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. | |
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|X|
Post-Effective Amendment No. 5
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AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | |
|X|
Amendment No. 29
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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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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
(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.
|X| On September 1, 2000 pursuant to paragraph (b) of Rule 485.
| | 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. 5 ("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 45 is being filed solely for the purpose of including in the
Registration Statement the additions/modifications reflected in the supplement.
The PEA does not amend or delete the Accumulator Plus Prospectus or Statement
of Additional Information, dated May 1, 2000, or any other part of the
Registration Statement except as specifically noted herein.
(Parts A, B, and C of Post-Effective Amendment No. 4 to the Form N-4
Registration Statement (File No. 333-64751), filed with the Commission on April
27, 2000, are incorporated by reference.)
<PAGE>
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES -- SUPPLEMENT DATED
SEPTEMBER 1, 2000, TO THE MAY 1, 2000 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.
1. NEW VARIABLE INVESTMENT OPTIONS:
The following is added to each Prospectus under "Fee table":
A. We anticipate making available the variable investment options
described below on or about September 5, 2000, subject to
regulatory approval.
<TABLE>
<CAPTION>
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VARIABLE OBJECTIVE INVESTMENT MANAGEMENT 12B-1 OTHER TOTAL ANNUAL
INVESTMENT ADVISOR (1) FEE(2) FEE(3) EXPENSES EXPENSES (5)
OPTION (AFTER
EXPENSE
LIMITATION)(4)
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<S> <C> <C> <C> <C> <C> <C>
EQ/JANUS LARGE LONG-TERM JANUS CAPITAL 0.90% 0.25% 0.00% 1.15%
CAP GROWTH GROWTH IN A CORPORATION
MANNER THAT IS
CONSISTENT
WITH
PRESERVATION
OF CAPITAL
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FI MID CAP LONG-TERM FIDELITY 0.70% 0.25% 0.05% 1.00%
GROWTH OF MANAGEMENT &
CAPITAL RESEARCH
COMPANY
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EQ/AXP NEW LONG-TERM AMERICAN 0.65% 0.25% 0.05% 0.95%
DIMENSIONS GROWTH OF EXPRESS
CAPITAL FINANCIAL
CORPORATION
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EQ/AXP LONG-TERM AMERICAN 0.70% 0.25% 0.05% 1.00%
STRATEGY GROWTH OF EXPRESS
AGGRESSIVE CAPITAL FINANCIAL
CORPORATION
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</TABLE>
(1) The investment results you achieve in any one of these variable investment
options will depend on the investment performance of the corresponding
Portfolio of the EQ Advisors Trust that shares the same name as that
option. The advisor shown is the advisor who makes the investment decisions
for the Portfolio.
(2) The management fee for each portfolio cannot be increased without a vote of
each portfolio's shareholders.
(3) Portfolio shares are all subject to fees imposed under the distribution
plan (the "Rule 12b-1 Plan") adopted by EQ Advisors Trust pursuant to
Rule 12b-1 under the Investment Company Act of 1940. The 12b-1 fee will not
be increased for the life of the contracts.
(4) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (5) for any expense limitation
agreements.
(5) Equitable Life, EQ Advisors Trust's manager, has entered into an Expense
Limitation Agreement with respect to these Portfolios that will begin on or
about September 1, 2000 and end on August 30, 2001. Under this agreement,
Equitable Life has agreed to waive or limit its fees and assume other
expenses of each of these Portfolios, if necessary, in an amount that
limits each Portfolio's Total Annual Expenses (exclusive of interest,
taxes, brokerage commissions, capitalized expenditures and extraordinary
expenses) to not more than the amounts specified above under Total Annual
Expenses. Each of these Portfolios will commence operations on or about
September 1, 2000 and we have estimated that absent the expense limitation,
the "Other Expenses" for 2000 on an annualized basis for each of the
portfolios would be: .10% for EQ/Janus Large Cap Growth; and .09% for FI
Mid Cap, EQ/AXP Strategy Aggressive and EQ/AXP New Dimensions. Each
portfolio may at a later date make a reimbursement to Equitable Life for
Accumulator Agent 128689
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any of the management fees waived or limited and other expenses assumed and
paid by Equitable Life pursuant to the expense limitation agreement
provided that, among other things, such portfolio has reached sufficient
size to permit such reimbursement to be made and provided that the
portfolio's current annual operating expenses do not exceed the operating
expense limit determined for such portfolio. For more information, see the
prospectus for EQ Advisors Trust.
