Registration No. 33-83750
Registration No. 811-87547
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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. | |
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|X|
Post-Effective Amendment No. 20
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AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | |
|X|
Amendment No. 33
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(Check appropriate box or boxes)
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SEPARATE ACCOUNT 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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ROBIN WAGNER
VICE PRESIDENT AND COUNSEL
The Equitable Life Assurance Society of the United States
1290 Avenue of the Americas, New York, New York 10104
(Names and Addresses of Agents for Service)
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Please send copies of all communications to:
PETER E. PANARITES, ESQ.
Freedman, Levy, Kroll & Simonds
1050 Connecticut Avenue, N.W., Suite 825
Washington, D.C. 20036
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<PAGE>
Approximate Date of Proposed Public Offering: 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.
| | 75 days after filing pursuant to paragraph (a)(2) of Rule 485.
| | On (date) pursuant to paragraph (a)(3) of Rule 485.
If appropriate, check the following box:
| | This post-effective amendment designates a new effective date for
previously filed post-effective amendment.
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Title of Securities Being Registered:
Units of interest in Separate Account under variable annuity
contracts.
<PAGE>
NOTE
This Post Effective Amendment No. 20 ("PEA") to the Form N-4 Registration
Statement No. 33-83750 ("Registration Statement") of The Equitable Life
Assurance Society of the United States ("Equitable Life") and its Separate
Account 45 is being filed solely for the purpose of including in the
Registration Statement a prospectus supplement relating to the "Protection Plus
Death Benefit," an additional optional death benefit for NQ contracts offered
under Equitable Life's Accumulator variable annuity product. The PEA does not
amend or delete the Accumulator Prospectuses or Statements of Additional
Information, dated May 1, 2000, as previously supplemented, or any other part of
the Registration Statement except as specifically noted herein.
(Parts A, B and C of Post Effective Amendment No. 18 to the N-4 Registration
Statement (File No. 33-83750), filed with the Commission on April 26, 2000, are
incorporated by reference.)
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES -- SUPPLEMENT DATED
NOVEMBER 6, 2000, TO THE CURRENT PROSPECTUSES AND STATEMENTS OF ADDITIONAL
INFORMATION ("SAIS") FOR:
ACCUMULATOR ACCUMULATOR PLUS ACCUMULATOR SELECT
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This supplement modifies certain information in the above-referenced
prospectuses and SAIs, as supplemented to date (together, the "Prospectuses").
Unless otherwise indicated, all other information included in the Prospectuses
remains unchanged. The terms and section headings we use in this supplement have
the same meaning as in the Prospectuses.
PROTECTION PLUS DEATH BENEFIT
Subject to state availability, we now offer Protection Plus, an additional
optional death benefit for non-qualified contracts that will increase the death
benefit payable under your NQ contract. The cost of this optional benefit is
0.20% of the account value annually. The following changes reflect the
availability of this new optional death benefit in the non-qualified market.
1. The following is added to the Prospectuses under "Equitable Accumulator at
a glance -- key features"
Under "Additional features:"
o "Protection Plus," an optional death benefit available under NQ
contracts (subject to state availability)"
2. The following is added to and revised in the Prospectuses under "Fee Table:"
(a) Under "Charges we deduct from your account value each year if you
elect the optional benefit":
"PROTECTION PLUS BENEFIT CHARGE (Calculated as a percentage of
the account value. Deducted annually on each contract date
anniversary) 0.20%"
(b) The fee table examples have been revised in their entirety to
reflect the 0.20% charge for the optional Protection Plus feature as
follows:
"The examples below show the expenses that a hypothetical contract
owner would pay in the situations illustrated. We assume that a $1,000
contribution is invested in one of the variable investment options
listed and a 5% annual return is earned on the assets in that option.
Other than as indicated in the next sentence, the charges used in the
examples are the maximum aggregate charges that can apply under any
contract to which this Supplement relates, including those that apply
to any optional features.(1) The annual administrative charge is based
on the charges that apply to a mix of estimated contract sizes,
resulting in an estimated administrative charge for the purpose of
these examples of $0.14 per $1,000. Please note that the charges that
would apply under your contract may be lower if: (i) your contract does
not have an annual administrative charge or surrender charges; or (ii)
the current charges under your contract are lower than the maximum
charges used in the examples below.
These examples should not be considered a representation of past or
future expenses for each option. Actual expenses may be greater or less
than those shown. Similarly, the annual rate of return assumed in the
examples is not an estimate or guarantee of future investment
performance.
