<PAGE>
Registration No. 333-
Registration No. 811-1705
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------------------
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |_X_|
Pre-Effective Amendment No. ___ |___|
Post-Effective Amendment No. ____ |___|
AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |___|
Amendment No. 58 |_X_|
--
(Check appropriate box or boxes)
--------------------------------
SEPARATE ACCOUNT A
of
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
(Exact Name of Registrant)
--------------------------------
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
(Name of Depositor)
1290 Avenue of the Americas, New York, New York 10104
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, including Area Code: (212) 554-1234
---------------------------------
HOPE E. ROSENBAUM-WERNER
VICE PRESIDENT AND COUNSEL
The Equitable Life Assurance Society of the United States
1290 Avenue of the Americas, New York, New York 10104
(Name and Address of Agent for Service)
--------------------------------
Please send copies of all communications to:
PETER E. PANARITES
Freedman, Levy, Kroll & Simonds
1050 Connecticut Avenue, N.W., Suite 825
Washington, D.C. 20036
----------------------------
<PAGE>
Approximate Date of Proposed Public Offering: As soon as practicable
after the effective date of the Registration Statement.
An indefinite amount of the Registrant's securities has been registered
pursuant to a declaration, under Rule 24f-2 under the Investment Company Act of
1940, set out in Post-Effective Amendment No. 24 to Form N-4 Registration
Statement contained in File No. 2-30070. The Rule 24f-2 Notice of the Registrant
for fiscal year 1996 was filed on February 27, 1996.
The Registrant hereby amends this Registration Statement on such date
or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a)
may determine.
<PAGE>
Approximate Date of Proposed Public Offering: Continuous
It is proposed that this filing will become effective (check
appropriate box):
___ Immediately upon filing pursuant to paragraph (b) of Rule 485.
___ On (date) pursuant to paragraph (b) of Rule 485.
_X_ 60 days after filing pursuant to paragraph (a)(1) of Rule 485.
___ On (date) pursuant to paragraph (a)(1) of Rule 485.
___ 75 days after filing pursuant to paragraph (a)(2) of Rule 485.
___ On (date) pursuant to paragraph (a)(3) of Rule 485.
If appropriate, check the following box:
___ This post-effective amendment designates a new effective date for
previously filed post-effective amendment.
The Registrant has registered an indefinite number of securities under
the Securities Act of 1933 pursuant to Rule 24f-2.
The Rule 24f-2 Notice of the Registrant for fiscal year 1994 was filed on
February 27, 1996.
<PAGE>
CROSS REFERENCE SHEET
SHOWING LOCATION OF INFORMATION IN PROSPECTUS
---------------------------------------------
<TABLE>
<CAPTION>
FORM N-4 ITEM PROSPECTUS CAPTION
------------- ------------------
<S> <C> <C>
1. Cover Page Cover Page
2. Definitions General Terms
3. Synopsis Part 1: Summary
4. Condensed Financial Not Applicable
Information
5. General Description of Part 1: Summary, Part 2:
Registrant, Depositor and Separate Account A
Portfolio Companies and Its Investment Funds
6. Deductions and Expenses Part 6: Deductions and Charges
7. General Description of Part 5: Provisions of the
Variable Annuity Contracts Contracts
8. Annuity Period Part 5: Provisions of the Contracts
9. Death Benefit Not Applicable
10. Purchases and Contract Value Part 3: Illustrated Monthly Variable Income
Annuity Option Payments
Part 5: Provisions of the Contracts
11. Redemptions Not Applicable
12. Taxes Part 8: Tax Aspects of the Contracts
13. Legal Proceedings Not Applicable
14. Table of Contents of the Statement of Additional
Statement of Additional Information Table of
Information Contents
</TABLE>
<PAGE>
CROSS REFERENCE SHEET
SHOWING LOCATION OF INFORMATION
IN STATEMENT OF ADDITIONAL INFORMATION
--------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ADDITIONAL
FORM N-4 ITEM INFORMATION CAPTION
------------- -------------------
<S> <C> <C>
15. Cover Page Cover Page
16. Table of Contents Table of Contents
17. General Information Prospectus - Part 1: Summary
and History
18. Services Not Applicable
19. Purchases of Securities Prospectus - Part 5: Provisions
Being Offered of the Contracts - Distribution of Contracts
20. Underwriters Prospectus - Part 5: Provisions
of the Contracts - Distribution of Contracts
21. Calculation of Performance Part 2: Annuity Unit Values
Data
22. Annuity Payments Part 2: Annuity Unit Values
23. Financial Statements Part 4: Financial Statements
</TABLE>
<PAGE>
New York Supplement, dated ______, 1997
to
Prospectus, dated ______, 1997
VARIABLE IMMEDIATE ANNUITY
Variable Immediate Annuity Contract
Funded Through the Investment Funds
of Separate Account A
Issued by:
The Equitable Life Assurance Society of the United States
For Contracts issued in New York only, the transfer provisions set forth in the
prospectus, dated ______, 1997, are amended to provide that transfers among the
Investment Funds are available under the Contract once per month without tax
liability or charge.
The transfer will be made on the date the annuity payment for that month is due
if we receive your election for the transfer at least one Business Day in
advance of such date. Your election must be made in a form we accept according
to our rules which then apply.
44532
<PAGE>
VARIABLE IMMEDIATE ANNUITY
PROSPECTUS DATED ____________________, 1997
VARIABLE IMMEDIATE ANNUITY CONTRACT FUNDED THROUGH THE
INVESTMENT FUNDS OF SEPARATE ACCOUNT A
Issued By:
The Equitable Life Assurance Society of the United States
This prospectus describes the single premium payment Variable Immediate Annuity
Contract (CONTRACT) offered by The Equitable Life Assurance Society of the
United States (EQUITABLE LIFE). The Contract is designed to implement the
payment of annuity benefits to be received as part of a retirement plan.
The Contract offers a Variable Income Annuity Option funded through one or more
of the thirteen variable investment funds (INVESTMENT FUNDS) of Separate Account
A (SEPARATE ACCOUNT) listed below. The Contract also offers a Fixed Income
Annuity Option funded by our general account and available in combination with
the Variable Income Annuity Option.
INVESTMENT FUNDS
o Money Market o Growth & Income Asset Allocation Series:
o Intermediate Government o Equity Index o Conservative Investors
Securities o Common Stock o Balanced
o Quality Bond o Global o Growth Investors
o High Yield o International
o Aggressive Stock
We invest each Investment Fund in shares of a corresponding portfolio
(PORTFOLIO) of The Hudson River Trust (TRUST), a mutual fund whose shares are
purchased by separate accounts of insurance companies. The prospectus for the
Trust, directly following this prospectus, describes the investment objectives,
policies and risks of the Portfolios.
Transfers among the Investment Funds are permitted. No transfers are permitted
between the Fixed Income Annuity Option and the Variable Income Annuity Option.
After a Contract has been issued, it may not be surrendered. The Contract has no
cash value. Monthly payments under the Variable Income Annuity Option will vary
in accordance with the investment performance of the Investment Funds.
This prospectus provides information about the Contract that prospective
investors should know before investing. You should read it carefully and retain
it for future reference. The prospectus is not valid unless it is attached to a
current prospectus for the Trust, which you should also read carefully.
A registration statement relating to the Separate Account has been filed with
the Securities and Exchange Commission (SEC). The statement of additional
information (SAI), dated _____ __, 1997, which is part of the registration
statement for the Separate Account, is available free of charge upon request by
writing to the Processing Office at P.O. Box 2494, New York, New York 10116-2494
or calling 1-800-245-1230, 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.
Copyright 1997
The Equitable Life Assurance Society of the United States,
New York, New York 10019
All rights reserved
888-1119
Cat. No. 127224
<PAGE>
PROSPECTUS TABLE OF CONTENTS
General Terms Page
----
Part 1: Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Equitable Life . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Income Annuity Options . . . . . . . . . . . . . . . . . . . . . . 3
Premium Payments . . . . . . . . . . . . . . . . . . . . . . . . . 3
Transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
10-Day Free Look . . . . . . . . . . . . . . . . . . . . . . . . . 4
Charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Fee Table. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Part 2: Separate Account A and Its Investment Funds . . . . . . . . . . . 6
Separate Account A . . . . . . . . . . . . . . . . . . . . . . . . 6
The Trust. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
The Trust's Investment Adviser . . . . . . . . . . . . . . . . . . 7
Investment Policies and Objectives of the Trust's Portfolios . . . 7
Part 3: Illustrated Monthly Variable Income Annuity Option Payments . . . 10
Part 4: Fixed Income Annuity Option. . . . . . . . . . . . . . . . . . . . 12
Part 5: Provisions of the Contracts . . . . . . . . . . . . . . . . . . . 13
Selecting Annuity Options . . . . . . . . . . . . . . . . . . . . 13
Premium Payments under the Contracts . . . . . . . . . . . . . . . 13
Transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Annuity Distribution Options . . . . . . . . . . . . . . . . . . . 14
How Payments Are Determined . . . . . . . . . . . . . . . . . . . 14
Distribution Of the Contract . . . . . . . . . . . . . . . . . . . 14
Part 6: Deductions and Charges . . . . . . . . . . . . . . . . . . . . . . 15
Trust Charges to Portfolios. . . . . . . . . . . . . . . . . . . . 15
Charges to Investment Funds . . . . . . . . . . . . . . . . . . . 16
Administrative Expense Charge. . . . . . . . . . . . . . . . . . . 16
Other Charges . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Charge for Applicable Taxes . . . . . . . . . . . . . . . . . . . 16
Part 7: Voting Rights . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Trust Voting Rights. . . . . . . . . . . . . . . . . . . . . . . . 17
Separate Account Voting Rights . . . . . . . . . . . . . . . . . . 17
Voting Rights of Others. . . . . . . . . . . . . . . . . . . . . . 17
Changes in Applicable Law. . . . . . . . . . . . . . . . . . . . . 17
Part 8: Tax Aspects of the Contract . . . . . . . . . . . . . . . . . . . 18
Statement of Additional Information Table of Contents. . . . . . . 23
Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
<PAGE>
GENERAL TERMS
The Contract is designed as an annuity benefit payment vehicle for either
personal or employer sponsored retirement programs. In this prospectus, the
terms "we," "our" and "us" mean The Equitable Life Assurance Society of the
United States (EQUITABLE LIFE). The terms "you" and "your" refer to the Contract
Owner.
AIR -- The assumed base rate of net investment return used in determining
monthly payments under the Contract.
ANNUITANT -- The individual who is the measuring life for determining annuity
benefits. The Annuitant may, in certain cases, not be the Contract Owner. The
Annuitant is entitled to exercise rights under a Contract only if that person is
also the Contract Owner.
ANNUITY UNIT -- Premiums allocated to an Investment Fund purchase annuity units
in that Investment Fund. The "Annuity Unit Value" is the dollar value of each
Annuity Unit in an Investment Fund on a given date.
BUSINESS DAY -- Generally, our Business Day is any day on which Equitable Life
is open and the New York Stock Exchange is open for trading. We are closed on
national business holidays and also on Martin Luther King, Jr. Day and the
Friday after Thanksgiving. Additionally, we may choose to close on the day
immediately preceding or following a national business holiday or due to
emergency conditions. Our Business Day ends at 4:00 p.m. Eastern Time or the
closing of the New York Stock Exchange, if earlier.
CODE -- The Internal Revenue Code of 1986, as amended.
CONTRACT -- The Variable Immediate Annuity Contract.
CONTRACT DATE -- This is the Business Day, and any anniversary thereof, we
receive at our Processing Office the properly completed and signed application
form for your Contract, any other required documentation and a premium payment.
CONTRACT OWNER -- The person who owns the Contract. The person who is entitled
to exercise rights under the Contract and to receive the annuity benefits
(unless another payee is designated).
INCOME ANNUITY OPTIONS -- The Variable Income Annuity funded by one or more of
the thirteen Investment Funds, and the Fixed Income Annuity funded by our
general account and available in combination with the Variable Income Annuity.
INVESTMENT FUNDS -- These are the thirteen variable investment funds of the
Separate Account that are listed on the first page of this prospectus.
PORTFOLIOS -- The portfolios of the Trust that correspond to the Investment
Funds of the Separate Account.
PROCESSING OFFICE -- The office to which all premiums, written requests or other
written communications must be sent.
SAI -- The Statement of Additional Information.
SEPARATE ACCOUNT -- Our Separate Account A.
TRUST -- The Hudson River Trust, a mutual fund in which the assets of Separate
Account A are invested.
2
<PAGE>
PART 1: SUMMARY
The following Summary is qualified in its entirety by the terms of the Contract
as issued and the more detailed information appearing elsewhere in the
prospectus. Please be sure to read the prospectus in its entirety.
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. Equitable Life has been selling
annuities since the turn of the century. Our Home Office is located at 787
Seventh Avenue, New York, New York 10019. We are authorized to sell life
insurance and annuities in all fifty states, the District of Columbia, Puerto
Rico and the Virgin Islands. We maintain local offices throughout the United
States.
Equitable Life is a wholly-owned subsidiary of The Equitable Companies
Incorporated (HOLDING COMPANY). The largest stockholder of the Holding Company
is AXA, a French insurance holding company. AXA beneficially owns 61% of the
outstanding shares of common stock of the Holding Company as well as $392.2
million stated value of its issued and outstanding Series E Convertible
Preferred Stock. 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 is the principal holding company for most of the
companies in one of the largest insurance groups in Europe. The majority of
AXA's stock is controlled by a group of five French mutual insurance companies.
Equitable Life, the Holding Company and their subsidiaries managed approximately
$195.3 billion of assets as of December 31, 1995, including third party assets
of approximately $144.4 billion. We are one of the nation's leading pension fund
managers. These assets are primarily managed for retirement and annuity programs
for businesses, tax-exempt organizations and individuals. This broad customer
base includes nearly half the Fortune 100, more than 42,000 small businesses,
state and local retirement funds in more than half the 50 states, approximately
250,000 employees of educational and non-profit institutions, as well as nearly
500,000 individuals. Millions of Americans are covered by Equitable Life's
annuity, life, health and pension contracts.
INCOME ANNUITY OPTIONS
The Contract offers the Variable Income Annuity Option, funded through one or
more of the thirteen Investment Funds (Money Market, Intermediate Government
Securities, Quality Bond, High Yield, Growth & Income, Equity Index, Common
Stock, Global, International, Aggressive Stock and the Asset Allocation Series:
Conservative Investors, Balanced and Growth Investors) and a Fixed Income
Annuity Option funded by our general account and available in combination with
the Variable Income Annuity Option. The Fixed Income Annuity Option is not
available separately under this Contract.
Each Investment Fund invests in shares of a corresponding Portfolio of the
Trust. The attached Trust prospectus describes the investment objectives and
policies of the Portfolios available to Contract Owners. The Income Annuity
Options are available only in forms that provide for life contingencies. Once
issued, a Contract may not be surrendered. The Contract does not have a cash
surrender value.
PREMIUM PAYMENTS
The single premium payment for a Contract must be made by check, drawn on a bank
in the U.S., in U.S. dollars and made payable to Equitable Life. All checks are
accepted subject to collection.
3
<PAGE>
You may instruct us to allocate your payment to one or more of the Investment
Funds under a Variable Income Annuity Option, whether or not purchased in
combination with a Fixed Income Annuity Option. Allocation percentages must be
in whole numbers and the sum of your allocations must equal 100%.
TRANSFERS
You may direct us to transfer funds among the Investment Funds available under
the Contract at least once per year, on the Contract Date, although Equitable
may, in accordance with its procedures, allow more frequent transfers without
tax liability or charge. The Fixed Income Annuity Option does not provide for
transfers.
10-DAY FREE LOOK
You have the right to examine your Contract 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 is extended if your state requires a refund
period of longer than 10 days. This right applies only to the initial Owner of a
Contract.
For premium payments allocated to Investment Funds, your refund will equal that
premium payment plus or minus any investment gain or loss through the date we
receive your Contract at our Processing Office less any annuity payments you may
have already received. Certain daily charges will also be automatically
deducted. For premium payments allocated to purchase the Fixed Income Annuity
Option, the refund will equal the amount allocated to the Fixed Income Annuity
Option, without interest, less any payments already received. Some states or
Federal income tax regulations may require that we calculate the refund
differently. We follow these same procedures if you change your mind before a
Contract has been issued, but after a premium payment has been made.
In certain cases, there may be tax implications to canceling your Contract
during the free look period. You should consult your own tax adviser prior to
investing.
CHARGES
Following is a summary of the charges which are applicable, directly or
indirectly, under your Contract.
o ADMINISTRATIVE EXPENSE CHARGE - A one-time charge of $350 is deducted from
the premium payment for administrative expenses of the Contract.
o OTHER CHARGES - A charge equal to 6% of the premium payment is deducted for
sales expenses when the premium payment is made. No other sales charge
applies.
o CHARGES TO INVESTMENT FUNDS - We make daily charges for certain expenses of
the Contract, including mortality and expense risks and administrative
expenses, including financial accounting. The charges are assessed against
the Separate Account assets at an annual rate not to exceed 1.25% for
mortality and expense risks and 0.30% for administrative expenses, including
financial accounting. The Annuity Unit Values reflect these charges.
o CHARGE FOR APPLICABLE TAXES - We deduct a charge for applicable taxes, such
as state or local premium taxes, that might be imposed in your state. The
current tax charge that might be imposed varies by state and ranges from 0%
to 3.5% of the premium payment made; the rate is 1% in Puerto Rico and 5% in
the Virgin Islands.
4
<PAGE>
o TRUST CHARGES TO PORTFOLIOS - Investment advisory fees and other expenses of
the Trust are charged daily against the Trust's assets. These charges are
reflected in the daily share prices of the Portfolios and, indirectly, in the
Annuity Unit Values for the Investment Funds.
FEE TABLE
- ---------
The following table will assist you in understanding the various costs and
expenses you will bear directly or indirectly under your Contract so that you
may compare them with other products. The only expenses shown in the tables that
apply to the Fixed Income Annuity Option are the Front-End Sales Charge and
Administrative Expense Charge. A deduction of a charge for any applicable state
or local taxes may also apply. For more complete information, see "Part 6:
Deductions and Charges."
CONTRACT OWNER TRANSACTION EXPENSES
- -----------------------------------
Administrative Expense Charge (deducted from premium payment). . . $350
Other Charges (as a percentage of premium payment). . . . . . . . .. 6%
SEPARATE ACCOUNT ANNUAL EXPENSES (MAXIMUM)
- --------------------------------
Mortality and Expense Risk Charge. . . . . . . . . . . . . . . . .1.25%
Asset Based Administrative Charge. . . . . . . . . . . . . . . . .0.30%
Total Separate Account Annual Expenses(1). . . . . . . . . . . .1.55%
TRUST ANNUAL EXPENSES
- ---------------------
<TABLE>
<CAPTION>
MONEY INTERMEDIATE QUALITY HIGH YIELD GROWTH & EQUITY
MARKET GOVERNMENT BOND INCOME INDEX
SECURITIES
<S> <C> <C> <C> <C> <C> <C>
Investment Advisory
Fees 0.40% 0.50% 0.55% 0.55% 0.55% 0.35%
Other Expenses 0.04 0.07 0.04 0.05 0.05 0.13
---- ---- ---- ---- ---- ----
Total Trust Annual
Expenses(2) 0.44% 0.57% 0.59% 0.60% 0.60% 0.48%
<CAPTION>
COMMON GLOBAL INTERNATIONAL AGGRESSIVE CONSERVATIVE BALANCED GROWTH
STOCK STOCK INVESTORS INVESTORS
<S> <C> <C> <C> <C> <C> <C> <C>
Investment
Advisory Fees 0.35% 0.53% 0.90% 0.46% 0.55% 0.37% 0.52%
Other Expenses 0.03 0.08 0.13 0.03 0.04 0.03 0.04
---- ---- ---- ---- ---- ---- ----
Total Trust
Annual
Expenses(2) 0.38% 0.61% 1.03% 0.49% 0.59% 0.40% 0.56%
------------------------------------------------------------------------------------
</TABLE>
(1) We are currently charging only 0.50% against the amounts held in
the Investment Funds. We reserve the right to impose a charge in the future of
up to 1.55% against the amounts held in the investment funds.
(2) Expenses shown for all Portfolios, except the International
Portfolio, are for the fiscal year ended December 31, 1995. The amount shown for
the International Portfolio, which was established on April 3, 1995, is
annualized. The investment advisory fee for each Portfolio may vary from year to
year depending upon the average daily net assets of the respective Portfolio of
the Trust. The maximum investment 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. The
Trust expenses are shown as a percentage of each Portfolio's average value. See
"Trust Charges to Portfolios" in Part 6.
5
<PAGE>
PART 2: SEPARATE ACCOUNT A AND ITS INVESTMENT FUNDS
SEPARATE ACCOUNT A
Separate Account A is organized as a unit investment trust, a type of investment
company, and is registered with the Securities and Exchange Commission (SEC)
under the Investment Company Act of 1940 (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 the Trust. You may
allocate some or all of your premium among the Investment Funds.
The assets of the Separate Account are our property. As a separate account under
the New York Insurance Law, the portion of the Separate Account's assets equal
to the reserves and other liabilities relating to the Contract will not be
chargeable with liabilities arising out of any other business we may conduct.
Accordingly, 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. We are the issuer of the
Contract, and the obligations set forth in the Contract (other than those of
Annuitants or Contract Owners) are our obligations.
In addition to the premium payment made under your Contract, we may allocate to
the Separate Account monies received under other annuity 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 Contract or to other contracts,
certificates or agreements, or we may transfer them to our general account.
We reserve the right, subject to compliance with applicable law, including
approval of Contract Owners if required, (1) to add new Investment Funds (or
sub-divisions of Investment Funds) to, or remove Investment Funds (or
sub-divisions of Investment Funds) from, the Separate Account; or to add other
separate accounts in addition to or in place of the Separate Account, (2) to
combine any two or more Investment Funds or sub-divisions thereof, (3) to
transfer assets determined by us to be the share of the class to which the
Contracts belong from any of the Investment Funds to another Investment Fund by
withdrawing the same percentage of each investment in that Investment Fund with
appropriate adjustments to avoid odd lots and fractions, (4) to operate the
Separate Account or any Investment Fund as a management investment company under
the 1940 Act (which may be directed by a committee which may be composed of a
majority of persons who are "interested persons" of Equitable Life under the
1940 Act, which committee may be discharged by us at any time) or in any other
form permitted by law, including a form that allows us to make direct
investments, (5) to deregister the Separate Account under the 1940 Act, (6) to
cause one or more Investment Funds to invest in a mutual fund other than or in
addition to the Trust, (7) to discontinue the sale of Contracts, (8) to
terminate any employer or plan trustee agreement pursuant to its terms and (9)
to restrict or eliminate any voting rights of Contract Owners or other people
who have voting rights that affect the Separate Account.
If any changes are made that result in a material change in the underlying
investments of an Investment Fund, Contract Owners will be notified. We may make
other changes in the Contracts that do not reduce any annuity benefit, or other
accrued rights or benefits.
THE TRUST
The Trust is an open-end, diversified management investment company, more
commonly called a mutual fund. As a "series" type of mutual fund, it issues
several different series of stock, each of
6
<PAGE>
which relates to a different Portfolio of the Trust. The Trust commenced
operations in January 1976 with a predecessor of its Common Stock Portfolio. The
Trust does not impose a sales charge or "load" for buying and selling its
shares. All dividend distributions to the Trust are reinvested in full and
fractional shares of the Portfolio to which they relate.
More detailed information about the Trust, its investment objectives, policies,
restrictions, risks, expenses and all other aspects of its operations, appears
in its prospectus, or in its statement of additional information.
THE TRUST'S INVESTMENT ADVISER
The Trust is advised by Alliance Capital Management LP (ALLIANCE), which is
registered with the SEC as an investment adviser under the Investment Advisers
Act of 1940. Alliance, a publicly traded limited partnership, is indirectly
majority-owned by Equitable Life. On December 31, 1995, Alliance was managing
over $146.5 billion in assets. Alliance acts as investment adviser to various
separate accounts and general accounts of Equitable Life and other affiliated
insurance companies. Alliance also provides management and consulting services
to mutual funds, endowments 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's record as an investment manager is based, in part, on its ability to
provide a diversity of investment services to domestic, international and global
markets. Alliance prides itself on its ability to attract and retain a quality,
professional work force. Alliance employs 162 investment professionals,
including 81 research analysts. Portfolio managers have average investment
experience of more than 16 years.
Alliance's main office is located at 1345 Avenue of the Americas, New York, New
York 10105.
INVESTMENT POLICIES AND OBJECTIVES OF THE TRUST'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.
7
<PAGE>
The policies and objectives of the Trust's Portfolios are as follows:
<TABLE>
<CAPTION>
PORTFOLIO INVESTMENT POLICY OBJECTIVE
- --------- ----------------- ---------
<S> <C> <C>
Money Market Primarily high quality short-term money market High level of current income while
instruments preserving assets and maintaining
liquidity
Intermediate Government Primarily debt securities issued or guaranteed High current income consistent with
Securities by the U.S. Government, its agencies and relative stability of 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
Quality Bond Primarily investment grade fixed income High current income consistent with
securities preservation of capital
High Yield Primarily a diversified mix of high yield, High return by maximizing current
fixed-income securities involving greater income and, to the extent consistent
volatility of price and risk of principal and with that objective, capital
income than high quality fixed-income appreciation
securities. The medium and lower quality debt
securities in which the Portfolio may invest
are known as "junk bonds"
Growth & Income Primarily income producing common stocks High total return through a
and securities convertible into combination of current income
common stocks and capital appreciation
Equity Index Selected securities in the S&P 500 Index Total return performance (before
(the "Index") which the advisor believes trust expenses) that
will, in the aggregate, approximate the approximates the investment
performance results of the Index performance of the Index
(including reinvestment of
dividends) at risk level consistent
with that of the Index
Common Stock Primarily common stock and other equity-type Long-term growth of capital and
instruments increasing income
Global Primarily equity securities of non-United Long-term growth of capital
States as well as United States companies
International Primarily equity securities selected Long-term growth of capital
principally to permit participation in
non-United States companies with prospects for
growth
Aggressive Stock Primarily common stocks and other equity-type Long-term growth of capital
securities issued by medium and other smaller
sized companies with strong growth potential
</TABLE>
8
<PAGE>
Asset Allocation Series:
<TABLE>
<CAPTION>
PORTFOLIO INVESTMENT POLICY OBJECTIVE
- --------- ----------------- ---------
<S> <C> <C>
Conservative Diversified mix of publicly-traded, High total return without, in the
Investors fixed-income and equity securities; asset mix Adviser's opinion, undue risk to
and security selection are primarily based principal
upon factors expected to reduce risk. The
Portfolio is generally expected to hold
approximately 70% of its assets in fixed
income securities and 30% in equity securities
Balanced Primarily common stocks, publicly-traded debt High return through a combination of
securities and high quality money market current income and capital
instruments. The Portfolio is generally appreciation
expected to hold 50% of its assets in equity
securities and 50% in fixed income securities
Growth Investors Diversified mix of publicly-traded, High total return consistent with the
fixed-income and equity securities; asset mix Adviser's determination of reasonable
and security selection based upon factors risk
expected to increase possibility of high
long-term return. The Portfolio is generally
expected to hold approximately 70% of its
assets in equity securities and 30% in fixed
income securities
</TABLE>
9
<PAGE>
PART 3: ILLUSTRATIVE MONTHLY VARIABLE INCOME ANNUITY OPTION PAYMENTS
The following table illustrates the total monthly payments that an Annuitant
would have received under the Variable Income Annuity Option on December 31,
1995 for each of the periods shown, based on the actual investment performance
of the Trust and the Separate Account expenses that would have applied had the
Contract been offered during the period shown in the tables. Performance data
for the Investment Funds reflect (i) the actual investment results of the
corresponding Portfolios of the Trust from the date of inception of those
Portfolios, and (ii) the actual investment advisory fee and direct operating
expenses of the relevant Portfolio. The performance for all Investment Funds has
been adjusted to reflect the Separate Account asset charges that would have
applied to the Contracts, the Sales Charge and Administrative Expense Charge,
but does not give effect to any charge for applicable taxes, which would also
reduce the actual return.
The results shown are not a representation or guarantee of the results that will
be experienced in the future. Under the Contract, the amount of each monthly
annuity payment under the Variable Income Annuity Option (except the first two
payments) is variable, and will fluctuate to reflect investment performance.
The examples below show what the monthly annuity payment would have been on
December 31, 1995 for each base rate of net investment return, assuming that
$100,000 was applied at the beginning of each period shown, for a female age 70,
and all charges were assessed, to purchase a variable Life Annuity with 10 Years
Period Certain, with initial payments of $612.46 and $690.42 using the assumed
base rate of 3.5% and 5.0%, respectively:
<TABLE>
<CAPTION>
Base One Three Five Ten Since
Rate Year Years Years Years Inception*
---- ---- ----- ----- ----- ----------
<S> <C> <C> <C> <C> <C> <C>
MONEY MARKET 3.50% $620.65 $614.28 $ 624.29 $ 740.83 --
5.00% 691.72 665.07 656.59 724.72 --
INTERMEDIATE GOVERNMENT 3.50% 655.72 640.74 -- -- $ 707.56
SECURITIES 5.00% 730.79 693.72 -- -- 746.86
QUALITY BOND 3.50% 670.81 -- -- -- 602.91
5.00% 747.62 -- -- -- 659.90
HIGH YIELD 3.50% 686.43 759.43 980.86 -- 1,000.46
5.00% 765.07 822.22 1,031.60 -- 993.05
GROWTH & INCOME 3.50% 705.35 -- -- -- 665.86
5.00% 786.11 -- -- -- 728.80
EQUITY INDEX 3.50% 764.09 -- -- -- 747.33
5.00% 851.58 -- -- -- 822.88
COMMON STOCK 3.50% 755.51 852.82 1,120.89 1,654.31 --
5.00% 842.02 923.35 1,178.90 1,618.35 --
GLOBAL 3.50% 682.70 877.16 1,052.71 -- 1,056.04
5.00% 760.88 949.69 1,107.19 -- 1,058.13
INTERNATIONAL 3.50% -- -- -- -- 637.68
5.00% -- -- -- -- 713.32
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
Base One Three Five Ten Since
Rate Year Years Years Years Inception*
---- ---- ----- ----- ----- ----------
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE STOCK 3.50% $739.23 $767.12 $1,284.19 $2,043.28 --
5.00% 823.88 830.55 1,350.64 1,998.86 --
The Asset Allocation Series: 3.50% 685.67 673.05 788.48 -- $ 823.35
CONSERVATIVE INVESTORS 5.00% 764.17 728.70 829.27 -- 850.46
BALANCED 3.50% 684.75 653.69 833.80 1,083.62 --
5.00% 763.16 707.75 876.95 1,060.06 --
GROWTH INVESTORS 3.50% 721.14 743.94 1,074.10 -- 1,176.25
5.00% 803.71 805.45 1,129.68 -- 1,214.99
<FN>
* Inception dates: Money Market: May 11, 1982; Intermediate Government
Securities: April 1, 1991; Quality Bond: October 1, 1993; High Yield: January 2,
1987; Growth & Income: October 1, 1993; Equity Index: March 1, 1994; Common
Stock: August 1, 1968; Global: August 27, 1987; International: April 3, 1995;
Aggressive Stock: May 1, 1984; Conservative Investors: October 2, 1989;
Balanced: May 1, 1984; Growth Investors: October 2, 1989.
</FN>
</TABLE>
11
<PAGE>
PART 4: FIXED INCOME ANNUITY OPTION
You may allocate a portion of your premium payment to the Fixed Income Annuity
Option which is part of our general account. The general account supports all of
our insurance policy and annuity contract guarantees, 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 exemptive and exclusionary provisions, interests in the general
account have not been registered under the Securities Act of 1933 (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. We have been advised that the staff of the SEC has not made a
review of the disclosures that are included in the prospectus for your
information and that relate to the general account and the Fixed Income Annuity
Option. These disclosures, 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.
12
<PAGE>
PART 5: PROVISIONS OF THE CONTRACTS
The provisions of your Contract may be restricted by any plan or agreement
relating to it or by applicable laws or regulations.
SELECTING ANNUITY OPTIONS
You may select the Variable Income Annuity Option funded through one or more of
the Investment Funds, alone, or in combination with the Fixed Income Annuity
Option. The first two monthly payments are fixed. The third and subsequent
monthly annuity payments received under the Variable Income Annuity Option will
increase or decrease depending upon the investment performance of the Investment
Funds. The amount of the payment received under the Fixed Income Annuity Option
will be the same each month and will not fluctuate. If you choose a combination
of the Variable Income Annuity and Fixed Income Annuity Options, you will
receive a single monthly payment representing the sum of the Variable Income
Annuity and Fixed Income Annuity payments due.
