  in Part 3. The
immediately following discussion relates to "regular" IRA contributions. For the
reasons noted in "Rollovers and Transfers"  below,  you should consult with your
    


                                       25
<PAGE>

   
tax  adviser  before  making  any  subsequent  contributions  to an IRA which is
intended to serve as a "conduit" IRA. This vehicle may not be appropriate  for a
conduit IRA.

Generally,  $2,000 is the maximum amount of contributions  which you may make to
all IRAs in any taxable year. The above limit may be less when your earnings are
below  $2,000.  This limit does not apply to  rollover  contributions  or direct
custodian-to-custodian transfers into an IRA.

If you are married and file a joint  income tax return,  your and your  spouse's
compensation  effectively  can be  aggregated  for purposes of  determining  the
permissible  amount of regular  contributions to IRAs. Even if one spouse has no
compensation or compensation  under $2,000,  married  individuals filing jointly
can contribute up to $4,000 for any taxable year to any combination of IRAs. The
maximum  amount may be less if earnings  are less and the other  spouse has made
IRA  contributions.  No more than a combined  total of $2,000 can be contributed
annually to either spouse's individual retirement arrangements. Each spouse owns
his or her individual  retirement  arrangements even if contributions were fully
funded by the other spouse.

The amount of IRA  contributions  for a tax year that you can deduct  depends on
whether you are covered by an employer-sponsored tax-favored retirement plan. An
employer-sponsored  tax-favored  retirement  plan  includes a qualified  plan, a
tax-sheltered  account or annuity  under  Section  403(b) of the Code (TSA) or a
simplified  employee  pension plan. In certain cases,  individuals  covered by a
tax-favored  retirement plan include persons eligible to participate in the plan
although  not  actually  participating.  Whether or not a person is covered by a
retirement plan will be reported on an employee's Form W-2.

Regardless of adjusted gross income (AGI), you may make deductible contributions
to an IRA for each tax year up to the  lesser of $2,000 or 100% of  compensation
(MAXIMUM PERMISSIBLE DOLLAR DEDUCTION) not covered by a retirement plan.

If you are  single  and  covered  by a  retirement  plan  during any part of the
taxable year,  the deduction for IRA  contributions  phases out with AGI between
$30,000 and $40,000 in 1998.  This amount will be indexed every year until 2005.
If you are married and file a joint return, and you are covered by a tax-favored
retirement  plan  during any part of the taxable  year,  the  deduction  for IRA
contributions  phases out with AGI between  $50,000  and  $60,000 in 1998.  This
amount  will be indexed  every  year  until  2007.  Married  individuals  filing
separately  and living  apart at all times are not treated as being  married for
purposes of this  deductible  contribution  calculation.  Generally,  the active
participation  in an  employer-sponsored  retirement  plan of an  individual  is
determined  independently  for each spouse.  Where spouses have "married  filing
jointly"  status,  however,  the  maximum  deductible  IRA  contribution  for an
individual  who is not an  active  participant  (but  whose  spouse is an active
participant)  is phased  out for  taxpayers  with AGI of  between  $150,000  and
$160,000.

To determine the deductible amount of the contribution  with the phase-out,  you
determine AGI and subtract $30,000 if you are single, $50,000 if you are married
and file a joint return with your spouse.  The  resulting  amount is your Excess
AGI. You then determine the limit on the deduction for IRA  contributions  using
the following formula:

                                Maximum           Adjusted
  $10,000 - Excess AGI    x   Permissible   =      Dollar
  --------------------           Dollar           Deduction
        $10,000                Deduction            Limit  

If you are not  eligible to deduct part or all of the IRA  contribution  you may
still make  nondeductible  contributions  on which earnings will accumulate on a
tax-deferred  basis. The deductible and nondeductible  contributions to your IRA
(or the nonworking  spouse's IRA) may not, however,  together exceed the maximum
$2,000 per person limit.  See "Excess  Contributions"  below. You must keep your
own records of deductible and  nondeductible  contributions  in order to prevent
double  taxation  on  the   distribution  of  previously   taxed  amounts.   See
"Distributions from IRA Certificates" below.

If you make  nondeductible  contributions  in any taxable year, or you have made
nondeductible  contributions to an IRA in prior years and are receiving  amounts
from any IRA you must file the required  information with the IRS. Moreover,  if
you are making  nondeductible  IRA  contributions you must retain all income tax
returns and records pertaining to such contributions until interests in all IRAs
are fully distributed.

IRA  contributions may be made be for a tax year until the deadline for filing a
Federal  income  tax  return  for  that  tax  year  (without   extensions).   No
contributions are allowed for the tax year in which you attain age 70 1/2 or any
tax  year  after  that.  A  working  spouse  age 70 1/2 or  over,  however,  can
contribute  up to the lesser of $2,000 or 100% of  "earned  income" to a spousal
individual  retirement  arrangement  for a  nonworking  spouse until the year in
which the nonworking spouse reaches age 70 1/2.

Excess Contributions

Excess  contributions  to an IRA are  subject to a 6% excise tax for the year in
which  made  and for  each  year  thereafter  until  withdrawn.  In the  case of
    


                                       26
<PAGE>

   
"regular" IRA  contributions  any contribution in excess of the lesser of $2,000
or 100% of  compensation or earned income is an "excess  contribution"  (without
regard to the deductibility or  nondeductibility of IRA contributions under this
limit).  Also, any "regular"  contributions  made after you reach age 70 1/2 are
excess  contributions.  In  the  case  of  rollover  IRA  contributions,  excess
contributions are amounts which are not eligible to be rolled over (for example,
after-tax contributions to a qualified plan or minimum distributions required to
be made after age 70 1/2). An excess contribution  (rollover or "regular") which
is withdrawn, however, before the time for filing your Federal income tax return
for  the tax  year  (including  extensions)  is not  includable  in  income  and
therefore  is not  subject  to  the  10%  penalty  tax  on  early  distributions
(discussed  below under  "Penalty  Tax on Early  Distributions"),  provided  any
earnings  attributable to the excess  contribution are also withdrawn and no tax
deduction is taken for the excess  contribution.  The withdrawn  earnings on the
excess contribution, however, would be includable in your gross income and would
be subject to the 10% penalty  tax. If excess  contributions  are not  withdrawn
before  the  time  for  filing  your  Federal  income  tax  return  for the year
(including  extensions),  "regular"  contributions  may still be withdrawn after
that time if the IRA  contribution for the tax year did not exceed $2,000 and no
tax deduction was taken for the excess  contribution;  in that event, the excess
contribution would not be includable in gross income and would not be subject to
the 10% penalty tax. Lastly, excess "regular"  contributions may also be removed
by underutilizing the allowable contribution limits for a later year.

If excess rollover  contributions  are not withdrawn  before the time for filing
your  Federal  tax return  for the year  (including  extensions)  and the excess
contribution occurred as a result of incorrect information provided by the plan,
any such excess  amount can be withdrawn if no tax  deduction  was taken for the
excess  contribution.  As above, excess rollover  contributions  withdrawn under
those  circumstances  would not be  includable  in gross income and would not be
subject to the 10% penalty tax.

Rollovers and Transfers

Rollover  contributions may be made to an IRA from these sources:  (i) qualified
plans,  (ii) TSAs  (including  403(b)(7)  custodial  accounts)  and (iii)  other
traditional individual retirement arrangements.

The rollover  amount must be transferred to the  Certificate  either as a direct
rollover  of an  "eligible  rollover  distribution"  (described  below)  or as a
rollover  by  the  individual  plan  participant  or  owner  of  the  individual
retirement arrangement. In the latter cases, the rollover must be made within 60
days of the date the proceeds  from another  traditional  individual  retirement
arrangement or an eligible  rollover  distribution  from a qualified plan or TSA
were  received.  Generally,  the  taxable  portion  of any  distribution  from a
qualified  plan or TSA is an eligible  rollover  distribution  and may be rolled
over  tax free to an IRA  unless  the  distribution  is (i) a  required  minimum
distribution  under  Section  401(a)(9) of the Code;  or (ii) one of a series of
substantially  equal periodic  payments made (not less frequently than annually)
(a) for the life (or life expectancy) of the plan participant or the joint lives
(or joint life  expectancies)  of the plan participant and his or her designated
beneficiary,  or (b) for a  specified  period of ten years or more.  Any  amount
contributed  to an IRA after you attain age 70 1/2 must be net of your  required
minimum  distribution  for the year in which the  rollover  or  direct  transfer
contribution is made.
    

Under some  circumstances,  amounts from a  Certificate  may be rolled over on a
tax-free basis to a qualified  plan. To get this  "conduit" IRA  treatment,  the
source of funds used to establish the IRA must be a rollover  contribution  from
the qualified  plan and the entire amount  received from the IRA  (including any
earnings  on the  rollover  contribution)  must  be  rolled  over  into  another
qualified plan within 60 days of the date  received.  Similar rules apply in the
case of a TSA. If you make a contribution  to the  Certificate  which is from an
eligible  rollover  distribution and you commingle such  contribution with other
contributions,  you  may  not be  able to  roll  over  these  eligible  rollover
distribution  contributions  and earnings to another  qualified plan (or TSA, as
the case may be) at a future  date,  unless the Code  permits.  Because  this is
intended to be a payout vehicle,  this may not be an appropriate  Certificate if
you intend to use it as a conduit IRA.

   
Under the conditions and  limitations of the Code, you may elect for each IRA to
make a tax-free rollover once every 12-month period among individual  retirement
arrangements  (including rollovers from retirement bonds purchased before 1983).
Custodian-to-custodian  transfers  are  not  rollovers  and  can  be  made  more
frequently than once a year.

The same tax-free  treatment  applies to amounts  withdrawn from the Certificate
and rolled over into other traditional individual retirement arrangements unless
the  distribution  was received under an inherited IRA.  Tax-free  rollovers are
also available to the surviving spouse beneficiary of a deceased individual,  or
a spousal alternate payee of a qualified  domestic relations order applicable to
a qualified  plan. In some cases,  IRAs can be  transferred  on a tax-free basis
between spouses or former spouses  incidental to a judicial decree of divorce or
separation.
    


                                       27
<PAGE>

   
Distributions from IRA Certificates

Income or gains on  contributions  under IRAs are not subject to Federal  income
tax until benefits are  distributed to you.  Distributions  include  withdrawals
from your  Certificate,  surrender of your Certificate and annuity payments from
your  Certificate.  Death benefits are also  distributions.  Except as discussed
below,  the  amount  of any  distribution  from an IRA is  fully  includable  as
ordinary income by you in your gross income.

If you have made nondeductible IRA contributions to any IRA (whether or not this
particular arrangement), those contributions are recovered tax free when any IRA
distributions  are  received.  You must keep  records of all such  nondeductible
contributions.  At the end of each  tax  year  in  which  you  have  received  a
distribution  from  any  traditional  individual  retirement  arrangement,   you
determine a ratio of the total nondeductible IRA contributions (less any amounts
previously withdrawn tax free) to the total account balances of all IRAs held by
you at the end of the tax year  (including  rollover  IRAs and payout IRAs) plus
all IRA  distributions  made during such tax year.  The resulting  ratio is then
multiplied by all  distributions  from the IRA during that tax year to determine
the nontaxable portion of each distribution.

In addition, a distribution (other than a required minimum distribution received
after  age 70 1/2) is not  taxable  if (1) the  amount  received  is a return of
excess   contributions   which  are  withdrawn,   as  described   under  "Excess
Contributions"  above,  (2) the entire amount received is rolled over to another
traditional  individual  retirement  arrangement  (see "Rollovers and Transfers"
above)  or (3) in  certain  limited  circumstances,  where  the  IRA  acts  as a
"conduit,"  the entire amount is paid into a qualified  plan or TSA that permits
rollover contributions.
    

Distributions  from an IRA are not entitled to the special  favorable  five-year
averaging  method  (or,  in certain  cases,  favorable  ten-year  averaging  and
long-term  capital gain treatment)  available in certain cases to  distributions
from qualified plans.

Required Minimum Distributions

   
The  minimum  distribution  rules  require  IRA  owners to start  taking  annual
distributions  from  their  retirement  plans  by age 70 1/2.  The  distribution
requirements  are designed to provide for  distribution  of your interest in the
IRA over your life  expectancy.  Whether the correct amount has been distributed
is calculated on a  year-by-year  basis;  there are no provisions in the Code to
allow  amounts  taken in excess of the  required  amount to be  carried  over or
carried  back and credited to other  years.  Generally,  you must take the first
required  minimum  distribution  with respect to the calendar  year in which you
turn  age 70 1/2.  You have  the  choice  to take  the  first  required  minimum
distribution during the calendar year you turn age 70 1/2, or to delay taking it
until the  three-month  (January  1-April 1) period in the next  calendar  year.
(Distributions  must commence no later than the "Required Beginning Date," which
is the April 1st of the calendar  year  following the calendar year in which you
turn  age 70 1/2.) If you  choose  to delay  taking  the  first  annual  minimum
distribution,  then you will have to take two minimum distributions in that year
- -- the delayed one for the first year and the one actually  for that year.  Once
minimum distributions begin, they must be made at some time every year.

There are two approaches to taking minimum  distributions  -- "account based" or
"annuity  based" -- and there are a number of  distribution  options  in both of
these  categories.  These  choices  are  intended  to give  you a great  deal of
flexibility to provide for yourself and your family.

An account-based  minimum  distribution  approach may be a lump sum payment,  or
periodic  withdrawals  made over a period which does not extend beyond your life
expectancy or the joint life  expectancies of you and a designated  beneficiary.
An annuity-based  approach involves  application of the Annuity Account Value to
an annuity for your life or the joint lives of you and a designated beneficiary,
or for a period certain not extending beyond applicable life expectancies.
    

You should discuss with your tax adviser which minimum  distribution options are
best for your own personal  situation.  Individuals who are participants in more
than  one  tax-favored   retirement  plan  may  be  able  to  choose   different
distribution options for each plan.

   
Your required minimum  distribution for any taxable year is calculated by taking
into account the required  minimum  distribution  from each of your  traditional
individual retirement arrangements.  The IRS, however, does not require that you
make the  required  distribution  from each  traditional  individual  retirement
arrangement that you maintain.  As long as the total amount distributed annually
satisfies your overall minimum distribution requirement,  you may choose to take
your annual required  distribution  from any one or more traditional  individual
retirement arrangements that you maintain.

You may  recompute  your  minimum  distribution  amount  each year based on your
current life  expectancy  as well as that of your spouse.  No  recomputation  is
permitted,  however,  for a  beneficiary  other  than a  spouse.  If there is an
insufficient distribution in any year, a 50% tax may be imposed on the amount by
which the  minimum  required  to be  
    


                                       28
<PAGE>

   
distributed  exceeds  the amount  actually  distributed.  The penalty tax may be
waived by the  Secretary  of the  Treasury  in  certain  limited  circumstances.
Failure to have distributions made as the Code and Treasury  regulations require
may result in  disqualification  of your IRA. See "Tax Penalty for  Insufficient
Distributions" below.

Except as described in the next sentence,  if you die after  distribution in the
form of an annuity has begun, or after the Required  Beginning Date,  payment of
the remaining interest must be made at least as rapidly as under the method used
prior to your death.  (The IRS has indicated  that an exception to the rule that
payment of the remaining  interest must be made at least as rapidly as under the
method used prior to your death  applies if the  beneficiary  of the IRA is your
surviving  spouse.  In some  circumstances,  your surviving  spouse may elect to
"make the IRA his or her own" and halt distributions until he or she reaches age
70 1/2.)

If you die before the Required  Beginning Date and before  distributions  in the
form of an  annuity  begin,  distributions  of your  entire  interest  under the
Certificate  must be  completed  within  five  years  after your  death,  unless
payments to a designated beneficiary begin within one year of your death and are
made over the beneficiary's  life or over a period certain which does not extend
beyond the beneficiary's life expectancy.

If your surviving  spouse is the designated  beneficiary,  your spouse may delay
the  commencement  of such  payments up until you would have attained 70 1/2. In
the  alternative,  a surviving  spouse may elect to roll over the  inherited IRA
into the surviving spouse's own IRA.

