Registration No.
Registration No. 811-1705
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 [ X ]
Amendment No. 72
(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
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MARY JOAN HOENE
VICE PRESIDENT AND COUNSEL
The Equitable Life Assurance Society of the United States
1290 Avenue of the Americas, New York, New York 10104
(Names and Addresses of Agents for Service)
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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
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<PAGE>
Approximate Date of Proposed Public Offering: As soon as practicable
after effectiveness of the Registration Statement.
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.
[ ] 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 flied post-effective amendment.
---------------------------
Title of Securities Being Registered:
Units of interest in Separate Account under variable annuity
contracts.
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 Commissioner, acting pursuant to said Section 8(a)
may determine.
<PAGE>
EQUI-VEST(Reg. TM) Express(SM)
A combination variable and fixed deferred
annuity contract
PROSPECTUS DATED , 1999
Please read and keep this prospectus for future reference. It contains important
information that you should know before purchasing, or taking any other action
under your contract. Also, at the end of this prospectus you will find attached
the prospectuses for The Hudson River Trust and EQ Advisors Trust which contain
important information about their Portfolios.
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WHAT IS EQUI-VEST EXPRESS?
EQUI-VEST Express is a deferred annuity contract issued by The Equitable Life
Assurance Society of the United States. It provides for the accumulation of
retirement savings and for income. The contract also offers death benefit
protection and a number of payout options. You invest to accumulate value on a
tax-deferred basis in one or more of our variable investment options or in our
fixed maturity options ("investment options"). This contract may not currently
be available in all states.
Variable Investment Options
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FIXED INCOME OPTIONS:
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Domestic fixed income Aggressive Fixed Income
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o Alliance Money Market o Alliance High Yield
o Alliance Intermediate
Government Securities
o Alliance Quality Bond
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EQUITY OPTIONS:
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Domestic Equity
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o T. Rowe Price Equity Income o Alliance Equity Index
o EQ/Putnam Growth & o Merrill Lynch Basic Value
Income Value Equity
o Alliance Growth & Income o Alliance Common Stock
o EQ/Alliance Premier Growth o MFS Research
o Capital Guardian Research o MFS Growth with Income
o Capital Guardian U.S.
Equity
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International Equity
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o Alliance Global o Morgan Stanley Emerging
o Alliance International Markets Equity
o T. Rowe Price International
Stock
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Aggressive Equity
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o Alliance Aggressive Stock o Alliance Small Cap Growth
o EQ/Evergreen o MFS Emerging Growth
o Warburg Pincus Small Companies
Company Value
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ASSET ALLOCATION OPTIONS:
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o Alliance Conservative o EQ/Evergreen Foundation
Investors o Alliance Growth Investors
o EQ/Putnam Balanced o Merrill Lynch World Strategy
o Alliance Balanced
You may allocate amounts to any of the variable investment options. They, in
turn, invest in a corresponding securities portfolio ("Portfolio") of The Hudson
River Trust or EQ Advisors Trust. Your investment results in a variable
investment option will depend on the investment performance of the related
Portfolio. Each variable investment option is a subaccount of our Separate
Account A.
FIXED MATURITY OPTIONS. You may allocate amounts to one or more fixed maturity
options. These amounts will receive a fixed rate of interest for a specified
period. Interest is earned at a guaranteed rate we set. We make a market value
adjustment (up or down) if you make transfers or withdrawals from a fixed
maturity option before its maturity date.
TYPES OF CONTRACTS. We offer the contracts for use as:
o A nonqualified annuity ("NQ") for after-tax contributions only
o An individual retirement annuity ("IRA"), either Traditional IRA or Roth IRA
o A Traditional IRA as a conduit to hold rollover distributions ("QP IRA") from
a qualified plan or a Tax Sheltered Annuity ("TSA")
A contribution of at least $50 is required to purchase a contract.
Registration statements relating to this offering have been filed with the
Securities and Exchange Commission ("SEC"). The statement of additional
information ("SAI") dated _____, 1999, is a part of one of the registration
statements. The SAI is available free of charge. You may request one by writing
to our Processing Office or calling 1 (800) 628-6673. The SAI has been
incorporated by reference into this prospectus. This prospectus and the SAI can
also be obtained from the SEC's website at http://www.sec.gov. The table of
contents for the SAI appears at the back of this prospectus.
THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS
PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE. THE CONTRACTS ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY.
THEY ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK AND ARE NOT BANK
GUARANTEED. THEY ARE SUBJECT TO INVESTMENT RISKS AND POSSIBLE LOSS OF PRINCIPAL.
<PAGE>
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2 Contents of This Prospectus
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Contents of this prospectus
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EQUI-VEST(Reg. TM)EXPRESS(SM)
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Index of key words and phrases 4
Who is Equitable Life? 5
How to reach us 6
EQUI-VEST Express at a glance -- key features 9
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FEE TABLE 11
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Examples 14
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1
CONTRACT FEATURES AND BENEFITS 16
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How you can purchase and contribute to your contract 16
Owner and annuitant requirements 18
How you can make your contributions 18
What are your investment options under the contract? 18
Allocating your contributions 22
Your right to cancel within a certain number of days 22
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2
DETERMINING YOUR CONTRACT'S VALUE 23
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Your account value 23
Your contract's value in the variable investment options 23
Your contract's value in the fixed maturity options 23
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"We," "our" and "us" refer to Equitable Life. When we address the reader of this
prospectus with words such as "you" and "your," we mean the person who has the
right or responsibility that the prospectus is discussing at that point. This is
usually the contract owner. When we use the word "contract" it also includes
certificates that are issued under group contracts in some states.
<PAGE>
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Contents of This Prospectus 3
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3
TRANSFERRING YOUR MONEY AMONG
INVESTMENT OPTIONS 24
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Transferring your account value 24
Automatic transfer option investment simplifier 24
Rebalancing your account value 24
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4
ACCESSING YOUR MONEY 26
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Withdrawing your account value 26
Surrender of your contract to receive its cash value 27
When we may terminate your contract 27
When to expect payments 27
Choosing your annuity payout options 28
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5
CHARGES AND EXPENSES 30
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Charges that Equitable Life deducts 30
Charges that the trusts deduct 32
Group or sponsored arrangements 32
Other distribution arrangements 33
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6
PAYMENT OF DEATH BENEFIT 34
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Your beneficiary and payment of benefit 34
How death benefit payment is made 34
Beneficiary continuation option under Traditional
IRA and QP IRA contracts 35
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7
TAX INFORMATION 36
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Overview 36
Transfers among investment options 36
Taxation of nonqualified annuities 36
Special rules for NQ contracts issued in Puerto Rico 37
Individual retirement arrangements ("IRAs") 38
Federal and state income tax withholding and
information reporting 48
Impact of taxes to Equitable Life 49
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8
MORE INFORMATION 50
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About our Separate Account A 50
About The Hudson River Trust and EQ Advisors Trust 50
About our fixed maturity options 51
About the general account 53
About other methods of payment 53
Dates and prices at which contract events occur 53
About your voting rights 54
About our year 2000 progress 55
About legal proceedings 55
About our independent accountants 55
Transfers of ownership, collateral assignments, loans,
and borrowing 56
Distribution of the contracts 56
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9
INVESTMENT PERFORMANCE 57
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Benchmarks 57
Communicating performance data 66
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10
INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE 68
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APPENDIX
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Market value adjustment example A-1
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STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
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<PAGE>
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4 Index of key words and phrases
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Index of key words and
phrases
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This index should help you locate more information on the terms used in this
prospectus.
<TABLE>
<CAPTION>
Page Page
<S> <C> <S> <C>
account value 23 IRA cover
annuitant 16 IRS 36
annuity payout option 28 investment options 18
beneficiary 34 market adjusted amount 21
business day 53 market value adjustment 21
cash value 23 maturity value 21
conduit IRA 42 NQ cover
contract date 10 Portfolio cover
contract date anniversary 10 Processing Office 6
contract year 10 QP IRAs cover
contributions 16 rate to maturity 21
Contributions to Roth IRAs recharacterized 41
Regular contribution 45 regular contribution 39
Rollover contributions 45 Required Beginning Date 42
Conversion contributions 46 Roth IRA cover
Direct custodian-to-custodian SAI cover
transfers 46 SEC cover
Contributions to Traditional IRAs Substitution 50
Regular contributions 39 TOPS 6
Rollover contributions 41 Traditional IRA cover
Direct custodian-to-custodian TSA cover
transfers 41 unit 23
fixed maturity amount 21 unit investment trust 50
fixed maturity options 21 variable investment options 18
</TABLE>
To make this prospectus easier to read, we sometimes use different words than in
the contract. This is illustrated below. Although we do use different words,
they have the same meaning in this prospectus as in the contract or supplemental
materials. Your Equitable associate can provide further explanation about your
contract.
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Prospectus Contract or Supplemental Materials
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fixed maturity options Guarantee Periods or Fixed Maturity Accounts
variable investment options Investment Funds or Investment Divisions
account value Annuity Account Value
rate to maturity Guaranteed Rates
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<PAGE>
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Who is Equitable Life? 5
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Who is Equitable Life?
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We are The Equitable Life Assurance Society of the United States ("Equitable
Life"), a New York stock life insurance corporation. We have been doing business
since 1859. Equitable Life is a wholly owned subsidiary of The Equitable
Companies Incorporated ("Equitable Companies"), whose majority shareholder is
AXA, a French holding company for an international group of insurance and
related financial services companies. As a majority shareholder, and under its
other arrangements with Equitable Life and Equitable Life's parent, AXA
exercises significant influence over the operations and capital structure of
Equitable Life and its parent. No company other than Equitable Life, however,
has any legal responsibility to pay amounts that Equitable Life owes under the
contracts. During 1999, Equitable Companies plans to change its name to AXA
Financial, Inc.
Equitable Companies and its consolidated subsidiaries managed approximately
$347.5 billion in assets as of December 31, 1998. For over 100 years we have
been among the largest insurance companies in the United States. We are licensed
to sell life insurance and annuities in all fifty states, the District of
Columbia, Puerto Rico, and the U.S. Virgin Islands. Our home office is located
at 1290 Avenue of the Americas, New York, N.Y. 10104.
<PAGE>
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6 Who is Equitable Life?
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HOW TO REACH US
You may communicate with our Processing Office as listed below for any of the
following purposes:
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FOR NQ AND IRA OWNERS WHO SEND
CONTRIBUTIONS INDIVIDUALLY BY REGULAR MAIL:
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Equitable Life
EQUI-VEST Express
Individual Collections
P.O. Box 13459
Newark, NJ 07188-0459
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FOR NQ AND IRA OWNERS WHO SEND
CONTRIBUTIONS INDIVIDUALLY BY EXPRESS
DELIVERY:
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Equitable Life
c/o First Chicago National Processing Center
300 Harmon Meadow Boulevard, 3rd Floor
Secaucus, NJ 07094
Attn: Box 13459
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FOR ALL OTHER COMMUNICATIONS (E.G.,
REQUESTS FOR TRANSFERS, WITHDRAWALS, OR
REQUIRED NOTICES) SENT BY REGULAR MAIL:
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Equitable Life
EQUI-VEST Express
P.O. Box 2996
New York, NY 10116-2996
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FOR ALL OTHER COMMUNICATIONS (E.G.,
REQUESTS FOR TRANSFERS, WITHDRAWALS, OR
REQUIRED NOTICES) SENT BY EXPRESS DELIVERY:
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Equitable Life
EQUI-VEST Express
200 Plaza Drive, 2nd Floor
Secaucus, NJ 07094
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FOR NQ AND IRA CONTRIBUTIONS REMITTED BY
EMPLOYERS AND SENT BY REGULAR MAIL:
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Equitable Life
EQUI-VEST Express
Unit Collections
P.O. Box 13463
Newark, New Jersey 07188-0463
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FOR NQ AND IRA CONTRIBUTIONS REMITTED BY
EMPLOYERS AND SENT BY EXPRESS DELIVERY:
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Equitable Life
c/o First Chicago National Processing Center
300 Harmon Meadow Boulevard, 3rd Floor
Secaucus, NJ 07094
Attn: Box 13463
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REPORTS WE PROVIDE:
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o written confirmation of financial transactions;
o annual statement of your contract values as of the close of the calendar
year;
o statement of your contract values as of the last day of the contract year.
We reserve the right to change the frequency of these reports.
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TELEPHONE OPERATED PROGRAM SUPPORT
("TOPS") SYSTEM:
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TOPS is designed to provide you with up-to-date information via touch-tone
telephone. You can obtain information on:
o your current account value;
o your current allocation percentages; and
o the number of units you have in the variable investment options.
<PAGE>
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Who is Equitable Life? 7
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You can also:
o change your allocation percentages and/or transfer among the variable
investment options;
o elect the automatic transfer option investment simplifier; and
o change your personal identification number ("PIN").
TOPS is normally available seven days a week, 24 hours a day, by calling
toll-free 1 (800) 755-7777. Of course, for reasons beyond our control, the
service may sometimes be unavailable.
We have established procedures to reasonably confirm that the instructions
communicated by telephone are genuine. For example, we will require certain
personal identification information before we will act on telephone instructions
and we will provide written confirmation of your transfers. We will not be
liable for following telephone instructions we reasonably believe to be genuine.
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BY INTERNET:
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You can also access information about your contract on the Internet. Please
visit our website at http://www.equitable.com, and click on EQAccess.
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CUSTOMER SERVICE REPRESENTATIVE:
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You may also use our toll-free number 1 (800) 628-6673 to
speak with one of our customer service representatives. Our
customer service representatives are available on each
business day Monday through Thursday from 8:00 a.m. to
7:00 p.m., and on Fridays until 5:00 p.m. Eastern Time.
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TOLL-FREE TELEPHONE SERVICE:
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You may reach us toll-free by calling 1 (800) 841-0801 for a
recording of daily unit values for the variable investment
options.
You should send all contributions, notices, and requests to our Processing
Office at an address above.
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE:
(1) conversion of your Traditional IRA to a Roth IRA
(2) cancellation of your Roth IRA contract and return to a Traditional IRA
contract;
(3) election of the automatic investment program;
(4) election of the automatic transfer option investment simplifier;
(5) election of the rebalancing program;
(6) election of required minimum distribution option;
(7) beneficiary continuation option election;
(8) tax withholding election; and
(9) request for a transfer/rollover of assets or 1035 exchange to another
carrier.
WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES OF
REQUESTS:
(1) address changes;
(2) beneficiary changes;
(3) transfers among investment options;
(4) withdrawal requests;
(5) contract surrender.
TO CHANGE OR CANCEL ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) automatic investment program;
(2) automatic transfer option investment simplifier; and
(3) rebalancing program.
<PAGE>
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8 Who is Equitable Life?
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You must sign and date all these requests. Any written request that is not on
one of our forms must include your name and your contract number along with
adequate details about the notice you wish to give or the action you wish us to
take.
SIGNATURES:
The proper person to sign forms, notices and requests would normally be the
owner.
<PAGE>
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EQUI-VEST Express at a glance -- key features 9
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EQUI-VEST Express at a
glance -- key features
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Professional EQUI-VEST Express variable investment options invest in
investment 30 different Portfolios managed by professional
management investment advisers.
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Fixed maturity o 10 fixed maturity options with maturities ranging from
options approximately 1 to 10 years.
o Each fixed maturity option offers a guarantee of
principal and interest rate if you hold it to maturity.
o Principal guarantees.
-- If you make withdrawals or transfers from a fixed
maturity option before maturity, there will be a
market value adjustment due to differences in
interest rates. This may increase or decrease any
value that you have left in that fixed maturity
option. If you surrender your contract, a market
value adjustment may also apply.
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Tax o ON EARNINGS INSIDE THE No tax on any dividends,
advantages CONTRACT interest or capital gains until
you make withdrawals from your
contract or receive annuity
payments.
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o ON TRANSFERS INSIDE No tax on transfers among
THE CONTRACT investment options.
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If you are buying a contract to fund a retirement plan
that already provides tax deferral under the Internal
Revenue Code (any type of IRA) you should do so for the
contract's features and benefits other than tax deferral.
In such situations, the tax deferral of the contract does
not provide additional benefits.
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Minimum contribution $50 ($20 under our automatic investment program) Maximum
amounts contribution limits may apply.
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Access to your money o Lump sum withdrawals
o Withdrawals on a periodic basis
o Contract surrender
You may be subject to a withdrawal charge for certain
withdrawals. You may also incur income tax and a penalty
tax.
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Payout alternatives o Annuity payout options
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Additional features o Automatic transfer option investment simplifier
o Automatic investment program
o Account value rebalancing (quarterly, semiannually, and
annually)
o No charge on transfers among investment options
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<PAGE>
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10 EQUI-VEST Express at a glance -- key features
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Fees and charges o Daily charge on amounts invested in variable investment
options for mortality and expense risks and other
expenses at an annual rate of 0.95%.
o If your account value at the end of the contract year
is less than $25,000 for NQ and QP IRA contracts (or
less than $20,000 for Traditional IRA and Roth IRA
contracts), we deduct an annual administrative charge
equal to $30 or during the first two contract years 2%
of your account value, if less. If your account value
is $25,000 or more for NQ and QP IRA contracts (or
$20,000 or more for Traditional IRA and Roth IRA
contracts), we will not deduct the charge.
o Third-party transfer or exchange -- $25 currently ($65
maximum) per occurrence.
o No sales charge deducted when you make contributions.
o During the first seven contract years following a
contribution, a charge will be deducted from amounts
that you withdraw that exceed 10% of your account
value. We use the account value on the date of the
withdrawal to calculate the 10% amount available. The
charge begins at 7% in the first contract year
following a contribution. It declines each year to 1%
in the seventh contract year. There is no withdrawal
charge in the eighth and later contract years following
a contribution.
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The 12-month period beginning on your contract date and
each 12-month period after that date is a "contract
year." The end of each 12-month period is your
"contract date anniversary." The "contract date" is the
effective date of a contract. This usually is the
business day we receive your initial contribution. Your
contract date will be shown in your contract.
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o We deduct a charge for taxes such as premium taxes that
may be imposed in your state. The charge is generally
deducted from the amount applied to an annuity payout
option.
o We generally deduct a $350 annuity administrative fee
from amounts applied to purchase certain life annuity
payout options.
o Annual expenses of The Hudson River Trust and EQ
Advisors Trust Portfolios are calculated as a
percentage of the average daily net assets invested in
each Portfolio. These expenses include management and
advisory fees ranging from 0.31% to 1.15% annually,
12b-1 fees of 0.25% annually and other expenses.
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Annuitant NQ 0-79
issue ages QP IRA 0-79
Traditional IRA 0-70 (We will issue up to age 79 if it is a
rollover contribution.)
Roth IRA 0-79
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THE ABOVE IS NOT A COMPLETE DESCRIPTION OF ALL MATERIAL PROVISIONS OF THE
CONTRACT. IN SOME CASES RESTRICTIONS OR EXCEPTIONS APPLY. MAXIMUM EXPENSE
LIMITATIONS APPLY TO CERTAIN VARIABLE INVESTMENT OPTIONS, AND RIGHTS ARE
RESERVED TO CHANGE OR WAIVE CERTAIN CHARGES WITHIN SPECIFIED LIMITS. ALSO, ALL
FEATURES OF THE CONTRACT ARE NOT NECESSARILY AVAILABLE IN YOUR STATE OR AT
CERTAIN AGES.
For more detailed information we urge you to read the contents of this
prospectus, as well as your contract. Please feel free to speak with your
Equitable associate, or call us, if you have any questions.
<PAGE>
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Fee table 11
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Fee table
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The fee table below will help you understand the various charges and expenses
that apply to your contract. The table reflects charges you will directly incur
under the contract, as well as charges and expenses of the Portfolios that you
will bear indirectly. Charges for taxes, such as premium taxes, may also apply.
Also, an administrative fee may apply when your annuity payments are to begin.
Each of the charges and expenses is more fully described under "Charges and
expenses" later in this prospectus. For a complete description of Portfolio
charges and expenses, please see the attached prospectuses for The Hudson River
Trust and EQ Advisors Trust.
The fixed maturity options are not covered by the fee table and examples. The
only charges shown in the table that apply to the fixed maturity options are the
annual administrative charge, the withdrawal charge, and the third-party
transfer or exchange fee. Also, an administrative fee may apply when your
annuity payments are to begin. A market value adjustment (up or down) may apply
as a result of a withdrawal, transfer or surrender of amounts from a fixed
maturity option.
<TABLE>
<CAPTION>
Charges we deduct from your variable investment options (Separate Account A)
expressed as an annual percentage of daily net assets
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<S> <C> <C>
Mortality and expense risk(1) 0.70%
Other expenses 0.25%
----
Total Separate Account A annual expenses 0.95%
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Charges we deduct from your account value on each contract date anniversary
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Maximum annual administrative charge(2)
If your account value on a contract date anniversary is less than $25,000 for NQ
and QP IRA contracts (or less than $20,000 for Traditional IRA and Roth IRA
contracts) $30
If your account value on a contract date anniversary is $25,000 or more for NQ
and QP IRA contracts (or $20,000 or more for Traditional IRA and Roth IRA
contracts) $ 0
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Charges we deduct from your account value at the time you request certain transactions
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Withdrawal charge as a percentage of contributions (deducted if you Contract
surrender your contract or make certain withdrawals. The withdrawal charge year
percentage we use is determined by the contract year in which you make the 1 7.00%
withdrawal or surrender your contract. For each contribution, we consider the 2 6.00
contract year in which we receive that contribution to be "contract year 1")(3) 3 5.00
4 4.00
5 3.00
6 2.00
7 1.00
8+ 0.00
Third-party transfer or exchange fee(4) $25 for each occurrence
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</TABLE>
<PAGE>
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12 Fee table
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THE HUDSON RIVER TRUST ANNUAL EXPENSES
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)
<TABLE>
<CAPTION>
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Total
Annual
Investment Expenses
Management & Other (After Expense
Advisory Fees 12b-1 Fee(5) Expenses Limitation)(6)(7)
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<S> <C> <C> <C> <C>
Alliance Aggressive Stock 0.54% 0.25% 0.03% 0.82%
Alliance Balanced 0.41% 0.25% 0.04% 0.70%
Alliance Common Stock 0.36% 0.25% 0.03% 0.64%
Alliance Conservative Investors 0.48% 0.25% 0.05% 0.78%
Alliance Equity Index 0.31% 0.25% 0.03% 0.59%
Alliance Global 0.64% 0.25% 0.07% 0.96%
Alliance Growth & Income 0.55% 0.25% 0.03% 0.83%
Alliance Growth Investors 0.51% 0.25% 0.04% 0.80%
Alliance High Yield 0.60% 0.25% 0.03% 0.88%
Alliance Intermediate Government Securities 0.50% 0.25% 0.05% 0.80%
Alliance International 0.90% 0.25% 0.16% 1.31%
Alliance Money Market 0.35% 0.25% 0.02% 0.62%
Alliance Quality Bond 0.53% 0.25% 0.03% 0.81%
Alliance Small Cap Growth 0.90% 0.24% 0.06% 1.20%
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</TABLE>
EQ ADVISORS TRUST ANNUAL EXPENSES
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)
<TABLE>
<CAPTION>
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Total
Other Annual
Investment Expenses Expenses
Management & (After Expense (After Expense
Advisory Fees 12b-1 Fee(5) Limitation)(7) Limitation)(7)
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<S> <C> <C> <C> <C>
EQ/Alliance Premier Growth 0.90% 0.25% 0.00% 1.15%
Capital Guardian Research 0.65% 0.25% 0.05% 0.95%
Capital Guardian U.S. Equity 0.65% 0.25% 0.05% 0.95%
EQ/Evergreen 0.75% 0.25% 0.05% 1.05%
EQ/Evergreen Foundation 0.63% 0.25% 0.07% 0.95%
MFS Emerging Growth Companies 0.55% 0.25% 0.05% 0.85%
MFS Growth with Income 0.55% 0.25% 0.05% 0.85%
MFS Research 0.55% 0.25% 0.05% 0.85%
Merrill Lynch Basic Value Equity 0.55% 0.25% 0.05% 0.85%
Merrill Lynch World Strategy 0.70% 0.25% 0.25% 1.20%
Morgan Stanley Emerging Markets Equity 1.15% 0.25% 0.35% 1.75%
EQ/Putnam Balanced 0.55% 0.25% 0.10% 0.90%
EQ/Putnam Growth & Income Value 0.55% 0.25% 0.05% 0.85%
T. Rowe Price Equity Income 0.55% 0.25% 0.05% 0.85%
T. Rowe Price International Stock 0.75% 0.25% 0.20% 1.20%
Warburg Pincus Small Company Value 0.65% 0.25% 0.10% 1.00%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
Fee table 13
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes:
(1) A portion of this charge is for providing the death benefit.
(2) During the first two contract years this charge is equal to the lesser of
$30 or 2% of your account value if it applies. Thereafter, the charge is
$30 for each contract year. We reserve the right to increase this charge to
an annual maximum of $65.
(3) Deducted upon a withdrawal of amounts in excess of the 10% free withdrawal
amount. Important exceptions and limitations may eliminate or reduce this
charge.
(4) We reserve the right to increase this charge to a maximum of $65 for each
occurrence.
(5) The Class IB shares of The Hudson River Trust and EQ Advisors Trust are
subject to fees imposed under distribution plans (the "Rule 12b-1 Plans")
adopted by The Hudson River Trust and EQ Advisors Trust pursuant to Rule
12b-1 under the Investment Company Act of 1940, as amended. The 12b-1 fee
will not be increased for the life of the contracts. The Rule 12b-1 Plan
for the Alliance Small Cap Growth Portfolio provides that EQ Financial
Consultants, Inc. ("EQF") will receive an annual fee not to exceed the
lesser of (a) 0.25% of the average daily net assets of the Portfolio
attributable to Class IB shares and (b) an amount that, when added to
certain other expenses of the Class IB shares, would result in the ratio of
expenses to average daily net assets attributable to Class IB shares
equaling 1.20%. Absent the expense limitation, the total annual expenses
for 1998 for the Alliance Small Cap Growth Portfolio would have been 1.21%.
(6) The fees and expenses shown for all Portfolios are for the year ended
December 31, 1998. The investment management and advisory fee for each
Portfolio of The Hudson River Trust may vary from year to year depending
upon the average daily net assets of the respective Portfolio. The maximum
investment management and advisory fees, however, cannot be increased
without a vote of that Portfolio's shareholders. See the prospectus for The
Hudson River Trust. The other direct operating expenses will also fluctuate
from year to year depending on actual expenses.
The Alliance Balanced Portfolio and Alliance Quality Bond Portfolio
commenced distributions on July 8, 1998.
(7) The investment management and advisory fees for each Portfolio of EQ
Advisors Trust cannot be increased without a vote of that Portfolio's
shareholders. The amounts shown as "Other Expenses" will fluctuate from
year to year depending on actual expenses. However, EQF, EQ Advisors
Trust's manager, has entered into an expense limitation agreement with
respect to each Portfolio. Under this agreement EQF has agreed to waive or
limit its fees and assume other expenses. Under the expense limitation
agreement, total annual operating expenses of each Portfolio (other than
interest, taxes, brokerage commissions, capitalized expenditures,
extraordinary expenses and 12b-1 fees) are limited for the average daily
net assets of each Portfolio as follows: 0.60% for EQ/Putnam Growth &
Income Value, MFS Emerging Growth Companies, MFS Growth with Income, MFS
Research, Merrill Lynch Basic Value Equity, and T. Rowe Price Equity
Income; 0.65% for EQ/Putnam Balanced; 0.70% for Capital Guardian Research,
Capital Guardian U.S. Equity, and EQ/Evergreen Foundation; 0.75% for
Warburg Pincus Small Company Value; 0.80% for EQ/Evergreen; 0.90% for
EQ/Alliance Premier Growth; 0.95% for Merrill Lynch World Strategy and T.
Rowe Price International Stock; and 1.50% for Morgan Stanley Emerging
Markets Equity.
Absent the expense limitation, "Other Expenses" for 1998 on an annualized
basis for each of the Portfolios would have been as follows: 0.24% for MFS
Emerging Growth Companies, EQ/Putnam Growth & Income Value, and T. Rowe
Price Equity Income; 0.25% for MFS Research; 0.26% for Merrill Lynch Basic
Value Equity; 0.66% for Merrill Lynch World Strategy; 1.23% for Morgan
Stanley Emerging Markets Equity, 0.45% for EQ/Putnam Balanced; 0.40% for T.
Rowe Price International Stock; and 0.27% for Warburg Pincus Small Company
Value. For the following Portfolios, the "Other Expenses" for 1999, absent
the expense limitation, are estimated to be as follows: 0.74% for
EQ/Alliance Premier Growth; Capital Guardian Research and Capital Guardian
U.S. Equity; 0.76% for EQ/Evergreen; 0.86% for EQ/Evergreen Foundation;
0.59% for MFS Growth with Income. Initial seed capital was invested on
December 31, 1998 for the EQ/Evergreen, EQ/Evergreen Foundation, and MFS
Growth with Income Portfolios.
<PAGE>
- --------------------------------------------------------------------------------
14 Fee table
- --------------------------------------------------------------------------------
The EQ/Alliance Premier Growth, Capital Guardian U.S. Equity, and Capital
Guardian Research Portfolios commenced operations on May 1, 1999.
Each Portfolio may at a later date make a reimbursement to EQF for any of
the management fees waived or limited and other expenses assumed and paid
by EQF pursuant to the expense limitation agreement provided, that among
other things, such Portfolio has reached sufficient size to permit such
reimbursement to be made and provided that the Portfolio's current annual
operating expenses do not exceed the operating expense limit determined for
such Portfolio.
EXAMPLES
The examples below show the expenses that a hypothetical contract owner would
pay in the situations illustrated. We assume a $1,000 contribution is invested
in one of the variable investment options listed, and a 5% annual return is
earned on the assets in that option.(1) We calculate the annual administrative
charge by using the total actual annual administrative charges for 1998 under
other EQUI-VEST contracts that we issue, as a percentage of the total assets
held under those EQUI-VEST contracts.
These examples should not be considered a representation of past or future
expenses for each option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
If you surrender your contract at the If you do not surrender your contract at
end of each period shown, the the end of each period shown, the
expenses would be: expenses would be:
--------------------------------------------------------------------------------------
1 year 3 years 1 year 3 years
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Hudson River Trust Options
- ---------------------------------------------------------------------------------------------------------------------------------
Alliance Aggressive Stock $ $ $ $
Alliance Balanced $ $ $ $
Alliance Common Stock $ $ $ $
Alliance Conservative Investors $ $ $ $
Alliance Equity Index $ $ $ $
Alliance Global $ $ $ $
Alliance Growth & Income (To be inserted by Amendment) (To be inserted by Amendment)
Alliance Growth Investors $ $ $ $
Alliance High Yield $ $ $ $
Alliance Intermediate Government Securities $ $ $ $
Alliance International $ $ $ $
Alliance Money Market $ $ $ $
Alliance Quality Bond $ $ $ $
Alliance Small Cap Growth $ $ $ $
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
Fee table 15
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
If you surrender your contract at the If you do not surrender your contract at
end of each period shown, the the end of each period shown, the
expenses would be: expenses would be:
--------------------------------------------------------------------------------------
1 year 3 years 1 year 3 years
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQ Advisors Trust Options
- ---------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Premier Growth $ $ $ $
Capital Guardian Research $ $ $ $
Capital Guardian U.S. Equity $ $ $ $
EQ/Evergreen $ $ $ $
EQ/Evergreen Foundation $ $ $ $
MFS Emerging Growth Companies $ $ $ $
MFS Growth with Income To be inserted by Amendment) (To be inserted by Amendment)
MFS Research $ $ $ $
Merrill Lynch Basic Value Equity $ $ $ $
Merrill Lynch World Strategy $ $ $ $
Morgan Stanley Emerging Markets Equity $ $ $ $
EQ/Putnam Balanced $ $ $ $
EQ/Putnam Growth & Income Value $ $ $ $
T. Rowe Price Equity Income $ $ $ $
T. Rowe Price International Stock $ $ $ $
Warburg Pincus Small Company Value $ $ $ $
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The amount accumulated from the $1,000 contribution could not be paid in
the form of an annuity payout option at the end of any of the periods shown
in the examples. This is because if the amount applied to purchase an
annuity payout option is less than $2,000, or the initial payment is less
than $20, we may pay the amount to you in a single sum instead of as
payments under an annuity payout option. See "Accessing your money."
IF YOU ELECT AN ANNUITY PAYOUT OPTION:
Assuming an annuity payout option could be issued, (see Note (1) above), and you
elect a life annuity payout option, the expenses shown in the above example for
"if you do not surrender your contract" would, in each case, be increased by
$4.43 based on the average amount applied to annuity payout options in 1998. See
"Annuity administrative fee" under "Charges and expenses."
<PAGE>
- --------------------------------------------------------------------------------
16 Contract features and benefits
- --------------------------------------------------------------------------------
1
Contract features and benefits
- --------------------------------------------------------------------------------
HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT
You may purchase a contract by making payments to us we call "contributions."
We require a minimum contribution amount of $50 to purchase a contract. The
minimum contribution amount under our automatic investment program is $20. We
discuss the automatic investment program under "About other methods of payment"
later in this prospectus. The following table summarizes our rules regarding
contributions to your contract. All ages in the table refer to the age of the
annuitant named in the contract.
- ------------------------------------------------------------------------------
The "annuitant" is the person who is the measuring life for determining contract
benefits. The annuitant is not necessarily the contract owner.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Contract Available for Source of Limitations on
type annuitant issue ages contributions contributions
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NQ 0 through 79 o After-tax money. Not applicable.
o Paid to us by check or transfer of
contract value in a tax deferred
exchange under Section 1035 of the
Internal Revenue Code.
o Paid to us by an employer who
establishes a payroll deduction
program.
- -----------------------------------------------------------------------------------------------------------------------
Traditional IRA 0 through 70 o "Regular" traditional IRA o For all types of IRAs regular, IRA
contributions either made by contributions may not exceed
you or paid to us by an $2,000 for a year.
employer who establishes a o No regular IRA contributions in
payroll deduction program. the year you turn age 70 1/2 and
o Rollovers from a qualified plan. thereafter.
o Rollovers from a TSA. o Rollover and direct transfer
o Rollovers from another contributions after age 70 1/2
traditional individual retirement must be net of required
arrangement. minimum distributions.
o Direct custodian-to-custodian
transfers from other traditional
individual retirement
arrangements.
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
Contract features and benefits 17
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Contract Available for Source of Limitations on
type annuitant issue ages contributions contributions
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Roth IRA 0 through 79 o Regular after-tax contributions o For all types of IRAs, regular IRA
either made by you or paid to us contributions may not exceed
by an employer who establishes $2,000 for a year.
a payroll deduction program. o Contributions are subject to
o Rollovers from another Roth income limits and other tax
IRA. rules. See "Tax information --
o Conversion rollovers from a Contributions to Roth IRAs."
traditional IRA.
o Direct transfers from another
Roth IRA.