Annuity payments under the Contract will commence one month following the date
we receive your premium payment. The annuity distribution options available
under such Contracts are Life Annuity (except in New York), Life Annuity with
Period Certain, Joint and Survivor Life Annuity and Joint and Survivor Life
Annuity with Period Certain. Once issued, a Contract may not be surrendered. The
Contract does not have a cash surrender value.
PREMIUM PAYMENTS UNDER THE CONTRACTS
Premium payments are made in a single sum amount. Your premium payment must be
accompanied by a completed application. All premium payments must be made by
check, drawn on a bank in the U.S., in U.S. dollars and made payable to
Equitable Life. All checks are accepted subject to collection. At our
discretion, and subject to such terms as we may require, we may also allow
premium payments to be made by wire transfers or other means. We allocate
premium payments to the annuity options you select according to your allocation
percentages.
A premium payment allocated to an Investment Fund of the Variable Income Annuity
Option is converted to Annuity Units of that Investment Fund. The number of
Annuity Units credited equals the dollar amount of the initial annuity payment
divided by the Annuity Unit Value for that Investment Fund computed at the end
of the Valuation Period in which we receive the premium payment at our
Processing Office. A VALUATION PERIOD is each Business Day together with any
consecutive, preceding non-business days. The number of Annuity Units credited
upon the allocation of a premium payment, or any transfer to an Investment Fund,
will not vary because of any later change in the Annuity Unit Value, nor will
the number of Annuity Units credited under an Investment Fund change while
monthly annuity payments are being made based upon the Annuity Unit Value of the
Investment Fund. The Annuity Unit Value varies with the investment performance
(relative to the AIR) of the Investment Fund, which in turn reflects the
investment income and realized and unrealized capital gains and losses of the
corresponding Portfolio, as well as the Trust expenses. A description of the
computation of the Annuity Unit Value is found in the SAI.
TRANSFERS
You may transfer all or portions of the Annuity Units credited under your
Contract among the Investment Funds you have chosen at least once each year, on
the Contract Date although Equitable may, in accordance with its procedures,
allow more frequent transfers. Transfer requests can be forwarded to the
processing office up to 30 days prior to the Contract Date. Any transfer request
received after the Contract Date will be returned. A transfer request will be
effective on the next Contract Date after receipt at our Processing Office.
Transfers in or out of the Investment Funds will
13
<PAGE>
be at the Annuity Unit Value computed as of such effective date. All transfers
among the Investment Funds will be confirmed in writing. Your signed request for
a transfer should specify your Contract number, the amount of your Annuity Unit
Value as of that date to be transferred and the Investment Funds to and from
which the amounts are to be transferred.
ANNUITY DISTRIBUTION OPTIONS
You may elect to receive your Variable Income Annuity Option payments, or your
combined Variable Income Annuity Option and your Fixed Income Annuity Option
payments, on any one of the forms listed below. If your annuity payments are the
sum of amounts received under both the Variable Income Annuity Option and the
Fixed Income Annuity Option, you must select the same form for both.
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 continuing benefit following the
Annuitant's death, this annuity form provides the highest monthly payment of
any of the life annuity distribution options.
o LIFE ANNUITY-PERIOD CERTAIN: This annuity form 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. The
certain period cannot exceed life expectancy.
o JOINT AND SURVIVOR LIFE ANNUITY: This annuity form guarantees payments for
the rest of the Annuitant's life and, after his or her death, continuation of
the payments to the survivor.
o JOINT AND SURVIVOR LIFE ANNUITY-PERIOD CERTAIN: This annuity form guarantees
payments for the rest of the Annuitants' lives. In addition, if both
Annuitants die before the period certain, payments will continue to the
beneficiary for the balance of the period certain. The certain period cannot
exceed joint life expectancy.
HOW PAYMENTS ARE DETERMINED
The size of the initial variable annuity payment will depend on the amount
applied to purchase the annuity, the AIR, the form of distribution, the
Annuitant's age (and any joint annuitant's age) and in certain instances, the
sex of the Annuitant(s). The growth in value of your annuity payments is neither
guaranteed nor projected. Once an annuity distribution option is chosen and
payments have commenced, the distribution option cannot be changed.
Under a Variable Income Annuity Option, payments after the first two will vary
according to the investment performance of the Investment Fund(s) selected to
fund the variable payments. After the first two payments, each monthly payment
will be calculated by multiplying the number of Annuity Units credited by the
average Annuity Unit Value for the selected fund for the second calendar month
immediately preceding the due date of the payment. The number of units is
calculated by dividing the first monthly payment by the Annuity Unit Value on
the Business Day the premium is received. The average Annuity Unit Value is the
average of the Annuity Unit Values for the month. In the case of a transfer
between Investment Funds, the number of Annuity Units (if not specified) is
calculated by dividing the dollar value of the transfer by the Annuity Unit
Value of the Investment Fund(s) you are transferring into on the Contract Date
or such other date as Equitable may allow, in accordance with its procedures.
DISTRIBUTION OF THE CONTRACT
As the distributor of the Contract, EQ Financial Consultants, Inc. (EQ
FINANCIAL), an indirect wholly-owned subsidiary of Equitable Life, has
responsibility for sales and marketing functions for the Contract. EQ Financial
also serves as the principal underwriter of the Separate Account under the 1940
Act. EQ Financial is registered with the SEC as a broker-dealer under the
Securities Exchange Act of 1934 and is a member of the National Association of
Securities Dealers, Inc. EQ Financial's principal business address is 1755
Broadway, New York, New York 10019.
The offering of the Contract is intended to be continuous.
14
<PAGE>
PART 6: DEDUCTIONS AND CHARGES
The following deductions and charges described below apply under the Contract.
However, Trust charges to Portfolios and charges to Investment Funds do not
apply to the Fixed Income Annuity Option.
TRUST CHARGES TO PORTFOLIOS
Investment advisory fees charged daily against the Trust's assets, direct
operating expenses of the Trust (such as trustees' fees, expenses of independent
auditors and legal counsel, bank and custodian charges and liability insurance),
and certain investment-related expenses of the Trust (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 increased without a vote
of that Portfolio's shareholders. The maximum fees are as follows:
DAILY AVERAGE NET ASSETS
FIRST $350 NEXT $400 OVER $750
MILLION MILLION MILLION
------- ------- -------
Common Stock, .400% .375% .350%
Money Market
and Balanced
Aggressive Stock .500% .475% .450%
and Intermediate
Government
Securities
High Yield, Global, .550% .525% .500%
Conservative
Investors and
Growth Investors
DAILY AVERAGE NET ASSETS
FIRST $500 NEXT $500 OVER $1
MILLION MILLION BILLION
------- ------- -------
Quality Bond and .550% .525% .500%
Growth & Income
FIRST $750 NEXT $750 OVER $1.5
MILLION MILLION BILLION
------- ------- -------
Equity Index .350% .300% .250%
FIRST $500 NEXT $1 OVER $1.5
MILLION BILLION BILLION
------- ------- -------
International .900% .850% .800%
Investment advisory fees are established under investment advisory agreements
between the Trust and its investment adviser, Alliance. All of these fees and
expenses are described more fully in the Trust prospectus. Since Trust shares
are purchased at their net asset value, these fees and
15
<PAGE>
expenses are, in effect, passed on to the Separate Account and are reflected in
the Annuity Unit Values for the Investment Funds.
CHARGES TO INVESTMENT FUNDS
We make a daily charge at an effective annual rate of 0.50% against the assets
held in each of the Investment Funds. This charge is reflected in the Annuity
Unit Values for the particular Investment Fund and is subject to a maximum of
1.55% in the future, which covers maximum mortality and expense risk charges of
1.25% and maximum expenses of 0.30%.
The maximum mortality and expense risk charge is comprised of 0.65% for
mortality risk and 0.60% for expense risk, although the allocation of these risk
charges may vary. The expense risk we assume is the risk that, over time, our
actual expense of administering the Contracts may exceed the amounts realized
from the asset-based expense charge and the administrative expense charge. We
assume a mortality risk by our obligation to make annuity payments for the life
of the Annuitant regardless of the Annuitant's longevity. Part of the mortality
and expense risk charge may be considered to be an indirect reimbursement for
certain sales and promotional expenses relating to the Contract to the extent
that the charge is not needed to meet the actual expenses incurred.
The asset-based charge for expenses, together with the administrative expense
charge described above, are designed to reimburse us for our costs in providing
administrative services in connection with the Contract, and are not designed to
include an element of profit.
ADMINISTRATIVE EXPENSE CHARGE
A one-time charge of $350 is deducted from the premium payment for
administrative expenses of the Contract.
OTHER CHARGES
A 6% sales charge is deducted from the premium payment, when received, for
commissions and other distribution expenses we incur in marketing the Contracts.
CHARGE FOR APPLICABLE TAXES
We deduct a charge for applicable taxes, such as state or local premium taxes,
that might be imposed in your state. The current tax charge that might be
imposed varies by state and ranges from 0% to 3.5% of the premium payment made;
the rate is 1% in Puerto Rico and 5% in the Virgin Islands.
16
<PAGE>
PART 7: VOTING RIGHTS
TRUST VOTING RIGHTS
Premium payments allocated to the Investment Funds are invested in shares of the
corresponding Portfolios of the Trust. 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 Trust's Board of Trustees,
o to ratify the selection of independent auditors for the Trust, and
o on any other matters described in the Trust's current prospectus or requiring
a vote by shareholders under the 1940 Act.
Because the Trust is a Massachusetts business trust, annual meetings are not
required. Whenever a shareholder vote is taken, we will give Contract Owners the
opportunity to instruct us how to vote the number of shares attributable to
their Contract. If we do not receive instructions in time from all Contract
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 Contract Owners vote.
Each Trust share 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.
SEPARATE ACCOUNT VOTING RIGHTS
If actions relating to the Separate Account require Contract Owner approval,
Contract Owners will be entitled to cast the number of votes equal to the dollar
amount of reserves we are holding in the respective Investment Funds for that
Contract divided by the Annuity 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 Contract Owners.
VOTING RIGHTS OF OTHERS
Currently, we control the Trust. Trust shares are held by other separate
accounts of ours and by separate accounts of insurance companies affiliated and
unaffiliated with us. Shares held by these separate accounts will probably be
voted according to the instructions of the owners of insurance policies and
annuity contracts issued by those insurance companies. While this will dilute
the effect of the voting instructions of Contract Owners, we currently do not
foresee any disadvantages arising out of this. The Trust'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 the Trust's response to any of those
events insufficiently protects our Contract Owners, we will see to it that
appropriate action is taken to protect our Contract 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.
17
<PAGE>
PART 8: TAX ASPECTS OF THE CONTRACT
This prospectus generally covers our understanding of the current Federal income
tax rules that apply to an annuity purchased with after-tax dollars
(non-qualified annuity) and some of the special tax rules that apply to fund
payouts from tax-favored employer sponsored retirement plans (qualified
annuity). This prospectus 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
Variable Immediate Annuity Contract.
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 also affect the tax consequences to you, your joint annuitant, if any,
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 ANNUITY PAYMENTS
Equitable Life has designed the Variable Immediate Annuity Contract to qualify
as an "annuity" for purposes of Federal income tax law. The taxable portion of
annuity payments is treated as ordinary income and is subject to income tax
withholding. See "Federal and State Income Tax Withholding" below.
The Variable Immediate Annuity Contract is a payout annuity -- that is, funds
are applied to a payment stream measured by the annuitant's (and any joint
annuitant's) life, which is at least as long as any period certain elected.
The federal income tax treatment of your Variable Immediate Annuity Contract
payments will depend on whether you have a "tax basis" or "investment in the
contract," that is, whether you have purchased the Contract with after-tax
funds. Where contributions to fund a tax-favored retirement program annuity have
been made entirely with pre-tax funds, all amounts distributed from the Contract
are fully taxable for federal income tax purposes. However, where a Contract has
been purchased wholly or partially with after-tax funds, the owner is entitled
to recover tax-free the portion of each payment attributable to these after-tax
funds.
The tax-free portion of each payment is based on the ratio of the after-tax
investment in the Contract, adjusted for any guaranteed period, divided by the
expected number of payments, as determined in accordance with Treasury
Regulations. The remainder of each payment will be taxable. Special rules apply
if the variable annuity payments actually received in a year are less than the
amount permitted to be recovered tax-free. After the total investment in the
Contract has been recovered, subsequent payments are fully taxable. If payments
cease as a result of death, a deduction for any unrecovered investment will be
allowed.
Where payments are made to a Successor Owner, after the death of the Owner while
the Annuitant is alive, to a joint annuitant, if any, after the death of the
annuitant or to a beneficiary under a life income period certain Variable
Immediate Annuity Contract after the death of the Annuitant during the certain
period, the Successor Owner or Beneficiary, as the case may be, generally
receives the same income tax treatment as the Owner.
18
<PAGE>
Penalty Tax
In addition to income tax, a penalty tax of 10% may apply to the taxable portion
of a distribution from an annuity contract 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) is 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) 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. We believe your
annuity payments should not be subject to the 10% penalty under exception (4) or
(5) above. Since the matter is not entirely clear for variable annuity payments,
you may wish to consult your tax advisor if you expect to receive any
distributions prior to age 59-1/2.
SPECIAL RULES FOR TAX FAVORED RETIREMENT PROGRAMS
QUALIFIED PLANS AND TSAS
Distribution Restrictions and Penalty Taxes
Certain retirement programs have restrictions on the ability to make
distributions from funds attributable to salary reduction contributions,
generally until the plan participant is age 59-1/2, has died, is disabled or
separated from service. Moreover, distribution from any unrestricted funds in
the form of a life-contingent annuity prior to age 59-1/2 may be subject to a
10% additional income tax penalty unless the individual has separated from
service. In addition, the Employee Retirement Income Security Act of 1974, as
amended (ERISA), may require that benefits under the program be paid in a
specified form or require spousal consent to elect another form. You should
discuss with your tax or legal adviser whether the Variable Immediate Annuity
Contract is an appropriate vehicle for you.
Minimum Distribution Rules
Generally a life-contingent annuity such as the Variable Immediate Annuity
Contract will meet the rules requiring minimum distributions to be made from
qualified plans, 403(b) arrangements, and individual retirement annuities
beginning in the year the individual reaches age 70-1/2. If the individual
elects a period certain on the life-contingent contract, the period certain
cannot be longer than the individual's life expectancy (or joint life
expectancies of the individual and a beneficiary) according to IRS tables.
IRAS
The contract is designed to qualify as an individual retirement annuity ("IRA")
under Section 408(b) of the Internal Revenue Code. Your rights under the
contract cannot be forfeited.
This Prospectus contains the information that the Internal Revenue Service
("IRS") requires to be disclosed to an individual before he or she purchases an
IRA. This section 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.
Further information on IRA tax matters can be obtained from any IRS district
office. Additional information regarding IRAs can be found in Internal Revenue
Service Publication 590, entitled "Individual Retirement Arrangements (IRAs),"
which is generally updated annually.
19
<PAGE>
We have not applied for an opinion letter from the IRS approving the form of the
contract as an IRA. Such IRS approval is a determination only as to form of the
annuity and does not represent a determination of the merits of the annuity as
an investment.
Part 6, "Deductions and Charges" of this Prospectus describes the amount and
types of charges which may apply to your rollover/transfer contribution. Part 5
of this Prospectus and Part 1 of the SAI describe the method of computing
payments. To the extent the individual allocates funds to the Variable Income
Annuity Option (as opposed to the Fixed Income Annuity Option discussed in Part
4), growth is neither guaranteed nor projected.
Cancellation
You can cancel a contract issued as an IRA by following the directions in Part 1
under "10-day Free Look." Since there may be adverse tax consequences if a
contract is cancelled (and because we are required to report to the IRS certain
IRA distributions from cancelled IRAs), you should consult with a tax adviser
before making any such decision.
Funding
This IRA may be funded through rollover or transfer of funds only and not
through "regular" IRA contributions out of the individual's current earnings.
Direct transfers may be made only from another individual retirement
arrangement. Amounts may be rolled over from another individual retirement
arrangement within 60 days of when the individual receives the funds (unless
such funds have already been subject to rollover from one individual retirement
arrangement to another at any time during the past 1-year period). Amounts may
also be rolled over within 60 days of when the individual receives the funds or
as a direct rollover of an "eligible rollover distribution" from a qualified
plan or 403(b) arrangement. The owner of the Variable Immediate Annuity IRA must
also have been the owner of the individual retirement arrangement which is the
source of funds (or the qualified plan or 403(b) participant, as the case may
be).
However, the Variable Immediate Annuity IRA may also be purchased through a
rollover by the surviving spouse beneficiary of a deceased owner's individual
retirement arrangement or qualified plan or 403(b) arrangement or by a
participant or a spouse or a former spouse in a qualified domestic relations
order or a transfer of an individual retirement arrangement incident to a
divorce or separation decree.
After-tax contributions and amounts which are required to be distributed under
the "required minimum distribution rules" discussed below applicable to
individuals after they reach age 70-1/2 may not be rolled over. If amounts which
are not eligible to be rolled over are in fact rolled over to the Variable
Immediate Annuity IRA, they may be subject to a 6% excise tax.
Required Minimum Distributions
April 1 following the calendar year in which the individual attains age 70-1/2
is the "Required Beginning Date" -- the date on which required minimum
distributions from an individual retirement arrangement are required to begin.
If the individual is past his/her required beginning date he/she may still
purchase a Variable Immediate Annuity IRA, through transfer or rollover of
funds; however, before the funds are transmitted to this contract, the
individual must have elected a life expectancy recalculation method of
calculating minimum distributions and the individual must have taken the minimum
distribution for the year.
20
<PAGE>
As discussed above under "Qualified Plans and TSAs - Minimum Distribution
Rules," payments from the Variable Immediate Annuity IRA should meet required
minimum distribution rules applicable to life contingent annuity payments,
provided that life expectancy table rules are met for any period certain
selected and the rules described in this section are met.
Taxation of Payments
All payments from the Variable Immediate Annuity IRA are reported as being fully
taxable. If the individual has established the annuity through a direct transfer
of individual retirement arrangement funds which include nondeductible
contributions, it is the individual's responsibility to calculate the amount of
each payment which is not subject to tax, based on filings he/she has made with
the IRS and records he/she has been required to retain.
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.
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, the individual must include in Federal gross
income for that year an amount equal to the fair market value of the IRA
contract as of the first day of that tax year, less the amount of any
nondeductible contributions not previously paid out. Also, the early
distribution penalty tax of 10% will apply if the individual has not reached age
59-1/2 before the first day of that tax year.
FEDERAL AND STATE INCOME TAX WITHHOLDING
Equitable Life is required to withhold Federal income tax on the taxable portion
of periodic annuity payments as if the payments were wages, unless the recipient
elects not to be subject to income tax withholding. Special withholding rules
apply to foreign recipients and United States citizens residing outside the
United States. 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 Variable Immediate Annuity Contract. 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 annuity income tax withholding will apply to
payments from the Variable Immediate Annuity Contract 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 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 payments which is
exempt from withholding based on this assumption. For 1996, a recipient of
periodic payments (e.g., monthly or annual payments) which total less than
$14,075 taxable amount will
21
<PAGE>
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.
In certain cases, e.g., benefits passing to a grandchild instead of a spouse or
child, withholding may also be required because of potential application of
"generation skipping tax," which is a form of estate tax.
SPECIAL RULES FOR CONTRACTS ISSUED IN PUERTO RICO
Under current law Equitable Life treats income from the Variable Immediate
Annuity Contract 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 the Variable
Immediate Annuity Contract is also subject to Puerto Rico tax. The computation
of the taxable portion of amounts distributed from a Variable Immediate Annuity
Contract may differ in the two jurisdictions. Therefore, an individual 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 an individual's personal situation and the
timing of the different tax liabilities, an individual 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.
IMPACT OF TAXES TO EQUITABLE LIFE
The Contract provides that we may charge the Separate Account for taxes. We can
also set up reserves for taxes.
22
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
Page
----
Part 1: Determination of Monthly Annuity Payments . . . . . . . . . . . . . 3
Part 2: Annuity Unit Values . . . . . . . . . . . . . . . . . . . . . . . . 4
Part 3: Custodian and Independent Accountants . . . . . . . . . . . . . . . 5
Part 4: Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . 6
23
<PAGE>
APPENDIX
EXAMPLES OF VARIABLE INCOME ANNUITY PAYMENT DETERMINATIONS,
INCLUDING INVESTMENT FUND TRANSFERS
The examples below show how we would determine the variable income annuity (VIA)
payments for a given investment fund choice at original issue, and upon transfer
from that investment fund to another after variable income annuity payments have
commenced.
We assume that $100,000, net of any fee deductions that apply, were used to
purchase a variable income annuity under the Common Stock investment option on
12/27/95. Based on an assumed investment return (AIR) of 5%, let us say that the
resulting initial monthly payment of $800 commencing on that date, is for a
Female age 75 under a Life Annuity with 10 Year Period Certain form. This
payment represents, for purposes of this example, 400 Common Stock variable
annuity units purchased, and is fixed for the first two payments and varies
thereafter according to the Common Stock fund investment performance relative to
the AIR.
We further assume that on the first anniversary of the Contract Date, 12/27/96,
we receive a request for a 40% transfer of variable annuity units from the
Common Stock fund to the Global fund. Note that since payments are based on an
average unit value for two months prior, a change in the payments resulting from
the transfer does not occur until two months after the effective date of
transfer.
<TABLE>
<S> <C>
As of 12/27/95 (Original Issue)
- -------------------------------
(1) Premium applied* $100,000
(2) Initial monthly payment on 1/29/96 800
(3) Common Stock fund annuity unit value (12/27/95) 2.00
(4) Number of Common Stock variable annuity units: (2) / (3) 400
As of 12/27/96 (Annuitant Election to Transfer 40% from Common Stock to Global fund)
- ------------------------------------------------------------------------------------
(5) Common Stock fund annuity unit value (12/27/96) $ 2.50
(6) Global fund annuity unit value (12/27/96) 2.00
(7) Portion of annuity units transferred to Global fund: 40% x (4) x (5) / (6) 200
(8) Remaining annuity units in Common Stock fund: 60% x (4) 240
As of 12/27/96 (Benefit Payment based on Annuity Units owned in October 1996)
- -----------------------------------------------------------------------------
(9) Average Common Stock fund annuity unit value (October 1996) $ 2.25
(10) Monthly payment under Common Stock fund on 12/27/96: (4) x (9) 900
As of 1/27/97 (Benefit Payment based on Annuity Units owned in November 1996)
- -----------------------------------------------------------------------------
(11) Average Common Stock fund annuity unit value (November 1996) $ 2.50
(12) Monthly payment under Common Stock fund on 1/27/97: (4) x (11) 1,000
As of 2/27/97 (Benefit Payment based on Annuity Units owned in December 1996)
- -----------------------------------------------------------------------------
(13) Average Common Stock fund annuity unit value (December 1996) $ 2.75
(14) Average Global fund annuity unit value (December 1996) 2.25
(15) Monthly payment under Common Stock fund on 2/27/97: (8) x (13) 660
(16) Monthly payment under Global fund on 2/27/97: (7) x (14) 450
(17) Total monthly payment on 2/27/97: (15) + (16) 1,110
<FN>
* After deduction of 6% sales charge and $350 administrative expense charge.
</FN>
</TABLE>
Annuity Unit Values shown in the above example are hypothetical and used for
illustrative purposes only. The example is not a representation or projection of
the amount of annuity payments that would actually be received under the
Contract.
24
35964
<PAGE>
VARIABLE IMMEDIATE ANNUITY
STATEMENT OF ADDITIONAL INFORMATION
DATED ____________, 1997
- --------------------------------------------------------------------------------
Variable Immediate Annuity Contract Funded Through the
Investment Funds of Separate Account A
o MONEY MARKET o GROWTH & INCOME ASSET ALLOCATION SERIES:
o INTERMEDIATE o EQUITY INDEX o CONSERVATIVE INVESTORS
GOVERNMENT o COMMON STOCK o BALANCED
SECURITIES o GLOBAL o GROWTH INVESTORS
o QUALITY BOND o INTERNATIONAL
o HIGH YIELD o AGGRESSIVE STOCK
ISSUED BY:
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
- --------------------------------------------------------------------------------
Home Office: 1290 Avenue of the Americas, New York, NY 10104
Processing Office: P.O. Box 2494, New York, NY 10116-2494
- --------------------------------------------------------------------------------
This statement of additional information (SAI) is not a prospectus. It should be
read in conjunction with the Separate Account A prospectus for the Variable
Immediate Annuity Contract, dated ___________, 1997. Definitions of special
terms used in the SAI are found in the prospectus.
A copy of the prospectus is available free of charge by writing the Processing
Office, by calling 1-800-245-1230, toll-free, or by contacting your Equitable
Life Agent.
- --------------------------------------------------------------------------------
Copyright 1997 The Equitable Life Assurance
Society of the United States, New
York, New York 10019 All rights
reserved.
888-1120
Cat. No. 127225
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
Page
----
Part 1 Determination of Monthly Annuity Payments 3
- --------------------------------------------------------------------------------
Part 2 Annuity Unit Values 4
- --------------------------------------------------------------------------------
Part 3 Custodian and Independent Accountants 5
- --------------------------------------------------------------------------------
Part 4 Financial Statements 6
- --------------------------------------------------------------------------------
-2-
<PAGE>
PART 1 -- DETERMINATION OF MONTHLY ANNUITY PAYMENTS
Payments start one month following the date we receive your premium payment.
The amount of the first two monthly annuity payments is the same, as shown on
the Data Pages in your Contract, and is the sum of the initial Variable Income
Annuity Option payment amount and any Fixed Income Annuity Option payment
amount. Each subsequent monthly payment will be the sum of any Fixed Income
Annuity Option and the Variable Income Annuity Option payment, determined as
follows:
(a) Each Fixed Income Annuity Option payment will be made at the same
amount, as shown on the Data Pages.
(b) The amount of the third and each subsequent monthly Variable Income
Annuity Option payment will be (1) the number of Annuity Units held in
each of the selected Investment Funds as of the effective date of
payment multiplied by (2) the Average Annuity Unit Value (see below) for
the selected Investment Fund, for the second calendar month immediately
preceding the due date of the payment.
The amounts of Variable Income Annuity Option payments are determined as
follows:
The first two payments depend on the AIR and the form of annuity chosen
(and any fixed period). Since the annuity involves a life contingency,
the risk class and the age of the Annuitants will affect payments.
The third and subsequent monthly Variable Income Annuity Option payments
may increase or decrease in amount, depending on whether the actual rate
of net investment return (after charges) of the applicable Investment
Fund is higher or lower than the Assumed Base Rate of Net Investment
Return, or AIR, shown on the Data Pages. Payments will not be increased
or decreased in amount because of mortality or Contract expense.
The number of units is calculated by dividing the first monthly payment
by the annuity unit value on the Business Day the premium
-3-
<PAGE>
is received. The average annuity unit value is the average of the
annuity unit values for that month.
PART 2 -- ANNUITY UNIT VALUES
The Annuity Unit Value for the Variable Immediate Annuity Contract was fixed on
____________, 1996 at $______ and $______ for contracts with assumed base rates
of net investment return of 5% and 3-1/2% a year, respectively. For each
Valuation Period, it is the Annuity Unit Value for the immediately preceding
Valuation Period multiplied by the Adjusted Net Investment Factor under the
contract.
The Net Investment Factor is defined as (a / b) - c where:
(a) is the value of the Investment Fund's shares of the corresponding
Portfolio at the end of the Valuation Period before giving effect to any
amounts allocated to or withdrawn from the Investment Fund for the
Valuation period. For this purpose, we use the share value reported to
us by The Hudson River Trust. This share value is after deduction for
investment advisory fees and direct expenses of The Hudson River Trust.
(b) is the value of the Investment Fund's shares of the corresponding
Portfolio at the end of the preceding Valuation Period (after any
amounts allocated or withdrawn for that Valuation Period).
(c) is the daily Separate Account asset charges for the expenses and risks
of the Contract times the number of calendar days in the Valuation
Period, plus any charge for taxes or amounts set aside as a reserve for
taxes.
For each Valuation Period, the Adjusted Net Investment Factor is equal to the
Net Investment Factor reduced for each day in the Valuation Period by:
o .00013366 of the Net Investment Factor for a contract with an assumed base
rate of net investment return of 5% a year; or
o .00009425 of the Net Investment Factor for a contract with an assumed base
rate of net investment return of 3-1/2%.
-4-
<PAGE>
Because of this adjustment, the Annuity Unit Value rises and falls depending on
whether the actual rate of net investment return (after charges) is higher or
lower than the assumed base rate. The Average Annuity Unit Value for a calendar
month is equal to the average of the Annuity Unit Values for such month.
All Contracts have a 5% assumed base rate of net investment return, except in
states where that rate is not permitted. Annuity payments under Contracts with
an assumed base rate of 3-1/2% will at first be smaller than those under
Contracts with a 5% assumed base rate. Payments under the 3-1/2% Contracts,
however, will rise more rapidly when unit values are rising, and payments will
fall more slowly when unit values are falling than those under 5% Contracts.
Illustration of Changes in Annuity Unit Values. Assume that the net premium paid
for a Contract is enough to fund a Variable Immediate Annuity Contract with a
monthly payment of $100 and that the Annuity Unit Value of the Investment Fund
for the Valuation Period that includes the due date of the first annuity payment
is $3.74. The number of annuity units credited under the Contract would be 26.74
(100 divided by 3.74 = 26.74). Based on an average annuity unit value of $3.56
in October 1995, the annuity payment due in December 1995 would be $95.19 (the
number of units (26.74) times $3.56).
PART 3 -- CUSTODIAN AND INDEPENDENT ACCOUNTANTS
Equitable Life is the custodian for shares of the Trust owned by the Separate
Account.
The financial statements of the Separate Account and of Equitable Life included
in this SAI have been audited for the years ended December 31, 1996 and December
31, 1995 by Price Waterhouse LLP, as stated in their reports. The financial
statements of the Separate Account and of Equitable Life for the years ended
December 31, 1996 and December 31, 1995 included in this SAI have been so
included in reliance on the report of Price Waterhouse LLP, independent
accountants, given on the authority of such firm as experts in accounting and
auditing.
-5-
<PAGE>
PART 4 -- FINANCIAL STATEMENTS
The consolidated financial statements of The Equitable Life Assurance Society of
the United States included herein should be considered only as bearing upon the
ability of Equitable Life to meet its obligations under the Contracts.
36776
-6-
<PAGE>
PART C
OTHER INFORMATION
-----------------
Item 24. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements included in Part B.*
1. Separate Account A:
-------------------
- Report of Independent Accountants; Price Waterhouse LLP
- Statements of Assets and Liabilities for the Year Ended
December 31, 1996;
- Statements of Operations for the Year Ended December 31,
1996;
- Statements of Changes in Net Assets for the Years Ended
December 31, 1996 and 1995;
- Notes to Financial Statements;
2. The Equitable Life Assurance Society of the United States:
----------------------------------------------------------
- Report of Independent Accountants; Price Waterhouse LLP
- Consolidated Balance Sheets as of December 31, 1996 and
1995;
- Consolidated Statements of Earning for Years Ended
December 31, 1996, 1995 and 1994;
- Consolidated Statements of Cash Flows for Years Ended
December 31, 1996, 1995 and 1994; and
- Notes to Consolidated Financial Statements.
(b) Exhibits.
The following exhibits are filed herewith:
1. (a) Resolutions of the Board of Directors of The
Equitable Life Assurance Society of the
United States ("Equitable") authorizing the
establishment of the Registrant.
(b) Resolutions of the Board of Directors of
Equitable dated October 16, 1986 authorizing the
reorganization of Separate Accounts A, C, D, E, J
and K into one continuing separate account.
2. Not applicable.
3. Sales Agreement among Equitable, Separate Account A and
Equico Securities, Inc. (name changed to EQ Financial
Consultants, Inc.) as principal underwriter for The Hudson
River Trust.
4. Forms of variable immediate annuity contracts.
5. Form of application.
6. (a) Copy of the Restated Charter of Equitable, adopted
August 6, 1992.
(b) Copy of the Certificate of Amendment of the
Restated Charter of Equitable, adopted November
18, 1993.
(c) By-Laws of Equitable, as amended through July 22,
1992.
7. Not applicable.
8. Not applicable.
9. Form of Opinion and Consent of Hope E. Rosenbaum-Werner,
Esq., Vice President and Counsel of Equitable, as to the
legality of the securities being registered.
