Registration No. 333-64751
Registration No. 811-08754
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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 [ ]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 3 [X]
AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ ]
Amendment No. 22 [X]
(Check appropriate box or boxes)
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SEPARATE ACCOUNT No. 45
of
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES
(Exact Name of Registrant)
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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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DODIE KENT
ASSISTANT VICE PRESIDENT AND COUNSEL
The Equitable Life Assurance Society of the United States
1290 Avenue of the Americas, New York, New York 10104
(212) 554-1234
(Name, Address, including zip code and telephone number,
including area code, of Agent 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
(202) 457-5105
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Approximate Date of Proposed Public Offering: Continuous.
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.
[X] 60 days after filing pursuant to paragraph (a)(1) of Rule 485.
[ ] On (date) pursuant to paragraph (a)(1) of Rule 485.
If appropriate, check the following box:
[ ] This post-effective amendment designates a new effective date for
previously filed post-effective amendment.
Title of Securities Being Registered:
Units of interest in Separate Account under variable annuity contracts.
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NOTE
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This Post-Effective Amendment No. 3 ("PEA") to the Form N-4 Registration
Statement No. 333-64751 ("Registration Statement") of The Equitable Life
Assurance Society of the United States ("Equitable Life") and its Separate
Account No. 45, the Registrant herein, is being filed solely for the purpose of
including in the Registration Statement a Prospectus Supplement relating to TSA
contracts to be offered as Rollover TSAs under Equitable Life's Accumulator Plus
variable annuity product. The PEA also adds related TSA exhibits and the
Registrant's representation, under "Item 32. Undertakings," as to its reliance
on the November 28, 1988 no-action letter relating to variable annuity contracts
offered for funding Section 403(b) plans.
The PEA does not otherwise amend or delete Equitable Life's Accumulator
Plus Prospectus and Statement of Additional Information, each dated October 18,
1999, or otherwise amend any other part of the Registration Statement.
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The Equitable Life Assurance Society Supplement dated March 1, 2000 to
Of the United States Prospectus Dated October 18, 1999
EQUITABLE ACCUMULATOR PLUS
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This supplement to the above-noted prospectus describes terms applicable to
Equitable Accumulator Plus TSA contracts purchased as Internal Revenue Code
Section 403(b) tax-sheltered annuities ("Rollover TSA"). The information below
adds to or changes the information in the prospectus. All other information
included in the prospectus remains unchanged. The capitalized terms and section
headings we use in this supplement have the same meaning as in the prospectus.
The section headed "Loans under rollover TSA contracts" and the entire
discussion under "Tax information" are new.
HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT
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CONTRACT TYPE AVAILABLE FOR LIMITATION ON
ANNUITANT ISSUE SOURCE OF CONTRIBUTIONS
AGES CONTRIBUTIONS
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Rollover TSA o 20 through 78 o Rollovers o Additional
from another TSA contributions may
contract or be made up to age
arrangement 79.
o Rollovers o Contributions
from a after age 70 1/2
traditional IRA must be net of
which was a required minimum
"conduit" for TSA distributions.
funds previously
rolled over.
o Direct
transfer from
another contract
or arrangement
under Section
403(b) of the
Internal Revenue
Code, complying
with IRS Revenue
Ruling 90-24.
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If you are buying a contract to fund a retirement plan that already provides tax
deferral under sections of the Internal Revenue Code (such as a Rollover TSA),
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.
OWNER AND ANNUITANT REQUIREMENTS
The owner and annuitant must be the same person.
GUARANTEED MINIMUM DEATH BENEFIT
5% ROLL UP TO AGE 80
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See this section of the prospectus for general information about this topic. For
this 5% roll up to age 80 minimum death benefit, amounts in the loan reserve
account will be credited with interest at a 3% effective annual rate.
YOUR ACCOUNT VALUE
For Rollover TSA contracts, your "account value" is the same as described under
this section in the prospectus, except that any value you have in the loan
reserve account is also included in the account value.
Your contract also has a "cash value." The cash value is the same as described
under this section in the prospectus, except that the amount of any outstanding
loan plus accrued interest is also deducted from the account value in computing
the cash value.
For Rollover TSA contracts, the number of your contract units in any variable
investment option will decrease to reflect a transfer of your loan amount to the
loan reserve account.
WITHDRAWING YOUR ACCOUNT VALUE
For Rollover TSA contracts, you may withdraw your account value through a lump
sum withdrawal or minimum distribution withdrawals.
For some Rollover TSA contracts, your ability to take withdrawals, loans or
surrender your contract may be limited. You must provide withdrawal restriction
information when you apply for a contract. For restrictions on withdrawals, see
"Tax Sheltered Annuity contracts (TSAs)" in "Tax information" below.
LUMP SUM WITHDRAWALS
See this section of the prospectus for general information about this topic. In
addition, if a loan is outstanding, you may only take lump sum withdrawals as
long as the cash value remaining after any withdrawal equals at least 10% of the
outstanding loan plus accrued interest.