- -----------------------------------------------------------------------------------------------------------------------
QP Traditional 0 through 79 o Rollovers from a qualified plan. o Rollover contributions after age
IRA o Rollovers from a TSA. 70 1/2 must be net of required
o The EQUI-VEST QP Traditional minimum distributions.
IRA contract is intended to be a o Regular after-tax contributions
conduit IRA. Only rollovers from are not permitted.
a qualified plan or TSA are
permitted.
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
See "Tax information" for a more detailed discussion of sources of contributions
and certain contribution limitations. We may refuse to accept any contribution
if the sum of all contributions under all EQUI-VEST contracts with the same
annuitant would then total more than $1,000,000. We may also refuse to accept
any contribution if the sum of all contributions under all Equitable Life
annuity accumulation contracts that you own would then total more than
$2,500,000.
For information on when contributions are credited see "Dates and prices at
which contract events occur" under "More information" later in this prospectus.
<PAGE>
- --------------------------------------------------------------------------------
18 Contract features and benefits
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OWNER AND ANNUITANT REQUIREMENTS
Under NQ contracts, the annuitant can be different than the owner.
Under any type of the IRA contract, the owner and annuitant must be the same
person.
HOW YOU CAN MAKE YOUR CONTRIBUTIONS
Except as indicated below, contributions must be by check drawn on a U.S. bank
in U.S. dollars, and made payable to Equitable Life. We do not accept
third-party checks endorsed to us except for rollover contributions, tax-free
exchanges or trustee checks that involve no refund. All checks are subject to
our ability to collect the funds. We reserve the right to reject a payment if it
is received in an unacceptable form.
You may also make contributions by wire transfer or our automatic investment
program. See "About other methods of payment" under "More information" later in
this prospectus.
Your initial contribution must generally be accompanied by an application and
any other form we need to process the payments. If any information is missing or
unclear, we will try to obtain that information. If we are unable to obtain all
of the information we require within five business days after we receive an
incomplete application or form, we will inform the Equitable associate
submitting the application on your behalf. We will then return the contribution
to you unless you specifically direct us to keep your contribution until we
receive the required information.
Generally, you may make additional contributions at any time. You may do so in
single sum amounts, on a regular basis, or as your financial situation permits.
- --------------------------------------------------------------------------------
Generally our "business day" is any day on which Equitable Life is open and the
New York Stock Exchange is open for trading.
- --------------------------------------------------------------------------------
SECTION 1035 EXCHANGES
You may apply the value of an existing nonqualified deferred annuity contract
(or life insurance or endowment contract) to purchase an NQ contract in a
tax-free exchange if you follow certain procedures as shown in the form that we
require you to use. Also see "Tax information" later in this prospectus.
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
Your investment options are the variable investment options and the fixed
maturity options.
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the 30 variable investment options will
depend on the investment performance of the underlying Portfolios. Listed below
are the currently available Portfolios, their investment objectives, and their
advisers.
- --------------------------------------------------------------------------------
You can choose from among 30 variable investment options.
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
Contract features and benefits 19
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PORTFOLIOS OF THE HUDSON RIVER TRUST
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Portfolio Name Objective Adviser
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Alliance Aggressive Stock Long-term growth of capital Alliance Capital Management L.P.
- -----------------------------------------------------------------------------------------------------------------------
Alliance Balanced High return through a combination of current Alliance Capital Management L.P.
income and capital appreciation
- -----------------------------------------------------------------------------------------------------------------------
Alliance Common Stock Long-term growth of capital and increasing Alliance Capital Management L.P.
income
- -----------------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors High total return without, in the adviser's Alliance Capital Management L.P.
opinion, undue risk to principal
- -----------------------------------------------------------------------------------------------------------------------
Alliance Equity Index Total return (before The Hudson River Trust and Alliance Capital Management L.P.
Separate Account A annual expenses) that
approximates the total return performance of the
Standard & Poor's 500 Composite Stock Price
Index
- -----------------------------------------------------------------------------------------------------------------------
Alliance Global Long-term growth of capital Alliance Capital Management L.P.
- -----------------------------------------------------------------------------------------------------------------------
Alliance Growth & Income High total return through a combination of Alliance Capital Management L.P.
current income and capital appreciation
- -----------------------------------------------------------------------------------------------------------------------
Alliance Growth Investors High total return consistent with the adviser's Alliance Capital Management L.P.
determination of reasonable risk
- -----------------------------------------------------------------------------------------------------------------------
Alliance High Yield High return by maximizing current income and, Alliance Capital Management L.P.
to the extent consistent with that objective,
capital appreciation
- -----------------------------------------------------------------------------------------------------------------------
Alliance Intermediate High current income consistent with relative Alliance Capital Management L.P.
Government Securities stability of principal
- -----------------------------------------------------------------------------------------------------------------------
Alliance International Long-term growth of capital Alliance Capital Management L.P.
- -----------------------------------------------------------------------------------------------------------------------
Alliance Money Market High level of current income while preserving Alliance Capital Management L.P.
assets and maintaining liquidity
- -----------------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth Long-term growth of capital Alliance Capital Management L.P.
- -----------------------------------------------------------------------------------------------------------------------
Alliance Quality Bond High current income consistent with preservation Alliance Capital Management L.P.
of capital
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
20 Contract features and benefits
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PORTFOLIOS OF EQ ADVISORS TRUST
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Portfolio Name Objective Adviser
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EQ/Alliance Premier Growth Long-term growth of capital Alliance Capital Management L.P.
- ----------------------------------------------------------------------------------------------------------------------------
Capital Guardian Research Long-term growth of capital Capital Guardian Trust Company
- ----------------------------------------------------------------------------------------------------------------------------
Capital Guardian U.S. Equity Long-term growth of capital Capital Guardian Trust Company
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Capital appreciation Evergreen Asset Management Corp.
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Foundation In order of priority, reasonable income, Evergreen Asset Management Corp.
conservation of capital, and capital appreciation
- ----------------------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Long-term growth of capital Massachusetts Financial Services
Companies Company
- ----------------------------------------------------------------------------------------------------------------------------
MFS Growth with Income Reasonable current income and long-term Massachusetts Financial Services
growth of capital and income Company
- ----------------------------------------------------------------------------------------------------------------------------
MFS Research Long-term growth of capital and future income Massachusetts Financial Services
Company
- ----------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Basic Value Equity Capital appreciation and, secondarily, income Merrill Lynch Asset Management, L.P.
- ----------------------------------------------------------------------------------------------------------------------------
Merrill Lynch World Strategy High total investment return Merrill Lynch Asset Management, L.P.
- ----------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Long-term capital appreciation Morgan Stanley Asset Management
Markets Equity
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Balanced Balanced investment Putnam Investment Management, Inc.
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Putnam Growth & Income Capital growth, current income is a secondary Putnam Investment Management, Inc.
Value objective
- ----------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income Substantial dividend income and also capital T. Rowe Price Associates, Inc.
appreciation
- ----------------------------------------------------------------------------------------------------------------------------
T. Rowe Price International Long-term growth of capital Rowe Price-Fleming International, Inc.
Stock
- ----------------------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Long-term capital appreciation Warburg Pincus Asset Management, Inc.
Value
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Other important information about the Portfolios is included in the separate
prospectuses for The Hudson River Trust and EQ Advisors Trust attached at the
end of this prospectus. See "Proposed substitution of Portfolios" under "More
information" for information regarding the proposed substitution of newly
created Portfolios of EQ Advisors Trust for the Portfolios of The Hudson River
Trust currently available under the variable investment options.
<PAGE>
- --------------------------------------------------------------------------------
Contract features and benefits 21
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FIXED MATURITY OPTIONS
We offer fixed maturity options with maturity dates ranging from one to ten
years. You can allocate your contributions to one or more of these fixed
maturity options. However, you may not allocate more than one contribution to
any one fixed maturity option. These amounts become part of our general account
assets. They will accumulate interest at the "rate to maturity" for each fixed
maturity option. The total amount you allocate to and accumulate in each fixed
maturity option is called the "fixed maturity amount." The fixed maturity
options are not available in contracts issued in Maryland. For contracts issued
in New York see "Charges and expenses" for information on withdrawal charges
when amounts are allocated to the fixed maturity options.
- --------------------------------------------------------------------------------
Fixed maturity options range from one to ten years to maturity
- --------------------------------------------------------------------------------
The rate to maturity you will receive for each fixed maturity option is the rate
to maturity in effect for new contributions allocated to that fixed maturity
option on the date we apply your contribution. This rate will never be less than
3%. If you make any withdrawals or transfers from a fixed maturity option before
the maturity date, we will make a market value adjustment that may increase or
decrease any fixed maturity amount you have left in that fixed maturity option.
We discuss the market value adjustment below and in greater detail later in this
prospectus under "More information."
On the maturity date of a fixed maturity option your fixed maturity amount,
assuming you have not made any withdrawals or transfers, will equal your
contribution to that fixed maturity option plus interest, at the rate to
maturity for that contribution, to the date of the calculation. This is the
fixed maturity option's "maturity value." Before maturity, the current value we
will report for your fixed maturity amount will reflect a market value
adjustment. Your current value will reflect the market value adjustment that we
would make if you were to withdraw all of your fixed maturity amounts on the
date of the report. We call this your "market adjusted amount."
FIXED MATURITY OPTIONS AND MATURITY DATES. We currently offer fixed maturity
options ending on June 15th for each of the maturity years 2000 through 2009.
See "Allocating your contributions" below. As fixed maturity options expire, we
expect to add maturity years so that generally 10 fixed maturity options are
available at any time.
We will not accept allocations to a fixed maturity option if on the date the
contribution is to be applied:
o you previously allocated a contribution or made a transfer to the same
fixed maturity option; or
o the fixed maturity option's maturity date is within the current calendar
year; or
o the fixed maturity option's maturity date is later than the date annuity
payments are to begin.
YOUR CHOICES AT THE MATURITY DATE. We will notify you at least 45 days before
each of your fixed maturity options is scheduled to mature. At that time, you
may choose to have one of the following take place on the maturity date, as long
as none of the conditions listed above or in "Allocating your contributions,"
below would apply:
(a) transfer the maturity value into another available fixed maturity option,
or into any of the variable investment options; or
(b) withdraw the maturity value (there may be a withdrawal charge).
If we do not receive your choice on or before the fixed maturity option's
maturity date, we will automatically transfer your maturity value into the
Alliance Money Market option, or another investment option if we are required to
do so by any state regulation.
MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,
surrender or termination of your contract, or when we make deductions for
charges) from a fixed maturity option before it matures we will make a market
value adjustment, which will increase or decrease
<PAGE>
- --------------------------------------------------------------------------------
22 Contract features and benefits
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
any fixed maturity amount you have in that fixed maturity option. The amount of
the adjustment will depend on two factors:
(a) the difference between the rate to maturity that applies to the amount
being withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and
(b) the length of time remaining until the maturity date.
In general, if interest rates rise from the time that you originally allocate an
amount to a fixed maturity option to the time that you take a withdrawal, the
market value adjustment will be negative. Likewise, if interest rates drop at
the end of that time, the market value adjustment will be positive. Also, the
amount of the market value adjustment, either up or down, will be greater the
longer the time remaining until the fixed maturity option's maturity date.
Therefore, it is possible that the market value adjustment could greatly reduce
your value in the fixed maturity options, particularly in the fixed maturity
options with later maturity dates.
We provide an illustration of the market adjusted amount of specified maturity
values, an explanation of how we calculate the market value adjustment, and
information concerning our general account and investments purchased with
amounts allocated to the fixed maturity options, under "More information" later
in this prospectus. The Appendix to this prospectus provides an example of how
the market value adjustment is calculated.
ALLOCATING YOUR CONTRIBUTIONS
You may allocate your contributions to one or more, or all of the investment
options. However, you may not allocate more than one contribution to any one
fixed maturity option. Allocations must be in whole percentages and you may
change your allocation percentages at any time. However, the total of your
allocations must equal 100%.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN
NUMBER OF DAYS
If for any reason you are not satisfied with your contract, you may return it to
us for a refund. To exercise this cancellation right you must mail the contract
directly to our Processing Office within 10 days after you receive it. In some
states, this "free look" period may be longer.
For contributions allocated to the variable investment options, your refund will
equal your contributions, reflecting any investment gain or loss which also
reflects the daily charges we deduct. For contributions allocated to the fixed
maturity options, your refund will equal the amount of the contribution
allocated to the fixed maturity options reflecting any positive or negative
market value adjustments. However, some states require that we refund the full
amount of your contribution (not including any investment gain or loss,
interest, or market value adjustment). For IRA contracts returned to us within
seven days after you receive it, we are required to refund the full amount of
your contribution.
We may require that you wait six months before you apply for a contract with us
again if:
o you cancel your contract during the free look period; or
o you change your mind before you receive your contract whether we have
received your contribution or not.
Please see "Tax information" for possible consequences of cancelling your
contract.
If you fully or partially convert an existing Traditional IRA contract to a Roth
IRA contract, you may cancel your Roth IRA contract and return to a Traditional
IRA contract. Our Processing Office, or your Equitable associate, can provide
you with the cancellation instructions. Ask for the form entitled "EQUI-VEST
Roth IRA Re-Characterization Form."
<PAGE>
- --------------------------------------------------------------------------------
Determining your contract's value 23
- --------------------------------------------------------------------------------
2
Determining your contract's value
- --------------------------------------------------------------------------------
YOUR ACCOUNT VALUE
Your "account value" is the total of the values you have in the variable
investment options and the market adjusted amount you have in the fixed maturity
options. These amounts are subject to certain fees and charges discussed under
"Charges and expenses."
Your contract also has a "cash value." At any time before annuity payments
begin, your contract's cash value is equal to the account value, less any
withdrawal charge that may apply, and less the total amount or a pro rata
portion of the annual administrative charge. Please see "Surrendering your
contract to receive its cash value" below.
YOUR CONTRACT'S VALUE IN THE VARIABLE INVESTMENT OPTIONS
Each variable investment option invests in shares of a corresponding Portfolio.
Your value in each variable investment option is measured by "units." The value
of your units will increase or decrease as though you had invested it in the
corresponding Portfolio's shares directly. Your value, however, will be reduced
by the amount of the fees and charges that we deduct under the contract. The
number of units you own will also be reduced by the dollar amount of any
withdrawals that you make.
- --------------------------------------------------------------------------------
Units measure your value in each variable investment option.
- --------------------------------------------------------------------------------
The unit value for each variable investment option depends on the investment
performance of that option minus daily charges for mortality and expense risks
and other expenses. On any day, your value in any variable investment option
equals the number of units credited to your contract under that option,
multiplied by that day's value for one unit. The number of your contract units
in any variable investment option does not change unless you make additional
contributions, make a withdrawal, or transfer amounts among investment options.
In addition, when we deduct the withdrawal charge, the annual administrative
charge, or third-party transfer or exchange charge, the number of units credited
to your contract will be reduced. A description of how unit values are
calculated is found in the SAI.
YOUR CONTRACT'S VALUE IN THE FIXED MATURITY OPTIONS
Your value in each fixed maturity option at any time before the maturity date is
the market adjusted amount in each option. This is equivalent to your fixed
maturity amount increased or decreased by the market value adjustment. Your
value, therefore, may be higher or lower than your contributions (less
withdrawals) accumulated at the rate to maturity. At the maturity date, your
value in the fixed maturity option will equal its maturity value.
<PAGE>
- --------------------------------------------------------------------------------
24 Transferring your money among investment options
- --------------------------------------------------------------------------------
3
Transferring your money among investment options
- --------------------------------------------------------------------------------
TRANSFERRING YOUR ACCOUNT VALUE
At any time before the date annuity payments are to begin, you can transfer some
or all of your account value among the investment options, subject to the
following:
o You must transfer at least $300 of account value or, if less, the entire
amount in the investment option. We may waive the $300 requirement.
o You may not transfer to a fixed maturity option in which you already have
value.
o You may not transfer to a fixed maturity option if its maturity date is
later than the date annuity payments are to begin.
o If you make transfers out of a fixed maturity option other than at its
maturity date the transfer may cause a market value adjustment.
Subject to the terms of your contract, upon advance notice, we may change or
establish additional restrictions on transfers among the investment options. A
transfer request does not change your percentages for allocating current or
future contributions among the investment options.
You may request a transfer in writing or by telephone using TOPS. You must send
in all signed written requests directly to our Processing Office. Transfer
requests should specify:
(1) the contract number,
(2) the dollar amounts to be transferred, and
(3) the investment options to and from which you are transferring.
We will confirm all transfers in writing.
AUTOMATIC TRANSFER OPTION INVESTMENT SIMPLIFIER
Our automatic transfer option investment simplifier allows you to have amounts
automatically transferred from the Alliance Money Market option to the other
variable investment options on a monthly basis. In order to elect the automatic
transfer option investment simplifier option you must have a minimum of $2,000
in the Alliance Money Market option on the date we receive your election form at
our Processing Office. You can specify the number of monthly transfers or
instruct us to continue to make monthly transfers until all available amounts in
the Alliance Money Market option have been transferred out.
The minimum amount that we will transfer each month is $50. The maximum amount
we will transfer is equal to your value in the Alliance Money Market option at
the time the program is elected, divided by the number of transfers scheduled to
be made.
If, on any transfer date, your value in the Alliance Money Market option is
equal to or less than the amount you have elected to have transferred, the
entire amount will be transferred. The automatic transfer option investment
simplifier will then end. You may change the transfer amount once each contract
year, or cancel this program at any time.
The automatic transfer option investment simplifier is a form of a dollar cost
averaging program. Dollar-cost averaging allows you to gradually allocate
amounts to the variable investment options by periodically transferring
approximately the same dollar amount to the variable investment options you
select. This will cause you to purchase more units if the unit's value is low
and fewer units if the unit's value is high. Therefore, you may get a lower
average cost per unit over the long term. This plan of investing, however, does
not guarantee that you will earn a profit or be protected against losses.
REBALANCING YOUR ACCOUNT VALUE
We currently offer a rebalancing program that you can use to automatically
reallocate your account value among the variable investment options. You must
tell us:
(a) the percentage you want invested in each variable investment option (whole
percentages only), and
(b) how often you want the rebalancing to occur (quarterly, semiannually or
annually).
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Transferring your money among investment options 25
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While your rebalancing program is in effect, we will transfer amounts among each
variable investment option so that the percentage of your account value that you
specify is invested in each option at the end of each rebalancing date. You may
not rebalance only a portion of your account value in the variable investment
options.
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Rebalancing does not assure a profit or protect against loss. You should
periodically review your allocation percentages as your needs change. You may
want to discuss the rebalancing program with your Equitable associate and/or
financial adviser before electing the program.
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You may elect the rebalancing program at any time. To be eligible, you must have
at least $5,000 of account value in the variable investment options. Rebalancing
is not available for amounts you have allocated in the fixed maturity options.
You may change your allocation instructions or cancel the program at any time.
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26 Accessing your money
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4
Accessing your money
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WITHDRAWING YOUR ACCOUNT VALUE
You have several ways to withdraw your account value before annuity payments
begin. The table below shows the methods available under each type of contract.
More information follows the table. For the tax consequences of taking
withdrawals, see "Tax information."
<TABLE>
<CAPTION>
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Method of Withdrawal
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Minimum
Contract Lump sum Systematic distribution
- ------------------------------------------------------------------
<S> <C> <C> <C>
NQ Yes Yes No
- ------------------------------------------------------------------
Traditional IRA Yes Yes Yes
- ------------------------------------------------------------------
QP IRA Yes Yes Yes
- ------------------------------------------------------------------
Roth IRA Yes Yes No
- ------------------------------------------------------------------
</TABLE>
LUMP SUM WITHDRAWALS
(All contracts)
You may take lump sum withdrawals from your account value at any time while the
annuitant is living and before annuity payments begin. The minimum amount you
may withdraw at any time is $300. If your account value is less than $500 after
a withdrawal, we may terminate your contract and pay you its cash value.
Lump sum withdrawals in excess of the 10% free withdrawal amount may be subject
to a withdrawal charge.
SYSTEMATIC WITHDRAWALS
(All contracts)
If you have at least $20,000 of account value in the variable investment options
you may elect systematic withdrawals. You may elect to have your systematic
withdrawals made on a monthly or quarterly basis. The minimum amount you may
take for each withdrawal is $300. We will make the withdrawals on any day of the
month that you select as long as it is not later than the 28th day of the month.
If you do not select a date, your withdrawals will be made on the first day of
the month. A check for the amount of the withdrawal will be mailed to you or, if
you prefer, we will electronically transfer the money to your checking account.
You may withdraw a fixed-dollar amount from the variable investment options. You
do not have to maintain a minimum amount. You may elect to have the amount of
the withdrawal subtracted from your account value in one of three ways:
(1) pro rata from more than one variable investment option (without using up
your total value in those options); or
(2) pro rata from more than one variable investment option (until your value in
those options is used up); or
(3) you may specify a dollar amount from only one variable investment option.
You can cancel the systematic withdrawal option at any time.
Amounts withdrawn in excess of the 10% free withdrawal amount may be subject to
a withdrawal charge.
MINIMUM DISTRIBUTION WITHDRAWALS
(Traditional IRA and QP IRA contracts -- See "Tax information")
We offer the minimum distribution withdrawal option to help you meet required
minimum distributions under federal income tax rules. You may elect this option
in the year in which you reach age 70 1/2 and have account value in the
variable investment options of at least $2,000. The minimum amount we will pay
out is $300, or if less, your account value. If your account value is less than
$500 after the withdrawal, we may terminate your contract and pay you its cash
value. You elect the method you want us to use to calculate your minimum
distribution withdrawal from the choices we offer. Currently, minimum
distribution withdrawal payments will be made annually.
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your values in the variable investment options. If those amounts are
insufficient, we will make up required amounts from the fixed maturity options
to the extent you have value in those options. A market value adjustment may
apply. We will
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Accessing your money 27
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calculate your payment each year based on your account value at the end of each
prior calendar year, based on the method you choose.
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We will send to Traditional IRA and QP IRA owners a form outlining the minimum
distribution options available before you reach age 701/2 (if you have not begun
your annuity payments before that time).
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AUTOMATIC NQ DEPOSIT SERVICE
If you are receiving required minimum distribution payments from a Traditional
IRA or QP IRA contract you may use our automatic NQ deposit service.
Under this service we will automatically deposit the required minimum
distribution payment from your Traditional IRA or QP IRA contract directly into
an existing EQUI-VEST Express NQ or an existing EQUI-VEST NQ contract according
to your allocation instructions.
DEPOSIT OPTION FOR NQ CONTRACTS ONLY
You can elect the deposit option for your benefit while you live, or for the
benefit of your beneficiary.
Proceeds from your NQ contract can be deposited with us for a period you select
(including one for as long as the annuitant lives). We will hold the amounts in
our general account. We will credit interest on the amounts at a guaranteed rate
for the specified period. We will pay out the interest on the amount deposited
at least once each year.
If you elect this option for your benefit, you deposit the amount with us that
you would otherwise apply to an annuity payout option. If you elect this option
for your beneficiary before the annuitant's death, death benefit proceeds can be
left on deposit with us subject to certain restrictions, instead of being paid
out to the beneficiary.
Other restrictions apply to the deposit option. Your Equitable associate can
provide more information about this option, or you may call our Processing
Office.
SURRENDER OF YOUR CONTRACT TO RECEIVE ITS CASH VALUE
You may surrender your contract to receive its cash value at any time while the
annuitant is living and before you begin to receive annuity payments. For a
surrender to be effective, we must receive your written request and your
contract at our Processing Office. We will determine your cash value on the date
we receive the required information. All benefits under the contract will
terminate as of that date.
You may receive your cash value in a single sum payment or apply it to one or
more of the annuity payout options. See "Choosing your annuity payout options"
below. We will usually pay the cash value within seven calendar days, but we may
delay payment as described in "When to expect payments," below. For the tax
consequences of surrenders, see "Tax information."
WHEN WE MAY TERMINATE YOUR CONTRACT
We may terminate your contract and pay you the cash value if:
(1) your account value is less than $500 and you have not made contributions to
your contract for a period of three years; or
(2) you request a lump sum withdrawal that reduces your account value to an
amount less than $500; or
(3) you have not made any contributions within 120 days from your contract
date.
WHEN TO EXPECT PAYMENTS
Generally, we will fulfill requests for payments out of the variable investment
options within seven calendar days after the date of the transaction to which
the request relates. These transactions may include applying proceeds to a
variable annuity payout option, payment of a death benefit, payment of any
amount you withdraw (less any withdrawal charge) and, upon surrender or
termination, payment of the cash value. We may postpone such payments or
applying proceeds for any period during which:
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28 Accessing your money
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(1) the New York Stock Exchange is closed or restricts trading,
(2) sales of securities or determination of the fair value of a variable
investment option's assets is not reasonably practicable because of an
emergency, or
(3) the SEC, by order, permits us to defer payment to protect people remaining
in the variable investment options.
We can defer payment of any portion of your values in the fixed maturity options
(other than for death benefits) for up to six months while you are living. We
also may defer payments for a reasonable amount of time (not to exceed 15 days)
while we are waiting for a contribution check to clear.
All payments are made by check and are mailed to you (or the payee named in a
tax-free exchange) by U.S. mail, unless you request that we use an express
delivery service at your expense.
CHOOSING YOUR ANNUITY PAYOUT OPTIONS
The EQUI-VEST Express contract offers you several choices for receiving
retirement income. Each choice enables you to receive fixed or, in some cases,
variable annuity payments.
You can choose from among the different forms of annuity payout options listed
below. Restrictions apply, depending on the type of contract you own.
ANNUITY PAYOUT OPTIONS
You can choose from among the following annuity payout options:
o Life annuity: An annuity that 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 continuation of benefits following
the annuitant's death with this payout option, it provides the highest
monthly payment of any of the life annuity options, so long as the
annuitant is living.
o Life annuity -- period certain: An annuity that guarantees payments for the
rest of the annuitant's life. If the annuitant dies before the end of a
selected period of time ("period certain"), payments continue to the
beneficiary for the balance of the period certain. Under IRAs, the period
certain cannot exceed your life expectancy or the joint life expectancy of
you and your spouse.
o Life annuity -- refund certain: An annuity that guarantees payments for the
rest of the annuitant's life. If the annuitant dies before the amount
applied to purchase the annuity option has been recovered, payments to the
beneficiary will continue until that amount has been recovered. This payout
option is available only as a fixed annuity.
o Period certain annuity: An annuity that guarantees payments for a specific
period of time, usually 5, 10, 15 or 20 years. This option does not
guarantee payments for the rest of the annuitant's life. It does not permit
any repayment of the unpaid principal, so you cannot elect to receive part
of the payments as a single sum payment with the rest paid in monthly
annuity payments. Currently, this payout option is available only as a
fixed annuity.
All of the above payout options are available as fixed annuities. With fixed
annuities, we guarantee fixed annuity payments that will be based either on the
tables of guaranteed annuity payments in your contract or on our then current
annuity rates, whichever is more favorable for you.
The life annuity, life annuity -- period certain, and life annuity -- refund
certain payout options are available on a single life or joint and survivor life
basis. The joint and survivor life annuity guarantees payments for the rest of
the annuitant's life and, after the annuitant's death, payments continue to the
survivor.
The following annuity payout options are available as variable annuities:
o Life annuity (except in New York).
o Life annuity -- period certain.
o Joint and survivor life annuity (100% to survivor).
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Accessing your money 29
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o Joint and survivor life period certain annuity (100% to survivor).
Variable annuities may be funded through your choice of variable investment
options investing in Portfolios of The Hudson River Trust. The contract also
offers a fixed annuity payout option which can be elected in combination with
the variable annuity payout options. The amount of each variable annuity payment
will fluctuate, depending upon the performance of the variable investment
options, and whether the actual rate of investment return is higher or lower
than an assumed base rate. Please see "Annuity unit values" in the SAI.
We also make the variable annuity payout options available to owners of our
single premium deferred annuity ("SPDA") contract and certain other combination
fixed and variable annuity contracts. Such contractholders who are considering
purchasing a variable payout option should also review the information in this
prospectus relating to the variable investment options. The Hudson River Trust
prospectus (directly following this prospectus), and the sections of the SAI
which discuss the variable annuity payout option should also be reviewed.
We may offer other payout options not outlined here. Your Equitable associate
can provide details.
SELECTING AN ANNUITY PAYOUT OPTION
When you select a payout option, we will issue you a separate written agreement
confirming your right to receive annuity payments. Unless you choose a different
payout option, we will pay annuity payments under a life annuity with a period
certain of 10 years. We require you to return your contract before annuity
payments begin.
You can choose the date annuity payments are to begin. You can change the date
your annuity payments are to begin anytime before that date as long as you do
not choose a date later than the 28th day of any month. Also, that date may not
be later than the contract date anniversary that follows the annuitant's 90th
birthday. This may be different in some states.
Before your annuity payments are to begin, we will notify you by letter that the
annuity payout options are available. Once you have selected a payout option and
payments have begun, no change can be made, other than transfers (if permitted
in the future) among the variable investment options if a variable annuity is
selected.
The amount of the annuity payments will depend on the amount applied to purchase
the annuity, the type of annuity chosen and whether it is fixed or variable,
and, in the case of a life annuity, the annuitant's age (or the annuitant's and
joint annuitant's ages) and in certain instances, the sex of the annuitant(s).
In no event will you ever receive less than the minimum amounts guaranteed by
the contract.
If, at the time you elect a payout option, the amount to be applied is less than
$2,000 or the initial payment under the form elected is less than $20 monthly,
we reserve the right to pay the account value in a single sum rather than as
payments under the payout option chosen.
<PAGE>
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30 Charges and expenses
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5
Charges and expenses
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CHARGES THAT EQUITABLE LIFE DEDUCTS
We deduct the following charges each day from the net assets of each variable
investment option. These charges are reflected in the unit values of each
variable investment option:
o A mortality and expense risks charge.
o An expense charge.
We deduct the following charges from your account value. When we deduct these
charges from your variable investment options, we reduce the number of units
credited to your contract:
o An annual administrative charge, if applicable.
o Third-party transfer or exchange fee.
o At the time you make certain withdrawals or surrender your contract, or
your contract is terminated -- a withdrawal charge.
o At the time annuity payments are to begin -- charges for any state premium
or other applicable taxes. An annuity administrative fee may also apply.
More information about these charges appears below.
MORTALITY AND EXPENSE RISKS CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the death benefit.
The daily charge is equivalent to an annual rate of 0.70% of net assets in each
variable investment option.
The mortality risk we assume is the risk that annuitants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. We also assume a risk that
the mortality assumptions reflected in our guaranteed annuity payment tables,
shown in each contract, will differ from actual mortality experience. We may
change the actuarial basis for our guaranteed annuity payment tables, but only
for new contributions and only at five year intervals from the contract date.
Lastly, we assume a mortality risk to the extent that at the time of death, the
guaranteed death benefit exceeds the cash value of the contract. In addition, we
waive any withdrawal charge upon payment of a death benefit.
The expense risk we assume is the risk that it will cost us more to issue and
administer the contracts than we expect.
To the extent that the mortality and expense risk charges are not needed to
cover the actual expenses incurred, they may be considered an indirect
reimbursement for certain sales and promotional expenses relating to the
contracts.
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge, together with the annual administrative charge described
below, is for providing administrative and financial accounting services under
the contracts. The daily charge is equivalent to a maximum annual rate of 0.25%
of net assets in each variable investment option.
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last business
day of each contract year. We will deduct a pro rata portion of the charge if
you surrender your contract, elect an annuity payout option, or the annuitant
dies during the contract year. We deduct the charge if your account value on the
last business day of the contract year, is less than $25,000 under NQ and QP IRA
contracts and $20,000 under Traditional IRA and Roth IRA contracts. If your
account value on such date is $25,000 or more for NQ and QP IRA ($20,000 or more
for Traditional IRA and Roth IRA) contracts, we do not deduct the charge. During
the first two contract years, the charge is equal to $30 or, if less, 2% of your
current account value. The charge is $30 for contract years three and later. We
may increase this charge if our administrative costs rise, but the charge will
never exceed $65 annually.
Unless you tell us otherwise, the charge is deducted pro rata from the variable
investment options. If those amounts are
<PAGE>
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Charges and expenses 31
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insufficient, we will make up the required amounts from the fixed maturity
options to the extent you have value in those options.
CHARGE FOR THIRD-PARTY TRANSFER OR EXCHANGE
We impose a charge for making a direct transfer of amounts from your contract to
a third party, or if you request that your contract be exchanged for a contract
issued by another insurance company. In either case, we will deduct from your
account value any withdrawal charge that applies and a charge of $25 for each
direct transfer or exchange. We reserve the right to increase this charge to a
maximum of $65.
WITHDRAWAL CHARGE
A withdrawal charge may apply in three circumstances: (1) you make one or more
withdrawals during a contract year; (2) you surrender your contract to receive
its cash value; or (3) we terminate your contract. The amount of the charge will
depend on whether the free withdrawal amount applies, and the availability of
one or more exceptions.
The withdrawal charge equals a percentage of the contributions withdrawn. The
percentage that applies depends on how long each contribution has been invested
in the contract. We determine the withdrawal charge separately for each
contribution according to the following table:
- --------------------------------------------------------------------------------
Contract year
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1 2 3 4 5 6 7 8+
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Percentage of
contribution 7% 6% 5% 4% 3% 2% 1% 0%
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For purposes of calculating the withdrawal charge, we treat the contract year in
which we receive a contribution as "contract year 1." Amounts withdrawn up to
the free withdrawal amount are not considerd withdrawal of any contribution. We
also treat contributions that have been invested the longest as being withdrawn
first. We treat contributions as withdrawn before earnings for purposes of
calculating the withdrawal charge. However, federal income tax rules treat
earnings under most NQ contracts as withdrawn first. See "Tax information."
In order to give you the exact dollar amount of the withdrawal you request, we
deduct the amount of the withdrawal and the amount of the withdrawal charge from
your account value. Any amount deducted to pay withdrawal charges is also
subject to a withdrawal charge. We deduct the withdrawal amount and the
withdrawal charge pro rata from the variable investment options. If those
amounts are insufficient, we will make up the required amounts from the fixed
maturity options to the extent you have value in those options.
The withdrawal charge does not apply in the circumstances described below.
10% FREE WITHDRAWAL AMOUNT. Each contract year you can withdraw up to 10% of
your account value without paying a withdrawal charge. The 10% free withdrawal
amount is determined using your account value at the time you request a
withdrawal, minus any other withdrawals made during the contract year.
DEATH OR PURCHASE OF ANNUITY. The withdrawal charge does not apply:
o If the annuitant dies and a death benefit is payable to the beneficiary.
o If we receive a properly completed election form providing for the account
value to be used to buy a life contingent annuity or a non-life annuity
with a period certain for a term of at least ten years.