10. Powers of Attorney.
11. Not applicable.
12. Not applicable.
13. Not applicable.
- -------------------------
*To be filed by pre-effective amendment.
C-1
<PAGE>
Item 25. Directors and Officers of Equitable
-----------------------------------
Set forth below is information regarding the directors and
principal officers of Equitable. Equitable recently changed its main address
from 787 Seventh Avenue, New York, New York 10019, to 1290 Avenue of the
Americas, New York, New York 10104. The business address of the persons whose
names are preceded by one asterisk is 787 Seventh Avenue, and by two asterisks
is 1290 Avenue of the Americas.
NAME AND PRINCIPAL POSITIONS AND OFFICES
BUSINESS ADDRESS WITH EQUITABLE
- ---------------- --------------
DIRECTORS
- ---------
Claude Bebear Director
AXA S.A.
23, Avenue Matignon
75008 Paris, France
Christopher J. Brocksom Director
AXA Equity & Law
Amersham Road
High Wycombe
Bucks HP 13 5 AL, England
Francoise Colloc'h Director
AXA S.A.
23, Avenue Matignon
75008 Paris, France
Henri de Castries Director
AXA S.A.
23, Avenue Matignon
75008 Paris, France
Joseph L. Dionne Director
The McGraw-Hill Companies
1221 Avenue of the Americas
New York, NY 10020
William T. Esrey Director
Sprint Corporation
P.O. Box 11315
Kansas City, MO 64112
C-2
<PAGE>
NAME AND PRINCIPAL POSITIONS AND OFFICES
BUSINESS ADDRESS WITH EQUITABLE
- ---------------- --------------
Jean-Rene Fourtou Director
Rhone-Poulenc S.A.
25 Quai Paul Doumer
92408 Courbevoie Cedex
France
Norman C. Francis Director
Xavier University of Louisiana
7325 Palmetto Street
New Orleans, LA 70125
Donald J. Greene Director
LeBouef, Lamb, Greene & MacRae
125 West 55th Street
New York, NY 10019-4513
John T. Hartley Director
Harris Corporation
1025 NASA Boulevard
Melbourne, FL 32919
John H.F. Haskell, Jr. Director
Dillon, Read & Co., Inc.
535 Madison Avenue
New York, NY 10022
Mary R. (Nina) Henderson Director
CPC International, Inc.
International Plaza
PO Box 8000
Englewood Cliffs, NJ 07632-9976
W. Edwin Jarmain Director
Jarmain Group Inc.
121 King Street West
Suite 2525
Toronto, Ontario M5H 3T9,
Canada
G. Donald Johnston, Jr. Director
184-400 Ocean Road
John's Island
Vero Beach, FL 32963
Winthrop Knowlton Director
Knowlton Brothers, Inc.
530 Fifth Avenue
New York, NY 10036
C-3
<PAGE>
NAME AND PRINCIPAL POSITIONS AND OFFICES
BUSINESS ADDRESS WITH EQUITABLE
- ---------------- --------------
Arthur L. Liman Director
Paul, Weiss, Rifkind, Wharton &
Garrison
1285 Avenue of the Americas
New York, NY 10019
George T. Lowy Director
Cravath, Swaine & Moore
825 Eighth Avenue
New York, NY 10019
Didier Pineau-Valencienne Director
Schneider S.A.
64-70 Avenue Jean-Baptiste Clament
96646 Boulogne-Billancourt Cedex
France
George J. Sella, Jr. Director
P.O. Box 397
Newton, NJ 07860
Dave H. Williams Director
Alliance Capital Management
Corporation
1345 Avenue of the Americas
New York, NY 10105
OFFICER-DIRECTORS
- -----------------
*James M. Benson President, Chief Executive Officer
and Director
*William T. McCaffrey Senior Executive Vice President,
Chief Operating Officer and Director
*Joseph J. Melone Chairman of the Board and Director
OTHER OFFICERS
- --------------
**A. Frank Beaz Senior Vice President
**Leon B. Billis Senior Vice President
*Harvey Blitz Senior Vice President and Deputy
Chief Financial Officer
*Kevin R. Byrne Vice President and Treasurer
*Jerry M. de St. Paer Executive Vice President
**Gordon G. Dinsmore Senior Vice President
C-4
<PAGE>
NAME AND PRINCIPAL POSITIONS AND OFFICES
BUSINESS ADDRESS WITH EQUITABLE
- ---------------- --------------
*Alvin H. Fenichel Senior Vice President and Controller
**Paul J. Flora Senior Vice President and Auditor
*Robert E. Garber Executive Vice President and General
Counsel
**Donald R. Kaplan Senior Vice President and Chief
Compliance Officer and Associate
General Counsel
*Michael S. Martin Senior Vice President
*Peter D. Noris Executive Vice President and Chief
Investment Officer
**Anthony C. Pasquale Senior Vice President
**Pauline Sherman Vice President, Secretary and
Associate General Counsel
**Samuel B. Shlesinger Senior Vice President
**Richard V. Silver Senior Vice President and Deputy
General Counsel
*Jose Suquet Executive Vice President and Chief
Agency Officer
*Stanley B. Tulin Senior Executive Vice President and
Chief Financial Officer
C-5
<PAGE>
Item 26. Persons Controlled by or Under Common Control with the Insurance
----------------------------------------------------------------
Company or Registrant
---------------------
Separate Account A of The Equitable Life Assurance Society of the
United States (the "Separate Account") is a separate account of Equitable.
Equitable, a New York stock life insurance company, is a wholly owned subsidiary
of The Equitable Companies Incorporated (the "Holding Company"), a publicly
traded company.
The largest stockholder of the Holding Company is AXA S.A. At November
30, 1996 AXA S.A. beneficially owned approximately 61% of the Holding Company's
outstanding common stock plus convertible preferred stock. AXA S.A. is able to
exercise significant influence over the operations and capital structure of the
Holding Company and its subsidiaries, including Equitable. AXA, a French
company, is the holding company for an international group of insurance and
related financial services companies.
C-6
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
--------------------------------------------
The Equitable Companies Incorporated (1991) (Delaware)
- ------------------------------------
Donaldson, Lufkin & Jenrette, Inc. (1993) (Delaware) (44.1%)
----------------------------------
(See Addendum for subsidiaries)
The Equitable Life Assurance Society of the United States (l859)
---------------------------------------------------------
(New York) (a)(b)
The Equitable of Colorado, Inc. (l983) (Colorado)
-------------------------------
Equitable Variable Life Insurance Company (l972) (New York) (a)
-----------------------------------------
FHJV Holdings, Inc. (1990) (Delaware)
-------------------
EVLICO, INC. (1995) (Delaware)
------------
EVLICO East Ridge, Inc. (1995) (Delaware)
-----------------------
GP/EQ Southwest, Inc. (1995) (Texas) (5.86%)
---------------------
Franconom, Inc. (1985) (Pennsylvania)
---------------
Frontier Trust Company (1987) (North Dakota)
----------------------
Gateway Center Buildings, Garage and Apartment Hotel, Inc. (inactive)
----------------------------------------------------------
(pre-l970) (Pennsylvania)
Equitable Deal Flow Fund, L.P.
------------------------------
Equitable Managed Assets (Delaware)
------------------------
EREIM LP Associates (99%)
-------------------------
EML Associates, L.P. (19.8%)
----------------------------
Alliance Capital Management L.P. (2.71% limited partnership interests)
----------------------------------------------------------------------
ACMC, Inc. (1991) (Delaware)
----------
Alliance Capital Management L.P. (1988) (Delaware)
--------------------------------
(46.7% limited partnership interests)
EVCO, Inc. (1991) (New Jersey)
----------
EVSA, Inc. (1992) (Pennsylvania)
----------
Prime Property Funding, Inc. (1993) (Delaware)
----------------------------
Wil Gro, Inc. (1992) (Pennsylvania)
-------------
Equitable BJVS, Inc. (1992) (California)
--------------------
Equitable Rowes Wharf, Inc. (1995) (Massachusetts)
---------------------------
- -----------
(a) Registered Broker/Dealer (b) Registered Investment Advisor
C-7
<PAGE>
The Equitable Companies Incorporated (cont.)
- ------------------------------------
The Equitable Life Assurance Society of the United States (cont.)
---------------------------------------------------------
GP/EQ Southwest, Inc. (1995) (Texas) (94.132%)
---------------------
Fox Run, Inc. (1994) (Massachusetts)
-------------
Equitable Underwriting and Sales Agency (Bahamas) Limited (1993)
---------------------------------------------------------
(Bahamas)
CCMI Corporation (1994) (Maryland)
----------------
FTM Corporation (1994) (Maryland)
---------------
HVM Corporation (1994) (Maryland)
---------------
STCS, Inc. (1992) (Delaware)
----------
Camelback JVS, Inc. (1995) (Arizona)
-------------------
Equitable Holding Corporation (1985) (Delaware)
-----------------------------
EQ Financial Consultants, Inc. (formerly Equico Securities, Inc.)
------------------------------
(l97l)(Delaware) (a) (b)
ELAS Securities Acquisition Corp. (l980) (Delaware)
---------------------------------
Equitable Realty Assets Corporation (l983) (Delaware)
-----------------------------------
100 Federal Street Funding Corporation (Massachusetts)
--------------------------------------
100 Federal Street Realty Corporation (Massachusetts)
-------------------------------------
EquiSource of New York, Inc. (formerly Traditional Equinet
----------------------------
Business Corporation of New York) (1986) (New York)
(See Addendum for subsidiaries.)
Equitable Casualty Insurance Company (l986) (Vermont)
------------------------------------
EREIM LP Corp. (1986) (Delaware)
--------------
EREIM LP Associates (1%)
------------------------
EML Associates (.02%)
---------------------
Six-Pac G.P., Inc. (1990) (Georgia)
------------------
Equitable Distributors, Inc. (1988) (Delaware) (a)
----------------------------
Equitable JVS, Inc. (1988) (Delaware)
-------------------
- ----------
(a) Registered Broker/Dealer (b) Registered Investment Advisor
C-8
<PAGE>
The Equitable Companies Incorporated (cont.)
- ------------------------------------
The Equitable Life Assurance Society of the United States (cont.)
---------------------------------------------------------
Equitable Holding Corporation (cont.)
-----------------------------
Astor/Broadway Acquisition Corp. (1990) (New York)
--------------------------------
Astor Times Square Corp. (1990) (New York)
------------------------
PC Landmark, Inc. (1990) (Texas)
-----------------
Equitable JVS II, Inc. (1994) (Maryland)
----------------------
EJVS,Inc. (1995) (New Jersey)
---------
Donaldson, Lufkin & Jenrette, Inc. (1985 by EIC; 1993 by EHC)
----------------------------------
(Delaware) (36.1%) (See Addendum for subsidiaries)
JMR Realty Services, Inc. (1994) (Delaware)
-------------------------
Equitable Investment Corporation (l97l) (New York)
--------------------------------
Stelas North Carolina Limited Partnership (50% limited
-----------------------------------------
partnership interest) (l984)
EQ Services, Inc. (1992) (Delaware)
-----------------
Equitable Agri-Business, Inc. (1984) (Delaware)
-----------------------------
Alliance Capital Management Corporation (l991) (Delaware)
---------------------------------------
(b) (See Addendum for subsidiaries)
Equitable Capital Management Corporation (l985)
----------------------------------------
(Delaware) (b)
Alliance Capital Management L.P. (1988) (Delaware)
--------------------------------
(14.67% limited partnership interests)
Equitable JV Holding Corporation (1989) (Delaware)
--------------------------------
Equitable Real Estate Investment Management, Inc. (l984)
-------------------------------------------------
(Delaware) (b)
Equitable Realty Portfolio Management, Inc. (1984)
-------------------------------------------
(Delaware)
EQK Partners (100% general partnership interest)
------------
Compass Management and Leasing Co. (formerly known as
---------------------------------
EREIM, Inc.) (l984) (Colorado)
Equitable Real Estate Capital Markets, Inc. (1987)
-------------------------------------------
(Delaware) (a)
- -------------
(a) Registered Broker/Dealer (b) Registered Investment Advisor
C-9
<PAGE>
The Equitable Companies Incorporated (cont.)
- ------------------------------------
The Equitable Life Assurance Society of the United States (cont.)
---------------------------------------------------------
Equitable Holding Corporation (cont.)
-----------------------------
Equitable Investment Corporation (cont.)
--------------------------------
Equitable Real Estate Investment Management, Inc. (cont.)
-------------------------------------------------
EQ Realty Associates-V, Inc. (1987) (Delaware)
----------------------------
EPPNLP Corp. (1987) (Delaware)
------------
Equitable Pacific Partners Corp. (1987) (Delaware)
--------------------------------
Equitable Pacific Partners Limited Partnership
----------------------------------------------
EREIM Managers Corp. (1986) (Delaware)
--------------------
ML/EQ Real Estate Portfolio, L.P.
---------------------------------
EML Associates, L.P. (80%)
--------------------------
Compass Retail, Inc. (1990) (Delaware)
--------------------
Compass Management and Leasing, Inc. (1991)
------------------------------------
(Delaware)
CJVS, Inc. (1994) (Delaware)
----------
Compass Cayman (1996) (Cayman Islands)
--------------
Compass Management and Leasing (UK) Limited
------------------------------
Column Financial, Inc. (1993) (Delaware) (50%)
----------------------
Buckhead Strategic Corp. (1994) (Delaware)
------------------------
Buckhead Strategic Fund L.P.
----------------------------
BH Strategic Co. I, L.P.
------------------------
BH Strategic Co. II, L.P.
-------------------------
BH Strategic Co. III, L.P.
--------------------------
BH Strategic Co. IV, L.P.
-------------------------
Community Funding, Inc. (1994) (Delaware)
-----------------------
Community Mortgage Fund, L.P. (1994) (Delaware)
-----------------------------
Buckhead Strategic Corp., II (1995) (Delaware)
----------------------------
Buckhead Strategic Fund L.P. II
-------------------------------
- ------------
(a) Registered Broker/Dealer (b) Registered Investment Advisor
C-10
<PAGE>
The Equitable Life Assurance Society of the United States (cont.)
---------------------------------------------------------
Equitable Holding Corporation (cont.)
-----------------------------
Equitable Investment Corporation (cont.)
--------------------------------
Equitable Real Estate Investment Management, Inc. (cont.)
-------------------------------------------------
Buckhead Co. III, L.P.
----------------------
HYDOC, L.L.C.
-------------
Equitable Real Estate Hyperion Capital Advisors L.L.C.
------------------------------------------------------
- ---------
(a) Registered Broker/Dealer (b) Registered Investment Advisor
C-11
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
--------------------------------------------
ADDENDUM - NON-REAL ESTATE SUBSIDIARY
OF EQUITABLE HOLDING CORPORATION
HAVING MORE THAN FIVE SUBSIDIARIES
--------------------------------------------
EquiSource of New York, Inc.(formerly Traditional Equinet Business Corporation
of New York) has the following subsidiaries that are brokerage companies to make
available to Equitable Agents within each state traditional (non-equity)
products and services not produced by Equitable:
EquiSource of Delaware, Inc. (1986) (Delaware)
EquiSource of Alabama, Inc. (1986) (Alabama)
EquiSource of Arizona, Inc. (1986) (Arizona)
EquiSource of Arkansas, Inc. (1987) (Arkansas)
EquiSource Insurance Agency of California, Inc. (1987) (California)
EquiSource of Colorado, Inc. (1986) (Colorado)
EquiSource of Hawaii, Inc. (1987) (Hawaii)
EquiSource of Maine, Inc. (1987) (Maine)
EquiSource Insurance Agency of Massachusetts, Inc. (1988) (Massachusetts)
EquiSource of Montana, Inc. (1986) (Montana)
EquiSource of Nevada, Inc. (1986) (Nevada)
EquiSource of New Mexico, Inc. (1987) (New Mexico)
EquiSource of Pennsylvania, Inc. (1986) (Pennsylvania)
EquiSource Insurance Agency of Utah, Inc. (1986) (Utah)
EquiSource of Washington, Inc. (1987) (Washington)
EquiSource of Wyoming, Inc. (1986) (Wyoming)
C-12
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
--------------------------------------------
ADDENDUM - OTHER NON-REAL ESTATE SUBSIDIARIES
HAVING MORE THAN FIVE SUBSIDIARIES
------------------------------------------
Donaldson, Lufkin & Jenrette, Inc. has the following subsidiaries, and
- ----------------------------------
approximately 60 other subsidiaries, most of which are special purpose
subsidiaries (the number fluctuates according to business needs):
Donaldson, Lufkin & Jenrette, Inc. (1985) (Delaware)
----------------------------------
Donaldson, Lufkin & Jenrette Securities Corporation (1985)
---------------------------------------------------
(Delaware) (a) (b)
Wood, Struthers & Winthrop Management Corporation
-------------------------------------------------
(1985) (Delaware) (b)
Autranet, Inc. (1985) (Delaware) (a)
--------------
DLJ Real Estate, Inc.
---------------------
DLJ Capital Corporation (b)
-----------------------
DLJ Mortgage Capital, Inc. (1988) (Delaware)
--------------------------------------------
Column Financial, Inc.(1993) (Delaware) (50%)
----------------------
Alliance Capital Management Corporation has the following subsidiaries:
- ---------------------------------------
Alliance Capital Management Corporation (1991) (Delaware) (b)
---------------------------------------
Alliance Capital Management L.P. (1988) (Delaware) (b)
--------------------------------
Alliance Capital Management Corporation of Delaware,
----------------------------------------------------
Inc. (Delaware)
----
Alliance Fund Services, Inc. (Delaware)
----------------------------
Alliance Capital Management (Japan), Inc.
-----------------------------------------
(formerly Alliance Capital Mgmt. Intl.)
Alliance Fund Distributors, Inc. (Delaware)(a)
--------------------------------
Alliance Oceanic Corp. (Delaware) (formerly
----------------------
Alliance Capital, Ltd.)
Alliance Capital Management Australia Pty.
------------------------------------------
Ltd. (Australia)
----
Meiji - Alliance Capital Corp.
------------------------------
(Delaware) (50%)
Alliance Capital (Luxembourg) S.A. (99.98%)
----------------------------------
Alliance Southern Europe Corp. (Delaware)
------------------------------
(inactive)
Alliance Barra Research Institute, Inc.
---------------------------------------
(Delaware) (50%)
Alliance Capital Management Canada, Inc.
----------------------------------------
(Canada) (99.99%)
Alliance Capital Management Limited (United
-----------------------------------
Kingdom)
Pastor Alliance Gestora de Fondas de
------------------------------------
Pensiones, S.A. (Spain) (50%)
---------------
Dementional Asset Management, Ltd. (U.K.)
----------------------------------
Dementional Trust Management, Ltd. (U.K.)
----------------------------------
Alliance Capital Global Derivatives Corp.
-----------------------------------------
(Delaware)
Alliance Corporate Finance Group, Inc.
--------------------------------------
(Delaware)
- ------------
(a) Registered Broker/Dealer (b) Registered Investment Advisor
3ND_
38380
C-13
<PAGE>
AXA GROUP CHART
---------------
The information listed below is dated as of January 1, 1996; percentages shown
represent voting power. The name of the owner is noted when AXA indirectly
controls the company.
AXA INSURANCE AND REINSURANCE BUSINESS HOLDING
----------------------------------------------
<TABLE>
<CAPTION>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
<S> <C> <C>
Axa Assurances Iard France 96.9%
Axa Assurances Vie France 100% by Axa and Uni Europe Vie
Uni Europe Assurance France 100% by Axa and Axa Assurances Iard
Uni Europe Vie France 99.3% by Axa and Axa Assurances Iard
Alpha Assurances Vie France 100%
Axa Direct France 100%
Direct Assurances Iard France 100% by Axa Direct
Direct Assurance Vie France 100% by Axa Direct
Axa Direkt Versicherung A.G. Germany 100% owned by Axa Direct
Axiva France 90.3%
Defense Civile France 95%
Societe Francaise d'Assistance France 51.2% by Axa Assurances Iard
Monvoisin Assurances France 99.92% by different companies and Mutuals
Societe Beaujon France 100%
Lor Finance France 99.9%
Jour Finance France 100% by different companies
Compagnie Auxiliaire pour le Commerce et France 100% by Societe Beaujon
l'Industrie
C.F.G.A. France 99.96% owned by the mutuals and Finaxa
Saint Bernard Diffusion France 89.9%
Sogarep France 95%, (100% with the mutuals)
Argovie France 100% by Axiva and SCA Argos
Finargos France 66.4% owned by Axiva
Astral France 100% by Uni Europe Assurance
Argos France N.S.
Finaxa Belgium Belgium 100%
</TABLE>
C-14
<PAGE>
<TABLE>
<CAPTION>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
<S> <C> <C>
Axa Belgium Belgium 18.5% by Axa(SA) and 72.5% by Finaxa Belgium
De Kortrijske Verzekering Belgium 99.8%
Juris Belgium 100%
Finaxa Luxembourg Luxembourg 100%
Axa Assurance IARD Luxembourg Luxembourg 99.4%
Axa Assurance Vie Luxembourg Luxembourg 99.4%
Axa Aurora Spain 50%
Aurora Polar SA de Seguros y Reaseguros Spain 99.8% owned by Axa Aurora
Axa Vida SA de Seguros y Reaseguros Spain 99.8% owned by Axa Aurora
Axa Gestion de Seguros y Reaseguros Spain 100% owned by Axa Aurora
Axa Assicurazioni Italy 100%
Eurovita Italy 30% owned by Axa Assicurazioni
Axa Equity & Law plc U.K. 99.9%
Axa Equity & Law Life Assurance Society U.K. 100% by Axa Equity & Law plc
Axa Equity & Law International U.K. 100% owned by Axa Equity & Law plc
Axa Equity & Law Levensverzekeringen Netherlands 100% by Axa Equity & Law plc
Axa Insurance U.K 100%
Axa Global Risks U.K 100% by Axa and Uni Europe Assurance
Axa U.K. U.K. 100%
Axa Canada Canada 100%
Boreal Insurance Canada 100% owned by AXA Canada
Axa Assurances Inc Canada 100% owned by Axa Canada
Axa Insurance Inc Canada 100% owned by Axa Canada
Anglo Canada General Insurance Cy Canada 100% owned by Axa Canada
Axa Pacific Insurance Canada 100% by Boreal Insurance
Boreal Assurances Agricoles Canada 100% by Boreal Insurance
</TABLE>
C-15
<PAGE>
<TABLE>
<CAPTION>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
<S> <C> <C>
Sime Axa Berhad Malaysia 30%
Axa Sime Investment Holdings Pte Ltd Singapore 50%
Axa Sime Assurance Hong Kong 100% owned by Axa Sime Invt. Holdings Pte
Ltd
Axa Sime Assurance Singapore 100% owned by Axa Sime Invt Holdings Pte Ltd
Axa Life Insurance Hong Kong 100%
PT Asuransi Axa Indonesia Indonesia 80%
Equitable Cies Incorp. U.S.A. 60.6% owned by Axa, 44.4% Financiere 45,
3.8%, Lorfinance 7.6% and Axa Equity & Law
Life Association Society 4.8%
Equitable Life Assurance of the USA U.S.A. 100% owned by Equitable Cies Inc
National Mutual Holdings Ltd Australia 51%
The National Mutual Life Association of Australia 100% owned by National Mutual Holdings Ltd
Australasia Ltd
National Mutual International Pty Ltd 74% owned by National Mutual Holdings Ltd
and 26% by The National Mutual Life
Association of Australasia
National Mutual (Bermuda) Ltd Australia 100% owned by National Mutual International
Pty Ltd
National Mutual Asia Ltd Bermudas 54% owned by National Mutual (Bermuda) Ltd
and 20% by Delta Ltd
National Mutual Funds Management (Global) Ltd Australia 100% owned by National Mutual Holdings Ltd
National Mutual Funds Management North USA 100% owned by National Mutual Funds
America Holdings Inc Management (Global) Ltd
Australian Casualty & Life Ltd Australia 100% owned by National Mutual Holdings Ltd
National Mutual Health Insurance Pty Ltd Australia 100% owned by National Mutual Holdings Ltd
Axa Reassurance France 100%
Axa Re Finance France 100% owned by Axa Reassurance
Axa Re Vie France 100% owned by Axa Reassurance
Axa Cessions France 100%
</TABLE>
C-16
<PAGE>
<TABLE>
<CAPTION>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
<S> <C> <C>
Abeille Reassurances France 100% owned by Axa Reassurance
Axa Re Mexico Mexico 100% owned by Axa Reassurance
Axa Re Asia Singapore 100% owned by Axa Reassurance
Axa Re U.K. Plc U.K. 100% owned by Axa Re U.K. Holding
Axa Re U.K. Holding U.K. 100% owned by Axa Reassurance
Axa Re U.S.A. U.S.A 100% owned by Axa America
Axa America U.S.A. 100% owned by Axa Reassurance
International Technology Underwriters Inc U.S.A. 80% owned by Axa America
(INTEC)
Axa Re Life U.S.A. 100% owned by Axa Re Vie
C.G.R.M. Monaco 100% by Axa Reassurance
Axa Life Insurance Japan 100% owned by Axa
Dongbu Axa Life Insurance Co Ltd Korea 50%
Axa Oyak Hayat Sigota Turkey 60%
Oyak Hayat Sigorta Turkey 11%
</TABLE>
C-17
<PAGE>
AXA FINANCIAL BUSINESS
----------------------
<TABLE>
<CAPTION>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
<S> <C> <C>
Compagnie Financiere de Paris (C.F.P.) France 96.9%, (100% with the Mutuals)
Axa Banque France 98.7% owned by C.F.P.
Financiere 78 France 100% owned by C.F.P.
Axa Credit France 65% owned by C.F.P.
Axa Gestion Interessement France 100% owned by C.F.P.
Compagnie Europeenne de Credit (C.E.C.) France 100% owned by C.F.P.
Fidei France 20.7% owned by C.F.P. and 10.8% by Axamur
Meeschaert Rousselle France 100% owned by Financiere 78
M R Futures SNC France 59% by Meeschaert Rousselle
Opale Derivee Bourse France 89.4% by M.R. Futures and Meeschaert
Rousselle
Anjou Courtage France 70% owned by Meeschaert Rousselle
Axiva Gestion France 100% owned by Axiva
Juri Creances France 100% by different companies
Societe de Placements Selectionnes S.P.S. France 99.3% with the Mutuals
Presence et Initiative France 73% with the Mutuals
Vamopar France 100% owned by Societe Beaujon
Financiere Mermoz France 100%
Axa Asset Management Europe France 100%
Axa Asset Management Partenaires France 100% owned by Axa Asset Management Europe
Axa Asset Management Conseils France 100% owned by Axa Asset Management Europe
Axa Asset Management Distribution France 100% owned by Axa Asset Management Europe
Axa Equity & Law Home Loans U.K. 100% owned by Axa Equity & Law
Axa Equity & Law Commercial Loans U.K. 100% owned by Axa Equity & Law
</TABLE>
C-18
<PAGE>
<TABLE>
<CAPTION>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
<S> <C> <C>
Alliance Capital Management U.S.A. 59% held by ELAS
Donaldson Lufkin & Jenrette U.S.A. 36.1% owned by ELAS and 44.1% by Equitable
Cies Inc
Cogefin Luxembourg 100% owned by Axa Belgium
Soflinter Beligium 100% owned by Axa Belgium
Financiere 45 France 99.6%
Mofipar France 99.76% owned by Societe Beaujon
ORIA France 100% owned by Axa Millesimes
Axa Oeuvres d'Art France 100% by the Mutuals
Axa Cantenac Brown France 100%
Colisee Acti Finance 1 France 100% owned by Societe Beaujon
Colisee Acti Finance 2 France 100% owned by Axa Assurances Iard Mutuelle
Participations 2001 France 100% owned by Societe Beaujon
Finalor France 100% owned by Societe Beaujon
</TABLE>
C-19
<PAGE>
AXA REAL ESTATE BUSINESS
------------------------
<TABLE>
<CAPTION>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
<S> <C> <C>
C.I.P.M. France 97.6% with the Mutuals
Fincosa France 100% owned by C.I.P.M.
Prebail France 100% owned by Societe Beaujon and C.F.P.
Axamur France 100% by different companies and mutuals
Parigest France 100% by the Mutuals, C.I.P.M. and Fincosa
Parimmo France 100% by the insurance companies and the
mutuals
S.G.C.I. France 100% with the Mutuals
Transaxim France 99.4% owned by S.G.C.I.
Compagnie Parisienne de Participations France 100% owned by S.G.C.I.
Monte Scopeto France 100% owned by C.P.P.
Matipierre France 100% by different companies
Securimmo France 87% by different companies and mutuals
Paris Orleans France 99.9% by different companies
Colisee Bureaux France 99.4% by different companies
Colisee Premiere France 99.9% by different companies
Colisee Laffitte France 99.8% by Colisee Bureaux
Carnot Laforge France 100% by Colisee Premiere
Parc Camoin France 100% by Colisee Premiere
Delta Point du Jour France 100% owned by Matipierre
Paroi Nord de l'Arche France 100% owned by Matipierre
Falival France 100% owned by Axa Reassurance
Compagnie du Gaz d'Avignon France 99% owned by Axa Assurances Iard
Ahorro Familiar France 40.1% owned by Axa Assurances Iard
Fonciere du Val d'Oise France 100% owned by C.P.P.
Sodarec France 99.9% owned by C.P.P.
Centrexpo France 99.9% owned by C.P.P.
</TABLE>
C-20
<PAGE>
<TABLE>
<CAPTION>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
<S> <C> <C>
Fonciere de la Vile du Bois France 99.6% owned by Centrexpo
Colisee Seine France 97.4% by different companies
Translot France 99.9% by SGCI
S.N.C. Dumont d'Urville France 100% owned by Colisee Premiere
Colisee Participations France 100% by SGCI
Colisee Federation France 100% by SGCI
Colisee Saint Georges France 100% by SGCI
Drouot Industrie France 50% by SGCI
Colisee Vauban France 99.7% by Matipierre
Fonciere Colisee France 98.9% by Matipierre
Axa Pierre S.C.I. France 97.6% owned by different companies and
Mutuals
Axa Millesimes France 77.8% owned by AXA and the Mutuals
Chateau Suduirault France 100% owned by Axa Millesimes
Diznoko Hongrie 100% owned by Axa Millesimes
Compagnie Fonciere Matignon France 100% by different companies and Mutuals
Equitable Real Estate Investment U.S.A. 100% owned by ELAS
Quinta do Noval Vinhos S.A. Portugal 99.9% owned by Axa Millesimes
</TABLE>
C-21
<PAGE>
OTHER AXA BUSINESS
<TABLE>
<CAPTION>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
<S> <C> <C>
A.N.F. France 95.4% owned by Finaxa
SCOR France 10.1% owned by Axa Reassurance
Campagnie du Cambodge France 23% owned by A.N.F.
Lucia France 20.6% owned by Axa Assurance Iard and 8.6%
by the mutuals
Rubis et Cie France 12.7% owned by Uni Europe Assurance
Schneider S.A. France 10%
Eurofin France 31.6% owned by Compangie Financiere de Paris
</TABLE>
C-22
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
--------------------------------------------
NOTES
-----
1. The year of formation or acquisition and state or country of incorporation of
each affiliate is shown.
2. The chart omits certain relatively inactive special purpose real estate
subsidiaries, partnerships, and joint ventures formed to operate or develop a
single real estate property or a group of related properties and certain
inactive name-holding corporations.
3. All ownership interests on the chart are 100% common stock ownership except
for (a) as noted for certain partnership interests, (b) ACMC, Inc.'s and
Equitable Distributors Inc.'s limited partnership interests in Alliance Capital
Management L.P., (c) as noted for certain subsidiaries of Alliance Capital
Management Corp. of Delaware, Inc., (d) Treasurer Robert L. Bennett's 20%
interest in Compass Management and Leasing Co. (formerly known as EREIM, Inc.),
(e) as noted for certain subsidiaries of AXA, (f) The Equitable Companies
Incorporated's 44.1% interest in DLJ and Equitable Holding Corp.'s 36.1%
interest in same, and (g) DLJ Mortgage Capital, Inc.'s and Equitable Real Estate
Investment Management Inc.'s ownership (50% each) in Column Financial, Inc.
4. The operational status of the entities shown as having been formed or
authorized but "not yet fully operational" should be checked with the
appropriate operating areas, especially for those that are start-up situations.