Tax Considerations for the IRA Certificates

Although the Life Contingent Annuity portion of the Income Manager (Life Annuity
with a Period  Certain) does not have a Cash Value,  it will be assigned a value
for tax purposes which will generally change each year. This value must be taken
into account when determining the amount,  before the Annuity  Commencement Date
of account-based  required minimum  distributions  from your IRA even though the
Life  Contingent  Annuity may not be providing a source of funds to satisfy such
required  minimum  distribution.  Accordingly,  you should consult with your tax
adviser to determine the impact of purchasing  the Income  Manager (Life Annuity
with a  Period  Certain)  after  age  70 1/2 in  view  of  your  own  particular
situation.
    

You will generally be required to determine your required  minimum  distribution
by annually  recalculating your life expectancy.  The Income Manager will not be
available if you have previously  made a different  election with the funds used
to purchase the Certificates.  Recalculation is no longer required once the only
payments you or your spouse receive are under the Life Contingent Annuity.

If prior to the date  payments are to start under the Life  Contingent  Annuity,
you surrender your Certificate, or withdraw any remaining Annuity Account Value,
it may be necessary for you to satisfy your  required  minimum  distribution  by
accelerating the start date of payments for your Life Contingent  Annuity, or to
the  extent  available,  take  distributions  from other IRA funds you may have.
Alternatively,  you may convert your IRA Life  Contingent  Annuity under the IRA
Certificates to a non-qualified Life Contingent Annuity. This would be viewed as
a  distribution  of the value of the Life  Contingent  Annuity from the IRA, and
therefore,  would be a taxable event. However, since the Life Contingent Annuity
would no longer be part of an IRA,  its  value  would not have to be taken  into
account in determining future required minimum distributions.

If you have elected a Joint and Survivor  form of the Life  Contingent  Annuity,
the joint  Annuitant  must be your  spouse.  You must  determine  your  required
minimum  distribution  by annually  recalculating  both your life expectancy and
your spouse's life  expectancy.  The Income Manager will not be available if you
have  previously  made a different  election  for the funds used to purchase the
Certificates.  Recalculation is no longer required once the only payments you or
your spouse receive are under the Life Contingent Annuity.  The value of such an
annuity will change in the event of your death or the death of your spouse.  For
this  reason,  it is  important  that we be  informed if you or your spouse dies
before  the  Life  Contingent  Annuity  has  started  payments  so  that a lower
valuation  can  be  made.  Otherwise,  a  higher  tax  value  may  result  in an
overstatement  of the amount that would be necessary  to satisfy  your  required
minimum distribution amount.

   
Allocations of funds to the Life Contingent  Annuity may prevent the Certificate
from later  receiving  "conduit" IRA  treatment.  See  "Rollovers and Transfers"
above.

Taxation of Death Benefits

Distributions  received  by a  beneficiary  are  generally  given  the  same tax
treatment you would have received if distribution had been made to you.

If your  spouse  is the sole  primary  beneficiary  and  elects  to  become  the
successor Annuitant and Certificate Owner, no death benefit is payable until the
surviving spouse's death.
    


                                       29
<PAGE>

   
Prohibited Transaction

An IRA may not be  borrowed  against or used as  collateral  for a loan or other
obligation.  If  the  IRA  is  borrowed  against  or  used  as  collateral,  its
tax-favored status will be lost as of the first day of the tax year in which the
event  occurred.  If this happens,  you must include in Federal gross income for
that year an amount equal to the fair market value of the IRA  Certificate as of
the  first  day  of  that  tax  year,  less  the  amount  of  any  nondeductible
contributions not previously withdrawn. Also, the early distribution penalty tax
of 10% will  apply if you have not  reached  age 59 1/2  before the first day of
that tax year. See "Penalty Tax on Early Distributions" below.

PENALTY TAX ON EARLY DISTRIBUTIONS

The taxable  portion of IRA  distributions  will be subject to a 10% penalty tax
unless the distribution is made (1) on or after your death, (2) because you have
become  disabled,  (3) on or after the date when you reach age 59 1/2, or (4) in
accordance  with the exception  outlined below if you are under 59 1/2. Also not
subject  to  penalty  tax  are  IRA  distributions   used  to  pay  (5)  certain
extraordinary  medical  expenses  or  medical  insurance  premiums  for  defined
unemployed individuals, (6) qualified first-time home buyer expense payments, or
(7) higher educational expense payments, all as defined in the Code.
    

A payout over your life or life  expectancy (or joint and survivor lives or life
expectancies),  which  is part  of a  series  of  substantially  equal  periodic
payments made at least  annually,  is also not subject to penalty tax. An Income
Manager (Life Annuity with a Period Certain),  with level payments,  and with no
deferral of the  payment  start date,  should fit this  payout  exception.  Once
Income  Manager  (Life  Annuity  with a  Period  Certain)  payments  begin,  the
distributions should not be changed until the later of your attaining age 59 1/2
or five years  after the date of the first  distribution,  or the  penalty  tax,
including an interest charge for the prior penalty  avoidance,  may apply to all
prior  distributions  under this Certificate.  Also, it is possible that the IRS
could view any additional  withdrawal or payment you take from your  Certificate
as changing your pattern of Income Manager  payments for purposes of determining
whether the penalty applies.

   
If you are  under  age 59 1/2 and  purchase  an  individual  retirement  annuity
contract  calling  for  substantially  equal  periodic  payments  during a fixed
period,  continuing  afterwards  under a joint life  contingent  annuity  with a
reduced  payment  to the  survivor  (e.g.,  a joint  and 50% to  survivor),  the
question might be raised whether  payments will not be  substantially  equal for
the joint lives of you and the survivor, as the payments will be reduced at some
point.  In issuing our  information  returns,  we code the  substantially  equal
periodic  payments  from such a contract as eligible for an  exception  from the
early  distribution  penalty.  We  believe  that any change in  payments  to the
survivor would come within the statutory  provision  covering change of payments
on account of death. As there is no direct authority on this point,  however, if
you are under age 59 1/2, you should discuss this item with your own tax adviser
when electing a reduced survivorship option.
    

TAX PENALTY FOR INSUFFICIENT DISTRIBUTIONS

Failure to make  required  distributions  discussed  above in "Required  Minimum
Distributions" may cause the  disqualification of the IRA.  Disqualification may
result in current  taxation of your entire benefit.  In addition,  a 50% penalty
tax may be imposed on the difference  between the required  distribution  amount
and the amount actually distributed, if any.

We do not automatically make distributions from a Certificate before the Annuity
Commencement  Date unless a request has been made. It is your  responsibility to
comply with the minimum  distribution rules. We will notify you when our records
show that your age 70 1/2 is approaching. If you do not select a method, we will
assume  you are taking  your  minimum  distribution  from  another  IRA that you
maintain.  You should consult with your tax adviser  concerning  these rules and
their proper application to your situation.

   
FEDERAL AND STATE INCOME TAX WITHHOLDING

Equitable Life is required to withhold Federal income tax from IRA distributions
and the taxable portion of annuity payments from annuity  contracts,  unless the
recipient  elects not to be subject to income tax  withholding.  Withholding may
also apply to any taxable amounts paid under a free look or cancellation.

The rate of withholding will depend on the type of distribution  and, in certain
cases,  the  amount of the  distribution.  Special  withholding  rules  apply to
foreign  recipients  and United  States  citizens  residing  outside  the United
States. See your tax adviser if you think you may be affected by such rules.

Any income tax  withheld is a credit  against  your income tax  liability.  If a
recipient  does  not  have  sufficient  income  tax  withheld  or does  not make
sufficient  estimated  income tax  payments,  however,  the  recipient may incur
penalties under the estimated income tax rules.  Recipients should consult their
tax advisers to determine whether they should elect out of withholding. Requests
not to withhold  Federal  income tax must be made in writing  prior to receiving
benefits under the  Certificate.  Our  Processing  Office will provide forms for
this  purpose.  No election out of  withholding  is valid  unless the  recipient
provides us 
    


                                       30
<PAGE>

   
with the correct  Taxpayer  Identification  Number and a United States residence
address.

Certain states have indicated that income tax withholding will apply to payments
from the Certificates  made to residents.  In some states, a recipient may elect
out of state withholding. Generally, an election out of Federal withholding will
also be  considered  an  election  out of state  withholding.  If you need  more
information  concerning  a  particular  state or any  required  forms,  call our
Processing Office at the toll-free number and consult your tax adviser.

Periodic   payments  (such  as  Income   Manager   payments  after  the  Annuity
Commencement Date) are generally subject to wage-bracket type withholding (as if
such payments  were payments of wages by an employer to an employee)  unless the
recipient  elects  no  withholding.  If  a  recipient  does  not  elect  out  of
withholding  or  does  not  specify  the  number  of   withholding   exemptions,
withholding  will  generally be made as if the recipient is married and claiming
three  withholding  exemptions.  There is an annual  threshold of taxable income
from periodic annuity  payments which is exempt from  withholding  based on this
assumption.  For 1998, a recipient of periodic payments (e.g., monthly or annual
payments)  which  total less than a $14,400  taxable  amount will  generally  be
exempt from Federal  income tax  withholding,  unless the recipient  specifies a
different  choice of  withholding  exemptions.  A  withholding  election  may be
revoked at any time and remains effective until revoked. If a recipient fails to
provide a correct taxpayer identification number,  withholding is made as if the
recipient is single with no exemptions.

A recipient of a non-periodic  distribution (for example,  a Lump Sum Withdrawal
or death benefit before the Annuity Commencement Date) will generally be subject
to  withholding  at a flat 10% rate. A recipient  who  provides a United  States
residence address and a correct taxpayer identification number will generally be
permitted to elect not to have tax withheld.

All  recipients  receiving  periodic and  non-periodic  payments will be further
notified of the withholding  requirements and of their right to make withholding
elections.

OTHER WITHHOLDING

As a  general  rule,  if death  benefits  are  payable  to a person  two or more
generations  younger than you, a Federal generation  skipping tax may be payable
with respect to the benefit at rates  similar to the maximum  estate tax rate in
effect at the time. The generation  skipping tax provisions  generally  apply to
transfers  which  would  also be  subject  to the gift  and  estate  tax  rules.
Individuals are generally allowed an aggregate generation skipping tax exemption
of $1 million. Because these rules are complex, you should consult with your tax
adviser for  specific  information,  especially  where  benefits  are passing to
younger generations, as opposed to a spouse or child.
    

If we  believe a benefit  may be subject to  generation  skipping  tax we may be
required  to  withhold  for  such  tax  unless  we  receive  acceptable  written
confirmation that no such tax is payable.



                                       31
<PAGE>

   
- --------------------------------------------------------------------------------

                            PART 6: OTHER INFORMATION

- --------------------------------------------------------------------------------

INDEPENDENT ACCOUNTS

The  consolidated  financial  statements and  consolidated  financial  statement
schedules  of  Equitable  Life at December 31, 1997 and 1996 and for each of the
three years in the period ended  December 31, 1997 included in Equitable  Life's
Annual Report on Form 10-K,  incorporated by reference in the  prospectus,  have
been examined by Price Waterhouse LLP,  independent  accountants,  whose reports
thereon  are  incorporated  herein by  reference.  Such  consolidated  financial
statements and consolidated financial statement schedules have been incorporated
herein by reference in reliance upon the reports of Price  Waterhouse  LLP given
upon their authority as experts in accounting and auditing.

LEGAL PROCEEDINGS

Equitable Life and its affiliates are parties to various legal proceedings, none
of which,  in our view,  are likely to have a material  adverse  effect upon our
ability to meet our obligations under the Certificates.
    


                                       32
<PAGE>



   
                    APPENDIX: MARKET VALUE ADJUSTMENT EXAMPLE
- --------------------------------------------------------------------------------
The example below shows how the market value  adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated on
February 15, 1999 to a Guarantee  Period with an Expiration Date of February 15,
2008  at a  Guaranteed  Rate of  7.00%  resulting  in a  Maturity  Value  at the
Expiration Date of $183,846,  and further  assuming that a withdrawal of $50,000
was made on February 15, 2003.

- --------------------------------------------------------------------------------
                                                               ASSUMED
                                                          GUARANTEED RATE ON
                                                          FEBRUARY 15, 2003
                                                        5.00%           9.00%
                                                   -----------------------------
As of February 15, 2003 (Before Withdrawal)
- -------------------------------------------
(1)  Present Value of Maturity Value,
     also Annuity Account Value....................   $144,048        $119,487
(2)  Guaranteed Period Amount......................    131,080         131,080
(3)  Market Value Adjustment: (1) - (2)............     12,968         (11,593)

On February 15, 2003 (After Withdrawal)
- ---------------------------------------
(4)  Portion of (3) Associated
     with Withdrawal: (3) x [$50,000/(1)]..........   $  4,501        $ (4,851)
(5)  Reduction in Guaranteed
     Period Amount: [$50,000 - (4)]................     45,499          54,851
(6)  Guaranteed Period Amount: (2) - (5)...........     85,581          76,229
(7)  Maturity Value................................    120,032         106,915
(8)  Present Value of (7), also
     Annuity Account Value.........................     94,048          69,487
- --------------------------------------------------------------------------------

You should note that under this example if a withdrawal  is made when rates have
increased  (from 7.00% to 9.00% in the example),  a portion of a negative market
value  adjustment  is realized.  On the other hand, if a withdrawal is made when
rates  have  decreased  (from  7.00% to 5.00% in the  example),  a portion  of a
positive market value adjustment is realized.
    


                                       33

<PAGE>

   
                               ASSURED GROWTH PLAN
                          PROSPECTUS DATED MAY 1, 1998

                              --------------------

                              ANNUITY CERTIFICATES

                                   Issued By:
            The Equitable Life Assurance Society of the United States
- --------------------------------------------------------------------------------

This prospectus  describes  certificates The Equitable Life Assurance Society of
the United  States  (EQUITABLE  LIFE,  WE,  OUR and US) offers  under an annuity
contract  (ASSURED  GROWTH  PLAN)  issued  on a  group  basis  or as  individual
contracts.  Enrollment under a group contract will be evidenced by issuance of a
certificate.  Certificates and individual  contracts each will be referred to as
"Certificates."   Assured  Growth  Plan  Certificates  are  used  for  after-tax
contributions  to a non-qualified  annuity.  A minimum  initial  contribution of
$5,000 is required to put a Certificate into effect.

The Assured  Growth Plan is  designed to provide  retirement  income at a future
date.  The Owner  (CERTIFICATE  OWNER,  YOU and YOUR) can choose to have amounts
accumulate  on a  tax-deferred  basis until a later date, by investing in any or
all of the available GUARANTEE PERIODS.

Amounts  allocated  to a Guarantee  Period  accumulate  on a fixed basis and are
credited with interest at a rate we set (GUARANTEED RATE) for the entire period.
On each  business day (BUSINESS  DAY) we will  determine  the  Guaranteed  Rates
available  for amounts  newly  allocated  to Guarantee  Periods.  A market value
adjustment  (positive  or  negative)  will be made for  withdrawals,  transfers,
surrender  and certain  other  transactions  from a Guarantee  Period before its
expiration date (EXPIRATION DATE). The Guarantee Periods currently available are
those maturing in calendar years 1999 through 2008.

Under the Assured Growth Plan when you are ready to start receiving income,  you
may choose from a variety of payout  options,  including  the Income  Manager(R)
payout annuity options and other fixed annuities.

This  prospectus  provides  information  about  the  Assured  Growth  Plan  that
prospective investors should know before investing. You should read it carefully
and retain it for future reference.
    

A registration  statement  relating to interests under the Guarantee Periods has
been filed with the Securities and Exchange Commission (SEC).

THESE  SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED  BY THE SECURITIES AND
EXCHANGE  COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE CERTIFICATES  ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY.  THEY ARE NOT
DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK AND ARE NOT BANK GUARANTEED.  THEY ARE
SUBJECT TO INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL INVESTED.

- --------------------------------------------------------------------------------
                                 Copyright 1998
           The Equitable Life Assurance Society of the United States,
                           New York, New York 10104.
                              All Rights Reserved.
                 Income Manager is a registered service mark of
           The Equitable Life Assurance Society of the United States.


<PAGE>

                 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

   
      Equitable  Life's Annual  Report on Form 10-K for the year ended  December
31, 1997 and a current  report on Form 8-K dated April 7, 1998 are  incorporated
herein by reference.
    

