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RETIREMENT GATEWAY
®
401(k)
For Association Clients
Employer Disclosure Brochure
June 2020
Equitable Financial Life Insurance Company
Cat. # 147095
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TABLE OF CONTENTS
What is Retirement Gateway
®
? ..................................................................................... 5
Who is Equitable? ............................................................................................................ 5
Index of Key Words and Phrases .................................................................................. 6
How to Reach Us .............................................................................................................. 8
Investment Advisory Services ....................................................................................... 8
Processing Ofces ........................................................................................................ 8
For All Communications ................................................................................................ 8
Toll-free Telephone Services 1-800-528-0204 .............................................................. 8
Automated Voice Response Unit (“VRU”) 1-866-440-5980 .......................................... 8
Internet Services: www.equitable.com .......................................................................... 8
For the Plan Sponsor ..................................................................................................... 8
For the Plan Participants .............................................................................................. 9
1. Contract Features and Benets ................................................................................ 10
How contributions can be made ................................................................................... 10
ACH Debit ..................................................................................................................... 10
Save 1-2-3 .................................................................................................................... 10
Automatic Enrollment ...................................................................................................11
Automatic Deferral Increase ......................................................................................... 11
Automatic Investment ................................................................................................... 11
Contributions from Other Contracts ..............................................................................11
What are the Investment Options under the Contract? ................................................12
Variable Investment Options .........................................................................................12
Unafliated Trusts and Outside Mutual Fund Portfolios ...............................................12
Guaranteed Interest Option (GIO) ................................................................................12
Conditions Applicable to Guaranteed Interest Option ..................................................12
Investment Option disclosure sheets ............................................................................13
Investment option changes ...........................................................................................13
Selecting Investment Options .......................................................................................13
Discontinuance of Contributions ...................................................................................14
2. Determining the Participant’s Annuity Account Value ...........................................14
Participants’ Annuity Account Value .............................................................................14
Personal Income Benet Account Value ......................................................................14
Participant’s Account Value in the Variable Investment Options .................................. 14
Insufcient Account Value ............................................................................................ 14
3. Transferring Annuity Account Value Among Investment Options ........................15
Transfers .......................................................................................................................15
Transfer Requests ........................................................................................................15
Asset Rebalancing .......................................................................................................15
Transfers Out of the Guaranteed Interest Option .........................................................15
Disruptive transfer activity ............................................................................................16
The Afliated Trusts: EQ Premier VIP Trust and EQ Advisors Trust Disruptive
Transfer Activity Policy .................................................................................................16
The Unafliated Trusts: Variable Insurance Trusts and Outside Mutual Funds
Disruptive Transfer Activity Policy .................................................................................17
4. Accessing Annuity Account Value or Money .......................................................... 17
Withdrawals and Termination ....................................................................................... 17
Partial Withdrawals and Terminations .......................................................................... 17
Installment Payments (Systematic Withdrawals) ........................................................... 18
Withdrawals for Plan Loans ........................................................................................... 18
Forfeitures .................................................................................................................... 18
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Annuity Benets .....................................................................................................18
Automatic Minimum Withdrawal .............................................................................. 19
How Withdrawals are taken from the Participant’s Account Value ......................... 19
Termination of Plan Participant under the Contract ................................................20
Withdrawals from the Variable Investment Options ................................................20
Withdrawals from the Guaranteed Interest Option .................................................20
5. Understanding the Retirement Gateway
®
Program .......................................... 22
IRS pre-approved Plan and Trust ........................................................................... 22
Pooled Trust ...........................................................................................................22
The Trustee ............................................................................................................23
Adopting the Program .............................................................................................23
Investment Fiduciary Support Services ..................................................................23
3(21) Investment Fiduciary Services ......................................................................23
3(38) Investment Fiduciary Services ...................................................................... 23
6. Plan Recordkeeping Services ............................................................................23
7. Understanding the Charges and Expenses .......................................................23
Administrative Charge ............................................................................................23
Asset Charges to Variable Investment Options ......................................................24
Redemption Fee .................................................................................................... 24
Withdrawal Charge .................................................................................................. 24
Charges that the Trusts and Outside Mutual Funds Deduct ................................... 25
Afliated Trusts: EQ Premier VIP and EQ Advisors Trust .......................................25
Unafliated Trusts ................................................................................................... 25
Market Value Adjustment .........................................................................................25
Loan Charge .......................................................................................................... 25
Applicable tax charges ........................................................................................... 25
Charge for Plan Recordkeeping Services ............................................................. 25
Other Charges for Recordkeeping Services ............................................................25
Changes .................................................................................................................. 25
8. Determining the Distribution of the Death Benet ........................................... 26
Death benet amount ............................................................................................. 26