MINIMUM DISTRIBUTION WITHDRAWALS
See this section of the prospectus for general information about this topic. For
Rollover TSA contracts, you may not elect minimum distribution withdrawals if a
loan is outstanding.
LOANS UNDER ROLLOVER TSA CONTRACTS
You may take loans from a Rollover TSA unless restricted by the employer who
provided the Rollover TSA funds. If you cannot take a loan, or cannot take a
loan without approval from the employer who provided the funds, we will have
this information in our records based on what you and the employer who provided
the funds told us when you purchased your contract. The employer must also tell
us whether special employer plan rules of the Employee
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Retirement Income Security Act of 1974 ("ERISA") apply. We will not permit you
to take a loan while you are taking minimum distribution withdrawals.
You should read the terms and conditions on our loan request form carefully
before taking out a loan. Under Rollover TSA contracts subject to ERISA, you may
only take a loan with the written consent of your spouse. Your contract contains
further details of the loan provision. Also, see "Tax information" below, for
general rules applicable to loans.
We will permit you to have only one loan outstanding at a time. The minimum loan
amount is $1,000. The maximum amount is $50,000 or, if less, 50% of your account
value, subject to any limits under the federal income tax rules. The term of the
loan is five years. However, if you use the loan to acquire your primary
residence, the term is 10 years. The term may not extend beyond the earliest of:
(1) the date annuity payments begin,
(2) the date the contract terminates, and
(3) the date a death benefit is paid (the outstanding loan will be deducted
from the death benefit amounts).
Interest will accrue daily on your outstanding loan at a rate we set. The loan
interest rate will be equal to the Moody's Corporate Bond Yield Averages for Baa
bonds for the calendar month ending two months before the first day of the
calendar quarter in which the rate is determined.
LOAN RESERVE ACCOUNT
On the date your loan is processed, we will transfer the amount of your loan to
the loan reserve account. Unless you specify otherwise, we will subtract your
loan on a pro rata basis from your value in the variable investment options.
We will credit interest to the amount in the loan reserve account at a rate of
2% lower than the loan interest rate that applies for the time your loan is
outstanding. On each contract date anniversary after the date the loan is
processed, we will transfer the amount of interest earned in the loan reserve
account to the variable investment options on a pro rata basis. When you make a
loan repayment, unless you specify otherwise, we will transfer the dollar amount
of the loan repaid from the loan reserve account to the investment options
according to the allocation percentages we have on our records.
Requests for loans under Rollover TSA contracts must be on specific forms, which
we will provide upon request.
SURRENDERING YOUR CONTRACT TO RECEIVE ITS CASH VALUE
See this section of the prospectus for general information about this topic.
Rollover TSA contracts may have restrictions with regard to surrendering your
contract to receive its cash value. Please see additional important information
in the sections entitled "Choosing your annuity payout options" and "Tax
information" below and in the prospectus.
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CHOOSING YOUR ANNUITY PAYOUT OPTIONS
See this section of the prospectus for general information about this topic.
Additionally, if you choose the Income Manager payout option, it is only
available after the Rollover TSA contract is rolled over into an IRA contract.
YOUR BENEFICIARY AND PAYMENT OF BENEFIT
See this section of the prospectus for general information about this topic. For
Rollover TSAs, you may be limited with regard to the beneficiary you can
designate. Regarding death benefit payment, we will deduct the amount of any
outstanding loan plus accrued interest from the amount of the death benefit.
TAX INFORMATION
TAX-SHELTERED ANNUITY CONTRACTS (TSAS)
GENERAL
This section covers some of the special tax rules that apply to TSA contracts
under Section 403(b) of the Internal Revenue Code (TSAs). If the rules are the
same as those that apply to another kind of contract, for example, traditional
IRAs, we will refer you to the same topic under "traditional IRAs" in the
prospectus.
CONTRIBUTIONS TO TSAS
There are two ways you can make contributions to your Rollover TSA contract:
o a rollover from another TSA contract or arrangement that meets the
requirements of Section 403(b) of the Internal Revenue Code, or
o a full or partial direct transfer of assets ("direct transfer") from another
contract or arrangement that meets the requirements of Section 403(b) of the
Internal Revenue Code by means of IRS Revenue Ruling 90-24.
With appropriate written documentation satisfactory to us, we will accept
rollover contributions from "conduit IRAs" for TSA funds.
If you make a direct transfer, you must fill out our transfer form.
EMPLOYER-REMITTED CONTRIBUTIONS. The Rollover TSA contract does not accept
employer-remitted contributions. However, we provide the following discussion as
part of our description of restrictions on the distribution of funds directly
transferred, which include employer-remitted contributions to other TSAs.
Employer-remitted contributions to TSAs made through the employer's payroll are
subject to annual limits. (Tax-free transfer or tax-deferred rollover
contributions from another 403(b) arrangement are not subject to these annual
contribution limits). Commonly, some or all of the
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contributions made to a TSA are made under a salary reduction agreement between
the employee and the employer. These contributions are called "salary reduction"
or "elective deferral" contributions. However, a TSA can also be wholly or
partially funded through non-elective employer contributions or after-tax
employee contributions. Amounts attributable to salary reduction contributions
to TSAs are generally subject to withdrawal restrictions. Also, all amounts
attributable to investments in a 403(b)(7) custodial account are subject to
withdrawal restrictions discussed below.