      All  documents  or reports  filed by  Equitable  Life  pursuant to Section
13(a),  13(c) 14 or 15(d) of the  Securities  Exchange  Act of 1934,  as amended
(EXCHANGE  ACT)  after  the date  hereof  and  prior to the  termination  of the
offering of the securities  offered hereby shall be deemed to be incorporated by
reference in this  prospectus and to be a part hereof from the date of filing of
such documents.  Any statement contained in a document incorporated or deemed to
be incorporated herein by reference shall be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement  contained herein
or in any other  subsequently  filed  document  which also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified or superseded  shall not be deemed,  except as so modified
and superseded,  to constitute a part of this  prospectus.  Equitable Life files
its  Exchange Act  documents  and reports,  including  its annual and  quarterly
reports on Form 10-K and Form 10-Q,  electronically  pursuant to EDGAR under CIK
No.  0000727920.  The SEC maintains a web site that contains reports,  proxy and
information  statements and other  information  regarding  registrants that file
electronically with the SEC. The address of the site is http://www.sec.gov.

     Equitable  Life will  provide  without  charge to each  person to whom this
prospectus is delivered, upon the written or oral request of such person, a copy
of any or all of the foregoing documents incorporated herein by reference (other
than exhibits not  specifically  incorporated by reference into the text of such
documents). Requests for such documents should be directed to The Equitable Life
Assurance Society of the United States,  1290 Avenue of the Americas,  New York,
New York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).


                                       2
<PAGE>

- --------------------------------------------------------------------------------

                          PROSPECTUS TABLE OF CONTENTS

- --------------------------------------------------------------------------------
GENERAL TERMS                                     PAGE  4

   
PART 1: SUMMARY                                   PAGE  5
What Is the Assured Growth Plan?                        5
Guarantee Periods                                       5
Joint Ownership                                         5
Contributions                                           5
Transfers                                               5
Withdrawals                                             5
Death Benefit                                           5
Withdrawal Charge                                       5
Free Look Period                                        6
Services We Provide                                     6
Surrendering the Certificates                           6
Annuity Benefits and Payout
   Annuity Options                                      6
Taxes                                                   6
Charges for State Premium and
   Other Applicable Taxes                               6
Equitable Life                                          7

PART 2: THE GUARANTEED PERIOD
           ACCOUNT                                PAGE  8
Guarantee Periods                                       8
Market Value Adjustment for Transfers,
   Withdrawals or Surrender Prior to the
   Expiration Date                                      9
Investments                                             9

PART 3: PROVISIONS OF THE
           CERTIFICATES AND SERVICES
           WE PROVIDE                            PAGE  11
Availability of the Certificates                       11
Joint Ownership                                        11
Contributions under the Certificates                   11
Methods of Payment                                     11
Allocation of Contributions                            12
Free Look Period                                       12
Annuity Account Value                                  12
Transfers                                              13
Options at Expiration Date of a
   Guarantee Period                                    13
Withdrawal Options                                     13
Death Benefit                                          14
When the Certificate Owner
   Dies before the Annuitant                           14
Cash Value                                             15
Surrendering the Certificates to
   Receive the Cash Value                              15
Annuity Benefits and Payout
   Annuity Options                                     15
When Payments Are Made                                 17
Assignment                                             17
Distribution of the Certificates                       17
Withdrawal Charge                                      17
Charges for State Premium and
   Other Applicable Taxes                              17
Group or Sponsored Arrangements                        18
Other Distribution Arrangements                        18

PART 4: TAX ASPECTS OF THE
           CERTIFICATES                           PAGE 19
Tax Changes                                            19
Taxation of Non-Qualified Annuities                    19
Charitable Remainder Trusts                            20
Special Rules for Certificates
   Issued in Puerto Rico                               20
Federal and State Income
   Tax Withholding and Information Reporting           20
Other Withholding                                      21

PART 5: OTHER INFORMATION                         PAGE 22
Independent Accountants                                22
Legal Proceedings                                      22

APPENDIX: MARKET VALUE
   ADJUSTMENT EXAMPLE                             PAGE 23
    


                                       3
<PAGE>

- --------------------------------------------------------------------------------

                                  GENERAL TERMS

- --------------------------------------------------------------------------------

   
ANNUITANT -- The individual who is the measuring life for  determining  benefits
under the  Certificate.  The  Annuitant  can be different  from the  Certificate
Owner.

ANNUITY  ACCOUNT VALUE -- The sum of the present value of the Maturity  Value in
each Guarantee Period. See "Annuity Account Value" in Part 3.
    

ANNUITY  COMMENCEMENT  DATE -- The date on which annuity benefit payments are to
commence.

   
BUSINESS DAY -- Generally,  any day on which the New York Stock Exchange is open
for trading.  For the purpose of determining the Transaction  Date, our Business
Day ends at 4:00 p.m. Eastern Time.
    

CASH VALUE -- The Annuity Account Value minus any applicable charges.

CERTIFICATE  -- The  Certificate  issued  under  the  terms  of a group  annuity
contract and any individual contract, including any endorsements.

   
CERTIFICATE  OWNER -- The  person  who owns a  Certificate  and has the right to
exercise  all  rights  under  the  Certificate.  The  Certificate  Owner  can be
different from the Annuitant.
    

CODE -- The Internal Revenue Code of 1986, as amended.

CONTRACT  DATE -- The date on which the  Annuitant  is enrolled  under the group
annuity  contract,  or the effective  date of the individual  contract.  This is
usually the Business Day we receive your contribution at our Processing Office.

CONTRACT  YEAR -- The 12-month  period  beginning on your Contract Date and each
anniversary of that date.

EXPIRATION DATE -- The date on which a Guarantee Period ends.

GUARANTEE PERIOD -- Any of the periods of time ending on an Expiration Date that
are available for investment under the Certificate.  Guarantee  Periods may also
be referred to as Guaranteed  Interest Rate Options (GIROs) or Guaranteed  Fixed
Interest Accounts.

GUARANTEED PERIOD ACCOUNT -- The Account that contains the Guarantee Periods.

   
GUARANTEED  PERIOD  AMOUNT -- The term used to refer to the amount  allocated to
and accumulated in each Guarantee Period.

GUARANTEED RATE -- The annual interest rate established for each allocation to a
Guarantee Period.

JOINT  OWNER  -- Two  individuals  who own  undivided  interests  in the  entire
Certificate.  If Joint Owners are named, reference to "Certificate Owner," "you"
or "your" will apply to both Joint Owners or either of them.
    

MATURITY VALUE -- The amount in a Guarantee Period on its Expiration Date.

   
PROCESSING  OFFICE -- The address to which all  contributions,  written requests
(e.g.,  withdrawals,  etc.) or other written  communications  must be sent.  See
"Services We Provide" in Part 1.
    

TRANSACTION  DATE -- The Business Day we receive a contribution or a transaction
request providing all the information we need at our Processing  Office. If your
contribution or request reaches our Processing  Office on a non-Business Day, or
after the  close of the  Business  Day,  the  Transaction  Date will be the next
following Business Day.  Transaction  requests must be made in a form acceptable
to us.


                                       4
<PAGE>

- --------------------------------------------------------------------------------

                                 PART 1: SUMMARY

- --------------------------------------------------------------------------------

The  following  Summary  is  qualified  in  its  entirety  by the  terms  of the
Certificate when issued and the more detailed information appearing elsewhere in
this prospectus (see "Prospectus Table of Contents").

   
WHAT IS THE ASSURED GROWTH PLAN?

The Assured Growth Plan is a non-qualified  deferred annuity designed to provide
for  retirement  income at a future date through the  investment  of funds on an
after-tax basis. The Assured Growth Plan features a series of Guarantee  Periods
providing guaranteed interest when held to maturity. The Assured Growth Plan may
not be  available  in all states.  Your  registered  representative  can provide
information about state availability, or you may contact our Processing Office.

You design your own program by selecting  one or more of the  Guarantee  Periods
and  allocating  your   contributions   among  them.  Amounts  accumulate  on  a
tax-deferred  basis until withdrawn or  distributions  become  payable.  You can
decide when and if to apply amounts to an Income  Manager  payout  annuity or to
elect a fixed annuity benefit option.
    

GUARANTEE PERIODS

   
Guarantee  Periods  maturing  on February  15th in each of  calendar  years 1999
through 2008 are available.
    

JOINT OWNERSHIP

   
If Joint Owners are named under an Assured Growth Plan Certificate,  both Owners
must be of legal  age,  and joint  ownership  with  non-natural  persons  is not
permitted.  A Joint Owner  designation  supersedes any beneficiary  designation.
This  feature may not  currently be  available  in your state.  Your  registered
representative  can provide  information  about state  availability,  or you may
contact our Processing Office.
    

CONTRIBUTIONS

   
To put a Certificate into effect,  you must make a minimum initial  contribution
of at least $5,000. You may make subsequent contributions of at least $1,000.
    

TRANSFERS

   
Prior to the  Annuity  Commencement  Date,  you may  transfer  funds  among  the
Guarantee  Periods once per quarter  during each  Contract  Year.  Transfers may
result in a market value  adjustment.  Transfers among Guarantee Periods are not
taxable.

WITHDRAWALS

o  Lump Sum  Withdrawals  -- Before  the  Annuity  Commencement  Date  while the
   Certificate  is in  effect,  you may take  Lump  Sum  Withdrawals  from  your
   Certificate  two times per  Contract  Year at any time during  such  Contract
   Year. The minimum amount of a Lump Sum Withdrawal is $1,000.

o  Principal  Assurance  Withdrawals  --  Principal  Assurance  Withdrawals  are
   designed to provide you with (i) level  annual  withdrawals  in the  calendar
   years that you  select,  plus (ii) a Maturity  Value  equal to your  original
   contribution in the last calendar year that you select. You select a calendar
   year in which you wish to receive the last withdrawal.  Such year must not be
   later than ten years nor earlier than seven years after the year of election.
   You  also  select  the  year  in  which  the  withdrawals  will  begin.  Such
   withdrawals must be for a period of at least five consecutive years.

Lump Sum Withdrawals  may be subject to a withdrawal  charge and may result in a
market value  adjustment.  Both Lump Sum  Withdrawals  and  Principal  Assurance
Withdrawals  may be  taxable  and if you are  under age 59 1/2,  subject  to tax
penalty.
    

DEATH BENEFIT

   
If the  Annuitant  and  successor  Annuitant,  if any,  die before  the  Annuity
Commencement  Date, the  Certificate  provides a death benefit.  The beneficiary
will be paid the death benefit  which is equal to the Annuity  Account Value or,
if greater, the sum of the Guaranteed Period Amounts in each Guarantee Period.
    

WITHDRAWAL CHARGE

   
A withdrawal  charge is imposed as a percentage of each contribution made to the
extent that a Lump Sum Withdrawal  exceeds the 10% free corridor  amount,  or if
the  Certificate  is  surrendered  to receive  its Cash Value.  While  Principal
Assurance  Withdrawals are in effect, a withdrawal charge, if any, will apply to
all Lump Sum Withdrawals. We determine the withdrawal charge separately for each
contribution in accordance with the table below.
    

                               CONTRACT YEAR
                 1    2     3     4     5     6     7    8+
- --------------------------------------------------------------------------------
Percentage of
Contribution   7.0% 6.0%  5.0%   4.0%  3.0% 2.0%  1.0%  0.0%

   
The applicable  withdrawal  charge percentage is determined by the Contract Year
in which the  withdrawal is made or the  Certificate is  surrendered,  beginning
with  "Contract  Year  1"  with  respect  to  each  contribution   withdrawn  or
surrendered.  For each contribution,  the Contract Year in which we receive that
contribution is "Contract Year 1."
    


                                       5
<PAGE>

FREE LOOK PERIOD

   
You have the right to examine the Assured Growth Plan  Certificate  for a period
of 10 days after you  receive  it, and to return it to us for a refund.  You may
cancel it by sending it to our  Processing  Office.  Your  refund will equal the
Annuity  Account  Value   reflecting  any  positive  or  negative  market  value
adjustment, through the date we receive your Certificate for cancellation at our
Processing Office.
    

SERVICES WE PROVIDE

o  REGULAR REPORTS

   o Statement  of your  Certificate  values as of the last day of the  calendar
     year;

   o Three additional reports of your Certificate values each year;

   o Written confirmation of financial transactions.

o  TOLL-FREE TELEPHONE SERVICES

Call  1-800-789-7771 for a recording of daily Guaranteed Rates applicable to the
Guarantee  Periods.  Also call during our regular business hours to speak to one
of our customer service representatives.

o  PROCESSING OFFICE

   o FOR CONTRIBUTIONS SENT BY REGULAR MAIL:

   
     Equitable Life
     Assured Growth Plan
     Post Office Box 13014
     Newark, NJ 07188-0014
    

   o FOR CONTRIBUTIONS SENT BY EXPRESS MAIL:

     Equitable Life
     c/o First Chicago National Processing Center
     300 Harmon Meadow Boulevard, 3rd Floor
     Attn: Box 13014
     Secaucus, NJ 07094

   o FOR ALL OTHER  COMMUNICATIONS  (E.G.,  REQUESTS  FOR  WITHDRAWALS)  SENT BY
     REGULAR MAIL:

   
     Equitable Life
     Assured Growth Plan
     P.O. Box 1547
     Secaucus, NJ 07096-1547
    

   o FOR ALL  OTHER  COMMUNICATIONS  (E.G.,  REQUEST  FOR  WITHDRAWALS)  SENT BY
     EXPRESS MAIL:

   
     Equitable Life
     Assured Growth Plan
     200 Plaza Drive
     Secaucus, NJ 07096

YEAR 2000 PROGRESS

Equitable Life relies upon various  computer systems in order to administer your
Certificate and operate the Guarantee  Periods.  Some of these systems belong to
service providers who are not affiliated with Equitable Life.

In 1995,  Equitable  Life began  addressing the question of whether its computer
systems would  recognize the year 2000 before,  on or after January 1, 2000, and
Equitable  Life  believes it has  identified  those of its  systems  critical to
business  operations  that  are not  Year  2000  compliant.  By year  end  1998,
Equitable  Life expects  that the work of  modifying or replacing  non-compliant
systems will  substantially be completed and expects a comprehensive test of its
Year 2000 compliance will be performed in the first half of 1999. Equitable Life
is in the process of seeking  assurances from third party service providers that
they are acting to address  the Year 2000  issue with the goal of  avoiding  any
material  adverse  effect on  services  provided  to  Certificate  Owners and on
operations of the  Guarantee  Periods.  Any  significant  unresolved  difficulty
related to the Year 2000 compliance  initiatives  could have a material  adverse
effect on the ability to administer  your  Certificate and operate the Guarantee
Periods.  Assuming the timely completion of computer  modifications by Equitable
Life and third party  service  providers,  there  should be no material  adverse
effect on the ability to perform these functions.
    

SURRENDERING THE CERTIFICATES

You may surrender a Certificate and receive the Cash Value at any time while the
Annuitant is living and the Certificate is in effect.  Withdrawal  charges and a
market value adjustment may apply. A surrender may also be subject to income tax
and tax penalty.

ANNUITY BENEFITS AND PAYOUT ANNUITY OPTIONS

   
The Assured Growth Plan Certificates provide the Income Manager payout annuities
and  annuity  benefit  options to which  amounts  may be applied at the  Annuity
Commencement  Date.  The  annuity  benefits,   and  the  Income  Manager  payout
annuities,  are  offered  on  a  fixed  basis.  Income  Manager  payout  annuity
certificates  are offered through another  prospectus which may be obtained from
your registered representative.
    

TAXES

Generally,  earnings  on  contributions  made  to the  Certificate  will  not be
included  in  your  taxable  income  until   distributions  are  made  from  the
Certificate.  Distributions prior to your attaining age 59 1/2 may be subject to
tax penalty.

CHARGES FOR STATE PREMIUM AND OTHER APPLICABLE TAXES

   
Generally,  we deduct a charge for state premium or other  applicable taxes from
the Annuity  Account  
    


                                       6
<PAGE>

   
Value on the  Annuity  Commencement  Date.  The current tax charge that might be
imposed varies by state and ranges from 0 to 3.5% (the rate is 1% in Puerto Rico
and 5% in the Virgin Islands).
    

EQUITABLE LIFE

   
Equitable  Life is a New York  stock  life  insurance  company  that has been in
business  since  1859.  For more than 100 years we have been  among the  largest
insurance  companies  in the United  States.  Our home office is located at 1290
Avenue of the Americas, New York, New York 10104. We are authorized to sell life
insurance and annuities in all fifty  states,  the District of Columbia,  Puerto
Rico and the U.S.  Virgin  Islands.  We maintain  local offices  throughout  the
United States.