Distribution of the death benet ...............................................................................26
Beneciary’s payment options .................................................................................26
9. Tax Information......................................................................................................26
Buying a Contract to fund a retirement arrangement ..............................................26
Certain rules applicable to Plans designed to comply with Section 404(C)
of ERISA ......................................................................................................................26
10. More Information ................................................................................................27
General Contract Provisions ....................................................................................27
About the Trusts .....................................................................................................27
About the Trust Advisers ........................................................................................ 27
Investment Advisers of Afliated Trusts ..................................................................27
Fees Received by Equitable ...................................................................................28
Distribution of the Contracts and Revenue Sharing ...............................................28
APPENDIX A ..............................................................................................................29
Restricted Funds ....................................................................................................29
Separate Account No. 65 .......................................................................................29
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APPENDIX A .............................................................................................................29
Restricted Funds for Portal III only .........................................................................29
Separate Account No. 65 .......................................................................................29
APPENDIX B .............................................................................................................30
Personal Income Benet (PIB) Information ............................................................30
INDEX OF KEY WORDS AND PHRASES .................................................................30
Personal Income Benet ....................................................................................... 31
Determining the Guaranteed Annual Withdrawal Amount ...................................... 31
The Guaranteed Withdrawal Rate and Guaranteed Transfer Withdrawal Rate ..... 31
Ratchet Base and the Annual Ratchet ...................................................................33
Electing to take the Guaranteed Annual Withdrawal Amount .................................34
Transferring the Personal Income Benet Account Value ......................................35
90 Day Transfer Restriction .................................................................................... 36
Income Benet Variable Investment Option ...........................................................36
Effect of Personal Income Benet Early and Excess Withdrawals .........................36
Effect of the Personal Income Benet Account Value Falling to Zero ....................37
Effect of Divorce Prior to Election to take GAWA Payments ...................................37
Effect of Divorce after Election to take GAWA Payments ....................................... 37
Death Benet and your Personal Income Benet ...................................................37
RMD requirements and your Personal Income Benet ..........................................38
GAWA .....................................................................................................................38
Important considerations ........................................................................................38
APPENDIX C ..............................................................................................................39
ERISA Information Statement and Statement of Understanding and Authorization and
approval for the use of Retirement Gateway
®
as Investment Vehicle for the Plan ..........39
APPENDIX D ..............................................................................................................43
Market Value Adjustment (MVA) .............................................................................43
APPENDIX E ...............................................................................................................45
State Variations .....................................................................................................45
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What is Retirement Gateway
®
?
Retirement Gateway
®
is a combination xed and variable group annuity Contract (Contract) offered by Equitable Financial
Life Insurance Company (Equitable) to corporations that meet certain requirements set forth in the Securities Act of 1933
and the Investment Company Act of 1940 and to partnerships and sole proprietorships that meet special criteria contained
in the Security and Exchange Commission’s Rule 180 under the Securities Act of 1933, as an investment vehicle for the
assets of the qualied dened contribution Plan (Plans) they sponsor, that meet the requirements of Section 401(a) of the
Internal Revenue Code of 1986, as amended (Code), and whose funds are maintained by a trust described in Section
501(a) of the Code.
This brochure provides a description of all material provisions of the Contract, applications and Services Recordkeeping
Agreements. In order to address varying Plan and service needs, the Contract features a variable cost structure that is
designed to reect, among other things, the total Plan assets in the Contract, the Plan’s Average Account Value, number
of Participants, the Withdrawal Charge and the investment option lineup selected, and the level of compensations paid
to Retirement Program Specialists. Your Contract will be issued with the charges specied in the Custom Fee Quote you
received from your Retirement Program Specialist.
Financial Professionals install and service Contracts, provide product information, enroll Participants and conduct
educational seminars. Equitable pays these Financial Professionals’ compensation. The level of compensation agreed to
by the Financial Professional and the Employer, is in part, based upon the level and amount of services provided by the
Financial Professional and the cost of providing that support. The maximum level of compensations that Equitable pays is
shown in the ERISA Information Statement section in this brochure. Equitable pays a portion of this compensation out of
the revenue it receives from the charges described in the “Asset Charges”, section of this brochure. Your Financial
Professional can show you information about the various choices that you should consider before applying for the Contract,
and your Contract and Application will detail your applicable charges and fees.
The Contract provides for the accumulation of retirement savings and for income. The Contract also offers a number of
payout options. Contributions accumulate on a tax-deferred basis. A Contract or the responsible duciary of a Plan may
fund a Plan by selecting any number of our Investment Options: Variable Investment Options (EQ Advisors Trust, EQ
Premier VIP Trust (together the “Afliated Trusts”), Variable Insurance Trusts (“Unafliated Trusts”) or outside mutual fund
Portfolios (“Outside Funds”), and the Guaranteed Interest Option (see “Contract Features and Benets”). Equitable also
provides a variety of services and reports relating to the Contract.
The Plan Sponsor is responsible for determining whether the Contract is a suitable funding vehicle for its Plan and should,
therefore, carefully read this brochure (including the appendices), the Contract, all disclosure documents and the prospectus
for each investment option before entering into the Contract.
The Afliated Trusts Prospectuses are available through our website and the Unafliated Trusts Prospectuses are
available through the fund families’ website. The SEC has not approved or disapproved these securities or determined if
our fund disclosure sheets are accurate or complete. Any representation to the contrary is a criminal offense. The FDIC or
any other agency does not insure the Contracts. They are not deposits or other obligations of any bank and are not bank
guaranteed. They are subject to investment risks and possible loss of principal.
Other Contracts
Equitable offers a variety of group variable annuity contracts that can be used to fund qualied plans. They may offer
features including investment options, services, fees and/or charges that are different from those offered in the Retirement
Gateway
®
Contract. In addition, Withdrawal Charge schedules may vary or may not be applicable depending upon factors
such as total Plan assets, number of Participants, and services provided. Your Financial Professional can show you
information about the various choices that you should consider before applying for a Contract, and your Contract and
Application will detail their applicable charges and fees.