ROLLOVER OR DIRECT TRANSFER CONTRIBUTIONS. You may make rollover contributions
to your Rollover TSA contract from TSAs under Section 403(b) of the Internal
Revenue Code. Generally, you may make a rollover contribution to a TSA when you
have a distributable event from an existing TSA as a result of your:
o termination of employment with the employer who provided the TSA funds; or
o reaching age 59 1/2 even if you are still employed; or
o disability (special federal income tax definition).
A transfer occurs when changing the funding vehicle, even if there is no
distributable event. Under a direct transfer, you do not receive a distribution.
We accept direct transfers of TSA funds under Revenue Ruling 90-24 only if:
o you give us acceptable written documentation as to the source of the funds,
and
o the contract receiving the funds has provisions at least as restrictive as
the source contract.
Before you transfer funds to a Rollover TSA contract, you may have to obtain
your employer's authorization or demonstrate that you do not need employer
authorization. For example, the transferring TSA may be subject to Title 1 of
ERISA if the employer makes matching contributions to salary reduction
contributions made by employees. In that case, the employer must continue to
approve distributions from the plan or contract.
Your contribution to the Rollover TSA must be net of the required minimum
distribution for the tax year in which we issue the contract if:
o you are or will be least 70 1/2 in the current calendar year, and
o you have separated from service with the employer who provided the funds to
purchase the TSA you are transferring or rolling over to the Rollover TSA.
This rule applies regardless of whether the source of funds is a:
o rollover by check of the proceeds from another TSA; or
o direct rollover from another TSA; or
o direct transfer under Revenue Ruling 90-24 from another TSA.
Further, you must use the same elections regarding recalculation of your life
expectancy (and if applicable, your spouse's life expectancy) if you have
already begun to receive required minimum distribution from or with respect to
the TSA from which you are making your
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contribution to the Rollover TSA. You must also elect or have elected a minimum
distribution calculation method requiring recalculation of your life expectancy
(and if applicable, your spouse's life expectancy) if you elect an annuity
payout for the funds in this contract subsequent to this year.
DISTRIBUTIONS FROM TSAS
GENERAL. Depending on the terms of the employer plan and your employment status,
you may have to get your employer's consent to take a loan or withdrawal. Your
employer will tell us this when you establish the TSA through a direct transfer.
WITHDRAWAL RESTRICTIONS. If this is a Revenue Ruling 90-24 direct transfer, we
will treat all amounts transferred to this contract and any future earnings on
the amount transferred as not eligible for withdrawal until one of the following
events happens:
o you are separated from service with the employer who provided the funds to
purchase the TSA you are transferring to the Rollover TSA;
o you reach age 59 1/2; or
o you die; or
o you become disabled (special federal income tax definition); or
o you take a hardship withdrawal (special federal income tax definition).
If any portion of the funds directly transferred to your TSA contract is
attributable to the amounts that you invested in a 403(b)(7) custodial account,
such amounts, including earnings, are subject to withdrawal restrictions. With
respect to the portion of the funds that were never invested in a 403(b)(7)
custodial account, these restrictions apply to the salary reduction (elective
deferral) contributions to a TSA annuity contract you made and any earnings on
them. These restrictions do not apply to the amount directly transferred to your
TSA contract that represents your December 31, 1988 account balance attributable
to salary reduction contributions to a TSA annuity contract and earnings. To
take advantage of this grandfathering, you must properly notify us in writing at
our processing office of your December 31, 1988 account balance if you have
qualifying amounts transferred to your TSA contract.
THE FOLLOWING APPLIES ONLY TO PARTICIPANTS IN A TEXAS OPTIONAL RETIREMENT
PROGRAM. Texas Law permits withdrawals only after one of the following
distributable events occurs:
1. the requirements for minimum distribution (discussed under "Required minimum
distributions" below and in the prospectus) are met; or
2. death; or
3. retirement; or
4. termination of employment in all Texas public institutions or higher
education.
For you to make a withdrawal, we must receive a properly completed written
acknowledgement from the employer. If a distributable event occurs before you
are vested, we will refund to the employer any amounts provided by an employer's
first-year matching contributions. We reserve the right to change these
provisions without your consent, but only
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to the extent necessary to maintain compliance with applicable law. Loans are
not permitted under Texas Optional Retirement Programs.
TAX TREATMENT OF DISTRIBUTIONS. Amounts held under TSAs are generally not
subject to federal income tax until benefits are distributed. Distributions
include withdrawals from your TSA contract and annuity payments from your TSA
contract. Death benefits paid to a beneficiary are also taxable distributions.