B. Examples with respect to the new variable investment options:
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.(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 (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.
<TABLE>
<CAPTION>
IF YOU SURRENDER YOUR CONTRACT AT THE END OF 1 YEAR 3 YEARS 5 YEARS 10 YEARS
EACH PERIOD SHOWN THE EXPENSES WOULD BE:
<S> <C> <C> <C> <C>
EQ/AXP New Dimensions $108.94 $158.75 $201.25 $352.07
EQ/AXP Strategy Aggressive 109.48 160.38 203.94 356.98
EQ/Janus Large Cap Growth 111.12 165.25 211.98 371.58
FI Mid Cap 109.48 160.38 203.94 356.98
IF YOU DO NOT SURRENDER YOUR CONTRACT AT THE END
OF EACH PERIOD SHOWN THE EXPENSES WOULD BE:
EQ/AXP New Dimensions $ 28.94 $ 93.84 $164.64 $352.07
EQ/AXP Strategy Aggressive 29.48 95.39 167.20 356.98
EQ/Janus Large Cap Growth 31.12 100.04 174.81 371.58
FI Mid Cap 29.48 95.39 167.20 356.98
</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."
2. SUBSTITUTION OF THE ALLIANCE EQUITY INDEX VARIABLE INVESTMENT OPTION FOR
THE BT EQUITY 500 INDEX VARIABLE INVESTMENT OPTION:
Effective October 6, 2000, subject to regulatory approval, EQ Advisors Trust
will substitute shares of the Alliance Equity Index portfolio for shares of the
BT Equity 500 Index portfolio. The name of the Alliance Equity Index portfolio
(and variable investment option) will then be changed to "EQ Equity 500 Index"
(see below). Each of these portfolios follows a strategy of replicating the
performance of the S&P 500 Composite Index. Through the combination of these
portfolios, EQ Advisors Trust will realize economies of scale which can
potentially reduce operating expenses. Your account value will remain unchanged,
as a result of this substitution. However, the unit values of the units of these
two variable investment options are different, and therefore, the number of EQ
Equity 500 Index option units that you will receive will be different than the
number of BT Equity 500 Index option units that you had.
Accumulator Agent 128689
<PAGE>
A. The following information regarding the EQ Equity 500 Index portfolio and
variable investment option replaces the information in each prospectus regarding
the BT 500 Equity Index portfolio and variable investment option:
<TABLE>
<CAPTION>
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VARIABLE INVESTMENT INVESTMENT ADVISOR(1) MANAGEMENT 12B-1 OTHER TOTAL ANNUAL
OPTION FEE(2) FEE(3) EXPENSES(4) EXPENSES
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<S> <C> <C> <C> <C> <C>
EQ EQUITY 500 INDEX ALLIANCE CAPITAL 0.25% 0.25% 0.05% 0.55%
MANAGEMENT
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</TABLE>
(1) The investment results you achieve in the variable investment option will
depend on the investment performance of the corresponding Portfolio of the
EQ Advisors Trust that shares the same name as the option. The advisor
shown is the advisor who makes the investment decisions for the Portfolio.
(2) The management fee for the portfolio cannot be increased without a vote of
each portfolio's shareholders.
(3) Portfolio shares are all subject to fees imposed under the distribution
plan (the "Rule 12b-1 Plan") adopted by EQ Advisors Trust pursuant to
Rule 12b-1 under the Investment Company Act of 1940. The 12b-1 fee will not
be increased for the life of the contracts.
(4) Other Expenses shown are those incurred in 1999. The amounts shown as
"Other Expenses" will fluctuate from year to year depending on actual
expenses. Since the "Other Expenses" for the EQ Equity 500 Index are lower
than they are for the BT Equity 500 Index, the expense examples in the "Fee
Table" section of the prospectus reflect a higher level of expenses with
respect to the account value allocated to the BT Equity 500 Index than will
apply once the substitution is effective.