CHARGES FOR STATE PREMIUM AND OTHER APPLICABLE TAXES
We deduct a charge for applicable taxes such as premium taxes that may be
imposed in your state. Generally, we deduct the charge from the amount applied
to provide an annuity payout. The current tax charge that might be imposed
varies by state and ranges from 0% to 3.5% (1% in Puerto Rico and 5% in the U.S.
Virgin Islands).
<PAGE>
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32 Charges and expenses
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We reserve the right to deduct any applicable charges for taxes such as premium
taxes from each contribution, or from withdrawals, or for surrender and
termination of your contract. If we have deducted any applicable charges from
contributions, we will not deduct a charge for the same taxes later. If,
however, an additional tax charge is later imposed upon us when you make a
withdrawal, or surrender your contract, or it is terminated, or you elect to
begin receiving annuity payments, we reserve the right to deduct a charge at
that time.
ANNUITY ADMINISTRATIVE FEE
We generally deduct a fee of up to $350 from the amount to be applied to
purchase a life annuity payout option.
CHARGES THAT THE TRUSTS DEDUCT
The Hudson River Trust and EQ Advisors Trust each deducts charges for the
following types of fees and expenses:
o Investment advisory fees ranging from 0.31% to 1.15%.
o 12b-1 fees of 0.25%.
o Operating expenses, such as trustees' fees, independent auditors' fees,
legal counsel fees, administrative service fees, custodian fees, and
liability insurance.
o Investment-related expenses, such as brokerage commissions.
These charges are reflected in the daily share price of each Portfolio. Since
shares of each trust are purchased at their net asset value, these fees and
expenses are, in effect, passed on to the variable investment options and are
reflected in their unit values. For more information about these charges, please
refer to the prospectuses for The Hudson River Trust and EQ Advisors Trust
following this prospectus.
GROUP OR SPONSORED ARRANGEMENTS
For certain group or sponsored arrangements, we may reduce the withdrawal charge
or the mortality and expense risks charge, or change the minimum contribution
requirements. We also may change the minimum death benefit or offer variable
investment options that invest in shares of The Hudson River Trust or EQ
Advisors Trust that are not subject to the 12b-1 fee. Group arrangements include
those in which a trustee or an employer, for example, purchases contracts
covering a group of individuals on a group basis. Group arrangements are not
available for Traditional IRA and Roth IRA contracts. Sponsored arrangements
include those in which an employer allows us to sell contracts to its employees
or retirees on an individual basis.
Our costs for sales, administration, and mortality generally vary with the size
and stability of the group or sponsoring organization, among other factors. We
take all these factors into account when reducing charges. To qualify for
reduced charges, a group or sponsored arrangement must meet certain
requirements, such as requirements for size and number of years in existence.
Group or sponsored arrangements that have been set up solely to buy contracts or
that have been in existence less than six months will not qualify for reduced
charges.
We also may establish different rates to maturity for the fixed maturity options
under different classes of contracts for group or sponsored arrangements.
We will make these and any similar reductions according to our rules in effect
when we approve a contract for issue. We may change these rules from time to
time. Any variation in the withdrawal charge will reflect differences in costs
or services and will not be unfairly discriminatory.
Group or sponsored arrangements may be governed by federal income tax rules, the
Employee Retirement Income Security Act of 1974, or both. We make no
representations with regard to the impact of these and other applicable laws on
such programs. We recommend that employers, trustees, and others purchasing or
making contracts available for purchase under such programs seek the advice of
their own legal and benefits advisers.
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Charges and expenses 33
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OTHER DISTRIBUTION ARRANGEMENTS
We may reduce or eliminate charges when sales are made in a manner that results
in savings of sales and administrative expenses, such as sales through persons
who are compensated by clients for recommending investments and who receive no
commission or reduced commissions in connection with the sale of the contracts.
We will not permit a reduction or elimination of charges where it will be
unfairly discriminatory.
<PAGE>
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34 Payment of death benefit
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6
Payment of death benefit
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YOUR BENEFICIARY AND PAYMENT OF BENEFIT
You designate your beneficiary when you apply for your contract. You may change
your beneficiary at any time by writing to our Processing Office. The change
will be effective on the date the written request for the change is received in
our Processing Office. We are not responsible for any beneficiary change request
that we do not receive.
The death benefit is equal to your account value, or, if greater, the "minimum
death benefit." The minimum death benefit is equal to your total contributions,
less withdrawals and any taxes that may apply. We determine the amount of the
death benefit as of the date we receive satisfactory proof of the annuitant's
death and any required instructions for the method of payment.
On the date we determine the death benefit, your account value will be deducted
from the investment options. We will hold this amount in our general account and
credit it with interest at a rate not less than the rate required by law. If you
have transferred the value of another annuity contract that we issue to your
EQUI-VEST Express contract, the value of the other contract's minimum death
benefit calculated as of the time of the transfer will be included in the total
contributions for the purpose of calculating the minimum death benefit.
EFFECT OF THE ANNUITANT'S DEATH
If the annuitant dies before the annuity payments begin, we will pay the death
benefit to your beneficiary.
Generally, the death of the annuitant terminates the contract. However, a
beneficiary who is the surviving spouse of the owner/annuitant can choose to be
treated as the successor owner/annuitant and continue the contract. Only a
spouse can be a successor owner/annuitant.
For Traditional IRA and QP IRA contracts, a beneficiary who is not a surviving
spouse may be able to have limited ownership as discussed under "Beneficiary
continuation option under Traditional IRA and QP IRA Contracts" below.
WHEN AN NQ CONTRACT OWNER DIES BEFORE THE ANNUITANT
Under certain conditions the owner can change after the original owner's death.
When you are not the annuitant under an NQ contract and you die before annuity
payments begin, the beneficiary named to receive the death benefit upon the
annuitant's death will automatically become the successor owner. If you do not
want the person named to receive the death benefit upon the annuitant's death to
be the successor owner, you should name a specific successor owner. You may name
a different person that will become the successor owner at any time by sending
satisfactory notice to our Processing Office.
Unless the surviving spouse of the owner who has died is the successor owner for
this purpose, the entire interest in the contract must be distributed under the
following rules:
o The cash value of the contract must be fully paid to the designated
beneficiary (new owner) by December 31st of the fifth calendar year after
your death.
o The successor owner may instead elect to receive the cash value as a life
annuity (or payments for a period certain of not longer than the new
owner's life expectancy). Payments must begin no later than December 31st
following the calendar year of the non-annuitant owner's death. Unless this
alternative is elected, we will pay any cash value on December 31st of the
fifth calendar year following the year of your death.
o If the surviving spouse is the successor owner, the spouse may elect to
continue the contract. No distributions are required as long as the
surviving spouse and annuitant are living.
HOW DEATH BENEFIT PAYMENT IS MADE
We will pay the death benefit to the beneficiary in the form of the annuity
payout option you have chosen. If you have not chosen an annuity payout option
as of the time of the annuitant's death, the beneficiary will receive the death
benefit in a single sum. However, subject to any exceptions in the contract, our
rules and any applicable requirements
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Payment of death benefit 35
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under federal income tax rules, the beneficiary may elect to apply the death
benefit to one or more annuity payout options we offer at the time. See
"Choosing your annuity payout options" earlier in this prospectus. Please note
that if you are both the contract owner and the annuitant, you may elect only a
life annuity or an annuity that does not extend beyond the life expectancy of
the beneficiary.
Single sum payments generally are paid through the Equitable Life Access
Account(TM), an interest bearing checking account. Beneficiaries have immediate
access to the proceeds by writing a check on the account. We pay interest from
the date the single sum is deposited into the Access Account until the account
is closed.
BENEFICIARY CONTINUATION OPTION UNDER TRADITIONAL IRA AND QP IRA CONTRACTS
Upon your death, a non-spouse beneficiary may generally elect to keep the
contract in your name and receive distributions under the contract instead of
the death benefit being paid in a single sum. The account value used to provide
the distributions will be increased to equal the amount of the death benefit.
The beneficiary's choices depend in part on whether or not you were taking
required minimum distributions under the contract prior to your death.
(1) If you were taking required minimum distributions under the contract, the
distributions to the beneficiary must continue to be made at least as
rapidly as prior to your death.
(2) If you die before you must take required minimum distributions under the
contract, the beneficiary may begin taking minimum distributions under the
contract, but such withdrawals must be based on the beneficiary's life
expectancy. The withdrawals must begin by December 31st of the calendar
year following your death. If there is more than one beneficiary, the
shortest life expectancy must be used.
(3) The withdrawals must be taken annually. There will not be a withdrawal
charge for these withdrawals. The beneficiary along with his or her tax
adviser will be responsible for determining the amount of the withdrawals.
(4) The designated beneficiary must be a natural person and of legal age at the
time of election. The beneficiary must elect this option within 30 days
following the date we receive proof of your death. If no election is made
within 30 days to: (1) receive the death benefit, or (2) continue the
contract and take annual withdrawals as described above, or (3) defer
payment of the account value for five years, the death benefit will be paid
to the beneficiary according to our standard procedures.
(5) While the contract continues in your name, the beneficiary may transfer the
contract's account value among the investment options. However, additional
contributions will not be permitted and the death benefit provisions will
no longer be in effect. Although the only withdrawals that will be
permitted are minimum distribution withdrawals, the beneficiary may choose
at any time to withdraw all of the account value and no withdrawal charges
will apply.
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7 Tax information
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OVERVIEW
In this part of the prospectus, we discuss the current federal income tax rules
that generally apply to EQUI-VEST Express contracts owned by United States
taxpayers. The tax rules can differ, depending on the type of contract, whether
NQ, Traditional IRA, QP IRA, or Roth IRA. Therefore, we discuss the tax aspects
of each type of contract separately.
Federal income tax rules include the United States laws in the Internal Revenue
Code, and Treasury Department Regulations and Internal Revenue Service ("IRS")
interpretations of the Internal Revenue Code. These tax rules may change. We
cannot predict whether, when, or how these rules could change. Any change could
affect contracts purchased before the change.
We cannot provide detailed information on all tax aspects of the contracts.
Moreover, the tax aspects that apply to a particular person's contract may vary
depending on the facts applicable to that person. We do not discuss state income
and other state taxes, federal income tax and withholding rules for non-U.S.
taxpayers, or federal gift and estate taxes. Transfers of the contract, rights
under the contract, or payments under the contract may be subject to gift or
estate taxes. You should not rely only on this document, but should consult your
tax adviser before your purchase.
If you are buying a contract to fund a retirement plan that already provides tax
deferral under the Internal Revenue Code (any type of IRA) you should do so for
the contract's features and benefits other than tax deferral. In such
situations, the tax deferral of the contract does not provide additional
benefits.
TRANSFERS AMONG INVESTMENT OPTIONS
You can make transfers among investment options inside the contract without
triggering taxable income.
TAXATION OF NONQUALIFIED ANNUITIES
CONTRIBUTIONS
You may not deduct the amount of your contributions to a nonqualified annuity
contract.
CONTRACT EARNINGS
Generally, you are not taxed on contract earnings until you receive a
distribution from your contract, whether as a withdrawal or as an annuity
payment. However, earnings are taxable, even without a distribution:
o if a contract fails investment diversification requirements as specified in
federal income tax rules (these rules are based on or are similar to those
specified for mutual funds under securities laws);
o if you transfer a contract, for example, as a gift to someone other than
your spouse (or former spouse);
o if you use a contract as security for a loan (in this case, the amount
pledged will be treated as a distribution); and
o if the owner is other than an individual (such as a corporation,
partnership, trust, or other non-natural person).
All nonqualified deferred annuity contracts that Equitable Life and its
affiliates issue to you during the same calendar year are linked together and
treated as one contract for calculating the taxable amount of any distribution
from any of those contracts.
ANNUITY PAYMENTS
Once annuity payments begin, a portion of each payment is taxable as ordinary
income. You get back the remaining portion without paying taxes on it. This is
your "investment in the contract." Generally, your investment in the contract
equals the contributions you made, less any amounts you previously withdrew that
were not taxable.
For fixed annuity payments, the tax-free portion of each payment is determined
by (1) dividing your investment in the contract by the total amount you are
expected to receive out of the contract, and (2) multiplying the result by the
amount
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of the payment. For variable annuity payments, your investment in the contract
divided by the number of expected payments is your tax-free portion of each
payment.
Once you have received the amount of your investment in the contract, all
payments after that are fully taxable. If payments under a life annuity stop
because the annuitant dies, there is an income tax deduction for any unrecovered
investment in the contract.
PAYMENTS MADE BEFORE ANNUITY PAYMENTS BEGIN
If you make withdrawals before annuity payments begin under your contract, they
are taxable to you as ordinary income if there are earnings in the contract.
Generally, earnings are your account value less your investment in the contract.
If you withdraw an amount which is more than the earnings in the contract as of
the date of the withdrawal, the balance of the distribution is treated as a
return of your investment in the contract and is not taxable.
CONTRACTS PURCHASED THROUGH EXCHANGES
You may purchase your NQ contract through an exchange of another contract.
Normally, exchanges of contracts are taxable events. The exchange will not be
taxable under Section 1035 of the Internal Revenue Code if:
o The contract which is the source of the funds you are using to purchase the
NQ contract is another nonqualified deferred annuity contract (or life
insurance or endowment contract).
o The owner and the annuitant are the same under the source contract and the
EQUI-VEST Express NQ contract. If you are using a life insurance or
endowment contract the owner and the insured must be the same on both sides
of the exchange transaction.
The tax basis of the source contract carries over to the EQUI-VEST Express NQ
contract.
SURRENDERS
If you surrender or cancel the contract, the distribution is taxable as ordinary
income (not capital gain) to the extent it exceeds your investment in the
contract.
DEATH BENEFIT PAYMENTS MADE TO A BENEFICIARY AFTER YOUR DEATH
For the rules applicable to death benefits, see "Payment of death benefit" and
"When an NQ contract owner dies before the annuitant" earlier in this
prospectus. The tax treatment of a death benefit taken as a single sum is
generally the same as the tax treatment of a withdrawal from or surrender of
your contract. The tax treatment of a death benefit taken as annuity payments is
generally the same as the tax treatment of annuity payments under your contract.
EARLY DISTRIBUTION PENALTY TAX
If you take distributions before you are age 59 1/2 a penalty tax of 10% of the
taxable portion of your distribution applies in addition to the income tax. The
extra penalty tax does not apply to pre-age 59 1/2 distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o in the form of substantially equal periodic annuity payments for your life
(or life expectancy) or the joint lives (or joint life expectancy) of you
and a beneficiary.
SPECIAL RULES FOR NQ CONTRACTS ISSUED IN PUERTO RICO
Under current law we treat income from NQ contracts as U.S. source. A Puerto
Rico resident is subject to U.S. taxation on such U.S.-source income. Only
Puerto Rico-source income of Puerto Rico residents is excludable from U.S.
taxation. Income from NQ contracts is also subject to Puerto Rico tax. The
calculation of the taxable portion of amounts distributed from a contract may
differ in the two jurisdictions. Therefore, you might have to file both U.S. and
Puerto Rico tax returns, showing different amounts of income from the contract
for each tax return. Puerto Rico generally provides a credit against Puerto Rico
tax for U.S. tax paid. Depending on your
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personal situation and the timing of the different tax liabilities, you may not
be able to take full advantage of this credit.
INDIVIDUAL RETIREMENT ARRANGEMENTS ("IRAS")
GENERAL
"IRA" stands for individual retirement arrangement. There are two basic types of
such arrangements, individual retirement accounts and individual retirement
annuities. In an individual retirement account, a trustee or custodian holds the
assets for the benefit of the IRA owner. The assets can include mutual funds and
certificates of deposit. In an individual retirement annuity, an insurance
company issues an annuity contract that serves as the IRA.
There are two basic types of IRAs, as follows:
o "Traditional IRAs," typically funded on a pre-tax basis including SEP-IRAs
and SIMPLE-IRAs, issued and funded in connection with employer-sponsored
retirement plans. EQUIVEST Express Traditional IRA and QP-IRA are
traditional IRAs.
o Roth IRAs, first available in 1998, funded on an after-tax basis. EQUI-VEST
Express Roth IRA.
Regardless of the type of IRA, your ownership interest in the IRA cannot be
forfeited. You or your beneficiaries who survive you are the only ones who can
receive the IRA's benefits or payments.
You can hold your IRA assets in as many different accounts and annuities as you
would like, as long as you meet the rules for setting up and making
contributions to IRAs. However, if you own multiple IRAs, you may be required to
combine IRA values or contributions for tax purposes. For further information
about individual retirement arrangements, you can read Internal Revenue Service
Publication 590 ("Individual Retirement Arrangements (IRAs)"). This publication
is usually updated annually, and can be obtained from any IRS district office or
the IRS website (www.irs.ustreas.gov).
Equitable Life designs its traditional IRA contracts to qualify as "individual
retirement annuities" under Section 408(b) of the Internal Revenue Code. This
prospectus contains the information that the IRS requires you to have before you
purchase an IRA. This section of the prospectus covers some of the special tax
rules that apply to IRAs. The next section covers Roth IRAs. Education IRAs are
not discussed in this prospectus because they are not available in individual
retirement annuity form.
The EQUI-VEST Express IRA contract has been approved by the IRS as to form for
use as a Traditional IRA. We have submitted the Roth IRA version for formal IRS
approval. This IRS approval is a determination only as to the form of the
annuity. It does not represent a determination of the merits of the annuity as
an investment. The IRS approval does not address every feature possibly
available under the EQUI-VEST Express IRA contract.
CANCELLATION
You can cancel any version of the EQUI-VEST Express IRA contract (Traditional
IRA, QP IRA, or Roth IRA) by following the directions under "Your right to
cancel within a certain number of days" earlier in the prospectus. You can
cancel an EQUI-VEST Express Roth IRA contract issued as a result of a full or
partial conversion of any EQUI-VEST Traditional IRA contract by following the
instructions in the "EQUI-VEST Roth IRA Re-Characterization Form." The form is
available from our Processing Office or your Equitable associate. If you cancel
a Traditional IRA, or Roth IRA contract, we may have to withhold tax, and we
must report the transaction to the IRS. A contract cancellation could have an
unfavorable tax impact.
TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)
CONTRIBUTIONS TO TRADITIONAL IRAS. Individuals may make three different types of
contributions to a traditional IRA:
o regular contributions out of earned income or compensation; or
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o tax-free "rollover" contributions; or
o direct custodian-to-custodian transfers from other traditional IRAs
("direct transfers").
REGULAR CONTRIBUTIONS TO TRADITIONAL IRAS
The EQUI-VEST Express Traditional IRA is intended receive regular contributions.
LIMITS ON CONTRIBUTIONS TO TRADITIONAL IRAS. Generally, $2,000 is the maximum
amount that you may contribute to all IRAs (including Roth IRAs) in any taxable
year. When your earnings are below $2,000, your earned income or compensation
for the year is the most you can contribute. This $2,000 limit does not apply to
rollover contributions or direct custodian-to-custodian transfers into a
traditional IRA. You cannot make regular contributions for the tax year in which
you reach age 70 1/2 or any tax year after that.
SPECIAL RULES FOR SPOUSES. If you are married and file a joint income tax
return, you and your spouse may combine your compensation to determine the
amount of regular contributions you are permitted to make to traditional IRAs
(and Roth IRAs discussed below). Even if one spouse has no compensation or
compensation under $2,000, married individuals filing jointly can contribute up
to $4,000 for any taxable year to any combination of traditional IRAs and Roth
IRAs. (Any contributions to Roth IRAs reduce the ability to contribute to
traditional IRAs and vice versa.) The maximum amount may be less if earned
income is less and the other spouse has made IRA contributions. No more than a
combined total of $2,000 can be contributed annually to either spouse's
traditional IRAs and Roth IRAs. Each spouse owns his or her traditional IRAs and
Roth IRAs even if the other spouse funded the contributions. A working spouse
age 70 1/2 or over can contribute up to the lesser of $2,000 or 100% of "earned
income" to a traditional IRA for a nonworking spouse until the year in which the
nonworking spouse reaches age 70 1/2.
DEDUCTIBILITY OF CONTRIBUTIONS. The amount of traditional IRA contributions that
you can deduct for a tax year depends on whether you are covered by an
employer-sponsored tax-favored retirement plan, as defined under special federal
income tax rules. Your Form W-2 will indicate whether or not you are covered by
such a retirement plan.
IF YOU ARE NOT COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, you can
make fully deductible contributions to your traditional IRAs for each tax year
up to $2,000 or, if less, your earned income.
IF YOU ARE COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, and your
adjusted gross income (AGI) is BELOW THE LOWER DOLLAR FIGURE IN A PHASE-OUT
RANGE, you can make fully deductible contributions to your traditional IRAs. For
each tax year your fully deductible contribution can be up to $2,000 or, if
less, your earned income.
IF YOU ARE COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, and your
AGI falls within a PHASE-OUT range, you can make partially deductible
contributions to your traditional IRAs.
IF YOU ARE COVERED BY A RETIREMENT PLAN DURING ANY PART OF THE YEAR, and your
AGI falls ABOVE THE HIGHER FIGURE IN THE PHASE-OUT RANGE, you may not deduct any
of your regular contributions to your traditional IRAs.
If you are single and covered by a retirement plan during any part of the
taxable year, the deduction for traditional IRA contributions phases out with
AGI between $31,000 and $41,000 in 1999. This range will increase every year
until 2005 when the range is $50,000-$60,000.
If you are married and file a joint return, and you are covered by a retirement
plan during any part of the taxable year, the deduction for traditional IRA
contributions phases out with AGI between $51,000 and $61,000 in 1999. This
range will increase every year until 2007 when the range is $80,000-$100,000.
Married individuals filing separately and living apart at all times are not
considered married for purposes of this deductible contribution calculation.
Generally, the active participation in an employer-sponsored retirement plan of
an individual is determined independently for each spouse.
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Where spouses have "married filing jointly" status, however, the maximum
deductible traditional IRA contribution for an individual who is not an active
participant (but whose spouse is an active participant) is phased out for
taxpayers with AGI of between $150,000 and $160,000.
To determine the deductible amount of the contribution in 1999, you determine
AGI and subtract $31,000 if you are single, or $51,000 if you are married and
file a joint return with your spouse. The resulting amount is your Excess AGI.
You then determine the limit on the deduction for traditional IRA contributions
using the following formula:
($10,000-excess AGI) times $2,000 (or earned Equals the adjusted
- ---------------------- x income, if less) = deductible
divided by $10,000 contribution
limit
NONDEDUCTIBLE REGULAR CONTRIBUTIONS. If you are not eligible to deduct part or
all of the traditional IRA contribution, you may still make nondeductible
contributions on which earnings will accumulate on a tax-deferred basis. The
combined deductible and nondeductible contributions to your traditional IRA (or
the nonworking spouse's traditional IRA) may not, however, exceed the maximum
$2,000 per person limit. See "Excess Contributions" below. You must keep your
own records of deductible and nondeductible contributions in order to prevent
double taxation on the distribution of previously taxed amounts. See
"Withdrawals, payments and transfers of funds out of Traditional IRAs" below.
If you are making nondeductible contributions in any taxable year, or you have
made nondeductible contributions to a traditional IRA in prior years and are
receiving distributions from any traditional IRA, you must file the required
information with the IRS. Moreover, if you are making nondeductible traditional
IRA contributions, you must retain all income tax returns and records pertaining
to such contributions until interests in all traditional IRAs are fully
distributed.
WHEN YOU CAN MAKE REGULAR CONTRIBUTIONS. If you file your tax returns on a
calendar year basis like most taxpayers, you have until the April 15th return
filing deadline (without extensions) of the following calendar year to make your
regular contributions for a tax year.
EXCESS CONTRIBUTIONS
Excess contributions to IRAs are subject to a 6% excise tax for the year in
which made and for each year after until withdrawn. The following are excess
contributions to IRAs:
o regular contributions of more than $2,000; or
o regular contributions of more than earned income for the year, if that
amount is under $2,000; or
o regular contributions to a traditional IRA made after you reach age
70 1/2; or
o rollover contributions of amounts which are not eligible to be rolled over.
For example, after-tax contributions to a qualified plan or minimum
distributions required to be made after age 70 1/2.
You can avoid the excise tax by withdrawing an excess contribution (rollover or
regular) before the due date (including extensions) for filing your federal
income tax return for the year. If it is an excess regular contribution, you
cannot take a tax deduction for the amount withdrawn. You do not have to include
the excess contribution withdrawn as part of your income. It is also not subject
to the 10% additional penalty tax on early distributions discussed below under
"Early distribution penalty tax." You do have to withdraw any earnings that are
attributed to the excess contribution. The withdrawn earnings would be included
in your gross income and could be subject to the 10% penalty tax.
Even after the due date for filing your return, you may withdraw an excess
rollover contribution, without income inclusion or 10% penalty, if:
(1) the rollover was from a qualified retirement plan to a traditional IRA;
(2) the excess contribution was due to incorrect information that the plan
provided; and
(3) you took no tax deduction for the excess contribution.
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RECHARACTERIZATIONS
You may also change your mind about amounts contributed as Roth IRA funds to
Traditional IRA funds, in accordance with special federal income tax rules, if
you use the forms we prescribe. This is referred to as having "recharacterized"
your contribution.
ROLLOVERS AND TRANSFERS
Rollover contributions may be made to a traditional IRA from these sources:
o qualified plans;
o TSAs (including Internal Revenue Code Section 403(b)(7) custodial
accounts); and
o other traditional IRAs.
Any amount contributed to a traditional IRA after you reach age 70 1/2 must be
net of your required minimum distribution for the year in which the rollover or
direct transfer contribution is made.
ROLLOVERS FROM QUALIFIED PLANS OR TSAS
There are two ways to do rollovers:
o Do it yourself
You actually receive a distribution that can be rolled over and you roll it
over to a traditional IRA within 60 days after the date you receive the
funds. The distribution from your qualified plan or TSA will be net of 20%
mandatory federal income tax withholding. If you want, you can replace the
withheld funds yourself and roll over the full amount.
o Direct rollover
You tell your qualified plan trustee or TSA issuer/custodian/fiduciary to
send the distribution directly to your traditional IRA issuer. Direct
rollovers are not subject to mandatory federal income tax withholding.
All distributions from a TSA or qualified plan are eligible rollover
distributions, unless the distribution is:
o only after-tax contributions you made to the plan; or
o "required minimum distributions" after age 70 1/2 or separation from
service; or
o substantially equal periodic payments made at least annually for your life
(or life expectancy) or the joint lives (or joint life expectancies) of you
and your designated beneficiary; or
o a hardship withdrawal; or
o substantially equal periodic payments made for a specified period of 10
years or more; or
o corrective distributions which fit specified technical tax rules; or
o loans that are treated as distributions; or
o a death benefit payment to a beneficiary who is not your surviving spouse;
or
o a qualified domestic relations order distribution to a beneficiary who is
not your current spouse or former spouse.
ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS
You may roll over amounts from one traditional IRA to one or more of your other
traditional IRAs if you complete the transaction within 60 days after you
receive the funds. You may make such a rollover only once in every 12-month
period for the same funds. Trustee-to-trustee or custodian-to-custodian direct
transfers are not rollover transactions. You can make these more frequently than
once in every 12-month period.
The surviving spouse beneficiary of a deceased individual can roll over or
directly transfer an inherited traditional IRA to one or more other traditional
IRAs. Also, in some cases, traditional IRAs can be transferred on a tax-free
basis between spouses or former spouses as a result of a court ordered divorce
or separation decree.
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WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF TRADITIONAL IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a traditional IRA at any time. You do not need to wait
for a special event like retirement.
TAXATION OF PAYMENTS. Earnings in traditional IRAs are not subject to federal
income tax until you or your beneficiary receives them. Taxable payments or
distributions include withdrawals from your contract, surrender of your contract
and annuity payments from your contract. Death benefits are also taxable. Except
as discussed below, the total amount of any distribution from a traditional IRA
must be included in your gross income as ordinary income.
If you have ever made nondeductible IRA contributions to any traditional IRA (it
does not have to be to this particular traditional IRA contract), those
contributions are recovered tax free when you get distributions from any
traditional IRA. You must keep permanent tax records of all of your
nondeductible contributions to traditional IRAs. At the end of any year in which
you have received a distribution from any traditional IRA, you calculate the
ratio of your total nondeductible Traditional IRA contributions (less any
amounts previously withdrawn tax free) to the total account balances of all
traditional IRAs you own at the end of the year plus all traditional IRA
distributions made during the year. Multiply this by all distributions from the
traditional IRA during the year to determine the nontaxable portion of each
distribution.
In addition, a distribution is not taxable if:
o the amount received is a withdrawal of excess contributions, as described
under "Excess contributions" above; or
o the entire amount received is rolled over to another traditional IRA (see
"Rollovers and transfers" above); or
o in certain limited circumstances, where the traditional IRA acts as a
conduit, you roll over the entire amount into a qualified plan or TSA that
accepts rollover contributions. To get this conduit Traditional IRA
treatment:
o the source of funds you used to establish the traditional IRA must have
been a rollover contribution from a qualified plan, and
o the entire amount received from the traditional IRA (including any earnings
on the rollover contribution) must be rolled over into another qualified
plan within 60 days of the date received.
Similar rules apply in the case of a TSA. However, you may lose conduit
treatment, if you make an eligible rollover distribution contribution to a
Traditional IRA and you commingle this contribution with other contributions. In
that case, you may not be able to roll over these eligible rollover distribution
contributions and earnings to another qualified plan or TSA at a future date.
Distributions from a traditional IRA are not eligible for favorable five-year
averaging (or, in some cases, ten-year averaging and long-term capital gain
treatment) available to certain distributions from qualified plans.
The EQUI-VEST Express QP IRA contract is intended to be used as a conduit IRA
however, non-rollover contributions cannot be commingled.
REQUIRED MINIMUM DISTRIBUTIONS
LIFETIME REQUIRED MINIMUM DISTRIBUTIONS. You must start taking annual
distributions from your Traditional IRAs beginning at age 70 1/2.
WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION. The first
required minimum distribution is for the calendar year in which you turn age
70 1/2. You have the choice to take this first required minimum distribution
during the calendar year you actually reach age 70 1/2, or to delay taking it
until the first three-month period in the next calendar year (January 1 - April
1). Distributions must start no later than your "Required Beginning Date," which
is April 1st of the calendar year after the calendar year in which you turn age
70 1/2. If you choose to delay taking the first annual minimum distribution,
then you will have to
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take two minimum distributions in that year -- the delayed one for the first
year and the one actually for that year. Once minimum distributions begin, they
must be made at some time each year.
HOW YOU CALCULATE REQUIRED MINIMUM DISTRIBUTIONS. There are two approaches to
taking required minimum distributions -- "account-based" or "annuity-based."
Account-based method. If you choose an account-based method, you divide the
value of your traditional IRA as of December 31st of the past calendar year by a
life expectancy factor from IRS tables. This gives you the required minimum
distribution amount for that particular IRA for that year. The required minimum
distribution amount will vary each year as the account value and your life
expectancy factors change.
You have a choice of life expectancy factors, depending on whether you choose a
method based only on your life expectancy, or the joint life expectancies of you
and another individual. You can decide to "recalculate" your life expectancy
every year by using your current life expectancy factor. You can decide instead
to use the "term certain" method, where you reduce your life expectancy by one
every year after the initial year. If your spouse is your designated beneficiary
for the purpose of calculating annual account-based required minimum
distributions, you can also annually recalculate your spouse's life expectancy
if you want. If you choose someone who is not your spouse as your designated
beneficiary for the purpose of calculating annual account-based required minimum
distributions, you have to use the term certain method of calculating that
person's life expectancy. If you pick a nonspouse designated beneficiary, you
may also have to do another special calculation.
You can later apply your traditional IRA funds to a life annuity-based payout.
You can only do this if you already chose to recalculate your life expectancy
annually (and your spouse's life expectancy if you select a spousal joint
annuity). For example, if you anticipate selecting any form of life annuity
payout after you are age 70 1/2, you must have elected to recalculate life
expectancies.
Annuity-based method. If you choose an annuity-based method you do not have to
do annual calculations. You apply the account value to an annuity payout for
your life or the joint lives of you and a designated beneficiary, or for a
period certain not extending beyond applicable life expectancies.
DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM
DISTRIBUTIONS FOR ALL OF YOUR TRADITIONAL IRAS AND OTHER RETIREMENT PLANS? No.
If you want, you can choose a different method and a different beneficiary for
each of your Traditional IRAs and other retirement plans. For example, you can
choose an annuity payout from one IRA, a different annuity payout from a
qualified plan, and an account-based annual withdrawal from another IRA.
WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR TRADITIONAL IRA BASED ON
THE METHOD YOU CHOOSE? No, unless you affirmatively select an annuity payout
option or an account-based withdrawal option such as our minimum distribution
withdrawal option. Because the options we offer do not cover every option
permitted under federal income tax rules, you may prefer to do your own required
minimum distribution calculations for one or more of your traditional IRAs.
WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR? The required minimum
distribution amount for your traditional IRAs is calculated on a year-by-year
basis. There are no carry-back or carry-forward provisions. Also, you cannot
apply required minimum distribution amounts you take from your qualified plans
to the amounts you have to take from your traditional IRAs and vice-versa.
However, the IRS will let you calculate the required minimum distribution for
each traditional IRA that you maintain, using the method that you picked for
that particular IRA. You can add these required minimum distribution amount
calculations together. As long as the total amount you take out every year
satisfies your overall traditional IRA required minimum distribution amount, you
may choose to take your annual required minimum distribution from any one or
more traditional IRAs that you own.
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WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR? Your IRA could be
disqualified, and you could have to pay tax on the entire value. Even if your
IRA is not disqualified, you could have to pay a 50% penalty tax on the
shortfall (required amount for traditional IRAs less amount actually taken). It
is your responsibility to meet the required minimum distribution rules. We will
remind you when our records show that your age 70 1/2 is approaching. If you do
not select a method with us, we will assume you are taking your required minimum
distribution from another traditional IRA that you own.
WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE? If you die
after either (a) the start of annuity payments, or (b) your Required Beginning
Date, your beneficiary must receive payment of the remaining values in the
contract at least as rapidly as under the distribution method before your death.
In some circumstances, your surviving spouse may elect to become the owner of
the traditional IRA and halt distributions until he or she reaches age 70 1/2.
If you die before your Required Beginning Date and before annuity payments
begin, federal income tax rules require complete distribution of your entire
value in the contract within five years after your death. Payments to a
designated beneficiary over the beneficiary's life or over a period certain that
does not extend beyond the beneficiary's life expectancy are also permitted, if
these payments start within one year of your death. A surviving spouse
beneficiary can also (a) delay starting any payments until you would have
reached age 70 1/2 or (b) roll over your traditional IRA into his or her own
traditional IRA.