Who is Equitable?
We are Equitable Financial Life Insurance Company, a New York stock life insurance corporation. We have been doing
business since 1859. The Company is an indirect wholly owned subsidiary of Equitable Holdings, Inc. No other company
has any legal responsibility to pay amounts that the Company owes under the contracts. The Company is solely responsible
for paying all amounts owed to you under your contract.
Equitable Holdings, Inc. and its consolidated subsidiaries managed approximately $734.4 billion in assets as of December
31, 2019. For more than 150 years, Equitable has been among the largest insurance companies in the United States. We
are licensed to sell life insurance and annuities in all fty states, the District of Columbia, Puerto Rico, and the U.S. Virgin
Islands. Our home ofce is located at 1290 Avenue of the Americas, New York, N.Y. 10104.
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Index of Key Words and Phrases
Active Loan: The principal amount of any Participant Plan loan that has neither been repaid nor deemed distributed under
Section 72(p) of the Code.
Annuity Account Value: The sum of the amounts held for the benet of a Participant as reected in the Investment
Options under the Contract.
Application: The Application for participation under the Contract signed by the Employer or Plan Trustee and accepted by
Equitable.
Average Account Value: The total Plan assets in the Contract divided by the number of Participants.
Business Day: Generally any day on which the New York Stock Exchange is open for regular trading and generally
ends at 4:00 P.M. Eastern Time (or as of an earlier close of regular trading). or such other time as we state in writing to
you. A business day does not include any day we choose not to open due to emergency conditions determined by the
Securities and Exchange Commission. Additionally, we may also close early due to emergency conditions. Contributions
will be applied and any other transaction requests will be processed when they are received along with all of the required
information unless another date applies as indicated above.
If your contribution, transfer or any other transaction request containing all the required information reaches us on any of
the following, we will use the next business day;
- on a non-business day:
- after 4:00 PM, ET on a business day; or
- after an early close of regular trading on the NYSE on a business day.
Cash Value: The Annuity Account Value minus any applicable Withdrawal Charge and/or any Market Value Adjustment
and any other charges that may apply.
Code: The Internal Revenue Code of 1986, as amended at any time or any corresponding provisions of prior or subsequent
United States revenue laws. Reference to the “Code” in this Contract also includes references to applicable Federal Income
Tax Regulations.
Contract: means the group variable annuity contract, including any endorsements and riders issued hereunder and the
Application between the Contract holder, the Employer and Equitable and which is a funding vehicle for the plan.
Contract Date: The date we receive the rst contribution under the Contract made with respect to a Plan.
Contract Termination: Contract Termination occurs (i) when we receive written notice from the Plan Sponsor that it is
terminating a Plan’s participation under the Contract or (ii) when we deliver written notice to the Plan Sponsor that we are
terminating a Plan’s participation under the Contract because (a) the Plan fails to qualify under the Code or (b) the Plan
has failed to provide us with the Participant information necessary to properly handle the recordkeeping of the Contract.
Contract Year: With respect to the Plan, the twelve month period starting on (i) the Contract Date and (ii) each anniversary
of the Contract Date unless Equitable agrees to another period.
Default Option: An investment option that the Plan Sponsor may select among their Plan’s investment options to which
amounts are allocated when an Employer or a Participant fail to select an investment option for a contribution.
Employer: An entity that sponsors a dened contribution plan that participates in the Retirement Gateway
®
Retirement
program through either the IRS pre-approved Plan and Trust or the Pooled Trust.
Employer’s Designee: includes any person(s) authorized and designated by the Employer to act on behalf of the Employer
with regard to the Plan as communicated to Equitable in writing.
ERISA: The Employee Retirement Income Security Act of 1974, as amended.
Guaranteed Interest Option: An investment option that is part of Equitable’s general account. Also referred to as the
Guaranteed Interest Account.
Investment Options: The Variable Investment Options and the Guaranteed Interest Option.
IRS pre-approved Plan and Trust: The IRS pre-approved Plan and Trust of Equitable Life Insurance Company.
Market Value Adjustment: A downward adjustment applied to certain withdrawals from the Guaranteed Interest Option
after a Plan Termination or Contract Termination.
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Minimum Guaranteed Rate: means, with respect to the Guaranteed Interest Option, an effective minimum rate of interest
as described in the Contract.
Non-Personal Income Benet Investment Options: The Investment Options under the Contract other than the Personal
Income Benet Variable Investment Option.
Owner: The trust holding assets of the Plan. Subject to Equitable’s approval, the Owner may designate another person to
exercise rights under the Contract.
Participant: An individual who actively participates in an Employer’s dened contribution Plan.
Personal Income Benet: An optional feature, for an additional charge, that guarantees that they can take withdrawals
from the Personal Income Benet Account Value up to a maximum amount each Participant’s Birthdate Anniversary Year
for the Participant’s lifetime (or their Spouses’ lifetime if joint life payments are elected).
Plan: A Plan adopted and maintained by the Employer that is intended to meet the requirements for qualication under
Section 401(a) of the Code and applicable regulations which is named in the Application.
Plan Sponsor: the Employer who has established the Plan.
Plan Termination: The termination, either in whole or in part, of the Employer’s dened contribution Plan when there is no
successor Plan. The Plan Sponsor is required under the Contract to send written notice to Equitable at least 90 days before
the date the Plan is scheduled to terminate.
