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Filed Pursuant to Rule 497 (e)
Registration File No.: 33-83750
INCOME MANAGER (SERVICE MARK)
SUPPLEMENT TO THE ROLLOVER IRA PROSPECTUS
DATED APRIL 17, 1995
AS SUPPLEMENTED WITH THE IRA ASSURED PAYMENT OPTION SUPPLEMENT
DATED APRIL 17, 1995
Combination Variable and Fixed Deferred Annuity Certificates
Issued By:
The Equitable Life Assurance Society of the United States
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Provisions of the IRA Assured Payment Option supplement are amended as follows:
In the supplement under the heading IRA Assured Payment Option in the first
sentence of the first paragraph delete the information in the first set of
parentheses and insert the following after the first sentence:
The IRA Assured Payment Option may be elected if you are between ages
59 1/2 through 83. It may also be elected at ages as young as 54 1/2 provided
payments do not start before you attain age 59 1/2.
Also under the above heading in the last sentence of the second paragraph,
after the word "forth" insert the words "below and."
The following is inserted with a subheading after the second paragraph under
the heading IRA Assured Payment Option:
Contributions under the IRA Assured Payment Option
"Regular" IRA contributions may no longer be made for the taxable year
in which you attain age 70 1/2 and thereafter. If the IRA Assured Payment
Option is elected at any time before you attain age 79, rollover and direct
transfer contributions may be made at any time before you attain age 79. If
the IRA Assured Payment Option is elected at any time between the attained ages
of 79 and 83, rollover and direct transfer contributions may be made at any
time before you attain age 84. However, any amount contributed after you
attain 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.
Under the subheading Payments, insert the following after the end of the
paragraph:
You may elect to receive payments starting February 15th of 1996, or
you may elect to defer receiving level payments until 1997, 1998, 1999, 2000 or
2001.* For increasing payments you may elect to defer payments only until
1999.* Before you elect to defer the date your payments will start, you should
consider the consequences of this decision on the requirement that you take
minimum distributions each calendar year with respect to the value of your IRA.
See "Required Minimum Distributions" in Part 8.
* Ability to defer the payment start date may not be available in all
states.
Under the subheading Fixed Period, the third sentence of the paragraph is
replaced with the following:
For Annuitant ages 71 through 78 the maximum fixed period is 85 less
the issue age. For Annuitant ages 79 through 83, only a seven year fixed
period is permitted for level payments and a six year fixed period for
increasing payments. The minimum and maximum fixed period permitted will be
reduced by each year you defer the date payments will start.
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Supplement Dated July 17, 1995
Under the subheading Guarantee Periods, delete the second sentence.
Under the subheading Election Restrictions under Joint and Survivor, for item
(ii) of the paragraph, replace age "78" with age "83."
After the paragraph under the heading Lump Sum Withdrawals, insert the
following with a subheading:
Minimum Distribution Withdrawals
Minimum Distribution Withdrawals may not be elected while the IRA
Assured Payment Option is in effect.
The following is inserted at the end of the first paragraph under the
subheading Termination of the IRA Assured Payment Option:
If you elected the IRA Assured Payment Option at age 79 or older and
subsequently terminate this Option, annuity payments must commence no later
than the calendar year in which you attain age 90.
Provisions of the Rollover IRA prospectus are amended as follows:
In Part 1: Summary under the heading Withdrawals, the following is inserted
after the second bullet point:
o Substantially Equal Payment Withdrawals -- If you are below age 59 1/2, this
withdrawal option is designed to allow you to withdraw funds annually and not
have a 10% penalty tax apply. This is accomplished by distribution of
substantially equal periodic payments over your life expectancy or over the
joint life expectancies of you and your spouse. If you change or stop such
distributions before the later of age 59 1/2 or five years from the date of the
first distribution, the 10% penalty tax may apply. Substantially Equal Payment
Withdrawals are not subject to withdrawal charges.
In Part 5: Provisions of the Certificates and Services We Provide under the
heading Withdrawals, replace the third sentence of the first paragraph with the
following:
Three withdrawal options are available: Lump Sum Withdrawals, Minimum
Distribution Withdrawals and Substantially Equal Payment Withdrawals.
Under the same heading, the following is inserted with a subheading after the
last paragraph of this section:
Substantially Equal Payment Withdrawals
Substantially Equal Payment Withdrawals provide distributions from the
Annuity Account Value of the amounts necessary so that the 10% penalty tax,
normally applicable to distributions made prior to age 59 1/2, does not apply.