SUCCESSOR ANNUITANT AND OWNER
If your spouse is the sole primary beneficiary and elects to become the
successor annuitant and owner, no death benefit is payable until your surviving
spouse's death.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
IRA death benefits are taxed the same as IRA distributions.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
You cannot get loans from a traditional IRA. You cannot use a traditional IRA as
collateral for a loan or other obligation. If you borrow against your IRA or use
it as collateral, its tax-favored status will be lost as of the first day of the
tax year in which this prohibited event occurs. If this happens, you must
include the value of the traditional IRA in your federal gross income. Also, the
early distribution penalty tax of 10% will apply if you have not reached age
59 1/2 before the first day of that tax year.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a traditional IRA made before you reach age 59 1/2 The
extra penalty tax does not apply to pre-age 59 1/2 distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o to pay for certain extraordinary medical expenses (special federal income
tax definition); or
o to pay medical insurance premiums for unemployed individuals (special
federal income tax definition); or
o to pay certain first-time home buyer expenses (special federal income tax
definition); or
o to pay certain higher education expenses (special federal income tax
definition); or
o in the form of substantially equal periodic payments made at least annually
over your life (or your life expectancy), or over the joint lives of you
and your beneficiary (or your joint life expectancy) using an IRS-approved
distribution method.
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ROTH INDIVIDUAL RETIREMENT ANNUITIES (ROTH IRAS)
This section of the prospectus covers some of the special tax rules that apply
to Roth IRAs. If the rules are the same as those that apply to the Traditional
IRA, we will refer you to the same topic under "Traditional IRAs."
The EQUI-VEST Express Roth IRA contracts are designed to qualify as Roth
individual retirement annuities under Sections 408A and 408(b) of the Internal
Revenue Code.
CONTRIBUTIONS TO ROTH IRAS
Individuals may make four different types of contributions to a Roth IRA:
o regular after-tax contributions out of earnings; or
o taxable rollover contributions from Traditional IRAs ("conversion"
contributions); or
o tax-free rollover contributions from other Roth IRAs; or
o tax-free direct custodian-to-custodian transfers from other Roth IRAs
("direct transfers").
If you use the forms we require, we will also accept traditional IRA funds which
are subsequently recharacterized as Roth IRA funds following special federal
income tax rules.
REGULAR CONTRIBUTIONS TO ROTH IRAS
LIMITS ON REGULAR CONTRIBUTIONS. Generally, $2,000 is the maximum amount that
you may contribute to all IRAs (including Roth IRAs) in any taxable year. This
$2,000 limit does not apply to rollover contributions or direct
custodian-to-custodian transfers into a Roth IRA. Any contributions to Roth IRAs
reduce your ability to contribute to traditional IRAs and vice versa. When your
earnings are below $2,000, your earned income or compensation for the year is
the most you can contribute. If you are married and file a joint income tax
return, you and your spouse may combine your compensation to determine the
amount of regular IRA and after-tax contributions you are permitted to make to
Roth IRAs and traditional IRAs. See the discussion above under traditional IRAs.
With a Roth IRA, you can make regular contributions when you reach 70 1/2, as
long as you have sufficient earnings. But, you cannot make contributions for any
year that:
o your federal income tax filing status is "married filing jointly" and your
adjusted gross income is over $160,000; or,
o your federal income tax filing status is "single" and your adjusted gross
income is over $110,000.
However, you can make regular Roth IRA contributions in reduced amounts when:
o your federal income tax filing status is "married filing jointly" and your
adjusted gross income is between $150,000 and $160,000; or
o your federal income tax filing status is "single" and your adjusted gross
income is between $95,000 and $110,000.
If you are married and filing separately and your adjusted gross income is
between $0 and $10,000 the amount of regular contribution you are permitted to
make is phased out. If your adjusted gross income is more than $10,000 you
cannot make a regular Roth IRA contribution.
WHEN YOU CAN MAKE CONTRIBUTIONS? Same as traditional IRAs.
DEDUCTIBILITY OF CONTRIBUTIONS. Roth IRA contributions are not tax deductible.
ROLLOVERS AND DIRECT TRANSFERS
WHAT IS THE DIFFERENCE BETWEEN ROLLOVER AND DIRECT TRANSFER TRANSACTIONS? You
may make rollover contributions to a Roth IRA from only two sources:
o another Roth IRA ("tax-free rollover contribution"); or
o another traditional IRA, including a SEP-IRA or SIMPLE-IRA, in a taxable
"conversion" rollover ("conversion contribution").
You may not make contributions to a Roth IRA from a qualified plan under Section
401(a) of the Internal Revenue Code, or a TSA under Section 403(b) of the
Internal Revenue
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Code. You may make direct transfer contributions to a Roth IRA only from another
Roth IRA.
The difference between a rollover transaction and a direct transfer transaction
is the following. In a rollover transaction you actually take possession of the
funds rolled over, or are considered to have received them under tax law in the
case of a change from one type of plan to another. In a direct transfer
transaction, you never take possession of the funds, but direct the first Roth
IRA custodian, trustee, or issuer to transfer the first Roth IRA funds directly
to Equitable Life, as the Roth IRA issuer. You can make direct transfer
transactions only between identical plan types (for example, Roth IRA to Roth
IRA). You can also make rollover transactions between identical plan types.
However, you can only use rollover transactions between different plan types
(for example, Traditional IRA to Roth IRA).
You may make both Roth IRA to Roth IRA rollover transactions and Roth IRA to
Roth IRA direct transfer transactions. This can be accomplished on a completely
tax-free basis. However, you may make Roth IRA to Roth IRA rollover transactions
only once in any 12-month period for the same funds. Trustee-to-trustee or
custodian-to-custodian direct transfers can be made more frequently than once a
year. Also, if you send us the rollover contribution to apply it to a Roth IRA,
you must do so within 60 days after you receive the proceeds from the original
IRA to get rollover treatment.
The surviving spouse beneficiary of a deceased individual can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. In some
cases, Roth IRAs can be transferred on a tax-free basis between spouses or
former spouses as a result of a court ordered divorce or separation decree.
CONVERSION CONTRIBUTIONS TO ROTH IRAS
In a conversion rollover transaction, you withdraw (or are considered to have
withdrawn) all or a portion of funds from a traditional IRA you maintain and
convert it to a Roth IRA within 60 days after you receive (or are considered to
have received) the traditional IRA proceeds. Unlike a rollover from a
traditional IRA to another Traditional IRA, the conversion rollover transaction
is not tax-free. Instead, the distribution from the traditional IRA is generally
fully taxable. For this reason, we are required to withhold 10% federal income
tax from the amount converted unless you elect out of such withholding. (If you
have ever made nondeductible regular IRA contributions to any traditional IRA --
whether or not it is the traditional IRA you are converting -- a pro rata
portion of the distribution is tax-free.)
There is, however, no early distribution penalty tax on the traditional IRA
withdrawal that you are converting to a Roth IRA, even if you are under age
59 1/2
You cannot make conversion contributions to a Roth IRA for any taxable year in
which your adjusted gross income exceeds $100,000. (For this purpose, your
adjusted gross income is calculated without the gross income stemming from the
traditional IRA conversion.) You also cannot make conversion contributions to a
Roth IRA for any taxable year in which your federal income tax filing status is
"married filing separately."
Finally, you cannot make conversion contributions to a Roth IRA to the extent
that the funds in your traditional IRA are subject to the annual required
minimum distribution rule applicable to traditional IRAs beginning at age
70 1/2.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a Roth IRA at any time; you do not need to wait for a
special event like retirement.
DISTRIBUTIONS FROM ROTH IRAS
Distributions include withdrawals from your contract, surrender and termination
of your contract and annuity payments from your contract. Death benefits are
also distributions.
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47 TAX INFORMATION
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The following distributions from Roth IRAs are free of income tax:
o Rollovers from a Roth IRA to another Roth IRA;
o Direct transfers from a Roth IRA to another Roth IRA;
o "Qualified Distributions" from Roth IRAs; and
o Return of excess contributions or amounts recharacterized to a traditional
IRA.
QUALIFIED DISTRIBUTIONS FROM ROTH IRAS
Qualified distributions from Roth IRAs made because of one of the following four
qualifying events or reasons are not includable in income:
o you reach age 59 1/2; or
o you die; or
o you become disabled (special federal income tax definition); or
o your distribution is a "qualified first-time homebuyer distribution"
(special federal income tax definition; $10,000 lifetime total limit for
these distributions from all of your traditional and Roth IRAs).
You also have to meet a five-year aging period. A qualified distribution is any
distribution made after the five-taxable year period beginning with the first
taxable year for which you made any contribution to any Roth IRA (whether or not
the one from which the distribution is being made). It is not possible to have a
tax-free qualified distribution before the year 2003 because of the five-year
aging requirement.
NONQUALIFIED DISTRIBUTIONS FROM ROTH IRAS
Nonqualified distributions from Roth IRAs are distributions that do not meet the
qualifying event and five-year aging period tests described above. Such
distributions are potentially taxable as ordinary income. Nonqualified
distributions receive return-of-investment-first treatment. Only the difference
between the amount of the distribution and the amount of contributions to all of
your Roth IRAs is taxable. You have to reduce the amount of contributions to all
of your Roth IRAs to reflect any previous tax-free recoveries.
You must keep your own records of regular and conversion contributions to all
Roth IRAs to assure appropriate taxation. You may have to file information on
your contributions to and distributions from any Roth IRA on your tax return.
You may have to retain all income tax returns and records pertaining to such
contributions and distributions until your interests in all Roth IRAs are
distributed.
Like traditional IRAs, taxable distributions from a Roth IRA are not entitled to
the special favorable five-year averaging method (or, in certain cases,
favorable ten-year averaging and long-term capital gain treatment) available in
certain cases to distributions from qualified plans.
REQUIRED MINIMUM DISTRIBUTIONS AT DEATH
Same as traditional IRA under "What are the required minimum distribution
payments after you die?" Lifetime required minimum distributions do not apply.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
Distributions to a beneficiary generally receive the same tax treatment as if
the distribution had been made to you.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
Same as traditional IRA.
EXCESS CONTRIBUTIONS
Same as traditional IRA, except that regular contributions made after age
70 1/2 are not "excess contributions."
Excess rollover contributions to Roth IRAs are contributions not eligible to be
rolled over (for example, conversion contributions from a traditional IRA if
your adjusted gross income is in excess of $100,000 in the conversion year).
You can withdraw or recharacterize any contribution to a Roth IRA before the due
date (including extensions) for filing your federal income tax return for the
tax year. If you do this,
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you must also withdraw or recharacterize any earnings attributable to the
contribution.
EARLY DISTRIBUTION PENALTY TAX
Same as traditional IRA.
For Roth IRAs, special penalty rules may apply to amounts withdrawn attributable
to 1998 conversion rollovers.
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
We must withhold federal income tax from distributions from annuity contracts.
You may be able to elect out of this income tax withholding in some cases.
Generally, we do not have to withhold if your distributions are not taxable. The
rate of withholding will depend on the type of distribution and, in certain
cases, the amount of your distribution. Any income tax withheld is a credit
against your income tax liability. If you do not have sufficient income tax
withheld or do not make sufficient estimated income tax payments, you may incur
penalties under the estimated income tax rules.
You must file your request not to withhold in writing before the payment or
distribution is made. Our Processing Office will provide forms for this purpose.
You cannot elect out of withholding unless you provide us with your correct
taxpayer Identification Number and a United States residence address. You cannot
elect out of withholding if we are sending the payment out of the United States.
You should note the following special situations:
o We might have to withhold on amounts we pay under a free look or
cancellation.
o We are generally required to withhold on conversion rollovers of
traditional IRAs to Roth IRAs, as it is considered a withdrawal from the
traditional IRA and is taxable.
o We are required to withhold on the gross amount of a distribution from a
Roth IRA unless you elect out of withholding. This may result in tax being
withheld even though the Roth IRA distribution is not taxable in whole or
in part.
Special withholding rules apply to foreign recipients and United States citizens
residing outside the United States. We do not discuss these rules here. Certain
states have indicated that state income tax withholding will also apply to
payments from the contracts made to residents. In some states, you may elect out
of state withholding, even if federal withholding applies. 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.
FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS
We withhold differently on "periodic" and "non-periodic" payments. For a
periodic annuity payment, for example, unless you specify a different number of
withholding exemptions, we withhold assuming that you are married and claiming
three withholding exemptions. If you do not give us your correct Taxpayer
Identification Number, we withhold as if you are single with no exemptions.
Based on the assumption that you are married and claiming three withholding
exemptions, if you receive less than $14,700 in periodic annuity payments in
1999 your payments will generally be exempt from federal income tax withholding.
You could specify a different choice of withholding exemption or request that
tax be withheld. Your withholding election remains effective unless and until
you revoke it. You may revoke or change your withholding election at any time.
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FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)
For a non-periodic distribution (total surrender, termination, or partial
withdrawal), we generally withhold at a flat 10% rate. We apply that rate to the
taxable amount in the case of nonqualified contracts, and to the payment amount
in the case of IRAs and Roth IRAs.
IMPACT OF TAXES TO EQUITABLE LIFE
The contracts provide that we may charge Separate Account A for taxes. We do not
now, but may in the future set up reserves for such taxes.
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8
More information
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ABOUT OUR SEPARATE ACCOUNT A
Each variable investment option is a subaccount of our Separate Account A. We
established Separate Account A in 1968 under special provisions of the New York
Insurance Law. These provisions prevent creditors from any other business we
conduct from reaching the assets we hold in our variable investment options for
owners of our variable annuity contracts. We are the legal owner of all of the
assets in Separate Account A and may withdraw any amounts that exceed our
reserves and other liabilities with respect to variable investment options under
our contracts. The results of Separate Account A's operations are accounted for
without regard to Equitable Life's other operations.
Separate Account A is registered under the Investment Company Act of 1940 and is
classified by that act as a "unit investment trust." The SEC, however, does not
manage or supervise Equitable Life or Separate Account A.
Each subaccount (variable investment option) within Separate Account A invests
solely in Class IB shares issued by the corresponding Portfolios of The Hudson
River Trust and EQ Advisors Trust.
We reserve the right subject to compliance with laws that apply:
(1) to add variable investment options to, or to remove variable investment
options from, Separate Account A, or to add other separate accounts;
(2) to combine any two or more variable investment options;
(3) to transfer the assets we determine to be the shares of the class of
contracts to which the contracts belong from any variable investment option
to another variable investment option;
(4) to operate Separate Account A or any variable investment option 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 Separate Account A or a
variable investment option directly);
(5) to deregister Separate Account A under the Investment Company Act of 1940;
(6) to restrict or eliminate any voting rights as to Separate Account A; and
(7) to cause one or more variable investment options to invest some or all of
their assets in one or more other trusts or investment companies.
ABOUT THE HUDSON RIVER TRUST AND EQ ADVISORS TRUST
The Hudson River Trust and EQ Advisors Trust are registered under the Investment
Company Act of 1940. They are classified as "open-end management investment
companies," more commonly called mutual funds. Each trust issues different
shares relating to each Portfolio.
The Hudson River Trust and EQ Advisors Trust do not impose sales charges or
"loads" for buying and selling their shares. All dividends and other
distributions on a trust's shares are reinvested in full. The Boards of Trustee
of The Hudson River Trust and EQ Advisors Trust each may establish additional
Portfolios or eliminate existing Portfolios at any time. More detailed
information about The Hudson River Trust and EQ Advisors Trust, their investment
objectives, policies, restrictions, risks, expenses, their Rule 12b-1 Plans, and
other aspects of their operations, appears in their prospectuses attached at the
end of this prospectus, or in their SAIs which are available upon request.
PROPOSED SUBSTITUTION OF PORTFOLIOS. We are asking the SEC to approve the
substitution of newly created Portfolios of the EQ Advisors Trust for each of
The Hudson River Trust Portfolios currently available under the variable
investment options (the "Substitution"). The EQ Advisors Trust Portfolios will
have substantially identical investment objectives, strategies, and policies as
those of The Hudson River Trust Portfolios they would replace. The assets of any
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Portfolio of The Hudson River Trust underlying your contract would be
transferred to the substituted EQ Advisors Trust Portfolio.
We believe that this Substitution will be in your best interest because you
would have a single set of variable investment options with similar advisory
structures. You also will have a single EQ Advisors Trust prospectus for all the
Portfolios, rather than the two separate prospectuses you now receive. EQ
Financial Consultants Inc. will be the manager of the new EQ Advisors Trust
Portfolios, and Alliance Capital Management L.P. will continue to provide the
day-to-day advisory services to each of the new Portfolios.
You should note that:
o No action is required on your part. You will not need to vote a proxy, file
a new election, or take any other action if the SEC approves the
Substitution.
o The elections you have on file for allocating your account value and
contributions will remain unchanged until you direct us otherwise.
o We will bear all expenses directly relating to the Substitution
transaction.
o The management fees for the new Portfolios will be the same as those for
the corresponding Portfolios of The Hudson River Trust. Certain of the new
EQ Advisors Trust Portfolios may have slightly higher expense ratios.
o On the effective date of the Substitution transaction, your account value
(i.e., the units you own) in the variable investment options will be the
same as before the transaction.
o The Substitution will have no tax consequences for you.
Please review the EQ Advisors Trust prospectus that accompanies this prospectus.
It contains more information about EQ Advisors Trust, including its management
structure, advisory arrangements, and general fees and expenses that will be of
interest to you.
Subject to SEC approval, we expect the Substitution to be completed in the fall
of 1999. It will affect everyone who has a balance in The Hudson River Trust
Portfolios at that time. Of course, you may transfer your account value among
the investment options, as usual.
We will notify you when we receive SEC approval, and again when the Substitution
is complete.
ABOUT OUR FIXED MATURITY OPTIONS
RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE
We can determine the amount required to be allocated to one or more fixed
maturity options in order to produce specified maturity values. For example, we
can tell you how much you need to allocate per $100 of maturity value.
The rates to maturity for new allocations as of April 1, 1999 and the related
price per $100 of maturity value were as follows:
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Fixed Maturity
Options
With June 15th
Maturity Date Rate to Maturity as Price
of of Per $100 of
Maturity Year April 1, 1999 Maturity Value
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2000 3.25% $ 96.21
2001 4.04% $ 91.63
2002 4.33% $ 87.29
2003 4.46% $ 83.24
2004 4.52% $ 79.44
2005 4.67% $ 75.33
2006 4.77% $ 71.48
2007 4.79% $ 68.12
2008 4.87% $ 64.54
2009 4.97% $ 60.95
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HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT
We use the following procedure to calculate the market value adjustment (up or
down) we make if you withdraw all of your value from a fixed maturity option
before its maturity date.
(1) We determine the market adjusted amount on the date of the withdrawal as
follows:
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(a) We determine the fixed maturity amount that would be payable on the
maturity date, using the rate to maturity for the fixed maturity
option.
(b) We determine the period remaining in your fixed maturity option (based
on the withdrawal date) and convert it to fractional years based on a
365-day year. For example, three years and 12 days becomes 3.0329.
(c) We determine the current rate to maturity that applies on the
withdrawal date to new allocations to the same fixed maturity option.
(d) We determine the present value of the fixed maturity amount payable at
the maturity date, using the period determined in (b) and the rate
determined in (c).
(2) We determine the fixed maturity amount as of the current date.
(3) We subtract (2) from the result in (1)(d). The result is the market value
adjustment applicable to such fixed maturity option, which may be positive
or negative.
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Your market adjusted amount is the present value of the maturity value
discounted at the rate to maturity in effect for new contributions to that same
fixed maturity option on the date of the calculation.
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If you withdraw only a portion of the amount in a fixed maturity option, the
market value adjustment will be a percentage of the market value adjustment that
would have applied if you had withdrawn the entire value in that fixed maturity
option. This percentage is equal to the percentage of the value in the fixed
maturity option that you are withdrawing. Any withdrawal charges that are
deducted from a fixed maturity option will result in a market value adjustment
calculated in the same way. See the Appendix for an example.
For purposes of calculating the rate to maturity for new allocations to a fixed
maturity option (see (1)(c) above), we use the rate we have in effect for new
allocations to that fixed maturity option. We use this rate even if new
allocations to that option would not be accepted at that time. This rate will
not be less than 3%. If we do not have a rate to maturity in effect for a fixed
maturity option to which the "current rate to maturity" in (1)(c) above would
apply, we will use the rate at the next closest maturity date. If we are no
longer offering new fixed maturity options, the "current rate to maturity" will
be determined in accordance with our procedures then in effect. We reserve the
right to add up to 0.50% to the current rate in (1)(c) above for purposes of
calculating the market value adjustment only.
INVESTMENTS UNDER THE FIXED MATURITY OPTIONS
Amounts allocated to the fixed maturity options are held in a "nonunitized"
separate account we have established under the New York Insurance Law. This
separate account provides an additional measure of assurance that we will make
full payment of amounts due under the fixed maturity options. Under New York
Insurance Law, the portion of the separate account's assets equal to the
reserves and other contract liabilities relating to the contracts are not
chargeable with liabilities from any other business we may conduct. We own the
assets of the separate account, as well as any favorable investment performance
on those assets. You do not participate in the performance of the assets held in
this separate account. We may, subject to state law that applies, transfer all
assets allocated to the separate account to our general account. We guarantee
all benefits relating to your value in the fixed maturity options, regardless of
whether assets supporting fixed maturity options are held in a separate account
or our general account.
We have no specific formula for establishing the rates to maturity for the fixed
maturity options. We expect the rates to be influenced by, but not necessarily
correspond to, among other things, the yields that we can expect to realize on
the separate account's investments from time to time. Our current plans are to
invest in fixed-income obligations, including corporate bonds, mortgage-backed
and asset-backed securities and government and agency issues having durations in
the aggregate consistent with those of the fixed maturity options.
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Although the above generally describes our plans for investing the assets
supporting our obligations under the fixed maturity options under the contracts,
we are not obligated to invest those assets according to any particular plan
except as we may be required to by state insurance laws. We will not determine
the rates to maturity we establish by the performance of the nonunitized
separate account.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the fixed maturity options, 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 exemptions
and exclusionary provisions that apply, interests in the general account have
not been registered under the Securities Act of 1933, nor is the general account
an investment company under the Investment Company Act of 1940. However, the
market value adjustment interests under the contracts are registered under the
Securities Act of 1933.
We have been advised that the staff of the SEC has not reviewed the portions of
this prospectus that relate to the general account (other than market value
adjustment interests). The disclosure with regard to general accounts, however,
may be subject to certain provisions of the federal securities laws relating to
the accuracy and completeness of statements made in prospectuses.
ABOUT OTHER METHODS OF PAYMENT
AUTOMATIC INVESTMENT PROGRAM - FOR NQ, TRADITIONAL IRA, AND ROTH IRA CONTRACTS
You may use our automatic investment program, or "AIP," to have a specified
amount automatically deducted from a bank checking account, bank money market
account, or credit union checking account and contributed as an additional
contribution into an NQ, Traditional IRA, or Roth IRA contract on a monthly
basis.
AIP additional contributions may be allocated to any of the variable investment
options but not the fixed maturity options. Our minimum contribution amount
requirement is $20. You choose the day of the month you wish to have your
account debited. However, you may not choose a date later than the 28th day of
the month.
You may cancel AIP at any time by notifying our Processing Office. We are not
responsible for any debits made to your account before the time written notice
of cancellation is received at our Processing Office.
PAYROLL DEDUCTION PROGRAM. You can authorize your employer to remit your IRA
contributions to us if your employer has a payroll deduction program. Those
contributions are still your contributions, not your employer's.
WIRE TRANSFERS. You may also send your contributions by wire transfer from your
bank.
DATES AND PRICES AT WHICH CONTRACT EVENTS OCCUR
We describe below the general rules for when, and at what prices, events under
your contract will occur. Other portions of this prospectus describe
circumstances that may cause exceptions. We generally do not repeat those
exceptions below.
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
including 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 for purposes of determining the
date when contributions are applied and any other transaction requests are
processed. Contributions will be applied and any other transaction requests will
be processed when they are received along with all the required information
unless another date applies as indicated below.
<PAGE>
- --------------------------------------------------------------------------------
54 MORE INFORMATION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
o If your contribution, transfer or any other transaction request, containing
all the required information, reaches us on a non-business day or after
4:00 p.m. on a business day, we will use the next business day.
o When a charge is to be deducted on a contract date anniversary that is a
non-business day, we will deduct the charge on the next business day.
o Quarterly rebalancing will be processed on a calendar year basis and
semiannual or annual rebalancing will be processed on the first business
day of the month. Rebalancing will not be done retroactively.
CONTRIBUTIONS AND TRANSFERS
o Contributions allocated to the variable investment options are invested at
the unit value next determined after the close of the business day.
o Contributions allocated to a fixed maturity option will receive the rate to
maturity in effect for that fixed maturity option on that business day.
o If a fixed maturity option is scheduled to mature on June 15th and June
15th is a non-business day, that fixed maturity option will mature on the
prior business day.
o Transfers to or from variable investment options will be made at the unit
value next determined after the close of the business day.
o Transfers to a fixed maturity option will receive the rate to maturity in
effect for that fixed maturity option on that business day.
o Transfers out of a fixed maturity option will be at the market adjusted
amount on that business day.
o For the automatic transfer option investment simplifier, the first monthly
transfer will occur on the last business day of the month in which we
receive your election form at our Processing Office.
ABOUT YOUR VOTING RIGHTS
As the owner of the shares of The Hudson River Trust and EQ Advisors Trust we
have the right to vote on certain matters involving the Portfolios, such as:
o The election of trustees.
o The formal approval of independent auditors selected for each trust.
o Any other matters described in the prospectuses for the trusts or requiring
a shareholders' vote under the Investment Company Act of 1940.
We will give contract owners the opportunity to instruct us how to vote the
number of shares attributable to their contracts if a shareholder vote is taken.
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 a Portfolio in the same proportions that contract
owners vote.
VOTING RIGHTS OF OTHERS
Currently, we control each trust. EQ Advisors Trust shares are sold only to our
separate accounts and an affiliated qualified plan trust. The Hudson River Trust
shares are also held by separate accounts of ours and by separate accounts of
insurance companies unaffiliated with us. Shares held by these separate accounts
will probably be voted according to the instructions of the owners of insurance
policies and contracts issued by those insurance companies. While this will
dilute the effect of the voting instructions of the contract owners, we
currently do not foresee any disadvantages because of this. The Hudson River
Trust Board of Trustees intends to monitor events in order to identify any
material irreconcilable conflicts that may arise and to determine what action,
if any, should be taken in response. If we believe that a response to any of
those events insufficiently protects our contract owners, we will see to it that
appropriate action is taken.
<PAGE>
- --------------------------------------------------------------------------------
55 MORE INFORMATION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SEPARATE ACCOUNT A VOTING RIGHTS
If actions relating to Separate Account A require contract owner approval,
contract owners will be entitled to one vote for each unit they have in the
variable investment options. Each contract owner who has elected a variable
annuity payout option may cast the number of votes equal to the dollar amount of
reserves we are holding for that annuity in a variable investment option divided
by the annuity unit value for that option. We will cast votes attributable to
any amounts we have in the variable investment options in the same proportion as
votes cast by 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
published 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.
ABOUT OUR YEAR 2000 PROGRESS
Equitable Life relies upon various computer systems in order to administer your
contract and operate the investment options. Some of these systems belong to
service providers who are not affiliated with Equitable Life.
In 1995, Equitable Life began addressing the question of whether its computer
systems would recognize the year 2000 before, on or after January 1, 2000, and
Equitable Life has identified those of its systems critical to business
operations that were not year 2000 compliant. By year end 1998, the work of
modifying or replacing non-compliant systems was substantially completed.
Equitable Life has begun comprehensive testing of its year 2000 compliance and
expects that the testing will be substantially completed by June 30, 1999.
Equitable Life has contacted third-party service providers to seek confirmation
that they are acting to address the year 2000 issue with the goal of avoiding
any material adverse effect on services provided to contract owners and on
operations of the investment options. Most third-party service providers have
provided Equitable Life confirmation of their year 2000 compliance. Equitable
Life believes it is on schedule for substantially all such systems and services,
including those considered to be mission-critical, to be confirmed as year 2000
compliant, or be the subject of a satisfactory plan for compliance. If such
confirmation is not received by June 30, 1999, the system or service will be
replaced, eliminated or the subject of contingency plans. Additionally,
Equitable Life will be supplementing its existing business continuity and
disaster recovery plans to cover certain categories of contingencies that could
arise as a result of year 2000 related failures. Year 2000 specific contingency
plans are anticipated to be completed by June 30, 1999.
There are many risks associated with year 2000 issues, including the risk that
Equitable Life's computer systems will not operate as intended. Additionally,
there can be no assurance that the systems of third parties will be year 2000
compliant. Any significant unresolved difficulty related to the year 2000
compliance initiatives could result in an interruption in, or a failure of,
normal business operations and, accordingly, could have a material adverse
effect on our ability to administer your contract and operate the investment
options.
To the fullest extent permitted by law, the foregoing year 2000 discussion is a
"Year 2000 Readiness Disclosure" within the meaning of The Year 2000 Information
and Readiness Disclosure Act, 15 U.S.C. Sec. 1 (1998).
ABOUT LEGAL PROCEEDINGS
Equitable Life and its affiliates are parties to various legal proceedings. In
our view, none of these proceedings is likely to have a material adverse effect
upon Separate Account A, our ability to meet our obligations under the
contracts, or the distribution of the contracts.
ABOUT OUR INDEPENDENT ACCOUNTANTS
The financial statements of Equitable Life incorporated in this prospectus by
reference to the Annual Report on Form 10-K at December 31, 1998 and 1997, and
for the three
<PAGE>
- --------------------------------------------------------------------------------
56 MORE INFORMATION
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
years ended December 31, 1998, have been so incorporated in reliance on the
report of PricewaterhouseCoopers LLP, independent accountants, given on the
authority of said firm as experts in auditing and accounting.
TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING
You can transfer ownership of an NQ contract at any time before annuity payments
begin. We will continue to treat you as the owner until we receive written
notification of any change at our Processing Office. You cannot assign your NQ
contract as collateral or security for a loan. Loans are also not available
under your NQ contract. In some cases, an assignment or change of ownership may
have adverse tax consequences. See "Tax information" earlier in this prospectus.
You cannot assign or transfer ownership of a Traditional IRA, QP IRA or Roth IRA
contract except by surrender to us. Loans are not available and you cannot
assign Traditional IRA, QP IRA and Roth IRA contracts as security for a loan or
other obligation.
For limited transfers of ownership after the owner's death see "Payment of death
benefit" and "Beneficiary continuation option under Traditional IRA and QP IRA
contracts." You may direct the transfer of the values under your Traditional
IRA, QP IRA and Roth IRA contract to another similar arrangement.
DISTRIBUTION OF THE CONTRACTS
Equitable Financial Consultants, Inc. ("EQF"), an indirect, wholly owned
subsidiary of Equitable Life, is the distributor of the contracts and has
responsibility for sales and marketing functions for Separate Account A. During
1999, EQF plans to change its name to AXA Advisors, Inc. EQF serves as the
principal underwriter of Separate Account A. EQF is registered with the SEC as a
broker-dealer and is a member of the National Association of Securities Dealers,
Inc. EQF's principal business address is 1290 Avenue of the Americas, New York,
NY 10104. Under a Distribution and Servicing Agreement between EQF, Equitable
life, and certain of Equitable Life's separate accounts, including Separate
Account A, Equitable Life paid EQF fees of $325,380 for 1998 and $325,380 for
1997, as distributor of certain contracts and as the principal underwriter of
certain separate accounts, including Separate Account A.
The contracts will be sold by registered representatives of EQF and its
affiliates, who are also our licensed insurance agents. EQF may also receive
compensation and reimbursement for its marketing services under the terms of its
distribution agreements with Equitable Life. The offering of the contracts is
intended to be continuous.
<PAGE>
- --------------------------------------------------------------------------------
57 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
9
Investment performance
- --------------------------------------------------------------------------------
We provide the following tables to show five different measurements of the
investment performance of the variable investment options and/or the Portfolios
in which they invest. We include these tables because they may be of general
interest to you. THE RESULTS SHOWN REFLECT PAST PERFORMANCE. THEY DO NOT
INDICATE HOW THE VARIABLE INVESTMENT OPTIONS MAY PERFORM IN THE FUTURE. THEY
ALSO DO NOT REPRESENT THE RESULTS EARNED BY ANY PARTICULAR INVESTOR. YOUR
RESULTS WILL DIFFER.
Table 1 shows the average annual total return of the variable investment
options. Average annual total return is the annual rate of growth that would be
necessary to achieve the ending value of a contribution invested in the variable
investment options for the periods shown.
Table 2 shows the growth of a hypothetical $1,000 investment in the variable
investment options over the periods shown. Both Tables 1 and 2 take into account
all fees and charges under the contract, but do not reflect the charges for any
applicable taxes such as premium taxes, or any applicable annuity administrative
fee.
Tables 3, 4 and 5 show the rates of return of the variable investment options on
an annualized, cumulative, and year-by-year basis. These tables take into
account all fees and charges under the contract, but do not reflect the annual
administrative charge and any withdrawal charge, or charges for any applicable
taxes such as premium taxes, or any applicable annuity administrative fee. If
the charges were reflected they would effectively reduce the rates of return
shown.
In all cases the results shown are based on the actual historical investment
experience of the Portfolios in which the variable investment options invest. In
some cases, the results shown relate to periods when the variable investment
options and/or the contracts were not available. In those cases, we adjusted the
results of the Portfolios to reflect the charges under the contracts that would
have applied had the investment options and/or contracts been available. The
contracts are being offered for the first time as of the date of this
prospectus.
In addition, we have adjusted the results prior to October 1996, when The Hudson
River Trust Class IB shares were not available, to reflect the 12b-1 fees
currently imposed. Finally, the results shown for the Alliance Money Market,
Alliance Balanced, Alliance Common Stock and Alliance Aggressive Stock options
for periods before those options were operated as part of a unit investment
trust reflect the results of the separate accounts that preceded them. The
"Since portfolio inception" figures for these options are based on the date of
inception of the preceding separate accounts. We have adjusted these results to
reflect the fee and expense structure in effect for Separate Account A as a unit
investment trust. See "The Reorganization" in the SAI for additional
information.
All rates of return presented are time-weighted and include reinvestment of
investment income, including interest and dividends.
BENCHMARKS
Tables 3 and 4 compare the performance of variable investment options to market
indices that serve as benchmarks. Market indices are not subject to any charges
for investment advisory fees, brokerage commission or other operating expenses
typically associated with a managed portfolio. Also, they do not reflect other
charges such as the mortality and expense risks and other expense charges,
annual administrative charge, or any withdrawal charge, under the contracts.
Comparisons with these benchmarks, therefore, may be of limited use. We include
them because they are widely known and may help you to understand the universe
of securities from which each Portfolio is likely to select its holdings.
Benchmark data reflect the reinvestment of dividend income. The benchmarks
include:
<PAGE>
- --------------------------------------------------------------------------------
58 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ALLIANCE AGGRESSIVE STOCK: 50% Russell 2000 Index and 50%
Standard & Poor's Mid-Cap Total Return Index.