Protection Plus Supplement - R-128915
<PAGE>
<TABLE>
<CAPTION>
IF YOU SURRENDER YOUR CONTRACT IF YOU DO NOT SURRENDER YOUR
AT THE END OF EACH PERIOD SHOWN CONTRACT AT THE END OF EACH
THE EXPENSES WOULD BE: PERIOD SHOWN THE EXPENSES WOULD BE:
1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 years
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Alliance Common Stock $108.83 $158.43 $200.71 $336.67 $28.83 $91.22 $157.56 $336.67
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Alliance Conservative Investors $110.69 $163.96 $209.85 $353.48 $30.69 $96.52 $166.28 $353.48
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Alliance Global $112.32 $168.82 $217.85 $368.07 $32.32 $101.17 $173.92 $368.07
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Alliance Growth and Income $110.36 $162.98 $208.24 $350.54 $30.36 $95.58 $164.75 $350.54
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Alliance Growth Investors $110.14 $162.33 $207.17 $348.57 $30.14 $94.96 $163.72 $348.57
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Alliance High Yield $110.47 $163.31 $208.77 $351.52 $30.47 $95.89 $165.26 $351.52
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Alliance Intermediate Government Securities $109.59 $160.71 $204.48 $343.63 $29.59 $93.40 $161.16 $343.63
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Alliance International $114.83 $176.24 $230.02 $390.01 $34.83 $108.29 $185.55 $390.01
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Alliance Money Market $107.63 $154.84 $194.77 $325.64 $27.63 $87.78 $151.88 $325.64
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Alliance Small Cap Growth $112.32 $168.82 $217.85 $368.07 $32.32 $101.17 $173.92 $368.07
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Capital Guardian Research $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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Capital Guardian U.S. Equity $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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EQ/Aggressive Stock $110.36 $162.98 $208.24 $350.54 $30.36 $95.58 $164.75 $350.54
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EQ/Alliance Premier Growth $113.31 $171.72 $222.63 $376.72 $33.31 $103.96 $178.49 $376.72
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EQ/Alliance Technology $113.31 $171.72 $222.63 $376.72 $33.31 $103.96 $178.49 $376.72
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EQ/AXP New Dimensions $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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EQ/AXP Strategy Aggressive $111.67 $166.87 $214.65 $362.26 $31.67 $99.31 $170.87 $362.26
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EQ/Evergreen $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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EQ/Evergreen Foundation $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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EQ/Janus Large Cap Growth $113.31 $171.72 $222.63 $376.72 $33.31 $103.96 $178.49 $376.72
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EQ/Putnam Balanced $110.58 $163.63 $209.31 $352.50 $30.58 $96.20 $165.77 $352.50
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EQ/Putnam Growth & Income Value $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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EQ Equity 500 Index $106.64 $151.90 $189.88 $316.52 $26.64 $84.96 $147.21 $316.52
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EQ International Equity Index $111.67 $166.87 $214.65 $362.26 $31.67 $99.31 $170.87 $362.26
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EQ Small Company Index $108.94 $158.75 $201.25 $337.67 $28.94 $91.53 $158.07 $337.67
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FI Mid Cap $111.67 $166.87 $214.65 $362.26 $31.67 $99.31 $170.87 $362.26
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FI Small/Mid Cap Value $112.76 $170.11 $219.97 $371.93 $32.76 $102.41 $175.95 $371.93
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MFS Emerging Growth Companies $111.67 $166.87 $214.65 $362.26 $31.67 $99.31 $170.87 $362.26
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MFS Growth with Income $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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MFS Research $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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Mercury Basic Value Equity $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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Mercury World Strategy $113.85 $173.34 $225.27 $381.49 $33.85 $105.51 $181.01 $381.49
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Morgan Stanley Emerging Markets Equity $119.86 $190.98 $254.00 $432.34 $39.86 $122.41 $208.45 $432.34
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T. Rowe Price Equity Income $111.12 $165.25 $211.98 $357.40 $31.12 $97.76 $168.32 $357.40
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T. Rowe Price International Stock $114.40 $174.95 $227.91 $386.23 $34.40 $107.05 $183.53 $386.23
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</TABLE>
(1) The amount accumulated from the $1,000 contribution could not be paid in
the form of an annuity payout option at the end of any of the periods shown
in the examples. This is because if the amount applied to purchase an
annuity payout option is less than $2,000, or the initial payment is less
than $20, we may pay the amount to you in a single sum instead of payments
under an annuity payout option. See "Accessing your money."