5. The following entities are not included in this chart because, while they
have an affiliation with The Equitable, their relationship is not the ongoing
equity-based form of control and ownership that is characteristic of the
affiliations on the chart, and, in the case of the first two entities, they are
under the direction of at least a majority of "outside" trustees:
The Equitable Funds
The Hudson River Trust
Separate Accounts
6. This chart was last revised on December 2, 1996.
C-23
<PAGE>
Item 27. Number of Contractowners
------------------------
Currently, there are no owners of the Variable Immediate Annuity
Contracts offered by the Registrant.
Item 28. Indemnification
---------------
To the extent permitted by law of the State of New York and subject to
all applicable requirements thereof, Equitable, the registrant's depositor
undertook to indemnify each of its directors and officers of Equitable and EQ
Financial Consultants, Inc. ("EQ Financial"), the registrant's principal
underwriter and a wholly-owned subsidiary of Equitable, who is made or
threatened to be made a party to any action or proceeding, whether civil or
criminal, by reason of the fact the director or officer, or his or her testator
or intestate, is or was a director or officer of Equitable.
Insofar as indemnification for liability arising under the Securities
Act of 1933 ("Act") may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
Item 29. Principal Underwriters
----------------------
(a) EQ Financial is the principal underwriter for Separate Account A
and Separate Account No. 301, and may be deemed to be a principal underwriter
for Separate Account I and Separate Account FP of Equitable Variable Life
Insurance Company. EQ Financial's principal business address is 1755 Broadway,
NY, NY 10019.
(b) Set forth below is certain information regarding the directors and
principal officers or EQ Financial. The business address of the persons whose
names are preceded by an asterisk is that of EQ Financial.
NAME AND PRINCIPAL POSITIONS AND OFFICES
BUSINESS ADDRESS WITH UNDERWRITER
---------------- ----------------
Derry E. Bishop Director and Executive Vice President
787 Seventh Avenue, NY, NY 10019
Harvey Blitz Director
787 Seventh Avenue, NY, NY 10019
C-24
<PAGE>
<TABLE>
<CAPTION>
NAME AND PRINCIPAL POSITIONS AND OFFICES
BUSINESS ADDRESS WITH UNDERWRITER
---------------- ----------------
<S> <C>
Barbara Krumsiek Director
1344 Avenue of the Americas, NY, NY
10105
Michael S. Martin Director, Chairman of the Board and Chief Executive
787 Seventh Avenue, NY, NY 10019 Officer
*Michael F. McNelis Director, President and Chief Operating Officer
Richard V. Silver Director
1290 Avenue of the Americas, NY, NY 10104
Mark R. Wutt Director
787 Seventh Avenue, NY, NY 10019
*Martin J. Telles Executive Vice President and Chief Marketing Officer
A. Frank Beaz Executive Vice President
787 Seventh Avenue, NY, NY 10019
Gordon D. Dinsmore Executive Vice President
1290 Avenue of the Americas, NY, NY 10104
Thomas J. Duddy, Jr. Executive Vice President
787 Seventh Avenue, NY, NY 10019
Fred A. Folco Executive Vice President
787 Seventh Avenue, NY, NY 10019
William J. Green Executive Vice President
787 Seventh Avenue, NY, NY 10019
Donald D. Higgins Executive Vice President
787 Seventh Avenue, NY, NY 10019
Dennis D. Witte Executive Vice President
787 Seventh Avenue, NY, NY 10019
*Robert McKenna Senior Vice President and Chief Financial Officer
Janet E. Hannon Secretary
1290 Avenue of the Americas, NY, NY 10104
(c) Not applicable.
</TABLE>
C-25
<PAGE>
Item 30. Location of Accounts and Records
--------------------------------
The records required to be maintained by Section 31(a) of the
Investment Company Act of 1940 and Rules 31a-1 to 31a-3 thereunder are
maintained by Equitable at 200 Plaza Drive, Secaucus, N.J. 07096
Item 31. Management Services
-------------------
Not applicable.
Item 32. Undertakings
------------
The Registrant hereby undertakes:
(a) to file a post-effective amendment to this registration
statement as frequently as is necessary to ensure that the
audited financial statements in the registration statement are
never more than 16 months old for so long as payments under the
variable annuity contracts may be accepted;
(b) to include either (1) as part of any application to purchase a
contract offered by the prospectus, a space that an applicant
can check to request a Statement of Additional Information, or
(2) a postcard or similar written communication affixed to or
included in the prospectus that the applicant can remove to send
for a Statement of Additional Information;
(c) to deliver any Statement of Additional Information and any
financial statements required to be made available under this
Form promptly upon written or oral request.
The Registrant hereby represents that, as to certain redeemable
variable annuity contracts funded by Registrant, it is relying on the November
28, 1988 no-action letter (Ref. No. IP-6-88) relating to variable annuity
contracts offered as funding vehicles for retirement plans meeting the
requirements of Section 403(b) of the Internal Revenue Code. Registrant further
represents that, in such cases, it complies with the provisions of paragraphs
(1)-(4) of that letter.
Equitable represents that the fees and charges deducted under the
Contracts described in this Registration Statement, in the aggregate, are
reasonable in relation to the services rendered, the expenses to be incurred,
and the risks assumed by Equitable under the Contracts. Equitable bases its
representation on its assessment of all of the facts and circumstances,
including such relevant factors as: the nature and extent of such services,
expenses and risks, the need for Equitable to earn a profit, the degree to which
the Contracts include innovative features, and regulatory standards for the
grant of exemptive relief under the Investment Company Act of 1940 used prior to
October 1996, including the range of industry practice.
C-26
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant has duly caused this registration
statement to be signed on its behalf, in the City and State of New York, on this
16th day of January, 1997.
SEPARATE ACCOUNT A OF
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
(Registrant)
By: The Equitable Life Assurance
Society of the United States
By: /s/ Maureen K. Wolfson
---------------------
Maureen K. Wolfson
Vice President
C-27
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Depositor has duly caused this registration
statement to be signed on its behalf, in the City and State of New York, on this
16th day of January, 1997.
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
(Depositor)
By: /s/ Maureen K. Wolfson
----------------------
Maureen K. Wolfson
Vice President
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, this registration statement has been signed by the following
persons in the capacities and on the date indicated:
PRINCIPAL EXECUTIVE OFFICERS:
Joseph J. Melone Chairman of the Board and Director
James M. Benson President, Chief Executive Officer
and Director
William T. McCaffrey Senior Executive Vice President,
Chief Operating Officer and Director
PRINCIPAL FINANCIAL OFFICER:
Stanley B. Tulin Senior Executive Vice President and
Chief Financial Officer
PRINCIPAL ACCOUNTING OFFICER:
/s/ Alvin H. Fenichel Senior Vice President and Controller
- ---------------------
Alvin H. Fenichel
January 16, 1997
DIRECTORS:
Claude Bebear Jean-Rene Fourtou Winthrop Knowlton
James M. Benson Norman C. Francis Arthur L. Liman
Christopher Brocksom Donald J. Greene George T. Lowy
Francoise Colloc'h John T. Hartley William T. McCaffrey
Henri de Castries John H.F. Haskell, Jr. Joseph J. Melone
Joseph L. Dionne Mary R. (Nina) Henderson Didier Pineau-Valencienne
William T. Esrey W. Edwin Jarmain George J. Sella, Jr.
G. Donald Johnston, Jr. Dave H. Williams
By: /s/ Maureen K. Wolfson
----------------------
Maureen K. Wolfson
Attorney-in-Fact
January 16, 1997
C-28
<PAGE>
EXHIBIT INDEX
-------------
<TABLE>
<CAPTION>
EXHIBIT NO. TAG VALUE
----------- ---------
<S> <C> <C>
1(a) Resolutions of the Board of Directors of Equitable EX-99.1a RESOLUTION
authorizing the establishment of the Registrant.
1(b) Resolutions of the Board of Directors of Equitable EX-99.1b RESOLUTION
authorizing the reorganization of Separate Accounts.
3 Sales Agreement among Equitable, Separate Account A EX-99.3 SALES AGR
and Equico Securities, Inc.(name changed to EQ Financial
Consultants, Inc.), as principal underwriter for The Hudson
River Trust.
4 Forms of variable immediate annuity contracts. EX-99.4 CONTRACTS
5 Form of application. EX-99.5 APPLICATION
6(a) Copy of the Restated Charter of Equitable, adopted EX-99.6a CHARTER
August 6, 1992.
6(b) Copy of the Certificate of Amendment of the Restated Charter EX-99.6b CHART AMEND
of Equitable, adopted November 18, 1993.
6(c) By-Laws of Equitable, as amended through July 22, 1992. EX-99.6c BY-LAWS
9(d) Form of Opinion and Consent of Hope E. Rosenbaum Werner, Esq., EX-99.9d OPINION
Vice President and Counsel of Equitable, as to the legality of
the securities being registered.
10 Powers of Attorney. EX-99.10 POW ATTY
</TABLE>
38381
C-29
OFFICIAL NOTICE
Res. No. 35-68 adopted by
Board of Directors
July 18, 1968
To: Messrs. McVity (3), Kernan, Sommers, Beesley, Erway, Smith, Secretary
Keehn, Miller, Hering, Stocker and Ferguson, Whitenight
RESOLUTION RE INDIVIDUAL VARIABLE ANNUITIES --
ESTABLISHMENT OF SEPARATE ACCOUNT A AND REGISTRATION THEREOF
UNDER THE INVESTMENT COMPANY ACT OF 1940, ETC.
----------------------------------
RESOLVED, That, pursuant to section 227 of the Insurance Law of the
State of New York, authority is hereby given to establish a separate account
designated "Separate Account A";
FURTHER RESOLVED, That Separate Account A shall constitute a funding
medium in connection with such agreements issued and administered by the Society
as the Society may designate and in furtherance thereof Separate Account A is
hereby empowered to:
(a) receive, hold, invest and reinvest amounts arising from (i)
amounts received by the Society pursuant to such agreements, (ii) such
other assets of the Society as the Society may deem necessary to
establish Separate Account A or to support the operation of such
agreements, and (iii) the income and gains arising from the foregoing;
(b) to the extent required by the Investment Company Act of
1940, register under such Act and make application for exemption from
such provisions thereof as may appear to be necessary or desirable;
(c) to the extent required by the Securities Act of 1933,
effect one or more registrations thereunder and in connection with
such registrations file one or more registration statements
thereunder, including any documents required as a part thereof;
(d) provide for investment management services;
(e) provide for the sale of agreements issued and administered
by the Society, to the extent such agreements provide for allocation
of amounts to Separate Account A;
(f) select an independent public accountant to audit the books
and records of Separate Account A; and
(g) perform such additional functions and take such additional
action as may be necessary or desirable to carry out the foregoing and
the intent and purpose thereof or as from time to time may be
authorized by or pursuant to a resolution of the Board of Directors or
any committee thereof;
<PAGE>
-2-
FURTHER RESOLVED, That, pursuant to section 227(6) of the Insurance Law
of the State of New York, Separate Account A shall have a committee designated
the "Separate Account A Committee" ("SAA Committee") initially to consist of
five members to be designated by the Chairman of the Board, the Vice-Chairman of
the Board, or the President of the Society, each of whom shall serve until the
first meeting of persons having voting rights in respect of Separate Account A,
as provided by its Rules and Regulations to be hereafter adopted or approved,
and until his successor shall qualify, and thereafter the members of the SAA
Committee shall be elected by a plurality of the votes cast by such persons
having such voting rights;
FURTHER RESOLVED, That, pursuant to section 5.5 of the By-Laws of the
Society, as amended, in consideration of each member's agreement to serve as a
member of the SAA Committee at the Society's request and because of the
Society's interest in Separate Account A, the Society shall indemnify, to the
extent permitted by the law of the State of New York and subject to all
applicable requirements thereof, 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, his testator or intestate is or was a member of the SAA Committee,
provided that, unless and until renewed by resolution of the Board of Directors,
such indemnification shall be in respect of action taken or omitted only during
the period ending with the first meeting of persons having voting rights in
respect of Separate Account A;
FURTHER RESOLVED, That the Society shall offer to provide to Separate
Account A services relating to investment management and sales at rates of
compensation for such services as may be approved by the officers of the
Society; and the officers of the Society and each of them is hereby authorized
to execute all agreements on behalf of the Society with respect thereto
containing such provisions as he may deem necessary or appropriate, including
such provisions as shall satisfy the requirements of the Investment Company Act
of 1940 and the regulations issued thereunder;
FURTHER RESOLVED, That, in cooperation with the SAA Committee,
authority is hereby given to effect such registrations with the Securities and
Exchange Commission under the Securities Act of 1933, with respect to any
agreements providing for allocation of amounts to Separate Account A and related
units or interests in Separate Account A which the Society from time to time may
propose to offer in connection with plans and agreements qualified under
sections 401 or 403(a) or purchased under section 403(b) of the Internal Revenue
Code, as the officers of the Society may deem necessary or appropriate;
FURTHER RESOLVED, That, in connection with such registrations, the
officers of the Society and each of them is hereby authorized, with the
assistance of the Society's special S.E.C. counsel, Freedman, Levy, Kroll &
Simonds, and the Society's independent public accountants, Haskins & Sells, to
prepare, execute and file with the Securities and Exchange Commission, in the
name and on behalf of the Society, such registration statements under the
Securities Act of 1993, including prospectuses, supplements, exhibits and other
documents relating thereto, and amendments to the foregoing, in such form as the
officer executing the same may deem necessary or appropriate;
<PAGE>
-3-
FURTHER RESOLVED, That Davidson Sommers is hereby appointed as agent
for service under any such registration statement duly authorized to receive
communications and notices from the Securities and Exchange Commission with
respect to the registration statement;
FURTHER RESOLVED, That each officer and each director of the Society
who is or may be required to execute any such registration statement or any
amendment thereof, whether on behalf of the Society or as an officer or director
thereof or by attesting the seal of the Society or otherwise, is hereby
authorized to execute a power of attorney appointing J. Henry Smith and Davidson
Sommers, and each of them, severally, his true and lawful attorney and agent,
with full power of substitution to each, to execute in his name, place and stead
and in any such capacity, said registration statement and all amendments
thereto, and all instruments necessary or appropriate in connection therewith,
to attest the seal of the Society thereon, and to file the same with the
Securities and Exchange Commission, each of said attorneys and agents, and his
or their substitutes, to be empowered to act with or without the others or
other, and to have full power and authority to do or cause to be done in the
name and on behalf of the Society and said officers and directors, or any one or
more of them, every act and thing with respect thereto as fully and to all
intents and purposes as any such officer or director might or could do in
person;
FURTHER RESOLVED, That, in cooperation with the SAA Committee, the
officers of the Society and each of them is hereby authorized, with the
assistance of counsel and accountants for the Society, to prepare, execute and
file with the Securities and Exchange Commission an application for an order
under section 6(c) of the Investment Company Act of 1940 for such exemptions
from the provisions of such Act as he may deem necessary or desirable;
FURTHER RESOLVED, That the officers of the Society and each of them is
hereby authorized, with the assistance of counsel and accountants for the
Society, to effect, in the name and on behalf of the Society, all such
registrations, filings and qualifications under the Securities Exchange Act of
1934 as a broker or dealer and under Blue Sky or Securities laws and under
Insurance Securities laws of such states and other jurisdictions as he may deem
necessary or appropriate, with respect to the Society and with respect to the
Society's agreements providing for allocation of amounts to Separate Account A
and related units or interests in Separate Account A in connection with plans
and agreements qualified under sections 401 or 403(a) or purchased under section
403(b) of the Internal Revenue Code; such authorization to include registration,
filing and qualification of the Society and of said agreements and related units
or interests, as well as registration, filing and qualification of officers,
employees and agents of the Society as brokers, dealers, agents, salesmen, or
otherwise; and such authorization shall also include, in connection therewith,
authority to prepare, execute, acknowledge and file all such applications,
applications for exemptions, certificates, affidavits, covenants, consents to
service of process and other instruments and to take all such action as the
officer executing the same or taking such action may deem necessary or
desirable;
<PAGE>
-4-
FURTHER RESOLVED, That the Chairman of the Board, the Vice-Chairman of
the Board, and the President and each of them is hereby authorized to change the
designation of Separate Account A and the Separate Account A Committee, or
either of them, to such other designation or designations as he may deem
necessary or desirable; and
FURTHER RESOLVED, That the officers of the Society and each of them is
hereby authorized to execute and deliver all such documents and papers and to do
or cause to be done all such acts and things as he may deem necessary or
desirable to carry out the foregoing resolutions and the intent and purpose
thereof.
JOAN B. MIASTKOWSKI
Assistant Vice President
And Assistant Secretary
[EQUITABLE LOGO]
I, JOAN B. MIASTKOWSKI, ASSISTANT VICE PRESIDENT AND ASSISTANT
SECRETARY of THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES, do
hereby certify that attached hereto marked "EXHIBIT A" is a true and a correct
copy of Resolution No. 86-86, duly adopted by the Board of Directors at a
meeting held on October 16, 1986, at which a quorum was present and acting
throughout; that said resolution has not been amended, annulled, rescinded, or
revoked; and that said resolution is now in full force and effect.
IN WITNESS WHEREOF, I have hereunto affixed my signature and the Seal
of said Society this 26th day of May, 1987.
/s/ Joan B. Miastkowski
---------------------------------
Assistant Vice President
and Assistant Secretary
EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES o 787 Seventh Avenue,
New York, N.Y. 10019
<PAGE>
EXHIBIT A
PROPOSED RESOLUTIONS RE
REORGANIZATION OF SEPARATE ACCOUNTS A, C, D, E, J AND K
- -------------------------------------------------------------------------------
WHEREAS, it has been recommended (i) that Equitable reorganize Separate
Accounts A, C, D, E, J and K (the "Separate Accounts") into one separate account
organized as a unit investment trust ("UIT") with an underlying mutual fund (the
"Fund") in the form of a Massachusetts Business Trust, (ii) that Equitable's
Equivest and Equiplan new and existing group deferred variable annuity contracts
for the IRA, TSA and other tax-favored (qualified or non-qualified) markets (the
"Contracts") currently being funded through the Separate Accounts be funded
through the UIT, and (iii) that Equitable continue to perform administrative,
recordkeeping and, along with Equitable Investment Management Corporation,
investment advisory functions for the Contracts and the UIT, all as more fully
set forth in the memorandum dated October 3, 1986, from Executive Vice President
Barth to Senior Executive Vice President and Chief Operating Officer Walsh
submitted to and filed with the records of this meeting; and
WHEREAS, it is necessary or desirable to enter into, amend or terminate
various agreements among Equitable, the Separate Accounts, the Fund, and various
other parties, pursuant to and contingent upon the proposed reorganization;
NOW, THEREFORE, BE IT
RESOLVED, That the proposed reorganization of the Separate Accounts (the
"reorganization"), as set forth in the memorandum of Executive Vice President
Barth, is hereby authorized and approved; and
FURTHER RESOLVED, That all matters contemplated by the reorganization,
including but not limited to:
1) the combination of the Separate Accounts into one separate account
organized as a UIT,
2) organization of the Fund as a Massachusetts Business Trust and the
investment of the assets of the UIT in the Fund, and
3) the retention of administrative, recordkeeping and investment
responsibilities for the Contracts and the Fund by Equitable,
are hereby authorized and approved, subject to any necessary regulatory and
participant approval of the reorganization; and
FURTHER RESOLVED, That the Committees of the Separate Accounts will be
dissolved, effective with and contingent upon the reorganization; and
<PAGE>
-2-
FURTHER RESOLVED, That Deloitte Haskins & Sells shall continue as
independent auditors of the UIT; and
FURTHER RESOLVED, That authority is hereby granted to seek all necessary
regulatory approvals including, without limitation, the amendment of the
registration statements of the Separate Accounts and the filing of exemptive
applications and amendments thereto, and to take all further necessary or
desirable actions in connection with the reorganization and the organization and
registration of the Fund, and the retention of administration of the Contracts
by Equitable; and
FURTHER RESOLVED, That any Executive Vice President is hereby authorized
and directed, on behalf of Equitable, as initial shareholder of the Fund, in
connection with the Initial Special Shareholder's Meeting of the Fund, to vote
shares held by Equitable in the Fund, in accordance with instructions given by
the participants executing the proxies solicited by the Separate Account
Committees and, to the extent instructions are not given, to vote the proxies as
follows:
1) FOR the election of the members of the Board of Directors or trustees
of the Fund, the number of members to be 7;
2) FOR the combination of Separate Account C with and into Separate
Account A, and the modernization of investment policies generally,
including addition of provisions for hedging;
3) FOR the selection of Deloitte Haskins & Sells as the independent
auditors of the Fund for the year 1987; and
4) FOR approval of the Investment Advisory Agreement of the Fund as
described in the Proxy Statement; and
FURTHER RESOLVED, That any Executive Vice President is authorized, from
time to time, to vote the shares held by Equitable in the Fund, with or, unless
required by law, without participant instructions; and
FURTHER RESOLVED, That amendment or termination of the custody agreements
between the Separate Accounts and their custodians, the Investment Management
Agreements among Equitable, the Separate Accounts and Equitable Investment
Management Corporation and the Sales and Administration Agreements between
Equitable and the Separate Accounts, and/or the entry into new similar
agreements with substantially similar terms among the custodians, Equitable, the
UIT, Equitable Investment Management Corporation and the Fund, as appropriate,
contingent upon the reorganization, is hereby authorized and approved; and
FURTHER RESOLVED, That the entry into Servicing Agreements between the
Equitable and the UIT and the Fund, as appropriate, contingent upon the
reorganization and subject to any necessary approval of the participants, is
hereby authorized and approved; and
FURTHER RESOLVED, That authority is hereby granted to take all actions
necessary or desirable to operate the UIT, including without limitation, the
creation of new divisions and the modification or elimination of divisions, and
to administer the Contracts.
THE HUDSON RIVER TRUST
SALES AGREEMENT
AGREEMENT, dated as of January 1, 1995, by and among Equico Securities,
Inc. ("Equico"), The Equitable Life Assurance Society of the United States
("Equitable"), and Equitable's Separate Account A, Separate Account No. 301 and
Separate Account No. 51 (each, a "Separate Account" and, collectively, the
"Separate Accounts").
W I T N E S S E T H:
WHEREAS, Equico is a principal underwriter of The Hudson River Trust
(the "Trust"), a series mutual fund whose shareholders are separate accounts
("Eligible Separate Accounts") of insurance companies ("Participating Insurance
Companies"), pursuant to a Distribution Agreement ("Distribution Agreement");
WHEREAS, such Participating Insurance Companies issue, among other
products, variable life insurance and annuity products ("Variable Products")
whose net premiums, contributions or other considerations are allocated to
Eligible Separate Accounts for investment in the Trust, and shares of the Trust
are not sold except in connection with such Variable Products;
WHEREAS, the Trust is registered as an open-end investment company
under the Investment Company Act of 1940 (the "1940 Act");
<PAGE>
WHEREAS, the Board of Trustees of the Trust may, in its sole
discretion, determine that certain portfolios shall be available only to certain
types of Variable Products or to a single insurer and its affiliates;
WHEREAS, Insurer issues Variable Products, whose net premiums are
allocated to the Separate Account, and which are eligible for investment in the
Trust's portfolios;
WHEREAS, Broker-Dealer, an affiliate of Insurer, will distribute the
Variable Products, either directly or indirectly under selling agreements with
one or more affiliated or non-affiliated broker-dealers;
WHEREAS, Broker-Dealer and Equico are each registered as a
broker-dealer under the Securities Exchange Act of 1934 (the "1934 Act") and
each is a member of the National Association of Securities Dealers, Inc. (the
"NASD");
WHEREAS, Equico, Insurer and Broker-Dealer wish to define and describe
the conditions under which shares of the Trust will be made available for
investment by the Separate Account.
NOW, THEREFORE, Equico, Insurer, Broker-Dealer and the Separate Account
hereby agree as follows:
1. The Board of Trustees of the Trust has adopted a Policy on Conflicts
(the "Policy"). This Agreement shall be subject to the provisions of the Policy,
the terms of which shall be incorporated herein by reference, made a part hereof
and controlling. The Policy may be amended or superseded, without prior
-2-
<PAGE>
notice, and this Agreement shall be deemed amended to the extent the Policy is
amended or superseded. Insurer, Broker-Dealer and the Separate Account each
represent and warrant that it will act in a manner consistent with such Policy
as so set forth and as it may be amended or superseded, so long as it owns
any Trust shares. This provision shall survive the termination of this
Agreement.
2. Equico will make available to the Separate Account shares of the
Trust's portfolios in connection with Variable Products funded by the Separate
Account only as set forth on Schedule A hereto. Schedule A may be modified from
time to time by written agreement of the parties.
3. Purchases and redemptions of shares will be at net asset value for
the appropriate portfolio, computed as set forth in the most recent Trust
prospectus and Statement of Additional Information (respectively, "Trust
Prospectus" and "SAI") and any supplements thereto, and shall be submitted by
Insurer to the Trust's transfer agent pursuant to procedures and in accordance
with payment provisions adopted by the parties from time to time.
Trust shares may not be sold or transferred except to an Eligible
Separate Account and only in accordance with Schedule A.
4. (a) In good faith and as soon as practicable, Equico will provide,
at Trust expense, camera ready copy of the current Trust Prospectus and SAI and
any supplements thereto for distribution by Insurer with the prospectus for the
Variable Products, and camera ready copy of Trust proxy materials, annual and
semi-annual reports, and any supplements thereto. To the extent that the
foregoing documents are distributed by Insurer to existing owners of Variable
-3-
<PAGE>
Products, Equico will request reimbursement from the Trust for the printing and
mailing costs associated with such distribution, upon receipt from Insurer of
adequate documentation for presentation to the Trust. Equico will use its best
efforts to coordinate with Insurer and to provide notice of anticipated filings
or supplements. Insurer may alter the form of the Trust Prospectus, SAI, annual
and semi-annual reports, proxy statements or other Trust documents, with the
prior approval of the Trust's officers. Insurer shall bear all costs associated
with such alteration of form. Insurer is not authorized (i) to give any
information or make any representations concerning the Trust, its shares or
operations except those contained in the most recent Trust Prospectus and SAI
and any supplements thereto, or (ii) to use any description of the Trust in any
sales literature or advertising (including brochures, letters, illustrations and
other similar materials, whether transmitted directly to potential purchasers of
Variable Products or published in print or audio-visual media), except in either
case as Equico or officers of the Trust may authorize in advance, which
authorization will not be unreasonably withheld or delayed.
Insurer and Broker-Dealer shall indemnify and hold harmless Equico
from any and all losses, claims, damages or liabilities (or actions in respect
thereof) to which Equico may be subject, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or result from
negligent, improper, fraudulent or unauthorized acts or omissions by Insurer or
Broker-Dealer or their respective employees, agents or representatives,
including but not limited to improper solicitation of applications for Variable
Products.
(b) Equico will indemnify and hold harmless Insurer,
Broker-Dealer and the Separate Account against any losses, claims, damages or
-4-
<PAGE>
liabilities, to which Insurer or the Separate Account may become subject,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon (i) any untrue statement or alleged
untrue statement of any material fact contained in the Trust Prospectus and/or
SAI or any supplements thereto, (ii) the omission or alleged omission to state
any material fact required to be stated in the Trust Prospectus and/or SAI or
any supplements thereto or necessary to make the statements therein not
misleading, or (iii) other misconduct or negligence of Equico in its capacity as
a distributor of the Trust; and will reimburse Insurer, Broker-Dealer or the
Separate Account for any legal or other expenses reasonably incurred by it in
connection with investigating or defending against such loss, claim, damage,
liability or action; provided, however, that Equico shall not be liable in any
such case to the extent that any such loss, claim, damage or liability arises
out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in the Trust Prospectus and/or SAI or any such
supplement in good faith reliance upon and in conformity with written
information furnished by Insurer or Broker-Dealer specifically for use in the
preparation thereof.
Equico shall not indemnify Insurer, Broker-Dealer or the Separate
Account for any action where an applicant for the Variable Products or a
policyholder was not furnished or sent or given, at or prior to written
confirmation of the sale of the Variable Products and at such later times as
required by state or federal securities laws, a copy of the prospectus relating
to the Variable Products together with the Trust Prospectus, any supplements to
the Trust Prospectus Equico may furnish to Insurer and, if requested by the
applicant from Insurer or required by applicable law, the Trust SAI and any
supplements
-5-
<PAGE>
thereto and, as required by applicable law, the Trust's annual and
semi-annual reports, other required reports and proxy statements.
5. This Agreement shall terminate automatically if it shall be
assigned. The Agreement shall also terminate automatically if the Distribution
Agreement shall terminate.
6. If Equico is notified that the Distribution Agreement will be
terminated and that it shall cease to be the principal underwriter of the Trust,
Equico shall immediately notify the other parties in writing of such
termination, and this Agreement shall continue in effect until the effective
date of the termination of the Distribution Agreement. This Agreement may be
terminated by any party at any time on one hundred eighty days' written notice
to the other parties, without the payment of any penalty.
7. This Agreement shall be subject to the provisions of the 1940 Act,
the 1934 Act and the Securities Act of 1933 and the rules, regulations, and
rulings thereunder and of the NASD, from time to time in effect, including such
exemptions from the 1940 Act and no-action positions as the Securities and
Exchange Commission or its staff may grant, and the terms hereof shall be
interpreted and construed in accordance therewith. Without limiting the
generality of the foregoing, the term "assigned" shall not include any
transaction exempt from section 15(b)(2) of the Investment Company Act by order
of the Securities and Exchange Commission or any transaction as to which the
staff of the Securities and Exchange Commission has taken a no-action position.
-6-
<PAGE>
Insurer and Broker-Dealer shall each, in connection with its
obligations hereunder, comply with all laws and regulations applicable thereto,
whether federal or state, and whether relating to insurance, securities or other
general areas, including but not limited to the record keeping and sales
supervision requirements of such laws and regulations.
Equico shall immediately notify Insurer and Broker-Dealer of the
issuance by any regulatory body of any stop order with respect to the Trust
Prospectus or SAI or the initiation of any proceeding for that purpose or for
any other purpose relating to the registration or an offering of shares of the
Trust and of any other action or circumstances that may prevent the lawful offer
or sale of shares of the Trust in any state or jurisdiction.
8. Insurer, Broker-Dealer and Equico shall submit to all regulatory and
administrative bodies having jurisdiction over the operations of Insurer,
Broker-Dealer, Equico or the Trust, present or future, any information, reports
or other material which any such body by reason of this Agreement may request or
require as authorized by applicable laws or regulations.
Equico shall keep confidential any information about Insurer's
Variable Products or policy owners obtained pursuant to this Agreement and shall
disclose such information only if Insurer or Broker-Dealer has authorized such
disclosure, or if such disclosure is required by state or federal regulatory
bodies, as authorized by applicable law. Equico will notify Insurer and
Broker-Dealer of disclosures required by regulatory bodies as soon as possible.
-7-
<PAGE>
Equico agrees that all records and other data pertaining to the
Variable Products are the exclusive property of Insurer and that any such
records and other data, whether maintained in written or electronic format,
shall be furnished to Insurer by Equico upon termination of this Agreement for
any reason whatsoever. This shall not preclude Equico from keeping copies of
such data or records for its own files subject to the provisions of this
paragraph.
9. Insurer retains the ultimate right of control over, and
responsibility for marketing the Variable Products.
10. Equico represents that neither Equico nor any person employed in
any material connection with respect to the services provided pursuant to this
Agreement:
(a) Within the last 10 years has been convicted of any felony
or misdemeanor arising out of conduct involving embezzlement, fraudulent
conversion, or misappropriation of funds or securities, or involving violations
of ss.ss. 1341, 1342, or 1343 of Title 18, United States Code; or
(b) Within the last 10 years has been found by any state
regulatory authority to have violated or has acknowledged violation of any
provision of any state insurance law involving fraud, deceit or knowing
misrepresentation; or
(c) Within the last 10 years has been found by any federal or
state regulatory authorities to have violated or have acknowledged violation of
-8-
<PAGE>
any provision of federal or state securities laws involving fraud, deceit or
knowing misrepresentation.
11. Equico, Broker-Dealer and Insurer each represent that no commission
or other fee shall be charged or paid to any person or entity in connection with
the sale or purchase of the Trust's shares to or from the Separate Account,
other than regular salary or wages.
12. This Agreement may be executed in multiple counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the
same instrument.
-9-
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first above written. The effective date of
this Agreement shall be the date first above written.
EQUICO SECURITIES, INC.