ALLIANCE BALANCED: 50% Standard & Poor's 500 and 50% Lehman
Government/Corporate Bond Index.
ALLIANCE COMMON STOCK: Standard & Poor's 500 Index.
ALLIANCE CONSERVATIVE INVESTORS: 70% Lehman Treasury Bond
Composite Index and 30% Standard & Poor's 500 Index.
ALLIANCE EQUITY INDEX: Standard & Poor's 500 Index.
ALLIANCE GLOBAL: Morgan Stanley Capital International World Index.
ALLIANCE GROWTH & INCOME: 75% Standard & Poor's 500 Index
and 25% Value Line Convertibles Index.
ALLIANCE GROWTH INVESTORS: 30% Lehman Government/Corporate
Bond Index and 70% Standard & Poor's 500 Index.
ALLIANCE HIGH YIELD: Merrill Lynch High Yield Master Index.
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES: Lehman
Intermediate Government Bond Index.
ALLIANCE INTERNATIONAL: Morgan Stanley Capital International
Europe, Australia, Far East Index.
ALLIANCE MONEY MARKET: Salomon Brothers Three-Month T-Bill
Index.
ALLIANCE QUALITY BOND: Lehman Aggregate Bond Index.
ALLIANCE SMALL CAP GROWTH: Russell 2000 Growth Index.
EQ/ALLIANCE PREMIER GROWTH: Standard & Poor's 500 Index.
CAPITAL GUARDIAN RESEARCH: Standard & Poor's 500 Index.
CAPITAL GUARDIAN U.S. EQUITY: Standard & Poor's 500 Index.
EQ/EVERGREEN: Russell 2000 Index.
EQ/EVERGREEN FOUNDATION: 60% Standard & Poor's 500
Index/40% Lehman Brothers Aggregate Bond Index.
MFS EMERGING GROWTH COMPANIES: Russell 2000 Index.
MFS GROWTH WITH INCOME: Standard & Poor's 500 Index.
MFS RESEARCH: Standard & Poor's 500 Index.
MERRILL LYNCH BASIC VALUE EQUITY: Standard & Poor's 500 Index.
MERRILL LYNCH STRATEGY: 36% Standard & Poor's 500 Index/24%
Morgan Stanley Capital International Europe, Australia, Far East
Index/21% Salomon Brothers U.S. Treasury Bond 1 Year+ 14%
Salomon Brothers World Government Bond (excluding U.S.)/and
5% Three-Month U.S. Treasury Bill.
MORGAN STANLEY EMERGING MARKETS EQUITY: Morgan Stanley
Capital International Emerging Markets Free Price Return Index.
EQ/PUTNAM BALANCED: 60% Standard & Poor's 500 Index and 40%
Lehman Government/Corporate Bond Index.
EQ/PUTNAM GROWTH & INCOME VALUE: Standard & Poor's 500
Index.
- --------------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME: Standard & Poor's 500 Index.
T. ROWE PRICE INTERNATIONAL STOCK: Morgan Stanley Capital
International Europe, Australia, Far East Index.
WARBURG PINCUS SMALL COMPANY VALUE: Russell 2000 Index.
- --------------------------------------------------------------------------------
LIPPER SURVEY. The Lipper Variable Insurance Products Performance Analysis
Survey (Lipper Survey) records the performance of a large group of variable
annuity products, including managed separate accounts of insurance companies.
According to Lipper Analytical Services, Inc., the data are presented net of
investment management fees, direct operating expenses and asset-based charges
applicable under annuity contracts. Lipper data provide a more accurate picture
than market benchmarks of the EQUI-VEST Express performance relative to other
variable annuity products.
<PAGE>
- --------------------------------------------------------------------------------
59 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TABLE 1
AVERAGE ANNUAL TOTAL RETURN UNDER A CONTRACT SURRENDERED ON DECEMBER 31, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
-------------------------------------------------------
SINCE PORTFOLIO
1 3 5 10 PORTFOLIO INCEPTION
VARIABLE INVESTMENT OPTIONS YEAR YEARS YEARS YEARS INCEPTION DATE*
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Alliance Aggressive Stock 5/1/84
- ------------------------------------------------------------------------------------------------
Alliance Balanced 5/1/84
- ------------------------------------------------------------------------------------------------
Alliance Common Stock 8/1/68
- ------------------------------------------------------------------------------------------------
Alliance Conservative Investors 10/2/89
- ------------------------------------------------------------------------------------------------
Alliance Equity Index 3/1/94
- ------------------------------------------------------------------------------------------------
Alliance Global 8/27/87
- ------------------------------------------------------------------------------------------------
Alliance Growth & Income 10/1/93
- ------------------------------------------------------------------------------------------------
Alliance Growth Investors 10/2/89
- ------------------------------------------------------------------------------------------------
Alliance High Yield 1/2/87
- ------------------------------------------------------------------------------------------------
Alliance Intermediate Government Securities 4/1/91
- ------------------------------------------------------------------------------------------------
Alliance International 4/3/95
- ------------------------------------------------------------------------------------------------
Alliance Money Market 5/11/82
- ------------------------------------------------------------------------------------------------
Alliance Quality Bond 10/1/93
- ------------------------------------------------------------------------------------------------
Alliance Small Cap Growth [To be inserted by Amendment] 5/1/97
- ------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies 5/1/97
- ------------------------------------------------------------------------------------------------
MFS Research 5/1/97
- ------------------------------------------------------------------------------------------------
Merrill Lynch Basic Value Equity 5/1/97
- ------------------------------------------------------------------------------------------------
Merrill Lynch World Strategy 5/1/97
- ------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity 8/20/97
- ------------------------------------------------------------------------------------------------
E/Q Putnam Balanced 5/1/97
- ------------------------------------------------------------------------------------------------
E/Q Putnam Growth & Income Value 5/1/97
- ------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income 5/1/97
- ------------------------------------------------------------------------------------------------
T. Rowe Price International Stock 5/1/97
- ------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value 5/1/97
- ------------------------------------------------------------------------------------------------
</TABLE>
* The inception dates for the Portfolios that became available on or after
December 31, 1998 and are therefore not shown in the tables are;
EQ/Evergreen, EQ/Evergreen Foundation, and MFS Growth with Income (December
31, 1998), EQ/Alliance Premiere Growth, Capital Guardian Research, and
Capital Guardian U.S. Equity (May 1, 1999).
<PAGE>
- --------------------------------------------------------------------------------
60 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TABLE 2
GROWTH OF $1,000 UNDER A CONTRACT SURRENDERED ON DECEMBER 31, 1998
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
LENGTH OF INVESTMENT PERIOD
-------------------------------------------------------
SINCE PORTFOLIO
1 3 5 10 PORTFOLIO INCEPTION
VARIABLE INVESTMENT OPTIONS YEAR YEARS YEARS YEARS INCEPTION DATE*
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Alliance Aggressive Stock
- ------------------------------------------------------------------------------------------------
Alliance Balanced
- ------------------------------------------------------------------------------------------------
Alliance Common Stock
- ------------------------------------------------------------------------------------------------
Alliance Conservative Investors
- ------------------------------------------------------------------------------------------------
Alliance Equity Index
- ------------------------------------------------------------------------------------------------
Alliance Global
- ------------------------------------------------------------------------------------------------
Alliance Growth & Income
- ------------------------------------------------------------------------------------------------
Alliance Growth Investors
- ------------------------------------------------------------------------------------------------
Alliance High Yield
- ------------------------------------------------------------------------------------------------
Alliance Intermediate Government Securities
- ------------------------------------------------------------------------------------------------
Alliance International
- ------------------------------------------------------------------------------------------------
Alliance Money Market
- ------------------------------------------------------------------------------------------------
Alliance Quality Bond [To be inserted by Amendment]
- ------------------------------------------------------------------------------------------------
Alliance Small Cap Growth
- ------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies
- ------------------------------------------------------------------------------------------------
MFS Research
- ------------------------------------------------------------------------------------------------
Merrill Lynch Basic Value Equity
- ------------------------------------------------------------------------------------------------
Merrill Lynch World Strategy
- ------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets Equity
- ------------------------------------------------------------------------------------------------
E/Q Putnam Balanced
- ------------------------------------------------------------------------------------------------
E/Q Putnam Growth & Income Value
- ------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income
- ------------------------------------------------------------------------------------------------
T. Rowe Price International Stock
- ------------------------------------------------------------------------------------------------
Warburg Pincus Small Company Value
- ------------------------------------------------------------------------------------------------
</TABLE>
* Portfolios inception dates are shown in Table 1.
<PAGE>
- --------------------------------------------------------------------------------
61 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TABLE 3
ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALLIANCE AGGRESSIVE STOCK (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Mid-Cap Growth 12.16% 16.33% 14.87% 15.44% -- 13.95%
- -------------------------------------------------------------------------------------------------------------
Benchmark 8.28% 17.77% 15.56% 16.49% -- 15.78%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE BALANCED (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Balanced 13.48% 15.79% 13.84% 12.97% -- 13.56%
- -------------------------------------------------------------------------------------------------------------
Benchmark 19.02% 18.70% 16.88% 15.21% -- 15.37%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE COMMON STOCK (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth 22.86% 22.23% 18.63% 16.72% 16.30% 11.34%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% 28.23% 24.06% 19.21% 17.76% 12.75%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE CONSERVATIVE INVESTORS (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Income 14.20% 15.62% 14.31% -- -- 12.55%
- -------------------------------------------------------------------------------------------------------------
Benchmark 15.59% 14.45% 13.37% -- -- 12.08%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE EQUITY INDEX (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper S&P 500 Index Funds 28.05% 27.67% -- -- -- 24.31%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% 28.23% -- -- -- 24.79%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE GLOBAL (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Global 14.34% 14.67% 11.98% 11.21% -- 9.64%
- -------------------------------------------------------------------------------------------------------------
Benchmark 24.34% 17.77% 15.68% 10.66% -- 9.55%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH & INCOME (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 15.61% 21.25% 18.35% -- -- 17.89%
- -------------------------------------------------------------------------------------------------------------
Benchmark 20.10% 23.99% 21.07% -- -- 20.48%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Flexible Portfolio 14.20% 15.62% 14.31% -- -- 12.55%
- -------------------------------------------------------------------------------------------------------------
Benchmark 22.85% 22.69% 19.96% -- -- 15.55%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE HIGH YIELD (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper High Yield (0.44)% 8.21% 7.37% 9.34% -- 8.97%
- -------------------------------------------------------------------------------------------------------------
Benchmark 3.66% 9.11% 9.01% 11.08% -- 10.72%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE INTERMEDIATE GOVERNMENT
SECURITIES (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper U.S. Government 7.68% 6.21% 5.91% -- -- 7.25%
- -------------------------------------------------------------------------------------------------------------
Benchmark 8.49% 6.74% 6.45% -- -- 7.60%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE INTERNATIONAL (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper International 13.02% 9.94% -- -- -- 10.74%
- -------------------------------------------------------------------------------------------------------------
Benchmark 20.00% 9.00% -- -- -- 9.68%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE MONEY MARKET (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Money Market 4.84% 4.87% 4.77% 5.20% -- 6.34%
- -------------------------------------------------------------------------------------------------------------
Benchmark 5.05% 5.18% 5.11% 5.44% 6.41%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE QUALITY BOND (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Corporate Bond A-Rated 7.47% 6.38% 6.54% -- -- 6.21%
- -------------------------------------------------------------------------------------------------------------
Benchmark 8.69% 7.29% 7.27% -- -- 6.92%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP GROWTH (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Small-Cap (0.33)% -- -- -- -- 16.72%
- -------------------------------------------------------------------------------------------------------------
Benchmark 1.23% -- -- -- -- 16.58%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
62 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TABLE 3 (CONTINUED)
ANNUALIZED RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MFS EMERGING GROWTH COMPANIES (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Mid-Cap 15.97% -- -- -- -- 22.72%
- -------------------------------------------------------------------------------------------------------------
Benchmark ( 2.54)% -- -- -- -- 14.53%
- -------------------------------------------------------------------------------------------------------------
MFS RESEARCH (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth 25.82% -- -- -- -- 28.73%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% -- -- -- -- 31.63%
- -------------------------------------------------------------------------------------------------------------
MERRILL LYNCH BASIC VALUE EQUITY (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 15.54% -- -- -- -- 21.32%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% -- -- -- -- 31.63%
- -------------------------------------------------------------------------------------------------------------
MERRILL LYNCH WORLD STRATEGY (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Global Flexible Portfolio 9.34% -- -- -- -- 11.15%
- -------------------------------------------------------------------------------------------------------------
Benchmark 19.55% -- -- -- -- 20.00%
- -------------------------------------------------------------------------------------------------------------
MORGAN STANLEY EMERGING MARKETS
EQUITY (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Emerging Markets (30.50)% -- -- -- -- 36.28)%
- -------------------------------------------------------------------------------------------------------------
Benchmark (25.34)% -- -- -- -- 28.92)%
- -------------------------------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Balanced 14.61% -- -- -- -- 17.83%
- -------------------------------------------------------------------------------------------------------------
Benchmark 21.36% -- -- -- -- 23.48%
- -------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH & INCOME VALUE (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 15.54% -- -- -- -- 21.32%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% -- -- -- -- 31.63%
- -------------------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Equity Income 10.76% -- -- -- -- 19.07%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% -- -- -- -- 31.63%
- -------------------------------------------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL STOCK (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper International 12.17% -- -- -- -- 9.06%
- -------------------------------------------------------------------------------------------------------------
Benchmark 20.00% -- -- -- -- 13.43%
- -------------------------------------------------------------------------------------------------------------
WARBURG PINCUS SMALL COMPANY
VALUE (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Small-Cap 1.53% -- -- -- -- 16.77%
- -------------------------------------------------------------------------------------------------------------
Benchmark ( 2.54)% -- -- -- -- 14.53%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
* Portfolios inception dates are shown in Table 1.
<PAGE>
- --------------------------------------------------------------------------------
63 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TABLE 4
CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALLIANCE AGGRESSIVE STOCK (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Mid-Cap Growth 12.16% 58.64% 102.73% 334.88% -- 613.05%
- -------------------------------------------------------------------------------------------------------------
Benchmark 8.28% 63.35% 106.12% 360.30% -- 759.55%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE BALANCED (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Balanced 13.48% 55.60% 91.92% 240.69% -- 553.21%
- -------------------------------------------------------------------------------------------------------------
Benchmark 19.02% 67.24% 118.08% 311.86% -- 715.64%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE COMMON STOCK (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth 22.86% 84.52% 138.97% 388.00% 2,185.68% 1,203.81%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% 110.85% 193.91% 479.62% 2,530.43% 3,755.68%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE CONSERVATIVE INVESTORS (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Income 14.20% 55.28% 97.15% -- -- 202.48%
- -------------------------------------------------------------------------------------------------------------
Benchmark 15.59% 49.92% 87.28% -- -- 187.40%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE EQUITY INDEX (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper S&P 500 Index Funds 28.05% 108.12% -- -- -- 186.34%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% 110.85% -- -- -- 192.17%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE GLOBAL (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Global 14.34% 51.58% 77.94% 194.96% -- 188.08%
- -------------------------------------------------------------------------------------------------------------
Benchmark 24.34% 63.34% 107.19% 175.31% -- 181.57%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH & INCOME (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 15.61% 79.05% 133.95% -- -- 139.10%
- -------------------------------------------------------------------------------------------------------------
Benchmark 20.10% 90.62% 160.09% -- -- 166.00%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE GROWTH INVESTORS (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Flexible Portfolio 14.20% 55.28% 97.15% -- -- 202.45%
- -------------------------------------------------------------------------------------------------------------
Benchmark 22.85% 84.68% 148.41% -- -- 280.88%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE HIGH YIELD (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper High Yield (0.44)% 26.80% 43.00% 145.62% -- 182.21%
- -------------------------------------------------------------------------------------------------------------
Benchmark 3.66% 29.90% 53.96% 186.01% -- 239.69%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE INTERMEDIATE
GOVERNMENT SECURITIES (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper U.S. Government 7.68% 19.84% 33.36% -- -- 72.35%
- -------------------------------------------------------------------------------------------------------------
Benchmark 8.49% 21.61% 36.71% -- -- 76.55%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE INTERNATIONAL (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper International 13.02% 33.62% -- -- -- 47.74%
- -------------------------------------------------------------------------------------------------------------
Benchmark 20.00% 29.52% -- -- -- 41.40%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE MONEY MARKET (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Money Market 4.84% 15.34% 26.25% 66.09% -- 178.83%
- -------------------------------------------------------------------------------------------------------------
Benchmark 5.05% 16.35% 28.27% 69.88% -- 181.74%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE QUALITY BOND (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Corporate Bond A-Rated 7.47% 20.42% 37.37% -- -- 37.26%
- -------------------------------------------------------------------------------------------------------------
Benchmark 8.69% 23.51% 42.06% -- -- 42.14%
- -------------------------------------------------------------------------------------------------------------
ALLIANCE SMALL CAP GROWTH (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Small-Cap (0.33)% -- -- -- -- 28.98%
- -------------------------------------------------------------------------------------------------------------
Benchmark 1.23% -- -- -- -- 29.23%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
64 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TABLE 4 (CONTINUED)
CUMULATIVE RATES OF RETURN FOR PERIODS ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
SINCE
PORTFOLIO
1 YEAR 3 YEARS 5 YEARS 10 YEARS 20 YEARS INCEPTION*
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MFS EMERGING GROWTH COMPANIES (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Mid-Cap 15.97% -- -- -- -- 42.16%
- -------------------------------------------------------------------------------------------------------------
Benchmark (2.54)% -- -- -- -- 25.40%
- -------------------------------------------------------------------------------------------------------------
MFS RESEARCH (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth 25.82% -- -- -- -- 52.86%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% -- -- -- -- 57.60%
- -------------------------------------------------------------------------------------------------------------
MERRILL LYNCH BASIC VALUE EQUITY (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 15.54% -- -- -- -- 15.59%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% -- -- -- -- 57.60%
- -------------------------------------------------------------------------------------------------------------
MERRILL LYNCH WORLD STRATEGY (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Global Flexible Portfolio 9.34% -- -- -- -- 19.41%
- -------------------------------------------------------------------------------------------------------------
Benchmark 19.55% -- -- -- -- 33.33%
- -------------------------------------------------------------------------------------------------------------
MORGAN STANLEY EMERGING MARKETS
EQUITY (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Emerging Markets (30.50)% -- -- -- -- 45.67)%
- -------------------------------------------------------------------------------------------------------------
Benchmark (25.34)% -- -- -- -- 36.71)%
- -------------------------------------------------------------------------------------------------------------
EQ/PUTNAM BALANCED (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Balanced 14.61% -- -- -- -- 31.59%
- -------------------------------------------------------------------------------------------------------------
Benchmark 21.36% -- -- -- -- 42.22%
- -------------------------------------------------------------------------------------------------------------
EQ/PUTNAM GROWTH & INCOME VALUE (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Growth & Income 15.54% -- -- -- -- 38.49%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% -- -- -- -- 57.60%
- -------------------------------------------------------------------------------------------------------------
T. ROWE PRICE EQUITY INCOME (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Equity Income 10.76% -- -- -- -- 33.92%
- -------------------------------------------------------------------------------------------------------------
Benchmark 28.58% -- -- -- -- 57.60%
- -------------------------------------------------------------------------------------------------------------
T. ROWE PRICE INTERNATIONAL STOCK (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper International 12.17% -- -- -- -- 15.88%
- -------------------------------------------------------------------------------------------------------------
Benchmark 20.00% -- -- -- -- 23.42%
- -------------------------------------------------------------------------------------------------------------
WARBURG PINCUS SMALL COMPANY
VALUE (To be inserted by Amendment)
- -------------------------------------------------------------------------------------------------------------
Lipper Small-Cap 1.53% -- -- -- -- 29.95%
- -------------------------------------------------------------------------------------------------------------
Benchmark ( 2.54)% -- -- -- -- 25.40%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
* Portfolios inception dates are shown in Table 1.
<PAGE>
- --------------------------------------------------------------------------------
65 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TABLE 5
YEAR-BY-YEAR RATES OF RETURN
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Alliance Aggressive Stock
- -----------------------------------------------------------------------------------------------------------------
Alliance Balanced
- -----------------------------------------------------------------------------------------------------------------
Alliance Common Stock
- -----------------------------------------------------------------------------------------------------------------
Alliance Conservative Investors
- -----------------------------------------------------------------------------------------------------------------
Alliance Equity Index
- -----------------------------------------------------------------------------------------------------------------
Alliance Global
- -----------------------------------------------------------------------------------------------------------------
Alliance Growth & Income
- -----------------------------------------------------------------------------------------------------------------
Alliance Growth Investors
- -----------------------------------------------------------------------------------------------------------------
Alliance High Yield
- -----------------------------------------------------------------------------------------------------------------
Alliance Intermediate Government
Securities
- -----------------------------------------------------------------------------------------------------------------
Alliance International
- -----------------------------------------------------------------------------------------------------------------
Alliance Money Market
- -----------------------------------------------------------------------------------------------------------------
Alliance Quality Bond
- -----------------------------------------------------------------------------------------------------------------
Alliance Small Cap Growth
- -----------------------------------------------------------------------------------------------------------------
MFS Emerging Growth Companies
- -----------------------------------------------------------------------------------------------------------------
MFS Research
- -----------------------------------------------------------------------------------------------------------------
Merrill Lynch Basic Value Equity
- -----------------------------------------------------------------------------------------------------------------
Merrill Lynch World Strategy
- -----------------------------------------------------------------------------------------------------------------
Morgan Stanley Emerging Markets
Equity
- -----------------------------------------------------------------------------------------------------------------
E/Q Putnam Balanced
- -----------------------------------------------------------------------------------------------------------------
E/Q Putnam Growth & Income Value
- -----------------------------------------------------------------------------------------------------------------
T. Rowe Price Equity Income
- -----------------------------------------------------------------------------------------------------------------
T. Rowe Price International Stock
- -----------------------------------------------------------------------------------------------------------------
Warburg Pincus Small Company
Value
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
+ Returns for these portfolios represent less than 12 months of performance. The
returns are as of each Portfolio inception date as shown in Table 1.
<PAGE>
- --------------------------------------------------------------------------------
66 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
COMMUNICATING PERFORMANCE DATA
In reports or other communications to contract owners or in advertising
material, we may describe general economic and market conditions affecting our
variable investment options, and the Portfolios and may compare the performance
or ranking of those options and the Portfolios with:
o those of other insurance company separate accounts or mutual funds included
in the rankings prepared by Lipper Analytical Services, Inc., Morningstar,
Inc., VARDS, or similar investment services that monitor the performance of
insurance company separate accounts or mutual funds;
o other appropriate indices of investment securities and averages for peer
universes of mutual funds; or
o data developed by us derived from such indices or averages.
We also may furnish to present or prospective contract owners advertisements or
other communications that include evaluations of a variable investment option or
Portfolio by nationally recognized financial publications. Examples of such
publications are:
- --------------------------------------------------------------------------------
Barron's Money Management Letter
- --------------------------------------------------------------------------------
Morningstar's Variable Annuity Investment Dealers Digest
- --------------------------------------------------------------------------------
Sourcebook National Underwriter
- --------------------------------------------------------------------------------
Business Week Pension & Investments
- --------------------------------------------------------------------------------
Forbes USA Today
- --------------------------------------------------------------------------------
Fortune Investor's Business Daily
- --------------------------------------------------------------------------------
Institutional Investor The New York Times
- --------------------------------------------------------------------------------
Money The Wall Street Journal
- --------------------------------------------------------------------------------
Kiplinger's Personal Finance The Los Angeles Times
- --------------------------------------------------------------------------------
Financial Planning The Chicago Tribune
- --------------------------------------------------------------------------------
Investment Adviser
- --------------------------------------------------------------------------------
Investment Management Weekly
- --------------------------------------------------------------------------------
Lipper Analytical Services, Inc. (Lipper) compiles performance data for peer
universes of funds with similar investment objectives in its Lipper Survey.
Morningstar, Inc. compiles similar data in the Morningstar Variable Annuity/Life
Report (Morningstar Report).
The Lipper Survey records performance data as reported to it by over 800 mutual
funds underlying variable annuity and life insurance products. It divides these
actively managed portfolios into 25 categories by portfolio objectives. The
Lipper Survey contains two different universes, which reflect different types of
fees in performance data:
o The "separate account" universe reports performance data net of investment
management fees, direct operating expenses and asset-based charges
applicable under variable Life and annuity contracts; and
o The "mutual fund" universe reports performance net only of investment
management fees and direct operating expenses, and therefore reflects only
charges that relate to the underlying mutual fund.
The Morningstar Variable Annuity/Life Report consists of nearly 700 variable
life and annuity funds, all of which report their data net of investment
management fees, direct operating expenses and separate account level charges.
VARDS is a monthly reporting service that monitors approximately 2,500 variable
life and variable annuity funds on performance and account information.
YIELD INFORMATION
Current yield for the Alliance Money Market option will be based on net changes
in a hypothetical investment over a given seven-day period, exclusive of capital
changes, and then "annualized" (assuming that the same seven-day result would
occur each week for 52 weeks). Current yield for the other options will be based
on net changes in a hypothetical investment over a given 30-day period,
exclusive of capital changes, and then "annualized" (assuming that the same
30-day result would occur each month for 12 months).
"Effective yield" is calculated in a similar manner, but when annualized, any
income earned by the investment is assumed to be reinvested. The "effective
yield" will be slightly higher than the "current yield" because any earnings are
compounded weekly for the Alliance Money Market option. The yields and effective
yields assume the deduction of all
<PAGE>
- --------------------------------------------------------------------------------
67 INVESTMENT PERFORMANCE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
contract charges and expenses other than the annual administrative charge,
withdrawal charge, and any charge for taxes such as premium tax. For more
information, see "Alliance Money Market Option and other Yield information" in
the SAI.
<PAGE>
- --------------------------------------------------------------------------------
68 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
- --------------------------------------------------------------------------------
10
Incorporation of certain documents by reference
- --------------------------------------------------------------------------------
Equitable Life's annual report on Form 10-K for the year ended December
31, 1998 and a current report on Form 8-K dated April 9, 1999, are considered to
be a part of this prospectus because they are incorporated by reference.
After the date of this prospectus and before we terminate the offering of
the securities under this prospectus, all documents or reports we file with the
SEC under the Securities Exchange Act of 1934 ("Exchange Act") will be
considered to become part of this prospectus because they are incorporated by
reference.
Any statement contained in a document that is or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation, will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our annual and
quarterly reports on Form 10-K and Form 10-Q, electronically according to EDGAR
under CIK No. 0000727920. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants
that file electronically with the SEC. The address of the site is
http://www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each
person to whom this prospectus is delivered a copy of any or all of the
documents considered to be part of this prospectus because they are incorporated
herein. This does not include exhibits not specifically incorporated by
reference into the text of such documents. Requests for documents should be
directed to The Equitable Life Assurance Society of the United States, 1290
Avenue of the Americas, New York, New York 10104. Attention: Corporate Secretary
(telephone: (212) 554-1234).
<PAGE>
- --------------------------------------------------------------------------------
A-1 APPENDIX: MARKET VALUE ADJUSTMENT EXAMPLE
- --------------------------------------------------------------------------------
Appendix: Market Value Adjustment Example
- --------------------------------------------------------------------------------
The example below shows how the market value adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 had been
invested on June 14, 1999 to a fixed maturity option with a maturity date of
June 15, 2008 (i.e., nine years later) at a rate to maturity of 7.00%, resulting
in a maturity value at the maturity date of $183,846. We further assume that a
withdrawal of $50,000 is made four years later, on June 15, 2003.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
ASSUMED RATE TO MATURITY ON JUNE 15, 2003
----------------------------------------------
5.00% 9.00%
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
AS OF JUNE 15, 2003 (BEFORE WITHDRAWAL)
- -------------------------------------------------------------------------------------------------------------
(1) Market adjusted amount $144,048 $ 119,487
- -------------------------------------------------------------------------------------------------------------
(2) Fixed maturity amount $131,080 $ 131,080
- -------------------------------------------------------------------------------------------------------------
(3) Market value adjustment:
(1) - (2) $ 12,968 $ (11,593)
- -------------------------------------------------------------------------------------------------------------
ON JUNE 15, 2003 (AFTER WITHDRAWAL)
- -------------------------------------------------------------------------------------------------------------
(4) Portion of market value adjustment associated with withdrawal:
(3) x [$50,000/(1)] $ 4,501 $ (4,851)
- -------------------------------------------------------------------------------------------------------------
(5) Reduction in fixed maturity amount
[$50,000 - (4)] $ 45,499 $ 54,851
- -------------------------------------------------------------------------------------------------------------
(6) Fixed maturity amount (2) - (5) $ 85,581 $ 76,229
- -------------------------------------------------------------------------------------------------------------
(7) Maturity value $120,032 $ 106,915
- -------------------------------------------------------------------------------------------------------------
(8) Market adjusted amount of (7) $ 94,048 $ 69,487
- -------------------------------------------------------------------------------------------------------------
</TABLE>
You should note that under this example if a withdrawal is made when rates have
increased from 7.00% to 9.00% (right column), a negative market value adjustment
is realized. On the other hand, if a withdrawal is made when rates have
decreased from 7.00% to 5.00% (left column), a positive market value adjustment
is realized.
<PAGE>
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
PAGE
Required Minimum Distributions Option 2
Unit Values 2
Calculation of Annuity Payments 3
The Reorganization 4
Custodian and Independent Accountants 5
Alliance Money Market Option Yield Information 5
Other Yield Information 6
Key Factors in Retirement Planning 6
Long-Term Market Trends 10
Financial Statements 12
HOW TO OBTAIN AN EQUI-VEST EXPRESS STATEMENT OF ADDITIONAL INFORMATION FOR
SEPARATE ACCOUNT A
Call 1-800-628-6673 or send this request form to:
EQUI-VEST Express
Processing Office
The Equitable Life
P.O. Box 2996
New York, NY 10116-2996
- --------------------------------------------------------------------------------
Please send me an EQUI-VEST Express Statement of Additional Information dated ,
1999.
(Combination variable and fixed deferred annuity)
- --------------------------------------------------------------------------------
Name:
- --------------------------------------------------------------------------------
Address:
- --------------------------------------------------------------------------------
City State Zip
888--
<PAGE>
EQUI-VEST(R) Express(SM) THE EQUITABLE LIFE ASSURANCE SOCIETY
A Combination Variable and Fixed OF THE UNITED STATES
Deferred Annuity Contract 1290 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10104
STATEMENT OF ADDITIONAL INFORMATION
DATED ____________, 1999
- --------------------------------------------------------------------------------
This statement of additional information ("SAI") is not a prospectus. It should
be read in conjunction with the related prospectus for EQUI-VEST Express, dated
____ __, 1999. That prospectus provides detailed information concerning the
contracts and the variable investment options, as well as the fixed maturity
options, that fund the contracts. Each variable investment option is a
subaccount of Equitable Life's Separate Account A. The fixed maturity options
are part of Equitable Life's general account. 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 (P.O. Box 2996, New York, NY 10116-2996), by calling toll-free,
1-800-628-6673, or by contacting your Equitable associate.
TABLE OF CONTENTS
Required minimum distributions option 2
Unit values 2
Calculation of annuity payments 3
The Reorganization 4
Custodian and independent accountants 5
Alliance Money Market option yield information 5
Other yield information 6
Key factors in retirement planning 6
Long-term market trends 10
Financial statements 12
Copyright 1999
The Equitable Life Assurance Society of the United States
New York, New York 10104
All rights reserved.
888-_______
Cat. No.
<PAGE>
- --------------------------------------------------------------------------------
2
- --------------------------------------------------------------------------------
REQUIRED MINIMUM DISTRIBUTIONS OPTION
If you elect this feature designed for annuitants age 70 1/2
or older, described in the prospectus, each year we calculate your minimum
distribution based on the account value as of December 31 of the prior calendar
year and then calculate the minimum distribution amount based on the various
choices you make. This does not apply to Roth IRA or NQ contracts.
You may choose whether the required minimum distribution will be calculated
based on your life expectancy alone, or based on the joint life expectancies of
you and your spouse. You may also choose (1) to have us recalculate your life
expectancy (or joint life expectancy) each year, or (2) not recalculate your
life expectancy. If you have chosen a joint life expectancy method of
calculation with your spouse, you may choose to either have both lives
recalculated or not recalculated.
When we recalculate life expectancy, that means that each calendar year we see
what each individual's life expectancy is under Treasury Regulations. If life
expectancy is not recalculated, it means that it is determined once, for the
initial year, and in every subsequent year that number is reduced by one more
year.
If you do not specify a method, IRS regulations require us to base a calculation
on your life expectancy alone, recalculating it each year. If you do not specify
that we should recalculate life expectancy, you cannot later apply your account
value to an annuity payout.
The minimum distribution calculation takes into account withdrawals made during
the current calendar year but prior to the date we determine your minimum
distribution amount, except that when the required minimum distribution is
elected in the year in which the annuitant attains age 71 1/2, no adjustment for
withdrawals will be made for any withdrawals made between January 1 and April 1
of the year in which the election is made.
Please note that our required minimum distribution option does not provide for
all the flexibility provided by federal law. For example, federal law permits
you to recalculate your life expectancy and not your spouse's and to choose the
joint life expectancy method with a beneficiary other than your spouse. See your
tax adviser.
UNIT VALUES
Unit values are determined at the end of each "valuation period" for each of the
variable investment options. A valuation period is each business day together
with any consecutive preceding non-business day. The unit values for EQUI-VEST
Express may vary. The method of calculating unit values is set forth below.
The unit value for a variable investment option for any valuation period is
equal to the unit value for the preceding valuation period multiplied by the
"net investment factor" for the variable investment option for that valuation
period. The net investment factor is:
(a/b) - c
where:
(a) is the value of the variable investment option'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 variable
investment options 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 variable investment option'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 A asset charge for the expenses of the
contracts times the number of calendar days in the valuation period, plus
any charge for taxes or amounts set aside as a reserve for taxes.
<PAGE>
- --------------------------------------------------------------------------------
3
- --------------------------------------------------------------------------------
CALCULATION OF ANNUITY PAYMENTS
The calculation of monthly annuity payments under a contract takes into account
the number of annuity units of each variable investment option credited under a
contract, their respective annuity unit values, and a net investment factor. The
annuity unit values used for EQUI-VEST Express may vary, although the method of
calculating annuity unit values set forth below applies to all contracts.
Annuity unit values will also vary by variable investment option.
For each valuation period, the adjusted net investment factor is equal to the
net investment factor for the variable investment option 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%.
