Cover Page 497(e)
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EQUI-VEST(R)
Supplement dated November 27, 2000
to EQUI-VEST(R) Employer-Sponsored
Retirement Programs
PROSPECTUS DATED MAY 1, 2000
EQUI-VEST(R)TSA CONTRACTS (SERIES 100)
OFFERED TO EMPLOYEES OF CERTAIN NON-PROFIT
ORGANIZATIONS WITHIN THE STATE OF OREGON
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
1290 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10104
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This Supplement adds to and modifies certain information contained in the
prospectus dated May 1, 2000 for the EQUI-VEST(R) Employer-Sponsored Retirement
Programs offered by Equitable Life ("Prospectus").
We will offer the EQUI-VEST series 100 contracts, as described below ("Modified
Oregon TSA Contracts"), to fund plans that meet the requirements of Internal
Revenue Code Section 403(b) ("Section 403(b) plans") sponsored by certain
Section 501(c)(3) non-profit organizations, within the state of Oregon
("employer"). Modified Oregon TSA Contracts will be available only when an
employer (i) makes contributions to a Section 403(b) plan; (ii) has entered into
an agreement with us that permits us to offer Modified Oregon TSA Contracts as a
funding vehicle for its 403(b) plan; and (iii) has at least $10 million in
existing assets to fund Modified Oregon TSA Contracts in its 403(b) plan.
This Supplement describes the material differences between the series 100
contracts described in the Prospectus and the Modified Oregon TSA Contracts.
Certain of the modifications relate to the separate account asset-based charges
for the variable investment options under Modified Oregon TSA Contracts. These
charges are lowered from a maximum of 1.49% on certain variable investment
options to 0.90% on all variable investment options. The Class IB shares of EQ
Advisors Trust available under Modified Oregon TSA Contract include 12b-1 fees
among their charges. The series 100 contracts described in the Prospectus
include Class IA shares, which are not subject to 12b-1 fees and are not offered
under Modified Oregon TSA Contracts. This Supplement should be read together
with the Prospectus. For purposes of this Supplement, the term "annuitant"
refers to holders of current contracts (contract number 11947CT-I and
certificate number 11934T) and the Modified Oregon TSA Contracts offered
hereunder. Terms and other provisions not defined or modified in this Supplement
are the same as in the Prospectus. Modified Oregon TSA Contracts will become
available on or about February 9, 2001.
THE "EQUI-VEST EMPLOYER-SPONSORED RETIREMENT PROGRAMS AT A GLANCE - KEY
FEATURES" SECTION OF THE PROSPECTUS HAS BEEN MODIFIED FOR THE FEES AND CHARGES
RELATED TO SERIES 100 CONTRACTS, AS FOLLOWS:
We deduct a daily charge on amounts invested in the variable investment options
for mortality and expense risks and other expenses at an annual rate of 0.90%.
Annual expenses of EQ Advisors Trust portfolios are calculated as a percentage
of the average daily net assets invested in each portfolio. These expenses
include management fees ranging from 0.25% to 1.15% annually, other expenses,
and for Class IB shares 12b-1 fees of 0.25% annually.
FOR USE ONLY IN THE STATE OF OREGON
E2851
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FEE TABLE. The following fee table is applicable to Modified Oregon TSA
Contracts. Please also see the discussion of the modifications to "Charges and
expenses" set forth in this Supplement.
