MOMENTUM PLUS(SM)
Retirement Planning from Equitable Life
SUPPLEMENT DATED AUGUST 9, 1999 TO THE
PROSPECTUS DATED MAY 1, 1999
OHIO ALTERNATIVE RETIREMENT PROGRAM
THE POOLED TRUST FOR MEMBERS RETIREMENT PLANS OF THE
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
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This supplement adds to and modifies certain information contained in the
prospectus dated May 1, 1999 for MOMENTUM PLUS Retirement Planning from
Equitable Life offered by The Equitable Life Assurance Society of the United
States ("Equitable Life"). We offer the MOMENTUM PLUS program, as described
below, to certain participants in defined contribution plans that meet the
requirements of Section 401(a) of the Internal Revenue Code within the state of
Ohio ("Ohio ARP plan"). When MOMENTUM PLUS is offered as a funding vehicle under
your employer's Ohio ARP plan, the document provided to you is called an "Ohio
ARP contract."
We offer Ohio ARP contracts to purchasers on the same basis and under the same
conditions that apply to the Master Trust or the Pooled Trust described under
"The MOMENTUM PLUS program" on page 30 of the prospectus, except for certain
differences described in this supplement. Special terms not otherwise defined in
this supplement have the same meaning as they do in the prospectus.
o Under Ohio ARP contracts the term "contract date" means the date as of which
we receive the first contribution, made under any Ohio ARP contract.
o A "participant" means a person covered under and eligible to participate in
an employer's plan, who has applied for an Ohio ARP contract. The participant
may exercise rights under an Ohio ARP contract to the extent permitted by the
plan. As a participant, you must authorize a trustee to act on your behalf
with respect to the Ohio ARP contract ("Ohio ARP trustee").
o The term "retirement account value" in the prospectus and this supplement has
the same meaning as the terms "annuity account value" and "cash value" in
your Ohio ARP contract in that cash value means an amount equal to the
annuity account value less any charges that apply.
Your Ohio ARP contract will be held by an entity referred to as the "Ohio ARP
contract holder." Additionally, rights under your Ohio ARP contract may only be
exercised subject to the terms of your employer's plan and in accordance with
any Ohio law that applies.
THE FOLLOWING TWO SENTENCES REPLACE THE FIRST AND THIRD SENTENCES OF THE FIRST
PARAGRAPH UNDER "HOW CONTRIBUTIONS CAN BE MADE" ON PAGE 16 OF THE PROSPECTUS:
You, as participant or your employer on your behalf may make contributions at
any time either by wire transfer or check. Subject to the terms of your
employer's Ohio ARP plan, certain contributions made by your employer, although
designated as employee contributions, will be treated, under Internal Revenue
Code Section 414(h)(2), as employer contributions. Currently there is no minimum
contribution amount. However, we reserve the right to impose a minimum aggregate
contribution amount on an annual basis. If we impose a minimum amount, we will
specify that amount in your application for the Ohio ARP contract.
THE FOLLOWING INFORMATION REPLACES THE FIRST THREE SENTENCES OF THE FIRST
PARAGRAPH UNDER "EFFECTS OF PLAN OR CONTRACT TERMINATION" ON PAGE 19 OF THE
PROSPECTUS:
When contract termination occurs, except as otherwise provided in your
employer's Ohio ARP plan, you, as participant, have the option of having amounts
in the guaranteed interest account paid in installments or immediately receiving
a lump sum payment subject to a market value adjustment (discussed below).
Copyright 1999. The Equitable Life Assurance Society of the United States.
All rights reserved. Momentum Plus is a service mark of
The Equitable Life Assurance Society of the United States.
888-1211
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THE FOLLOWING INFORMATION IS ADDED AFTER THE LAST PARAGRAPH UNDER "MARKET VALUE
ADJUSTMENT" ON PAGE 20 OF THE PROSPECTUS:
With respect to the calculation date used in determining the market value
adjustment, actions taken by other participants in your employer's Ohio ARP plan
(for example, transfers, withdrawals, etc.) will not affect the amount of the
market value adjustment applied to your withdrawal under your Ohio ARP contract.
THE FOLLOWING INFORMATION REPLACES THE FIRST SENTENCE OF THE FIRST PARAGRAPH
UNDER "SELECTING INVESTMENT OPTIONS (EMPLOYERS AND PLAN TRUSTEES)" ON PAGE 20 OF
THE PROSPECTUS:
Under the provisions of your Ohio ARP contract, and subject to the terms of your
employer's Ohio ARP plan, you, as participant, may select from all investment
options that we offer in the MOMENTUM PLUS program.
THE FOLLOWING INFORMATION REPLACES THE FIRST AND THIRD PARAGRAPHS UNDER
"ALLOCATING YOUR CONTRIBUTIONS" ON PAGE 21 OF THE PROSPECTUS:
Under your Ohio ARP plan, you, as participant, must use TOPS to designate
allocation percentages for your initial contribution and all future
contributions among the investment options. Allocation percentages apply to
contributions from any source and must be in whole numbers and be equal in total
to 100%. If we receive your initial contribution before we receive your
allocation instructions through TOPS, or if your allocation percentages do not
add up to 100%, then we will allocate all or a portion of your initial
contribution to the Alliance Money Market option until we receive further
allocation instructions from you. Also see "How contributions can be made" on
page 16 of the prospectus for further information on allocation instructions.
Once contributions are allocated to the investment options they become part of
your retirement account value. We discuss retirement account value under
"Determining your retirement account value" in the prospectus.