B. The statement that the Alliance Equity Index portfolio is available only
under APO Plus is deleted.
3. VARIABLE INVESTMENT OPTION NAME CHANGES:
Effective October 6, 2000, the names of the variable investment options listed
below have been changed as indicated in order to reflect corresponding name
changes of the underlying EQ Advisors Trust portfolios:
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CURRENT NAME NEW NAME
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Alliance Equity Index EQ Equity 500 Index
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BT International Equity Index EQ International Equity Index
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BT Small Company Index EQ Small Company Index
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All references to each of these variable investment options and portfolios in
each Prospectus are hereby changed to the appropriate new name.
4. T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO CHANGE IN ADVISOR:
The EQ Advisors Trust Board of Trustees approved T. Rowe Price International,
Inc. as the new advisor for the T. Rowe Price International Stock Portfolio. The
terms and conditions, including fees, of the investment advisory agreement have
not changed. The new advisor is the successor company to the old advisor.
References to Rowe Price-Fleming International, Inc. in each Prospectus are
hereby changed to T. Rowe Price International, Inc.
Accumulator Agent 128689
<PAGE>
APPLICABLE TO THE PROSPECTUS FOR ACCUMULATOR PLUS ONLY:
5. A. CORRECTION TO 15% FREE WITHDRAWAL AMOUNT:
The last paragraph under "Charges and expenses - 15% free withdrawal amount" is
deleted because NQ contracts may not be issued to charitable remainder trusts.
B. REDUCTION OF INITIAL MINIMUM CONTRIBUTION AMOUNT
Effective on or about September 4, 2000, the initial minimum contribution is
reduced from $25,000 to $10,000. Therefore, effective September 4, 2000, all
references to the initial minimum contribution in the prospectus are changed to
$10,000.
APPLICABLE TO PROSPECTUSES FOR ACCUMULATOR AND ACCUMULATOR SELECT:
6. SUBSEQUENT CONTRIBUTIONS TO SPECIAL DOLLAR COST AVERAGING PROGRAM: Subject
to state availability, effective on or about November 1, 2000,
contributions other than the initial contribution will be eligible for the
special dollar cost averaging program, subject to our rules, which are
described below. Therefore, effective November 1, 2000, the following
replaces the "Special dollar cost averaging program" section in each
Prospectus as indicated:
APPLICABLE TO THE PROSPECTUS FOR ACCUMULATOR:
SPECIAL DOLLAR COST AVERAGING PROGRAM. Subject to state availability, under the
special dollar cost averaging program, you may choose to allocate all or a
portion of any eligible contribution to the account for special dollar cost
averaging. You may elect to participate in the special dollar cost averaging
program at any time subject to the age limitation on contributions described in
Section 1 of this prospectus. Contributions into the account for special dollar
cost averaging may not be transfers from other investment options. Your initial
allocation to any special dollar cost averaging program time period must be at
least $2,000 and any subsequent contribution to that same time period must be at
least $250. You may only have one time period in effect at any time and once you
select a time period, you may not change it. After the first contract year, your
total contributions including those that are allocated to the special dollar
cost averaging program can not exceed 150% of your first year contributions to
the Accumulator contract. In Pennsylvania we refer to this program as "enhanced
rate dollar cost averaging."
You may have your account value transferred to any of the variable investment
options. We will transfer amounts from the account for special dollar cost
averaging into the variable investment options over an available time period
that you select. We offer time periods of 6, 12, or 18 months. Each time period
has a different interest rate. We may also offer other time periods. Your
financial professional can provide information on the time periods and interest
rates currently available in your state, or you may contact our processing
office. If the special dollar cost averaging program is selected at the time of
application to purchase the Accumulator contract, a 90 day rate lock will apply
from the date of application. Any contribution(s) received during this 90 day
period will be credited with the interest rate offered on the date of
application for the remainder of the time period selected at application. Any
contribution(s) received after the 90 day rate lock period has ended will be
credited with the then current interest rate for the remainder of the time
period selected at application. Contribution(s) made to a special dollar cost
averaging program selected after the Accumulator contract has been issued will
be credited with the then current interest rate on the date the contribution is
received by Equitable for the time period initially selected by you. Once the
time period you selected has run, you may then select another time period for
future contributions. At that time, you may also select a different allocation
for transfers to the variable investment options, or, if you wish, we will
continue to use the selection that you have previously made. Currently, your
account value will be transferred from the account for special dollar cost
averaging into the variable investment options on a monthly basis. We may offer
this program in the future with transfers on a different basis. We will transfer
all amounts out of the account for special dollar cost averaging by the end of
Accumulator Agent 128689
<PAGE>
the chosen time period. The transfer date will be the same day of the month as
the contract date, but not later than the 28th day of the month.