<TABLE>
<CAPTION>
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CHARGES WE DEDUCT FROM YOUR VARIABLE INVESTMENT OPTIONS EXPRESSED AS AN ANNUAL
PERCENTAGE OF DAILY NET ASSETS
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<S> <C>
Mortality and expense risks(1) 0.65%
Other expenses(2) 0.25%
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Total Separate Account A annual expenses(3) 0.90%
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CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE ON EACH CONTRACT DATE ANNIVERSARY
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Annual administrative charge
If your account value is less than $25,000 $30 or 2% of your account value if less
on the last day of your contract year
If your account value is $25,000 or more $0
on the last day of your contract year
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CHARGES WE DEDUCT FROM YOUR ACCOUNT VALUE AT THE TIME YOU REQUEST CERTAIN TRANSACTIONS
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Maximum withdrawal charge(4) 6%
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</TABLE>
<TABLE>
<CAPTION>
EQ ADVISORS TRUST ANNUAL EXPENSES
(AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS IN EACH PORTFOLIO)
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TOTAL ANNUAL
OTHER EXPENSES EXPENSES
MANAGEMENT (AFTER EXPENSE (AFTER EXPENSE
FEES(5) 12B-1 FEE (6) LIMITATION) (7) LIMITATION) (8)
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<S> <C> <C> <C> <C>
Alliance Common Stock 0.46 % 0.25% 0.04% 0.75 %
Alliance Conservative Investors 0.60% 0.25% 0.07% 0.92 %
Alliance Global 0.73% 0.25% 0.09% 1.07%
Alliance Growth & Income 0.59% 0.25% 0.05% 0.89 %
Alliance Growth Investors 0.57% 0.25% 0.05% 0.87 %
Alliance High Yield 0.60% 0.25% 0.05% 0.90 %
Alliance Intermediate Government 0.50% 0.25% 0.07% 0.82 %
Securities
Alliance International 0.85% 0.25% 0.20% 1.30%
Alliance Money Market 0.34% 0.25% 0.05% 0.64%
EQ/Alliance Premier Growth 0.90% 0.25% 0.00% 1.15%
Alliance Quality Bond 0.53% 0.25% 0.05% 0.83%
Alliance Small Cap Growth 0.75% 0.25% 0.07% 1.07%
EQ/Alliance Technology 0.90% 0.25% 0.00% 1.15%
EQ/AXP New Dimensions 0.65% 0.25% 0.05% 0.95%
EQ/AXP Strategy Aggressive 0.70% 0.25% 0.05% 1.00%
</TABLE>
FOR USE ONLY IN THE STATE OF OREGON
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<TABLE>
<CAPTION>
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TOTAL ANNUAL
OTHER EXPENSES EXPENSES
MANAGEMENT (AFTER EXPENSE (AFTER EXPENSE
FEES(5) 12B-1 FEE (6) LIMITATION) (7) LIMITATION) (8)
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<S> <C> <C> <C> <C>
Calvert Socially Responsible 0.65% 0.25% 0.15% 1.05%
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/Aggressive Stock 0.60% 0.25% 0.04% 0.89%
EQ/Balanced 0.57% 0.25% 0.05% 0.87%
EQ Equity 500 Index 0.25% 0.25% 0.10% 0.60%
EQ/Evergreen 0.65% 0.25% 0.05% 0.95%
EQ/Evergreen Foundation 0.60% 0.25% 0.10% 0.95%
FI/Mid Cap 0.70% 0.25% 0.05% 1.00%
FI Small/Mid Cap Value 0.75% 0.25% 0.10% 1.10%
EQ/Janus Large Cap Growth 0.90% 0.25% 0.00% 1.15%
MFS Emerging Growth Companies 0.65% 0.25% 0.10% 1.00%
MFS Growth with Income 0.60% 0.25% 0.10% 0.95%
MFS Research 0.65% 0.25% 0.05% 0.95%
Mercury Basic Value Equity 0.60% 0.25% 0.10% 0.95%
Mercury 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 0.60% 0.25% 0.05% 0.90%
EQ/Putnam Growth & Income Value 0.60% 0.25% 0.10% 0.95%
T. Rowe Price Equity Income 0.60% 0.25% 0.10% 0.95%
T. Rowe Price International Stock 0.85% 0.25% 0.15% 1.25%
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</TABLE>
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Notes:
(1) A portion of this charge is for providing the death benefit.
(2) For the series 100 contracts, this charge is for financial accounting and
other administrative services relating to the contract.
(3) For series 100 contracts, the total Separate Account A annual expenses and
total annual expenses of EQ Advisors Trust fees when added together are not
permitted to exceed 1.75% for the EQ/Aggressive Stock, EQ/Balanced,
Alliance Common Stock and Alliance Money Market options. Without this
expense limitation, the total annual expenses deducted from the variable
investment options plus EQ Advisors Trust annual expenses for 1999 (as
restated to reflect the revised management fees and the .01% increase in
expenses that occurred when these portfolios became part of EQ Advisors
Trust) would have been 1.79% for the Alliance Money Market option; 1.90%
for the Alliance Common Stock option; 1.98% for the EQ/Aggressive Stock
option; and 2.02% for the EQ/Balanced option.
