THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
SUPPLEMENT DATED MAY 3, 1999
TO
EQUI-VEST(R) PROSPECTUS
DATED MAY 3, 1999
This Supplement modifies certain information in the prospectus dated May 3,
1999 for EQUI-VEST deferred annuity contracts offered by Equitable Life. Terms
in this Supplement have the same meanings as in the prospectus.
In addition to other options described in "Accessing your money" in the
prospectus, the following distribution options may be available to participants
in certain public employee deferred compensation plans in the State of Iowa. If
such plans permit the use of such options, your employer may select one of the
following options upon receipt of your irrevocable election to receive payments
in such form:
1. MINIMUM DISTRIBUTION OPTION
Beginning in the year that you are required to begin minimum distribution
payments under the Code and applicable U.S. Treasury regulations and each year
thereafter, we will make annual payments to you subject to the rules of the Code
and to our administrative rules then in effect. The amount of each payment will
be calculated as described in this item 1.
Each year, we will calculate an annual amount equal to the minimum
distribution required under Section 401(a)(9) of the Code and applicable
Treasury regulations. The minimum distribution for each such year will be
determined by dividing (a) your account value as of December 31 of the previous
year, by (b) a life expectancy factor described below.
As you may elect under the terms of your employer's plan, the life
expectancy factor is either a single life expectancy factor (based on your life
expectancy) or a joint life expectancy factor (based on the joint lives of you
and your spouse). Either such factor will be determined based on tables
contained in Section 401(a)(9) of the Code or applicable Treasury regulations.
If the joint life expectancy factor is elected, your designated beneficiary
for minimum distribution purposes must be your spouse, unless the naming of a
non-spouse beneficiary is permitted pursuant to our rules in effect at the time
a beneficiary is named (such naming is not permitted at this date).
Life expectancy factors will be recalculated each year, unless (a) you elect
not to recalculate or (b) the beneficiary is not your spouse. If life expectancy
is not recalculated, then each life expectancy factor is based on the
calculation for the calendar year in which you (and the beneficiary, if joint
life expectancy applies) begin receiving minimum distributions reduced by one
for each subsequent calendar year.
The election of the life expectancy factor to be used and whether
recalculation is to apply will be irrevocable.
The calculation procedure may be changed as necessary in our sole discretion
to comply with the minimum distribution rules under Section 401(a)(9) of the
Code and applicable Treasury regulations.
2. COMBINATION OF SYSTEMATIC WITHDRAWAL AND MINIMUM DISTRIBUTION OPTION
Beginning on the date of the first payment of your plan benefits, if we are
directed by your employer under the terms of the employer's plan, we will make
systematic withdrawal payments to you as follows at the frequency you have
elected (annually, quarterly or monthly), subject to our administrative rules
then in effect. The systematic withdrawal option described in "Accessing your
money" in the prospectus will be in combination with the minimum distribution
option as described below.
Prior to the year that minimum distributions are required to start, we will
pay the amount of each systematic withdrawal payment of the type you have
selected. Based on your elections regarding your beneficiary and recalculations
of life expectancy as described in item 1 above, we will calculate annually the
required imputed minimum distribution amount and determine whether an additional
payment to you is required. The calculation of such imputed minimum distribution
amount will be made on a basis consistent with the required minimum distribution
rules described in item 1 above, using the tables contained in Section 401(a)(9)
of the Code and applicable Treasury
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regulations. Beginning with the year that minimum distributions are required to
start, we will calculate annually the required minimum distribution and
determine whether an additional payment to you is required. If required, an
imputed minimum distribution payment or a required minimum distribution payment,
as applicable, will be made in addition to the systematic withdrawal payments.
If at any time after you have made the irrevocable election under your
employer's plan as described above, the Internal Revenue Service disallows the
basis for calculating the payments as described in this item 2, we will have the
right, in our sole discretion, to change the basis for calculating the payments
as we deem necessary in order to meet the requirements of the Code and
applicable Treasury regulations.
FOR USE ONLY WITH PEDC CONTRACTS
IN THE STATE OF IOWA
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