Unless an exception applies, amounts distributed from TSAs are includable in
gross income as ordinary income. Distributions from TSAs may be subject to 20%
federal income tax withholding. See "Federal and state income tax withholding
and information reporting" below. In addition, TSA distributions may be subject
to additional tax penalties.
If you have made after-tax contributions, you will have a tax basis in your TSA
contract, which will be recovered tax-free. Since we do not track your
investment in the contract, if any, it is your responsibility to determine how
much of the distribution is taxable.
DISTRIBUTIONS BEFORE ANNUITY PAYMENTS BEGIN. On a total surrender, the amount
received in excess of the investment in the contract is taxable. We will report
the total amount of the distribution. The amount of any partial distribution
from a TSA prior to the annuity starting date is generally taxable, except to
the extent that the distribution is treated as a withdrawal of after-tax
contributions. Distributions are normally treated as pro rata withdrawals of
after-tax contributions and earnings on those contributions.
ANNUITY PAYMENTS. If you elect an annuity payout option, you will recover any
investment in the contract as each payment is received by dividing the
investment in the contract by an expected return determined under an IRS table
prescribed for qualified annuities. The amount of each payment not excluded from
income under this exclusion ratio is fully taxable. The full amount of the
payments received after your investment in the contract is recovered is fully
taxable. If you (and your beneficiary under a joint and survivor annuity) die
before recovering the full investment in the contract, a deduction is allowed on
your (or your beneficiary's) final tax return.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
Death benefit distributions from a TSA generally receive the same tax treatment
as distribution during your lifetime. In some instances, distributions from a
TSA made to your surviving spouse may be rolled over to a traditional IRA.
LOANS FROM TSAS
You may take loans from a TSA unless restricted by the employer (for example,
under an employer plan subject to ERISA). If you cannot take a loan, or cannot
take a loan without approval from the employer who provided the funds, we will
have this information in our records based on what you and the employer who
provided the TSA funds told us when you purchased your contract.
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Loans are generally not treated as a taxable distribution. If the amount of the
loan when made exceeds permissible limits under federal income tax rules, the
amount of the excess is treated (solely for tax purposes) as a taxable
distribution. Additionally, if the loan is not repaid at least quarterly,
amortizing (paying down) interest and principal, the amount not repaid when due
will be treated as a taxable distribution. Under Proposed Treasury Regulations
the entire unpaid balance of the loan is includable in income in the year of the
default.
TSA loans are subject to federal income tax limits and may also be subject to
limits of the plan from which the funds came. Federal income tax rule
requirements apply even if the plan is not subject to ERISA. For example, loans
offered by TSAs are subject to the following conditions:
o The amount of a loan to a participant, when combined with all other loans to
the participant from all qualified plans of the employer, cannot exceed the
lesser of (1) the greater of $10,000 or 50% of the participant's
nonforfeitable accrued benefits and (2) $50,000 reduced by the excess (if
any) of the highest outstanding loan balance over the previous twelve months
over the outstanding loan balance of plan loans on the date the loan was
made.
o In general, the term of the loan cannot exceed five years unless the loan
is used to acquire the participant's primary residence. Rollover TSA
contracts have a term limit of 10 years for loans used to acquire the
participant's primary residence.
All principal and interest must be amortized in substantially level payments
over the term of the loan, with payments being made at least quarterly.
The amount borrowed and not repaid may be treated as a distribution if:
o the loan does not qualify under the conditions above;
o the participant fails to repay the interest or principal when due; or
o in some instances, the participant separates from service with the employer
who provided the funds or the plan is terminated.
In this case, the participant may have to include the unpaid amount due as
ordinary income. In addition, the 10% early distribution penalty tax may apply.
The amount of the unpaid loan balance is reported to the IRS on Form 1099-R as a
distribution.
TAX-DEFERRED ROLLOVERS AND DIRECT TRANSFERS
You may roll over any "eligible rollover distribution" from a TSA into another
eligible retirement plan, either directly or within 60 days of your receiving
the distribution. To the extent rolled over, a distribution remains
tax-deferred.
You may roll over a distribution from a TSA to another TSA or to a traditional
IRA. A spousal beneficiary may roll over death benefits only to a traditional
IRA.
The taxable portion of most distributions will be eligible for rollover, except
as specifically excluded under federal income tax rules. Distributions that you
cannot roll over generally
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include periodic payments for life or for a period of 10 years or more, hardship
withdrawals, and required minimum distributions under federal income tax rules.
Direct transfers of TSA funds from one TSA to another under Revenue Ruling 90-24
are not distributions.
REQUIRED MINIMUM DISTRIBUTIONS
For TSAs, the treatment is generally the same as the information in the section
"Individual retirement arrangement (IRAs)" under "Tax Information" in the
prospectus, with these differences:
WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION. The minimum
distribution rules force TSA participants to start calculating and taking annual
distribution from their TSAs by a required date. Generally you must take the
first required minimum distribution for the calendar year in which you turn age
70 1/2. You may be able to delay the start of required minimum distributions for
all or part of your account balance until after age 70 1/2, as follows:
o For TSA participants who have not retired from service with the employer who
provided the funds for the TSA by the calendar year the participant turns
age 70 1/2, the required beginning date for minimum distribution is extended
to April 1 following the calendar year of retirement.
o TSA plan participants may also delay the start of required minimum
distribution to age 75 of the portion of their account value attributable to
their December 31, 1986 TSA account balance, even if retired at age 70 1/2.