Equitable  Life  is  a  wholly  owned  subsidiary  of  The  Equitable  Companies
Incorporated  (THE  HOLDING  COMPANY).  The largest  shareholder  of the Holding
Company is AXA-UAP  (AXA).  As of December  31,  1997,  AXA  beneficially  owned
approximately  58.7% of the  outstanding  shares of common  stock of the Holding
Company.  Under its investment  arrangements with Equitable Life and the Holding
Company, AXA is able to exercise  significant  influence over the operations and
capital  structure  of the  Holding  Company  and  its  subsidiaries,  including
Equitable Life. AXA, a French company, is a holding company for an international
group of insurance and related financial service companies.
    


                                       7
<PAGE>

- --------------------------------------------------------------------------------

                      PART 2: THE GUARANTEED PERIOD ACCOUNT

- --------------------------------------------------------------------------------

GUARANTEE PERIODS

   
Each amount allocated to a Guarantee Period and held to the Period's  Expiration
Date  accumulates  interest at a Guaranteed  Rate. The Guaranteed  Rate for each
allocation is the annual  interest rate  applicable to new  allocations  to that
Guarantee  Period,  which  was  in  effect  on  the  Transaction  Date  for  the
allocation.  We may establish different  Guaranteed Rates under other classes of
Certificates.  We use the term  GUARANTEED  PERIOD AMOUNT to refer to the amount
accumulated in each Guarantee Period. The Guaranteed Period Amount is reduced or
increased by any market value  adjustment as a result of withdrawals,  transfers
or charges (see below).

Your Guaranteed  Period Account contains the Guarantee Periods to which you have
allocated Annuity Account Value. On the Expiration Date of a Guaranteed  Period,
its Guaranteed  Period Amount and its value in the Guaranteed Period Account are
equal. We call the Guaranteed  Period Amount on an Expiration Date the Guarantee
Period's  Maturity  Value.  We report the Annuity  Account  Value to reflect any
market value  adjustment that would apply if all Guaranteed  Period Amounts were
withdrawn  as of  the  calculation  date.  The  Annuity  Account  Value  in  the
Guaranteed Period Account on any Business Day, therefore, will be the sum of the
present value of the Maturity Value in each Guarantee Period,  using the current
Guaranteed Rate in effect for new  allocations to such Guarantee  Period on such
date.
    

Guarantee Periods and Expiration Dates

   
We currently  offer  Guarantee  Periods  ending on February 15th for each of the
maturity  years 1999 through 2008.  Not all of these  Guarantee  Periods will be
available for Annuitant ages 76 and above. See "Allocation of  Contributions" in
Part 3. Also,  the Guarantee  Periods may not be available for investment in all
states.  As Guarantee  Periods  expire,  we expect to add maturity years so that
generally 10 are available at any time.
    

We will not accept  allocations  to a  Guarantee  Period if, on the  Transaction
Date:

o  Such  Transaction Date and the Expiration Date for such Guarantee Period fall
   within the same calendar year.

o  The Guaranteed Rate is 3%.

   
o  The  Guarantee  Period  has an  Expiration  Date  beyond  the  February  15th
   immediately following the Annuity Commencement Date.
    

Guaranteed Rates and Price Per $100 of Maturity Value

   
Because the Maturity Value of a contribution allocated to a Guarantee Period can
be determined at the time it is made,  you can determine the amount  required to
be allocated to a Guarantee  Period in order to produce a target  Maturity Value
(assuming no  transfers or  withdrawals  are made).  The required  amount is the
present value of that Maturity Value at the Guaranteed  Rate on the  Transaction
Date,  which may also be  expressed  as the price per $100 of Maturity  Value on
such Transaction Date.

Guaranteed  Rates for new allocations as of April 15, 1998 and the related price
per $100 of Maturity Value for each currently available Guarantee Period were as
follows:

- -------------------------------------------------------------
  GUARANTEE PERIODS       GUARANTEED
   WITH EXPIRATION        RATE AS OF            PRICE
      DATES AND            APRIL 15,         PER $100 OF
   MATURITY YEARS            1998          MATURITY VALUE
- -------------------------------------------------------------
        1999                  4.48%             $96.39
        2000                  4.59               92.08
        2001                  4.64               87.91
        2002                  4.68               83.89
        2003                  4.73               79.95
        2004                  4.80               76.04
        2005                  4.81               72.50
        2006                  4.83               69.07
        2007                  4.86               65.72
        2008                  4.86               62.68
- -------------------------------------------------------------

Allocation among Guarantee Periods

The same  approach as described  above may also be used to determine  the amount
which you would need to allocate to each  Guarantee  Period in order to create a
series of constant Maturity Values for two or more years.

For example,  if you wish to have $100 mature on February  15th of each of years
1999 through 2003,  then according to the above table the lump sum  contribution
you would have to make as of April 15, 1998 would be $440.22  (i.e.,  the sum of
the price per $100 of Maturity  Value for each  maturity  year from 1999 through
2003).

The  above  example  is  provided  to  illustrate   the  use  of  present  value
calculations.  It does not take into account  withdrawals and withdrawal charges
or transfers among Guarantee Periods.  Actual calculations will also 
    


                                       8
<PAGE>

   
be based on Guaranteed Rates on each actual Transaction Date, which may differ.

MARKET VALUE ADJUSTMENT FOR TRANSFERS, WITHDRAWALS OR SURRENDER PRIOR TO 
THE EXPIRATION DATE

Any  withdrawal   (including   transfers,   deductions  and  surrender  of  your
Certificate) from a Guarantee Period prior to its Expiration Date will cause any
remaining  Guaranteed Period Amount for that Guarantee Period to be increased or
decreased by a market value adjustment. The amount of the adjustment will depend
on two factors: (a) the difference between the Guaranteed Rate applicable to the
amount being withdrawn and the current  Guaranteed Rate on the Transaction  Date
for new allocations to a Guarantee Period with the same Expiration Date, and (b)
the length of time remaining until the Expiration Date. In general,  if interest
rates have risen between the time when an amount was  originally  allocated to a
Guarantee Period and the time it is withdrawn,  the market value adjustment will
be negative,  and vice versa;  and the longer the period of time remaining until
the  Expiration  Date,  the greater the impact of the interest rate  difference.
Therefore, it is possible that a significant rise in interest rates could result
in a  substantial  reduction in your  Annuity  Account  Value in the  Guaranteed
Period Account related to longer-term Guarantee Periods.

The market value adjustment  (positive or negative)  resulting from a withdrawal
of all funds from a Guarantee  Period will be determined  for each  contribution
allocated to that Guarantee Period as follows:
    

(1) We determine the present value of the Maturity Value on the Transaction Date
    as follows:

     (a) We determine the Guaranteed  Period Amount that would be payable on the
         Expiration Date, using the applicable Guaranteed Rate.

   
     (b) We determine the period  remaining in your  Guarantee  Period (based on
         the  Transaction  Date) and convert it to  fractional  years based on a
         365-day year. For example three years and 12 days becomes 3.0329.

     (c) We  determine  the  current   Guaranteed  Rate  which  applies  on  the
         Transaction Date to new allocations to the same Guarantee Period.
    

     (d) We determine the present value of the Guaranteed  Period Amount payable
         at the Expiration Date, using the period determined in (b) and the rate
         determined in (c).

(2) We determine the Guaranteed Period Amount as of the current date.

(3) We subtract  (2) from the result in (1)(d).  The result is the market  value
    adjustment  applicable to such  Guarantee  Period,  which may be positive or
    negative.

   
The market value adjustment  (positive or negative)  resulting from a withdrawal
of a portion of the amount in a  Guarantee  Period will be a  percentage  of the
market value  adjustment that would be applicable upon a withdrawal of all funds
from a Guarantee  Period.  This  percentage  is  determined  by (i) dividing the
amount of the  withdrawal or transfer by (ii) the Annuity  Account Value in such
Guarantee  Period prior to the  withdrawal or transfer.  See the Appendix for an
example.

The Guaranteed  Rate for new  allocations  to a Guarantee  Period is the rate we
have in effect for this purpose even if new allocations to that Guarantee Period
would not be accepted at the time.  This rate will not be less than 3%. If we do
not have a  Guaranteed  Rate in  effect  for a  Guarantee  Period  to which  the
"current  Guaranteed  Rate" in (1)(c) would  apply,  we will use the rate at the
next  closest  Expiration  Date.  If we are no  longer  offering  new  Guarantee
Periods, the "current Guaranteed Rate" will be determined in accordance with our
procedures  then in  effect.  For  purposes  of  calculating  the  market  value
adjustment only; we reserve the right to add 0.25% to the current rate in (1)(c)
above.
    

INVESTMENTS

Amounts allocated to Guarantee Periods will be held in a "nonunitized"  separate
account  established by Equitable Life under the laws of New York. This separate
account  provides an  additional  measure of assurance  that the full payment of
amounts  due  under  the  Guarantee  Periods  will be made.  Under  the New York
Insurance  Law,  the  portions of the  separate  account's  assets  equal to the
reserves and other contract  liabilities  relating to the  Certificates  are not
chargeable with liabilities arising out of any other business we may conduct.

   
Investments  purchased with amounts  allocated to the Guaranteed  Period Account
and any  earnings on those  amounts  are the  property of  Equitable  Life.  Any
favorable  investment  performance  on the assets held in the  separate  account
accrues  solely  to  Equitable  Life's  benefit.   Certificate   Owners  do  not
participate  in the  performance  of the assets held in this  separate  account.
Equitable  Life may,  subject  to  applicable  state  law,  transfer  all assets
allocated to the separate account to its general account.  Regardless of whether
assets  supporting  Guaranteed Period Accounts are held in a separate account or
our general account,  all benefits  relating to the Annuity Account Value in the
Guaranteed Period Account are guaranteed by Equitable Life.
    


                                       9
<PAGE>

Equitable Life has no specific formula for establishing the Guaranteed Rates for
the Guarantee Periods. Equitable Life expects the rates to be influenced by, but
not  necessarily  correspond  to,  among other  things,  the yields on the fixed
income  securities  to be  acquired  with  amounts  that  are  allocated  to the
Guarantee  Periods at the time that the Guaranteed  Rates are  established.  Our
current plans are to invest such amounts in fixed income obligations,  including
corporate bonds,  mortgage backed and asset backed securities and government and
agency issues having  durations in the  aggregate  consistent  with those of the
Guarantee Periods.

   
Although the foregoing  generally describes Equitable Life's plans for investing
the assets  supporting Equi- table Life's  obligations  under the  Certificates,
Equitable  Life  is not  obligated  to  invest  those  assets  according  to any
particular  plan except as may be required by state insurance laws, nor will the
Guaranteed  Rates Equitable Life establishes be determined by the performance of
the nonunitized separate account.
    

General Account

Our general account supports all of our policy and contract guarantees including
those  applicable  to the  Guaranteed  Period  Account,  as well as our  general
obligations.

The general  account is subject to regulation  and  supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations of
all jurisdictions where we are authorized to do business.  Because of applicable
exemptions and  exclusionary  provisions,  interests in the general account have
not been registered under the Securities Act of 1933, as amended (1933 ACT), nor
is the general account an investment company under the Investment Company Act of
1940, as amended, (1940 ACT). Accordingly, the general account is not subject to
regulation  under  the 1933 Act or the  1940  Act.  However,  the  market  value
adjustment interests under the Certificates are registered under the 1933 Act.

We have  been  advised  that the  staff of the SEC has not made a review  of the
disclosure that is included in this prospectus for your information that relates
to the general  account  (other than market  value  adjustment  interests).  The
disclosure,  however, may be subject to certain generally applicable  provisions
of the Federal  securities  laws  relating to the accuracy and  completeness  of
statements made in prospectuses.


                                       10
<PAGE>

- --------------------------------------------------------------------------------

         PART 3: PROVISIONS OF THE CERTIFICATES AND SERVICES WE PROVIDE

- --------------------------------------------------------------------------------

The  provisions of your  Certificate  may be  restricted by applicable  laws and
regulations.

AVAILABILITY OF THE CERTIFICATES

   
Assured  Growth Plan  Certificates  are available  for  Annuitant  issue ages 20
through 83. The Certificates may not be available in all states. Your registered
representative  can provide  information  about state  availability,  or you may
contact our Processing Office.
    

JOINT OWNERSHIP

   
If Joint Owners are named under an Assured Growth Plan Certificate,  both Owners
must be of legal  age,  and joint  ownership  with  non-natural  persons  is not
permitted.  Unless otherwise provided in writing,  the exercise of any ownership
right in the Certificate must be in a written form satisfactory to us and signed
by both Owners. A Joint Owner designation supersedes any beneficiary designation
(see "Death Benefit" below). This feature may not currently be available in your
state.  Your  registered  representative  can  provide  information  about state
availability, or you may contact our Processing Office.
    

CONTRIBUTIONS UNDER THE CERTIFICATES

   
Your  initial  contribution  must be at least  $5,000.  You may make  subsequent
contributions of at least $1,000 at any time until the Annuitant attains age 84.

We may refuse to accept any contribution if the sum of all  contributions  under
all accumulation Certificates with the same Annuitant would then total more than
$1,500,000. We reserve the right to limit aggregate contributions made after the
first Contract Year to 150% of first-year  contributions.  We may also refuse to
accept any contribution if the sum of all contributions under all Equitable Life
annuity accumulation  certificates/contracts  that you own would then total more
than $2,500,000.
    

METHODS OF PAYMENT

   
Except as indicated under "Wire Transmittals" and "Automatic Investment Program"
below, all  contributions  must be made by check drawn on a bank or credit union
in the U.S.,  clearing  through the Federal Reserve System,  in U.S. dollars and
payable to Equitable Life. Third party checks endorsed to Equitable Life are not
acceptable forms of payment except in cases of a rollover from a qualified plan,
a tax-free  exchange  under the Code or a trustee check that involves no refund.
All checks are accepted subject to collection. Equitable Life reserves the right
to reject a payment if an unacceptable form of payment is received.

All  contributions  should be sent to Equitable  Life at our  Processing  Office
address  designated  for  contributions.   Your  initial  contribution  must  be
accompanied by a completed  application  which is acceptable to us. In the event
the  application  information is incomplete or the  application is otherwise not
acceptable,  we may retain your  contribution  for a period not  exceeding  five
Business  Days while an attempt is made to obtain the required  information.  If
the required information cannot be obtained within those five Business Days, the
Processing Office will inform the broker-dealer,  on behalf of the applicant, of
the  reasons  for the delay or  non-acceptability  and return  the  contribution
immediately to the applicant,  unless the applicant specifically consents to our
retaining the  contribution  until the required  information  is received by the
Processing Office.
    

Wire Transmittals

   
We will accept,  by agreement  with  broker-dealers  who use wire  transmittals,
transmittal of initial contributions by wire order from the broker-dealer to the
Processing   Office.   Such   transmittals  must  be  accompanied  by  essential
information we require to allocate the contribution.
    

Contributions  accepted  by wire order will  receive the  Guaranteed  Rate(s) in
effect for the  applicable  Guarantee  Period(s) on the date  contributions  are
received. Wire orders not accompanied by complete information may be retained as
described above.

   
Notwithstanding  the  acceptance  by us of the  wire  order  and  the  essential
information,  however,  a  Certificate  generally  will not be issued  until the
receipt and acceptance of a properly completed application.  In certain cases we
may issue a Certificate based on information forwarded electronically.  In these
cases, you must sign our Acknowledgment of Receipt form.
    

Where a signed  application  is  required,  no  financial  transactions  will be
permitted until such time as we receive such signed  application and have issued
the  Certificate.  Where an  Acknowledgment  of Receipt is  required,  financial
transactions  will only be  permitted  if  requested  in writing,  signed by the
Certificate  Owner  and  signature  guaranteed  until  we  receive  such  signed
Acknowledgment of Receipt.

   
After  your  Certificate  has  been  issued,  subsequent  contributions  may  be
transmitted by wire.
    


