<PAGE>
Filed Pursuant to Rule 497 (e)
Registration File No.: 33-83750
INCOME MANAGER (SM)
SUPPLEMENT TO THE PROSPECTUS FOR
ROLLOVER IRA
AND CHOICE INCOME PLAN
DATED MAY 1, 1996
COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES
Issued By:
The Equitable Life Assurance Society of the United States
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This prospectus supplement describes the Guaranteed Minimum Income Benefit
being offered under the INCOME MANAGER Prospectus for Rollover IRA and Choice
Income Plan. The Guaranteed Minimum Income Benefit may not currently be
available in all states. Capitalized terms in this supplement have the same
meaning as in the prospectus.
You may add the Guaranteed Minimum Income Benefit (available at issue ages 20
through 65) to your Certificate by completing the proper form. The cost of this
benefit is described below.
GUARANTEED MINIMUM INCOME BENEFIT (GMIB)
When you elect the IRA Assured Payment Option discussed in Part 6 of the
prospectus, the GMIB provides a minimum amount of guaranteed lifetime income
under such option. On the Transaction Date, the amount of the periodic lifetime
income to be provided will be based on the greater of (i) the Annuity Account
Value in the Investment Funds and (ii) an amount equal to the GMDB (without
regard to the seventh Contract Year reset) described in Part 5 of the
prospectus, reduced by any remaining withdrawal charges; each divided by
"guaranteed maximum annuity purchase rates" under the Certificate. The
guaranteed maximum annuity purchase rates are based on (i) interest at 2.5% if
the GMIB is exercised within 30 days following a Contract Date anniversary in
years 7 through 9 and at 3% if exercised within 30 days following the 10th or
later Contract Date anniversary, and (ii) mortality based on the 1983
Individual Annuity Mortality Table "a" projected with modified Scale G. The
mortality table used in determining such annuity purchase rates assumes that
mortality will improve in the future and is more conservative than the basis
underlying current annuity purchase rates. Your Annuity Account Value in the
Investment Funds will depend on the performance of such Funds. The amount equal
to the GMDB (as discussed above) does not have an Annuity Account Value or a
Cash Value and is used solely for purposes of calculating the GMIB.
If you have any Annuity Account Value in the Guaranteed Period Account as of
the Transaction Date that you exercise the GMIB, such Annuity Account Value
will also be applied (at current annuity purchase rates) toward providing
payments under the IRA Assured Payment Option. Such Annuity Account Value will
increase the payments provided by the GMIB. A market value adjustment may
apply.
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SUPPLEMENT DATED JANUARY 14, 1997
<PAGE>
When you exercise the GMIB, we automatically determine whether the application
of your Annuity Account Value in the Investment Funds at current purchase rates
under the IRA Assured Payment Option (with a fixed period as specified below)
would produce higher lifetime income, and if so, the higher income will be
provided.
In addition, you can elect any of our income annuity options at any time. See
"Income Annuity Options" in Part 6 of the prospectus.
The GMIB applies only if your election of the IRA Assured Payment Option meets
the following conditions:
o The IRA Assured Payment Option is elected within 30 days
following the 7th or later Contract Date anniversary; provided it
is not elected earlier than your age 60, nor later than age 83.
o The fixed period you select is as indicated below, based on your
age at the time of election and the type of payments selected:
LEVEL PAYMENTS
AGE FIXED PERIOD
--- ----- ------
60 through 75 10 years
76 through 78 85 less your age
79 through 83 7 years
INCREASING PAYMENTS
AGE FIXED PERIOD
--- ----- ------
60 through 70 15 years
71 through 75 12 years
76 through 80 9 years
81 through 83 6 years
o Payments start one payment mode after the IRA Assured Payment
Option goes into effect.
Each year on your Contract Date anniversary, if you are eligible to exercise
the GMIB, we will send you a notice of how much income could be provided under
such option on the Contract Date anniversary. You may then notify us within 30
days following the Contract Date anniversary if you want to exercise the GMIB
by submitting the proper form. The income to be provided under the IRA Assured
Payment Option will be determined on the Transaction Date that we receive your
request and, therefore, may differ from the notice. It will be based on the
GMIB as of such Transaction Date.
The GMDB, which relates to the Investment Funds, will no longer be in effect if
you elect the IRA Assured Payment Option. If you subsequently terminate the IRA
Assured Payment Option and have your Certificate operate under the Rollover IRA
rules, then the GMDB will go back into effect based on your Annuity Account
Value in the Investment Funds as of the Transaction Date that the Rollover IRA
goes into effect.
<PAGE>
GMIB CHARGE
Your GMDB charge will become a combined GMDB/GMIB charge and will increase by
0.10% to 0.30% of the GMDB in effect on each Processing Date. The charge will
be added as of the Processing Date following election of this benefit.