Attest:
_______________________ By:______________________________________
THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES
Attest:
_______________________ By:______________________________________
SEPARATE ACCOUNT A,
SEPARATE ACCOUNT 301 and
SEPARATE ACCOUNT NO. 51
By: THE EQUITABLE LIFE ASSURANCE
SOCIETY OF THE UNITED STATES,
as depositor of each Separate Account
Attest:
__________________ By:____________________________
FFQ_1.DOC/20006
1GG_1.DOC/23920
-10-
<PAGE>
SCHEDULE A
All portfolios of The Hudson River Trust are available to the Separate
Accounts for premiums, contributions and other considerations associated with
all variable products funded by the Separate Accounts.
FFQ_1.DOC/20006
1GG_1.DOC/23920
-11-
VARIABLE IMMEDIATE ANNUITY CONTRACT
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
This is a legal contract between its owner and us. Please read it carefully.
In this Contract, "you" and "your" refer to the owner, and "we," "us," and "our"
refer to Equitable.
We agree to pay an annuity based on the terms shown on the Data Pages. Other
important terms are described in the various parts of this Contract.
THE AMOUNT OF EACH VARIABLE INCOME ANNUITY PAYMENT MAY INCREASE OR DECREASE,
DEPENDING ON INVESTMENT RESULTS OF THE SEPARATE ACCOUNT INVESTMENT FUNDS, AND IS
NOT GUARANTEED AS TO DOLLAR AMOUNT.
TEN DAY RIGHT TO EXAMINE CONTRACT: You may return this Contract to us within 10
days from the date you receive it. Return it to the Processing Office shown
below. If you return it within the 10-day period, your Contract will be canceled
from the Contract Date. We will refund any premium made, less any distribution
payable. After this 10-day period, this Contract may not be surrendered.
Processing Office: [Annuity Benefits Division, P.O. Box 2494, New York, N.Y.
10116-2494]
NEW YORK,
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
/s/ Joseph J. Melone /s/ James M. Benson
Chairman and Chief Executive Officer President and Chief Operating
Officer
Vice President and Secretary
VIA95JSL 1
<PAGE>
VARIABLE IMMEDIATE ANNUITY CONTRACT. Non-participating (no dividends payable).
Non-assignable. Non-transferable.
VIA95JSL 2
<PAGE>
DATA PAGES
OWNER [John Doe] [September 1, 1995] CONTRACT DATE
ANNUITY FORM [Joint and [XXXXX] CONTRACT NUMBER
Survivor Life Annuity]
ANNUITANT [John Doe] [70-1/2 - M] ISSUE AGE AND SEX
Mary Doe, Joint Annuitant] [69-1/2 F]
PREMIUM [$10,000] [October 1, 1995] DATE OF FIRST PAYMENT
[PREMIUM ALLOCATION]
[Fixed Income] [xx%]
[Variable Income] [yy%]
ANNUITY OPTIONS:
[ o FIXED INCOME ANNUITY Amount of Fixed Income Annuity Payment $50.00]
o VARIABLE INCOME ANNUITIES: NUMBER OF
INVESTMENT FUNDS* ANNUITY UNITS
[MONEY MARKET XX.XXX
INTERMEDIATE GOVERNMENT XX.XXX
SECURITIES
QUALITY BOND XX.XXX
HIGH YIELD XX.XXX
GROWTH & INCOME XX.XXX
EQUITY INDEX XX.XXX
COMMON STOCK XX.XXX
GLOBAL XX.XXX
INTERNATIONAL XX.XXX
AGGRESSIVE STOCK XX.XXX
CONSERVATIVE INVESTORS XX.XXX
BALANCED XX.XXX
GROWTH INVESTORS] XX.XXX
[Dollar amount of Variable Annuity Payment [$50.00]
Total Initial Payment Amount [$100.00]
* These are Funds of our Separate Account [A.]
SUCCESSOR OWNER [Jane Doe], for the purposes of item 3, Part C.
VIA95JSL 3
<PAGE>
DATE OF ISSUE [September 1, 1995]
VIA95JSL 4
<PAGE>
DATA PAGES (CONT'D.)
ASSUMED BASE RATE OF NET INVESTMENT RETURN: [5.0%][3.5%] PER YEAR
ADJUSTMENT FACTOR [.00013366]
[.00009425] for
each day in the
Valuation Period.
[ADMINISTRATIVE EXPENSE CHARGE: [$200] FOR CONTRACT AT ISSUE]
DAILY SEPARATE ACCOUNT CHARGE: [Annual rate of: .50%. This charge
is in addition to investment advisory fees and direct operating expenses
charged with respect to an Investment Fund as described in item 2.b. of
Part B.]
[INTEREST RATE (FOR FIXED INCOME
ANNUITY):] [6.0%]
[TRANSFERS AMONG [Not permitted]
INVESTMENT FUNDS:]
VIA95JSL 5
<PAGE>
PART A. BASIC TERMS
- --------------------
1. ANNUITANT:
"Annuitant" is the person or persons shown as such on the Data Pages and
during whose lifetime an income will be payable to the Owner, unless the
Owner specifies otherwise. If there is a Joint Annuitant, the Joint
Annuitant's name is shown on the Data Pages and this term will also mean
such Joint Annuitant.
2. ANNUITY BENEFIT:
"Annuity Benefit" means the benefit payable by us pursuant to the annuity
options provided under this Contract.
"Fixed Income Annuity" means an annuity option under which the monthly
payments are payable in a specified dollar amount. "Variable Income
Annuity" means an annuity option under which the dollar amount of such
monthly payment may increase or decrease depending on whether the actual
rate of net investment return (after charges) of the applicable
Investment Fund is higher or lower than the Assumed Base Rate of Net
Investment Return shown on the Data Pages.
3. ANNUITY UNIT:
"Annuity Unit" applies to the Variable Income Annuity only and is a unit
of measurement used in determining the amount of each Variable Income
Annuity payment. The number of Annuity Units is calculated by dividing
the first monthly Variable Income Annuity payment amount by the unit
value for the Valuation Period which includes the due date of the first
monthly payment.
4. ANNUITY UNIT VALUE:
"Annuity Unit Value" means the dollar value of any given date of each
Annuity Unit in each applicable Investment Fund of the Separate Account.
5. BUSINESS DAY:
A Business Day is any day on which we are open and the New York Stock
Exchange is open for trading.
6. CONTRACT DATE:
"Contract Date" is the date we receive the properly completed application
and the premium for which annuity payments are made under this Contract.
7. INVESTMENT FUNDS:
"Investment Funds" are sub-funds of the Separate Account. Each Investment
Fund may invest its assets in a separate class (or series) of a specified
trust or investment company where each class (or
VIA95JSL 6
<PAGE>
series) represents a separate portfolio in such trust or investment
company. The Data Pages show the available Investment Funds on the
Contract Date. We will notify you of any changes in the Investment Funds
available.
8. OWNER:
"Owner" is the person shown on the Data Pages, or any Successor Owner,
who has the rights and options described in this Contract. The Owner may
be changed, if you notify us in writing in a form we accept; the changes
will, upon recording at the Processing Office, take effect as of the date
the written form was signed, but without further liability as to any
payment made by us before recording the change.
9. PREMIUM:
"Premium" is the amount received by us under this Contract, before
deduction of the Administrative Expense Charge shown on the Data Pages
and any other charges, including state premium tax, which may apply. The
Premium is shown on the Data Pages.
10. PROCESSING OFFICE:
"Processing Office" is the administrative office shown on the cover page
of this Contract. If we change it, we will notify you.
11. SUCCESSOR OWNER:
"Successor Owner" is the person or persons who succeeds as Owner in the
event of your death before the Annuitant. The Successor Owner may be
changed, if you notify us in writing in a form we accept; the change
will, upon recording at the Processing Office, take effect as of the date
the written form was signed, but without further liability as to any
payment made by us before recording the change.
12. VALUATION PERIOD:
A "Valuation Period" is each Business Day together with any consecutive
preceding non-Business Days. For example, for each Monday which is a
Business Day, the preceding Saturday and Sunday will be included to equal
a three-day Valuation Period.
VIA95JSL 7
<PAGE>
PART B. ANNUITY OPTIONS
- ------------------------
1. FIXED INCOME ANNUITY:
The amount of Fixed Income Annuity, if applicable, provided by allocation
of a portion of the Premium is determined taking into account Interest
Rate shown on the Data Pages. Fixed Income Annuity payments are
guaranteed without regard to any investment results or to future changes
in interest rates.
2. VARIABLE INCOME ANNUITY:
The initial payment amount of the Variable Income Annuity, if applicable,
provided by allocation of a portion of the Premium is determined taking
into account the Assumed Base Rate of Net Investment Return shown on the
Data Pages. Variable Income Annuity payments will vary based on the
investment results of the applicable Separate Account Investment Funds.
A. SEPARATE ACCOUNT:
We have established the Separate Account shown on the Data Pages
and maintain it in accordance with the laws of New York State.
Income and realized and unrealized gains and losses from the
assets of the Separate Account are credited to or charged against
it without regard to our other income, gains or losses. Assets are
placed in the Separate Account to support this Contract and other
variable annuity contracts and certificates. Assets may be placed
in the Separate Account for other purposes, but not to support
contracts or policies other than variable annuities and variable
life insurance. A Separate Account may be subdivided into
Investment Funds, also as shown on the Data Pages.
The assets of the Separate Account are our property. The portion
of such assets equal to the reserves and other contract
liabilities will not be chargeable with liabilities which arise
out of any other business we conduct. We may transfer assets of
the Separate Account or Investment Fund in excess of the reserves
and other liabilities with respect to such Account or Fund to
another Separate Account or Investment Fund or to our general
account.
We may, at our discretion, invest Separate Account assets in any
investment permitted by applicable law. We may rely conclusively
on the opinion of counsel (including counsel in our employ) as to
what investments we may make as law permits.
B. SEPARATE ACCOUNT ANNUITY UNIT VALUES:
We determine the Annuity Unit Value for the Separate Account for
each Valuation Period as described below.
The Net Investment Factor for a Valuation Period is (i) divided by
(ii) minus (iii), where
(i) is the net asset value of the Investment Fund's shares of
the related portfolio of the specified trust or investment
company at the end of the Valuation Period (before taking
into account any amounts allocated to or withdrawn from the
Investment Fund for the
VIA95JSL 8
<PAGE>
Valuation Period and after deduction of investment advisory
fees and direct operating expenses of the specified trust
or investment company; for this purpose, we use the share
value reported to us by the specified trust or investment
company);
(ii) is the net asset value of the Investment Fund's shares of
the related portfolio of the specified trust or investment
company at the end of the preceding Valuation Period
(taking into account any amounts allocated or withdrawn for
that Valuation Period);
(iii) is the daily Separate Account charge (see item c. below)
for the expenses and risks of the Contract, times the
number of calendar days in the Valuation Period, plus any
charge for taxes or amounts set aside as a reserve for
taxes.
The Annuity Unit Value for a Valuation Period is the Annuity Unit
Value for the immediately preceding Valuation Period multiplied by
the Adjusted Net Investment Factor for such subsequent Valuation
Period. The Adjusted Net Investment Factor for a Valuation Period
is the Net Investment Factor for such Period reduced for each
calendar day in such subsequent Valuation Period by the Adjustment
Factor (shown on the Data Pages) times the Net Investment Factor
in order to recognize the Assumed Base Rate of Net Investment
Return (also shown on the Data Pages) used in the determination of
the number of Annuity Units. Because of this adjustment, the
Annuity Unit Value rises and falls depending on whether the actual
rate of investment return (after charges) is higher or lower than
the Assumed Base Rate of Net Investment Return.
The Average Annuity Unit Value for a calendar month is equal to
the average of the Annuity Unit Values for such month. We will
notify you or the person to whom payment is being made of the
Average Annuity Unit Value used in determining the amount of each
variable annuity payment.
C. DAILY SEPARATE ACCOUNT CHARGE:
Assets of the Investment Funds will be subject to a daily asset
charge. This daily asset charge is for mortality risk, expenses
and expense risk that we assume, as well as for financial
accounting. The charge will be made pursuant to item (iii) of
"Net Investment Factor" as defined in item b. above. Such charge
will be applied after any deductions to provide for taxes. The
amount of the charge is shown on the Data Pages.
D. CHANGES WITH RESPECT TO SEPARATE ACCOUNT:
We have the right, subject to compliance with applicable law,
and, if required, approval of Contract Owners:
(a) 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 in addition to or in place of the Separate
Account;
(b) to combine any two or more Investment Funds or sub-funds
thereof;
VIA95JSL 9
<PAGE>
(c) to transfer the assets we determine to be the share of
the class of contract to which this Contract belongs from
any Investment Fund to another Investment Fund, or from
the Separate Account to another separate account, if such
other Investment Fund or separate account has, in our
judgment, the same investment objectives;
(d) to operate the Separate Account or any Investment Fund as
a management investment company under the Investment
Company Act of 1940, in which case charges and expenses
that otherwise would be assessed against an underlying
mutual fund would be assessed against the Separate
Account;
(e) to operate the Separate Account or any Investment Fund as
a unit investment trust under the Investment Company Act
of 1940;
(f) to register or deregister the Separate Account under the
Investment Company Act of 1940, provided that such action
conforms with the requirements of applicable law;
(g) to restrict or eliminate any voting rights as to the
Separate Account;
(h) to cause one or more Investment Funds to invest some or
all of their assets in one or more other trusts or
investment companies.
A portfolio might, in our judgment, become unsuitable for
investment by the Separate Account or Investment Funds, in view
of legal, regulatory, or federal income tax restrictions. In such
event, shares of another series or shares of another investment
trust may be substituted for shares already purchased with
respect to the Separate Account or as the security to be
purchased in the future, provided that such substitution meets
applicable federal income tax guidelines and, to the extent
required by law, has been approved by the Securities and Exchange
Commission and such other regulatory authorities as may be
necessary.
If the exercise of these rights results in a material change in
the underlying investments of the Separate Account, you will be
notified of such exercise, as required by law.
VIA95JSL 10
<PAGE>
PART C. ANNUITY BENEFITS
- -------------------------
1. MONTHLY PAYMENTS:
We will pay a monthly life income commencing on the Date of First Payment
shown on the Data Pages and thereafter for the remaining lifetime of the
Annuitant and Joint Annuitant, with payments continued for the lifetime
of the survivor after the death of either the Annuitant or Joint
Annuitant. Monthly payments will continue to be made until the last
payment due before the death of the survivor.
2. AMOUNT OF EACH PAYMENT:
The amount of the first payment is shown on the Data Pages as the Total
Initial Payment Amount; the Total Initial Payment Amount shown is the sum
of the Fixed Income Annuity payment amount and the first Variable Income
Annuity payment amount. With respect to later payments, each monthly
payment will be the sum of the Fixed Income Annuity payment and the
Variable Income Annuity payment, determined as follows:
(a) Each Fixed Income Annuity payment will be made at the amount shown
on the Data Pages.
(b) The amount of the second and third monthly Variable Income Annuity
payments with respect to each applicable Investment Fund will be the
same as the amount of the first payment. The amount of the fourth
and each subsequent monthly payment will be the number of Annuity
Units for each Investment Fund multiplied by the Average Annuity
Unit Value for the second calendar month immediately preceding the
due date of the payment.
The fourth and subsequent monthly Variable Income Annuity payments
may increase or decrease in amount, depending on whether the actual
rate of net investment return (after charges) of the applicable
Investment Fund is higher or lower than the Assumed Base Rate of Net
Investment Return shown on the Data Pages. Payments will not be
increased or decreased in amount because of mortality or expense
experience.
3. DEATH OF OWNER:
If you are not the Annuitant and you die before the Annuitant, upon the
date of receipt by us at the Processing Office of proof satisfactory to
us of your death, the Successor Owner becomes the Owner with all rights
under this Contract. If you die before the Annuitant and if no Successor
Owner is alive, your estate becomes the Owner.
VIA95JSL 11
<PAGE>
PART D. TRANSFERS
- ------------------
Transfers among Investment Funds are permitted only if so stated on the Data
Pages. If the Data Pages do not state that transfers are permitted, and if after
the Contract Date we change our rules to permit such transfers, we will notify
you in writing. The notice will specify any restrictions which apply.
VIA95JSL 12
<PAGE>
PART E. GENERAL TERMS
- ----------------------
1. CONTRACT:
This Contract, the related application and any endorsement(s) constitute
the entire Contract between the parties, and their terms alone will
govern with respect to our rights and obligations. The Contract may not
be modified, nor may any of our rights or requirements be waived, except
in writing signed by one of our authorized officers.
2. ASSIGNMENT:
This Contract may not be sold, assigned, discounted or pledged as
collateral for a loan or as security for the performance of an obligation
or for any other purpose, and except as otherwise permitted by law, no
sum payable under this Contract may be transferred, assigned or
encumbered, or will in any way be subject to any legal process to subject
the same to the payment of any claim against the person to whom such sum
is payable.
3. PAYMENT:
All payments by us under this Contract will be made by check (or, if so
agreed by you and us, by wire transfer or other form).
4. EVIDENCE OF SURVIVAL:
We may require satisfactory evidence of survival of the Annuitant on the
due date of each payment. If the check for the payment is drawn to the
order of the Annuitant, the personal endorsement of such Annuitant on the
check will be accepted as evidence of survival, subject to our right to
require evidence of the authority of any person who makes claim to
receive any payment.
5. AGE AND SEX:
If the Annuitant's age or, if applicable, sex has been misstated, any
benefits will be such as the Contract would have provided if the first
payment amount had been based on the correct age and sex. Any
overpayments or underpayments made by us will be charged or credited with
interest at [6% per year] (or such other rate which applies under our
rules at any time) to benefits falling due thereafter.
6. CONTRACT CHANGES - APPLICABLE LAW:
For you (and the Annuitant) to receive the tax treatment accorded to
annuities under Federal law, this Contract must qualify initially and
continue to qualify as an annuity under the Internal Revenue Code or
successor law. Therefore, to assure this qualification, we reserve in
this Contract the right to defer acceptance of or to return any payment
that would cause the Contract to fail to qualify as an annuity under
applicable tax law as interpreted by us. Furthermore, we reserve the
right to make changes in this Contract to the extent we deem it necessary
to continue to qualify this Contract as
VIA95JSL 13
<PAGE>
an annuity. Any such changes will apply uniformly to all Contracts that
are affected. You will be given advance written notice of such changes.
In addition, payments under this Contract must comply with any applicable
requirements of Section 401(a)(9) of the Internal Revenue Code and the
Treasury regulations which apply.
VIA95JSL 14
<PAGE>
ENDORSEMENT
NOTICE OF RIGHT TO CANCEL
-------------------------
This Contract provides a ten day right to cancel. See the cover page. If you
cancel the Contract according to this right, you will receive a refund of any
premium made, plus or minus any investment gain or loss which applies to the
Separate Account Investment Funds from the date the premium or portion thereof
was allocated to any such Investment Fund, if applicable, to the date the
Contract is canceled.
ENDVIA95
<PAGE>
VARIABLE IMMEDIATE ANNUITY CONTRACT
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
This is a legal contract between its owner and us. Please read it carefully.
In this Contract, "you" and "your" refer to the owner, and "we," "us," and "our"
refer to Equitable.
We agree to pay an annuity based on the terms shown on the Data Pages. Other
important terms are described in the various parts of this Contract.
THE AMOUNT OF EACH VARIABLE INCOME ANNUITY PAYMENT MAY INCREASE OR DECREASE,
DEPENDING ON INVESTMENT RESULTS OF THE SEPARATE ACCOUNT INVESTMENT FUNDS, AND IS
NOT GUARANTEED AS TO DOLLAR AMOUNT.
TEN DAY RIGHT TO EXAMINE CONTRACT: You may return this Contract to us within 10
days from the date you receive it. Return it to the Processing Office shown
below. If you return it within the 10-day period, your Contract will be canceled
from the Contract Date. We will refund any premium made, less any distribution
payable. After this 10-day period, this Contract may not be surrendered.
Processing Office: [Annuity Benefits Division, P.O. Box 2494, New York, N.Y.
10116-2494]
NEW YORK,
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
/s/ Joseph J. Melone /s/ James M. Benson
Chairman and Chief Executive Officer President and
Chief Operating Officer
Vice President and Secretary
VARIABLE IMMEDIATE ANNUITY CONTRACT. Non-participating (no dividends payable).
Non-assignable. Non-transferable.
VIA95JSLPC 1
<PAGE>
DATA PAGES
OWNER [John Doe] [September 1, 1995] CONTRACT DATE
ANNUITY FORM [Joint and Survivor Life Annuity] [XXXXX] CONTRACT NUMBER
10 Year Certain]
ANNUITANT [John Doe] [70-1/2 - M] ISSUE AGE AND SEX
[Mary Doe, Joint Annuitant] [69-1/2 F]
PREMIUM [$10,000] [October 1, 1995] DATE OF FIRST PAYMENT
[PREMIUM ALLOCATION]
[Fixed Income] [xx%]
[Variable Income] [yy%]
ANNUITY OPTIONS:
[ o FIXED INCOME ANNUITY Amount of Fixed Income Annuity Payment $50.00]
o VARIABLE INCOME ANNUITIES: NUMBER OF
INVESTMENT FUNDS* ANNUITY UNITS
[MONEY MARKET XX.XXX
INTERMEDIATE GOVERNMENT XX.XXX
SECURITIES
QUALITY BOND XX.XXX
HIGH YIELD XX.XXX
GROWTH & INCOME XX.XXX
EQUITY INDEX XX.XXX
COMMON STOCK XX.XXX
GLOBAL XX.XXX
INTERNATIONAL XX.XXX
AGGRESSIVE STOCK XX.XXX
CONSERVATIVE INVESTORS XX.XXX
BALANCED XX.XXX
GROWTH INVESTORS] XX.XXX
[Dollar amount of Variable Annuity Payment [$50.00]
Total Initial Payment Amount [$100.00]
* These are Funds of our Separate Account [A.]
VIA95JSLPC 2
<PAGE>
BENEFICIARY [Jane Doe]
DATE OF ISSUE [September 1, 1995]
VIA95JSLPC 3
<PAGE>
DATA PAGES (CONT'D.)
ASSUMED BASE RATE OF NET INVESTMENT RETURN: [5.0%][3.5%] PER YEAR
ADJUSTMENT FACTOR [.00013366]
[.00009425] for
each day in the
Valuation Period.
[ADMINISTRATIVE EXPENSE CHARGE: [$200] FOR CONTRACT AT ISSUE]
DAILY SEPARATE ACCOUNT CHARGE: [Annual rate of .50%. This charge is in
addition to investment advisory fees and direct operating expenses
charged with respect to an Investment Fund as described in item 2.b. of
Part B.]
[INTEREST RATE (FOR FIXED INCOME
ANNUITY):] [6.0%]
[TRANSFERS AMONG [Not permitted.]
INVESTMENT FUNDS:]
VIA95JSLPC 4
<PAGE>
PART A. BASIC TERMS
- --------------------
1. ANNUITANT:
"Annuitant" is the person or persons shown as such on the Data Pages and
during whose lifetime an income will be payable to the Owner, unless the
Owner specifies otherwise. If there is a Joint Annuitant, the Joint
Annuitant's name is shown on the Data Pages and this term will also mean
such Joint Annuitant.
2. ANNUITY BENEFIT:
"Annuity Benefit" means the benefit payable by us pursuant to the annuity
options provided under this Contract.
"Fixed Income Annuity" means an annuity option under which the monthly
payments are payable in a specified dollar amount. "Variable Income
Annuity" means an annuity option under which the dollar amount of such
monthly payment may increase or decrease depending on whether the actual
rate of net investment return (after charges) of the applicable
Investment Fund is higher or lower than the Assumed Base Rate of Net
Investment Return shown on the Data Pages.
3. ANNUITY UNIT:
"Annuity Unit" applies to the Variable Income Annuity only and is a unit
of measurement used in determining the amount of each Variable Income
Annuity payment. A number of Annuity Units is calculated by dividing the
first monthly Variable Income Annuity payment amount by the unit value
for the Valuation Period which includes the due date of the first monthly
payment.
4. ANNUITY UNIT VALUE:
"Annuity Unit Value" means the dollar value of any given date of each
Annuity Unit in each applicable Investment Fund of the Separate Account.
5. BENEFICIARY:
"Beneficiary" is the person or persons (a) you name in the application
for this Contract and to whom the death benefit, if any, is payable when
the Annuitant dies or (b) who succeeds as Owner in the event of your
death before the Annuitant. As Owner, you may name a contingent
beneficiary to become the beneficiary if all the beneficiaries die before
all amounts due have been paid. If no beneficiary or contingent
beneficiary is named, or if none is alive when the Annuitant dies, we
will pay as described in Part E, item 2.
6. BUSINESS DAY:
VIA95JSLPC 5
<PAGE>
A Business Day is any day on which we are open and the New York Stock
Exchange is open for trading.
7. CONTRACT DATE:
"Contract Date" is the date we receive the properly completed application
and the premium for which annuity payments are made under this Contract.
8. INVESTMENT FUNDS:
"Investment Funds" are sub-funds of the Separate Account. Each Investment
Fund may invest its assets in a separate class (or series) of a specified
trust or investment company where each class (or series) represents a
separate portfolio in such trust or investment company. The Data Pages
show the available Investment Funds on the Contract Date. We will notify
you of any changes in the Investment Funds available.
9. OWNER:
"Owner" is the person shown on the Data Pages who has the rights and
options described in this Contract. The Owner may be changed, if you
notify us in writing in a form we accept; the changes will, upon
recording at the Processing Office, take effect as of the date the
written form was signed, but without further liability as to any payment
made by us before recording the change.
10. PREMIUM:
"Premium" is the amount received by us under this Contract, before
deduction of the Administrative Expense Charge shown on the Data Pages
and any other charges, including state premium tax, which may apply. The
Premium is shown on the Data Pages.
11. PROCESSING OFFICE:
"Processing Office" is the administrative office shown on the cover page
of this Contract. If we change it, we will notify you.
12. VALUATION PERIOD:
A "Valuation Period" is each Business Day together with any consecutive
preceding non-Business Days. For example, for each Monday which is a
Business Day, the preceding Saturday and Sunday will be included to equal
a three-day Valuation Period.
VIA95JSLPC 6
<PAGE>
PART B. ANNUITY OPTIONS
- ------------------------
1. FIXED INCOME ANNUITY:
The amount of Fixed Income Annuity, if applicable, provided by allocation
of a portion of the Premium is determined taking into account Interest
Rate shown on the Data Pages. Fixed Income Annuity payments are
guaranteed without regard to any investment results or to future changes
in interest rates.
2. VARIABLE INCOME ANNUITY:
The initial payment amount of the Variable Income Annuity, if applicable,
provided by allocation of a portion of the Premium is determined taking
into account the Assumed Base Rate of Net Investment Return shown on the
Data Pages. Variable Income Annuity payments will vary based on the
investment results of the applicable Separate Account Investment Funds.
A. SEPARATE ACCOUNT:
We have established the Separate Account shown on the Data Pages
and maintain it in accordance with the laws of New York State.
Income and realized and unrealized gains and losses from the
assets of the Separate Account are credited to or charged against
it without regard to our other income, gains or losses. Assets are
placed in the Separate Account to support this Contract and other
variable annuity contracts and certificates. Assets may be placed
in the Separate Account for other purposes, but not to support
contracts or policies other than variable annuities and variable
life insurance. A Separate Account may be subdivided into
Investment Funds, also as shown on the Data Pages.
The assets of the Separate Account are our property. The portion
of such assets equal to the reserves and other contract
liabilities will not be chargeable with liabilities which arise
out of any other business we conduct. We may transfer assets of
the Separate Account or Investment Fund in excess of the reserves
and other liabilities with respect to such Account or Fund to
another Separate Account or Investment Fund or to our general
account.
We may, at our discretion, invest Separate Account assets in any
investment permitted by applicable law. We may rely conclusively
on the opinion of counsel (including counsel in our employ) as to
what investments we may make as law permits.
B. SEPARATE ACCOUNT ANNUITY UNIT VALUES:
We determine the Annuity Unit Value for the Separate Account for
each Valuation Period as described below.
The Net Investment Factor for a Valuation Period is (i) divided by
(ii) minus (iii), where
VIA95JSLPC 7
<PAGE>
(i) is the net asset value of the Investment Fund's shares of
the related portfolio of the specified trust or investment
company at the end of the Valuation Period (before taking
into account any amounts allocated to or withdrawn from the
Investment Fund for the Valuation Period and after
deduction of investment advisory fees and direct operating
expenses of the specified trust or investment company; for
this purpose, we use the share value reported to us by the
specified trust or investment company);
(ii) is the net asset value of the Investment Fund's shares of
the related portfolio of the specified trust or investment
company at the end of the preceding Valuation Period
(taking into account any amounts allocated or withdrawn for
that Valuation Period);
(iii) is the daily Separate Account charge (see item c. below)
for the expenses and risks of the Contract, times the
number of calendar days in the Valuation Period, plus any
charge for taxes or amounts set aside as a reserve for
taxes.
The Annuity Unit Value for a Valuation Period is the Annuity Unit
Value for the immediately preceding Valuation Period multiplied by
the Adjusted Net Investment Factor for such subsequent Valuation
Period. The Adjusted Net Investment Factor for a Valuation Period
is the Net Investment Factor for such Period reduced for each
calendar day in such subsequent Valuation Period by the Adjustment
Factor (shown on the Data Pages) times the Net Investment Factor
in order to recognize the Assumed Base Rate of Net Investment
Return (also shown on the Data Pages) used in the determination of
the number of Annuity Units. Because of this adjustment, the
Annuity Unit Value rises and falls depending on whether the actual
rate of investment return (after charges) is higher or lower than
the Assumed Base Rate of Net Investment Return.
The Average Annuity Unit Value for a calendar month is equal to
the average of the Annuity Unit Values for such month. We will
notify you or the person to whom payment is being made of the
Average Annuity Unit Value used in determining the amount of each
variable annuity payment.
C. DAILY SEPARATE ACCOUNT CHARGE:
Assets of the Investment Funds will be subject to a daily asset
charge. This daily asset charge is for mortality risk, expenses
and expense risk that we assume, as well as for financial
accounting. The charge will be made pursuant to item (iii) of
"Net Investment Factor" as defined in item b. above. Such charge
will be applied after any deductions to provide for taxes. The
amount of the charge is shown on the Data Pages.
D. CHANGES WITH RESPECT TO SEPARATE ACCOUNT:
We have the right, subject to compliance with applicable law,
and, if required, approval of Contract Owners:
VIA95JSLPC 8
<PAGE>
(a) 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 in addition to or in place of the Separate
Account;
(b) to combine any two or more Investment Funds or sub-funds
thereof;
(c) to transfer the assets we determine to be the share of
the class of contract to which this Contract belongs from
any Investment Fund to another Investment Fund, or from
the Separate Account to another separate account, if such
other Investment Fund or separate account has, in our
judgment, the same investment objectives;
(d) to operate the Separate Account or any Investment Fund as
a management investment company under the Investment
Company Act of 1940, in which case charges and expenses
that otherwise would be assessed against an underlying
mutual fund would be assessed against the Separate
Account;
(e) to operate the Separate Account or any Investment Fund as
a unit investment trust under the Investment Company Act
of 1940;
(f) to register or deregister the Separate Account under the
Investment Company Act of 1940, provided that such action
conforms with the requirements of applicable law;
(g) to restrict or eliminate any voting rights as to the
Separate Account;
(h) to cause one or more Investment Funds to invest some or
all of their assets in one or more other trusts or
investment companies.
A portfolio might, in our judgment, become unsuitable for
investment by the Separate Account or Investment Funds, in view
of legal, regulatory, or federal income tax restrictions. In such
event, shares of another series or shares of another investment
trust may be substituted for shares already purchased with
respect to the Separate Account or as the security to be
purchased in the future, provided that such substitution meets
applicable federal income tax guidelines and, to the extent
required by law, has been approved by the Securities and Exchange
Commission and such other regulatory authorities as may be
necessary.
If the exercise of these rights results in a material change in
the underlying investments of the Separate Account, you will be
notified of such exercise, as required by law.
VIA95JSLPC 9
<PAGE>
PART C. ANNUITY BENEFITS
- -------------------------
1. MONTHLY PAYMENTS:
We will pay a monthly life income commencing on the Date of First Payment
shown on the Data Pages and thereafter for the remaining lifetime of the
Annuitant and Joint Annuitant, with payments continued for the lifetime
of the survivor after the death of either the Annuitant or Joint
Annuitant. If both the Annuitant and Joint Annuitant die before the
certain period shown in the Annuity Form on the Data pages, monthly
payments will continue to be made to the Beneficiary until the end of the
certain period.