Plan Trustee: A trustee of the Plan.
Plan Year: The twelve-month period selected by the Plan.
Pooled Trust: The Amended and Restated Pooled Trust for Association Members Retirement Plans of Equitable Life
Insurance Company.
Portfolios: The investment Portfolios of EQ Advisors Trust, EQ Premier VIP Trust, Variable Insurance Trusts and outside
mutual fund Portfolios in which the Variable Investment Options of Separate Account No. 65 invest.
Processing Ofce: The address to which all payments, written requests or other communications must be sent.
Restricted Investment Options: An Investment Option that we designate as restricted for the purposes of the Transfer
Rules (see “Transferring their Money Among Investment Options”). A list of Restricted Investment Options can be found in
Appendix A.
Separate Account: Separate Account No. 65.
Spouse: Any individual who is lawfully married to the Participant under a state or foreign jurisdiction, without regard to the
location of the Employer or the state where the Participant and Spouse are domiciled.
Terminated Plan Participant: A Participant who has separated from the service of the Employer.
Transaction Date: The Business Day we receive a contribution via the Internet or an acceptable written or telephone
transaction request at our Processing Ofce or the date specied in the request, if later.
Unit: Contributions that are invested in an Investment Option purchase Units in that Investment Option. The Unit Value is
the dollar value of each Unit on a given date.
Unrestricted Investment Options: An Investment Option that is not designated as restricted for the purposes of the
transfer rules. (see “Transferring Annuity Account Value Among Investment Options”).
Valuation Period: Each Business Day together with any preceding non-Business Day.
Variable Investment Option: A subdivision of Separate Account No. 65. A Variable Investment Option may invest its
assets in a separate class (or series) of shares of a specied trust or investment company where each class (or series)
represents a separate portfolio in the specied trust or investment company.
Withdrawal Charge: A charge, which is generally assessed in the event of a Plan Termination or Contract Termination,
that is calculated as a percentage of the amount withdrawn and is determined by the number of completed Contract Years
between the Contract Date and the date of the termination. A Withdrawal Charge will generally not apply to individual
Participant withdrawals. When applicable, the Withdrawal Charge will not exceed a maximum of 6% of the amount withdrawn
nor be applied for longer than ve years from the Contract Date.
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How to Reach Us
Investment Advisory Services
The Retirement Gateway
®
Program makes investment advisory services available for the Plan Sponsor which can help the
Plan Sponsor with meeting its duciary responsibilities through an independent advisory rm. Check your agreement with
your chosen investment advisor for contact information.
Processing Ofces
You may communicate with our Processing Ofce as listed below. Certain methods of contacting us, such as by telephone
or electronically may be unavailable or delayed (for example our facsimile service may not be available at all times and/or
we may be unavailable due to an emergency closing). In addition, the level and type of service available may be restricted
based on criteria established by us.
For All Communications:
Regular Mail Express Mail
Equitable – Retirement
PO Box 219489
Kansas City, MO 64121-1407
Equitable
430 W 7
th
STE 219489
Kansas City, MO 64121-1407
If a contribution, transfer or any other transaction request containing all the required information reaches us on any of the
following, we will use the next Business Day:
on a non-Business Day:
after 4:00 p.m., Eastern Time on a Business Day; or
after an early close of regular trading on the NYSE on a Business Day.
Toll-free Telephone Services 1-800-528-0204
General information from one of the Retirement Plan Account Managers is available between the hours of 8:30 A.M. and
7:00 P.M. Eastern Time (Monday through Thursday), and between the hours of 8:30A.M. and 5:00 P.M. Eastern Time (Friday).
Hearing or speech-impaired clients may obtain information by dialing, toll-free, the AT&T National Relay Number
1-800-855-2880. This service enables clients with a Telecommunications Device for the Deaf (TDD) to have their message
or questions relayed to our Customer Service Department 1-866-440-5980 by AT&T personnel, who will communicate
our reply back to them via the TDD.
Automated Voice Response Unit (“VRU”) 1-866-440-5980
As part of Retirement Gateway
®
we offer a VRU service. It is designed to help Participants get up-to-date information about
their Plan accounts via touch-tone telephone. By adopting the Retirement Gateway
®
Retirement Program, you are electing
our VRU service and are authorizing us to accept Participant instructions with respect to amounts attributable to their Plan
account values under the Contract. The initial personal identication number (“PIN”) is the last four digits of the Participant’s
Social Security Number and can be used upon enrollment in their Plan.
Equitable will make this telephone facility available 24 hours a day, seven days a week. However, on a day that Equitable
is not open for business, any request will be processed on the next Business Day. Any transfer requests that are received
prior to 4:00 P.M. Eastern time (or if the New York Stock Exchange closes earlier, such earlier time) will be processed as of
the close of business onthe date the request is made and any transfer request received after 4:00 P.M. Eastern Time will be
made effective as of the close of business on the next Business Day following the date the request is made. Notwithstanding
the above, we reserve the right to limit access to this service if we determine that they are engaged in a market timing
strategy (see “Disruptive Transfer Activity”). Our VRU service will not be available after a Plan Termination occurs.