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 assumed base rate will be 5%, except in states where that rate is not
permitted. Annuity payments based upon an assumed base rate of 3 1/2% will at
first be smaller than those based upon a 5% assumed base rate. Payments based
upon a 3 1/2% rate, however, will rise more rapidly when unit values are rising,
and payments will fall more slowly when unit values are falling than those based
upon a 5% rate.
The amounts of variable annuity payments are determined as follows:
Payments normally start on the business day specified on your election form, or
on such other future date as specified therein. The first three monthly payments
are the same. The initial payment will be calculated using the basis guaranteed
in the applicable EQUI-VEST Express contract or our current basis, whichever
would provide the higher initial benefit.
The first three payments depend on the assumed base rate of net investment
return and the form of annuity chosen (and any fixed period). If the annuity
involves a life contingency, the risk class and the age of the annuitants will
affect payments.
Payments after the first three will vary according to the investment performance
of the variable investment option(s) selected to fund the variable payments.
After that, each monthly payment will be calculated by multiplying the number of
annuity units credited by the average annuity unit value for the selected option
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 for the valuation period which includes the due date of the
first monthly payment. The average annuity unit value is the average of the
annuity unit values for the valuation periods ending in that month.
ILLUSTRATION OF CALCULATION OF ANNUITY PAYMENTS
To show how we determine variable annuity payments, assume that the account
value for an EQUI-VEST Express contract on a retirement date is enough to fund
an annuity with a monthly payment of $100 and that the annuity unit value of the
selected variable investment option 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 a hypothetical average annuity unit value of $3.56 in October 1998, the
annuity payment due in December 1998 would be $95.19 (the number of units
(26.74) times $3.56).
THE REORGANIZATION
Equitable Life established Separate Account A as a stock account on August 1,
1968. It was one of four separate investment accounts used to fund retirement
benefits under variable annuity certificates issued by us. Each of these
separate accounts, which included the predecessors to the Alliance Money Market
Fund, Alliance Balanced Fund, Alliance Common Stock Fund and Alliance Aggressive
Stock Fund, was
<PAGE>
- --------------------------------------------------------------------------------
4
- --------------------------------------------------------------------------------
organized as an open-end management investment company, with its own investment
objectives and policies. Collectively, these separate accounts, as well as two
other separate accounts which had been used to fund retirement benefits under
certain other annuity contracts, are called the "predecessor separate accounts."
On December 18, 1987, the predecessor separate accounts were combined in part
and reorganized into the Alliance Money Market, Alliance Balanced, Alliance
Common Stock and Alliance Aggressive Stock Funds of Separate Account A. In
connection with the Reorganization, all of the assets and investment-related
liabilities of the predecessor separate accounts were transferred to a
corresponding portfolio of The Equitable Trust in exchange for shares of the
portfolios of The Equitable Trust, which were issued to these corresponding
Funds of Separate Account A. On September 6, 1991, all of the shares of The
Equitable Trust held by these Funds were replaced by shares of Portfolios of The
Hudson River Trust corresponding to these Funds of Separate Account A.
CUSTODIAN AND INDEPENDENT ACCOUNTANTS
Equitable Life is the custodian for the shares of The Hudson River Trust and EQ
Advisors Trust owned by Separate Account A.
The financial statements of Separate Account A as at December 31, 1998 and for
the periods ended December 31, 1998 and 1997, and the consolidated financial
statements of Equitable Life as at December 31, 1998 and 1997 and for each of
the three years ended December 31, 1998 included in this SAI have been so
included in reliance on the reports of PricewaterhouseCoopers LLP, independent
accountants, given on the authority of such firm as experts in auditing and
accounting.
ALLIANCE MONEY MARKET OPTION YIELD INFORMATION
The Alliance Money Market option calculates yield information for seven-day
periods. To determine the seven-day rate of return, the net change in a unit
value is computed by subtracting the unit value at the beginning of the period
from the unit value, exclusive of capital changes, at the end of the period.
The net change is then reduced by the average administrative charge factor for
your contract. This reduction is made to recognize the deduction of the annual
administrative charge, which is not reflected in the unit value. See the
applicable "Annual administrative charge" section under "Charges and expenses"
in the prospectus. Unit values reflect all other accrued expenses of the
Alliance Money Market option.
The adjusted net change is divided by the unit value at the beginning of the
period to obtain the adjusted base period rate of return. This seven-day
adjusted base period return is then multiplied by 365/7 to produce an annualized
seven-day current yield figure carried to the nearest one-hundredth of one
percent.
The actual dollar amount of the annual administrative charge for EQUI-VEST
Express that is deducted from the Alliance Money Market option will vary based
on the percentage of the aggregate account value allocated to the Alliance Money
Market option. To determine the effect of the annual administrative charge on
the yield, we start with the actual aggregate annual administrative charges, as
a percentage of total assets held under EQUI-VEST Express. This amount is
multiplied by 365/7 to produce an average administrative charge factor which is
used in weekly yield computations for the ensuing year. The average
administrative charge is then divided by the number of Alliance Money Market
option units for the EQUI-VEST Express contract as of the end of the prior
calendar year, and the resulting quotient is deducted from the net change in
unit value for the seven-day period.
The effective yield is obtained by modifying the current yield to give effect to
the compounding nature of the Alliance Money Market option's investments, as
follows: the unannualized adjusted base period return is compounded by adding
one to the adjusted base period return, raising the sum to a power equal to 365
divided by 7, and subtracting one from the result, i.e., effective yield = (base
period return + 1) 365/7 - 1. The Alliance Money Market option yields will
fluctuate daily.
<PAGE>
- --------------------------------------------------------------------------------
5
- --------------------------------------------------------------------------------
Accordingly, yields for any given period are not necessarily representative of
future results. In addition, the value of units of the Alliance Money Market
option will fluctuate and not remain constant.
The Alliance Money Market option yields reflect charges that are not normally
reflected in the yields of other investments and therefore may be lower when
compared with yields of other investments. Alliance Money Market option yields
should not be compared to the return on fixed-rate investments which guarantee
rates of interest for specified periods, such as the guaranteed interest account
or bank deposits. The yield should not be compared to the yield of money market
funds made available to the general public because their yields usually are
calculated on the basis of a constant $1 price per share and they pay out
earnings in dividends which accrue on a daily basis.
OTHER YIELD INFORMATION
The thirty-day yield figures reflect the highest charges that are currently
being assessed under any EQUI-VEST Express contract.
The effective yield is obtained by giving effect to the compounding nature of
the variable investment option's investments, as follows: the sum of the 30-day
adjusted return, plus one, is raised to a power equal to 365 divided by 30, and
subtracting one from the result.
Because the Equitable EQUI-VEST Express contracts described in the prospectus
are being offered for the first time in 1999, no yield information is presented.
KEY FACTORS IN RETIREMENT PLANNING
INTRODUCTION
Equitable Life offers retirement programs that are available to help meet the
retirement needs of individuals and of employers, businesses, and certain
tax-exempt organizations. In assessing these retirement needs, some key factors
need to be addressed: (1) the impact of inflation on fixed retirement incomes;
(2) the importance of starting to plan early for retirement; (3) the benefits of
tax deferral; and (4) the selection of an appropriate investment strategy. Each
of these factors is addressed below.
- --------------------------------------------------------------------------------
Unless otherwise noted, all of the following presentations use an assumed annual
rate of return of 7.5% compounded annually. This rate of return is for
illustrative purposes only and is not intended to represent an expected or
guaranteed rate of return for any investment vehicle. In addition, unless
otherwise noted, none of the illustrations reflect any charges that may be
applied under a particular investment vehicle. Such charges would effectively
reduce the actual return under any investment vehicle.
- --------------------------------------------------------------------------------
All earnings in these presentations are assumed to accumulate tax deferred
unless otherwise noted. Most programs designed for retirement savings offer tax
deferral. Amounts withdrawn generally are taxable and a 10% penalty tax may
apply to premature withdrawals. Certain retirement programs prohibit early
withdrawals. See "Tax information" in the prospectus. Where taxes are taken into
consideration in these presentations, a 28% tax rate is assumed.
The source of the data used by us to compile the charts which appear in this
section (other than charts 1, 2, 3 and 4) is Ibbotson Associates, Inc., Chicago,
Stocks, Bonds, Bills and Inflation 1999 Yearbook.(TM) All rights reserved.
In reports or other communications or in advertising material, we may make use
of these or other graphic or numerical illustrations that we prepare showing the
impact of inflation, planning early for retirement, tax deferral,
diversification and other concepts important to retirement planning.
INFLATION
Inflation erodes purchasing power. This means that, in an inflationary period,
the dollar is worth less as time passes. Because many people live on a fixed
income during retirement, inflation is of particular concern to them. The charts
on the next page illustrate the detrimental impact of inflation over an extended
period of time. Between 1968 and 1998, the average annual inflation rate was
5.24%. As demonstrated in
<PAGE>
- --------------------------------------------------------------------------------
6
- --------------------------------------------------------------------------------
Chart 1, this 5.24% average annual rate of inflation would cause the purchasing
power of $35,000 to decrease to only $7,562 after 30 years.
In Chart 2, the impact of inflation is examined from another perspective.
Specifically, the chart illustrates the additional income needed to maintain the
purchasing power of $35,000 over a thirty-year period. Again, the 1968-1998
historical inflation rate of 5.24% is used. In this case, an additional $126,992
would be required to maintain the purchasing power of $35,000 after 30 years.
CHART 1
[THE FOLLOWING DATA WERE REPRESENTED AS A
SHADED VERTICAL BAR GRAPH IN THE PRINTED DOCUMENT:]
(Income)
Today 35,000
10 Years 21,002
20 Years 12,602
30 Years 7,562
[END OF GRAPHICALLY REPRESENTED DATA]
CHART 2
[THE FOLLOWING DATA WERE REPRESENTED AS A SHADED
VERTICAL BAR GRAPH IN THE PRINTED DOCUMENT:]
Annual
Income Increase
Needed Needed
Today 35,000 -
10 Years 58,328 23,325
20 Years 97,204 62,204
30 Years 161,992 126,992
[END OF GRAPHICALLY REPRESENTED DATA]
STARTING EARLY
The impact of inflation accentuates the need to begin a retirement program
early. The value of starting early is illustrated in the following charts. As
shown in Chart 3, if an individual makes annual contributions of $2,500 to his
retirement program beginning at age 30, he would accumulate $414,551 by age 65
under the assumptions described earlier. If that individual waited until age 50,
he would only accumulate $70,193 by age 65 under the same assumptions.
<PAGE>
- --------------------------------------------------------------------------------
7
- --------------------------------------------------------------------------------
CHART 3
[THE FOLLOWING DATA WERE REPRESENTED AS A SHADED
AREA GRAPH IN THE PRINTED DOCUMENT:]
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
[BLACK:] Age 50 $0 $0 $0 $0 $0 $15,610 $38,020 $70,193
[WHITE:] Age 40 $0 $0 $0 $15,610 $38,020 $70,193 $116,381 $182,691
[GRAY:] Age 30 $0 $15,610 $38,020 $70,193 $116,381 $182,691 $277,886 $414,551
</TABLE>
[END OF GRAPHICALLY REPRESENTED DATA]
In Table 1, the impact of starting early is demonstrated in another format. For
example, if an individual invests $300 monthly, he would accumulate $387,193 in
thirty years under our assumptions. In contrast, if that individual invested the
same $300 per month for 15 years, he would accumulate only $97,804 under our
assumptions.
TABLE 1
- -----------------------------------------------------------------------------
MONTHLY
CONTRI- YEAR YEAR YEAR YEAR YEAR
BUTION 10 15 20 25 30
- -----------------------------------------------------------------------------
$ 20 $ 3,532 $ 6,520 $ 10,811 $ 16,970 $ 25,813
- -----------------------------------------------------------------------------
50 8,829 16,301 27,027 42,425 64,532
- -----------------------------------------------------------------------------
100 17,659 32,601 54,053 84,851 129,064
- -----------------------------------------------------------------------------
200 35,317 65,202 108,107 169,701 258,129
- -----------------------------------------------------------------------------
300 52,976 97,804 162,160 254,552 387,193
- -----------------------------------------------------------------------------
Chart 4 presents an additional way to demonstrate the significant impact of
starting to make contributions to a retirement program earlier rather than
later. It assumes that an individual had a goal to accumulate $250,000 (pre-tax)
by age 65. If he starts at age 30, under our assumptions he could reach the goal
by making a monthly pre-tax contribution of $130 (equivalent to $93 after
taxes). The total net cost for the 30-year-old in this hypothetical example
would be $39,265. If the individual in this hypothetical example waited until
age 50, he would have to make a monthly pre-tax contribution of $747 (equivalent
to $552 after taxes) to attain the goal, illustrating the importance of starting
early.
CHART 4
[THE FOLLOWING DATA WERE REPRESENTED AS A BLACK AND WHITE
VERTICAL BAR GRAPH IN THE PRINTED DOCUMENT:]
GOAL: $250,000 BY AGE 65
Tax Savings
and Tax-deferred
Net Cost Earnings at 7.5%
$93 per month Age 30 $ 39,265 $ 210,735
$212 per month Age 40 63,641 186,359
$552 per month Age 50 99,383 150,617
[END OF GRAPHICALLY REPRESENTED DATA]
TAX DEFERRAL
Contributing to a retirement plan early is part of an effective strategy for
addressing the impact of inflation. Another part of such a strategy is to
carefully select the types of retirement programs in which to invest. In
deciding where to invest retirement contributions, there are three basic types
of programs.
The first type offers the most tax benefits and, therefore, is potentially the
most beneficial for accumulating funds for retirement. Contributions are made
with pre-tax dollars or are tax deductible and earnings grow income tax
deferred. Examples of this type of program that permit individuals to make
contributions through personal savings or indirectly through employer-offered
salary deferrals are deductible Individual Retirement Annuities (IRAs);
Tax-Sheltered Annuities (TSAs).
<PAGE>
- --------------------------------------------------------------------------------
8
- --------------------------------------------------------------------------------
The second type of program also provides for tax-deferred earnings growth;
however, contributions are made with after-tax dollars. Examples of this type of
program are non-deductible Traditional IRAs and non-qualified annuities.
The third approach to retirement savings is fully taxable. Contributions are
made with after-tax dollars and earnings are taxed each year. Examples of this
type of program include certificates of deposit, savings accounts and taxable
stock, bond or mutual fund investments.
Consider an example. For the type of retirement program that offers both pre-tax
contributions and tax deferral, assume that a $2,500 annual pre-tax contribution
is made for thirty years. In this example, the retirement funds would be $_____
after thirty years (assuming a 7.5% rate of return, no withdrawals and assuming
the deduction of a 0.95% Separate Account A daily asset charges and trust annual
expense charges and a $30 administrative charge -- but no withdrawal charge) and
such funds would be $277,886 without the effect of any charges. Assuming a lump
sum withdrawal was made in year thirty and a 28% tax bracket, these amounts
would be $___ and $200,078, respectively.
For the type of program that offers only tax deferral, assume an after-tax
annual contribution of $1,800 for thirty years and the same rate of return. This
after-tax contribution is derived by taxing the $2,500 pre-tax contribution,
again assuming a 28% tax bracket. In this example, the retirement funds would be
$____ after thirty years assuming the deduction of charges and no withdrawals,
and $200,078 without the effect of charges. Assuming a lump sum withdrawal in
year thirty, the total after-tax amount would be $_____ with charges deducted
and $159,176 without charges.
For the fully taxable investment, assume an after-tax contribution of $1,800 for
thirty years. Earnings are taxed annually. After thirty years, the amount of
this fully taxable investment is $135,058. Keep in mind that taxable investments
have fees and charges, too (investment advisory fees, administrative charges,
12b-1 fees, sales loads, brokerage commissions, etc.). We have not attempted to
apply these fees and charges to the fully taxable amounts since this is intended
merely as an example of tax deferral. Were such charges applied, the amounts in
the fully taxable example would be lower. Again, it must be emphasized that the
assumed rate of return of 7.5% compounded annually used in these examples is for
illustrative purposes only and is not intended to represent a guaranteed or
expected rate of return on any investment vehicle. Moreover, early withdrawals
of tax-deferred investments are generally subject to a 10% penalty tax.
INVESTMENT OPTIONS
Selecting an appropriate retirement program is clearly an important part of an
effective retirement planning strategy. Carefully choosing among investment
options is another essential component.
As demonstrated in Chart 5, during the 1968-1998 period, common stock average
annual returns outperformed the average annual returns of fixed investments,
such as long-term government bonds and Treasury Bills (T-bills). See "Notes" at
the end of this section. Common stocks earned an average annual return of 12.67%
over this period, in contrast to 9.09% and 6.76% for the other two investment
categories, respectively. Significantly, common stock returns also outpaced
inflation, which grew at 5.24% over this period.
<PAGE>
- --------------------------------------------------------------------------------
9
- --------------------------------------------------------------------------------
CHART 5
[THE FOLLOWING DATA WERE REPRESENTED AS A SHADED
VERTICAL BAR GRAPH IN THE PRINTED DOCUMENT:]
Average Annual Returns
1968-1998
Inflation 5.24%
T-bills 6.76%
Long-Term Government Bonds 9.09%
Common Stock (S&P 500) 12.67%
[END OF GRAPHICALLY REPRESENTED DATA]
While Chart 5 illustrates that investments in common stocks outperformed
fixed-income investments for the 1968-1998 period, many people prefer to
diversify their investments by selecting a mix of fixed-income and growth
investments. In Chart 6, the growth of a $1,000 investment is shown given
various mixes of fixed-income and growth investments. See "Notes"at the end of
this section.
CHART 6
[THE FOLLOWING DATA WERE REPRESENTED AS A SHADED
VERTICAL BAR GRAPH IN THE TYPESET DOCUMENT:]
Growth of $1,000
1968-1998
100% T-bills $7,113
70% Long-Term Government Bonds/30% Common Stock $19,579
50% Long-Term Government Bonds/50% Common Stock $24,118
100% Common Stock $35,814
[END OF GRAPHICALLY REPRESENTED DATA]
NOTES
1. Common Stocks: Standard & Poor's (S&P) Composite Index is an unmanaged
weighted index of the stock performance of 500 industrial, transportation,
utility and financial companies. Results shown assume reinvestment of
dividends. Both market value and return on common stock will vary.
2. U.S. Government Securities: Long-Term Government Bonds are measured using a
one-bond portfolio constructed each year containing a bond with
approximately a 20-year maturity and a reasonably current coupon. U.S.
Treasury Bills are measured by rolling over each month a one-bill portfolio
containing, at the beginning of each month, the bill having the shortest
maturity not less than one month. U.S. Government securities are guaranteed
as to principal and interest and, if held to maturity, offer a fixed rate
of return.
However, market value and return on such securities will fluctuate prior to
maturity.
<PAGE>
- --------------------------------------------------------------------------------
10
- --------------------------------------------------------------------------------
EQUI-VEST Express can be effective for diversifying ongoing investments between
various asset categories. In addition, for individuals investing a lump sum,
special features are offered which help address the risk associated with timing
the equity markets. A dollar cost averaging program is offered whereby an
individual can contribute a lump sum in the Alliance Money Market option and
then transfer a fixed-dollar amount into the growth-oriented options over a
specified period of time. This cannot guarantee a profit or assure against loss
in a declining market.
LONG-TERM MARKET TRENDS
As a tool for understanding how different investment strategies may affect
long-term results, it may be useful to consider the historical returns on
different types of assets. The follow-ing charts present historical return
trends for various types of securities. The information presented, while not
directly related to the performance of the investment options, helps to provide
a perspective on the potential returns of different asset classes over different
periods of time. By combining this information with your knowledge of your own
financial needs (e.g., the length of time until you retire, your financial
requirements at retirement), you may be able to better determine how you wish to
allocate plan contributions among the investment options available under your
plan.
Historically, the long-term investment performance of common stocks has
generally been superior to that of long- or short-term debt securities. For
those investors who have many years until retirement, or whose primary focus is
on long-term growth potential and protection against inflation, there may be
advantages to allocating some or all of their account value to those variable
investment options that invest in stocks.
GROWTH OF $1 INVESTED ON JANUARY 1, 1958
(VALUES ARE AS OF LAST BUSINESS DAY)
[THE FOLLOWING DATA WERE REPRESENTED AS A
SHADED AREA GRAPH IN THE PRINTED DOCUMENT:]
Common Stock Inflation
1958 1.00 1.00
1959 1.12 1.01
1960 1.12 1.03
1961 1.43 1.04
1962 1.30 1.05
1963 1.60 1.07
1964 1.86 1.08
1965 2.10 1.10
1966 1.88 1.14
1967 2.34 1.17
1968 2.59 1.23
1969 2.37 1.30
1970 2.47 1.37
1971 2.82 1.42
1972 3.36 1.47
1973 2.87 1.60
1974 2.11 1.79
1975 2.89 1.92
1976 3.58 2.01
1977 3.32 2.15
1978 3.54 2.34
1979 4.19 2.65
1980 5.55 2.98
1981 5.28 3.25
1982 6.41 3.37
1983 7.86 3.50
1984 8.35 3.64
1985 11.03 3.78
1986 13.07 3.82
1987 13.75 3.99
1988 16.07 4.16
1989 21.13 4.36
1990 20.46 4.62
1991 26.74 4.76
1992 28.75 4.90
1993 31.63 5.04
1994 32.04 5.17
1995 44.03 5.30
1996 54.19 5.48
1997 72.27 5.57
1998 92.93 5.67
[LIGHT SHADED AREA = COMMON STOCK]
[DARK SHADED AREA = INFLATION]
[END OF GRAPHICALLY REPRESENTED DATA]
Over shorter periods of time, however, common stocks tend
to be subject to more dramatic changes in value than fixed-income (debt)
securities. Investors who are nearing retirement age, or who have a need to
limit short-term risk, may find it preferable to allocate a smaller percentage
of their account value to those variable investment options that invest in
common stocks. The following graph illustrates the monthly fluctuations in value
of $1 based on monthly returns of the Standard & Poor's 500 during 1990, a year
that reflects the volatility inherent in the investment of common stocks.
<PAGE>
- --------------------------------------------------------------------------------
11
- --------------------------------------------------------------------------------
GROWTH OF $1 INVESTED ON JANUARY 1, 1990
(VALUES ARE AS OF LAST BUSINESS DAY)
[THE FOLLOWING DATA WERE REPRESENTED AS A BLACK AND WHITE LINE GRAPH
IN THE PRINTED DOCUMENT:]
Intermediate-Term
Govt. Bonds Common Stocks
1/1/90 1.00 1.00
Jan. 0.99 0.93
Feb. 0.99 0.94
Mar. 0.99 0.97
Apr. 0.98 0.95
May 1.01 1.04
June 1.02 1.03
July 1.04 1.03
Aug. 1.03 0.93
Sep. 1.04 0.89
Oct. 1.06 0.89
Nov. 1.08 0.94
Dec. 1.10 0.97
[END OF GRAPHICALLY REPRESENTED DATA]
The following chart illustrates average annual rates of return over selected
time periods between December 31, 1926 and December 31, 1998 for different types
of securities: common stocks, long-term government bonds, long-term corporate
bonds, intermediate-term government bonds and U.S. Treasury Bills. For
comparison purposes, the Consumer Price Index is shown as a measure of
inflation. The average annual returns shown in the chart reflect capital
appreciation and assume the reinvestment of dividends and interest. No
investment management fees or expenses, and no charges typically associated with
deferred annuity products, are reflected. The information presented is merely a
summary of past experience for unmanaged groups of securities and is neither an
estimate nor guarantee of future performance. Any investment in securities,
whether equity or debt, involves varying degrees of potential risk, in addition
to offering varying degrees of potential reward.
- --------------------------------------------------------------------------------
The rates of return illustrated do not represent returns of Separate Account A.
In addition, there is no assurance that the performance of the investment
options will correspond to rates of return such as those illustrated in the
chart.
- --------------------------------------------------------------------------------
For a comparative illustration of performance results of the Options (which
reflect The Hudson River Trust and Separate Account A charges), see "Investment
performance" in the prospectus or the Trust prospectuses for The Hudson River
Trust and EQ Advisors Trust (which do not reflect Separate Account A charges).
<PAGE>
- --------------------------------------------------------------------------------
12
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
MARKET TRENDS:
ILLUSTRATIVE ANNUAL RATES OF RETURN
- -----------------------------------------------------------------------------------------------------------------------
LONG-TERM LONG-TERM INTERMEDIATE- U.S.
FOR THE FOLLOWING PERIODS COMMON GOVERNMENT CORPORATE TERM GOV'T. TREASURY CONSUMER
ENDING DECEMBER 31, 1998 STOCKS BONDS BONDS BONDS BILLS PRICE INDEX
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 Year 28.58% 13.06% 10.76% 10.21% 4.86% 1.80%
- -----------------------------------------------------------------------------------------------------------------------
3 Years 28.27 9.07 8.25 6.84 5.11 2.27
- -----------------------------------------------------------------------------------------------------------------------
5 Years 24.06 9.52 8.74 6.20 4.96 2.41
- -----------------------------------------------------------------------------------------------------------------------
10 Years 19.19 11.66 10.85 8.74 5.29 3.14
- -----------------------------------------------------------------------------------------------------------------------
20 Years 17.75 11.14 10.86 9.85 7.17 4.53
- -----------------------------------------------------------------------------------------------------------------------
30 Years 12.67 9.09 9.14 8.71 6.76 5.24
- -----------------------------------------------------------------------------------------------------------------------
40 Years 12.00 7.20 7.43 7.39 5.94 4.44
- -----------------------------------------------------------------------------------------------------------------------
50 Years 13.56 5.89 6.20 6.21 5.07 3.92
- -----------------------------------------------------------------------------------------------------------------------
60 Years 12.49 5.43 5.62 5.50 4.26 4.19
- -----------------------------------------------------------------------------------------------------------------------
Since 12/31/26 11.21 5.29 5.78 5.32 3.78 3.15
- -----------------------------------------------------------------------------------------------------------------------
Inflation Adjusted Since 1926 7.82 2.08 2.55 2.11 0.62 --
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
SOURCE: Ibbotson, Roger G., and Rex A. Sinquefield, Stocks, Bonds, Bills, and
Inflation (SBBI), 1982, updated in Stocks, Bonds, Bills and Inflation 1999
Yearbook(TM) Ibbotson Associates, Inc., Chicago. All rights reserved.
COMMON STOCKS (S&P 500) -- Standard and Poor's Composite Index, an unmanaged
weighted index of the stock performance of 500 industrial, transportation,
utility and financial companies.
LONG-TERM GOVERNMENT BONDS -- Measured using a one-bond portfolio constructed
each year containing a bond with approximately a twenty-year maturity and a
reasonably current coupon.
LONG-TERM CORPORATE BONDS -- For the period 1969-1998, represented by the
Salomon Brothers Long-Term, High-Grade Corporate Bond Index; for the period
1946-1968, the Salomon Brothers Index was backdated using Salomon Brothers
monthly yield data and a methodology similar to that used by Salomon Brothers
for 1969-1998; for the period 1927-1945, the Standard and Poor's monthly
High-Grade Corporate Composite yield data were used, assuming a 4 percent coupon
and a twenty-year maturity.
INTERMEDIATE-TERM GOVERNMENT BONDS--Measured by a one-bond portfolio constructed
each year containing a bond with approximately a five-year maturity.
U.S. TREASURY BILLS -- Measured by rolling over each month a one-bill portfolio
containing, at the beginning of each month, the bill having the shortest
maturity not less than one month.
INFLATION -- Measured by the Consumer Price Index for all Urban Consumers
(CPI-U), not seasonally adjusted.
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS
The consolidated financial statements of Equitable Life included herein should
be considered only as bearing upon the ability of Equitable Life to meet its
obligations under the contracts.
There are no financial statements for Separate Account A as the contracts
offered under the prospectus and SAI are being offered for the first time as of
the date of the prospectus and SAI [to be filed by amendment].
<PAGE>
PART C
OTHER INFORMATION
-----------------
Item 24. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements included in Part B.*
(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,
incorporated herein by reference to Exhibit No. 1(a) to
Registration Statement File No. 2-30070, originally filed on
October 27, 1987, refiled electronically on July 10, 1998.
(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, incorporated herein by reference to Exhibit No.
1(b) to Registration Statement File No. 2-30070 on Form
N-4, originally filed on April 24, 1995, refiled
electronically on July 10, 1998.
2. Not applicable.
3. (a) Sales Agreement, dated as of July 22, 1992, among Equitable,
Separate Account A and Equitable Variable Life Insurance
Company, as principal underwriter for the Hudson River
Trust, incorporated herein by reference to Exhibit 3(b) to
Registration Statement No. 2-30070, originally filed on
April 26, 1993, refiled electronically on July 10, 1998.
* To be filed by amendment.
C-1
<PAGE>
(b) Distribution and Servicing Agreement among Equico
Securities, Inc. (now EQ Financial Consultants, Inc.)
Equitable and Equitable Variable Life Insurance Company,
dated as of May 1, 1994, incorporated herein by reference to
Exhibit 3(c) to Registration Statement No. 2-30070
originally filed February 14, 1995, refiled electronically
on July 10, 1998.
(c) Distribution Agreement dated as of January 1, 1995 by and
between The Hudson River Trust and Equico Securities, Inc.
(now EQ Financial Consultants, Inc.), incorporated herein by
reference to Exhibit 3(d) to Registration Statement No.
2-30070 originally filed on April 24, 1995, refiled
electronically on July 10, 1998.
4. (a) Form of Group Annuity Contract No. 1050-94IC, incorporated
herein by reference to Exhibit No. 4(f) to Registration
Statement No. 2-30070 originally filed on April 24, 1995,
refiled electronically on July 10, 1998.
(b) Forms of Group Annuity Certificate Nos. 94ICA and 94ICB,
incorporated herein by reference to Exhibit No. 4(g) to
Registration Statement No. 2-30070 originally filed on April
24, 1995, refiled electronically on July 10, 1998.
(c) Forms of Endorsement nos. 94ENIRAI, 94 ENNQI and 94ENMVAI to
contract no. 1050-94IC, incorporated herein by reference to
Exhibit No. 4(h) to Registration Statement No. 2-30070
originally filed on April 24, 1995, refiled electronically
on July 10, 1998.
C-2
<PAGE>
(d) Form of Supplementary Contract No. SC96MDSB, incorporated
herein by reference to Exhibit No. 4(j) to Registration
Statement No. 2-30070 filed on April 26, 1996.
(e) Form of Endorsement for Standard Roth IRA Certificates,
incorporated herein by reference to Exhibit 4(n) to
Registration Statement on Form N-4. File No. 2-30070 filed
June 9, 1998.
(f) Form of Endorsement (No. 98ENIRAI) Applicable to IRA
Certificates, incorporated herein by reference to Exhibit
No. 4(q) to Registration Statement File No. 2-30070, filed
May 4, 1999.
(g) Form of EQUI-VEST Express Data Pages, Form No.
94ICA/(EQV EXP.)(8/99).
5. (a) Forms of EQUI-VEST Tax Deferred Variable Individual Annuity
Application Form #180-1009.
6. (a) Copy of the Restated Charter of Equitable, as amended
January 1, 1997, incorporated herein by reference to Exhibit
No. 6(a) to the Registration Statement on Form N-4 (File No.
2-30070), filed April 28, 1997.
(b) By-Laws of Equitable, as amended November 21, 1996,
incorporated herein by reference to Exhibit No. 6(b) to the
Registration Statement on Form N-4 (File No. 2-30070) filed
April 28, 1997.
7. Not applicable.
8. Form of Participation Agreement among EQ Advisors Trust,
Equitable, Equitable Distributors, Inc. and EQ Financial
Consultants, Inc., incorporated by reference to the EQ Advisors
Trust Registration Statement on Form N-1A (File Nos. 33-17217 and
811-07953).
C-3
<PAGE>
9. Opinion and Consent of Counsel (to be filed by amendment).
10. (a) Powers of Attorney.
(b) Consent of PricewaterhouseCoopers LLP (to be filed by
amendment).
11. Not applicable.
12. Not applicable.
13. (a) Schedules for computation of Money Market Fund Yield
quotations, incorporated herein by reference to Exhibit No.
13(a) to Registration Statement No. 2-30070 originally filed
on April 28, 1994, refiled electronically on July 10, 1998.
(b) Formulae for Determining "30-Day Yields" for EQUI-VEST
Series Contracts Invested In One Investment Fund
(Intermediate Government Securities, Quality Bond or High
Yield) of The Hudson River Trust, incorporated herein by
reference to Exhibit 13(b) to the Registration Statement No.
2-30070, originally filed on April 24, 1995, refiled
electronically on July 10, 1998.
(c) Separate Account A Performance Values Worksheets One-Year
Standardized Performance, incorporated herein by reference
to Exhibit 13(c) to the Registration Statement No. 2-30070
originally filed on April 28, 1994, refiled electronically
on July 10, 1998.
C-4
<PAGE>
Item 25: Directors and Officers of Equitable.
Set forth below is information regarding the directors and principal
officers of Equitable. Equitable's address is 1290 Avenue of Americas,
New York, New York 10104. The business address of the persons whose
names are preceded by an asterisk is that of Equitable.
POSITIONS AND
NAME AND PRINCIPAL OFFICES WITH
BUSINESS ADDRESS EQUITABLE
- ---------------- ---------
DIRECTORS
Francoise Colloc'h Director
AXA
23, Avenue Matignon
75008 Paris, France
Henri de Castries Director
AXA
23, Avenue Matignon
75008 Paris, France
Joseph L. Dionne Director
The McGraw-Hill Companies
1221 Avenue of the Americas
New York, NY 10020
Denis Duverne Director
AXA
23, Avenue Matignon
75008 Paris, France
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
C-5
<PAGE>
POSITIONS AND
NAME AND PRINCIPAL OFFICES WITH
BUSINESS ADDRESS EQUITABLE
- ---------------- ---------
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
SBC Warburg Dillon Read LLC
535 Madison Avenue
New York, NY 10028
Mary R. (Nina) Henderson Director
CPC Specialty Markets Group
CPC International Plaza
P.O. 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
George T. Lowy Director
Cravath, Swaine & Moore
825 Eighth Avenue
New York, NY 10019
C-6
<PAGE>
POSITIONS AND
NAME AND PRINCIPAL OFFICES WITH
BUSINESS ADDRESS EQUITABLE
- ---------------- ---------
Didier Pineau-Valencienne Director
Schneider S.A.