2. AMOUNT OF EACH PAYMENT:
The amount of the first payment is shown on the Data Pages as the Total
Initial Payment Amount; the Total Initial Payment Amount shown is the sum
of the Fixed Income Annuity payment amount and the first Variable Income
Annuity payment amount. With respect to later payments, each monthly
payment will be the sum of the Fixed Income Annuity payment and the
Variable Income Annuity payment, determined as follows:
(a) Each Fixed Income Annuity payment will be made at the amount shown
on the Data Pages.
(b) The amount of the second and third monthly Variable Income Annuity
payments with respect to each applicable Investment Fund will be the
same as the amount of the first payment. The amount of the fourth
and each subsequent monthly payment will be the number of Annuity
Units for each Investment Fund multiplied by the Average Annuity
Unit Value for the second calendar month immediately preceding the
due date of the payment.
The fourth and subsequent monthly Variable Income Annuity payments
may increase or decrease in amount, depending on whether the actual
rate of net investment return (after charges) of the applicable
Investment Fund is higher or lower than the Assumed Base Rate of Net
Investment Return shown on the Data Pages. Payments will not be
increased or decreased in amount because of mortality or expense
experience.
3. DEATH OF OWNER:
If you are not the Annuitant and you die before the Annuitant, upon the
date of receipt by us at the Processing Office of proof satisfactory to
us of your death, the Beneficiary becomes the Owner with all rights under
this Contract. If you die before the Annuitant and if no Beneficiary is
alive, your estate becomes the Owner.
VIA95JSLPC 10
<PAGE>
PART D. TRANSFERS
- ------------------
Transfers among Investment Funds are permitted only if so stated on the Data
Pages. If the Data Pages do not state that transfers are permitted, and if after
the Contract Date we change our rules to permit such transfers, we will notify
you in writing. The notice will specify any restrictions which apply.
VIA95JSLPC 11
<PAGE>
PART E. GENERAL TERMS
- ----------------------
1. CONTRACT:
This Contract, the related application and any endorsement(s) constitute
the entire Contract between the parties, and their terms alone will
govern with respect to our rights and obligations. The Contract may not
be modified, nor may any of our rights or requirements be waived, except
in writing signed by one of our authorized officers.
2. BENEFICIARY:
You may change the Beneficiary from time to time by written notice to us,
but any change will be effective only if it is approved by us. The change
will, upon recording at the Processing Office, take effect as of the date
the written notice was signed, but without further liability as to any
payment or other settlement made by us before recording the change. If
amounts become payable to a Beneficiary, such Beneficiary may designate
(with the right to change such designation) a person or persons to
receive any amount payable after the death of the Beneficiary, if the
absence of such a designation would result in a single sum payment to
such Beneficiary's executors or administrators. Such a designation or
change will be made and will take effect in the same manner as a change
of Beneficiary.
If no Beneficiary (or contingent Beneficiary) is named, or if none is
alive when you die, we will make any payment due to (a) your surviving
spouse, if any, (b) your surviving children in equal shares or, should
none survive, then (c) in a single sum to your estate. If more than one
Beneficiary is alive when you die, we will pay them in equal shares
unless you have chosen otherwise.
3. ASSIGNMENT:
This Contract may not be sold, assigned, discounted or pledged as
collateral for a loan or as security for the performance of an obligation
or for any other purpose, and except as otherwise permitted by law, no
sum payable under this Contract may be transferred, assigned or
encumbered, or will in any way be subject to any legal process to subject
the same to the payment of any claim against the person to whom such sum
is payable.
4. PAYMENT:
All payments by us under this Contract will be made by check (or, if so
agreed by you and us, by wire transfer or other form).
5. EVIDENCE OF SURVIVAL:
We may require satisfactory evidence of survival of the Annuitant or
Beneficiary on the due date of each payment. If the check for the payment
is drawn to the order of the Annuitant or Beneficiary, the personal
endorsement of such Annuitant or Beneficiary on the check will be
accepted as
VIA95JSLPC 12
<PAGE>
evidence of survival, subject to our right to require evidence of the
authority of any person who makes claim to receive any payment.
6. AGE AND SEX:
If the Annuitant's age or, if applicable, sex has been misstated, any
benefits will be such as the Contract would have provided if the first
payment amount had been based on the correct age and sex. Any
overpayments or underpayments made by us will be charged or credited with
interest at [6% per year] (or such other rate which applies under our
rules at any time) to benefits falling due thereafter.
7. CONTRACT CHANGES - APPLICABLE LAW:
For you (and the Annuitant) to receive the tax treatment accorded to
annuities under Federal law, this Contract must qualify initially and
continue to qualify as an annuity under the Internal Revenue Code or
successor law. Therefore, to assure this qualification, we reserve in
this Contract the right to defer acceptance of or to return any payment
that would cause the Contract to fail to qualify as an annuity under
applicable tax law as interpreted by us. Furthermore, we reserve the
right to make changes in this Contract to the extent we deem it necessary
to continue to qualify this Contract as an annuity. Any such changes will
apply uniformly to all Contracts that are affected. You will be given
advance written notice of such changes.
In addition, payments under this Contract must comply with any applicable
requirements of Section 401(a)(9) of the Internal Revenue Code and the
Treasury regulations which apply.
VIA95JSLPC 13
<PAGE>
ENDORSEMENT
NOTICE OF RIGHT TO CANCEL
-------------------------
This Contract provides a ten day right to cancel. See the cover page. If you
cancel the Contract according to this right, you will receive a refund of any
premium made, plus or minus any investment gain or loss which applies to the
Separate Account Investment Funds from the date the premium or portion thereof
was allocated to any such Investment Fund, if applicable, to the date the
Contract is canceled.
ENDVIA95
<PAGE>
VARIABLE IMMEDIATE ANNUITY CONTRACT
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
This is a legal contract between its owner and us. Please read it carefully.
In this Contract, "you" and "your" refer to the owner, and "we," "us," and "our"
refer to Equitable.
We agree to pay an annuity based on the terms shown on the Data Pages. Other
important terms are described in the various parts of this Contract.
THE AMOUNT OF EACH VARIABLE INCOME ANNUITY PAYMENT MAY INCREASE OR DECREASE,
DEPENDING ON INVESTMENT RESULTS OF THE SEPARATE ACCOUNT INVESTMENT FUNDS, AND IS
NOT GUARANTEED AS TO DOLLAR AMOUNT.
TEN DAY RIGHT TO EXAMINE CONTRACT: You may return this Contract to us within 10
days from the date you receive it. Return it to the Processing Office shown
below. If you return it within the 10-day period, your Contract will be canceled
from the Contract Date. We will refund any premium made, less any distribution
payable. After this 10-day period, this Contract may not be surrendered.
Processing Office: [Annuity Benefits Division, P.O. Box 2494,
New York, N.Y. 10116-2494]
NEW YORK,
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
/s/ Joseph J. Melone /s/ James M. Benson
Chairman and Chief Executive Officer President and Chief Operating
Officer
Vice President and Secretary
VIA95LPC 1
<PAGE>
VARIABLE IMMEDIATE ANNUITY CONTRACT. Non-participating (no dividends payable).
Non-assignable. Non-transferable.
VIA95LPC 2
<PAGE>
DATA PAGES
OWNER [John Doe] [September 1, 1995] CONTRACT DATE
ANNUITY FORM [Life Annuity-10 [XXXXX] CONTRACT NUMBER
Year Certain]
ANNUITANT [John Doe] [70-1/2 - M] ISSUE AGE AND SEX
PREMIUM [$10,000] [October 1, 1995] DATE OF FIRST PAYMENT
[PREMIUM ALLOCATION]
[Fixed Income] [xx%]
[Variable Income] [yy%]
ANNUITY OPTIONS:
[ o FIXED INCOME ANNUITY Amount of Fixed Income Annuity Payment $50.00]
o VARIABLE INCOME ANNUITIES: NUMBER OF
INVESTMENT FUNDS* ANNUITY UNITS
[MONEY MARKET XX.XXX
INTERMEDIATE GOVERNMENT XX.XXX
SECURITIES
QUALITY BOND XX.XXX
HIGH YIELD XX.XXX
GROWTH & INCOME XX.XXX
EQUITY INDEX XX.XXX
COMMON STOCK XX.XXX
GLOBAL XX.XXX
INTERNATIONAL XX.XXX
AGGRESSIVE STOCK XX.XXX
CONSERVATIVE INVESTORS XX.XXX
BALANCED XX.XXX
GROWTH INVESTORS] XX.XXX
[Dollar amount of Variable Annuity Payment [$50.00]
Total Initial Payment Amount [$100.00]
* These are Funds of our Separate Account [A.]
BENEFICIARY [John Doe] [Husband]
VIA95LPC 3
<PAGE>
[Jane Doe] [Wife]
DATE OF ISSUE [September 1, 1995]
VIA95LPC 4
<PAGE>
DATA PAGES (CONT'D.)
ASSUMED BASE RATE OF NET INVESTMENT RETURN: [5.0%][3.5%] PER YEAR
ADJUSTMENT FACTOR [.00013366]
[.00009425] for
each day in the
Valuation Period.
[ADMINISTRATIVE EXPENSE CHARGE: [$200] FOR CONTRACT AT ISSUE]
DAILY SEPARATE ACCOUNT CHARGE: [Annual rate of .50%. This charge is in
addition to investment advisory fees and direct operating expenses
charged with respect to an Investment Fund as described in item 2.b of
Fund B.]
[INTEREST RATE (FOR FIXED INCOME
ANNUITY):] [6.0%]
[TRANSFERS AMONG [Not permitted.]
INVESTMENT FUNDS:]
VIA95LPC 5
<PAGE>
PART A. BASIC TERMS
- --------------------
1. ANNUITANT:
"Annuitant" is the person or persons shown as such on the Data Pages and
during whose lifetime an income will be payable to the Owner, unless the
Owner specifies otherwise.
2. ANNUITY BENEFIT:
"Annuity Benefit" means the benefit payable by us pursuant to the annuity
options provided under this Contract.
"Fixed Income Annuity" means an annuity option under which the monthly
payments are payable in a specified dollar amount. "Variable Income
Annuity" means an annuity option under which the dollar amount of such
monthly payment may increase or decrease depending on whether the actual
rate of net investment return (after charges) of the applicable
Investment Fund is higher or lower than the Assumed Base Rate of Net
Investment Return shown on the Data Pages.
3. ANNUITY UNIT:
"Annuity Unit" applies to the Variable Income Annuity only and is a unit
of measurement used in determining the amount of each Variable Income
Annuity payment. A number of Annuity Units is calculated by dividing the
first monthly Variable Income Annuity payment amount by the unit value
for the Valuation Period which includes the due date of the first monthly
payment.
4. ANNUITY UNIT VALUE:
"Annuity Unit Value" means the dollar value of any given date of each
Annuity Unit in each applicable Investment Fund of the Separate Account.
5. BENEFICIARY:
"Beneficiary" is the person or persons (a) you name in the application
for this Contract and to whom the death benefit, if any, is payable when
the Annuitant dies or (b) who succeeds as Owner in the event of your
death before the Annuitant. As Owner, you may name a contingent
beneficiary to become the beneficiary if all the beneficiaries die before
all amounts due have been paid. If no beneficiary or contingent
beneficiary is named, or if none is alive when the Annuitant dies, we
will pay as described in Part E, item 2.
6. BUSINESS DAY:
A Business Day is any day on which we are open and the New York Stock
Exchange is open for trading.
VIA95LPC 6
<PAGE>
7. CONTRACT DATE:
"Contract Date" is the date we receive the properly completed application
and the premium for which annuity payments are made under this Contract.
8. INVESTMENT FUNDS:
"Investment Funds" are sub-funds of the Separate Account. Each Investment
Fund may invest its assets in a separate class (or series) of a specified
trust or investment company where each class (or series) represents a
separate portfolio in such trust or investment company. The Data Pages
show the available Investment Funds on the Contract Date. We will notify
you of any changes in the Investment Funds available.
9. OWNER:
"Owner" is the person shown on the Data Pages who has the rights and
options described in this Contract. The Owner may be changed, if you
notify us in writing in a form we accept; the changes will, upon
recording at the Processing Office, take effect as of the date the
written form was signed, but without further liability as to any payment
made by us before recording the change.
10. PREMIUM:
"Premium" is the amount received by us under this Contract, before
deduction of the Administrative Expense Charge shown on the Data Pages
and any other charges, including state premium tax, which may apply. The
Premium is shown on the Data Pages.
11. PROCESSING OFFICE:
"Processing Office" is the administrative office shown on the cover page
of this Contract. If we change it, we will notify you.
12. VALUATION PERIOD:
A "Valuation Period" is each Business Day together with any consecutive
preceding non-Business Days. For example, for each Monday which is a
Business Day, the preceding Saturday and Sunday will be included to equal
a three-day Valuation Period.
VIA95LPC 7
<PAGE>
PART B. ANNUITY OPTIONS
- ------------------------
1. FIXED INCOME ANNUITY:
The amount of Fixed Income Annuity, if applicable, provided by allocation
of a portion of the Premium is determined taking into account Interest
Rate shown on the Data Pages. Fixed Income Annuity payments are
guaranteed without regard to any investment results or to future changes
in interest rates.
2. VARIABLE INCOME ANNUITY:
The initial payment amount of the Variable Income Annuity, if applicable,
provided by allocation of a portion of the Premium is determined taking
into account the Assumed Base Rate of Net Investment Return shown on the
Data Pages. Variable Income Annuity payments will vary based on the
investment results of the applicable Separate Account Investment Funds.
A. SEPARATE ACCOUNT:
We have established the Separate Account shown on the Data Pages
and maintain it in accordance with the laws of New York State.
Income and realized and unrealized gains and losses from the
assets of the Separate Account are credited to or charged against
it without regard to our other income, gains or losses. Assets are
placed in the Separate Account to support this Contract and other
variable annuity contracts and certificates. Assets may be placed
in the Separate Account for other purposes, but not to support
contracts or policies other than variable annuities and variable
life insurance. A Separate Account may be subdivided into
Investment Funds, also as shown on the Data Pages.
The assets of the Separate Account are our property. The portion
of such assets equal to the reserves and other contract
liabilities will not be chargeable with liabilities which arise
out of any other business we conduct. We may transfer assets of
the Separate Account or Investment Fund in excess of the reserves
and other liabilities with respect to such Account or Fund to
another Separate Account or Investment Fund or to our general
account.
We may, at our discretion, invest Separate Account assets in any
investment permitted by applicable law. We may rely conclusively
on the opinion of counsel (including counsel in our employ) as to
what investments we may make as law permits.
B. SEPARATE ACCOUNT ANNUITY UNIT VALUES:
We determine the Annuity Unit Value for the Separate Account for
each Valuation Period as described below.
The Net Investment Factor for a Valuation Period is (i) divided by
(ii) minus (iii), where
VIA95LPC 8
<PAGE>
(i) is the net asset value of the Investment Fund's shares of
the related portfolio of the specified trust or investment
company at the end of the Valuation Period (before taking
into account any amounts allocated to or withdrawn from the
Investment Fund for the Valuation Period and after
deduction of investment advisory fees and direct operating
expenses of the specified trust or investment company; for
this purpose, we use the share value reported to us by the
specified trust or investment company);
(ii) is the net asset value of the Investment Fund's shares of
the related portfolio of the specified trust or investment
company at the end of the preceding Valuation Period
(taking into account any amounts allocated or withdrawn for
that Valuation Period);
(iii) is the daily Separate Account charge (see item c. below)
for the expenses and risks of the Contract, times the
number of calendar days in the Valuation Period, plus any
charge for taxes or amounts set aside as a reserve for
taxes.
The Annuity Unit Value for a Valuation Period is the Annuity Unit
Value for the immediately preceding Valuation Period multiplied by
the Adjusted Net Investment Factor for such subsequent Valuation
Period. The Adjusted Net Investment Factor for a Valuation Period
is the Net Investment Factor for such Period reduced for each
calendar day in such subsequent Valuation Period by the Adjustment
Factor (shown on the Data Pages) times the Net Investment Factor
in order to recognize the Assumed Base Rate of Net Investment
Return (also shown on the Data Pages) used in the determination of
the number of Annuity Units. Because of this adjustment, the
Annuity Unit Value rises and falls depending on whether the actual
rate of investment return (after charges) is higher or lower than
the Assumed Base Rate of Net Investment Return.
The Average Annuity Unit Value for a calendar month is equal to
the average of the Annuity Unit Values for such month. We will
notify you or the person to whom payment is being made of the
Average Annuity Unit Value used in determining the amount of each
variable annuity payment.
C. DAILY SEPARATE ACCOUNT CHARGE:
Assets of the Investment Funds will be subject to a daily asset
charge. This daily asset charge is for mortality risk, expenses
and expense risk that we assume, as well as for financial
accounting. The charge will be made pursuant to item (iii) of
"Net Investment Factor" as defined in item b. above. Such charge
will be applied after any deductions to provide for taxes. The
amount of the charge is shown on the Data Pages.
D. CHANGES WITH RESPECT TO SEPARATE ACCOUNT:
We have the right, subject to compliance with applicable law,
and, if required, approval of Contract Owners:
VIA95LPC 9
<PAGE>
(a) 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 in addition to or in place of the Separate
Account;
(b) to combine any two or more Investment Funds or sub-funds
thereof;
(c) to transfer the assets we determine to be the share of
the class of contract to which this Contract belongs from
any Investment Fund to another Investment Fund, or from
the Separate Account to another separate account, if such
other Investment Fund or separate account has, in our
judgment, the same investment objectives;
(d) to operate the Separate Account or any Investment Fund as
a management investment company under the Investment
Company Act of 1940, in which case charges and expenses
that otherwise would be assessed against an underlying
mutual fund would be assessed against the Separate
Account;
(e) to operate the Separate Account or any Investment Fund as
a unit investment trust under the Investment Company Act
of 1940;
(f) to register or deregister the Separate Account under the
Investment Company Act of 1940, provided that such action
conforms with the requirements of applicable law;
(g) to restrict or eliminate any voting rights as to the
Separate Account;
(h) to cause one or more Investment Funds to invest some or
all of their assets in one or more other trusts or
investment companies.
A portfolio might, in our judgment, become unsuitable for
investment by the Separate Account or Investment Funds, in view
of legal, regulatory, or federal income tax restrictions. In such
event, shares of another series or shares of another investment
trust may be substituted for shares already purchased with
respect to the Separate Account or as the security to be
purchased in the future, provided that such substitution meets
applicable federal income tax guidelines and, to the extent
required by law, has been approved by the Securities and Exchange
Commission and such other regulatory authorities as may be
necessary.
If the exercise of these rights results in a material change in
the underlying investments of the Separate Account, you will be
notified of such exercise, as required by law.
VIA95LPC 10
<PAGE>
PART C. ANNUITY BENEFITS
- -------------------------
1. MONTHLY PAYMENTS:
We will pay a monthly life income commencing on the Date of First Payment
shown on the Data Pages and thereafter for the remaining lifetime of the
Annuitant. If the Annuitant dies before the certain period shown in the
Annuity Form on the Data Pages, monthly payments will continue to be made
to the Beneficiary until the end of the certain period.
2. AMOUNT OF EACH PAYMENT:
The amount of the first payment is shown on the Data Pages as the Total
Initial Payment Amount; the Total Initial Payment Amount shown is the sum
of the Fixed Income Annuity payment amount and the first Variable Income
Annuity payment amount. With respect to later payments, each monthly
payment will be the sum of the Fixed Income Annuity payment and the
Variable Income Annuity payment, determined as follows:
(a) Each Fixed Income Annuity payment will be made at the amount shown on
the Data Pages.
(b) The amount of the second and third monthly Variable Income Annuity
payments with respect to each applicable Investment Fund will be the
same as the amount of the first payment. The amount of the fourth
and each subsequent monthly payment will be the number of Annuity
Units for each Investment Fund multiplied by the Average Annuity
Unit Value for the second calendar month immediately preceding the
due date of the payment.
The fourth and subsequent monthly Variable Income Annuity payments
may increase or decrease in amount, depending on whether the actual
rate of net investment return (after charges) of the applicable
Investment Fund is higher or lower than the Assumed Base Rate of Net
Investment Return shown on the Data Pages. Payments will not be
increased or decreased in amount because of mortality or expense
experience.
3. DEATH OF OWNER:
If you are not the Annuitant and you die before the Annuitant, upon the
date of receipt by us at the Processing Office of proof satisfactory to
us of your death, the Beneficiary becomes the Owner with all rights under
this Contract. If you die before the Annuitant and if no Beneficiary is
alive, your estate becomes the Owner.
VIA95LPC 11
<PAGE>
PART D. TRANSFERS
- ------------------
Transfers among Investment Funds are permitted only if so stated on the Data
Pages. If the Data Pages do not state that transfers are permitted, and if after
the Contract Date we change our rules to permit such transfers, we will notify
you in writing. The notice will specify any restrictions which apply.
VIA95LPC 12
<PAGE>
PART E. GENERAL TERMS
- ----------------------
1. CONTRACT:
This Contract, the related application and any endorsement(s) constitute
the entire Contract between the parties, and their terms alone will
govern with respect to our rights and obligations. The Contract may not
be modified, nor may any of our rights or requirements be waived, except
in writing signed by one of our authorized officers.
2. BENEFICIARY:
You may change the Beneficiary from time to time by written notice to us,
but any change will be effective only if it is approved by us. The change
will, upon recording at the Processing Office, take effect as of the date
the written notice was signed, but without further liability as to any
payment or other settlement made by us before recording the change. If
amounts become payable to a Beneficiary, such Beneficiary may designate
(with the right to change such designation) a person or persons to
receive any amount payable after the death of the Beneficiary, if the
absence of such a designation would result in a single sum payment to
such Beneficiary's executors or administrators. Such a designation or
change will be made and will take effect in the same manner as a change
of Beneficiary.
If no Beneficiary (or contingent Beneficiary) is named, or if none is
alive when you die, we will make any payment due to (a) your surviving
spouse, if any, (b) your surviving children in equal shares or, should
none survive, then (c) in a single sum to your estate. If more than one
Beneficiary is alive when you die, we will pay them in equal shares
unless you have chosen otherwise.
3. ASSIGNMENT:
This Contract may not be sold, assigned, discounted or pledged as
collateral for a loan or as security for the performance of an obligation
or for any other purpose, and except as otherwise permitted by law, no
sum payable under this Contract may be transferred, assigned or
encumbered, or will in any way be subject to any legal process to subject
the same to the payment of any claim against the person to whom such sum
is payable.
4. PAYMENT:
All payments by us under this Contract will be made by check (or, if so
agreed by you and us, by wire transfer or other form).
5. EVIDENCE OF SURVIVAL:
We may require satisfactory evidence of survival of the Annuitant or
Beneficiary on the due date of each payment. If the check for the payment
is drawn to the order of the Annuitant or Beneficiary, the personal
endorsement of such Annuitant or Beneficiary on the check will be
accepted as
VIA95LPC 13
<PAGE>
evidence of survival, subject to our right to require evidence of the
authority of any person who makes claim to receive any payment.
6. AGE AND SEX:
If the Annuitant's age or, if applicable, sex has been misstated, any
benefits will be such as the Contract would have provided if the first
payment amount had been based on the correct age and sex. Any
overpayments or underpayments made by us will be charged or credited with
interest at [6% per year] (or such other rate which applies under our
rules at any time) to benefits falling due thereafter.
7. CONTRACT CHANGES - APPLICABLE LAW:
For you (and the Annuitant) to receive the tax treatment accorded to
annuities under Federal law, this Contract must qualify initially and
continue to qualify as an annuity under the Internal Revenue Code or
successor law. Therefore, to assure this qualification, we reserve in
this Contract the right to defer acceptance of or to return any payment
that would cause the Contract to fail to qualify as an annuity under
applicable tax law as interpreted by us. Furthermore, we reserve the
right to make changes in this Contract to the extent we deem it necessary
to continue to qualify this Contract as an annuity. Any such changes will
apply uniformly to all Contracts that are affected. You will be given
advance written notice of such changes.
In addition, payments under this Contract must comply with any applicable
requirements of Section 401(a)(9) of the Internal Revenue Code and the
Treasury regulations which apply.
VIA95LPC 14
<PAGE>
ENDORSEMENT
NOTICE OF RIGHT TO CANCEL
-------------------------
This Contract provides a ten day right to cancel. See the cover page. If you
cancel the Contract according to this right, you will receive a refund of any
premium made, plus or minus any investment gain or loss which applies to the
Separate Account Investment Funds from the date the premium or portion thereof
was allocated to any such Investment Fund, if applicable, to the date the
Contract is canceled.
ENDVIA95
<PAGE>
VARIABLE IMMEDIATE ANNUITY CONTRACT
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
This is a legal contract between its owner and us. Please read it carefully.
In this Contract, "you" and "your" refer to the owner, and "we," "us," and "our"
refer to Equitable.
We agree to pay an annuity based on the terms shown on the Data Pages. Other
important terms are described in the various parts of this Contract.
THE AMOUNT OF EACH VARIABLE INCOME ANNUITY PAYMENT MAY INCREASE OR DECREASE,
DEPENDING ON INVESTMENT RESULTS OF THE SEPARATE ACCOUNT INVESTMENT FUNDS, AND IS
NOT GUARANTEED AS TO DOLLAR AMOUNT.
TEN DAY RIGHT TO EXAMINE CONTRACT: You may return this Contract to us within 10
days from the date you receive it. Return it to the Processing Office shown
below. If you return it within the 10-day period, your Contract will be canceled
from the Contract Date. We will refund any premium made, less any distribution
payable. After this 10-day period, this Contract may not be surrendered.
Processing Office: [Annuity Benefits Division, P.O. Box 2494, New York, N.Y.
10116-2494]
NEW YORK,
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
/s/ Joseph J. Melone /s/ James M. Benson
Chairman and Chief Executive Officer President and Chief Operating
Officer
Vice President and Secretary
VARIABLE IMMEDIATE ANNUITY CONTRACT. Non-participating (no dividends payable).
Non-assignable. Non-transferable.
VIA95L 1
<PAGE>
VIA95L 2
<PAGE>
DATA PAGES
OWNER [John Doe] [September 1, 1995] CONTRACT DATE
ANNUITY FORM [Life Annuity] [XXXXX] CONTRACT NUMBER
ANNUITANT [John Doe] [70-1/2 - M] ISSUE AGE AND SEX
PREMIUM [$10,000] [October 1, 1995] DATE OF FIRST PAYMENT
[PREMIUM ALLOCATION]
[Fixed Income] [xx%]
[Variable Income] [yy%]
ANNUITY OPTIONS:
[ o FIXED INCOME ANNUITY Amount of Fixed Income Annuity Payment $50.00]
o VARIABLE INCOME ANNUITIES: NUMBER OF
INVESTMENT FUNDS* ANNUITY UNITS
[MONEY MARKET XX.XXX
INTERMEDIATE GOVERNMENT XX.XXX
SECURITIES
QUALITY BOND XX.XXX
HIGH YIELD XX.XXX
GROWTH & INCOME XX.XXX
EQUITY INDEX XX.XXX
COMMON STOCK XX.XXX
GLOBAL XX.XXX
INTERNATIONAL XX.XXX
AGGRESSIVE STOCK XX.XXX
CONSERVATIVE INVESTORS XX.XXX
BALANCED XX.XXX
GROWTH INVESTORS] XX.XXX
[Dollar amount of Variable Annuity Payment [$50.00]
Total Initial Payment Amount [$100.00]
* These are Funds of our Separate Account [A.]
SUCCESSOR OWNER [Jane Doe], for the purposes of item 3, Part C.
VIA95L 3
<PAGE>
DATE OF ISSUE [September 1, 1995]
VIA95L 4
<PAGE>
DATA PAGES (CONT'D.)
ASSUMED BASE RATE OF NET INVESTMENT RETURN: [5.0%][3.5%] PER YEAR
ADJUSTMENT FACTOR [.00013366] [.00009425] for each
day in the Valuation Period.
[ADMINISTRATIVE EXPENSE CHARGE: [$200] FOR CONTRACT AT ISSUE]
DAILY SEPARATE ACCOUNT CHARGE: [Annual rate of .50%. This charge
is in addition to investment
advisory fees and direct operating
expenses charged with respect to an
Investment Fund as described in
item 2.b. of Part B.]
[INTEREST RATE (FOR FIXED INCOME
ANNUITY):][6.0%]
[TRANSFERS AMONG [Not permitted.]
INVESTMENT FUNDS:]
VIA95L 5
<PAGE>
PART A. BASIC TERMS
- --------------------
1. ANNUITANT:
"Annuitant" is the person or persons shown as such on the Data Pages and
during whose lifetime an income will be payable to the Owner, unless the
Owner specifies otherwise.
2. ANNUITY BENEFIT:
"Annuity Benefit" means the benefit payable by us pursuant to the annuity
options provided under this Contract.
"Fixed Income Annuity" means an annuity option under which the monthly
payments are payable in a specified dollar amount. "Variable Income
Annuity" means an annuity option under which the dollar amount of such
monthly payment may increase or decrease depending on whether the actual
rate of net investment return (after charges) of the applicable
Investment Fund is higher or lower than the Assumed Base Rate of Net
Investment Return shown on the Data Pages.
3. ANNUITY UNIT:
"Annuity Unit" applies to the Variable Income Annuity only and is a unit
of measurement used in determining the amount of each Variable Income
Annuity payment. A number of Annuity Units is calculated by dividing the
first monthly Variable Income Annuity payment amount by the unit value
for the Valuation Period which includes the due date of the first monthly
payment.
4. ANNUITY UNIT VALUE:
"Annuity Unit Value" means the dollar value of any given date of each
Annuity Unit in each applicable Investment Fund of the Separate Account.
5. BUSINESS DAY:
A Business Day is any day on which we are open and the New York Stock
Exchange is open for trading.
6. CONTRACT DATE:
"Contract Date" is the date we receive the properly completed application
and the premium for which annuity payments are made under this Contract.
7. INVESTMENT FUNDS:
"Investment Funds" are sub-funds of the Separate Account. Each Investment
Fund may invest its assets in a separate class (or series) of a specified
trust or investment company where each class (or series) represents a
separate portfolio in such trust or investment company. The Data Pages
show
VIA95L 6
<PAGE>
the available Investment Funds on the Contract Date. We will notify you
of any changes in the Investment Funds available.
8. OWNER:
"Owner" is the person shown on the Data Pages who has the rights and
options described in this Contract. The Owner, or any Successor Owner,
may be changed, if you notify us in writing in a form we accept; the
changes will, upon recording at the Processing Office, take effect as of
the date the written form was signed, but without further liability as to
any payment made by us before recording the change.
9. PREMIUM:
"Premium" is the amount received by us under this Contract, before
deduction of the Administrative Expense Charge shown on the Data Pages
and any other charges, including state premium tax, which may apply. The
Premium is shown on the Data Pages.
10. PROCESSING OFFICE:
"Processing Office" is the administrative office shown on the cover page
of this Contract. If we change it, we will notify you.
11. SUCCESSOR OWNER:
"Successor Owner" is the person or persons who succeeds as Owner in the
event of your death before the Annuitant. The Successor Owner may be
changed, if you notify us in writing in a form we accept; the change
will, upon recording at the Processing Office, take effect as of the date
the written form was signed, but without further liability as to any
payment made by us before recording the change.
12. VALUATION PERIOD:
A "Valuation Period" is each Business Day together with any consecutive
preceding non-Business Days. For example, for each Monday which is a
Business Day, the preceding Saturday and Sunday will be included to equal
a three-day Valuation Period.
VIA95L 7
<PAGE>
PART B. ANNUITY OPTIONS
- ------------------------
1. FIXED INCOME ANNUITY:
The amount of Fixed Income Annuity, if applicable, provided by allocation
of a portion of the Premium is determined taking into account Interest
Rate shown on the Data Pages. Fixed Income Annuity payments are
guaranteed without regard to any investment results or to future changes
in interest rates.
2. VARIABLE INCOME ANNUITY:
The initial payment amount of the Variable Income Annuity, if applicable,
provided by allocation of a portion of the Premium is determined taking
into account the Assumed Base Rate of Net Investment Return shown on the
Data Pages. Variable Income Annuity payments will vary based on the
investment results of the applicable Separate Account Investment Funds.
A. SEPARATE ACCOUNT:
We have established the Separate Account shown on the Data Pages
and maintain it in accordance with the laws of New York State.
Income and realized and unrealized gains and losses from the
assets of the Separate Account are credited to or charged against
it without regard to our other income, gains or losses. Assets are
placed in the Separate Account to support this Contract and other
variable annuity contracts and certificates. Assets may be placed
in the Separate Account for other purposes, but not to support
contracts or policies other than variable annuities and variable
life insurance. A Separate Account may be subdivided into
Investment Funds, also as shown on the Data Pages.