GMIB EXAMPLES
The GMIB is equal to:
(A) the greater of
(i) the Annuity Account Value in the Investment Funds, and
(ii) an amount equal to the GMDB (without regard to the seventh
Contract Year reset), reduced by any remaining withdrawal
charges;
divided by
(B) the guaranteed maximum annuity purchase rates.
The examples below assume a male age 60 has purchased the Rollover IRA with an
initial contribution of $100,000 that is allocated 100% to the Investment Funds
(excluding the Fixed Income Series). The GMDB (without regard to the seventh
Contract Year reset) in the 10th Contract Year is $179,085 at 6% interest.
Assuming hypothetical rates of return (after deduction of charges) in the
Investment Funds of 0% in Example 1 and 8% in Example 2 during the 10 Contract
Years, the GMIB in the 10th Contract Year (assuming level payments under the
IRA Assured Payment Option) would be as follows:
<TABLE>
<CAPTION>
EXAMPLE 1 EXAMPLE 2
--------- ---------
<S> <C> <C>
(1) Hypothetical Rate of Return........................................... 0% 8%
(2) Annuity Account Value as of the
Contract Date......................................................... $100,000 $100,000
(3) The greater of (i) the GMDB (without regard to the seventh Contract
Year reset) and (ii) the Annuity Account Value as of the 10th
Contract Date anniversary............................................. $179,085 $215,892
(4) Guaranteed Maximum Annuity
Purchase Rates for level payments under
the IRA Assured Payment Option........................................ $14.73 $14.73
(5) GMIB as of 10th Contract Date
anniversary ((3) / (4))............................................... $12,160 $14,659
</TABLE>
In Example 1, the GMDB (without regard to the seventh Contract Year reset)
which is higher than the Annuity Account Value would provide a GMIB of $12,160.
In Example 2, the Annuity Account Value, which at this point is higher than the
GMDB (without regard to the seventh Contract Year reset), would provide a GMIB
of $14,659.
<PAGE>
The rates of return discussed above are for illustrative purposes only and are
not intended to represent an expected or guaranteed rate of return. Your
investment results will vary. The level of GMIB under the IRA Assured Payment
Option will also depend on the guaranteed maximum annuity purchase rates as of
the Transaction Date and the type of payments selected. The examples assume no
transfers or withdrawals, which would affect the GMDB and, thus, the GMIB.
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IRASUPP-GMIB
<PAGE>
Filed Pursuant to Rule 497 (e)
Registration File No.: 33-83750
INCOME MANAGER (SM)
SUPPLEMENT TO THE ACCUMULATOR PROSPECTUS
DATED MAY 1, 1996
COMBINATION VARIABLE AND FIXED DEFERRED ANNUITY CERTIFICATES
Issued By:
The Equitable Life Assurance Society of the United States
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This prospectus supplement describes the Guaranteed Minimum Income Benefit
being offered under the INCOME MANAGER Accumulator Prospectus. The Guaranteed
Minimum Income Benefit may not currently be available in all states.
Capitalized terms in this supplement have the same meaning as in the
prospectus.
You may add the Guaranteed Minimum Income Benefit (available at Annuitant issue
ages 20 through 69) to your Certificate by completing the proper form. The cost
of this benefit is described below.
GUARANTEED MINIMUM INCOME BENEFIT (GMIB)
The GMIB provides a minimum amount of guaranteed lifetime income upon the
application of the Annuity Account Value in the Investment Funds to purchase
the Assured Payment Plan (Life Annuity with a Period Certain). The Assured
Payment Plan provides payments during a period certain with payments continuing
for life thereafter. On the Transaction Date, the amount of the periodic
lifetime income to be purchased under the Assured Payment Plan will be based on
the greater of (i) the Annuity Account Value in the Investment Funds and (ii)
an amount equal to the GMDB (without regard to the seventh Contract Year reset)
described in Part 5 of the prospectus, reduced by any remaining withdrawal
charges; each divided by "guaranteed maximum annuity purchase rates" under the
Certificate. The guaranteed maximum annuity purchase rates are based on (i)
interest at 2.5% if the GMIB is exercised within 30 days following a Contract
Date anniversary in years 7 through 9 and at 3% if exercised within 30 days
following the 10th or later Contract Date anniversary, and (ii) mortality based
on the 1983 Individual Annuity Mortality Table "a" projected with modified
Scale G. The mortality table used in determining such annuity purchase rates
assumes that mortality will improve in the future and is more conservative than
the basis underlying current annuity purchase rates. Your Annuity Account Value
in the Investment Funds will depend on the performance of such Funds. The
amount equal to the GMDB (as discussed above) does not have an Annuity Account
Value or a Cash Value and is used solely for purposes of calculating the GMIB.
If you have any Annuity Account Value in the Guaranteed Period Account under
your Accumulator Certificate as of the Transaction Date that you exercise the
GMIB, such Annuity Account Value will also be applied (at current annuity
purchase rates) toward the purchase of payments under the Assured Payment Plan.