If you choose to allocate only a portion of an eligible contribution to the
account for special dollar cost averaging, the remaining balance of that
contribution will be allocated to the variable investment options or fixed
maturity options according to your instructions.
The only amounts that should be transferred from the account for special dollar
cost averaging are your regularly scheduled transfers to the variable investment
options. If you request to transfer or withdraw any other amounts from the
account for special dollar cost averaging, we will transfer all of the value
that you have remaining in the account for special dollar cost averaging to the
investment options according to the allocation percentages we have on file for
you. You may ask us to cancel your participation at any time.
In the state of Oregon where the account for special dollar cost averaging is
not available, we offer a special dollar cost averaging program in the Alliance
Money Market option for allocation of your eligible contribution (which may
include certain subsequent contributions). You must allocate your entire initial
contribution to this program. Under this program we will not deduct the
mortality and expense risks and administrative charges from assets in the
Alliance Money Market option.
APPLICABLE TO THE PROSPECTUS FOR ACCUMULATOR SELECT:
SPECIAL DOLLAR COST AVERAGING PROGRAM. Subject to state availability, you may
dollar cost average from the Alliance Money Market option into any of the other
variable investment options. You may elect to participate in the special dollar
cost averaging program at any time subject to the age limitation on
contributions described in Section 1 of this prospectus. Contributions into the
account for special dollar cost averaging may not be transfers from other
investment options. You must allocate your entire initial contribution into the
Alliance Money Market option if you are selecting the special dollar cost
averaging program at application to purchase an Accumulator Select contract;
thereafter your initial allocation to any special dollar cost averaging program
time period must be at least $2,000 and any subsequent contribution to that same
time period must be at least $250. You may only have one time period in effect
at any time. After the first contract year, your total contributions including
those that are allocated to the special dollar cost averaging program can not
exceed 150% of your first year contributions to the Accumulator Select contract.
We will transfer your value in the Alliance Money Market option into the other
variable investment options that you select over the next 12 months or such
other period we may offer. Once the time period then in effect has run, you may
then select to participate in the dollar cost averaging program for an
additional time period. At that time, you may also select a different allocation
for transfers to the variable investment options, or, if you wish, we will
continue to use the selection that you have previously made. Currently, the
transfer date will be the same day of the month as the contract date, but not
later than the 28th. All amounts will be transferred out by the end of the time
period then in effect. Under this program we will not deduct the mortality and
expense risks, administrative, and distribution charges from assets in the
Alliance Money Market option.
You may not transfer amounts to the Alliance Money Market option that is not
part of the special dollar cost averaging program. The only amounts that should
be transferred from the Alliance Money Market option are your regularly
scheduled transfers to the other variable investment options. If you request to
transfer or withdraw any other amounts from the Money Market option, we will
transfer all of the value that you have remaining in the account for special
dollar cost averaging to the investment options according to the allocation
percentages we have on file for you. You may ask us to cancel your participation
at any time.
Accumulator Agent 128689
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company
Act of 1940, the Registrant certifies that it meets the requirements of
Securities Act Rule 485(b) for the effectiveness of this amendment to the
Registration Statement and 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
30th day of August, 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/ Naomi J. Weinstein
-------------------------
Naomi J. Weinstein
Vice President
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 30th day of August, 2000.
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:
*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/ Naomi J. Weinstein
-------------------------
Naomi J. Weinstein
Attorney-in-Fact
August 30, 2000