The assets of the Separate Account are our property. The portion
of such assets equal to the reserves and other contract
liabilities will not be chargeable with liabilities which arise
out of any other business we conduct. We may transfer assets of
the Separate Account or Investment Fund in excess of the reserves
and other liabilities with respect to such Account or Fund to
another Separate Account or Investment Fund or to our general
account.
We may, at our discretion, invest Separate Account assets in any
investment permitted by applicable law. We may rely conclusively
on the opinion of counsel (including counsel in our employ) as to
what investments we may make as law permits.
B. SEPARATE ACCOUNT ANNUITY UNIT VALUES:
We determine the Annuity Unit Value for the Separate Account for
each Valuation Period as described below.
The Net Investment Factor for a Valuation Period is (i) divided by
(ii) minus (iii), where
(i) is the net asset value of the Investment Fund's shares of
the related portfolio of the specified trust or investment
company at the end of the Valuation Period (before taking
into account any amounts allocated to or withdrawn from the
Investment Fund for the
VIA95L 8
<PAGE>
Valuation Period and after deduction of investment advisory
fees and direct operating expenses of the specified trust
or investment company; for this purpose, we use the share
value reported to us by the specified trust or investment
company);
(ii) is the net asset value of the Investment Fund's shares of
the related portfolio of the specified trust or investment
company at the end of the preceding Valuation Period
(taking into account any amounts allocated or withdrawn for
that Valuation Period);
(iii) is the daily Separate Account charge (see item c. below)
for the expenses and risks of the Contract, times the
number of calendar days in the Valuation Period, plus any
charge for taxes or amounts set aside as a reserve for
taxes.
The Annuity Unit Value for a Valuation Period is the Annuity Unit
Value for the immediately preceding Valuation Period multiplied by
the Adjusted Net Investment Factor for such subsequent Valuation
Period. The Adjusted Net Investment Factor for a Valuation Period
is the Net Investment Factor for such Period reduced for each
calendar day in such subsequent Valuation Period by the Adjustment
Factor (shown on the Data Pages) times the Net Investment Factor
in order to recognize the Assumed Base Rate of Net Investment
Return (also shown on the Data Pages) used in the determination of
the number of Annuity Units. Because of this adjustment, the
Annuity Unit Value rises and falls depending on whether the actual
rate of investment return (after charges) is higher or lower than
the Assumed Base Rate of Net Investment Return.
The Average Annuity Unit Value for a calendar month is equal to
the average of the Annuity Unit Values for such month. We will
notify you or the person to whom payment is being made of the
Average Annuity Unit Value used in determining the amount of each
variable annuity payment.
C. DAILY SEPARATE ACCOUNT CHARGE:
Assets of the Investment Funds will be subject to a daily asset
charge. This daily asset charge is for mortality risk, expenses
and expense risk that we assume, as well as for financial
accounting. The charge will be made pursuant to item (iii) of
"Net Investment Factor" as defined in item b. above. Such charge
will be applied after any deductions to provide for taxes. The
amount of the charge is shown on the Data Pages.
D. CHANGES WITH RESPECT TO SEPARATE ACCOUNT:
We have the right, subject to compliance with applicable law,
and, if required, approval of Contract Owners:
(a) 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 in addition to or in place of the Separate
Account;
(b) to combine any two or more Investment Funds or sub-funds
thereof;
VIA95L 9
<PAGE>
(c) to transfer the assets we determine to be the share of
the class of contract to which this Contract belongs from
any Investment Fund to another Investment Fund, or from
the Separate Account to another separate account, if such
other Investment Fund or separate account has, in our
judgment, the same investment objectives;
(d) to operate the Separate Account or any Investment Fund as
a management investment company under the Investment
Company Act of 1940, in which case charges and expenses
that otherwise would be assessed against an underlying
mutual fund would be assessed against the Separate
Account;
(e) to operate the Separate Account or any Investment Fund as
a unit investment trust under the Investment Company Act
of 1940;
(f) to register or deregister the Separate Account under the
Investment Company Act of 1940, provided that such action
conforms with the requirements of applicable law;
(g) to restrict or eliminate any voting rights as to the
Separate Account;
(h) to cause one or more Investment Funds to invest some or
all of their assets in one or more other trusts or
investment companies.
A portfolio might, in our judgment, become unsuitable for
investment by the Separate Account or Investment Funds, in view
of legal, regulatory, or federal income tax restrictions. In such
event, shares of another series or shares of another investment
trust may be substituted for shares already purchased with
respect to the Separate Account or as the security to be
purchased in the future, provided that such substitution meets
applicable federal income tax guidelines and, to the extent
required by law, has been approved by the Securities and Exchange
Commission and such other regulatory authorities as may be
necessary.
If the exercise of these rights results in a material change in
the underlying investments of the Separate Account, you will be
notified of such exercise, as required by law.
VIA95L 10
<PAGE>
PART C. ANNUITY BENEFITS
- -------------------------
1. MONTHLY PAYMENTS:
We will pay a monthly life income commencing on the Date of First Payment
shown on the Data Pages. Monthly payments will continue to be made until
the last payment due before the Annuitant dies.
2. AMOUNT OF EACH PAYMENT:
The amount of the first payment is shown on the Data Pages as the Total
Initial Payment Amount; the Total Initial Payment Amount shown is the sum
of the Fixed Income Annuity payment amount and the first Variable Income
Annuity payment amount. With respect to later payments, each monthly
payment will be the sum of the Fixed Income Annuity payment and the
Variable Income Annuity payment, determined as follows:
(a) Each Fixed Income Annuity payment will be made at the amount shown
on the Data Pages.
(b) The amount of the second and third monthly Variable Income Annuity
payments with respect to each applicable Investment Fund will be the
same as the amount of the first payment. The amount of the fourth
and each subsequent monthly payment will be the number of Annuity
Units for each Investment Fund multiplied by the Average Annuity
Unit Value for the second calendar month immediately preceding the
due date of the payment.
The fourth and subsequent monthly Variable Income Annuity payments
may increase or decrease in amount, depending on whether the actual
rate of net investment return (after charges) of the applicable
Investment Fund is higher or lower than the Assumed Base Rate of Net
Investment Return shown on the Data Pages. Payments will not be
increased or decreased in amount because of mortality or expense
experience.
3. DEATH OF OWNER:
If you are not the Annuitant and you die before the Annuitant, upon the
date of receipt by us at the Processing Office of proof satisfactory to
us of your death, the Successor Owner becomes the Owner with all rights
under this Contract. If you die before the Annuitant and if no Successor
Owner is alive, your estate becomes the Owner.
VIA95L 11
<PAGE>
PART D. TRANSFERS
- ------------------
Transfers among Investment Funds are permitted only if so stated on the Data
Pages. If the Data Pages do not state that transfers are permitted, and if after
the Contract Date we change our rules to permit such transfers, we will notify
you in writing. The notice will specify any restrictions which apply.
VIA95L 12
<PAGE>
PART E. GENERAL TERMS
- ----------------------
1. CONTRACT:
This Contract, the related application and any endorsement(s) constitute
the entire Contract between the parties, and their terms alone will
govern with respect to our rights and obligations. The Contract may not
be modified, nor may any of our rights or requirements be waived, except
in writing signed by one of our authorized officers.
2. ASSIGNMENT:
This Contract may not be sold, assigned, discounted or pledged as
collateral for a loan or as security for the performance of an obligation
or for any other purpose, and except as otherwise permitted by law, no
sum payable under this Contract may be transferred, assigned or
encumbered, or will in any way be subject to any legal process to subject
the same to the payment of any claim against the person to whom such sum
is payable.
3. PAYMENT:
All payments by us under this Contract will be made by check (or, if so
agreed by you and us, by wire transfer or other form).
4. EVIDENCE OF SURVIVAL:
We may require satisfactory evidence of survival of the Annuitant on the
due date of each payment. If the check for the payment is drawn to the
order of the Annuitant, the personal endorsement of such Annuitant on the
check will be accepted as evidence of survival, subject to our right to
require evidence of the authority of any person who makes claim to
receive any payment.
5. AGE AND SEX:
If the Annuitant's age or, if applicable, sex has been misstated, any
benefits will be such as the Contract would have provided if the first
payment amount had been based on the correct age and sex. Any
overpayments or underpayments made by us will be charged or credited with
interest at [6% per year] (or such other rate which applies under our
rules at any time) to benefits falling due thereafter.
6. CONTRACT CHANGES - APPLICABLE LAW:
For you (and the Annuitant) to receive the tax treatment accorded to
annuities under Federal law, this Contract must qualify initially and
continue to qualify as an annuity under the Internal Revenue Code or
successor law. Therefore, to assure this qualification, we reserve in
this Contract the right to defer acceptance of or to return any payment
that would cause the Contract to fail to qualify as an annuity under
applicable tax law as interpreted by us. Furthermore, we reserve the
right to make changes in this Contract to the extent we deem it necessary
to continue to qualify this Contract as an annuity. Any such changes will
apply uniformly to all Contracts that are affected. You will be given
advance written notice of such changes.
VIA95L 13
<PAGE>
In addition, payments under this Contract must comply with any applicable
requirements of Section 401(a)(9) of the Internal Revenue Code and the
Treasury regulations which apply.
VIA95L 14
<PAGE>
ENDORSEMENT
NOTICE OF RIGHT TO CANCEL
-------------------------
This Contract provides a ten day right to cancel. See the cover page. If you
cancel the Contract according to this right, you will receive a refund of any
premium made, plus or minus any investment gain or loss which applies to the
Separate Account Investment Funds from the date the premium or portion thereof
was allocated to any such Investment Fund, if applicable, to the date the
Contract is canceled.
ENDVIA95
<PAGE>
January 1996
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
Description of Illustrative and Variable Text
For Contract Form Nos. VIA95L,
VIA95LPC, VIA95JSL,
and VIA95JSLPC
= = = = = = = = = = = = = = = = = = = = = = = = = = == = = = = = = = = = = = = =
The following comments describe the nature and scope of the illustrative and
variable material in the forms and are numbered to correspond to the numbers
that, on the forms filed for approval, have been placed adjacent to the
underscored or bracketed areas on the forms that may change.
1. These are illustrative numbers, dates, and names that reflect the facts
in a given case.
2. The definition of Processing Office reflects our current administrative
office. If we change this to a different address, the definition will be
changed accordingly.
3. As provided in Part B, Section 2 of each Contract, the Separate Account
and applicable Investment Funds then available from Equitable will be
listed here. Any Separate Account and Investment Fund available at any
time will be one which has been approved by the New York Insurance
Department. The Investment Funds which currently apply are Investment
Funds of Equitable's Separate Account A.
If Equitable at any time adds, removes or limits Investment Funds or
changes the Separate Account pursuant to Part B, Section 2.d. of each
Contract, the list of Investment Funds and/or the reference to the
Separate Account to be included in the Data Pages will be changed
accordingly.
4. The appropriate Assumed Base Rate of Investment Return to apply with
respect to a variable annuity, pursuant to Part B, Section 2 of each
Contract, will be shown here. The rate of 5.00% applies currently to
Contracts to be issued in New York and most other states. Where required
(currently Florida, New Mexico, Texas and West Virginia), the rate of
3.5% will be shown. In addition, we are considering the possibility at a
future date of permitting the annuitant to choose the rate to apply,
subject to applicable state requirements.
5. The Adjustment Factor to apply pursuant to Part B, Section 2.c. of each
Contract will be shown. The rate of .00013366 will apply if the Assumed
Base Rate of Investment Return is 5.0%; the rate of .00009425 will apply
if the Assumed Base Rate of Investment Return is 3.5%.
6. Equitable has the right to charge an Administrative Expense Charge,
deducted from the premium paid. Currently, this Charge is $200, but we
reserve the right to increase this charge in the future for new
contracts; however, any change to an amount which exceeds $500 will be
filed with the Department for approval.
7. The Daily Separate Account Charge may change for Contracts issued in the
future in order to reflect changes in administrative expenses, death
benefit and mortality experience, and mortality and expense risks,
subject to any
1
<PAGE>
regulatory approvals that apply. Any change to an amount which exceeds
2.0% will be filed with the Department for approval.
8. Pursuant to Part B, Section 1 of each Contract, the Interest Rate which
applies to a fixed income annuity will be shown in the Data Pages. This
Rate will vary based on the date of issue of the Contract and will be
determined on a uniform basis to apply consistently to like Contracts
issued as of the same date.
9. Currently, transfers among Investment Funds are not permitted under the
Contract. At a future date, if our administrative systems can accommodate
such transfers, they will be permitted. If so, the transfer frequency
(e.g., one transfer permitted in each month) will be reflected in the
Data Pages.
2
EQUITABLE Application Number:_______________(Page 1 of 8)
VARIABLE INCOME IMMEDIATE ANNUITY OR VARIABLE/FIXED INCOME
IMMEDIATE ANNUITY APPLICATION
Client: Use this form to request a variable income immediate annuity or a
combination variable and fixed income immediate annuity. If only the fixed
income immediate annuity option is desired, complete Form #180-335.
- --------------------------------------------------------------------------------
I. PERSONAL DATA
- --------------------------------------------------------------------------------
1. ANNUITANT INFORMATION
|_| Mr. |_| Mrs. |_| Ms. |_| Other Title:________________
________________________________________________________________________
FIRST NAME MIDDLE INITIAL LAST NAME
Date of Birth: Month _________ Day____________ Year_____
(SUBMIT EVIDENCE OF AGE, E.G. A BIRTH CERTIFICATE, PASSPORT.)
Address: _____________________________________________________________
NUMBER AND STREET
_____________________________________________________________
CITY STATE ZIP CODE
Social Security or Tax ID #: ___________________________________________
Contract #:_____________________________________________________________
- --------------------------------------------------------------------------------
2. JOINT ANNUITANT INFORMATION, IF ANY
|_| Mr. |_| Mrs. |_| Ms. |_| Other Title:________________
________________________________________________________________________
FIRST NAME MIDDLE INITIAL LAST NAME
Date of Birth: Month __________ Day____________ Year_____
(SUBMIT EVIDENCE OF AGE AS DESCRIBED IN SECTION 1 ABOVE.)
Address: _____________________________________________________________
NUMBER AND STREET
_____________________________________________________________
CITY STATE ZIP CODE
Social Security or Tax ID #: ___________________________________________
- --------------------------------------------------------------------------------
3. OWNER INFORMATION* (COMPLETE IF OTHER THAN THE ANNUITANT)
|_| Trustee of Plan |_| Other
________________________________________________________________________
FIRST NAME MIDDLE INITIAL LAST NAME
Address: _____________________________________________________________
NUMBER AND STREET
_____________________________________________________________
CITY STATE ZIP CODE
Social Security or Tax ID #: ___________________________________________
*Not available if Qualified-IRA Rollover elected in Section 8B.
- --------------------------------------------------------------------------------
FORM 181-446( ) CAT. #127227
<PAGE>
Application Number:_______________(Page 2 of 8)
- --------------------------------------------------------------------------------
4. SUCCESSOR OWNER INFORMATION* (COMPLETE IF OTHER THAN THE ANNUITANT AND ONLY
IF A LIFE ANNUITY OR JOINT & SURVIVOR LIFE ANNUITY IS ELECTED IN SECTION
10)
THIS PERSON SUCCEEDS AS OWNER IF OWNER PREDECEASES ANNUITANT
________________________________________________________________________
FIRST NAME MIDDLE INITIAL LAST NAME
Date of Birth: Month _________ Day____________ Year_____
Address: _____________________________________________________________
NUMBER AND STREET
_____________________________________________________________
CITY STATE ZIP CODE
Social Security or Tax ID #: ___________________________________________
* Not available if Qualified-IRA Rollover elected in Section 8B.
- --------------------------------------------------------------------------------
5. BENEFICIARY(IES) INFORMATION
(APPLICABLE ONLY IF ANNUITY PROVIDES A CERTAIN PERIOD AND THE TERM OF THE
PERIOD HAS NOT EXPIRED)
INCLUDE FULL NAME(S), SOCIAL SECURITY NUMBER(S), ADDRESS(ES), AND
RELATIONSHIP(S) TO OWNER
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
- --------------------------------------------------------------------------------
6. PAYEE (COMPLETE IF OTHER THAN THE OWNER)
Full Name of Payee: _______________________________________________________
Social Security or Tax ID #: ______________________________________________
Full Name of Joint Payee, if any: _________________________________________
Social Security or Tax ID #: ______________________________________________
- --------------------------------------------------------------------------------
7. SEND PAYMENTS TO:
(IF PAYMENTS ARE TO BE DEPOSITED DIRECTLY TO A BANK CHECKING OR SAVINGS
ACCOUNT, DO NOT COMPLETE THIS ITEM; COMPLETE AN EQUITABLE LIFE ASSURANCE
SOCIETY ("EQUITABLE") DIRECT DEPOSIT FORM #331-2681 AND SUBMIT IT WITH THIS
APPLICATION.)
Address: _____________________________________________________________
NUMBER AND STREET
_____________________________________________________________
CITY STATE ZIP CODE
- --------------------------------------------------------------------------------
FORM 181-446( ) CAT. #127227
<PAGE>
Application Number:_______________(Page 3 of 8)
- --------------------------------------------------------------------------------
II. ELECTIONS
- --------------------------------------------------------------------------------
8. TYPE OF PLAN REQUESTED (COMPLETE A, B, C, OR D)
|_| A. Non-Qualified
|_| B. Qualified-IRA Rollover
|_| C. Qualified Trustee Purchase
(APPLICATION MUST BE SIGNED BY PROPOSED ANNUITANT AND TRUSTEE.)
|_| Defined Contribution Plan
(Attach "Basic Installation Information" Form)
|_| D. Other - Explain _________________________________________________
__________________________________________________________________
__________________________________________________________________
- --------------------------------------------------------------------------------
9. PREMIUM INFORMATION (MINIMUM $10,000)
Amount remitted with this application $______________ (CHECKS MUST BE MADE
PAYABLE TO EQUITABLE.)
IMPORTANT - The effective date (contract date) of the annuity is the date a
properly completed and signed application and the single premium are
received by Equitable's Processing Office. The first installment payment is
payable one month after the effective date.
- --------------------------------------------------------------------------------
10. FORM OF ANNUITY
|_| Life |_| Joint and Survivor Life
|_| Life Period Certain ____ Yrs. |_| Joint & Survivor Life Period
Certain ____ Yrs.
- --------------------------------------------------------------------------------
11. PREMIUM ALLOCATION
(YOU HAVE TWO OPTIONS AVAILABLE REGARDING YOUR ANNUITY: A) ALLOCATE THE
PREMIUM BETWEEN A FIXED INCOME ANNUITY AND A VARIABLE INCOME ANNUITY OR B)
SPECIFY THE DOLLAR AMOUNT OF THE FIXED INCOME ANNUITY YOU WANT TO RECEIVE
EACH MONTH, IN WHICH EVENT WE WILL CALCULATE YOUR VARIABLE INCOME ANNUITY)
COMPLETE EITHER A OR B, AND ALSO COMPLETE SECTION 12.
A. Allocation of Premium
|_| _____% Fixed Income Annuity Option*
|_| _____% Variable Income Annuity Option
ALLOCATION MUST TOTAL 100%
B. SPECIFICATION OF FIXED INCOME ANNUITY OPTION AMOUNT
I want to receive $_________ each month as a Fixed Income Annuity. I
understand that all premium not used towards my Fixed Income Annuity will
be used towards my Variable Income Annuity, which I will also receive each
month.
*IF ALLOCATION IS 100% TO A FIXED INCOME ANNUITY, COMPLETE FORM #180-335.
- --------------------------------------------------------------------------------
FORM 181-446( ) CAT. #127227
<PAGE>
Application Number:_______________(Page 4 of 8)
- --------------------------------------------------------------------------------
12. INVESTMENT FUND ALLOCATION (VARIABLE INCOME ANNUITY OPTION ONLY)
I want the premium that is being applied to my Variable Income Annuity to
be allocated as follows (enter whole numbers to total 100%.)
__% Conservative Investors __% International
__% Balanced __% Aggressive Stock
__% Growth Investors __% Money Market
__% Growth and Income __% Intermediate Government
__% Equity Index __% Quality Bond
__% Common Stock __% High Yield
__% Global
100% TOTAL
- --------------------------------------------------------------------------------
13. AGREEMENT
It is hereby agreed by the undersigned that:
o All information and statements furnished in this application are true
and complete to the best of my knowledge and belief.
o I understand and acknowledge that no Agent has the authority to make
or modify any contract on Equitable's behalf, or to waive or alter any
of Equitable's rights and regulations.
o I hereby certify that I have read, understood, and completed the
requirements under PART III, IMPORTANT NOTICES.
o Certification -- Under the penalties of perjury I certify that the
number shown on this form is my correct Social Security or Taxpayer
Identification Number.
o If item 8C is checked, it is the trustee's obligation to ensure that
spousal consent, if required, is obtained.
o I understand that under the variable income annuity benefit, the
amount of each monthly payment after the first three, which are fixed,
may increase or decrease depending on the investment experience of the
Investment Funds of Equitable's Separate Account A and are not
guaranteed as to dollar amount.
---------------------------------------------------------------------------
LAWS IN YOUR STATE MAY MAKE IT A CRIME TO FILL OUT AN INSURANCE OR ANNUITY
APPLICATION WITH INFORMATION YOU KNOW IS FALSE OR TO LEAVE OUT MATERIAL
FACTS.
---------------------------------------------------------------------------
____________________________________________ ____________________________
SIGNATURE OF PROPOSED ANNUITANT DATE CITY STATE
____________________________________________ ____________________________
SIGNATURE OF PROPOSED JOINT ANNUITANT DATE CITY STATE
____________________________________________ ____________________________
SIGNATURE OF OWNER DATE CITY STATE
(If other than the Proposed Annuitant. If corporation, show firm's name and
signature of authorized officer). If owner is trustee, check box: |_|
- --------------------------------------------------------------------------------
FORM 181-446( ) CAT. #127227
<PAGE>
Application Number:_______________(Page 5 of 8)
- --------------------------------------------------------------------------------
III. IMPORTANT NOTICES
- --------------------------------------------------------------------------------
14. NOTICE OF WITHHOLDING OF INCOME TAX
Federal tax law requires Equitable to withhold Federal income tax from the
taxable portion of your annuity unless you elect not to have withholding
apply. Withholding will be done on the same basis as wage withholding.
Unless you request otherwise on the form below, Equitable will be required
to withhold on the basis that you are married claiming three exemptions.
Federal law also requires that you provide us with your correct Taxpayer
Identification Number(s) (TIN(s)). If you fail to provide us with your
correct TIN, usually a Social Security Number, Equitable will be required
to withhold on the basis that you are single claiming no exemptions. If you
are a U.S. citizen and are presently residing outside of the United States,
Equitable must withhold Federal income tax based on your withholding
exemptions. You cannot elect to have no withholding on the taxable portion
of your payments. If you are not a U.S. citizen, indicate below so that
appropriate withholding, if any, can be done.
|_| I am a U.S. |_| I am not a U.S. |_| I am a citizen
citizen citizen of:____________
Certain states may also require income tax withholding from the taxable
portion of your annuity. In most cases, your Federal withholding election
would also apply to a state withholding election, although the rate of tax
may vary among states. Please note, however, Equitable will only perform
mandatory withholding if required by state law.
If you DO NOT want taxes withheld, check Box A below. Make sure that the
correct TIN's have been entered in the applicable sections, and that you
have completed the certification statements below. If you want taxes
withheld, check Box B below. Check Box C below for additional amounts to be
withheld in addition to the withholding based on the withholding allowances
specified under B.
Your election will remain in effect until you file a new election and you
may make or revoke an election as often as you wish. Any complete election
or revocation will take effect within 30 days of the date Equitable
receives it at the Processing Office.
If you elect NOT to have taxes withheld, or if the amount of Federal tax
withheld is not enough, you may be responsible for payment of estimated
tax. You may incur penalties under the estimated tax rules if your
withholding and estimated tax payments are not sufficient. For this
purpose, you may wish to consult your tax adviser.
A. |_| I DO NOT want Federal income tax (or State income tax, if
applicable) withheld from my periodic payments. (DO NOT complete
lines B or C.)
B. |_| I want Federal income tax (and any applicable State income tax)
withheld on the following basis. (You may also designate an
additional amount of Federal withholding on Line C.)
Marital Status: |_| Married |_| Single
For Federal purposes, number of withholding allowances: _______.
C. |_| I want the following additional amount of Federal income tax
withheld from each periodic payment: $_____________. (You must
also complete Line B).
______________________________
SIGNATURE OF OWNER
- --------------------------------------------------------------------------------
FORM 181-446( ) CAT. #127227
<PAGE>
Application Number:_______________(Page 6 of 8)
- --------------------------------------------------------------------------------
15. SPOUSAL CONSENT REQUIREMENT
For Plans with funds subject to the Employee Retirement Income Security Act
of 1974 (ERISA), if you are a current or former participant in one of these
plans, your spouse is entitled to benefits under the plan in accordance
with the Retirement Equity Act of 1984 (REA). You may not elect a payout
form other than a 50% or more Joint and Survivor Life Annuity without your
current spouse's consent. You will also need your current spouse's written
consent to designate a beneficiary other than your spouse.
ONE OF THE FOLLOWING STATEMENTS MUST BE COMPLETED AND WITNESSED BY A NOTARY
PUBLIC OR PLAN ADMINISTRATOR:
1. I am the current spouse of the above-named Annuitant who is completing
this Form and I hereby consent by my signature appearing below to the
election to have benefits paid in a form other than a Joint and
Survivor Life Annuity. I further acknowledge that I understand that I
have the right to receive a minimum Joint and Survivor Life Annuity
benefit which would provide payments to me for my life commencing
after the death of the Annuitant. I acknowledge that I hereby waive
this right and that I understand the consequences of this consent to
the election in SECTION 10. I also consent to the beneficiary
designation as stated in SECTION 5.
____________________________________________________________
SPOUSE OF ANNUITANT DATE
2. I am the above-named Annuitant and I certify that I am not married.
____________________________________________________________
SIGNATURE OF ANNUITANT DATE
State of ________________ County of _______________ on the _______ day
of ______________, 19____ before me personally appeared
___________________________________, to me known to be the person(s)
described in, and who executed, the foregoing instrument, and
acknowledged that (s)he executed the same.
---------------------------------------------------------------------
TITLE AND SIGNATURE OF NOTARY PUBLIC OR PLAN ADMINISTRATOR
NOTE: The Trustee/Authorized Individual, by signing as Owner in SECTION
13, certifies that either spousal consent will be received by the
Trustee prior to payments, or that the Annuitant is unmarried.
- --------------------------------------------------------------------------------
FORM 181-446( ) CAT. #127227
<PAGE>
Application Number:_______________(Page 7 of 8)
- --------------------------------------------------------------------------------
16. INFORMATION TO SATISFY REGULATORY REQUIREMENTS
A. DID ANNUITANT RECEIVE A VARIABLE INCOME ANNUITY PROSPECTUS?
|_| Yes |_| No
______________________________________________________________________
DATE OF PROSPECTUS DATE(S) OF ANY SUPPLEMENT(S) TO PROSPECTUS
B. WILL ANY EXISTING INSURANCE OR ANNUITY BE (OR HAS IT BEEN) REPLACED OR
CHANGED, ASSUMING THE CONTRACT APPLIED FOR WILL BE ISSUED? |_| Yes |_|
No If Yes, complete the following:
______________________________________________________________________
YEAR ISSUED TYPE OF PLAN COMPANY CONTRACT NUMBER
C. NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. (NASD) INFORMATION
(AS REQUIRED BY THE NASD)
________________________________________________________________________________
EMPLOYER'S NAME OWNER/ANNUITANT'S OCCUPATION
________________________________________________________________________________
EMPLOYER'S STREET ADDRESS
________________________________________________________________________________
CITY STATE ZIP CODE
________________________________________________________________________________
ESTIMATED ANNUAL FAMILY INCOME ESTIMATED NET WORTH
Investment Objective: |_| Income* |_| Income & Growth |_| Growth
|_| Aggressive Growth |_| Safety of Principal*
Is Owner or Annuitant associated with or employed by a member of the NASD?
|_| Yes |_| No
*If these objectives are checked, see Statement below:
Applicable only to Owners who checked "Income" and/or "Safety of Principal"
in SECTION 16 above:
I acknowledge that it is my intention to purchase a Variable Income Annuity
contract. I further acknowledge that the variable income annuity provides
for fixed payments for the first three months and payments thereafter may
be higher or lower depending on the performance of the Investment Funds of
Equitable's Separate Account A. I also understand that a fixed income
annuity is recommended in view of my investment objective(s) as chosen in
the above SECTION 16. However, by my signature in SECTION 13, I have
declined a fixed income annuity and am affirmatively electing a variable
income annuity.
- --------------------------------------------------------------------------------
17. SPECIAL INSTRUCTIONS
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
- --------------------------------------------------------------------------------
FORM 181-446( ) CAT. #127227
<PAGE>
Application Number:_______________(Page 8 of 8)
- --------------------------------------------------------------------------------
AGENT SECTION
PRODUCTION CREDITS
(Please Print) DISTRICT
AGENT'S NAME(S) INITIAL OF AGENT AGENT AGENCY MANAGER
SERVICE AGENT FIRST LAST NAME NUMBER % CODE CODE
___________________________________________________________________________
___________________________________________________________________________
Was or will an existing annuity or insurance contract be replaced, assuming
the contract applied for will be issued?
|_| Yes |_| No
I (We) certify that:
1) I (We) have asked and recorded completely and accurately the answers to
all questions on the application. I (We) know of nothing affecting the risk
that has not been recorded herein.
2) A prospectus for the contract has been given to the proposed owner and
that no written sales materials other than those approved by Equitable have
been used.
Signature: ______________________________________________ Date: __________
- --------------------------------------------------------------------------------
FOR ASU USE
APP. REC'D DATE TO DATE REC'D
NO. ASU PROC. OFFICE PROC. OFFICE |_| CASH $_____ |_| CAMPAIGN
REFERRED BY: __________________
- --------------------------------------------------------------------------------
SEND COMPLETED APPLICATION TO
IF BY: Regular Mail (U.S. Postal Service) SEND TO: Equitable, P.O. Box 2494,
New York, NY 10116-2494
IF BY: Express Mail Service SEND TO: Equitable, Annuity Benefits Division,
200 Plaza Drive, 3rd Floor, Secaucus, NJ 07094-1583
Toll-Free Number: 1-800-245-1230
FORM 181-446( ) CAT. #127227
RESTATED CHARTER
OF
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
Under
Sections 1206 and 7312
of the Insurance Law and
Section 807
of the Business Corporation Law
The undersigned, being Chairman of the Board and Chief Executive
Officer and Secretary of The Equitable Life Assurance Society of the United
States, respectively, hereby certify:
1. The name of the corporation is The Equitable Life Assurance Society
of the United States.
2. The Charter of the corporation was filed by the County Clerk's
Office of the City and County of New York on July 26, 1859, pursuant to Chapter
463 of the Laws of 1853.
3. The Charter of the corporation is hereby amended, as authorized by
Sections 1206 and 7312 of the Insurance Law of the State of New York (the
"Insurance Law") and Section 801 of the Business Corporation Law of the State of
New York, in connection with the reorganization of the corporation from a mutual
life insurance company to a stock life insurance company pursuant to Section
7312 of the Insurance Law (a) to establish the stated capital of the corporation
in the amount of $2,000,000 and to authorize 2,000,000 Common Shares, par value
$1.00 per share, as the shares of the corporation, (b) to change references in
the Charter from "mutual" to "stock" and from "policyholder" to "shareholder",
(c) to revise the provisions relating to (i) the quorum requirement for the
transaction of business by the Board of Directors, (ii) the classification of
the Board of Directors, (iii) the removal of Directors and the filling of
vacancies in the Board of Directors and (iv) the election of officers of the
corporation, and (d) to make other changes generally reorganizing and
simplifying the Charter.
4. The text of the Charter, as amended by the filing of this Restated
Charter, is hereby restated to read in full as follows:
FIRST: The name of the corporation shall continue to be The Equitable
Life Assurance Society of the United States.
1
<PAGE>
SECOND: The principal office of the corporation shall be located in
the City of New York, County of New York, State of New York.