3. A new section is added following "Guaranteed minimum death benefit" under
"Contract features and benefits" in the Prospectuses:
"PROTECTION PLUS
Subject to state availability, if you are purchasing an NQ contract, you
may elect the Protection Plus death benefit at the time you purchase your
NQ contract. Protection Plus provides an additional death benefit as
described below.
If the annuitant is 69 or younger when we issue your NQ Contract, your
death benefit will be:
o the greater of:
o your account value or
o any applicable guaranteed minimum death benefit
INCREASED BY:
Protection Plus Supplement - R-128915
<PAGE>
o 40% of the lesser of:
o Your total net contributions OR
o Your death benefit less your total net contributions
For purposes of calculating your Protection Plus benefit the following
applies: (i) Your "net contributions" are the total contributions you have made
reduced on a pro rata basis to reflect your withdrawals. Reduction on a pro rata
basis means that we calculate the percentage of your current account value that
is being withdrawn and we reduce your net contributions by that percentage. For
example, if your account value is $30,000 and you withdraw $12,000, you have
withdrawn 40% of your account value. If your contributions aggregated $40,000
before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your
net contributions after the withdrawal would be $24,000 ($40,000-$16,000); (ii)
Your "death benefit" is equal to the greater of your account value as of the
date we receive satisfactory proof of death or any applicable guaranteed minimum
death benefit as of the date of death.
If the annuitant is between the ages of 70 and 79 when we issue your NQ
Contract, your death benefit will be:
o the greater of:
o your account value or
o any applicable guaranteed minimum death benefit
INCREASED BY:
o 25% of the lesser of:
o Your total net contributions (as described above) or
o Your death benefit (as described above) less your total net
contributions"
4. The following is added under "Charges and expenses" in the Prospectuses:
(a) The following is added to the second paragraph under "Charges that
Equitable Life deducts" to indicate that when the charge for
Protection Plus is deducted, we reduce the number of units credited
to your contract.
o "A charge for Protection Plus, if you elect this optional benefit."
(b) The following new section is added before "Charges for state premium
and other applicable taxes:"
"PROTECTION PLUS
If you elect Protection Plus, we deduct a charge annually from your
account value on each contract date anniversary. The charge is equal
to 0.20% of the account value on each contract date anniversary. We
will deduct this charge from your value in the variable investment
options on a pro rata basis."
[APPLICABLE ONLY TO ACCUMULATOR AND ACCUMULATOR SELECT:]
"If there is not enough value in the variable investment options, we
will deduct all or a portion of the charge from the fixed maturity
options in the order of the earliest maturity dates first. A market
value adjustment may apply."
5. The following is added as the first sentence in the last paragraph under
"Your contract's value in the variable investment options" in the
Prospectuses:
"Also, when we deduct the Protection Plus benefit charge the number of
units credited to your contract will be reduced."
Protection Plus Supplement - R-128915
<PAGE>
6. The following is added as the second paragraph in "Payments made before
annuity payments begin" under "Taxation of nonqualified annuities" in "Tax
Information" in the Prospectuses:
"In order to enhance the amount of the death benefit to be paid at the
Annuitant's death, you may purchase a Protection Plus rider for your contract.
Although we regard this benefit as an investment protection feature which should
have no adverse tax effect, it is possible that the IRS could take a contrary
position and assert that some portion of the charges for the Protection Plus
rider should be treated for federal income tax purposes as a partial withdrawal
from the contract. If this were so, such a deemed withdrawal could be taxable,
and for contract owners under age 59 1/2, also subject to a tax penalty."
Protection Plus Supplement - R-128915
<PAGE>
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 the
6th day of September, 2000.
SEPARATE ACCOUNT 45 OF
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
(Registrant)
By: The Equitable Life Assurance
Society of the United States
By: /s/ Robin Wagner
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Robin Wagner
Vice President and Counsel
The Equitable Life Assurance
Society of the United States
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Depositor has duly caused this amendment to the Registration
Statement to be signed on its behalf, in the City and State of New York,
on the 6th day of September, 2000.
THE EQUITABLE LIFE ASSURANCE SOCIETY
OF THE UNITED STATES
(Depositor)
By: /s/ Robin Wagner
------------------------
Robin Wagner
Vice President and Counsel
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:
*Michael Hegarty President, Chief Operating Officer
and Director
*Edward D. Miller Chairman of the Board,
Chief Executive Officer and Director
PRINCIPAL FINANCIAL OFFICER:
*Stanley B. Tulin Vice Chairman of the Board,
Chief Financial Officer and Director
PRINCIPAL ACCOUNTING OFFICER:
*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/ Robin Wagner
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Robin Wagner
Attorney-in-Fact
September 6, 2000