See "Penalty Tax on Early Distributions," in Part 8. Once distributions begin,
they should not be changed or stopped until the later of age 59 1/2 or five
years from the date of the first distribution. If you change or stop the
distributions or take a Lump Sum Withdrawal, you may be liable for the 10%
penalty tax that would have otherwise been due on all prior distributions made
under this option and for any interest thereon.
Substantially Equal Payment Withdrawals may be elected at any time if
you are below age 59 1/2. You can elect this option by submitting the proper
form. You select the day and the month when the first withdrawal will be made,
but it may not be sooner than 28 days after issue of the Certificate. In no
event may you elect to receive the first payment in the same Contract Year in
which a Lump Sum Withdrawal was taken. We will calculate the amount of the
distribution under a method we select and payments will be made quarterly or
annually as you select. These payments will continue to be made until we
receive written notice from you to cancel this option. Such notice must be
received at our Processing Office at least seven calendar days prior to the
next scheduled
withdrawal date. A Lump Sum Withdrawal taken while Substantially Equal Payment
Withdrawals are in effect, will cancel such withdrawals. You may elect to
start receiving Substantially Equal Payment Withdrawals again, but in no event
can the payments start in the same Contract Year in which the Lump Sum
Withdrawal was taken. We will calculate a new distribution amount.
Unless you specify otherwise, Substantially Equal Payment Withdrawals
will be withdrawn on a pro rata basis from your Annuity Account Value in the
Investment Funds. If there is insufficient value or no value in the Investment
Funds, any additional amount of the withdrawal or the total amount of the
withdrawal, as applicable, will be withdrawn from the Guarantee Periods in
order of the earliest Expiration Date(s) first.
Substantially Equal Payment Withdrawals are not subject to a withdrawal
charge.
Under the heading Death Benefit, Guaranteed Minimum Death Benefit (GMDB)
replace the paragraph for item (2) with the following:
(2) Interest will be calculated at the applicable effective annual
GMDB interest rate for your "attained age" (your age at issue of the
Certificate plus the number of Contract Years that have elapsed since the
Contract Date, see table below) taking into account contributions, transfers
and withdrawals during the Contract Year, except with respect to amounts in the
Money Market Fund and the Intermediate Government Securities Fund where the
interest credit will be based on the lesser of the actual rate of return for
the Money Market Fund for the period such amounts are invested and the GMDB
interest rate below.
In Part 8: Tax Aspects of the Certificates under the heading Penalty Tax on
Early Distributions, begin a new paragraph after the first sentence and add the
following at the end of the new second paragraph:
To permit you to meet this exception, Equitable Life has designed
Substantially Equal Payment Withdrawals described in Part 5. If you are a
Rollover IRA Certificate Owner who will be under age 59 1/2 as of the date the
first payment is expected to be received and you choose Substantially Equal
Payment Withdrawals, Equitable Life will calculate the substantially equal
annual payments under a method we will select based on guidelines issued by the
IRS (currently contained in IRS Notice 89-25, Question and Answer 12).
Although Substantially Equal Payment Withdrawals are not subject to the 10%
penalty tax, they are taxable as discussed in "Distributions from IRA
Certificates," in this Part 8. Once Substantially Equal Payment Withdrawals
begin, the distributions should not be stopped or changed until the later of
your attaining age 59 1/2 or five years after the date of the first
distribution, or the penalty tax, including an interest charge for the prior
penalty avoidance, may apply. Also, it is possible that the IRS could view any
additional withdrawal or payment you take from your Certificate as changing
your pattern of Substantially Equal Payment Withdrawals for purposes of
determining whether the penalty applies.
Filed Pursuant to Rule 497 (e)
Registration File No.: 33-83750
INCOME MANAGER (SERVICE MARK)
SUPPLEMENT TO THE ROLLOVER IRA PROSPECTUS
DATED APRIL 17, 1995
AS SUPPLEMENTED WITH THE IRA ASSURED PAYMENT OPTION SUPPLEMENT
DATED APRIL 17, 1995
Combination Variable and Fixed Deferred Annuity Certificates
Issued By:
The Equitable Life Assurance Society of the United States
- -------------------------------------------------------------------------------
Provisions of the IRA Assured Payment Option supplement are amended as follows:
In the supplement under the heading IRA Assured Payment Option in the first
sentence of the first paragraph delete the information in the first set of
parentheses and insert the following after the first sentence:
The IRA Assured Payment Option may be elected if you are between ages
59 1/2 through 83. It may also be elected at ages as young as 54 1/2 provided
payments do not start before you attain age 59 1/2.
Also under the above heading in the last sentence of the second paragraph,
after the word "forth" insert the words "below and."