THE FOLLOWING PARAGRAPH IS ADDED AFTER THE SEVENTH PARAGRAPH UNDER "TRANSFERRING
YOUR RETIREMENT ACCOUNT VALUE" ON PAGE 23 OF THE PROSPECTUS:
Under your Ohio ARP contract, because all investment options are available to
you as participant, the transfer restrictions described above will apply for
transfers from the guaranteed interest account.
THE FOLLOWING INFORMATION REPLACES THE FIRST AND THIRD SENTENCE OF THE FIRST
PARAGRAPH UNDER "WITHDRAWALS AND TERMINATION" ON PAGE 25 OF THE PROSPECTUS:
Subject to the terms of your employer's Ohio ARP plan, you, as participant, or
your employer on your behalf, may make a written request to us for a withdrawal
from the investment options with respect to your participation in your
employer's Ohio ARP plan. A withdrawal charge may apply. Under the Ohio law, you
would not be able to make a withdrawal under an Ohio ARP plan until you cease to
be continuously employed. You will cease to be "continuously employed" under
Ohio law if more than a year passes since your most recent employment by a
public institution of higher education in a position where three or more Ohio
ARP plans are available.
Subject to the terms of your employer's Ohio ARP plan, the payment arising from
any withdrawal will be made to you as participant, unless you and we agree to
pay another payee.
THE FOLLOWING INFORMATION REPLACES THE FIRST SENTENCE OF THE THIRD PARAGRAPH
UNDER "WITHDRAWALS AND TERMINATION" ON PAGE 25 OF THE PROSPECTUS:
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Subject to the terms of your employer's Ohio ARP plan, you, as participant, may
terminate your Ohio ARP contract at any time.
THE FOLLOWING SENTENCE REPLACES THE THIRD SENTENCE OF THE FIRST PARAGRAPH UNDER
"CHOOSING YOUR ANNUITY PAYOUT OPTIONS" ON PAGE 26 OF THE PROSPECTUS:
Subject to the terms of your employer's plan, you, as participant, under your
Ohio ARP plan may choose from among the five different annuity payout options
listed below.
THE INFORMATION FOUND IN THE SEVENTH BULLET POINT UNDER "EMPLOYER'S
RESPONSIBILITIES" ON PAGE 31 OF THE PROSPECTUS IS DELETED.
We are responsible for arranging to have our prospectuses distributed.
THE INFORMATION FOUND IN THE TENTH BULLET POINT UNDER "EMPLOYER
RESPONSIBILITIES" ON PAGE 31 OF THE PROSPECTUS IS DELETED.
If your employer has not established an interest rate under your Ohio ARP plan,
then we are responsible for selecting interest rates. If loans are available
under your Ohio ARP plan, then we will monitor default procedures.
THE FOLLOWING INFORMATION REPLACES THE LAST SENTENCE OF THE SECOND PARAGRAPH
UNDER "ADOPTING THE MOMENTUM PLUS PROGRAM" ON PAGE 31 OF THE PROSPECTUS:
Your Ohio ARP contract application must be completed by you, as participant, not
by your employer.
THE FOLLOWING INFORMATION REPLACES THE SECOND SENTENCE OF THE FIRST PARAGRAPH
UNDER "QUARTERLY ADMINISTRATIVE CHARGE" ON PAGE 33 OF THE PROSPECTUS:
The charge is currently equal to $3.75 per quarter for an Ohio ARP contract, or,
if less, 0.50% of the total of your retirement account value. The charge will be
deducted from your retirement account value.
THE FOLLOWING INFORMATION REPLACES THE SECOND AND THIRD PARAGRAPHS UNDER
"QUARTERLY ADMINISTRATION CHARGE" ON PAGE 33 OF THE PROSPECTUS:
Upon 90 days' advance written notice to you, as participant, we reserve the
right to increase the quarterly administrative charge if our administrative
costs increase. You, as participant, are responsible for the entire quarterly
administrative charge and you will not have the option of direct billing. The
quarterly administrative charge will not be prorated.
THE FOLLOWING INFORMATION REPLACES THE INFORMATION UNDER "CHARGE FOR PLAN
RECORDKEEPING SERVICES" ON PAGE 34 OF THE PROSPECTUS:
We will not charge you, as participant, for recordkeeping services in connection
with your Ohio ARP contract. In addition, the customary check writing fee is
waived for your Ohio ARP contract. We reserve the right to assess these charges
against your contract in the future. Any change in assessment of a charge for
plan recordkeeping services or check writing fee will be fair and
nondiscriminatory.
THE FOLLOWING INFORMATION REPLACES THE THIRD PARAGRAPH UNDER "PLAN LOAN CHARGES"
ON PAGE 35 OF THE PROSPECTUS:
If loans are available under your employer's Ohio ARP plan, you, as participant,
are responsible for any loan charges incurred in connection with your Ohio ARP
contract. We will give you 90 days' advance written notice of any increases in
loan charge amounts and such increases will be fair and nondiscriminatory.
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THE FOLLOWING INFORMATION REPLACES THE FOURTH PARAGRAPH UNDER "DISTRIBUTION OF
THE DEATH BENEFIT" ON PAGE 37 OF THE PROSPECTUS:
Subject to the terms of your employer's Ohio ARP plan, you, as participant,
designate the beneficiary on the application or on a separate form to be
completed at the time you apply for your contract. Your spouse must consent in
writing to a designation of any non-spouse beneficiary, as explained under "Tax
Information." We reserve the right to restrict the designation of a non-spouse
beneficiary if you are married and under age 35.
If payments under an annuity payout option have not begun, the retirement
account value will be transferred to the Alliance Money Market option on the
date we receive due proof of your death, unless your employer, Ohio ARP Trustee
or beneficiary, whichever applies, provides other instructions. All amounts are
held in the Alliance Money Market option until your beneficiary requests a
distribution or transfer.
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