64-70 Avenue Jean-Baptiste Clement
92646 Boulogne-Billancourt Cedex
France
George J. Sella, Jr. Director
P.O. Box 397
Newton, NJ 07860
Peter J. Tobin Director
St. John's University
8000 Utopia Parkway
Jamaica, NY 11439
Dave H. Williams Director
Alliance Capital Management Corporation
1345 Avenue of the Americas
New York, NY 10105
OFFICER-DIRECTORS
- -----------------
*Michael Hegarty President, Chief Operating
Officer and Director
*Edward D. Miller Chairman of the Board,
Chief Executive Officer
and Director
*Stanley B. Tulin Vice Chairman of the Board,
Chief Financial Officer and Director
OTHER OFFICERS
- --------------
*Leon Billis Executive Vice President
and Chief Information Officer
*Harvey Blitz Senior Vice President
*Kevin R. Byrne Senior Vice President and Treasurer
*Alvin H. Fenichel Senior Vice President and
Controller
C-7
<PAGE>
POSITIONS AND
NAME AND PRINCIPAL OFFICES WITH
BUSINESS ADDRESS EQUITABLE
- ---------------- ---------
*Paul J. Flora Senior Vice President and Auditor
*Robert E. Garber Executive Vice President and
General Counsel
*Jerome S. Golden Executive Vice President
James D. Goodwin Vice President
*Edward J. Hayes Senior Vice President
*Mark A. Hug Senior Vice President
*Donald R. Kaplan Vice President and Chief Compliance
Officer and Associate General
Counsel
*Michael S. Martin Executive Vice President and Chief
Marketing Officer
*Douglas Menkes Senior Vice President and
Corporate Actuary
*Peter D. Noris Executive Vice President and Chief
Investment Officer
*Anthony C. Pasquale Senior Vice President
*Pauline Sherman Senior 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 Senior Executive Vice President and
Chief Distribution Officer
*Naomi Weinstein Vice President
*Maureen K. Wolfson Vice President
C-8
<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 which as of
March 31, 1999 beneficially owned 58.3% of the Holding Company's outstanding
common stock. AXA 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-9
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
The Equitable Companies Incorporated (l991) (Delaware)
Donaldson, Lufkin & Jenrette, Inc. (1993) (Delaware) (41.8%) (See
Addendum B(1) for subsidiaries)
The Equitable Life Assurance Society of the United States (1859)
(New York) (a)(b)
The Equitable of Colorado, Inc. (l983) (Colorado)
EVLICO, INC. (1995) (Delaware)
EVLICO East Ridge, Inc. (1995) (California)
GP/EQ Southwest, Inc. (1995) (Texas)
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. (2.7% limited partnership
interest)
ACMC, Inc. (1991) (Delaware)(s)
Alliance Capital Management L.P. (1988) (Delaware)
(39.3% limited partnership interest)
EVCO, Inc. (1991) (New Jersey)
EVSA, Inc. (1992) (Pennsylvania)
Prime Property Funding, Inc. (1993) (Delaware)
Wil Gro, Inc. (1992) (Pennsylvania)
Equitable Underwriting and Sales Agency (Bahamas) Limited (1993)
(Bahamas)
(a) Registered Broker/Dealer (b) Registered Investment Advisor
C-10
<PAGE>
The Equitable Companies Incorporated (cont.)
Donaldson Lufkin & Jenrette, Inc.
The Equitable Life Assurance Society of the United States (cont.)
Fox Run, Inc. (1994) (Massachusetts)
STCS, Inc. (1992) (Delaware)
CCMI Corporation (1994) (Maryland)
FTM Corporation (1994) (Maryland)
Equitable BJVS, Inc. (1992) (California)
Equitable Rowes Wharf, Inc. (1995) (Massachusetts)
Camelback JVS, Inc. (1995) (Arizona)
ELAS Realty, Inc. (1996) (Delaware)
100 Federal Street Realty Corporation (Massachusetts)
Equitable Structured Settlement Corporation (1996) (Delaware)
Prime Property Funding II, Inc. (1997) (Delaware)
Sarasota Prime Hotels, Inc. (1997) (Florida)
ECLL, Inc. (1997) (Michigan)
Equitable Holdings LLC (1997) (New York) (into which Equitable Holding
Corporation was merged in 1997)
EQ Financial Consultants, Inc. (l97l) (Delaware) (a) (b)
ELAS Securities Acquisition Corp. (l980) (Delaware)
100 Federal Street Funding Corporation (Massachusetts)
EquiSource of New York, Inc. (1986) (New York) (See
Addendum A 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)
(a) Registered Broker/Dealer (b) Registered Investment Advisor
C-11
<PAGE>
The Equitable Companies Incorporated (cont.)
Donaldson Lufkin & Jenrette, Inc.
The Equitable Life Assurance Society of the United States (cont.)
Equitable Holdings, LLC (cont.)
Equitable JVS, Inc. (1988) (Delaware)
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)
EJSVS, Inc. (1995) (New Jersey)
Donaldson, Lufkin & Jenrette, Inc. (1985 by EIC; 1993 by EQ and
EHC) (Delaware) (34.4%) (See Addendum B(1) for
subsidiaries)
JMR Realty Services, Inc. (1994) (Delaware)
Equitable Investment Corporation (l97l) (New York)
Stelas North Carolina Limited Partnership (50% limited
partnership interest) (l984)
Equitable JV Holding Corporation (1989) (Delaware)
Alliance Capital Management Corporation (l991) (Delaware) (b)
(See Addendum B(2) for subsidiaries)
Equitable Capital Management Corporation (l985)
(Delaware) (b)
Alliance Capital Management L.P. (1988)
(Delaware) (14.8% limited partnership interest)
EQ Services, Inc. (1992) (Delaware)
EREIM Managers Corp. (1986) (Delaware)
ML/EQ Real Estate Portfolio, L.P.
EML Associates, L.P.
(a) Registered Broker/Dealer (b) Registered Investment
Advisor
C-12
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
ADDENDUM A - SUBSIDIARY
OF EQUITABLE HOLDINGS, LLC
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 manufactured by Equitable:
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 Delaware, Inc. (1986) (Delaware)
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 of Puerto Rico, Inc. (1997) (Puerto Rico)
EquiSource Insurance Agency of Utah, Inc. (1986) (Utah)
EquiSource of Washington, Inc. (1987) (Washington)
EquiSource of Wyoming, Inc. (1986) (Wyoming)
C-13
<PAGE>
ORGANIZATION CHART OF EQUITABLE'S AFFILIATES
ADDENDUM B - INVESTMENT SUBSIDIARIES
HAVING MORE THAN FIVE SUBSIDIARIES
------------------------------------
Donaldson, Lufkin & Jenrette, Inc. has the following subsidiaries, and
approximately 150 other subsidiaries, most of which are special purpose
subsidiaries (the number fluctuates according to business needs):
Donaldson, Lufkin & Jenrette, Securities Corporation (1985)
(Delaware) (a) (b)
Wood, Struthers & Winthrop Management Corp. (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 (as general partner) (b) has the
following subsidiaries:
Alliance Capital Management L.P. (1988) (Delaware) (b)
Alliance Capital Management Corporation of Delaware, Inc.
(Delaware)
Alliance Fund Services, Inc. (Delaware) (a)
Alliance Fund Distributors, Inc. (Delaware) (a)
Alliance Capital Oceanic Corp. (Delaware)
Alliance Capital Management Australia Pty. Ltd.
(Australia)
Meiji - Alliance Capital Corp. (Delaware) (50%)
Alliance Capital (Luxembourg) S.A. (99.98%)
Alliance Eastern Europe Inc. (Delaware)
Alliance Barra Research Institute, Inc. (Delaware)
(50%)
Alliance Capital Management Canada, Inc. (Canada)
(99.99%)
Alliance Capital Management (Brazil) Llda
Alliance Capital Global Derivatives Corp. (Delaware)
Alliance International Fund Services S.A.
(Luxembourg)
Alliance Capital Management (India) Ltd. (Delaware)
Alliance Capital Mauritius Ltd.
Alliance Corporate Finance Group, Incorporated
(Delaware)
Equitable Capital Diversified Holdings, L.P. I
Equitable Capital Diversified Holdings, L.P. II
Curisitor Alliance L.L.C. (Delaware)
Curisitor Holdings Limited (UK)
Alliance Capital Management (Japan), Inc.
Alliance Capital Management (Asia) Ltd.
Alliance Capital Management (Turkey), Ltd.
Cursitor Alliance Management Limited (UK)
(a) Registered Broker/Dealer (b) Registered Investment Advisor
C-14
<PAGE>
AXA GROUP CHART
The information listed below is dated as of January 1, 1999; percentages
shown represent voting power. The name of the owner is noted when AXA
indirectly controls the company.
AXA INSURANCE AND REINSURANCE BUSINESS HOLDING
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
AXA Assurances IARD France 100% by AXA France Assurance
AXA Assurances Vie France 88.1% by AXA France Assurance
and 11.9% by AXA Collectives
AXA Courtage IARD France 100% by AXA France Assurance
and AXA Global Risks
AXA Conseil Vie France 100% by AXA France Assurance
AXA Conseil IARD France 100% by AXA France Assurance
AXA Direct France 100% by AXA
Direct Assurances IARD France 100% by AXA Direct
Direct Assurances Vie France 100% by AXA Direct
Tellit Vie Germany 100% by AKA-CKAG
Axiva France 100% by AXA France Assurance
and AXA Conseil Vie
Juridica France 100% by AXA France Assurance
AXA Assistance France France 100% by AXA Assistance SA
AXA Collectives France AXA France Assurance, AXA
Assurances IARD and AXA
Courtage IARD Mutuelle
Societe Beaujon France 100% by AXA
Lor Finance France 99.3% by AXA
Jour Finance France 100% by AXA Conseil and
by AXA Assurances IARD
Financiere 45 France 99.8% by AXA
Mofipar France 99.9% by AXA
NSM Vie France 40.1% by AXA France Assurance
Saint Georges Re France 100% by France Assurance
AXA Global Risks France 100% owned by AXA France
Assurance, AXA Courtage
Assurance Mutuelle, and AXA
Assurances IARD Mutuelle
Argovie France 94% by Axiva
AXA Assistance SA France 76.8% by AXA and 23.2% by AXA
France Assurance
S.P.S. Reassurance France 69.9% by AXA Reassurance
AXA Participations France 50% by AXA, 25% by AXA Global
Risks and 25% by AXA Courtage
IARD
Colisee Excellence France 100% by Financiere Mermoz
Financiere Mermoz France 100% by AXA
C-15
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
AXA Assistance SA France 76.8% by AXA and 23.2% by AXA
France Assurance
S.P.S. Reassurance France 69.9% by AXA Reassurance
AXA Participations France 50% by AXA, 25% by AXA Global
Risks and 25% by AXA Courtage
IARD
Colisee Excellence France 100% by Financiere Mermoz
Financiere Mermoz France 100% by AXA
AXA France Assurance France 100% by AXA
Thema Vie France 99.6% by Axiva
AXA-Colonia Konzern AG (AXA-
CKAG) Germany 39.7% by Vinci BV, 25.6% by
Kolnische Verwaltungs and
9.4% by AXA
Finaxa Belgium Belgium 100% by AXA
AXA Belgium Belgium 86.1% by Royale Belge and 13.9%
by Parcolvi
De Kortrijske Verzekering Belgium 99.8% by AXA Belgium
Juris Belgium 100% owned by AXA Belgium
Royale Belge Belgium 51.2% by AXA Holdings Belgium,
44.5% by AXA and 3.2% by AKA
Global Risks
Royale Belge 1994 Belgium 97.8% by Royale Belge and 2%
by UAB
UAB Belgium 100% by Royale Belge
Ardenne Prevoyante Belgium 99.4% by Royale Belge
GB Lex Belgium 55% by Royale Belge, 25% by
Royale Belge 1994, 10% by
Juridica and 10% by AXA
Conseil IARD
Royale Belge Re Belgium 100% by Royale Belge
Parcolvi Belgium 100% by Vinci Belgium Holding
BV
Vinci Belgium Belgium 99.5% by Vinci BV
Finaxa Luxembourg Luxembourg 100%
AXA Assurance IARD Luxembourg Luxembourg 100% by AXA Holding Luxembourg
AXA Assurance Vie Luxembourg Luxembourg 100% by AXA Holding Luxembourg
Royale UAP Luxembourg 100% by AXA Holding Luxembourg
Paneurolife Luxembourg 90% by different companies of
the AXA Group
Paneurore Luxembourg 100% by different companies of
the AXA Group
Crealux Luxembourg 100% by Royale Belge
Futur Re Luxembourg 100% by AXA Global Risks
AXA Holding Luxembourg Luxembourg 100% by Royale Belge
AXA Aurora Spain 30% owned by AXA and 40%
by AXA Participations
Reaseguros Aurora Vida SA de Spain 97% owned by Aurora Iberica SA
Seguros y Reaseguros de Seguros y Reaseguros and
1.5% by AXA
Hilo Direct Seguros y Reaseguros Spain 71.4% by AXA Aurora
Ayuda Legal Spain 88% by AXA Aurora Iberica SA de
Seguros y Reaseguros and 12% by
Aurora Vida
AXA Aurora Iberica SA de Spain 99.8% by AXA Aurora
Seguros y Reaseguros
AXA Assicurazioni Italy 83.7% owned by AXA, 12% by
Grupo UAP Italiana, 2.2% by
AXA Conseil Vie and 2.1%
by AXA Collectives
Eurovita Italy 30% owned by AXA Assicurazioni,
19% by AXA Conseil Vie and 19%
by AXA Collectives
Gruppo UAP Italia (GUI) Italy 97% by AXA Participations and
3% by AXA Collectives
UAP Vita Italy 62% by AXA
Allsecures Vita Italy 100% by AXA
AXA Equity & Law Plc U.K. 99.9% by AXA
AXA Equity & Law Life U.K. 100% by Sun Life Holdings Plc
Assurance Society
Sun Life lle de Man U.K. 100% owned by Sun Life
Assurance
AXA Global Risks U.K. 51% owned by AXA Global
Risks (France) and 49% by
AXA Courtage IARD
Sun Life and Provincial U.K. 71.6% by AXA and AXA
Holdings (SLPH) Equity & Law Plc
Sun Life Corporation Plc U.K. 100% by AXA Sun Life Holdings
Plc
Sun Life Assurance Society Plc U.K. 100% by AXA Sun Life Holdings
Plc
AXA Provincial Insurance U.K. 100% by SLPH
English & Scottish U.K. 100% by AXA UK
AXA UK U.K. 100% by AXA
Servco U.K. 100% by AXA Sun Life Holdings
Plc
AXA Sun Life Plc U.K. 100% by AXA Sun Life Holdings
Plc
AXA Leven The Nether- 100% by Nieuw Rotterdam
lands Verzekeringen
AXA Nederland BV The Nether- 55.4% by Royale Belge and 38.9%
lands by Gelderland BV
UNIROBE Groep BV The Nether- 100% by UAP Nieuw Rotterdam
lands Holding
AXA Levensverzekeringen The Nether- 100% by UAP Nieuw Rotterdam
lands Verzekeringen
AXA Schade The Nether- 100% by UAP Nieuw Rotterdam
lands Verzekeringen
Societe Generale d'Assistance The Nether- 100% by AXA Assistance Holding
lands
Gelderland BV The Nether- 100% by Royale Belge
lands
AXA Zorg The Nether- 100% by UAP Nieuw Rotterdam
lands Verzekeringen
Vinci BV The Nether- 100% by AXA
lands
AXA Portugal Companhia de Portugal 96.2% by different companies
Serguros SA of the AXA Group
AXA Portugal Companhia de Portugal 87.6% by AXA Conseil Vie and
Serguros de Vida SA 7.5% by AXA Participations
AXA Compagnie d' Assurances Switzerland 100% by AXA Participations
AXA Compagnie d' Assurances Switzerland 95% by AXA Participations
sur la Vie
AXA Al Amane Assurances Morocco 52% by AXA Participations and
15% by Empargne Croissance
AXA Canada Inc. Canada 100% by AXA
Empargne Croissance Morocco 99.3% by AXA Al Amane
Assurances
Colonia Nordstern Leben Germany 50% by AXA-CKAG and 50% by
Colonia Nordstern Versicherungs
Kolnische Verwaltungs Germany 67.7% by Vinci BV, 23% by AXA
Colonia Konzern AG and 8.8% by
AXA
Sicher Direkt Versicherung Germany 50% by AXA Direct and 50% by
AXA-CKAG
AXA Colonia Krankenversicherung Germany 51% by AXA-CKAG, 39.6% by AXA
Colonia Lebenversicherung and
12% by Deutsche
Arzleversicherung
Colonia Nordstern Versicherungs Germany 100% by AXA-CKAG
C-16
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
AXA non life Insurance Cy. Ltd. Japan 100% by AXA Direct
AXA Life Insurance Japan 100% by AXA
Dongbu AXA Life Korea 50% by AXA
Insurance Co. Ltd.
Sime AXA Berhad Malaysia 30% owned by AXA and
AXA Reassurance
AXA Insurance Investment Singapore 88.7% by AXA and 11.41% by AXA
Holdings Pte Ltd Courtage IARD
AXA Life Insurance Singapore 100% owned by AXA
AXA Insurance Hong Kong 82.5% owned by AXA Investment
Holdings Pte Ltd and 17.5%
by AXA
National Mutual Asia Ltd Hong Kong 53.8% by National Mutual
Holdings, Ltd and 20% by Detura
The Equitable Companies U.S.A. 43% by AXA, Financiere 45
Incorporated 3.2%, Lorfinance 6.4%, AXA
Equity & Law Life Association
Society 4.1% and AXA
Reassurance 2.9% and 0.4% by
Societe Beaujon
The Equitable Life Assurance U.S.A. 100% owned by The Equitable
Society of the United States Companies Incorporated
(ELAS)
National Mutual Holdings Ltd Australia 42.1% by AXA and 8.9% by
AXA Equity & Law Life
Assurance Society
The National Mutual Life Australia 100% owned by National Mutual
Association of Australasia Holdings Ltd
National Mutual International Australia 100% owned by National Mutual
Holdings Ltd
Australian Casualty & Life Ltd Australia 100% owned by National Mutual
Holdings Ltd
National Mutual Health Australia 100% owned by National Mutual
Insurance Pty Ltd Holdings Ltd
Detura Hong Kong 75% by National Mutual Holdings
AXA Insurance Pte Ltd Singapore 100% by AXA Insurance
Investment Holdings Pte Ltd
AXA Reinsurance Asia Pte Ltd Singapore 100% by AXA Reassurance
C-17
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
AXA Reassurance France 100% owned by AXA, AXA
Assurances IARD and AXA Global
Risks
AXA Re Finance France 79% owned by AXA Reassurance
AXA Cessions France 100% by AXA
AXA Reinsurance U.K. Plc U.K. 100% owned by AXA Re U.K.
Holding
AXA Re U.K. Company Limited U.K. 100% owned by AXA Reassurance
AXA Reinsurance Company U.S.A. 100% owned by AXA America
AXA America U.S.A. 100% owned by AXA Reassurance
AXA Gobal Risks US U.S.A. 96.4% by AXA Global Risks and
3.6% by Colonia Nordstern
Versicherungs AG
AXA Re Life Insurance Company U.S.A. 100% owned by AXA America
C.G.R.M. Monaco 100% owned by AXA Reassurance
Nordstern Colonia Osterreich Austria 88.5% by Colonia Nordstern
Versicherungs and 11.5% by
Colonia Nordstern Leben
Royale Belge International Belgium 100% by Royale Belge
Investissement
AXA Holding Belgium Belgium 75% by AXA, 17.7% by AXA Global
Risks and 7.4% by Various
Companies of the Group
Assurances de la Poste Belgium 50% by Royale Belge
Assurances de la Poste Vie Belgium 50% by Royale Belge
AXA Asset Management LTD U.K. 91% by AXA Investment Managers
and 9% by National Mutual
Funds Management
AXA Sun Life Holdings Plc U.K. 100% by SLPH
C-18
<PAGE>
AXA FINANCIAL BUSINESS
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
Compagnie Financiere de Paris France 100% AXA and the Mutuelles
(C.F.P.)
AXA Banque France 98.7% owned by Compagnie
Financiere de Paris
AXA Credit France 65% owned by Compagnie
Financiere de Paris
AXA Gestion FCP France 100% owned by AXA Investment
Managers Paris
Sofapi France 100% owned by Compagnie
Financiere de Paris
Soffim Holding France 100% owned by Compagnie
Financiere de Paris
Sofinad France 100% by Compagnie
Financiere de Paris
Banque des Tuileries France 100% by Compagnie
Financiere de Paris
Banque de marches et d'arbitrage France 18.5% by AXA and 8.2% by AXA
Courtage IARD
AXA Investment Managers France 100% by various companies
AXA Investment Managers Paris France 100% owned by AXA Investment
Managers
Colonia Bausbykasse Germany 66.7% by AXA-CKAG and 31.1% by
Colonia Nordstern Leben
Banque IPPA Belgium 99.9% by Royale Belge
Royal Belge Investissement Belgium 100% by Royale Belge
ANHYP Belgium 98.8% by Royale Belge
AXA Sun Life Asset Management U.K. 66.7% owned by SLPH and 33.3%
by AXA Asset Management Ltd.
C-19
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
Alliance Capital Management U.S.A. 57.7% held by ELAS
Donaldson Lufkin & Jenrette U.S.A. 70.9% owned by Equitable
Holdings Corp. and ELAS
National Mutual Funds Australia 100% owned by National
Management (Global) Ltd Mutual Holdings Ltd
C-20
<PAGE>
AXA REAL ESTATE BUSINESS
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
S.G.C.I. France 100% by AXA
Transaxim France 100% owned by Compagnie
Parisienne de Participations
Compagnie Parisienne de France 100% owned by Sofinad
Participations (C.P.P.)
Monte Scopeto France 100% owned by Compagnie
Parisienne de Participations
Colisee Jeuneurs France 99.9% by Colisee Suresnes
Colisee Delcasse France 100% by Colisee Suresnes
Colisee Victoire France 99.7% by S.G.C.I.
Colisee Suresnes France 100% by Various Companies and
the Mutuelles
Colisee 21 Matignon France 99.4% by S.G.C.I. and 0.6% by
AXA
C-21
<PAGE>
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
Colisee Saint Georges France 100% by SGCI
AXA Millesimes France 92.9% owned by AXA and the
Mutuelles
AXA Immobiller France 100% by AXA
C-22
<PAGE>
OTHER AXA BUSINESS
COMPANY COUNTRY VOTING POWER
- ------- ------- ------------
C-23
<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: (a) The Equitable Companies Incorporated's 41.8% interest in
Donaldson, Lufkin & Jenrette, Inc. and Equitable Holdings, LLC's
34.4% interest in same; (b) as noted for certain partnership interests; (c)
Equitable Life's ACMC, Inc.'s and Equitable Capital Management
Corporation's limited partnership interests in Alliance Capital Management
L.P.; and (d) as noted for certain subsidiaries of Alliance Capital
Management Corp. of Delaware, Inc.
4. 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 Hudson River Trust
EQ Advisors Trust
Separate Accounts
5. This chart was last revised on March 15, 1999.
C-24
<PAGE>
Item 27. Number of Contractowners
Currently, there are no holders of the contracts to be offered.
Item 28. Indemnification
Indemnification of Principal Underwriter
To the extent permitted by law of the State of New York and subject to
all applicable requirements thereof, Equitable Distributors, Inc. has
undertaken to indemnify each of its directors and officers 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 Distributors, Inc.
Undertaking
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 Consultants, Inc. ("EQ Financial"), a wholly owned
subsidiary of Equitable, is the principal underwriter for Separate Account A,
Separate Account No. 301, Separate Account I and Separate Account FP. EQ
Financial's principal business address is 1290 Avenue of the Americas, New York,
NY 10104.
(b) Set forth below is certain information regarding the directors and
principal officers of EQ Financial. The business address of the persons whose
names are preceded by an asterisk is that of EQ Financial.
C-25
<PAGE>
NAME AND PRINCIPAL POSITIONS AND OFFICES WITH UNDERWRITER
BUSINESS ADDRESS (EQ FINANCIAL CONSULTANTS)
- ---------------- --------------------------
*Michael S. Martin Chairman of the Board and Director
*Richard J. Matteis Vice Chairman of the Board and Director
*Michael F. McNelis President, Chief Operating Officer
and Director
*Martin J. Telles Executive Vice President and Chief
Marketing Officer
*Derry E. Bishop Executive Vice President and Director
*Harvey E. Blitz Executive Vice President and Director
*Michael J. Laughlin Director
*Richard V. Silver Director
*Mark R. Wutt Director
*William J. Green Executive Vice President
Edward J. Hayes Executive Vice President
200 Plaza Drive
Secaucus, NJ 07096
*Craig A. Junkins Executive Vice President
*Peter D. Noris Executive Vice President
*Mark A. Silberman Senior Vice President and Chief
Financial Officer
Stephen T. Burnthall Senior Vice President
6435 Shiloh Road
Suite A
Alpharetta, GA 30005
Richard Magaldi Senior Vice President
6435 Shiloh Road
Suite A
Alpharetta, GA 30005
*Theresa A. Nurge-Alws Senior Vice President
*Donna M. Dazzo First Vice President
*Robin K. Murray First Vice President
*Michael Brzozowski Vice President and Compliance Director
*Marie D. Godolsky Vice President and Controller
*Janet E. Hannon Secretary
*Linda J. Galasso Assistant Secretary
(c) Not Applicable
Item 30. Location of Accounts and Records
C-26
<PAGE>
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 1290 Avenue of the Americas, New York, New York
10104, 135 West 50th Street, New York, NY 10020, and 200 Plaza Drive, Secaucus,
NJ 07096. The contract files will be kept at Vantage Computer System, Inc., 301
W. 11th Street, Kansas City, Mo. 64105.
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.
Equitable represents that the fees and charges deducted under the Certificates
described in this Registration Statement, in the aggregate, in each case, are
reasonable in relation to the services rendered, the expenses to be incurred,
and the risks assumed by Equitable under the respective Certificates. 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 Certificates 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. This
representation applies to all certificates sold pursuant to this Registration
Statement, including those sold on the terms specifically described in the
prospectuses contained herein, or any variations therein, based on supplements,
endorsements, data pages, or riders to any Certificate or prospectus, or
otherwise.
C-27
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Registrant has caused this Registration Statement to be signed
on its behalf, in the City and State of New York, on this 23rd day of June,
1999.
SEPARATE ACCOUNT A OF
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
(Registrant)
By: The Equitable Life Assurance
Society of the United States
(Depositor)
By: /s/ Naomi J. Weinstein
---------------------------------
Naomi J. Weinstein
Vice President,
The Equitable Life Assurance
Society of the United States
C-28
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Depositor, has caused this Registration Statement to be signed
on its behalf, in the City and State of New York, on this 23rd day of June,
1999.
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
(Depositor)
By: /s/ Naomi J. Weinstein
---------------------------------
Naomi J. Weinstein
Vice President,
The Equitable Life Assurance
Society of the United States
As required by the Securities Act of 1933, this Registration Statement
has been signed by the following persons in the capacities and on the date
indicated:
PRINCIPAL EXECUTIVE OFFICERS:
Michael Hegarty President, Chief Operating Officer
and Director
Edward D. Miller Chairman of the Board, Chief
Executive Officer and Director
PRINCIPAL FINANCIAL OFFICER:
Stanley B. Tulin Vice Chairman of the Board
Chief Financial Officer and Director
PRINCIPAL ACCOUNTING OFFICER:
/s/ Alvin H. Fenichel Senior Vice President and Controller
- ------------------------
Alvin H. Fenichel
June 23, 1999
DIRECTORS:
Francoise Colloc'h Donald J. Greene George T. Lowy
Henri de Castries John T. Hartley Edward D. Miller
Joseph L. Dionne John H.F. Haskell, Jr. Didier Pineau-Valencienne
Denis Duverne Michael Hegarty George J. Sella, Jr.
Jean-Rene Fourtou Mary R. (Nina) Henderson Peter J. Tobin
Norman C. Francis W. Edwin Jarmain Stanley B. Tulin
Dave H. Williams
By: /s/ Naomi J. Weinstein
------------------------
Naomi J. Weinstein
Attorney-in-Fact
June 23, 1999
C-29
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. TAG VALUE
- ----------- ---------
4.(g) Form of data pages for EQUI-VEST Express
No. 94ICA/B(8/99) EX-99.4g
5.(a) Form of Application EX-99.5a
10.(a) Powers of Attorney EX-99.10a
C-30
DATA
----
PART A - THIS PART LISTS YOUR PERSONAL DATA
- ------
OWNER: [John Doe] Age: [45] Sex:[Male] [if Owner is not Annuitant]
ANNUITANT: [Annuitant is same as Owner for IRAs] [John Doe]
[Annuitant may or may not be the same as Owner for Non-Qualified]
Age:[60] Sex:[Male]
CERTIFICATE NUMBER: [XXXX]
ENDORSEMENTS ATTACHED: [INSERT ONE OR MORE I.E., ENDORSEMENT APPLICABLE
TO IRA CERTIFICATES; ENDORSEMENT APPLICABLE TO
ROTH IRA CERTIFICATES; ENDORSEMENT APPLICABLE TO
NON-QUALIFIED CERTIFICATES; ENDORSEMENT APPLICABLE
TO MARKET VALUE ADJUSTMENT TERMS]
CONTRACT: GROUP ANNUITY CONTRACT NO. AC [0000]
ISSUE DATE: [March 8, 1999]
CONTRACT DATE: [March 8, 1999]
ANNUITY COMMENCEMENT DATE: [March 8, 2017]
THE MAXIMUM MATURITY AGE IS AGE [90] - SEE SECTION 7.03
BENEFICIARY: [Jane Doe]
SUCCESSOR OWNER: [Applicable in Non-Qualified Certificates if the Annuitant
and Owner are not the same.]
PLAN: [NOT APPLICABLE]
No. 94ICA/B Data Page 1 (EQV EXP.)(8/99)
<PAGE>
DATA Pages (Cont'd.)
PART B - This part lists the Certificate terms which affect the type of
- ------ Certificate you have.
Investment Options available (See Part II); your allocation percentage (until
changed) is also shown:
[Investment Option* Allocation Percentage**
- ------------------- -----------------------
o Alliance Equity Index
o Alliance Growth & Income
o Alliance Common Stock
o Alliance Global
o Alliance International
o Alliance Aggressive Stock
o Alliance Growth Investors
o Alliance Balanced
o Alliance Small Cap Growth
o EQ/Alliance Premier Growth
o Alliance Conservative Investors
o Alliance Money Market
o Alliance Intermediate Gov't. Securities
o Alliance Quality Bond
o Alliance High Yield
o Capital Guardian Research
o Capital Guardian US Equity
o EQ/Evergreen Fund
o EQ/Evergreen Foundation Fund
o T. Rowe Price International Stock
o T. Rowe Price Equity Income
o EQ/Putnam Growth & Income Value
o EQ/Putnam Balanced
o MFS Research
o MFS Growth With Income
o MFS Emerging Growth Companies
o Morgan Stanley Emerging Markets Equity
o Warburg Pincus Small Company Value
o Merrill Lynch World Strategy
o Merrill Lynch Basic Value Equity
o GUARANTEED INTEREST ACCOUNT [Not Available]
Total: 100%]
GUARANTEED PERIOD ACCOUNT (FIXED MATURITY OPTION):
[Guarantee Periods***]
Expiration Date and Guaranteed Rate
[*Investment Options shown are Investment Funds of our Separate Account [A],
except the Guaranteed Period Account which is Separate Account No. [48].
**See Section 3.01
***Guarantee Periods are offered with varying expiration dates spanning an
approximate 10 year period.
We reserve the right to limit the availability of Investment Options to not less
than four Investment Funds as described in Section 2.04.
No. 94ICA/B Data Page 2 (EQV EXP.)(8/99)
<PAGE>
DATA Pages (Cont'd.)
PROCESSING DATES (SEE SECTION 1.20):
A Processing Date is generally [the last Business Day of each Contract Year],
but may be any other date on which a fee is deducted from the Annuity Account
Value in accordance with Section 8.02.
CONTRIBUTION LIMITS (SEE SECTION 3.02):
APPLICABLE TO IRA CERTIFICATES
[In addition to the maximum limits set by law as described in the Endorsement
Applicable to IRA Certificates, we may refuse to accept any Contribution that is
less than $50.] [If the Automatic Investment Program (AIP) is elected at
application then the minimum contribution amount is $20.]
APPLICABLE TO QP IRA CERTIFICATES ONLY
[The only Contributions permitted are those which are "rollover contributions"
as defined in the Endorsement.] [The minimum Contribution is $50.] [If the
Automatic Investment Program (AIP) is elected at application then the initial
minimum contribution amount is $20.]
APPLICABLE TO NON-QUALIFIED CERTIFICATES
[Initial Contribution minimum $50.] [If the Automatic Investment Program (AIP)
is elected at application then the initial minimum contribution amount is $20.]
[$250 for pre-authorized bank check] [We may refuse to accept any Contribution
which is less than $50 or if the Annuitant's current age at last birthday is 80
or greater, or if the total Contributions made would exceed:]
(a) [$500,000, if the current age at last birthday is 75 or less;
(b) $250,000, if the current age at last birthday is 76-79.]
TRANSFER RULES (SEE SECTION 4.02):
We will deduct a $25 charge per occurrence for a direct transfer to a third
party of amounts under your Certificate or an exchange for another contract of
another carrier.
We may raise the transfer charge up to a maximum of $65 for each direct transfer
to a third party of amounts under your Certificate or for an exchange of another
carrier's contract.
MINIMUM TRANSFER AMOUNT [$300 or the Annuity Account Value in an investment
option if less.]
MINIMUM WITHDRAWAL AMOUNT (SEE SECTION 5.01): [$300 or the Annuity Account
Value if less.] or [See Endorsement Applicable to Market Value Adjustment
Terms.]
MINIMUM AMOUNT OF ANNUITY ACCOUNT VALUE AFTER A WITHDRAWAL (SEE SECTION
5.02(a)): [$500].
DEATH BENEFIT AMOUNT (SEE SECTION 6.01); SUBJECT TO THE TERMS, IF ANY, IN THE
ENDORSEMENT CONCERNING A SUCCESSOR ANNUITANT/OWNER.
The Annuity Account Value or, if greater, the sum of all Contributions
made, less
(a) any tax charge that applies and
(b) the sum of all prior withdrawals and associated withdrawal charges if
any.
No. 94ICA/B Data Page 3 (EQV EXP.)(8/99)
<PAGE>
NORMAL FORM OF ANNUITY (SEE SECTION 7.02):
[Joint and Survivor Annuity Form] or [Life Period Certain Annuity Form] or
[Life Annuity Form] or [Any other form of payment that may be available as
per Equitable's rules at the time]
MINIMUM AMOUNT TO BE APPLIED FOR AN ANNUITY (SEE SECTION 7.06):
[$2,000], as well as minimum of [$20] for initial monthly annuity payment.
INTEREST RATE TO BE APPLIED OR MISSTATEMENT OF AGE OR SEX (SEE SECTION 7.06):
[6% per year.]