Such Annuity Account Value will increase the payments provided by the GMIB. A
market value adjustment may apply.
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SUPPLEMENT DATED JANUARY 14, 1997
<PAGE>
When you exercise the GMIB, we automatically determine whether the application
of your Annuity Account Value in the Investment Funds at current purchase rates
under the Assured Payment Plan (with a period certain as specified below) would
produce higher lifetime income, and if so, the higher income will be provided.
In addition, you can elect any of our income annuity options at any time. See
"Income Annuity Options" in Part 5 of the prospectus.
The GMIB applies only if your election of the Assured Payment Plan meets the
following conditions:
o The Assured Payment Plan is purchased within 30 days following
the 7th or later Contract Date anniversary under your Accumulator
Certificate; provided it is not purchased earlier than the
Annuitant's age 60, nor later than the Annuitant's age 83.
o The period certain you select is as indicated below, based on
the Annuitant's issue age for the Assured Payment Plan
Certificate and the type of payments selected;
LEVEL PAYMENTS
ANNUITANT
ISSUE AGE PERIOD CERTAIN
--------- --------------
60 through 80 10 years
81 through 83 90 less issue age
INCREASING PAYMENTS
ANNUITANT
ISSUE AGE PERIOD CERTAIN
--------- --------------
60 through 70 15 years
71 through 75 12 years
76 through 80 9 years
81 through 83 6 years
o Payments start one payment mode after the Contract Date of the
Assured Payment Plan Certificate.
Each year on your Contract Date anniversary, if you are eligible to exercise
the GMIB, we will send you a notice of how much income could be provided under
such option on the Contract Date anniversary. You may then notify us within 30
days following the Contract Date anniversary if you want to exercise the GMIB
by submitting the proper form and returning your Accumulator Certificate. The
income to be provided under the Assured Payment Plan Certificate will be
determined on the Transaction Date that we receive your request and the
Certificate and, therefore, may differ from the notice. It will be based on the
GMIB as of such Transaction Date.
The Assured Payment Plan (Life Annuity with a Period Certain) is offered
through our Prospectus for the Assured Payment Plan dated May 1, 1996, which
may be obtained from your registered representative. You should read it
carefully before you decide to purchase such Plan.
<PAGE>
GMIB CHARGE
Your GMDB charge will become a combined GMDB/GMIB charge and will increase by
0.10% to 0.45% of the GMDB in effect on each Processing Date. The charge will
be added as of the Processing Date following election of this benefit.
GMIB EXAMPLES
The GMIB is equal to:
(A) the greater of
(i) the Annuity Account Value in the Investment Funds, and
(ii) an amount equal to the GMDB (without regard to the seventh
Contract Year reset), reduced by any remaining withdrawal
charges;
divided by
(B) the guaranteed maximum annuity purchase rates.
The examples below assume a male age 60 has purchased an Accumulator
Certificate with an initial contribution of $100,000 that is allocated 100% to
the Investment Funds (excluding the Fixed Income Series). The GMDB (without
regard to the seventh Contract Year reset) in the 10th Contract Year is
$179,085 at 6% interest. Assuming hypothetical rates of return (after deduction
of charges) in the Investment Funds of 0% in Example 1 and 8% in Example 2
during the 10 Contract Years, the GMIB in the 10th Contract Year (assuming
level payments under the Assured Payment Plan) would be as follows:
<TABLE>
<CAPTION>
EXAMPLE 1 EXAMPLE 2
--------- ---------
<S> <C> <C>
(1) Hypothetical Rate of Return.......................................... 0% 8%
(2) Annuity Account Value as of the
Contract Date........................................................ $100,000 $100,000
(3) The greater of (i) the GMDB (without regard to the seventh Contract
Year reset) and (ii) the Annuity Account Value as of the 10th
Contract Date anniversary............................................ $179,085 $215,892
(4) Guaranteed Maximum Annuity
Purchase Rates for level payments under
the Assured Payment Plan............................................. $14.73 $14.73
(5) GMIB as of 10th Contract Date
anniversary ((3) / (4)).............................................. $12,160 $14,659
</TABLE>
In Example 1, the GMDB (without regard to the seventh Contract Year reset)
which is higher than the Annuity Account Value would provide a GMIB of $12,160.
In Example 2, the Annuity Account Value, which at this point is higher than the
GMDB (without regard to the seventh Contract Year reset), would provide a GMIB
of $14,659.
<PAGE>
The rates of return discussed above are for illustrative purposes only and are
not intended to represent an expected or guaranteed rate of return. Your
investment results will vary. The level of GMIB under the Assured Payment Plan
will also depend on the guaranteed maximum annuity purchase rates as of the
Transaction Date and the type of payments selected. The examples assume no
transfers or withdrawals, which would affect the GMDB and, thus, the GMIB.
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ACCUMSUP-GMIB