Participants use our VRU service to obtain current Unit Values for the Investment Options selected for the Employer’s Plan
and the current interest rate for the Guaranteed Interest Option (if available under the Employer’s Plan). In addition, it provides:
The current Annuity Account Value;
The current allocation percentages;
The number of Units attributable to a Participant in the Investment Options;
The ability to change allocation percentages for future contributions;
The ability to transfer existing money among the Investment Options.
Internet Services: www.equitable.com
For the Plan Sponsor
To access our website, the Plan Sponsor needs their Contract Number and a Personal Identication Number (PIN), which will
be provided by Equitable. Once you receive your PIN, you will be able to access the Employer Plan Administration Center via
www.equitable.com. The Employer Plan Administration Center gives the Plan Sponsor the ability to access Plan data, Plan
level fund and source balances and individual Participant Account information.
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The Plan Sponsor will also be able to obtain information and process transactions on the following:
Current Contract value information,
Current Participant allocation percentages, account values, and Investment Option information,
Total number of Units in the Variable Investment Options,
Daily Unit Values for the Contract’s Variable Investment Options,
Custom Forms download,
Contribution upload,
Address changes,
Disclosure brochures and administration manual,
Performance information,
Trust reports, and;
Automatic enrollment, automatic investment and automatic increase (if elected).
Our Internet is normally available 7 days a week 24 hours a day. However, on a Business Day that Equitable is not open for
business, any request made via the web will be processed the next Business Day Equitable is open.
For the Plan Participants
By selecting the Retirement Gateway
®
Product, you also elect to offer to Participants Internet services via www.equitable.com. The
website provides Participants with online information and transaction capabilities. Once the Participants provide the necessary data
to allow access to the employees as Participants in the Plan, the Participants will be able to enroll on- line by using the Contract letter,
which contains the Contract number and instructions, mailed to the Participants.
Once the Participants log in, the Participants will be prompted to establish their PIN. Once the Participants register online
and log in, the Participants are able to:
Check account value and investment option balances/allocations
Review investment performance year-to-date, annualized one-year and since inception
Determine investment objectives, strategy and portfolio composition
Transfer assets among the Variable Investment Options and the Guaranteed Interest Option
Change allocation percentages for future Contributions
Conrm Guaranteed Withdrawal Rate and Guaranteed Transfer Withdrawal Rate
Elect to receive certain Contract statements electronically
Change personal contact information
Cybersecurity
We rely heavily on interconnected computer systems and digital data to conduct our variable product business. Because
our variable product business is highly dependent upon the effective operation of our computer systems and those of
our business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and
information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and cyber-
attacks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or
digitally, interference with or denial of service, attacks on websites and other operational disruption and unauthorized release
of condential customer information. Such systems failures and cyber-attacks affecting us, any third party administrator,
the underlying funds, intermediaries and other afliated or third-party service providers may adversely affect us and your
Contract value. For instance, systems failures and cyber-attacks may interfere with our processing of contract transactions,
including the processing of orders from our website or with the underlying funds, impact our ability to calculate AUVs, cause
the release and possible destruction of condential customer or business information, impede order processing, subject us
and/or our service providers and intermediaries to regulatory nes and nancial losses and/or cause reputational damage.
Cyber security risks may also impact the issuers of securities in which the underlying funds invest, which may cause the
funds underlying your Contract to lose value. There can be no assurance that we or the underlying funds or our service
providers will avoid losses affecting your Contract due to cyber-attacks or information security breaches in the future.
Please note: Equitable has established procedures to reasonably conrm that the instructions communicated by telephone or
the Internet are genuine. For example, we require certain personal identication information before we will act on telephone
or the Internet requests and we will provide written conrmation of instructions communicated by telephone or the Internet.
If we do not employ reasonable procedures to conrm the genuineness of telephone or Internet instructions, we may be
liable for any losses arising out of any act or omission that constitutes negligence, lack of good faith, or willful misconduct.
In light of our procedures, we will not be liable for following telephone or Internet instructions we reasonably believe to be
genuine. We reserve the right to terminate or modify any telephone or automated transfer/withdrawal service we provide
upon 90 days’ written notice.
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1. Contract Features and Benets
The following summarizes the Contract terms. In the event that a conict exists between the terms of the Contract and the
information set forth below, the terms of the Contract shall govern. We reserve the right to amend the Contract without the
consent of any other person in order to comply with applicable Code, ERISA, Federal and state laws and regulations.
How contributions can be made
Employer or Employer’s Designee may make contributions at any time by wire transfer, ACH (Automated Clearing House),
or check. Contributions should not be sent directly to Equitable. There is no minimum contribution amount. Equitable has
the right to require a minimum aggregate amount of contributions on an annual basis. If a minimum amount requirement
applies and the minimum is not met, Equitable has the right to deem that a termination of the Contract has occurred and to
apply the terms of the Contract applicable to the Contract Termination upon such occurrence.
Contribution instructions must be made via electronic media. During the Plan installation process a Retirement Plan
Account Manager will assist you with establishing the contribution and data submission process. Our preferred method for
accepting contributions is via the payroll tool on www.equitable.com. Contributions that are sent via mail or other means
will be accepted but may be subject to additional fees.