THIRD: (a) The business to be transacted by the corporation shall be
the kinds of insurance business specified in Paragraphs 1, 2,
and 3 of Subsection (a) of Section 1113 of the Insurance Law
of the State of New York, as follows:
(1) "Life insurance" every insurance upon the lives of human
beings, and every insurance appertaining thereto,
including the granting of endowment benefits, additional
benefits in the event of death by accident, additional
benefits to safeguard the contract from lapse, accelerated
payments of part or all of the death benefit or a special
surrender value upon diagnosis (A) of terminal illness
defined as a life expectancy of twelve months or less, or
(B) of a medical condition requiring extraordinary medical
care or treatment regardless of life expectancy, or
provide a special surrender value, upon total permanent
disability of the insured, and optional modes of
settlement of proceeds. Amounts paid the insurer for life
insurance and proceeds applied under optional modes of
settlement or under dividend options may be allocated by
the insurer to one or more separate accounts pursuant to
section four thousand two hundred forty of the Insurance
Law of the State of New York;
(2) "Annuities": all agreements to make periodical payments
for a period certain or where the making or continuance of
all or some of a series of such payments, or the amount of
any such payment, depends upon the continuance of human
life, except payments made under the authority of
paragraph (1) above. Amounts paid the insurer to provide
annuities and proceeds applied under optional modes of
settlement or under dividend options may be allocated by
the insurer to one or more separate accounts pursuant to
section four thousand two hundred forty of the Insurance
Law of the State of New York;
(3) "Accident and health insurance": (i) insurance against
death or personal injury by accident or by any specified
kind or kinds of accident and insurance against sickness,
ailment or bodily injury, including insurance providing
disability benefits pursuant to article nine of the
workers' compensation law, except as specified in item
(ii) hereof; and (ii) non-cancelable disability insurance,
meaning
2
<PAGE>
insurance against disability resulting from sickness,
ailment or bodily injury (but excluding insurance solely
against accidental injury) under any contract which does
not give the insurer the option to cancel or otherwise
terminate the contract at or after one year from its
effective date or renewal date;
and any amendments to such paragraphs or provisions in
substitution therefor which may be hereafter adopted; such
other kind or kinds of business now or hereafter authorized by
the laws of the State of New York to stock life insurance
companies; and such other kind or kinds of business to the
extent necessarily or properly incidental to the kind or kinds
of insurance business which the corporation is authorized to
do.
(b) The corporation shall also have all other rights, powers,
and privileges now or hereafter authorized or granted by the
Insurance Law of the State of New York or any other law or
laws of the State of New York to stock life insurance
companies having power to do the kind or kinds of business
hereinabove referred to and any and all other rights, powers,
and privileges of a corporation now or hereafter granted by
the laws of the State of New York and not prohibited to such
stock life insurance companies.
FOURTH: The business of the corporation shall be managed under the
direction of the Board of Directors.
FIFTH: (a) The Board of Directors shall consist of not less that 13
(except for vacancies temporarily unfilled) not more than 36
Directors, as may be determined from time to time by a vote of
a majority of the entire Board of Directors. No decrease in
the number of Directors shall shorten the term of any
incumbent Director.
(b) The Board of Directors shall have the power to adopt from
time to time such by-laws, rules and regulations for the
governance of the officers, employees and agents and for the
management of affairs of the corporation, not inconsistent
with this Charter and the laws of the State of New York, as
may be expedient, and to amend or repeal such by-laws, rules
and regulations, except as provided in the By-Laws.
(c) Any or all of the Directors may be removed at any time,
either for or without cause, by vote of the shareholders.
3
<PAGE>
(d) No Director shall be personally liable to the corporation
or any of its shareholders for damages for any breach of duty
as Director; provided, however, that the foregoing provision
shall not eliminate or limit (i) the liability of a Director
if a judgment or other final adjudication adverse to him or
her establishes that his or her acts or omissions were in bad
faith or involved intentional misconduct or that he or she
personally gained in fact a financial profit or other
advantage to which he or she was not legally entitled, or were
acts or omissions which (a) he or she knew or reasonably
should have known violated the Insurance Law of the State of
New York or (b) violated a specific standard of care imposed
on Directors directly, and not by reference, by a provision of
the Insurance Law of the State of New York (or any regulations
promulgated thereunder) or (c) constituted a knowing violation
of (ii) the liability of a Director for any act or omission
prior to September 21, 1989.
SIXTH: (a) The Directors of the corporation shall be elected at each
annual meeting of shareholders of the corporation in the
manner prescribed by law. The annual meeting of shareholders
shall be held at such place, within or without the State of
New York, and at such time as may be fixed by or under the
By-Laws. Effective upon the effectiveness of the corporation's
reorganization pursuant to Section 7312 of the Insurance Law
of the State of New York, the Board of Directors shall no
longer be divided into three classes. At each annual meeting
of shareholders, directors shall be elected to hold office for
a term expiring at the next annual meeting of shareholders.
(b) Newly created directorships resulting from an increase in
the number of Directors and vacancies occurring in the Board
of Directors shall be filled by vote of the shareholders.
(c) Each Director shall be at least twenty-one years of age,
and at all times a majority of the Directors shall be citizens
and residents of the United States, and not less than three of
the Directors shall be residents of the State of New York.
(d) The Board of Directors shall elect such officers as are
provided for in the By-Laws at the first meeting of the Board
of Directors following each annual meeting of the
shareholders. In the event of the failure to elect officers at
such meeting, officers may be elected at any regular or
special meeting of the Board of Directors. A vacancy in any
office may be filled by the Board of Directors at any regular
or special meeting.
4
<PAGE>
SEVENTH: The duration of the corporate existence of the corporation
shall be perpetual.
EIGHTH: The amount of the capital of the corporation shall be
$2,000,000 and shall consist of 2,000,000 Common Shares, par
value $1.00 per share.
5. The foregoing Amendment and Restatement of the Charter was
authorized by the affirmative vote of two-thirds of all votes cast on May 6,
1992 by policyholders entitled to vote on the plan of reorganization of the
corporation pursuant to Section 7312 of the Insurance Law.
IN WITNESS WHEREOF, the undersigned have signed this Certificate this
6th day of August, 1992.
/s/ Richard H. Jenrette
-----------------------
Chairman of the Board and
Chief Executive Office
/s/ Molly K. Heines
-------------------
Secretary
5
CERTIFICATE OF AMENDMENT OF THE RESTATED CHARTER OF
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
Under Section 1206 of the Insurance Law and
Section 805 of the Business Corporation Law of the State of New York
We, the undersigned, Joseph J. Melone, President and Chief Executive
Officer and Molly K. Heines, Vice President and Secretary, hereby certify:
(1). The name of the corporation is The Equitable Life Assurance
Society of the United States (the "Corporation").
(2). The Corporation's Charter was filed in the office of the Insurance
Department of the State of New York on May 10, 1859.
(3). The Charter of the Corporation, as amended and restated by the
Restated Charter effective July 22, 1993, is hereby further amended to
increase the capital of the Corporation from $2,000,000 to $2,500,000
by increasing the par value of a share of the Common Shares of the
Corporation from $1.00 to $1.25. Article VIII of the Charter which
contains the statement with respect to the capital of the Corporation,
is hereby amended in its entirety to read as follows:
ARTICLE VIII
The amount of the capital of the corporation shall be $2,500,000,
and shall consist of 2,000,000 Common Shares, par value $1.25 per
share.
(4) The aforesaid amendment of the Charter of the Corporation was duly
approved by a majority vote of the Board of Directors of the
Corporation at a meeting duly called and held on November 18, 1993 and
was duly consented to in writing by the holder of all of the
outstanding shares of the Corporation on the same date.
IN WITNESS WHEREOF, the undersigned have signed this certificate the
18th day of November 1993, and affirm that the statements made herein are true
under the penalties of perjury.
/s/ Joseph J. Melone
--------------------
Joseph J. Melone
President & Chief Executive Officer
/s/ Molly K. Heines
-------------------
Molly K. Heines
Vice President & Secretary
38193
BY-LAWS
OF
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
ARTICLE I
---------
SHAREHOLDERS
------------
Section 1.1. Annual Meetings. The annual meeting of the shareholders of
the Company for the election of Directors and for the transaction of such other
business as properly may come before such meeting shall be held at the principal
office of the Company on the third Wednesday in the month of May at 3:00 P.M. or
at such other hour as may be fixed from time to time by resolution of the Board
of Directors and set forth in the notice or waiver of notice of the meeting.
[Business Corporation Law Sec. 602 (a), (b)]*
Section 1.2. Notice of Meetings; Waiver. The Secretary or any Assistant
Secretary shall cause written notice of the place, date and hour of each meeting
of the shareholders, and, in the case of a special meeting, the purpose or
purposes for which such meeting is called and by or at whose direction such
notice is being issued, to be given, personally or by first class mail, not
fewer than ten nor more than fifty days before the date of the meeting to each
shareholder of record entitled to vote at such meeting.
No notice of any meeting of shareholders need be given to any
shareholder who submits a signed waiver of notice, in person or by proxy,
whether before or after the meeting or who attends the meeting, in person or by
proxy, without protesting prior to its conclusion the lack of notice of such
meeting. [Business Corporation Law Sec. 605, 606]
Section 1.3. Organization; Procedure. At every meeting of shareholders
the presiding officer shall be the Chairman of the Board or, in the event of his
or her absence or disability, the President or, in his or her absence, any
officer of the Company designated by the shareholders. The order of business and
all other matters of procedure at every meeting of shareholders may be
determined by such presiding officer. The Secretary, or in the event of his or
her absence or disability, an Assistant Secretary or, in his or her absence, an
appointee of the presiding officer shall act as Secretary of the meeting.
- ------------------------------------
* Citations are to the Business Corporation Law and Insurance Law of the
State of New York, as in effect on [date of adoption], and are inserted
for reference only, and do not constitute a part of the By-Laws.
1
<PAGE>
Section 1.4. Action Without a Meeting. Any action required or permitted
to be taken by shareholders may be taken without a meeting on written consent
signed by the holders of all the outstanding shares entitled to vote on such
action. [Business Corporation Law Sec. 615]
ARTICLE II
BOARD OF DIRECTORS
Section 2.1. Regular Meetings. Regular meetings of the Board of
Directors shall be held at the principal office of the Company on the third
Thursday of each month, except January and August, unless a change in place or
date is ordered by the Board of Directors. The first regular meeting of the
Board of Directors following the annual meeting of the shareholders of the
Company is designated as the Annual Meeting. [Business Corporation Law Sec. 710]
Section 2.2. Special Meetings. Special meetings of the Board of
Directors may be called at any time by the Chairman of the Board, the President,
or two directors. [Business Corporation Law Sec. 710]
Section 2.3. Independent Directors; Quorum. Not less than one-third of
the Board of Directors shall be persons who are not officers or employees of the
Company or of any entity controlling, controlled by, or under common control
with the Company and who are not beneficial owners of a controlling interest in
the voting stock of the Company or of any such entity.
A majority of the entire Board of Directors, including at least one
Director who is not an officer or employee of the Company or of any entity
controlling, controlled by, or under common control with the Company and who is
not a beneficial owner of a controlling interest in the voting stock of the
Company or of any such entity, shall constitute a quorum for the transaction of
business at any regular or special meeting of the Board of Directors, except as
otherwise prescribed by these By-Laws. Except as otherwise prescribed by law,
the Charter of the Company, or these By-Laws, the vote of a majority of the
Directors present at the time of the vote, if a quorum is present at such time,
shall be the act of the Board of Directors. A majority of the Directors present,
whether or not a quorum is present, may adjourn any meeting from time to time
and from place to place. As used in these By-Laws "entire Board of Directors"
means the total number of directors which the Company would have if there were
no vacancies. [Business Corporation Law Sec. 707, 708; Insurance Law Sec. 1202]
Section 2.4. Notice of Meetings. Notice of a regular meeting of the
Board of Directors need not be given. Notice of a change in the time or place of
a regular meeting of the Board of Directors shall be given to each Director at
least ten days in advance thereof in writing and by telephone or telecopy.
Notice of each special meeting of the Board of Directors shall be given to each
Director at least two days in advance thereof in
2
<PAGE>
writing and by telephone or telecopy, and shall state in general terms the
purpose or purposes of the meeting. Any such notice for a regular or special
meeting not specifically required by this Section 2.4 to be given by telephone
or telecopy shall be deemed given to a director when sent by mail, telegram,
cablegram or radiogram addressed to such director at his or her address
furnished to the Secretary. Notice of an adjourned regular or special meeting of
the Board of Directors shall be given if and as determined by a majority of the
directors present at the time of the adjournment , whether or not a quorum is
present. [Business Corporation Law Sec. 711]
Section 2.5. Newly Created Directorships; Vacancies. Any newly created
directorships resulting from an increase in the number of Directors and
vacancies occurring in the Board of Directors for any reasons (including
vacancies resulting from the removal of a Director without cause) shall be
filled by the shareholders of the Company. [Business Corporation Law Sec. 705;
Insurance Law Sec. 4211]
Section 2.6. Presiding Officer. In the absence or inability to act of
the Chairman of the Board at any regular or special meeting of the Board of
Directors, any Vice-Chairman of the Board, or the President, as designated by
the chief executive officer, shall preside at such meeting. In the absence or
inability to act of all of such officers, the Board of Directors shall select
from among their number present a presiding officer.
Section 2.7. Telephone Participation in Meetings; Action by Consent
Without Meeting. Any Director may participate in a meeting of the Board or any
committee thereof by means of a conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear
each other at the same time, and such participation shall constitute presence in
person at such meeting; provided that one meeting of the Board each year shall
be held without the use of such conference telephone or similar communication
equipment. When time is of the essence, but not in lieu of a regularly scheduled
meeting of the Board of Directors, any action required or permitted to be taken
by the Board or any committee thereof may be taken without a meeting if all
members of the Board or such committee, as the case may be, consent in writing
to the adoption of a resolution authorizing the action and such written consents
and resolution are filed with the minutes of the Board or such committee, as the
case may be. [Business Corporation Law Sec. 708].
ARTICLE III
COMMITTEES
Section 3.1. Committees. (a) The Board of Directors, by resolution
adopted by a majority of the entire Board of Directors, may establish from among
its members an Executive Committee of the Board composed of five or more
Directors. Not less than one-third of the members of such committee shall be
persons who are not officers or employees of the Company or of any entity
controlling, controlled by, or under common
3
<PAGE>
control with the Company and who are not beneficial owners of a controlling
interest in the voting stock of the Company or of any such entity.
(b) The Board of Directors, by resolution adopted by a majority of the
entire Board of Directors, shall establish from among its members one or more
committees with authority to discharge the responsibilities enumerated in this
subsection (b). Each such committee shall be composed of five or more Directors
and shall be comprised solely of Directors who are not officers or employees of
the Company or of any entity controlling, controlled by, or under common control
with the Company and who are not beneficial owners of a controlling interest in
the voting stock of the Company or of any such entity. Such committee or
committees shall have responsibility for:
(i) Recommending to the Board of Directors candidates for
nomination for election by the shareholders to the Board of
Directors;
(ii) Evaluating the performance of officers deemed by any such
committee to be principal officers of the Company and
recommending their selection and compensation;
(iii) Recommending the selection of independent certified public
accountants;
(iv) Reviewing the scope and results of the independent audit and
of any internal audit; and
(v) Reviewing the Company's financial condition.
(c) The Board of Directors, by resolution adopted from time to time by
a majority of the entire Board of Directors, may establish from among its
members one or more additional committees of the Board, each composed of five or
more Directors. Not less than one-third of the members of each such committee
shall be persons who are not officers or employees of the Company or of any
entity controlling, controlled by, or under common control with the Company and
who are not beneficial owners of a controlling interest in the voting stock of
the Company or of any such entity. [Business Corporation Law Sec. 712; Insurance
Law Sec. 1202]
Section 3.2. Authority of Committees. Each committee shall have all the
authority of the Board of Directors, to the extent permitted by law and provided
in the resolution creating such committee, provided, however, that no committee
shall have the authority of the Board of Directors contained in Sections 1.1,
1.3, 2.1, 3.1, 3.2, 3.3, 3.4, 3.5, 3.7, 3.8, 4.1, 4.2, 4.3, 4.4. 4.5, 4.6, 5.1,
5.2, 7.1, 7.3, 7.4, 7.5 or 8.1 or these By-Laws, nor shall any committee have
authority to amend or repeal any resolution of the Board of Directors. [Business
Corporation Law Sec. 712]
4
<PAGE>
Section 3.3. Quorum and Manner of Acting. A majority of the total
membership that a committee would have if there were no vacancies (including at
least one Director who is not an officer or employee of the Company or of any
entity controlling, controlled by, or under common control with the Company and
who is not a beneficial owner of a controlling interest in the voting stock of
the Company or of any such entity) shall constitute a quorum for the transaction
of business. The vote of a majority of the members present at the time of the
vote, if a quorum is present at such time, shall be the act of such committee.
Except as otherwise prescribed by these By-Laws or by the Board of Directors,
each committee may elect a chairman from among its members, fix the times and
dates of its meeting, and adopt other rules of procedure.
Section 3.4. Removal of Members. Any member (and any alternate member)
of a committee may be removed by vote of a majority of the entire Board of
Directors.
Section 3.5. Vacancies. Any vacancy occurring in any committee for any
reason may be filled by vote of a majority of the entire Board of Directors.
Section 3.6. Subcommittees. Any committee may appoint one or more
subcommittees from its members. Any such subcommittee may be charged with the
duty of considering and reporting to the appointing committee on any matter
within the responsibility of the committee appointing such subcommittee but
cannot act in place of the appointing committee.
Section 3.7. Alternate Members of Committees. The Board of Directors
may designate, by resolution adopted by a majority of the entire Board of
Directors, one or more directors as alternate members of any committee who may
replace any absent member or members at a meeting of such committee. [Business
Corporation Law Sec. 712]
Section 3.8. Attendance of Other Directors. Except as otherwise
prescribed by the Board of Directors, members of the Board of Directors may
attend any meeting of any committee.
ARTICLE IV
OFFICERS
Section 4.1. Chairman of the Board. The Board of Directors may at a
regular or special meeting elect from among their number a Chairman of the Board
who shall hold office, at the pleasure of the Board of Directors, until the next
Annual Meeting.
The Chairman of the Board shall preside at all meetings of the Board of
Directors and also shall exercise such powers and perform such duties as may be
delegated or assigned to or required of him or her by these By-Laws or by or
pursuant to authorization of the Board of Directors.
5
<PAGE>
Section 4.2. Vice-Chairman of the Board. The Board of Directors may at
a regular or special meeting elect from among their number one or more
Vice-Chairmen of the Board who shall hold office, at the pleasure of the Board
of Directors, until the next Annual Meeting.
The Vice-Chairman of the Board shall exercise such powers and perform
such duties as may be delegated or assigned to or required of them by these
By-Laws or by or pursuant to authorization of the Board of Directors or by the
Chairman of the Board.
Section 4.3. President. The Board of Directors shall at a regular or
special meeting elect from among their number a President who shall hold office,
at the pleasure of the Board of Directors, until the next Annual Meeting and
until the election of his or her successor.
The President shall exercise such powers and perform such duties as may
be delegated or assigned to or required of him or her by these By-Laws or by or
pursuant to authorization of the Board of Directors or (if the President is not
the chief executive officer) by the chief executive officer. The President and
Secretary may not be the same person.
Section 4.4. Chief Executive Officer. The Chairman of the Board or the
President shall be the chief executive officer of the Company as the Board of
Directors from time to time shall determine, and the Board of Directors from
time to time may determine who shall act as chief executive officer in the
absence or inability to act of the then incumbent.
Subject to the control of the Board of Directors, and to the extent not
otherwise prescribed by these By-Laws, the chief executive officer shall have
plenary power over all departments, officers, employees, and agents of the
Company, and shall be responsible for the general management and direction of
all the business and affairs of the Company.
Section 4.5. Secretary. The Board of Directors shall at a regular or
special meeting elect a Secretary who shall hold office, at the pleasure of the
Board of Directors, until the next Annual Meeting and until the election of his
or her successor.
The Secretary shall issue notices of the meeting of the shareholders
and the Board of Directors and its committees, shall keep the minutes of the
meetings of the shareholders and the Board of Directors and its committees and
shall have custody of the Company's corporate seal and records. The Secretary
shall exercise such powers and perform such other duties as relate to the office
of the Secretary, and also such powers and duties as may be delegated or
assigned to or required of him or her by or pursuant to authorization of the
Board of Directors or by the Chairman of the Board or (if the Chairman of the
Board is not the chief executive officer) the chief executive officer.
Section 4.6. Other Offices. The Board of Directors may elect such other
officers as may be deemed necessary for the conduct of the business of the
Company. Each such
6
<PAGE>
officer elected by the Board of Directors shall exercise such powers and perform
such duties as may be delegated or assigned to or required of him or her by the
Board of Directors of the chief executive officer, and shall hold office until
the next Annual Meeting, but at any time may be suspended by the chief executive
officer or by the Board of Directors, or removed by the Board of Directors.
[Business Corporation Law Sec. 715, 716]
ARTICLE V
CAPITAL STOCK
Section 5.1. Transfers of Stock; Registered Shareholders. (a) Shares of
stock of the Company shall be transferable only upon the books of the Company
kept for such purpose upon surrender to the Company or its transfer agent or
agents of a certificate (unless such shares shall be uncertificated shares)
representing shares, duly endorsed or accompanied by appropriate evidence of
succession, assignment or authority to transfer. Within a reasonable time after
the transfer of uncertificated shares, the Company shall send to the registered
owner thereof a written notice containing the information required to be set
forth or stated on certificates.
(b) Except as otherwise prescribed by law, the Board of Directors may
make such rules, regulations and conditions as it may deem expedient concerning
the subscription for, issue, transfer and registration of, shares of stock.
Except as otherwise prescribed by law, the Company, prior to due presentment for
registration of transfer, may treat the registered owner of shares as the person
exclusively entitled to vote, to receive notification, and otherwise to exercise
all the rights and powers of an owner. [Business Corporation Law Sec.508(d),
(f); Insurance Law Sec. 4203]
Section 5.2. Transfer Agent and Registrar. The Board of Directors may
appoint one or more transfer agents and one or more registrars, and may require
all certificates representing shares to bear the signature of any such transfer
agents or registrars. The same person may act as transfer agent and registrar
for the Company.
ARTICLE VI
EXECUTION OF INSTRUMENTS
Section 6.1. Execution of Instruments. (a) Any one of the following,
namely, the Chairman of the Board, any Vice-Chairman of the Board, the
President, any Vice-President (including a Deputy or Assistant Vice-President or
any other Vice-President designated by a number or a word or words added before
or after the title Vice-President to indicate his or her rank or
responsibilities), the Secretary, or the Treasurer, or any officer, employee or
agent designated by or pursuant to authorization of the Board of Directors or
any committee created under these By-Laws, shall have power in the ordinary
course of business to enter into contracts or execute instruments on behalf of
the
7
<PAGE>
Company (other than checks, drafts and other orders drawn on funds of the
Company deposited in its name in banks) and to affix the corporate seal. If any
such instrument is to be executed on behalf of the Company by more than one
person, any two or more of the foregoing or any one or more of the foregoing
with an Assistant Secretary or an Assistant Treasurer shall have power to
execute such instrument and affix the corporate seal.
(b) The signature of any officer may be in facsimile on any such
instrument if it shall also bear the actual signature, or personally inscribed
initials, of an officer, employee or agent empowered by or pursuant to the first
sentence of this Section to execute such instrument, provided that the Board of
Directors or a committee thereof may authorize the issuance of insurance
contracts and annuity contracts on behalf of the Company bearing the facsimile
signature of an officer without the actual signature or personally inscribed
initials of any person.
(c) All checks, drafts and other orders drawn on funds of the Company
deposited in its name in banks shall be signed only pursuant to authorization of
and in accordance with rules prescribed from time to time by the Board of
Directors or a committee thereof , which rules may permit the use of facsimile
signatures.
Section 6.2. Facsimile Signatures of Former Officers. If any officer
whose facsimile signature has been placed upon any instrument shall have ceased
to be such officer before such instrument is issued, it may be issued with the
same effect as if he or she had been such officer at the time of its issue.
Section 6.3. Meaning of Term "Instruments". As used in this Article VI,
the term "instruments" includes, but is not limited to, contracts and
agreements, checks, drafts and other orders for the payment of money, transfers
of bonds, stocks, notes and other securities, and powers of attorney, deeds,
leases, releases of mortgages, satisfactions and all other instruments entitled
to be recorded in any jurisdiction.
ARTICLE VII
GENERAL
Section 7.1. Reports of Committees. Reports of any committee charged
with responsibility for supervising or making investments shall be submitted at
the next meeting of the Board of Directors. Reports of other committees of the
Board of Directors shall be submitted at a regular meeting of the Board of
Directors as soon as practicable, unless otherwise directed by the Board of
Directors.
Section 7.2. Financial Statements and Reports, etc. At the meeting of
the Board of Directors falling on the third Thursday of February, the Annual
Statement and audited financial statements of the Company for the preceding
year, together with an opinion with respect to such audited financial statements
by such independent certified public accountants as may have been selected by
the Board of Directors, shall be submitted.
8
<PAGE>
Interim reports on the financial condition of the Company shall be submitted at
a regular meeting of the Board of Directors as soon as practicable following the
end of each of the first three quarterly financial periods in each year. All
such financial statements and interim reports shall be filed with the records of
the Board of Directors and a note of such submission shall be spread upon the
minutes.
Section 7.3. Independent Certified Public Accountants. The books and
accounts of the Company shall be audited throughout each year by such
independent certified public accountants as shall be selected by the Board of
Directors.
Section 7.4. Directors' Fees. The Directors shall be paid such fees for
their services in any capacity as may have been authorized by the Board of
Directors. No Director who is a salaried officer of the Company shall receive
any fees for serving as a Director of the Company. [Business Corporation Law
Sec. 713(e)]
Section 7.5. 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 Sec.
721-726; Insurance Law Sec. 1216]
Section 7.6. Waiver of Notice. Notice of any meeting of the Board of
Directors or any committee thereof shall not be required to be given to any
Director who submits a signed waiver of notice whether before or after the
meeting, or who attends the meeting without protesting, prior to or at its
commencement, the lack of notice to him. [Business Corporation Law Sec. 711(c)]
9
<PAGE>
Section 7.7. Company. The term "Company" in these By-Laws means The
Equitable Life Assurance Society of the United States.
ARTICLE VIII
AMENDMENT OF BY-LAWS
Section 8.1. Amendment of By-Laws. Subject to Section 1210 of the
Insurance Law of the State of New York, these By-Laws (other than Sections 1.4,
2.2, 2.3, 2.4, 2.5, 3.1, 3.2 and 8.1 (the "Governance By-Laws") and all By-Laws
adopted by vote of the shareholders of the Company) may be amended or repealed
and new By-Laws, consistent with the Governance By-Laws and with all By-Laws
adopted by the shareholders of the Company, may be adopted at a regular or
special meeting of the Board of Directors, provided that a notice, given not
less than ten days before the meeting in writing and by telephone or telecopy,
shall set forth the amendment or repeal or new By-Laws proposed to be acted upon
at such meeting. [Business Corporation Law Sec. 601; Insurance Law Sec. 1210]
10
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF
THE UNITED STATES
BY-LAWS
As Amended July 22, 1992
11
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF
THE UNITED STATES
Table of Contents
-----------------
ARTICLE I SHAREHOLDERS 1
Section 1.1 Annual Meetings 1
Section 1.2 Notice of Meetings; Waiver 1
Section 1.3 Organization; Procedure 1
Section 1.4 Action Without a Meeting 2
ARTICLE II BOARD OF DIRECTORS 2
Section 2.1 Regular Meetings 2
Section 2.2 Special Meetings 2
Section 2.3 Independent Directors; Quorum 2
Section 2.4 Notice of Meetings 2
Section 2.5 Newly Created Directorships; Vacancies 3
Section 2.6 Presiding Officer 3
Section 2.7 Telephone Participation in Meetings; Action by
Consent Without Meeting 3
ARTICLE III COMMITTEES 3
Section 3.1 Committees 3
Section 3.2 Authority of Committees 4
Section 3.3 Quorum and Manner of Acting 5
Section 3.4 Removal of Members 5
Section 3.5 Vacancies 5
Section 3.6 Subcommittees 5
Section 3.7 Alternate Members of Committees 5
Section 3.8 Attendance of Other Directors 5
ARTICLE IV OFFICERS 5
Section 4.1 Chairman of the Board 5
Section 4.2 Vice-Chairman of the Board 6
Section 4.3 President 6
Section 4.4 Chief Executive Officer 6
Section 4.5 Secretary 6
Section 4.6 Other Officers 6
i
<PAGE>
ARTICLE V CAPITAL STOCK 7
Section 5.1 Transfers of Stock;
Registered Shareholders 7
Section 5.2 Transfer Agent and Registrar 7
ARTICLE VI EXECUTION OF INSTRUMENTS 7
Section 6.1 Execution of Instruments 7
Section 6.2 Facsimile Signature of
Former Officers 8
Section 6.3 Meaning of Term "Instruments" 8
ARTICLE VII GENERAL 8
Section 7.1 Reports of Committees 8
Section 7.2 Financial Statements
and Reports, etc. 8
Section 7.3 Independent Certified
Public Accountants 9
Section 7.4 Directors' Fees 9
Section 7.5 Indemnification of Directors,
Officers and Employees 9
Section 7.6 Waiver of Notice 9
Section 7.7 Company 10
ARTICLE VIII AMENDMENT OF BY-LAWS 10
Section 8.1 Amendment of By-laws 10
ii
[Form of Legal Opinion]
[Date]
The Equitable Life Assurance Society
of the United States
1290 Avenue of the Americas
New York, New York 10104
Dear Sirs:
This opinion is furnished in connection with the filing by The Equitable Life
Assurance Society of the United States ("Equitable") and Separate Account A of
Equitable ("Separate Account A") of a Form N-4 Registration Statement of
Equitable and Separate Account A under the Securities Act of 1933 (File No.[ ])
and Amendment No.[ ] to the Registration Statement of Separate Account A under
the Investment Company Act of 1940 included with the same Form N-4. The
Registration Statement covers an indefinite number of units of interest
("Units") in Separate Account A.
The Units are purchased with contributions received under group variable annuity
contracts (the "Contracts"). As described in the prospectus included in the
Registration Statement ("Prospectus"), the Contracts are designed to provide
fixed retirement benefits.
I have examined all such corporate records of Equitable and such other documents
and laws as I consider appropriate as a basis for the opinion hereinafter
expressed. On the basis of such examination, it is my opinion that:
1. Equitable is a corporation duly organized and validly
existing under the laws of the State of New York;
2. Separate Account A was duly created pursuant to the
provisions of the New York Insurance Law;
3. The assets of Separate Account A are owned by Equitable;
Equitable is not a trustee with respect thereto. Under New
York law, the income, gains and losses, whether or not
realized, from assets allocated to Separate Account A must be
credited to or charged against such account, without regard
to the other income, gains or losses of Equitable;
4. The Contracts provide that the portion of the assets of
Separate Account A equal to the reserves and other contract
liabilities with respect to Separate Account A shall not be
chargeable with liabilities arising out of any other business
Equitable may conduct and that Equitable reserves the right
to transfer assets of Separate Account A in excess of such
reserves and contract liabilities to the general account of
Equitable; and
<PAGE>
-2-
5. The Contracts (including any Units duly credited thereunder)
have been duly authorized and constitute a validly issued and
binding obligation of Equitable in accordance with its terms.
I hereby consent to the use of this opinion as an exhibit to the Registration
Statement.
Very truly yours,
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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ Claude Bebear
-----------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ James M. Benson
-------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 30th day of September, 1996
/s/ Christopher J. Brockson
---------------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 30th day of September, 1996
/s/ Francoise Colloc'h
----------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ Henri de Castries
---------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ Joseph L. Dionne
--------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ William T. Esrey
--------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ Jean-Rene Fourou
--------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ Norman C. Francis
---------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ Donald J. Greene
--------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 18th day of September, 1996
/s/ John T. Hartley
-------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 13th day of September, 1996
/s/ John H.F. Haskell, Jr.
--------------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ W. Edwin Jarmain
--------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ G. Donald Johnston, Jr.
---------------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 30th day of September, 1996
/s/ Winthrop Knowlton
---------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ Arthur L. Liman
-------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ George T. Lowy
------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ William T. McCaffrey
------------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 12th day of September, 1996
/s/ Joseph J. Melone
--------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ Didier Pineau-Valencienne
-----------------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ George J. Sella Jr.
-----------------------
<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 Gordon G. Dinsmore, Samuel B. Shlesinger, Maureen K. Wolfson, Pauline
Sherman, Donald R. Kaplan, Naomi J. Weinstein, Mildred Oliver 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 or other, 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 September, 1996
/s/ Dave H. Williams
--------------------