We will know whether or not you qualify for this exception because it will
only apply to people who establish their Rollover TSA by direct Revenue
Ruling 90-24 transfers. If you do not give us the amount of your December
31, 1986 account balance that is being transferred to the Rollover TSA on
the form used to establish the TSA, you do not qualify.
SPOUSAL CONSENT RULES
This will only apply to you if you establish your Rollover TSA by direct Revenue
Ruling 90-24 transfer. Your employer will tell us on the form used to establish
the TSA whether or not you need to get spousal consent for loans, withdrawals,
or other distributions. If you do, you will need such consent if you are married
when you request a withdrawal under the TSA contract. In addition, unless you
elect otherwise with the written consent of your spouse, the retirement benefits
payable under the plan must be paid in the form of a qualified joint and
survivor annuity. A qualified joint and survivor annuity is payable for the life
of the annuitant with a survivor annuity for the life of the spouse in an amount
not less than one-half of the amount payable to the annuitant during his or her
lifetime. In addition, if you are married, the beneficiary must be your spouse,
unless your spouse consents in writing to the designation of another
beneficiary.
If you are married and you die before annuity payments have begun, payments will
be made to your surviving spouse in the form of a life annuity unless at the
time of your death a contrary election was in effect. However, your surviving
spouse may elect, before payments begin, to
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receive payments in any form permitted under the terms of the TSA contract and
the plan of the employer who provided the funds for the TSA.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distribution from a TSA before you reach age 59 1/2. This is in addition to any
income tax. There are exceptions to the extra penalty tax. No penalty tax
applies 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 if you are separated from service, any form of payout after you are age 55;
or
o only if you are separated from service, a payout 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.
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
MANDATORY WITHHOLDING FROM TSA DISTRIBUTIONS
Unless you have the distribution go directly to the new plan, eligible rollover
distribution from TSAs are subject to mandatory 20% withholding. An eligible
rollover distribution from a TSA can be rolled over to another TSA or a
traditional IRA. All distributions from a TSA are eligible rollover
distributions unless they are on the following list of exceptions:
o any after-tax contributions you made to the plan; or
o any distributions which are required minimum distributions after age 70 1/2
or separation from service; or
o hardship withdrawals; or
o substantially equal periodic payments made at least annually for your life
(or life expectancy) or the joint lives (or joint life expectancy) of you
and your designated beneficiary; or
o substantially equal periodic payments made for a specified period of 10
years or more; or
o corrective distributions that 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.
A death benefit payment to your surviving spouse, or a qualified domestic
relations order distribution to your current or former spouse, may be a
distribution subject to mandatory 20% withholding.
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TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING
You can not assign or transfer ownership of a Rollover TSA except by surrender
to us. You may, however, direct the transfer of the values under your Rollover
TSA contract to another similar arrangement. We will impose a withdrawal charge,
if one applies. Loans are available under Rollover TSA contracts, unless
restricted by the employer.
AGTSUPP
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PART C
OTHER INFORMATION
This Part C is amended solely for the purpose of (i) adding Exhibit Nos. 4.(m),
4.(n) and 5.(b) to Item 24(b), and filing such exhibits herewith, and (ii)
adding a further representation under Item 32. No amendment or deletion is made
of any of the other information set forth under the Part C Items as provided in
Post-Effective Amendment No. 2 to the Registration Statement.
Item 24. Financial Statements and Exhibits.
(b) Exhibits.
The following exhibits are filed herewith:
4.(m) Form of data pages for Equitable Accumulator Plus TSA.
4.(n) Form of Endorsement applicable to TSA Certificates, incorporated
herein by reference to Exhibit No. 4.(t) to Registration
Statement File No. 333-05593 on Form N-4, filed May 22, 1998.
5.(b) Form of Enrollment Form/Application for Equitable Accumulator
(IRA, NQ, QP and TSA), incorporated herein by reference to
Exhibit No. 5.(f) to Registration Statement File No. 333-05593
on Form N-4, filed May 22, 1998.
Item 32. Undertakings
The following additional representation is added hereby:
The Registrant hereby represents that it is relying on the November 28, 1988
no-action letter (Ref. No. IP-6-88) relating to variable annuity contracts
offered as funding vehicles for retirement plans meeting the requirements of
Section 403 (b) of the Internal Revenue Code. Registrant further represents that
it will comply with the provisions of paragraphs (1) - (4) of that letter.
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SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of
1940, the Registrant has duly caused this amendment to the Registration
Statement to be signed on its behalf, in the City and State of New York, on this
28th day of December, 1999.