Our preferred method for funding contributions is via ACH transfer. Contribution payments that are sent via mail or other
means will be accepted but may be subject to additional fees. If you are sending contributions by check, it must be drawn
on an U.S. bank, in U.S. dollars, made payable to Equitable and sent to us at the Processing Ofce. All contribution checks
must include the Plan name and Contract number. We do not accept third-party checks. All checks are subject to our ability
to collect the funds. Equitable reserves the right to reject a payment if it is received in an unacceptable form. We also have
the right to stop accepting contributions upon notice to Employers and Plan Trustees.
Contributions are credited as of the Transaction Date. Properly completed transmittal forms and their automated media should
accompany checks. Failure to use the proper transmittal device, or to complete the transmittal device properly, may result in
a delay in crediting contributions. Under United States Department of Labor regulations, salary deferral contributions must be
remitted to us no later than the 15
th
day of the month following the month the Participants’ contributions or salary deferrals are
deducted. However, these regulations also require that such contributions be remitted as soon as administratively feasible,
which means that contributions to the Plan must be made more quickly than the 15
th
day of the month.
Remittances will not be allocated to the Investment Options until the monies received are in agreement with the amounts
indicated on the corresponding forms (in social security number or alphabetical order) or electronic media. If, within ve (5)
days of receipt, we are unable to obtain sufcient information to process the remittance, we will return all such contributions.
We allocate contributions to each Investment Option according to the latest allocation percentages on le or the Employer
or Employer’s Designee may also instruct us as to investment allocations pursuant to the Save 1-2-3 program, as described
below. Contributions from Participants in Plans using the Save 1-2-3 program are allocated automatically to the default
investment option specied by the Employer or Employer’s Designee, until the Participant provides alternate allocation
instructions. All allocation percentages for Employee and Employer contributions must be the same. If we receive the initial
contribution before we receive the Participant’s enrollment via the Internet, we will notify the Plan Sponsor and return the
Participant’s contribution if we do not receive the information within ve (5) Business Days.
ACH Debit
Our preferred method to receive contributions is through Automated Clearing House (ACH) Debit Transfer. ACH is a form
of electronic payment. ACH is designed to be an e-check or electronic check. The money is automatically sent to Equitable
once the payroll is submitted via the Internet. You have the option to draw the monies from more than one account. If you
want multiple accounts to be used to fund your contributions, you need to complete Banking Information separately for each
account and attach voided checks for each account. To elect the ACH feature for your Plan, send us the ACH Authorization
Form located in the Service Forms section on our website. Please note additional fees may apply if this method is not used.
Save 1-2-3
Employers and Plan Trustees, as applicable, may elect the Save 1-2-3 program under the Contract. Save 1-2-3 includes
several features designed to promote increased retirement savings by Participants, including Automatic Enrollment,
Automatic Investment and Automatic Deferral Increase. Employers or Plan Trustees that choose to use the Save 1-2-3
program may elect any or all of the features described below that suit their Plans’ needs. Please note that not all features
may be available in all plans. Additionally, some of the auto service features require eligibility tracking.
11 E15719
Automatic Enrollment
If the Automatic Enrollment feature is elected, all eligible employees will be enrolled under the Contract at the salary deferral
percentage mandated by the terms of your Plan and consistent with the Code. Participants can choose to allocate their
contributions among the Investment Options, but if the Participants do not choose an allocation by the cut-off date under
the Plan, their contributions will be allocated automatically to the Default Option selected under the Plan, which may be the
Participant default Automatic Investment option described below, or, if that option is not selected, a general Default Option
for the Plan. In order to elect the Automatic Enrollment feature, Employers or Plan Trustees must provide census information
via the website at www.equitable.com for all employees, including employees who are eligible and not contributing as well
as ineligible employees.
Eligible employees have the right to opt out of the Plan altogether. However, if the Participants do not opt out by the
cut-off date under the Plan, the Participants will be automatically enrolled, and a percentage of their compensation will be
contributed to the Plan. The Pension Protection Act of 2006 provides that Participants may have the right to withdraw any
contributions into the Plan (as adjusted for investment performance) from the Plan if the Participants opt out during the
90-day period that begins with the rst automatic withdrawal, if the Plan permits such withdrawals. If their Plan does not
permit such withdrawals during the rst 90 days, their ability to make withdrawals will be subject to the same terms and
conditions described in the section entitled “Withdrawals and Termination” under “Accessing Annuity Account Value or
Money” later in this brochure. Participants have the right to cease making further contributions at any time.
Automatic Deferral Increase
The Plan can choose the Automatic Deferral Increase option. Under this option, Participants’ salary deferral percentage will
automatically increase each year at a specied percentage until it reaches a maximum deferral percentage. The rate of the
annual increase and the maximum deferral percentage is mandated by the terms of the Plan.
Automatic Investment
Save 1-2-3 permits an Employer or Plan Sponsor to choose the investment option into which contributions are to be
allocated if no allocation selection has been made for a Participant’s contributions. The Automatic Investment option, may
be a single investment option or a mix of the Investment Options available under the Plan. The Automatic Investment option
may be different than the Plan Default Investment under the Plan. The Plan Sponsor has a duciary duty to determine the
appropriate Default Options for the Plan. If the Employer or Plan Trustee selects a series of target date allocation portfolios
or Retirement Funds as the Participant Default Investment, Participants will automatically be placed in the appropriate
Target Date Allocation Portfolio or Retirement Funds based on their date of birth and the Plan’s normal retirement age.
Equitable assumes that 65 is the normal retirement age, unless the Employer or Plan Trustee provides a different age.