                                       11
<PAGE>

   
Section 1035 Exchanges

You may apply the values of an existing non-qualified life insurance or deferred
annuity   contract  to  purchase  an  Assured  Growth  Plan   Certificate  in  a
tax-deferred   exchange,   if  you  follow  certain   procedures.   For  further
information,  consult your tax  adviser.  See also  "Taxation  of  Non-Qualified
Annuities:  Withdrawals"  in Part  4.  In the  case  of  joint  ownership,  1035
exchanges will not be permitted unless both owners authorize the exchange.

Automatic Investment Program

Our Automatic  Investment  Program (AIP)  provides for a specified  amount to be
automatically  deducted  from a bank  or  brokerage  checking  account,  bank or
brokerage  money  market  account or credit  union  checking  account  and to be
contributed as a subsequent contribution into an Assured Growth Plan Certificate
on a monthly or quarterly basis.

The minimum amount that will be deducted is $100 monthly and $300 quarterly. AIP
subsequent  contributions  may be allocated to any  Guarantee  Period  available
under your Certificate. You may elect AIP by properly completing the appropriate
form, which is available from your registered  representative,  and returning it
to our Processing Office. You elect which day of the month (other than the 29th,
30th,  or 31st) you wish to have your account  debited.  That date,  or the next
Business Day if that day is a non-Business Day, will be the Transaction Date.

You may cancel AIP at any time by notifying our Processing  Office in writing at
least two business days prior to the next scheduled transaction.  Equitable Life
is not responsible for any debits made to your account prior to the time written
notice of revocation is received at our Processing Office.

ALLOCATION OF CONTRIBUTIONS

You have two options from which to choose for allocation of your  contributions:
Self-Directed and Principal Assurance Withdrawals allocations.

Self-Directed Allocation

You design your own investment  program by allocating your  contributions  among
the  Guarantee  Periods  in  any  way  you  choose.  We  allocate  your  initial
contribution  among the Guarantee  Periods according to your  instructions.  You
must provide allocation instructions for each subsequent contribution.  If we do
not  receive   subsequent   instructions   from  you,  your  entire   subsequent
contribution  will be  allocated  to the  Guarantee  Period  with  the  earliest
Expiration  Date.  You  may  choose  to  invest  in one  or up to all  available
Guarantee  Periods at the same time.  Allocations must be in whole  percentages,
and are subject to the  restrictions  under  "Guarantee  Periods and  Expiration
Dates" in Part 2 and other restrictions described below.

Principal Assurance Withdrawals Allocation

If you elect this option,  we will  allocate your initial  contribution  for you
among serially maturing Guarantee Periods based on selections that you make. See
"Principal Assurance Withdrawals" below.

Allocation Restrictions

For  Annuitant  ages 76 and  above,  allocations  may be made only to  Guarantee
Periods with  maturities of five years or less; in no event may  allocations  be
made to Guarantee  Periods with maturities  beyond the February 15th immediately
following the Annuity Commencement Date.
    

FREE LOOK PERIOD

   
You have the right to examine the Assured Growth Plan  Certificate  for a period
of 10 days after you receive it, and to return it to us for a refund. You cancel
it by sending it to our Processing  Office.  The free look period is extended if
your state  requires a refund period of longer than 10 days.  This right applies
only to the initial owner of a Certificate.

Your refund will equal the Annuity  Account  Value  reflecting  any  positive or
negative market value  adjustment,  through the date we receive your Certificate
for  cancellation  at our  Processing  Office.  Some states may require  that we
calculate the refund differently.
    

We follow these same  procedures if you change your mind before you receive your
Certificate, but after a contribution has been made. See "Part 4: Tax Aspects of
the  Certificates"  for possible  consequences  of cancelling  your  Certificate
during the free look period.

If you cancel your Certificate  during the free look period, we may require that
you wait six months before you may apply for a Certificate with us again.

ANNUITY ACCOUNT VALUE

   
Your Annuity Account Value in the Guaranteed  Period Account on any Business Day
will be the sum of the present  value of the  Maturity  Value in each  Guarantee
Period,  using  the  Guaranteed  Rate  in  effect  for new  allocations  to such
Guarantee  Period on such date.  (This is  equivalent to the  Guaranteed  Period
Amount increased or decreased by the full market value  adjustment.) The Annuity
Account Value,  therefore,  may be higher or lower than the contributions  (less
withdrawals)  accumulated  at the Guaranteed  Rate. At the Expiration  Date, the
Annuity  Account Value in the Guaranteed  Period Account will equal the Maturity
Value. See "Part 2: The Guaranteed Period Account."
    


                                       12
<PAGE>

   
TRANSFERS

Prior to the  Annuity  Commencement  Date,  you may  transfer  funds  among  the
Guarantee Periods once per quarter during each Contract Year. Such transfers may
be  made  at  any  time  during  each  quarter.  Transfers  are  subject  to the
restrictions  above and as set forth under  "Guarantee  Periods  and  Expiration
Dates" in Part 2.

A transfer  request will be effective on the Transaction Date and transfers from
a Guarantee  Period,  other than on the Expiration Date, will result in a market
value adjustment  (either positive or negative) as of the Transaction  Date. All
transfers among the Guarantee Periods will be confirmed in writing.

Transfer requests must be made directly to our Processing  Office.  Your request
for  a  transfer  should  specify  your  Certificate   number,  the  amounts  or
percentages to be transferred and the Guarantee  Period(s) to and from which the
amounts are to be  transferred.  Your  transfer  request may be in writing or by
telephone.

For telephone transfer  requests,  procedures have been established by Equitable
Life that are  considered  to be  reasonable  and are  designed to confirm  that
instructions  communicated  by telephone are genuine.  Such  procedures  include
requiring  certain  personal  identification  information  prior  to  acting  on
telephone  instructions  and  providing  written  confirmation.  In light of the
procedures  established,  Equitable  Life  will  not  be  liable  for  following
telephone instructions that it reasonably believes to be genuine.
    

OPTIONS AT EXPIRATION DATE OF A GUARANTEE PERIOD

   
We will notify you on or before  December 31st prior to the  Expiration  Date of
each Guarantee  Period in which you have any Guaranteed  Period Amount.  You may
elect one of the  following  options to be  effective  at the  Expiration  Date,
subject to the restrictions  set forth under  "Guarantee  Periods and Expiration
Dates" in Part 2:
    

     (a) to transfer the Maturity  Value into any  Guarantee  Period we are then
         offering; or

   
     (b) to withdraw the Maturity Value (subject to any withdrawal charges which
         may apply).

If we have not received your election as of the  Expiration  Date,  the Maturity
Value in the expired  Guarantee  Period will be  transferred  into the Guarantee
Period with the earliest Expiration Date.

WITHDRAWAL OPTIONS

The  Assured  Growth Plan is an annuity  contract,  even though you may elect to
receive your benefits in a non-annuity  form.  You may withdraw  funds from your
Certificate  before the Annuity  Commencement  Date and while the  Annuitant  is
alive.  You may withdraw an amount equal to the 10% free corridor amount without
incurring a withdrawal charge.

Amounts  withdrawn from a Guarantee  Period,  other than at the Expiration Date,
will result in a market  value  adjustment.  See "Market  Value  Adjustment  for
Transfers, Withdrawals or Surrender Prior to the Expiration Date" in Part 2.

A request to withdraw more than 90% of the Cash Value as of the Transaction Date
will  result in the  termination  of the  Certificate  and will be  treated as a
surrender  of  the  Certificate  for  its  Cash  Value.  See  "Surrendering  the
Certificates to Receive the Cash Value" below.
    

Withdrawals  may be taxable and subject to tax penalty (as a deterrent  to early
withdrawal,  generally prior to age 59 1/2). We may also be required to withhold
income  taxes  from the  amount  distributed.  See "Part 4: Tax  Aspects  of the
Certificates."

   
The methods  for  withdrawing  funds  under the  Assured  Growth Plan are listed
below.

o  LUMP SUM  WITHDRAWALS  -- Before  the  Annuity  Commencement  Date  while the
   Certificate  is in  effect,  you may take  Lump  Sum  Withdrawals  from  your
   Certificate  two times per  Contract  Year at any time during  such  Contract
   Year. The minimum amount of a Lump Sum Withdrawal is $1,000.

   To  make  a  Lump  Sum  Withdrawal,  you  must  submit  a  request  in a form
   satisfactory to us which specifies the Guarantee  Periods from which the Lump
   Sum Withdrawal will be taken. If we have received the information we require,
   the requested  withdrawal will become  effective on the Transaction  Date and
   proceeds will usually be mailed within seven calendar days thereafter, but we
   may delay  payment  as  described  below in "When  Payments  Are Made." If we
   receive only partially  completed  information,  our  Processing  Office will
   contact you for specific instructions before your request can be processed.

   Lump Sum Withdrawals in excess of the 10% free corridor amount may be subject
   to a withdrawal charge. See "Withdrawal Charge" below.

o  PRINCIPAL  ASSURANCE  WITHDRAWALS  -- This  option is designed to provide you
   with (i) level annual  withdrawals  for calendar years that you select,  plus
   (ii) a  Maturity  Value  equal  to your  original  contribution  in the  last
   calendar year that you select. To achieve this result,  you select a calendar
   year in which you wish to receive the last withdrawal.  Such year must not be
   later  than ten years nor  earlier  than  seven  years  from the year of your
   election.  You also  select  the year in which the  withdrawals  will  begin.
   However,  such  withdrawals must be for a period of at least five consecutive
    


                                       13
<PAGE>

   
   years.  Principal Assurance Withdrawals are not available where the Annuitant
   is age 76 or older.

   If Principal  Assurance  Withdrawals are elected at issue of the Certificate,
   based on the above  information and the amount of your initial  contribution,
   your  entire  contribution  will  be  allocated  by us.  A  portion  of  such
   contribution  will be allocated among Guarantee  Periods serially maturing in
   the years you select,  including the last year. The level annual  withdrawals
   represent  distributions  of the Maturity  Values of these serially  maturing
   Guarantee  Periods  on  their  Expiration  Dates.  An  additional  amount  is
   allocated  to the  Guarantee  Period  with an  Expiration  Date  in the  last
   calendar year. This represents the balance of your initial contribution.  The
   Maturity  Value in this Guarantee  Period on the  Expiration  Date will equal
   your initial  contribution plus your final level annual withdrawal.  You have
   the option of withdrawing or  transferring  the amount which is equal to your
   initial contribution to another Guarantee Period available at that time.

   If Principal Assurance Withdrawals are elected at any time after issue of the
   Certificate,  based on the information you provide as described  above,  your
   entire  Annuity  Account  Value will be allocated  by us among the  Guarantee
   Periods.

   You may elect  Principal  Assurance  Withdrawals  at any time by submitting a
   request   satisfactory  to  us.  Principal  Assurance   Withdrawals  will  be
   terminated  if: (i) you  cancel  these  withdrawals  at any time by sending a
   written  request  satisfactory  to us;  (ii) you  request a transfer  of your
   Annuity  Account  Value which was  allocated  under the  Principal  Assurance
   Withdrawals option; or (iii) you make a Lump Sum Withdrawal.

   Any  subsequent  contributions  you  make  while  under  Principal  Assurance
   Withdrawals  will be  allocated  to the  Guarantee  Period  with  the  latest
   Expiration Date you have elected.  Alternatively,  you may elect to have your
   subsequent  contributions allocated to any one or more Guarantee Periods with
   Expiration  Dates  beyond  the  last  calendar  year  you  selected  for your
   Principal  Assurance  Withdrawals.  For any subsequent  contribution equal to
   $10,000 or more, you may request to have your Principal Assurance Withdrawals
   redesigned.

   Principal Assurance Withdrawals are not subject to a withdrawal charge.
    

DEATH BENEFIT

When the Annuitant Dies

   
Generally,  upon receipt of proof  satisfactory to us of the  Annuitant's  death
before  the  Annuity  Commencement  Date,  we will pay the death  benefit to the
beneficiary named in your Certificate. You designate the beneficiary at the time
you apply for the  Certificate.  While the  Certificate  is in  effect,  you may
change your beneficiary by writing to our Processing  Office. The change will be
effective on the date the written  submission was signed.  If the Certificate is
jointly owned, the surviving Owner will be deemed the  beneficiary,  superseding
any other beneficiary  designations.  (The Joint Owner feature may not currently
be available in your state.) The death benefit  payable will be determined as of
the date we receive such proof of death and any required  instructions as to the
method of payment. See "How Death Benefit Payment is Made" below.

The death benefit is equal to the Annuity Account Value, or if greater,  the sum
of the  Guarantee  Period  Amounts  in each  Guarantee  Period.  See  "Guarantee
Periods" in Part 2.

HOW DEATH BENEFIT PAYMENT IS MADE

We will pay the death  benefit  to the  beneficiary  in the form of the  annuity
benefit you have chosen under your  Certificate.  If no annuity benefit has been
chosen at the time of the Annuitant's  death,  the beneficiary  will receive the
death  benefit  in a  lump  sum.  However,  subject  to  any  exceptions  in the
Certificate,  Equitable  Life's  rules then in effect  and any other  applicable
requirements  under  the  Code,  the  beneficiary  may  elect to apply the death
benefit to one of our Income Manager payout  annuities or to one or more annuity
benefits  offered by Equitable  Life.  See "Annuity  Benefits and Payout Annuity
Options"  below.  Such an  election  when  made on a  timely  basis,  can  defer
otherwise taxable income.  See "Part 4: Tax Aspects of the  Certificates."  Note
that if you are  both  the  Certificate  Owner  and the  Annuitant,  only a life
annuity or an annuity  that does not extend  beyond the life  expectancy  of the
beneficiary may be elected.

Successor Annuitant/Certificate Owner

If you are both the  Certificate  Owner and the  Annuitant and if your spouse is
the sole primary beneficiary or the Joint Owner under the Certificate, then upon
your death your spouse beneficiary may elect to receive the death benefit, or to
continue the Certificate and become the successor  Annuitant/  Certificate Owner
by completing the appropriate form and sending it to our Processing Office.

WHEN THE CERTIFICATE OWNER DIES BEFORE THE ANNUITANT

When you are not the Annuitant under an Assured Growth Plan  Certificate and you
die before the Annuity  Commencement  Date, the beneficiary named to receive the
death  benefit  upon  the  Annuitant's  death  will  automatically   succeed  as
Certificate  Owner (unless you name a different  person as successor  Owner in a
written form  acceptable  to us and send it to our  Processing  Office).  If the
Certificate  is jointly  
    


                                       14
<PAGE>

   
owned and the  first  Owner to die is not the  Annuitant,  the  surviving  Owner
becomes  the sole  Certificate  Owner and will be deemed the  "beneficiary"  for
purposes of the  distribution  rules  described in this  section,  automatically
superseding any other beneficiary designation.

Unless the  surviving  spouse of the  deceased  Owner (or in the case of a joint
ownership  situation,  the  surviving  spouse of the first  Owner to die) is the
designated  beneficiary for this purpose, the entire interest in the Certificate
must be distributed under these rules.

The  Cash  Value  in the  Certificate  must  be  fully  paid  to the  designated
beneficiary  (new Owner) by December 31st of the fifth  calendar year after your
death (or in a joint ownership situation, the death of the first Owner to die).

A permissible  alternative is for the new Owner to elect to receive such amounts
as a life annuity (or  payments for a period  certain of not longer than the new
Owner's life  expectancy),  with payments  beginning no later than December 31st
following  the calendar  year of the  non-Annuitant  Owner's  death.  If such an
annuity benefit or payments for a period certain is not elected, we will pay any
Cash  Value in the  Certificate  on  December  31st of the fifth  calendar  year
following the year of your death (or the death of the first Owner to die).

Where a surviving  spouse is the  designated  beneficiary  or Joint  Owner,  the
spouse may elect to continue the Certificate.  No distributions  are required as
long as the surviving spouse and the Annuitant are living.
    

CASH VALUE

   
The Cash Value under the  Certificate  reflects  any upward or  downward  market
value  adjustment.  See  "Part  2: The  Guaranteed  Period  Account."  We do not
guarantee  any minimum cash value except for amounts in a Guarantee  Period held
to the Expiration Date. On any date while the Certificate is in effect, the Cash
Value is equal to the Annuity Account Value less any withdrawal charge. The free
corridor amount will not apply when calculating the withdrawal charge applicable
upon a surrender. See "Surrendering the Certificates to Receive the Cash Value,"
and "Withdrawal Charge" below.
    