(4) This charge is 6% generally declining for the first through 12 contract
years. The total of all withdrawal charges may not exceed 8% of all
withdrawn contributions that were made in the current and nine prior years.
This charge is deducted upon a withdrawal of amounts, or defaulted loan
amounts in excess of the 10% free withdrawal amount. Important exceptions
and limitations may eliminate or reduce this charge.
(5) The management fees shown reflect revised management fees effective on or
about May 1, 2000 which were approved by shareholders, and which cannot be
increased without a vote of that portfolio's shareholders.
FOR USE ONLY IN THE STATE OF OREGON
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(6) The Class IB shares of EQ Advisors Trust are subject to fees imposed under
a distribution plan (the "Rule 12b-1 Plan") adopted by EQ Advisors Trust
pursuant to Rule 12b-1 under the Investment Company Act of 1940. The 12b-1
fee will not be increased for the life of the contracts.
(7) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (8) for any expense limitation
agreements. On October 18, 1999 the Alliance portfolios (other than
EQ/Alliance Premier Growth and EQ/Alliance Technology) became part of the
portfolios of EQ Advisors Trust. The "Other Expenses" for these portfolios
have been restated to reflect the estimated expenses that would have been
incurred, had these portfolios been portfolios of EQ Advisors Trust for the
entire year ended December 31, 1999. The restated expenses reflect an
increase of 0.01% for each of these portfolios.
(8) Equitable Life, EQ Advisors Trust's manager, has entered into an expense
limitation agreement with respect to certain portfolios. Under this
agreement Equitable Life has agreed to waive or limit its fees and assume
other expenses. Under the expense limitation agreement, total annual
operating expenses of certain portfolios (other than interest, taxes,
brokerage commissions, capitalized expenditures, extraordinary expenses and
12b-1 fees) are limited as a percentage of the average daily net assets of
each of the following portfolios: 1.75% for Morgan Stanley Emerging Markets
Equity; 1.25% for T. Rowe Price International Stock; 1.20% for Mercury
World Strategy; 1.15% for EQ/Alliance Premier Growth, EQ/Alliance
Technology and EQ/Janus Large Cap Growth; 1.10% for FI Small/Mid Cap Value;
1.00% for MFS Emerging Growth Companies and FI Mid Cap; 0.95% for Capital
Guardian U.S. Equity, Capital Guardian Research, EQ/Evergreen, EQ/Evergreen
Foundation, MFS Growth with Income, MFS Research, Mercury Basic Value
Equity; EQ/Putnam Growth & Income Value, and T. Rowe Price Equity Income;
and 0.90% for EQ/Putnam Balanced. The expense limitations for the EQ/Putnam
Growth & Income Value, FI Small/Mid Cap Value, Mercury Basic Value Equity,
MFS Growth with Income, MFS Emerging Growth Companies, T. Rowe Price Equity
Income and T. Rowe Price International Stock, portfolios reflect an
increase effective May 1, 2000. The expense limitation for the EQ/Evergreen
portfolio reflects a decrease effective on May 1, 2000. With respect to the
EQ/Janus Large Cap Growth and FI Mid Cap portfolios, the expense limitation
agreement began on September 1, 2000 and will end on August 30, 2001.
Absent the expense limitation, the "Other Expenses" for 1999 on an
annualized basis for each of the portfolios would have been as follows:
1.00% for Morgan Stanley Emerging Markets Equity; 0.30% for T. Rowe Price
International Stock; 0.46% for Mercury World Strategy; 0.23% for
EQ/Alliance Premier Growth; 0.10% for EQ/Alliance Technology; 0.24% for FI
Small/Mid Cap Value; 0.17% for MFS Emerging Growth Companies; 0.34% for
Capital Guardian U.S. Equity, 0.47% for Capital Guardian Research, 1.87%
for EQ/Evergreen; 1.07% for EQ/Evergreen Foundation, 0.37% for MFS Growth
with Income, 0.17% for MFS Research, and Mercury Basic Value Equity; 0.16%
for EQ/Putnam Growth & Income Value; 0.21% for T. Rowe Price Equity Income;
and 0.28% for EQ/Putnam Balanced. Initial seed capital was invested on
April 30, 1999 for EQ/Alliance Premier Growth, Capital Guardian U.S. Equity
and Capital Guardian Research portfolios and was invested on or about May
1, 2000 for the EQ/Alliance Technology portfolio and therefore expenses
have been estimated. Each of the EQ/Janus Large Cap Growth, FI Mid Cap,
EQ/AXP Strategy Aggressive and EQ/AXP Dimensions portfolios commenced
operations on September 1, 2000 and we have estimated that absent the
expense limitation, "Other Expenses" for 2000 on an annualized basis for
each of the portfolios would be: 0.10% for EQ/Janus Large Cap Growth; and
0.90% for FI Mid Cap, EQ/AXP Strategy Aggressive and EQ/AXP Dimensions.