WITHDRAWAL CHARGE (SEE SECTION 8.01):
[An applicable Wihtdrawal Charge will be imposed as a percentage of each
Contribution paid to the extent that (i) any wihtdrawals during a Contract Year
that exceeds the Free Corridor Amount as discussed in Section 8.01 or, (ii) the
Certificate is surrendered to receive the Cash Value. We determine the
Withdrawal Charge separately for each Contribution in accordance with the
following table:
Contract Year Maximum Percentage
------------- ------------------
Of Contributions
----------------
1 7.00%
2 6.00%
3 5.00%
4 4.00%
5 3.00%
6 2.00%
7 1.00%
8 and later 0.00%
The applicable Withdrawal Charge percentage is determined by the Contract Year
in which the withdrawal is made or the Certificate is surrendered, beginning
with "Contract Year 1" with respect to each Premium withdrawn or surrendered.
For purposes of the table, for each Contribution, the Contract Year in which we
receive that Contribution is "Contract Year 1"].
FREE CORRIDOR AMOUNT (SEE SECTION 8.01):
[10% of Annuity Account Values as of the Transaction Date minus
withdrawals made in current Contact Year. Amounts withdrawn up to the Free
Corridor Amount will not be deemed a withdrawal of Contributions.]
No. 94ICA/B Data Page 4 (EQV EXP.)(8/99)
<PAGE>
NO WITHDRAWAL CHARGES WILL APPLY IN THESE EVENTS, EACH OF WHICH OCCURS AFTER THE
CONTRACT DATE:
[(1) the Annuitant dies and a death benefit is payable to the beneficiary;
(2) the receipt by us of a properly completed election form providing for
the Annuity Account Value to be used to buy a life annuity as
described in Section 7.02; and
(3) We also reserve the right to reduce or waive the Withdrawal Charge if
the Annuity Account Value is transferred to another annuity with the
Equitable.
ADMINISTRATIVE AND OTHER CHARGES (SEE SECTION 8.02):
[The lesser of $30 or 2% of the Annuity Account Value for the first two
Contract Years and $30 for each Contact Year thereafter. This amount may be
increased to a maximum of $65 in accordance with Section 8.02.]
[No Administrative Charge will apply if the Annuity Account Value is more
than [$20,000] for IRAs or is more than [$25,000] for NQ and QP IRA.]
[The Administrative Charges will be deducted on a pro rata basis among
Investment Options. Also, the charges will be prorated for the Contract
Year or portion thereof in which the Contract Date occurs or in which the
Annuity Account Value is withdrawn or applied to provide an Annuity Benefit
or death benefit.]
TRANSFER CHARGE - NUMBER OF FREE TRANSFERS IN A CONTRACT YEAR (SEE SECTION
8.03): [Unlimited]
DAILY SEPARATE ACCOUNT CHARGE (SEE SECTION 8.04):
[0.95%; this is subject to change as described in Sections 8.04 and 8.05,
subject to a maximum of 2.00%. This charge is for financial accounting and for
death benefits, mortality risk, expenses and expense risk that we assume.
No. 94ICA/B Data Page 5 (EQV EXP.)(8/99)
<PAGE>
PART C - THIS PART LISTS THE TERMS WHICH APPLY TO THE MARKET VALUE ADJUSTMENT
- ------ TERMS ENDORSEMENT.
[DEATH BENEFIT AMOUNT: The larger of (a) the Annuity Account Value in Separate
Account No. [48] and (b) the Guaranteed Period Amount.]
TRANSFER RULES (SEE SECTION 4.02):
[The minimum amount which may be transferred from the Guaranteed Period Account,
after the initial allocation, is $300 or the Guaranteed Period Amount, if less.]
Transfers at Expiration Date (see item 1 of Endorsement): If no election is
made with respect to amounts in the Guaranteed Period Account as of the
Expiration Date, such amounts will be transferred into the Money Market Fund.
MVA FORMULA (SEE ITEM 3 OF ENDORSEMENT):
The current rate percentage we use in Item (c) of the formula is a maximum of
[.50%].
[If we are no longer offering new Guarantee Periods, we will use a rate equal to
the most recent Moody's Corporate Bond Yield Average-Monthly Average Corporates,
for the duration required, as published by Moody's Investor Services, Inc. If
such Moody's rate is not available, a rate based on a substantially similar
average will be used.]
No. 94ICA/B Data Page 6 (EQV EXP.)(8/99)
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
New York, New York 10019
EQUI-VEST(R) TAX-DEFERRED VARIABLE INDIVIDUAL ANNUITY APPLICATION
Application Number: _______________________ (Page 1 of 5)
<TABLE>
<S> <C>
1. EQUI-VEST PROGRAM (CHECK ONE) INDIVIDUAL
TAX-EXEMPT SELECT EITHER: |_| EQUI-VEST OR |_| EQUI-VEST EXPRESS FOR:
A. |_| TSA Public School I. |_| TRADITIONAL IRA
B. |_| TSA 501(c)(3) J. ROTH IRA:
C. |_| TSA UNIVERSITY |_| Conversion Rollover from Traditional IRA
D. |_| EDC |_| Direct Transfer or Rollover from another ROTH IRA
BUSINESS |_| Recurring Contributory ROTH IRA
E. |_| KEOGH K. |_| QP-IRA (Pension Distributions)
(HR-10 Individual) L. |_| UNIT-BILLED TRADITIONAL IRA
F. |_| SEP M. |_| UNIT-BILLED ROTH IRA
G. |_| SARSEP N. |_| NQ (Non-Qualified Variable Annuity)
H. |_| SIMPLE IRA O. |_| UNIT-BILLED NQ
- ------------------------------------------------------------------------------------------------------------------------------
2. EMPLOYER UNIT INFORMATION (COMPLETE FOR ALL PROGRAMS EXCEPT FOR I, J, K, AND N)
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
CLIENT/EMPLOYER NAME
(Select one) |_| _|_|_|_|_|_|_|-|_|_|_ OR NEW UNIT |_| (Must Complete Plan Enrollment Kit)
EXISTING UNIT NUMBER LOCATION
- ------------------------------------------------------------------------------------------------------------------------------
3. ANNUITANT INFORMATION (CHECK APPROPRIATE BOXES)
|_| Mr. |_| Mrs. |_| Miss |_| Ms. |_| Other _____________ |_| Male |_| Female _|_|_|_|_|_|_|_|_
SOCIAL SECURITY NO. (REQUIRED)
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
FIRST NAME MIDDLE INITIAL ONLY LAST NAME
Birth _|_|_|_|_|_|_|_ _______________________ (_|_|_)|_|_|_|-|_|_|_|_ |_| Home |_| Work
Date: YEAR MONTH DAY AGE AT NEAREST BIRTHDAY AREA CODE DAYTIME PHONE NUMBER
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
STREET ADDRESS
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|-|_|_|_|_
CITY STATE ZIP
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
4. ANNUITY COMMENCEMENT DATE (WHEN ANNUITANT ANTICIPATES DISTRIBUTIONS TO BEGIN)
________________________ (Maximum age: which is subject to state approval is 90 except Keogh, which is 85. For EDC this
should be the normal retirement age under the plan.)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
5. BENEFICIARY(IES) INFORMATION (FOR EDC, IF THIS IS NOT COMPLETED THE BENEFICIARY IS THE OWNER.)
INCLUDE FULL NAME(S) AND RELATIONSHIP(S) TO OWNER. USE #14 IF YOU NEED MORE SPACE.
PRIMARY_______________________________________________________________________________________________________
_______________________________________________________________________________________________________
CONTINGENT (IF ANY): _________________________________________________________________________________________
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
6. SUCCESSOR ANNUITANT/OWNER INFORMATION
(AVAILABLE FOR SEP, SARSEP, SIMPLE IRA, ROTH IRA AND NQ CONTRACTS, EXCEPT IN OREGON. FOR TRADITIONAL IRA AND QP IRA,
THE SPOUSAL BENEFICIARY CAN ELECT THIS FEATURE AT THE DEATH OF THE OWNER.)
SUCCESSOR ANNUITANT AND OWNER MUST BE ANNUITANT/OWNER'S SPOUSE AND THE
SOLE PRIMARY BENEFICIARY NAMED IN #5.
|_| NO, I don't elect a Successor Annuitant/Owner. |_| YES, I do elect a Successor Annuitant/Owner.
If YES, complete the following: _|_|_|_|_|_|_|_|_ Spouse's Birth Date: _|_|_|_|_|_|_|_
Spouse's Social Security No. Year Month Day
- ------------------------------------------------------------------------------------------------------------------------------
Form #180-1009 Cat. #127124 (6/99)
</TABLE>
<PAGE>
Application Number: _______________________ (Page 2 of 5)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C>
7. OWNER INFORMATION (COMPLETE FOR EDC AND NQ IF THE OWNER WILL BE DIFFERENT
FROM THE ANNUITANT NAMED IN #3.)
|_| Individual |_| Guardian |_| Custodian (See below) * |_| Trustee (For an entity)** |_| Trustee (For an individual)
|_| Employer*** |_| 457 Plan Trust (Equitable/Frontier)*** |_| Other Trust (Provide name and address below)***
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
FIRST NAME MIDDLE INITIAL LAST NAME
___________________________________________
RELATIONSHIP TO ANNUITANT
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
STREET ADDRESS
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|-|_|_|_|_
CITY STATE ZIP
_|_|_|_|_|_|_|_|_ (IF GUARDIAN OR CUSTODIAN, BIRTH DATE: _|_|_|_|_|_|_|_
Tax ID or Owner S.S. No. USE MINOR'S S.S. NO.) Year Month Day
*As Custodian under the _____________ Uniform Gifts to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA).
STATE Please note if issued under UGMA or UTMA, the beneficiary named in #5 must
**Inside build-up is taxable. be the Estate of the Annuitant.
***Ownership option for EDC Plans only.
- ------------------------------------------------------------------------------------------------------------------------------
8. NQ SUCCESSOR OWNER INFORMATION
(NOT AVAILABLE FOR NQ CONTRACTS IN OREGON)
AVAILABLE ONLY FOR NQ CONTRACTS AND ONLY IF ANNUITANT AND OWNER IN #3 AND #7 ARE DIFFERENT PARTIES.
|_| NO, I don't elect a Successor/Owner |_| YES, I do elect a Successor/Owner
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
FIRST NAME MIDDLE INITIAL LAST NAME
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
STREET ADDRESS
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_
_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|-|_|_|_|_
CITY STATE ZIP
_|_|_|_|_|_|_|_|_ BIRTH DATE: _|_|_|_|_|_|_|_
SOCIAL SECURITY NUMBER YEAR MONTH DAY
- ------------------------------------------------------------------------------------------------------------------------------
9. ENHANCED DEATH BENEFIT OPTION (ONLY AVAILABLE FOR SERIES 800 EQUI-VEST TRADITIONAL IRA, QP-IRA, ROTH IRA, NQ IN STATES
WHERE APPROVED.)
WOULD YOU LIKE TO ELECT A 3-YEAR RATCHETED DEATH BENEFIT FOR AN ADDITIONAL .15% CHARGE?
|_| YES, I would like to elect the enhanced death benefit.
|_| NO, I would like to have only the sum of contributions as Guaranteed Minimum Death Benefit.
Once this Ratcheted Death Benefit is elected, it can't be terminated.
- ------------------------------------------------------------------------------------------------------------------------------
10. CONTRIBUTION INFORMATION (COMPLETE #10A ONLY IF A PAYMENT IS PROVIDED WHEN THE APPLICATION IS SIGNED. IF PAYMENT WILL BE
FORWARDED AT A LATER DATE, YOU MUST COMPLETE ONLY #10B.)
A. AMOUNT PROVIDED WITH THIS APPLICATION:
(i) Total amount for investment options listed in #12.
(Do not include amounts for the Fixed Maturity Account.) $ _______________________
(ii) Total amount for Fixed Maturity Period(s) listed in #13. $ _______________________
(iii) If TSA (#1A, 1B or 1C) or SARSEP (#1G) or SIMPLE IRA (#1H) has been checked, provide
a monthly breakdown of employee and employer contributions.
$ $
----------------- -----------------
Employee Employer
(iv) Total Amount Remitted. $ _______________________
B. EXPECTED FIRST YEAR CONTRIBUTION:
Indicate the amount expected to be contributed in the first year of this contract. $ _______________________
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Application Number:____________________ (Page 3 of 5)
- --------------------------------------------------------------------------------
11. REMINDER/CONTRIBUTION STATEMENTS INFORMATION
(COMPLETE #11A, 11B OR 11C AS APPLICABLE.)
A. INDIVIDUAL REMINDER NOTICE: (COMPLETE ONLY IF YOU CHECKED THE
TRADITIONAL OR ROTH IRA OR NQ BOX IN #1.)
(i) Indicate if a Contribution Reminder Notice is desired.
|_| YES |_| NO
(ii) If Yes, complete the reminder frequency: |_| Annually
|_| Semi-Annually |_| Quarterly
(iii) Date of First Reminder __________/__________ (not past the 28th)
MONTH DAY
(iv) Contribution Reminder Notice Amount $ _______________
B. PLAN CONTRIBUTION STATEMENT FREQUENCY (UNIT-BILLED/SALARY DEDUCTION
CASES) Complete only if you checked Unit-Billed Traditional or Roth
IRA or Unit-Billed NQ.
(i) |_| Annually |_| Semi-Annually |_| Quarterly
|_| Monthly |_| Semi-Monthly |_| Bi-Weekly
(ii) |_| YES |_| NO I want to be included on the Contribution
Statement sent to my employer. (Each
Contribution Statement will show the amount
of the last contribution made.)
Initial Contribution Statement Reminder Amount. $ _________________
C. FOR TSA UNITS ONLY:
Months to be excluded, if any, from Plan Contribution Statement
(months must be consecutive and from May to September
only). ______________________
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
12. SELECTION OF INVESTMENT OPTIONS AND ALLOCATION PERCENTAGES
(CHECK EITHER BOX A OR BOX B BUT NOT BOTH, BOXES A AND B ARE NOT APPLICABLE
TO EQUI-VEST EXPRESS.)
A. |_| MAXIMUM TRANSFER FLEXIBILITY. By checking this box, you may
only invest in those options listed below which have been SHADED.
Transfers out of the GIA will not be limited.
B. |_| MAXIMUM FUND CHOICE. By checking this box, you may invest in
any of the options listed below (shaded or not shaded). Transfers
out of the GIA will be limited (see Prospectus for details).
CURRENT ALLOCATION (APPLIES TO ALL PROGRAMS): Select the
allocation for the amount indicated in #10A(i) or any amounts
that you may invest in these options in the future. You can
change this allocation for future contributions at any time. You
must allocate your contributions below by entering percentages in
whole numbers totalling 100% for funds you have chosen.
Note: If you are investing in the Fixed Maturity Account (FMA)
you must be certain that you have entered an amount in #10A(ii),
checked box #12B, and complete #13. There is no need to complete
the allocation below if you intend to use only the FMA under your
EQUI-VEST contract.
Guaranteed Interest Account* ________ %
Alliance Equity Index ________ %
Alliance Growth & Income ________ %
Alliance Common Stock ________ %
Alliance Global ________ %
Alliance International ________ %
Alliance Aggressive Stock ________ %
Alliance Growth Investors ________ %
Alliance Balanced ________ %
Alliance Small Cap Growth ________ %
Alliance Conservative Investors ________ %
Alliance High Yield ________ %
Alliance Intermediate Gov't. Securities ________ %
Alliance Money Market ________ %
Alliance Quality Bond ________ %
Calvert Socially Responsible Portfolio** ________ %
Capital Guardian Research ________ %
Capital Guardian U.S. Equity ________ %
EQ/Alliance Premier Growth ________ %
EQ/Evergreen ________ %
EQ/Evergreen Foundation ________ %
EQ/Putnam Balanced ________ %
EQ/Putnam Growth & Income Value ________ %
MFS Emerging Growth Companies ________ %
MFS Growth with Income ________ %
MFS Research ________ %
Morgan Stanley Emerging Markets Equity ________ %
Warburg Pincus Small Company Value ________ %
Merrill Lynch World Strategy ________ %
Merrill Lynch Basic Value Equity ________ %
T. Rowe Price International Stock ________ %
T. Rowe Price Equity Income ________ %
TOTAL (FOR BOTH COLUMNS) 100%
*Not available for EQUI-VEST Express. **Only available for TSA and EDC.
- --------------------------------------------------------------------------------
<PAGE>
Application Number: _______________________ (Page 4 of 5)
- --------------------------------------------------------------------------------
13. FIXED MATURITY ACCOUNT ELECTIONS
(AVAILABLE ONLY FOR SERIES 400, 700 AND 800 IRA, QP IRA, AND NQ CONTRACTS,
BUT NOT AVAILABLE IN MARYLAND)
For the amount shown in #10A(ii), please allocate by whole percentages to
the following Fixed Maturity Period(s). (Do not select a Maturity Date that
has already expired.)
MATURITY DATES PERCENTAGE OF AMOUNT SHOWN IN 10A(ii)
|_|June 15, 2000 ______________ %
|_|June 15, 2001 ______________ %
|_|June 14, 2002 ______________ %
----------- |_|June 13, 2003 ______________ %
USE WHOLE |_|June 15, 2004 ______________ %
PERCENTAGES |_|June 15, 2005 ______________ %
ONLY |_|June 15, 2006 ______________ %
----------- |_|June 15, 2007 ______________ %
|_|June 13, 2008 ______________ %
|_|June 15, 2009 ______________ %
TOTAL 100 %
--------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
14. INFORMATION TO SATISFY REGULATORY REQUIREMENTS
A. THE OWNER RECEIVED THE FOLLOWING EQUI-VEST/EQUI-VEST EXPRESS
PROSPECTUS AND ANY APPLICABLE SUPPLEMENT:
-------------------------- ---------------------------------------
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
----------------------------------------------------------------------
COMPANY ADDRESS
NQ Only: Contribution basis (check one):|_| Before 8/14/82 |_| 8/14/82
or later Net cost:
---------------
(attach illustration)
C. NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. (NASD) INFORMATION
(AS REQUIRED BY THE NASD).
| | | | | | | | | | | | | | |
---------------------------- -----------------------------
EMPLOYER'S NAME OWNER'S OCCUPATION
----------------------------------------------------------------------
EMPLOYER'S STREET ADDRESS
----------------------------------------------------------------------
CITY STATE ZIP
----------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
15. SPECIAL INSTRUCTIONS (FOR BENEFICIARY, REPLACEMENT, OR TRANSFER
INFORMATION)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
EQUI-VEST(R) REPRESENTATIVE REPORT
(PART II)
PLEASE PRINT IN BLACK INK.
- --------------------------------------------------------------------------------
A. |_| I (WE) CERTIFY THAT A PROSPECTUS FOR THE CONTRACT HAS BEEN GIVEN TO
THE PROPOSED OWNER, AND THAT NO WRITTEN SALES MATERIALS OTHER THAN
THOSE APPROVED BY EQUITABLE LIFE HAVE BEEN USED.
B. WAS OR WILL AN EXISTING ANNUITY OR INSURANCE CERTIFICATE BE REPLACED,
ASSUMING THE CONTRACT WILL BE ISSUED? |_| YES |_| NO (IF YES, ATTACH COPY
OF OLD/NEW APPROPRIATENESS FORM.)
C. COMPENSATION METHOD: ELECT ONE OF THE FOLLOWING FOR THIS APPLICATION ONLY.
(IF THERE ARE MULTIPLE AGENTS ON THE CONTRACT, THIS ELECTION MUST BE THE
SAME FOR ALL.) REFER TO AIG 98-15 IF YOU HAVE QUESTIONS.
|_| I (WE) ELECT THE TRADITIONAL PREMIUM-BASED COMPENSATION METHOD WHICH
PROVIDES FOR AN UP-FRONT PREMIUM-BASED COMPENSATION PAYMENT, PLUS PCS.
OR
|_| I (WE) ELECT THE VOLUNTARY TRADE-OFF COMPENSATION METHOD WHICH
INCLUDES A REDUCED UP-FRONT PREMIUM-BASED COMPENSATION PAYMENT WITH
PCs PLUS AN ANNUAL ASSET-BASED PAYMENT BEGINNING AFTER YEAR ONE (1)
WITH PCs. (THE VOLUNTARY TRADE-OFF IS AVAILABLE ONLY FOR SERIES 300,
400, 700 AND 800 EQUI-VEST CONTRACTS IN THE IRA, QP IRA, ROTH IRA AND
NQ MARKETS AND FOR SERIES 200 CONTRACTS (IN OREGON ONLY) IN THE NQ
MARKET.)
EQUI-VEST ISSUES MUST ADEQUATELY REFLECT THE COMMISSION INTEREST OF ALL
REPRESENTATIVES ON PREVIOUS CONTRACTS. (ALL REPRESENTATIVES MUST SIGN)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
PRINT LAST REPRESENTATIVE REPRESENTATIVE AGENCY DISTRICT REPRESENTATIVE REPRESENTATIVE(S)
REPRESENTATIVE(S) NAME(S) NAME NUMBER % CODE MGR. CODE INS. SIGNATURE(S)
(SERVICE REPRESENTATIVE FIRST) INITIAL LICENSE#*
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
*WHERE REQUIRED BY STATE REGULATIONS
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
FOR EQUI-VEST ADMINISTRATION OFFICE USE
REPRESENTATIVE(S) SHOWN ABOVE IS (ARE) EQUITY QUALIFIED AND LICENSED IN THE STATE IN WHICH THE REQUEST IS SIGNED.
APPLICATION NO. EAO REC'D.
---------------------------------------------- -------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
PROCESSING:
--------------------- --------------------- --------------------- ---------------------
CONTRACT NUMBER BATCH NUMBER INQUIRY NUMBER PROCESSOR
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Application Number: _______________________ (Page 5 of 5)
16. AGREEMENT
All information and statements furnished in this application are true and
complete to the best of my knowledge and belief. I understand and acknowledge
that no Associate has the authority to make or modify any contract on Equitable
Life's behalf, or to waive or alter any of Equitable Life's rights and
regulations. I understand that amounts withdrawn from the contract may be
subject to a withdrawal charge. I UNDERSTAND THAT THE ANNUITY ACCOUNT VALUE
ATTRIBUTABLE TO ALLOCATIONS TO THE INVESTMENT FUNDS OF THE SEPARATE ACCOUNT OR
VARIABLE ANNUITY BENEFIT PAYMENTS MAY INCREASE OR DECREASE AND ARE NOT
GUARANTEED AS TO DOLLAR AMOUNT. For the Fixed Maturity Account, amounts payable
under the contract before the Maturity Date selected in Item 13, are subject to
market value adjustments.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
- ------------------------------------------------------------------------- ---------------------------------------------------
PROPOSED ANNUITANT'S SIGNATURE DATE CITY STATE
- ------------------------------------------------------------------------- ---------------------------------------------------
SIGNATURE OF OWNER (IF OTHER THAN PROPOSED ANNUITANT) DATE CITY STATE
</TABLE>
(NEW YORK AND OREGON RESIDENTS SIGN ABOVE, ALL OTHER RESIDENTS SIGN BELOW.)
- --------------------------------------------------------------------------------
In Colorado: It is unlawful to knowingly provide false, incomplete, or
misleading facts or information to an insurance company for
the purpose of defrauding or attempting to defraud the
company. Penalties may include imprisonment, fines, denial of
insurance, and civil damages. Any insurance company or agent
of an insurance company who knowingly provides false,
incomplete or misleading facts or information to a
policyholder or claimant for the purpose of defrauding or
attempting to defraud the policy holder or claimant with
regard to a settlement or award payable from insurance
proceeds shall be reported to the Colorado Division of
Insurance within the Department of Regulatory Agencies.
In Florida: Any person who knowingly and with intent to injure, defraud,
or deceive any insurer files a statement of claim or an
application containing any false, incomplete, or misleading
information is guilty of a felony of the third degree.
In Maine: It is a crime to knowingly provide false, incomplete or
misleading information to an insurance company for the purpose
of defrauding the company. Penalties may include imprisonment,
fines, or a denial of insurance benefits.
In New Jersey: Any person who knowingly files a statement of claim containing
any false or misleading information is subject to criminal and
civil penalties.
In Arkansas, Any person who knowingly and with intent to defraud any
Kentucky, insurance company or other person files an application for
Pennsylvania and insurance or statement of claim containing any materially
New Mexico false information or conceals for the purpose of misleading,
information concerning any fact material thereto commits a
fraudulent insurance act, which is a crime and subjects such
person to criminal and civil penalties.
All Other States: 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.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
- ------------------------------------------------------------------------- ---------------------------------------------------
PROPOSED ANNUITANT'S SIGNATURE DATE CITY STATE
- ------------------------------------------------------------------------- ---------------------------------------------------
SIGNATURE OF OWNER (IF OTHER THAN PROPOSED ANNUITANT) DATE CITY STATE
</TABLE>
Form #180-1009 Cat. #127124 (6/99)
EQUITABLE (LOGO)
Member of the Global AXA (LOGO) Group
<PAGE>
APPLICATION INSTRUCTIONS FOR
REPRESENTATIVE PLEASE READ BEFORE COMPLETING APPLICATION.
A. GENERAL
<TABLE>
<CAPTION>
<S> <C>
O NO APPLICATION WILL BE PROCESSED WITHOUT AN EQUI-VEST O DO NOT ABBREVIATE.
REPRESENTATIVE'S REPORT. O ANY CORRECTIONS MUST BE INITIALED BY THE OWNER.
O ALL CHECKS MUST BE MADE PAYABLE TO EQUITABLE LIFE. O UNLESS OTHERWISE INDICATED, COMPLETE ALL SECTIONS.
O PRINT NEATLY OR TYPE (EXCEPT WHERE SIGNATURES ARE REQUIRED).
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
B. BY ITEM
1. EQUI-VEST PROGRAM
For TSA, EDC, Keogh (for existing non-trusteed units only), SEP, SARSEP,
Simple IRA, EQUI-VEST/EQUI-VEST Express (Check a box for either EQUI-VEST
or EQUI-VEST Express): Traditional or Roth IRA, QP-IRA, NQ and unit-billed
Traditional or Roth IRA and NQ. For a conversion rollover from a
Traditional IRA to an EQUI-VEST Roth, it is the current carrier's
responsibility to issue a 1099-R for the conversion rollover amount. Unless
otherwise noted, instructions pertaining to markets common to both
EQUI-VEST and EQUI-VEST Express apply to both products.
2. EMPLOYER UNIT INFORMATION
For new unit-billed plans, a Plan Enrollment Kit must also be completed.
3. ANNUITANT
The individual on whose life annuity benefits are determined and upon whose
death a death benefit is payable.
4. ANNUITY COMMENCEMENT DATE
The date on which the Annuitant anticipates distributions to begin. Maximum
age: which is subject to state approval is 90 except Keogh, which is 85.
5. BENEFICIARY(IES)
The individual who will receive the death benefit upon the death of the
Annuitant. Your client must name a primary beneficiary(ies) and may also
name a contingent beneficiary.
For EDC: Specify the individual beneficiary, otherwise the beneficiary will
be the owner. For NQ only: If the Owner and the Annuitant are not the same
person, the beneficiary will succeed as the new Owner upon the death of the
Owner. (If this is not desired, complete #8.)
6. SUCCESSOR ANNUITANT/OWNER
(Optional feature for NQ, SEP, SARSEP and SIMPLE IRA contracts when
Annuitant and Owner are the same person.) To elect this option, your
client's spouse must be named both the sole primary beneficiary in #5 and
the Successor Annuitant/Owner in this item. This means that in the event
of your client's death, his/her spouse will succeed as both Owner and
Annuitant. The contract will remain in force upon the death of the
Annuitant, and no death benefit is paid. For Traditional IRA and QP-IRA
this feature can be elected at the death of the Annuitant/Owner.
7. OWNER
The person or entity who owns the contract and will exercise all contract
rights. The Owner will name the beneficiary, Annuitant and Successor Owner,
if applicable. Complete for NQ contracts, if Owner will be different from
Annuitant named in #3. Must complete for all EDC contracts. If the contract
is to be owned by a custodian for the benefit of a minor under a UGMA or
UTMA, complete this section with the custodian's name and the minor's
Social Security number. The beneficiary under a UGMA or UTMA must be the
estate of the Annuitant.
8. NQ SUCCESSOR OWNER
Under an NQ contract only, if the Owner and the Annuitant are different
parties, your client may name someone to succeed him/her as contract owner
in the event of death. Otherwise, the beneficiary named in #5 will succeed
as Owner.
9. OPTIONAL DEATH BENEFIT
This is an optional feature for Series 800 EQUI-VEST Traditional IRA,
QP-IRA, Roth IRA and NQ plans, in states where approved. It is not
available for EQUI-VEST Express. This option resets the guaranteed death
benefit on the contract anniversary date to the annuity account value, if
greater than the previously established guaranteed death benefit (adjusted
for withdrawals and contributions). It has a 15 basis point charge that is
deducted annually from the annuity account value. If this is not elected,
the regular death benefit explained in the contract will apply. Only
available at issue.
10. CONTRIBUTION INFORMATION
Part 10A is ONLY completed when payment is made at the time the application
is signed. If payment is to be made after the application is signed, then
the signed application must be submitted and payment must be forwarded
promptly upon receipt. Part 10B must be completed in all cases. The
Automatic Investment Program can be used to contribute money directly into
the investment options shown in accordance with the allocations in #12.
11. REMINDER/CONTRIBUTION STATEMENTS INFORMATION
Complete 11A, 11B or 11C as applicable.
12. SELECTION OF INVESTMENT OPTIONS
Check either 12A MAXIMUM TRANSFER FLEXIBILITY or 12B MAXIMUM FUND CHOICE,
but not both. The Calvert Socially Responsible Fund is only available for
TSA and EDC contracts. GIA is not available for EQUI-VEST Express.
13. FIXED MATURITY ACCOUNT ELECTIONS
Complete only if amounts are entered in #10A(ii). A whole percentage must
be indicated for each date chosen. The total must equal 100% and the amount
entered in #10A(ii). Be careful not to pick a Maturity Date which has
expired. We recommend not selecting any Maturity Date less than one month
away or after the annuity benefits are expected to begin under this
contract.
14. INFORMATION TO SATISFY REGULATORY REQUIREMENTS
Complete #14B if the Owner is establishing an EQUI-VEST/EQUI-VEST Express
contract by replacing an existing annuity or insurance contract. For NQ,
please provide contribution basis and net cost illustration from previous
carrier.
15. SPECIAL INSTRUCTIONS
Use this section for any additional details regarding beneficiary,
replacement, or transfer information.
16. AGREEMENT
Owner (and Annuitant, if different) must sign the application.
- --------------------------------------------------------------------------------
<PAGE>
EQUI-VEST(R) REPRESENTATIVE REPORT
(PART I)
(ALL QUESTIONS MUST BE ANSWERED)
- --------------------------------------------------------------------------------
1. MARITAL STATUS: |_| Single |_| Married |_| Widowed |_| Divorced
- --------------------------------------------------------------------------------
2. NUMBER OF DEPENDENTS
----------------------
3. FEDERAL TAX BRACKET %
----------------------
4. PURPOSE OF INVESTMENT
------------------------------------------------------
5. INVESTMENT HORIZON: |_| 3 years |_| 3-7 years |_| 7 years
6. RISK TOLERANCE: |_| Conservative |_| Moderate |_| Aggressive
7. Investments/Assets (Prior to this Investment)
Cash (includes checking, savings, money market) $________________
Certificate of Deposit (CD's) $________________
Bonds $________________
Annuities $________________
Mutual Funds Income $__________
Growth $__________
Aggressive $__________
Other $__________
Total $__________ $________________
Stocks $________________
Other $________________
Total $________________
8. Has client purchased a Financial Plan from EQ Financial? |_| Yes |_| No
9. Source of Funds (If more than one box is checked, provide percentage of
breakdown)
|_| Cash |_| Existing Investment (identify) |_| Borrowing (source)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 16th day
of February, 1999.
/s/ Henri de Castries
---------------------
Henri de Castries
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Joseph L. Dionne
--------------------
Joseph L. Dionne
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 6th day
of February, 1999.
/s/ Denis Duverne
-----------------
Denis Duverne
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 18th day
of February, 1999.
/s/ F. COLLOC'H
---------------
F. COLLOC'H
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 8th day
of February, 1999.
/s/ Jean Rene Fourtou
---------------------
Jean Rene Fourtou
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 8th day
of February, 1999.
/s/ Norman C. Francis
---------------------
Norman C. Francis
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 15th day
of February, 1999.
/s/ Donald J. Greene
--------------------
Donald J. Greene
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 11th day
of February, 1999.
/s/ John T. Hartley
-------------------
John T. Hartley
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ John H.F. Haskell, Jr.
--------------------------
John H.F. Haskell, Jr.
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Michael Hegarty
-------------------
Michael Hegarty
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Mary R. (Nina) Henderson
----------------------------
Mary R. (Nina) Henderson
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 5th day
of February, 1999.
/s/ W. Edwin Jarmain
--------------------
W. Edwin Jarmain
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 5th day
of February, 1999.
/s/ George T. Lowy
------------------
George T. Lowy
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Edward D. Miller
--------------------
Edward D. Miller
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 22th day
of February, 1999.
/s/ Didier Pineau Valencienne
-----------------------------
Didier Pineau Valencienne
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 5th day
of February, 1999.
/s/ George J. Sella, Jr.
------------------------
George J. Sella, Jr.
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 25th day
of March, 1999.
/s/ Peter J. Tobin
------------------
Peter J. Tobin
58017/36
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day
of February, 1999.
/s/ Stanley B. Tulin
--------------------
Stanley B. Tulin
59838v2
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned officer or
Director of The Equitable Life Assurance Society of the United States (the
"Company"), a New York stock life insurance company, hereby constitutes and
appoints Jerome S. Golden, Mark A. Hug, James D. Goodwin, Pauline Sherman,
Michael F. McNelis, Naomi J. Weinstein, Maureen K. Wolfson, Mildred Oliver, Mary
P. Breen and each of them (with full power to each of them to act alone), his or
her true and lawful attorney-in-fact and agent, with full power of substitution
to each, for him or her and on his or her behalf and in his or her name, place
and stead, to execute and file any of the documents referred to below relating
to registrations under the Securities Act of 1933, the Securities Exchange Act
of 1934 and the Investment Company Act of 1940 with respect to any insurance or
annuity contracts or other agreements providing for allocation of amounts to
Separate Accounts of the Company, and related units or interests in Separate
Accounts: registration statements on any form or forms under the Securities Act
of 1933 and the Investment Company Act of 1940 and annual reports on any form or
forms under the Securities Exchange Act of 1934, and any and all amendments and
supplements thereto, with all exhibits and all instruments necessary or
appropriate in connection therewith, each of said attorneys-in-fact and agents
and his, her or their substitutes being empowered to act with or without the
others, and to have full power and authority to do or cause to be done in the
name and on behalf of the undersigned each and every act and thing requisite and
necessary or appropriate with respect thereto to be done in and about the
premises in order to effectuate the same, as fully to all intents and purposes
as the undersigned might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 7th day
of February, 1999.
/s/ Dave H. Williams
--------------------
Dave H. Williams
59838v2