SURRENDERING THE CERTIFICATES TO
RECEIVE THE CASH VALUE

You may surrender a Certificate  to receive the Cash Value at any time while the
Annuitant is living and before the Annuity Commencement Date.

   
For a surrender to be  effective,  we must receive your written  request and the
Certificate at our Processing  Office.  The Cash Value will be determined on the
Transaction  Date. All benefits under the  Certificate  will be terminated as of
that date.

You may  receive the Cash Value in a single sum payment or apply it under one or
more annuity benefits.  See "Annuity Benefits and Payout Annuity Options" below.
We will usually pay the Cash Value within seven  calendar days, but we may delay
payment as described in "When Payments Are Made" below.

For the tax  consequences  of  surrenders,  see  "Part  4:  Tax  Aspects  of the
Certificates."
    

ANNUITY BENEFITS AND PAYOUT ANNUITY OPTIONS

   
The Assured Growth Plan  Certificates  offer annuity benefits and Income Manager
payout annuity options, described below, for providing retirement income.

ANNUITY BENEFITS

Annuity benefits under the Assured Growth Plan provide periodic  payments over a
specified  period of time which may be fixed or may be based on the  Annuitant's
life.  Annuity forms of payments are  calculated as of the Annuity  Commencement
Date,  which is on file with our Processing  Office.  You can change the Annuity
Commencement  Date by  writing  to our  Processing  Office  any time  before the
Annuity  Commencement  Date.  However,  you may not choose a date later than the
28th day of any  month.  No  Annuity  Commencement  Date will be later  than the
earliest  available  Expiration Date which follows the Contract Date anniversary
following the Annuitant's 90th birthday (may be different in some states).

Before  the  Annuity  Commencement  Date,  we will send a letter  advising  that
annuity  benefits are available.  Unless you otherwise  elect, we will pay fixed
annuity  benefits on the "normal form" indicated for your  Certificate as of the
Annuity  Commencement  Date. The amount  applied to provide the annuity  benefit
will be (1) the Annuity  Account Value for any life annuity form or (2) the Cash
Value for any period certain only annuity form except that if the period certain
is more than five  years,  the  amount  applied  will be no less than 95% of the
Annuity Account Value.

Amounts in the Guarantee Periods that are applied to an annuity benefit prior to
an Expiration Date will result in a market value  adjustment.  See "Market Value
Adjustment for Transfers, Withdrawals or Surrender Prior to the Expiration Date"
in Part 2.
    

Annuity Forms

o  Life  Annuity:  An  annuity  which  guarantees  payments  for the rest of the
   Annuitant's  life.  Payments  end with the last  monthly  payment  before the
   Annuitant's  death.  Because there is no death benefit  associated  with this
   annuity  form,  it provides  the 


                                       15
<PAGE>

   highest monthly payment of any of the life income annuity options, so long as
   the Annuitant is living.

   
o  Life Annuity -- Period Certain:  This annuity form also  guarantees  payments
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the end of a selected period of time (the "certain period"),  payments
   will continue to the  beneficiary  for the balance of the certain  period.  A
   life annuity with a certain  period of 10 years is the normal form of annuity
   under the Certificates.

o  Life Annuity -- Refund Certain:  This annuity form guarantees payments to you
   for the rest of the  Annuitant's  life. In addition,  if the  Annuitant  dies
   before the amount  applied to purchase this annuity form has been  recovered,
   payments  will  continue  to your  beneficiary  until  that  amount  has been
   recovered.

o  Period Certain Annuity:  This annuity form guarantees payments for a specific
   period of time,  usually  5, 10, 15 or 20 years,  and does not  involve  life
   contingencies.

o  Joint and Survivor Life Annuity:  This annuity form  guarantees  payments for
   the  rest  of  the  Annuitant's  life  and,  after  the  Annuitant's   death,
   continuation of income to the survivor.

The life annuity -- period  certain and the life  annuity -- refund  certain are
available on either a single life or joint and survivor life basis.
    

The Certificates  offer the annuity benefits outlined above in fixed form. Fixed
annuity  payments  are  guaranteed  by us and  will be based  on the  tables  of
guaranteed  annuity  payments in your Certificate or on our then current annuity
rates, whichever is more favorable for the Annuitant.

   
For all Annuitants,  the normal form of annuity provides for fixed payments.  We
may offer other forms not outlined  here.  Your  registered  representative  can
provide details.
    

For each annuity benefit, we will issue a separate written agreement putting the
benefit into effect. Before we pay any annuity benefit, we require the return of
the Certificate.

The amount of the annuity payments will depend on the amount applied to purchase
the  annuity,  the type of annuity  chosen  and,  in the case of a life  annuity
benefit, the Annuitant's age (or the Annuitant's and joint Annuitant's ages) and
in certain  instances,  the sex of the Annuitant(s).  Once an annuity benefit is
chosen and payments have commenced, no change can be made.

If, at the time you elect an annuity  benefit,  the amount to be applied is less
than $2,000 or the initial  payment  under the benefit  elected is less than $20
monthly,  we reserve the right to pay the Annuity  Account Value in a single sum
rather than as payments under the annuity form chosen.

   
INCOME MANAGER PAYOUT ANNUITY OPTIONS

Under Assured Growth Plan Certificates, you may apply your Annuity Account Value
to an  Income  Manager  (Life  Annuity  with a Period  Certain)  payout  annuity
certificate, or an Income Manager (Period Certain) payout annuity certificate.

The  Income  Manager  (Life  Annuity  with  a  Period  Certain)  payout  annuity
certificates  provide  guaranteed  payments for the Annuitant's  life or for the
Annuitant's  life  and the life of a joint  Annuitant.  Income  Manager  (Period
Certain) payout annuity  certificates  provide payments for a specified  period.
The  Certificate  Owner  and  Annuitant  must  meet the  issue  age and  payment
requirements.  Income Manager payout annuities provide guaranteed level payments
under both forms of certificate,  or guaranteed  increasing  payments under only
Income Manager (Life Annuity with a Period Certain) payout annuity certificates.

If you apply a part of the Annuity  Account  Value under any of the above Income
Manager payout annuity certificates,  it will be considered a withdrawal and may
be subject to withdrawal charges. See "Withdrawal Options" above. If 100% of the
Annuity  Account Value is applied from the Assured Growth Plan  Certificate at a
time when the  dollar  amount of the  withdrawal  charge is  greater  than 2% of
remaining contributions (after withdrawals),  such withdrawal charge will not be
deducted.  However,  a new withdrawal  charge  schedule will apply under the new
certificate.  For purposes of the withdrawal charge schedule,  the year in which
your  Annuity  Account  Value  is  applied  under  the new  certificate  will be
"Contract  Year 1." If 100% of the  Annuity  Account  Value is applied  from the
Assured Growth Plan Certificate when the dollar amount of the withdrawal  charge
is 2% or  less,  there  will be no  withdrawal  charge  schedule  under  the new
certificate.  You should  consider the timing of your  purchase as it relates to
the potential for withdrawal  charges under the new  certificate.  No subsequent
contributions  will be permitted  under the Income  Manager (Life Annuity with a
Period Certain) payout annuity certificate.

You may also apply  your  Annuity  Account  Value to an Income  Manager  (Period
Certain)  payout annuity once  withdrawal  charges are no longer in effect under
your Assured  Growth Plan  Certificate.  No withdrawal  charges will apply under
this Income Manager (Period Certain) payout annuity certificate.

The payout annuity  certificates  are described in our prospectus for the Income
Manager.  Copies of the most current  version are available from your registered
representative.  To purchase  an Income  Manager  payout  annuity we require the
return of your Assured Growth Plan Certificate. An Income Manager payout annuity
    


                                       16
<PAGE>

   
certificate  will be  issued to put one of the  payout  annuities  into  effect.
Depending upon your circumstances, this may be accomplished on a tax-free basis.
Consult your tax adviser.
    

WHEN PAYMENTS ARE MADE

   
We can defer payment of any portion of the Annuity Account Value (other than for
death benefits) for up to six months while the Annuitant is living.  We may also
defer payments for any amount attributable to a contribution made in the form of
a check for a  reasonable  amount of time (not to exceed 15 days) to permit  the
check to clear.
    

ASSIGNMENT

   
The  Assured  Growth  Plan  Certificates  may be assigned at any time before the
Annuity  Commencement  Date and for any  purpose  other  than as  collateral  or
security for a loan. Equitable Life will not be bound by an assignment unless it
is in writing and we have received it at our Processing  Office.  In some cases,
an assignment may have adverse tax consequences. See "Part 4: Tax Aspects of the
Certificates."
    

DISTRIBUTION OF THE CERTIFICATES

   
As the distributor of the Certificates,  Equitable Distributors,  Inc. (EDI), an
indirect wholly owned subsidiary of Equitable Life, has responsibility for sales
and marketing functions of the Certificates. EDI is registered with the SEC as a
broker-dealer under the Exchange Act and is a member of the National Association
of Securities  Dealers,  Inc. EDI's principal business address is 1290 Avenue of
the Americas,  New York, New York 10104. Pursuant to a "Distribution  Agreement"
between Equitable Life, certain of Equitable's separate accounts,  including the
Guaranteed Period Account, and EDI, Equitable Life paid EDI distribution fees of
$962,599 for 1997,  $202,400 for 1996 and $50,842 for 1995 as the distributor of
certain certificates, including the Certificates.

The  Certificates  will  be sold by  registered  representatives  of EDI and its
affiliates,  who  are  also  our  licensed  insurance  agents,  as  well  as  by
unaffiliated  broker-dealers with which EDI has entered into selling agreements.
Broker-dealer  sales  compensation  (including for EDI and its affiliates)  will
generally  not  exceed  five  percent  of  total   contributions  made  under  a
Certificate.  EDI  may  also  receive  compensation  and  reimbursement  for its
marketing services under the terms of its distribution  agreement with Equitable
Life.  Broker-dealers  receiving sales compensation will generally pay a portion
thereof to their registered  representatives  as commission  related to sales of
the Certificates. The offering of the Certificates is intended to be continuous.
    

WITHDRAWAL CHARGE

   
A withdrawal  charge will be imposed as a percentage of your contribution to the
extent that a Lump Sum Withdrawal  exceeds the free corridor  amount,  or if the
Certificate is surrendered to receive its Cash Value. While Principal  Assurance
Withdrawals are in effect, a withdrawal  charge,  if any, will apply to all Lump
Sum  Withdrawals.  We  determine  the  withdrawal  charge  separately  for  each
contribution in accordance with the table below.

                               CONTRACT YEAR
                 1    2     3     4     5     6     7    8+
- --------------------------------------------------------------------------------
Percentage of
Contribution   7.0% 6.0%  5.0%   4.0%  3.0% 2.0%  1.0%  0.0%

The applicable  withdrawal  charge percentage is determined by the Contract Year
in which the Lump Sum  Withdrawal  is made or the  Certificate  is  surrendered,
beginning with "Contract Year 1" with respect to each contribution  withdrawn or
surrendered.  For each contribution,  the Contract Year in which we receive that
contribution  is "Contract Year 1." 

The  withdrawal  charge is deducted from the  Guarantee  Periods from which each
such  withdrawal is made in proportion to the amount being  withdrawn  from each
Guarantee Period.
    

Free Corridor Amount

   
The free corridor amount is 10% of the Annuity Account Value at the beginning of
the Contract Year,  minus any amount  previously  withdrawn during that Contract
Year.

The 10%  free  corridor  amount  is not  applicable  to a  surrender.  Principal
Assurance Withdrawals are not subject to a withdrawal charge.

For purposes of calculating the withdrawal charge, (1) we treat contributions as
being withdrawn on a first-in,  first-out basis, and (2) amounts withdrawn up to
the free corridor  amount are not considered a withdrawal of any  contributions.
Although we treat  contributions  as withdrawn  before  earnings for purposes of
calculating the withdrawal  charge,  for purposes of calculating  taxable income
the Federal income tax law treats earnings as withdrawn  first. See "Part 4: Tax
Aspects of the Certificates."

The withdrawal  charge is to help cover sales expenses.  This charge will not be
increased  for the life of the  Certificates.  We may reduce this  charge  under
group or sponsored arrangements. See "Group or Sponsored Arrangements" below.

CHARGES FOR STATE PREMIUM AND OTHER APPLICABLE TAXES

We deduct a charge for applicable  taxes,  such as state or local premium taxes,
that might be imposed in your  state.  Generally  we deduct this charge from the
amount applied to provide an annuity benefit. In certain states, 
    


                                       17
<PAGE>

   
however, we may deduct the charge for taxes from contributions.  The current tax
charge  that  might be imposed  varies by state and ranges  from 0% to 3.5% (the
rate is 1% in Puerto Rico and 5% in the Virgin Islands).
    

GROUP OR SPONSORED ARRANGEMENTS

   
For certain group or sponsored arrangements, we may reduce the withdrawal charge
or change the minimum  initial  contribution  requirements.  Group  arrangements
include  those  in  which a  trustee  or an  employer,  for  example,  purchases
contracts  covering  a  group  of  individuals  on  a  group  basis.   Sponsored
arrangements  include those in which an employer allows us to sell  Certificates
to its employees or retirees on an individual basis.
    

Our costs for sales, administration,  and mortality generally vary with the size
and stability of the group among other  factors.  We take all these factors into
account  when  reducing  charges.  To qualify  for reduced  charges,  a group or
sponsored arrangement must meet certain requirements, including our requirements
for size and number of years in existence.  Group or sponsored arrangements that
have been set up solely to buy  Certificates or that have been in existence less
than six months will not qualify for reduced charges.

We will make these and any similar  reductions  according to our rules in effect
when a Certificate is approved for issue. We may change these rules from time to
time. Any variation in the withdrawal  charge will reflect  differences in costs
or services and will not be unfairly discriminatory.

Group and  sponsored  arrangements  may be  governed by the Code,  the  Employee
Retirement Income Security Act of 1974, or both. We make no  representations  as
to the impact of those and other applicable laws on such programs.  WE RECOMMEND
THAT EMPLOYERS, TRUSTEES, AND OTHERS PURCHASING OR MAKING CERTIFICATES AVAILABLE
FOR PURCHASE UNDER SUCH PROGRAMS SEEK THE ADVICE OF THEIR OWN LEGAL AND BENEFITS
ADVISERS.

   
OTHER DISTRIBUTION ARRANGEMENTS

The  withdrawal  charge may be reduced  or  eliminated  when sales are made in a
manner that  results in savings of sales and  administrative  expenses,  such as
sales  through  persons  who  are   compensated  by  clients  for   recommending
investments and receive no commission or reduced  commissions in connection with
the sale of the Certificates. In no event will a reduction or elimination of the
withdrawal charge be permitted where it would be unfairly discriminatory.
    


                                       18
<PAGE>

- --------------------------------------------------------------------------------

                     PART 4: TAX ASPECTS OF THE CERTIFICATES

- --------------------------------------------------------------------------------

   
This Part of the prospectus  generally  covers our  understanding of the current
Federal  income tax rules  that  apply to  annuities  purchased  with  after-tax
dollars (non-qualified annuity) owned by United States taxpayers.

This prospectus  does not provide  detailed tax information and does not address
issues such as state income and other taxes,  Federal income tax and withholding
rules for non-U.S. taxpayers, or Federal gift and estate taxes. A gift or estate
tax  transfer  may arise  whenever  payments or contract  rights are provided to
someone other than the original Owner of the Certificates.  Please consult a tax
adviser  when   considering   the  tax  aspects  of  the  Assured   Growth  Plan
Certificates.
    

TAX CHANGES

The United  States  Congress  has in the past  considered  and may in the future
consider  proposals  for  legislation  that,  if enacted,  could  change the tax
treatment of annuities.  In addition, the Treasury Department may amend existing
regulations,  issue new regulations,  or adopt new  interpretations  of existing
laws.  State tax laws or, if you are not a United States  resident,  foreign tax
laws, may affect the tax consequences to you or the beneficiary.  These laws may
change from time to time without notice and, as a result,  the tax  consequences
may be altered.  There is no way of predicting whether, when or in what form any
such change would be adopted.

Any  such  change  could  have  retroactive  effects  regardless  of the date of
enactment. We suggest you consult your legal or tax adviser.

   
Transfers among Guarantee Periods

Under  current law there will not be any tax  liability if you transfer  Annuity
Account Value among the Guarantee Periods.
    