SEPARATE ACCOUNT No. 45 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
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SIGNATURES
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Depositor certifies that it has duly caused this amendment to
the Registration Statement to be signed on its behalf, in the City and State of
New York, on this 28th day of December, 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 amendment to the
Registration Statement has been signed by the following persons in the
capacities and on the date indicated:
PRINCIPAL EXECUTIVE OFFICERS:
*Edward D. Miller Chairman of the Board, Chief
Executive Officer and Director
*Michael Hegarty President, Chief Operating Officer
and Director
PRINCIPAL FINANCIAL OFFICER:
*Stanley B. Tulin Vice Chairman of the Board
Chief Financial Officer and Director
PRINCIPAL ACCOUNTING OFFICER:
*Alvin H. Fenichel Senior Vice President and Controller
*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
December 28, 1999
C-3
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. TAG VALUE
- ----------- ---------
4(m) Form of data pages EX-99.4m
C-4
EQUITABLE ACCUMULATOR PLUS (TSA)
DATA
PART A -- THIS PART LISTS YOUR PERSONAL DATA.
- ------
OWNER: John Doe
ANNUITANT: John Doe Age: 60 Sex: Male
CONTRACT NUMBER: 00000
ENDORSEMENTS ATTACHED: Endorsement Applicable to TSA Contracts
Endorsement Applicable to Credits Applied to
Annuity Account Value
ISSUE DATE: February 1, 2000
CONTRACT DATE: February 1, 2000
ANNUITY COMMENCEMENT DATE: December 15, 2025
THE MAXIMUM MATURITY AGE IS AGE 90 -- SEE SECTION 7.03.
The Annuity Commencement Date may not be earlier than the fifth contract
date anniversary or later than the Processing Date which follows your
90th birthday.
However, if you choose a date later than age 70 1/2, distribution of at
least the minimum payments required must commence by April 1 of the
calendar year following the calendar year in which you attain age 70 1/2
(see item 2 of the Endorsement Applicable to TSA Contracts).
GUARANTEED BENEFITS: Guaranteed Minimum Death Benefit
(5% Roll Up to Age 80)
BENEFICIARY: Jane Doe
No. 94ICIB-EX Data page 1 (2/00)
<PAGE>
DATA PAGES (CONT'D)
PART B -- THIS PART DESCRIBES CERTAIN PROVISIONS OF YOUR CONTRACT.
- ------
INITIAL CONTRIBUTION RECEIVED (SEE SECTION 3.02): $172,920.07
CREDIT AMOUNT - 4% OF INITIAL CONTRIBUTION: $6,916.80
INVESTMENT OPTIONS AVAILABLE (SEE PART II); YOUR ALLOCATION IS ALSO SHOWN.
INVESTMENT OPTIONS ALLOCATION (SEE SECTION 3.01)
- ------------------ -----------------------------
o Alliance Conservative Investors Fund
o Alliance Global Fund
o Alliance Growth & Income Fund
o Alliance Growth Investors Fund
o Alliance Intermediate Government Securities Fund
o Alliance International Fund
o Alliance Money Market Fund
o Alliance High Yield Fund
o Alliance Common Stock Fund $53,951.06
o Alliance Aggressive Stock Fund $17,983.69
o Alliance Small Cap Growth Fund
o BT Equity 500 Index Fund
o BT Small Company Index Fund
o BT International Equity Index Fund $26,975.53
o Capital Guardian Research Fund
o Capital Guardian U.S. Equity Fund $35,967.38
o EQ/Alliance Premier Growth Fund
o EQ/Evergreen Fund
o EQ/Evergreen Foundation Fund $35,967.37
o MFS Emerging Growth Companies Fund
o MFS Growth with Income Fund $8,991.84
o MFS Research Fund
o Merrill Lynch Basic Value Equity Fund
o Merrill Lynch World Strategy Fund
o Morgan Stanley Emerging Markets Equity Fund
o T. Rowe Price Equity Income Fund
o T. Rowe Price International Stock Fund
o Warburg Pincus Small Company Value Fund
-------------
TOTAL INITIAL ACCOUNT VALUE: $179,836.87
Investment Options shown are Investment Funds of our Separate Account No. 45.
GUARANTEE PERIODS (CLASS I) - Not available under this Contract
"TYPES" OF INVESTMENT OPTIONS (SEE SECTION 4.02): Not applicable
GUARANTEED INTEREST ACCOUNT: Not available under this Contract
No. 94ICIB-EX Data page 2 (2/00)
<PAGE>
DATA PAGES (CONT'D)
ANNUITY ACCOUNT VALUE (SEE SECTION 1.02): If a loan is outstanding, Annuity
Account Value means the sum of the amounts in the Investment Funds, plus any
amount in the Loan Reserve Account.
BUSINESS DAY (SEE SECTION 1.05): A Business Day for this Contract will mean
generally any day on which the New York Stock Exchange is open for trading.
PROCESSING DATES (SEE SECTION 1.19): A Processing Date is each Contract Date
anniversary.
AVAILABILITY OF INVESTMENT OPTIONS (SEE SECTION 2.04): Not applicable.