The following is inserted with a subheading after the second paragraph under
the heading IRA Assured Payment Option:
Contributions under the IRA Assured Payment Option
"Regular" IRA contributions may no longer be made for the taxable year
in which you attain age 70 1/2 and thereafter. If the IRA Assured Payment
Option is elected at any time before you attain age 79, rollover and direct
transfer contributions may be made at any time before you attain age 79. If
the IRA Assured Payment Option is elected at any time between the attained ages
of 79 and 83, rollover and direct transfer contributions may be made at any
time before you attain age 84. However, any amount contributed after you
attain 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.
Under the subheading Payments, insert the following after the end of the
paragraph:
You may elect to receive payments starting February 15th of 1996, or
you may elect to defer receiving level payments until 1997, 1998, 1999, 2000 or
2001.* For increasing payments you may elect to defer payments only until
1999.* Before you elect to defer the date your payments will start, you should
consider the consequences of this decision on the requirement that you take
minimum distributions each calendar year with respect to the value of your IRA.
See "Required Minimum Distributions" in Part 8.
* Ability to defer the payment start date may not be available in all
states.
Under the subheading Fixed Period, the third sentence of the paragraph is
replaced with the following:
For Annuitant ages 71 through 78 the maximum fixed period is 85 less
the issue age. For Annuitant ages 79 through 83, only a seven year fixed
period is permitted for level payments and a six year fixed period for
increasing payments. The minimum and maximum fixed period permitted will be
reduced by each year you defer the date payments will start.
- -------------------------------------------------------------------------------
Supplement Dated July 17, 1995
Under the subheading Guarantee Periods, delete the second sentence.
Under the subheading Election Restrictions under Joint and Survivor, for item
(ii) of the paragraph, replace age "78" with age "83."
After the paragraph under the heading Lump Sum Withdrawals, insert the
following with a subheading:
Minimum Distribution Withdrawals
Minimum Distribution Withdrawals may not be elected while the IRA
Assured Payment Option is in effect.
The following is inserted at the end of the first paragraph under the
subheading Termination of the IRA Assured Payment Option:
If you elected the IRA Assured Payment Option at age 79 or older and
subsequently terminate this Option, annuity payments must commence no later
than the calendar year in which you attain age 90.
Provisions of the Rollover IRA prospectus are amended as follows:
In Part 1: Summary under the heading Withdrawals, the following is inserted
after the second bullet point:
o Substantially Equal Payment Withdrawals -- If you are below age 59 1/2, this
withdrawal option is designed to allow you to withdraw funds annually and not
have a 10% penalty tax apply. This is accomplished by distribution of
substantially equal periodic payments over your life expectancy or over the
joint life expectancies of you and your spouse. If you change or stop such
distributions before the later of age 59 1/2 or five years from the date of the
first distribution, the 10% penalty tax may apply. Substantially Equal Payment
Withdrawals are not subject to withdrawal charges.
In Part 5: Provisions of the Certificates and Services We Provide under the
heading Withdrawals, replace the third sentence of the first paragraph with the
following:
Three withdrawal options are available: Lump Sum Withdrawals, Minimum
Distribution Withdrawals and Substantially Equal Payment Withdrawals.
Under the same heading, the following is inserted with a subheading after the
last paragraph of this section:
Substantially Equal Payment Withdrawals
Substantially Equal Payment Withdrawals provide distributions from the
Annuity Account Value of the amounts necessary so that the 10% penalty tax,
normally applicable to distributions made prior to age 59 1/2, does not apply.
See "Penalty Tax on Early Distributions," in Part 8. Once distributions begin,
they should not be changed or stopped until the later of age 59 1/2 or five
years from the date of the first distribution. If you change or stop the
distributions or take a Lump Sum Withdrawal, you may be liable for the 10%
penalty tax that would have otherwise been due on all prior distributions made
under this option and for any interest thereon.
Substantially Equal Payment Withdrawals may be elected at any time if
you are below age 59 1/2. You can elect this option by submitting the proper
form. You select the day and the month when the first withdrawal will be made,
but it may not be sooner than 28 days after issue of the Certificate. In no
event may you elect to receive the first payment in the same Contract Year in
which a Lump Sum Withdrawal was taken. We will calculate the amount of the
distribution under a method we select and payments will be made quarterly or
annually as you select. These payments will continue to be made until we
receive written notice from you to cancel this option. Such notice must be
received at our Processing Office at least seven calendar days prior to the
next scheduled
withdrawal date. A Lump Sum Withdrawal taken while Substantially Equal Payment
Withdrawals are in effect, will cancel such withdrawals. You may elect to
start receiving Substantially Equal Payment Withdrawals again, but in no event
can the payments start in the same Contract Year in which the Lump Sum
Withdrawal was taken. We will calculate a new distribution amount.