Participants who want to opt out of any or all of these options can do so by visiting our website at www.equitable.com.
Participants whose contributions have been allocated to the Participant Default Investment can transfer their account value
to other Investment Options available under the Contract as described in the section entitled “Transferring Annuity Account
Value among Investment Options”.
Contributions from Other Contracts
Assets can also be received from a prior funding vehicle other than Equitable. For this purpose, we have established a
Plan Conversion Department to ensure the smooth transfer of their Plan’s assets and Participant account information
from their previous retirement provider to Equitable. The transfer of Plan assets should occur after all completed installation
materials have been received by Equitable Plan Services, a contract identication number has been assigned to their Plan,
and the enrollment process has begun.
To affect a conversion of their Plan to Equitable, it may be necessary to institute a blackout period (“Blackout Period”). The
term Blackout Period generally means, in connection with an individual account plan, any period for which the ability of
Participants or beneciaries under the Plan, which is otherwise available under the terms of such Plan, to direct or diversify
assets credited to their accounts, to obtain loans from the Plan, or to obtain distributions from the Plan, is temporarily
suspended, limited, or restricted, if such suspension, limitation, or restriction is for any period of more than three (3)
consecutive business days. The Participants should consider that under Federal law, the Employer shall be responsible
for, among other things, providing to all Participants and beneciaries under the Plan to whom the Blackout Period applies
with at least 30 days advance notice of the Blackout Period. The Participants should also consider that the prior funding
institution may take two to six weeks to complete the transition to Equitable. Further information concerning the Blackout
Period can be obtained from our Plan Asset Takeover Department.
It is important to remember that when Equitable receives amounts liquidated from the previous retirement provider, they will
be deposited as one lump sum into your Plan’s Default Option (either the Guaranteed Interest Option or the Money Market
Option) unless you select the fund mapping method. Plan assets will remain invested in your Plan’s Default Option from the
date Equitable receives the assets until the date in which amounts can be allocated into each Participant’s account.
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In order to allocate amounts into each Participant’s account, we require the following information:
Participant name and social security number;
Amount to be applied to participant account;
Amount by source of contribution (i.e.: Salary Deferral, Prot-Sharing, etc.);
Historical Data (Inception to date and year to date contributions, earnings, and distributions);
If you are using mapping, a breakdown by participant, money source and investment vehicle is also required;
The total of each amount to be applied to the Participant’s accounts must match the total amount received by Equitable.
Once we receive the above information, the timing of the takeover allocation process depends upon the format in which the
above information is received. Standard turnaround time for records received in good order is 10 business days.
What are the Investment Options under the Contract?
The Contract offers a number of Variable Investment Options and the Guaranteed Interest Option. We reserve the right to
add, change, delete or limit the Investment Options that the Employer may elect.
The availability of Investment Options may be subject to the terms of the Plan, as reported to us by the Employer. Certain
Investment Options may not be available in all states.
Variable Investment Options
Each Variable Investment Option is a subdivision of Separate Account No. 65. Each Variable Investment Option, in turn,
invests in shares of a corresponding securities portfolio of EQ Advisors Trust or EQ Premier VIP Trust (collectively the
“Afliated Trusts”) or Variable Insurance Trusts (“Unafliated Trusts”) or shares of an outside mutual fund portfolio (the
“Outside Mutual Fund Portfolios”). Investment results in any one of the Variable Investment Options will depend on the
investment performance of the underlying Portfolios; therefore, Contract values accumulating under a Variable Investment
Option will uctuate as the investment performance of the underlying portfolio uctuates. The Participants can lose their
principal when investing in the Variable Investment Options. In periods of poor market performance, the net return, after
charges and expenses, may result in negative yields, including the Money Market Investment Option.
Unafliated Trusts and Outside Mutual Fund Portfolios
As an accommodation to Plan Sponsors who wish to invest Plan assets in Variable Investment Options other than those of the
Afliated Trusts, and at the same time take advantage of the features of the Contract, we also make available under Separate
Account No. 65 Variable Investment Options that invest in shares of an Unafliated Trust or outside mutual fund Portfolios that
we can reasonably administer. We do not directly or indirectly manage or provide advice with respect to these funds.
Guaranteed Interest Option (GIO)
The Guaranteed Interest Option is part of our general account, pays interest at guaranteed rates, and provides an investment
option in which the value of the principal will not uctuate. The amount that a Participant has in the Guaranteed Interest
Option at any time is equal to the sum of all amounts allocated or transferred to this account plus the amount of any interest
credited less all amounts that have been withdrawn, including charges to or transfers from this account.
Crediting of Interest: We credit interest daily to amounts in the Guaranteed Interest Option. There are two levels of interest
in effect at the same time in the Guaranteed Interest Option:
(1) The minimum interest rate guaranteed over the life of the Contract (“Minimum Guaranteed Rate” means, with respect
to the Guaranteed Interest Option, an effective minimum rate of interest equal to the percentage shown in the Application.)
Allocations to the Guaranteed Interest Option are guaranteed to earn interest at least equal to the Minimum Guaranteed
Rate. We guarantee that the Minimum Guaranteed Rate will never be credited less than 1.00%. Equitable reserves the right
to increase or decrease such minimum rate at any time. However, the changed Minimum Guaranteed Rate will only apply
to contributions and allocations to and transfers to the GIO made on or after such change is effective; and
(2) We currently declare a monthly interest rate that will not be lower than the Minimum Guaranteed Rate.