ALLOCATION OF CONTRIBUTIONS (SEE SECTION 3.01): Your initial and any subsequent
Contributions are allocated according to your instructions.
CONTRIBUTION LIMITS (SEE SECTION 3.02): The only Contributions we will accept
are rollover and direct transfer Contributions described in the second sentence
of item 5 in the Endorsement Applicable to TSA Contracts. We will not accept
Contributions from employers. The second paragraph of item 5 in the Endorsement
does not apply. Your initial Contributions must be at least $25,000. Subsequent
rollover or direct transfer Contributions may be made in an amount of at least
$1,000. Rollover and direct transfer Contributions may be made at any time until
you attain age 84. However, any amount contributed after you attain age 70 1/2
must be net of your minimum distribution for the year in which the rollover or
direct transfer Contribution is made (see item 8 Required Minimum Distributions
in Endorsement Applicable to TSA Contracts). We may refuse to accept any
Contribution if the sum of all Contributions under your Contract would then
total more than $1,500,000. We may also refuse to accept any Contribution if the
sum of all Contributions under all Equitable Life annuity accumulation
certificates/contracts that you own would then total more than $2,500,000.
TRANSFER RULES (SEE SECTION 4.02): Transfers among the Investment Funds may be
made at any time during the Contract Year.
ALLOCATION OF WITHDRAWALS (SEE SECTION 5.01): Lump Sum Withdrawals - You must
provide withdrawal instructions indicating from which Investment Options the
Lump Sum Withdrawal and any withdrawal charge will be taken; Minimum
Distribution Withdrawals - Unless you specify otherwise, Minimum Distribution
Withdrawals will be withdrawn on a pro rata basis from your Annuity Account
Value in the Investment Funds. .
WITHDRAWAL RESTRICTIONS (SEE SECTION 5.01): Minimum Distribution Withdrawals -
May be elected in the year in which you attain age 70 1/2 or at a later date.
Minimum Distribution Withdrawals will be made annually.
MINIMUM WITHDRAWAL AMOUNT (SEE SECTION 5.01): Lump Sum Withdrawals minimum -
$1,000; Minimum Distribution Withdrawals minimum - $250.
No. 94ICIB-EX Data page 3 (2/00)
<PAGE>
DATA PAGES (CONT'D)
MINIMUM AMOUNT OF ANNUITY ACCOUNT VALUE AFTER A WITHDRAWAL (SEE SECTION 5.02):
Requests for a withdrawal must be for either (a) 90% or less of the Cash Value
or (b) 100% of the Cash Value (surrender of the Contract).
We will NOT exercise our rights, described in Sections 5.02(b) and 5.02(c), to
terminate the Contract.
DEATH BENEFIT AMOUNT (SEE SECTION 6.01):
The death benefit is equal to the Annuity Account Value or, if greater, the
Guaranteed Minimum Death Benefit defined below. The death benefit will be
reduced by any outstanding loan balance.
Guaranteed Minimum Death Benefit
5% Roll Up to Age 80 - On the Contract Date, the Guaranteed Minimum Death
Benefit is equal to the initial Contribution plus any credit. Thereafter, the
Guaranteed Minimum Death Benefit is credited with interest at 5% (3% for amounts
in the Alliance Money Market Fund, Alliance Intermediate Government Securities
Fund, and the Loan Reserve Account) on each day through your age 80 (or at your
death, if earlier), and 0% thereafter, and is adjusted for any loan repayments,
subsequent Contributions, Credits and withdrawals.
Your current Guaranteed Minimum Death Benefit will be reduced on a
dollar-for-dollar basis as long as the sum of your withdrawals in any Contract
Year is 5% or less of the beginning of Contract Year Guaranteed Minimum Death
Benefit. Once a withdrawal is made that causes cumulative withdrawals in a
Contract Year to exceed 5% of the beginning of Contract Year Guaranteed Minimum
Death Benefit, that withdrawal and any subsequent withdrawals in that Contract
Year will cause a pro rata reduction to occur.
NORMAL FORM OF ANNUITY (SEE SECTION 7.04): Life Annuity 10 Year Period Certain
or Joint and Survivor Life Annuity 10 Year Period Certain
AMOUNT OF ANNUITY BENEFIT (SEE SECTION 7.05): The amount applied to provide the
Annuity Benefit will be (1) the Annuity Account Value for any life annuity form
or (2) the Cash Value for any period certain only annuity form except that if
the period certain is more than five years the amount applied will be no less
than 95% of the Annuity Account Value. The amount applied to an Annuity Benefit
will be reduced by any Credits applicable to Subsequent Contributions made
during the three years before the Annuity Commencement Date.
INTEREST RATE TO BE APPLIED IN ADJUSTING FOR MISSTATEMENT OF AGE OR SEX (SEE
SECTION 7.06): 6% per year
MINIMUM AMOUNT TO BE APPLIED TO AN ANNUITY (SEE SECTION 7.06): $2,000, as well
as minimum of $20 for initial monthly annuity payment.