Unless you specify otherwise, Substantially Equal Payment Withdrawals
will be withdrawn on a pro rata basis from your Annuity Account Value in the
Investment Funds. If there is insufficient value or no value in the Investment
Funds, any additional amount of the withdrawal or the total amount of the
withdrawal, as applicable, will be withdrawn from the Guarantee Periods in
order of the earliest Expiration Date(s) first.
Substantially Equal Payment Withdrawals are not subject to a withdrawal
charge.
In Part 8: Tax Aspects of the Certificates under the heading Penalty Tax on
Early Distributions, begin a new paragraph after the first sentence and add the
following at the end of the new second paragraph:
To permit you to meet this exception, Equitable Life has designed
Substantially Equal Payment Withdrawals described in Part 5. If you are a
Rollover IRA Certificate Owner who will be under age 59 1/2 as of the date the
first payment is expected to be received and you choose Substantially Equal
Payment Withdrawals, Equitable Life will calculate the substantially equal
annual payments under a method we will select based on guidelines issued by the
IRS (currently contained in IRS Notice 89-25, Question and Answer 12).
Although Substantially Equal Payment Withdrawals are not subject to the 10%
penalty tax, they are taxable as discussed in "Distributions from IRA
Certificates," in this Part 8. Once Substantially Equal Payment Withdrawals
begin, the distributions should not be stopped or changed until the later of
your attaining age 59 1/2 or five years after the date of the first
distribution, or the penalty tax, including an interest charge for the prior
penalty avoidance, may apply. Also, it is possible that the IRS could view any
additional withdrawal or payment you take from your Certificate as changing
your pattern of Substantially Equal Payment Withdrawals for purposes of
determining whether the penalty applies.
Filed Pursuant to Rule 497(e)
Registration File No.: 33-83750
INCOME MANAGER (SERVICE MARK)
SUPPLEMENT TO THE ACCUMULATOR PROSPECTUS
DATED APRIL 17, 1995
COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES
Issued By:
The Equitable Life Assurance Society of the United States
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THE ACCUMULATOR PROSPECTUS, PART 5: PROVISIONS OF THE CERTIFICATES AND SERVICES
WE PROVIDE IS AMENDED AS FOLLOWS:
Under the heading INCOME ANNUITY OPTIONS, under the subheading ASSURED PAYMENT
PLAN, replace the first paragraph of this section with the following:
If you are the Owner and the Annuitant, you may apply your Annuity
Account Value to purchase the Assured Payment Plan (Life Annuity with a
Period Certain), provided you meet the issue age and payment
restrictions for the Assured Payment Plan. The Assured Payment Plan, is
designed to provide guaranteed level or increasing annual payments for
your life or for your life and the life of a joint Annuitant. If the
Annuity Account Value is applied from an Accumulator Certificate to
purchase the Assured Payment Plan at a time when the dollar amount of
the withdrawal charge is greater than 2% of remaining contributions
(after withdrawals), such withdrawal charge will not be deducted.
However, a new withdrawal charge schedule will apply under the Assured
Payment Plan. For purposes of the Assured Payment Plan withdrawal
charge schedule, the year in which your Annuity Account Value is
applied under the Assured Payment Plan will be "Contract Year 1." If
the Annuity Account Value is applied from the Accumulator when the
dollar amount of the withdrawal charge is 2% or less, there will be no
withdrawal charge schedule under the Assured Payment Plan. You should
consider the timing of your purchase as it relates to the potential for
withdrawal charges under the Assured Payment Plan. No subsequent
contributions will be permitted under the Assured Payment Plan
Certificate.
You may also apply your Annuity Account Value to purchase the Assured
Payment Plan (Period Certain) once withdrawal charges are no longer in
effect. This version of the Assured Payment Plan provides for annual
payments for a specified period. No withdrawal charges will apply under
the Assured Payment Plan Certificate.
The Assured Payment Plan (Life Annuity with a Period Certain) is
described in our Prospectus for Assured Growth Plan and Assured Payment
Plan (Period Certain), dated April 17, 1995, as supplemented with the
Assured Payment Plan (Life Annuity with a Period Certain) Supplement
dated April 17, 1995 and a Supplement dated July 17, 1995. The Assured
Payment Plan (Period Certain) is described in the same prospectus.
Copies are available from
your registered representative.
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SUPPLEMENT DATED JULY 17, 1995