Each portfolio may at a later date make a reimbursement to Equitable Life
for any of the management fees waived or limited and other expenses assumed
and paid by Equitable Life 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 limitation determined for such portfolio. For more information see
the prospectus for EQ Advisors Trust.
The prospectus for the Class IB shares of EQ Advisors Trust is attached at the
end of the Prospectus.
THE SECTION ENTITLED "CHARGES UNDER THE CONTRACTS" IN THE "CHARGES AND EXPENSES"
SECTION OF THE PROSPECTUS HAS BEEN MODIFIED AS FOLLOWS:
MORTALITY AND EXPENSE RISKS CHARGE. The following information replaces the first
paragraph of this section.
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the minimum death
benefit. The daily charge is equivalent to an annual rate of 0.65% of the net
assets in each of the variable investment options.
CHARGE FOR OTHER EXPENSES. The following information replaces the paragraph
under this section.
We deduct this daily charge from the net assets in each variable investment
option. The daily charge is equivalent to an annual rate of 0.25% of the net
assets in each variable investment option. The charge is to reimburse us for the
cost of financial accounting services we provide under the contracts.
FOR USE ONLY IN THE STATE OF OREGON
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WITHDRAWAL CHARGE FOR SERIES 100 AND 200 CONTRACTS. In addition to the
exceptions to the withdrawal charges applicable to TSA contracts, discussed
under "For SEP, SARSEP, SIMPLE IRA, TSA, EDC and Annuitant-Owned HR-10
contracts" of this section, the following will apply under Modified Oregon TSA
Contracts:
o the annuitant retires pursuant to the terms of the Plan or separates from
service;
o the annuitant has been diagnosed and certified in writing, by each of a
United States licensed attending physician and independent physician, to be
unable to engage in any substantial gainful activity by reason of any
medically determined physical or mental impairment which can be expected to
result in death or which has lasted or can be expected to last a continuous
period of not less than 12 months; or in the case of an individual who has
turned age 55 and is blind, inability by reason of blindness, to engage in
substantial gainful activity requiring skills, or abilities comparable to
those of any gainful activity in which he has previously engaged with some
regularity and over a substantial period of time. The term "blindness"
shall mean the central visual keenness of 20/200 or less in the better eye
with use of a correcting lens. An eye which is accompanied by a limitation
in the fields of vision, such that the wider diameter of the visual field
beneath an angle no greater than 20 degrees, shall be considered for
purposes of this paragraph as having a central visual keenness of 20/200 or
less; or
o we receive proof satisfactory to us that the annuitant's life expectancy is
six months or less (this proof must include certification by a licensed
physician in the United States); or
o the annuitant elects a withdrawal that qualifies as a hardship withdrawal
under federal income tax rules. A hardship withdrawal is a distribution
that is made on account of an immediate and heavy financial need of the
annuitant and the distribution is not in excess of the amount necessary to
satisfy such financial need; or
o the annuitant has been confined to a nursing home for more than a 90 day
period (or such other period, if required in your state) as verified by a
physician licensed in the United States. A nursing home for this purpose
means one that is (a) approved by Medicare as a provider of skilled nursing
care service, or (b) licensed as a skilled nursing home by the state or
territory in which it is located. It must be within the United States,
Puerto Rico, U.S. Virgin Islands, or Guam and meets all of the following:
o its main function is to provide skilled, intermediate or custodial
nursing care;
o it provides continuous room and board to three or more persons;
o it is supervised by a registered nurse or a practical nurse;
o it keeps daily medical records of each patient;
o it controls and records all medications dispensed; and
o its primary service is other than to provide housing for residents.
FOR USE ONLY IN THE STATE OF OREGON