No. 94ICIB-EX Data page 4 (2/00)
<PAGE>
DATA PAGES (CONT'D)
WITHDRAWAL CHARGES (SEE SECTION 8.01): A withdrawal charge will be imposed as a
percentage of each Contribution made to the extent that (i) any withdrawals
during a Contract Year exceed the Free Corridor Amount as discussed in Section
8.01 or, (ii) the Contract is surrendered to receive the Cash Value. We
determine the withdrawal charge separately for each Contribution in accordance
with the table below.
Current and Maximum
Percentage of
Contract Year Contributions
------------- -------------
1 8.00%
2 8.00%
3 7.00%
4 6.00%
5 5.00%
6 4.00%
7 3.00%
8 2.00%
9 1.00%
10 and later 0.00%
The applicable withdrawal charge percentage is determined by the Contract Year
in which the withdrawal is made or the Contract is surrendered, beginning with
"Contract Year 1" with respect to each Contribution withdrawn or surrendered.
For purposes of the table, for each Contribution, the Contract Year in which we
receive that Contribution is "Contract Year 1."
Withdrawal charges will be deducted from the Annuity Account Value in the
Investment Options from which each withdrawal is made in proportion to the
amount being withdrawn from each Investment Option.
Lump Sum Withdrawals in excess of the Free Corridor Amount or a Minimum
Distribution Withdrawal when added to a Lump Sum Withdrawal previously taken in
the same Contract Year, which exceeds the Free Corridor Amount will be deemed
withdrawals of Contributions in the order in which they were made (that is, the
first-in, first-out basis will apply).
The Free Corridor Amount does not apply when calculating the withdrawal charge
applicable upon a surrender.
FREE CORRIDOR AMOUNT (SEE SECTION 8.01): 15% of Annuity Account Value at the
beginning of the Contract Year, minus any amount previously withdrawn during the
Contract Year. Amounts withdrawn up to the Free Corridor Amount will not be
deemed a withdrawal of Contributions. In any Contract Year when a Minimum
Distribution Withdrawal is the only withdrawal taken, no withdrawal charge will
apply.
No. 94ICIB-EX Data page 5 (2/00)
<PAGE>
DATA PAGES (CONT'D)
NO WITHDRAWAL CHARGES WILL APPLY IN THESE EVENTS:
1. the Annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration;
2. you give us proof that the Annuitant's life expectancy is six months or less
(such proof must include, but is not limited to, certification by a licensed
physician);
3. the Annuitant has been confined to a nursing home for more than 90 days as
verified by a licensed physician. A nursing home for this purpose means one
which is (i) approved by Medicare as a provider of skilled nursing care
service, or (ii) 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 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 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.
The withdrawal charge will apply with respect to a Contribution if the condition
as described above existed at the time the Contribution was remitted or if the
condition began within the 12 month period following remittance.
CHARGES DEDUCTED FROM ANNUITY ACCOUNT VALUE (SEE SECTION 8.02):
Charges for State Premium and Other Applicable Taxes: A charge for applicable
taxes, such as state or local premium taxes generally will be deducted from the
amount applied to provide an Annuity Benefit under Section 7.02. In certain
states, however, we may deduct the charge from Contributions rather than at the
Annuity Commencement Date.The above charge will be deducted from the Annuity
Account Value in the Investment Funds on a pro rata basis.
NUMBER OF FREE TRANSFERS (SEE SECTION 8.03): Unlimited
DAILY SEPARATE ACCOUNT CHARGES (SEE SECTION 8.04):
Mortality and Expense Risks Charge:
Current and Maximum Annual rate of 1.10% (equivalent to a
daily rate of 0.003032%).
No. 94ICIB-EX Data page 6 (2/00)
<PAGE>
DATA PAGES (CONT'D)
Administration Charge:
Current and Maximum Annual rate of 0.25% (equivalent to a
daily rate of 0.000692%). We reserve
the right to increase this charge to
an annual rate of 0.35%.
Distribution Charge:
Current and Maximum Annual rate of 0.25% (equivalent to a
daily rate of 0.000692%).
No. 94ICIB-EX Data page 7 (2/00)
<PAGE>
DATA PAGES (CONT'D)
PART C -- THIS PART LISTS THE TERMS WHICH APPLY TO THE ENDORSEMENT APPLICABLE TO
- ------
TSA CONTRACTS (TSA ENDORSEMENT).
LOAN RESERVE ACCOUNT (SEE ITEM 10(D) OF TSA ENDORSEMENT): On the Loan Effective
Date, we will transfer to the Loan Reserve Account only an amount equal to the
amount of the loan (instead of 110% of such amount, as described in the TSA
Endorsement).
DEFAULT (SEE ITEM 10(g) OF TSA ENDORSEMENT): By each repayment date, if the
amount of the loan payment is less than the amount due or the loan payment is
not received at our Processing Office, pursuant to our rights described in the
TSA Endorsement, we will treat the amount of the unpaid balance of the loan at
that time, including interest due but not paid, as a deemed distribution for
Federal income tax purposes.
No. 94ICIB-EX Data page 8 (2/00)