TAXATION OF NON-QUALIFIED ANNUITIES

   
This section  generally  covers our  understanding of the current Federal income
tax laws that apply to a  non-qualified  annuity  purchased  with only after-tax
dollars and not subject to any special retirement plan rules.

Equitable Life has designed the Assured Growth Plan  Certificates  to qualify as
an  "annuity"  for  purposes  of Federal  income tax law.  Gains in the  Annuity
Account Value of the  Certificate  generally  will not be taxable to you until a
distribution occurs,  either by a withdrawal of part or all of its value or as a
series of periodic  payments.  However,  there are some exceptions to this rule:
(1) if you transfer a  Certificate  as a gift to someone  other than your spouse
(or divorced spouse), any gain in its Annuity Account Value will be taxed at the
time of transfer;  (2) the assignment or pledge of any portion of the value of a
Certificate   will  be  treated  as  a  distribution  of  that  portion  of  the
Certificate;  and (3) when an insurance  company (or its affiliate)  issues more
than one  non-qualified  deferred  annuity  certificate  or contract  during any
calendar year to the same taxpayer,  the  certificates or contracts are required
to be aggregated in computing the taxable amount of any distribution. Therefore,
you should discuss the potential tax  consequences  with your tax adviser before
you purchase more than one Assured Growth Plan  Certificate in the same calendar
year.
    

Corporations,  partnerships,  trusts  and other  non-natural  persons  generally
cannot defer the taxation of current income credited to the  Certificate  unless
an exception under the Code applies.

Withdrawals

   
Prior to the Annuity  Commencement Date, any withdrawal which does not terminate
your total interest in your Assured Growth Plan Certificate is taxable to you as
ordinary  income  to the  extent  there has been a gain in the  Annuity  Account
Value, and is subject to income tax  withholding.  See "Federal and State Income
Tax  Withholding"  below. The balance of the distribution is treated as a return
of the  "investment" or "basis" in the  Certificate and is not taxable.  If your
Assured Growth Plan Certificate was issued as a result of a tax-free exchange of
another  non-qualified  life insurance or deferred annuity contract as described
in "Methods of Payment:  Section 1035  Exchanges" in Part 3, your  investment in
that original  contract  generally is treated as the basis in the Assured Growth
Plan Certificate  regardless of the value of that original  contract at the time
of the exchange.  Generally,  the  investment or basis in an Assured Growth Plan
Certificate equals the contributions made, less any amounts previously withdrawn
which were not taxable. Special rules may apply if contributions made to another
annuity  certificate or contract prior to August 14, 1982 are  transferred to an
Assured  Growth Plan  Certificate in a tax-free  exchange.  To take advantage of
these rules, you must notify us prior to such an exchange.

If  you  surrender  or  cancel  your  Assured  Growth  Plan   Certificate,   the
distribution  is  taxable  to  the  extent  it  exceeds  the  investment  in the
Certificate.
    


                                       19
<PAGE>

Annuity Payments

   
Once annuity  payments  begin,  a portion of each payment is  considered to be a
tax-free  recovery of  investment  based on the ratio of the  investment  to the
expected  return under the  Certificate.  The  remainder of each payment will be
taxable.  In the case of a life  annuity,  after the total  investment  has been
recovered,  future payments are fully taxable.  If payments cease as a result of
death, a deduction for any unrecovered investment will be allowed.
    

Early Distribution Penalty Tax

   
In addition  to income tax, a penalty tax of 10% applies to the taxable  portion
of a distribution  unless the  distribution is (1) made on or after the date you
attain age 59 1/2,  (2) made on or after your death,  (3)  attributable  to your
disability,  (4) part of a series  of  substantially  equal  installments  as an
annuity  for your life (or life  expectancy)  or the joint  lives (or joint life
expectancies) of you and a beneficiary,  (5) with respect to income allocable to
amounts  contributed  to an annuity  certificate or contract prior to August 14,
1982 which are transferred to the Certificate in a tax-free exchange.
    

Payments as a Result of Death

   
If, as a result of the Annuitant's death, the beneficiary is entitled to receive
the death benefit  described in Part 3, the beneficiary is generally  subject to
the  same  tax  treatment  as  would  apply  to  you,  had you  surrendered  the
Certificate (discussed above).
    

If the beneficiary elects to take the death benefit in the form of a life income
or installment  option, the election should be made within 60 days after the day
on which a single sum death benefit first becomes payable and before any benefit
is actually  paid.  The tax  computation  will  reflect your  investment  in the
Certificate.

   
Special  distribution  requirements  apply  upon  the  death  of the  owner of a
non-qualified  annuity.  That is, in the case of a contract  where the owner and
annuitant are different, even though the annuity contract could continue because
the  annuitant  has not died,  Federal  tax law  requires  that the  person  who
succeeds as owner of the contract  take  distribution  of the contract  within a
specified  period  of  time.  This  includes  the  surviving  Joint  Owner  in a
nonspousal  joint  ownership  situation.  See "When the  Certificate  Owner Dies
before the Annuitant" in Part 3.

CHARITABLE REMAINDER TRUSTS

On April 17, 1997,  the IRS issued  proposed  regulation  concerning  CRTs.  The
preamble to the proposed  regulation  indicates that the IRS is studying whether
the use of deferred  annuities  or other  assets  offering  similar tax benefits
causes a CRT to fail to qualify as a CRT under the tax law.  The IRS also issued
a Revenue  Procedure  which indicates that effective such date it will no longer
issue rulings that a trust qualifies as a CRT in situations  where the timing of
trust income can be controlled to take advantage of the difference between trust
income and taxable income for the benefit of the unitrust recipient.

SPECIAL RULES FOR CERTIFICATES ISSUED IN PUERTO RICO

Under  current  law  Equitable  Life  treats  income  from  Assured  Growth Plan
Certificates as U.S.-source.  A Puerto Rico resident is subject to U.S. taxation
on such  U.S.-source  income.  Only  Puerto  Rico-source  income of Puerto  Rico
residents is  excludable  from U.S.  taxation.  Income from Assured  Growth Plan
Certificates  is also subject to Puerto Rico tax. The computation of the taxable
portion  of  amounts  distributed  from a  Certificate  may  differ  in the  two
jurisdictions.  Therefore,  you might have to file both U.S. and Puerto Rico tax
returns,  showing  different  amounts of income for each.  Puerto Rico generally
provides a credit against  Puerto Rico tax for U.S. tax paid.  Depending on your
personal situation and the timing of the different tax liabilities,  you may not
be able to take full advantage of this credit.
    

Please consult your tax adviser to determine the applicability of these rules to
your own tax situation.

   
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING

Equitable Life is required to withhold Federal income tax on the taxable portion
of  payments  from  annuity  contracts,  unless the  recipient  elects not to be
subject to income tax withholding. Withholding may also apply to taxable amounts
paid under a free look or cancellation.

The rate of withholding will depend on the type of distribution  and, in certain
cases,  the  amount of the  distribution.  Special  withholding  rules  apply to
foreign  recipients  and United  States  citizens  residing  outside  the United
States. See your tax adviser if you think you may be affected by such rules

Any income tax  withheld is a credit  against  your income tax  liability.  If a
recipient  does  not  have  sufficient  income  tax  withheld  or does  not make
sufficient  estimated  income tax  payments,  however,  the  recipient may incur
penalties under the estimated income tax rules.  Recipients should consult their
tax advisers to determine whether they should elect out of withholding. Requests
not to withhold  Federal  income tax must be made in writing  prior to receiving
benefits under the  Certificate.  Our  Processing  Office will provide forms for
this  purpose.  No election out of  withholding  is valid  unless the  recipient
provides us with the correct Taxpayer  Identification Number and a United States
residence address.
    


                                       20
<PAGE>

   
Certain states have indicated that income tax withholding will apply to payments
from the Certificates  made to residents.  In some states, a recipient may elect
out of state withholding. Generally, an election out of Federal withholding will
also be  considered  an  election  out of state  withholding.  If you need  more
information  concerning  a  particular  state or any  required  forms,  call our
Processing Office at the toll-free number and consult your tax adviser.

Periodic  payments are generally subject to wage-bracket type withholding (as if
such payments  were payments of wages by an employer to an employee)  unless the
recipient  elects  no  withholding.  If  a  recipient  does  not  elect  out  of
withholding  or  does  not  specify  the  number  of   withholding   exemptions,
withholding  will  generally be made as if the recipient is married and claiming
three  withholding  exemptions.  There is an annual  threshold of taxable income
from periodic annuity  payments which is exempt from  withholding  based on this
assumption.  For 1998, a recipient of periodic payments (e.g., monthly or annual
payments)  which  total less than a $14,400  taxable  amount will  generally  be
exempt from Federal  income tax  withholding,  unless the recipient  specifies a
different choice of withholding exemption. A withholding election may be revoked
at any time and remains effective until revoked. If a recipient fails to provide
a  correct  Taxpayer  Identification  Number,  withholding  is  made  as if  the
recipient is single with no exemptions.

A recipient of a non-periodic  distribution (total or partial) will generally be
subject to  withholding  at a flat 10% rate.  A recipient  who provides a United
States  residence  address  and a correct  Taxpayer  Identification  Number will
generally be permitted to elect not to have tax withheld.
    

All  recipients  receiving  periodic and  non-periodic  payments will be further
notified of the withholding  requirements and of their right to make withholding
elections.

OTHER WITHHOLDING

   
As a  general  rule,  if death  benefits  are  payable  to a person  two or more
generations  younger than you, a Federal generation  skipping tax may be payable
with respect to the benefit at rates  similar to the maximum  estate tax rate in
effect at the time. The generation  skipping tax provisions  generally  apply to
transfers  which  would  also be  subject  to the gift  and  estate  tax  rules.
Individuals are generally allowed an aggregate generation skipping tax exemption
of $1 million. Because these rules are complex, you should consult with your tax
adviser for  specific  information,  especially  where  benefits  are passing to
younger generations, as opposed to a spouse or child.
    

If we  believe a benefit  may be subject to  generation  skipping  tax we may be
required  to  withhold  for  such  tax  unless  we  receive  acceptable  written
confirmation that no such tax is payable.


                                       21
<PAGE>

- --------------------------------------------------------------------------------

                            PART 5: OTHER INFORMATION

- --------------------------------------------------------------------------------

   
INDEPENDENT ACCOUNTANTS

The  consolidated  financial  statements and  consolidated  financial  statement
schedules  of  Equitable  Life at December 31, 1997 and 1996 and for each of the
three years in the period ended  December 31, 1997 included in Equitable  Life's
Annual Report on Form 10-K,  incorporated by reference in the  prospectus,  have
been examined by Price Waterhouse LLP,  independent  accountants,  whose reports
thereon  are  incorporated  herein by  reference.  Such  consolidated  financial
statements and consolidated financial statement schedules have been incorporated
herein by reference in reliance upon the reports of Price  Waterhouse  LLP given
upon their authority as experts in accounting and auditing.

LEGAL PROCEEDINGS

Equitable Life and its affiliates are parties to various legal proceedings, none
of which,  in our view,  are likely to have a material  adverse  effect upon our
ability to meet our obligations under the Certificates.
    


                                       22
<PAGE>

- --------------------------------------------------------------------------------

   
                    APPENDIX: MARKET VALUE ADJUSTMENT EXAMPLE
    

- --------------------------------------------------------------------------------

   
The example below shows how the market value  adjustment would be determined and
how it would be applied to a withdrawal,  assuming that $100,000 were  allocated
on February 15, 1999 to a Guarantee  Period with an Expiration  Date of February
15, 2008 at a  Guaranteed  Rate of 7.00%  resulting  in a Maturity  Value at the
Expiration Date of $183,846,  and further  assuming that a withdrawal of $50,000
were made on February 15, 2003.

- --------------------------------------------------------------------------------
                                                                ASSUMED
                                                          GUARANTEED RATE ON
                                                          FEBRUARY 15, 2003
                                                         5.00%          9.00%
                                                    ----------------------------
As of February 15, 2003 (Before Withdrawal)
- -------------------------------------------
(1)  Present Value of Maturity Value,
     also Annuity Account Value.....................   $144,048       $119,487
(2)  Guaranteed Period Amount.......................    131,080        131,080
(3)  Market Value Adjustment: (1)-(2)...............     12,968        (11,593)

On February 15, 2003 (After Withdrawal)
- ---------------------------------------
(4)  Portion of (3) Associated
     with Withdrawal: (3) x [$50,000/(1)]...........   $  4,501       $ (4,851)
(5)  Reduction in Guaranteed
     Period Amount: [$50,000-(4)]...................     45,499         54,851
(6)  Guaranteed Period Amount: (2)-(5)..............     85,581         76,229
(7)  Maturity Value.................................    120,032        106,915
(8)  Present Value of (7), also
     Annuity Account Value..........................     94,048         69,487
- --------------------------------------------------------------------------------
    

You should note that under this example if a withdrawal  is made when rates have
increased  (from 7.00% to 9.00% in the example),  a portion of a negative market
value  adjustment  is realized.  On the other hand, if a withdrawal is made when
rates  have  decreased  (from  7.00% to 5.00% in the  example),  a portion  of a
positive market value adjustment is realized.


                                       23

<PAGE>



                                     PART II

                     INFORMATION NOT REQUIRED IN PROSPECTUS

ITEM 15.          INDEMNIFICATION OF DIRECTORS AND OFFICERS

                  The by-laws of The Equitable Life Assurance Society of the
United States ("Equitable Life") provide, in Article VII, as follows:

                  7.4 Indemnification of Directors, Officers and Employees. (a)
                      To the extent permitted by the law of the State of New
                      York and subject to all applicable requirements thereof:

                  (i) any person made or threatened to be made a party to any
                      action or proceeding, whether civil or criminal, by reason
                      of the fact that he or she, or his or her testator or
                      intestate, is or was a director, officer or employee of
                      the Company shall be indemnified by the Company;

                 (ii) any person made or threatened to be made a party to any
                      action or proceeding, whether civil or criminal, by reason
                      of the fact that he or she, or his or her testator or
                      intestate serves or served any other organization in any
                      capacity at the request of the Company may be indemnified
                      by the Company; and

                (iii) the related expenses of any such person in any of said
                      categories may be advanced by the Company.

                      (b) To the extent permitted by the law of the State of New
                      York, the Company may provide for further indemnification
                      or advancement of expenses by resolution of shareholders
                      of the Company or the Board of Directors, by amendment of
                      these By-Laws, or by agreement. {Business Corporation Law
                      ss.ss. 721-726; Insurance Law ss.1216}

         The directors and officers of Equitable Life are insured under policies
issued by Lloyd's of London, X. L. Insurance Company and ACE Insurance Company.
The annual limit on such policies is $100 million, and the policies insure the
officers and directors against certain liabilities arising out of their conduct
in such capacities.

                                      II-1

<PAGE>

ITEM 16.          EXHIBITS

                  Exhibits No.

                  (1)      (a)      Form of Distribution Agreement by and among
                                    Equitable Distributors, Inc., Separate
                                    Account Nos. 45 and 49 of Equitable Life and
                                    Equitable Life Assurance Society of the
                                    United States, incorporated by reference to
                                    Exhibit 1(a) to the Registration Statement
                                    on Form S-3 (File No. 33-88456).

                           (b)      Form of Distribution Agreement dated as of
                                    January 1, 1998 among The Equitable Life
                                    Assurance Society of the United States for
                                    itself and as depositor on behalf of certain
                                    separate accounts and Equitable
                                    Distributors, Inc., incorporated herein by
                                    reference to Exhibit 3(b) to the
                                    Registration Statement on Form N-4 (File No.
                                    333-05593) on May 1, 1998.

                           (c)      Form of The Hudson River Trust Sales
                                    Agreement by and among Equico Securities,
                                    Inc. (now EQ Financial Consultants, Inc.),
                                    The Equitable Life Assurance Society of the
                                    United States, Equitable Distributors, Inc.
                                    and Separate Account No. 49 of The Equitable
                                    Life Assurance Society of the United States,
                                    incorporated by reference to Exhibit 1(c) to
                                    the Registration Statement on Form S-3 (File
                                    No. 33-88456).

   
                  (4)      (a)      Form of group annuity contract no.
                                    1050-94IC, previously filed with this
                                    Registration Statement on Form S-3 (File No.
                                    333-24009) on March 6, 1998. 

                           (b)      Form of group annuity certificate nos. 94ICA
                                    and 94ICB, previously filed with this
                                    Registration Statement on Form S-3 (File No.
                                    333-24009) on March 6, 1998. 

                           (c)      Forms of endorsement nos. 94ENIRAI, 94ENNQI
                                    and 94ENMVAI to contract no. 1050-94IC and
                                    data pages no. 94ICA/BIM(IRA), (NQ), (NQ
                                    Plan A) and (NQ Plan B), previously filed
                                    with this Registration Statement on Form S-3
                                    (File No. 333-24009) on March 6, 1998.

                           (d)      Forms of application used with the IRA, NQ
                                    and Fixed Annuity Markets, previously filed
                                    with this Registration Statement on Form S-3
                                    (File No. 333-24009) on March 6, 1998.

                           (e)      Form of endorsement no. 95ENLCAI to contract
                                    no. 1050-94IC and data pages no. 94ICA/BLCA,
                                    previously  filed  with  this Registration
                                    Statement  on Form S-3 (File No.  333-24009)
                                    on March 6, 1998. .
    

                           (f)      Forms of data pages for Rollover IRA, IRA
                                    Assured Payment Option, IRA Assured Payment
                                    Option Plus, Accumulator, Assured Growth
                                    Plan, Assured Growth Plan (Flexible Income
                                    Program), Assured Payment Plan (Period
                                    Certain) and Assured Payment Plan (Life with
                                    a Period Certain), incorporated by reference
                                    to Exhibit 4(f) to the Registration
                                    Statement on Form S-3 (File No. 33-88456).

                                      II-2
<PAGE>

                  Exhibits No.

                           (g)      Forms of data pages for Rollover IRA, IRA
                                    Assured Payment Option, IRA Assured Payment
                                    Option Plus, Accumulator, Assured Growth
                                    Plan and Assured Payment Plan (Life Annuity
                                    with a Period Certain), incorporated by
                                    reference to Exhibit 4(g) to the
                                    Registration Statement on Form S-3 (File No.
                                    33-88456).

                           (h)      Form of Separate Account Insulation
                                    Endorsement for the Endorsement Applicable
                                    to Market Value Adjustment Terms,
                                    incorporated by reference to Exhibit 4(h) to
                                    the Registration Statement on Form S-3 (File
                                    No. 33-88456).

                           (i)      Forms of Guaranteed Minimum Income Benefit
                                    Endorsements (and applicable data page for
                                    Rollover IRA) for Endorsement Applicable to
                                    Market Value Adjustment Terms and for the
                                    Life Contingent Annuity Endorsement,
                                    incorporated by reference to Exhibit 4(i) to
                                    the Registration Statement on Form S-3 (File
                                    No. 33-88456).

                           (j)      Forms of Enrollment Form/Application for
                                    Rollover IRA, Choice Income Plan, Assured
                                    Growth Plan, Accumulator and Assured Payment
                                    Plan, incorporated by reference to Exhibit
                                    4(j) to the Registration Statement on Form
                                    S-3 (File No. 33-88456).

                           (k)      Forms of data pages for the Accumulator,
                                    incorporated by reference to Exhibit 4(k) to
                                    the Registration Statement on Form S-3 (File
                                    No. 33-88456).

                           (l)      Forms of data pages for the Rollover IRA,
                                    incorporated by reference to Exhibit 4(l) to
                                    the Registration Statement on Form S-3 (File
                                    No. 33-88456).

                           (m)      Forms of data pages for the Accumulator and
                                    Rollover IRA, incorporated by reference to
                                    Exhibit 4(m) to the Registration Statement
                                    on Form S-3 (File No. 33-88456).

                           (n)      Forms of data pages for Accumulator and
                                    Rollover IRA, incorporated by reference to
                                    Exhibit 4(n) to the Registration Statement
                                    on Form S-3 (File No. 33-88456).

                           (o)      Forms of data pages for the Accumulator,
                                    Rollover IRA, Income Manager Accumulator,
                                    Income Manager Rollover IRA, Equitable
                                    Accumulator, Income Manager (IRA and NQ) and
                                    MVA Annuity (IRA and NQ), previously filed
                                    with this Registration Statement (File No.
                                    333-24009) on April 30, 1997.

                           (p)      Forms of Enrollment Form/Application for
                                    Income Manager Accumulator, Income Manager
                                    Rollover IRA, Equitable Accumulator, Income
                                    Manager (IRA and NQ) and MVA Annuity (IRA
                                    and NQ), previously filed with this
                                    Registration Statement (File No. 333-24009)
                                    on April 30, 1997.

                           (q)      Forms of data pages for Equitable
                                    Accumulator Select (IRA) and Equitable
                                    Accumulator Select (NQ), previously filed
                                    with this Registration Statement (File No.
                                    333-24009) on September 18, 1997.

                           (r)      Forms of Enrollment Form/Application for
                                    Equitable Accumulator Select (IRA and NQ),
                                    previously filed with this Registration
                                    Statement (File No. 333-24009) on September
                                    18, 1997.
   
                           (s)      Form of data pages No. 94ICB and 94ICBMVA
                                    for Equitable Accumulator (IRA)
                                    Certificates, incorporated by reference to
                                    Exhibit 4(m) to the Registration Statement
                                    on  Form  N-4  (File  No.   33-83750) on
                                    February 27, 1998.

                           (t)      Form of data pages No. 94ICB and 94ICBMVA
                                    for Equitable Accumulator (NQ) Certificates,
                                    incorporated by reference to Exhibit 4(n) to
                                    the Registration Statement on Form N-4 (File
                                    No. 33-83750) on February 27, 1998.

                           (u)      Form of data pages No. 94ICB and 94ICBMVA
                                    for Equitable Accumulator (QP) Certificates,
                                    incorporated by reference to Exhibit 4(o) to
                                    the Registration Statement on Form N-4 (File
                                    No. 33-83750) on February 27, 1998.

                           (v)      Form of data pages No. 94ICB, 94ICBMVA and
                                    94ICBLCA for Assured Payment Option
                                    Certificates, incorporated by reference to
                                    Exhibit 4(p) to the Registration Statement
                                    on  Form  N-4  (File  No.   33-83750) on
                                    February 27, 1998.

                           (w)      Form of data pages No. 94ICB, 94ICBMVA and
                                    94ICBLCA for APO Plus Certificates,
                                    incorporated by reference to Exhibit 4(q) to
                                    the Registration Statement on Form N-4 (File
                                    No. 33-83750) on February 27, 1998.

                           (x)      Form of Endorsement applicable to Defined
                                    Benefit Qualified Plan Certificates No.
                                    98ENDQPI incorporated  by  reference  to
                                    Exhibit 4(r) to the Registration Statement
                                    on  Form  N-4  (File  No.   33-83750)   on
                                    February 27, 1998.

                           (y)      Form of Endorsement applicable to
                                    Non-Qualified Certificates No. 98ENJONQI,
                                    incorporated by reference to Exhibit 4(s) to
                                    the Registration Statement on Form N-4 (File
                                    No. 33-83750) on February 27, 1998.

                           (z)      Form of Endorsement applicable to Charitable
                                    Remainder Trusts No. 97ENCRTI, incorporated
                                    by reference to Exhibit 4(t) to the
                                    Registration Statement on Form N-4 (File No.
                                    33-83750) on February 27, 1998.

                           (a)(a)   Form of Enrollment Form/Application No.
                                    126737 (5/98) for Equitable Accumulator
                                    (IRA, NQ and QP), incorporated by reference
                                    to Exhibit 5(e) to the Registration
                                    Statement on Form N-4 (File No. 33-83750)
                                    on February 27, 1998.

                                      II-3

    

<PAGE>

                  Exhibits No.

                  (5)      (a)      Opinion and Consent of Jonathan E. Gaines,
                                    Esq., Vice President and Associate General
                                    Counsel of Equitable, as to the legality of
                                    the securities being registered, previously
                                    filed with this Registration Statement (File
                                    No. 333-24009) on April 30, 1997.

                           (b)      Opinion and Consent of Jonathan E. Gaines,
                                    Esq., Vice President and Associate General
                                    Counsel of Equitable, as to the legality of
                                    the securities being registered,
                                    incorporated by reference to Exhibit 9 of
                                    the Registrant's Registration Statement on
                                    Form N-4 (File No. 333-31131).

                           (c)      Copy of the Internal Revenue Service
                                    determination letter regarding qualification
                                    under Section 401 of the Internal Revenue
                                    Code, incorporated by reference to Exhibit
                                    5(b) to the Registration Statement on Form
                                    S-3 (File No. 33-88456).
   
                   (8)     (a)      Not applicable.

                  (23)     (a)      Consent of Price Waterhouse LLP.

    
                           (b)      Consent of Counsel (see Exhibits 5(a) 
                                    and (b)).

                           (c)      Powers of Attorney

                                      II-4


<PAGE>

ITEM 17.          UNDERTAKINGS

                  (a)      The undersigned registrant hereby undertakes:

                           (1) To file, during any period in which offers or
                               sales are being made, a post- effective amendment
                               to this registration statement:

                                    (i)     to include any prospectus required
                                            by section 10(a)(3) of the
                                            Securities Act of 1933;

                                    (ii)    to reflect in the prospectus any
                                            facts or events arising after the
                                            effective date of the registration
                                            statement (or the most recent
                                            post-effective amendment thereof)
                                            which, individually or in the
                                            aggregate represent a fundamental
                                            change in the information set forth
                                            in the registration statement;

                                    (iii)   to include any material information
                                            with respect to the plan of
                                            distribution not previously
                                            disclosed in the registration
                                            statement or any material change to
                                            such information in the registration
                                            statement;

         provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
         apply if the information required to be included in a post-effective
         amendment by those paragraphs is contained in periodic reports filed
         with or furnished to the Commission by the registrant pursuant to
         Section 13 or 15(d) of the Securities Act of 1934 that are incorporated
         by reference in the registration statement.

                           (2)      That, for the purpose of determining any
                                    liability under the Securities Act of 1933,
                                    each such post-effective amendment shall be
                                    deemed to be a new registration statement
                                    relating to the securities offered therein,
                                    and the offering of such securities at that
                                    time shall be deemed to be the initial bona
                                    fide offering thereof.

                           (3)      To remove from registration by means of a
                                    post-effective amendment any of the
                                    securities being registered which remain
                                    unsold at the termination of the offering.

                  (b) The undersigned registrant hereby undertakes that, for
                  purposes of determining any liability under the Securities Act
                  of 1933, each filing of the registrant's annual report
                  pursuant to Section 13(a) or 15(d) of the Securities Exchange
                  Act of 1934 that is incorporated by reference in the
                  registration statement shall be deemed to be a new
                  registration statement relating to the securities offered
                  therein, and the offering of such securities at that time
                  shall be deemed to be the initial bona fide offering thereof.

                                      II-5

<PAGE>

         (c)      Insofar as indemnification for liabilities arising under the
                  Securities Act of 1933 may be permitted to directors, officers
                  and controlling persons of the registrant pursuant to the
                  foregoing provisions, or otherwise, the registrant has been
                  advised that in the opinion of the Securities and Exchange
                  Commission such indemnification is against public policy as
                  expressed in the Act and is, therefore, unenforceable. In the
                  event that claim for indemnification against such liabilities
                  (other than the payment by the registrant of expenses incurred
                  or paid by a director, officer or controlling person of the
                  registrant in the successful defense of any action, suit or
                  proceeding) is asserted by such director, officer or
                  controlling person in connection with the securities being
                  registered, the registrant will, unless in the opinion of its
                  counsel the matter has been settled by controlling precedent,
                  submit to a court of appropriate jurisdiction the question
                  whether such indemnification by it is against public policy as
                  expressed in the Act and will be governed by the final
                  adjudication of such issue.

                                      II-6

<PAGE>

   

                                   SIGNATURES

         Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this
Registration Statement or amendment thereto to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City and State of New York, on
April 30, 1998.

                             THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE
                                           UNITED STATES
                                           (Registrant)

                                     By: /s/ Jerome S. Golden
                                            -------------------
                                             Jerome S. Golden
                                        Executive Vice President
                                       Product Management Group
                                 The Equitable Life Assurance Society
                                         of the United States

         Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement or amendment thereto has been signed by or on behalf of
the following persons in the capacities and on the date indicated.

<TABLE>
<CAPTION>

PRINCIPAL EXECUTIVE OFFICERS:

<S>                                         <C>
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
April 30, 1998
</TABLE>

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
       April 30, 1998
    

                                      II-7

<PAGE>

                                  EXHIBIT INDEX
                                  -------------

   
EXHIBIT NO.                                                 TAG VALUE
- -----------                                                 ---------


(23)     (a)      Consent of Price Waterhouse LLP           EX-99.23a CONSENT

(23)     (c)      Powers of Attorney                        EX-99.23c POW ATTY

    
                                      II-8




CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in each Prospectus
constituting part of this Post-Effective Amendment No. 4 to the Registration
Statement No. 333-24009 on Form S-3 of our report dated February 10, 1998
appearing on page F-1 of The Equitable Life Assurance Society of the United
States' Annual Report on Form 10-K for the year ended December 31, 1997. 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 references to us
under the heading "Independent Accountants" in each Prospectus.



/s/ Price Waterhouse
- -------------------------
    Price Waterhouse LLP
    New York, New York
    April 27, 1998



                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 20th day of February, 1998




                                            /s/ Francoise Colloc'h
                                            ----------------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 2nd day of March, 1998



                                                     /s/ Henri de Castries
                                                     ---------------------








59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998



                                                     /s/ Joseph L. Dionne
                                                     --------------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998



                                                /s/ Denis Duverne
                                                -----------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998



                                                     /s/ William T. Esrey
                                                     --------------------
                                                      William T. Esrey








59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 23th day of February, 1998



                                                     /s/ Jean-Rene Fourtou
                                                     ---------------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998



                                                     /s/ Norman C. Francis
                                                     ---------------------








59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998



                                                     /s/ Donald J. Greene
                                                     --------------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998



                                                     /s/ John T. Hartley
                                                     -------------------








59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998



                                               /s/ John H.F. Haskell, Jr.
                                               --------------------------








59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 26th day of January, 1998



                                               /s/ Michael Hegarty
                                               -------------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998



                                             /s/ Mary R. (Nina) Henderson
                                             ----------------------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 29th day of January, 1998



                                                     /s/ W. Edwin Jarmain
                                                     --------------------








59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 2nd day of February, 1998



                                          /s/ G. Donald Johnston, Jr.
                                          ---------------------------










59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998


                                                     /s/ George T. Lowy
                                                     ------------------










59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998



                                                     /s/ Edward D. Miller
                                                     --------------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 17th day of February, 1998



                                             /s/ Didier Pineau-Valencienne
                                             -----------------------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 4th day of February, 1998



                                                     /s/ George J. Sella Jr.
                                                     -----------------------









59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998


                                                     /s/ Stanley B. Tulin
                                                     --------------------










59838


<PAGE>




                                POWER OF ATTORNEY
                                -----------------


         KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Judy A. Faucett, Mark A. Hug, James D. Goodwin,
Pauline Sherman, Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson,
Mildred Oliver, Mary P. Breen and each of them (with full power to each of them
to act alone), his or her true and lawful attorney-in-fact and agent, with full
power of substitution to each, for him or her and on his or her behalf and in
his or her name, place and stead, to execute and file any of the documents
referred to below relating to registrations under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the Investment Company Act of 1940 with
respect to any insurance or annuity contracts or other agreements providing for
allocation of amounts to Separate Accounts of the Company, and related units or
interests in Separate Accounts: registration statements on any form or forms
under the Securities Act of 1933 and the Investment Company Act of 1940 and
annual reports on any form or forms under the Securities Exchange Act of 1934,
and any and all amendments and supplements thereto, with all exhibits and all
instruments necessary or appropriate in connection therewith, each of said
attorneys-in-fact and agents and his, her or their substitutes being empowered
to act with or without the others, and to have full power and authority to do or
cause to be done in the name and on behalf of the undersigned each and every act
and thing requisite and necessary or appropriate with respect thereto to be done
in and about the premises in order to effectuate the same, as fully to all
intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may do or cause to be done by virtue hereof.

         IN WITNESS WHEREOF, the undersigned has hereunto set his or her hand
this 19th day of February, 1998


                                                     /s/ Dave H. Williams
                                                     --------------------










59838




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