The current monthly rate applies to all amounts in the Guaranteed Interest Option. Such interest rates are affected by
the investment experience of the assets held in our general account. Contributions allocated to the Guaranteed Interest
Option become part of our general account, which supports all of our policy and contract guarantees, including those that
apply to the Guaranteed Interest Option as well as our general obligations. Our general account is subject to regulation
and supervision by the Insurance Department of the State of New York and to the insurance laws and regulations of all
jurisdictions where we are authorized to do business. We may credit additional amounts of interest at our discretion.
Conditions Applicable to Guaranteed Interest Option
All allocations to, and transfers to and from the Guaranteed Interest Option are to be made solely at the discretion of the
individuals covered by the Plan without any direction or inuence from the Employer or Employer’s Designee. The Plan
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Sponsor will give Equitable at least 60 days advance written notice of any noncompliance with this condition. The Plan
Sponsor will provide Equitable with any amendment to the Plan or its investment policy, any communication by the Plan
Sponsor to the individuals covered by the Plan concerning the Guaranteed Interest Option or any change in the manner in
which the Plan is administered. The Plan Sponsor will provide any such document to Equitable at least 60 days before its
effective date.
If the conditions above are not complied with or if the Plan Sponsor fails to remit as contributions all amounts maintained
with respect to the Plan or to use the allocation method approved by Equitable, or if Equitable determines and so noties the
Plan Sponsor by written notice that an amendment to the Plan, the Plan’s investment policy, or any change in the manner
in which the Plan is administered would materially and adversely affect the ow of monies to or from the Guaranteed
Interest Option, then Equitable will have the right to decline further requests for transfers to or from the Guaranteed Interest
Option, and/or deem that a termination of Plan participation under the Contract has occurred and that the Plan Sponsor has
requested Equitable to make payment in accordance with the termination provisions of the Contract.
Investment Option disclosure sheets
As with any Variable Investment Option, there are investment risks associated with investing in the Variable Investment
Options of Separate Account No. 65. Investment Option disclosure sheets must be provided to you together with this
document, for each Investment Option you are considering. We have contracted with Morningstar, Inc. who has prepared
the Fund disclosure sheets. Numerical information for the Fund disclosure sheets is furnished by Morningstar, which
is not afliated with Equitable. Therefore, as part of our Program disclosure, we provide disclosure sheets prepared by
Morningstar for each Variable Investment Option of Separate Account No. 65 that you select. Equitable does not provide
recommendations to Plan Sponsors regarding which of the Variable Investment Options the Plan Sponsor should elect to
make available under its Plan to Participants. Therefore, the Plan Sponsor should carefully read these disclosure sheets
before selecting the Plan’s Investment Options.
We urge you to read all disclosure documents and the prospectus for each Investment Option, which contains descriptions
of the Fund’s charges, expenses, and other pertinent information before you select the Investment Options for your Plan.
Investment option changes
Occasionally, mutual fund families may close, rename, and/or substitute or merge a fund with another fund. Once Equitable
is notied of any of the above changes, we will notify the Plan Sponsor in a timely manner. It is the responsibility of the Plan
Sponsor to inform Participants of these changes. If any of the above changes, however, require a transfer of assets, Equitable
will inform the Plan Sponsor of the affected investment option and the date by which the transfer must be completed. Upon
request, Equitable will also inform the Plan Sponsor of the Participants who, according to our recordkeeping system at that
time, have contributed to such Investment Option. If, after Equitable noties the Plan Sponsor, no action is taken by the
Plan Sponsor with respect to the substitution, merger, or closure, then Equitable will presume that the Plan Sponsor has
instructed us to transfer assets from the “closed” fund into the “substitute” fund if such Investment Option is available or
their Plan’s Default Option. This is referred to as negative consent. Should this occur Participants may then transfer their
assets from the Plan’s Default Option into any other Investment Option available under the Plan. The notice sent to the Plan
Sponsor prior to the substitution, merger, or closure will more fully explain the Plan Sponsor’s choices and rights. Equitable
shall not be held responsible to the Plan, Plan Sponsor and/or Participants should you not receive timely notice of a fund
change from the outside mutual fund family, and therefore cannot reasonably inform the Plan Sponsor in a timely manner.
Selecting Investment Options
The Plan Sponsor can elect to fund its Plan with up to forty (40) active Investment Options at any one time under the
Contract as long as it does not exceed seventy-ve (75) Investment Options over the lifetime of the Plan’s participation in
the Contract. Selections are made at the time of Application, but may be changed subject to our rules in effect at the time.
The Plan Sponsor may remove or add Investment Options at any time as long as you are within the current active limit and
the lifetime limit of seventy-ve and the Investment Option to be removed has no assets in it. In the event that there are
assets in the Investment Option to be removed, please contact a Retirement Plan Account Manager for instructions and
procedures. Equitable reserves the right upon 90 days written notice to change or limit the number of Investment Options
that may be elected under the Contract.
There are three investment option lineups, one of which the Plan Sponsor must elect at the time of Application. The Plan
Sponsor can switch between lineups once a year using the rst contribution date as the anniversary date. The investment
lineup elected is one of the factors used in determining the Asset Charge.
Under the terms of the Contract, the Plan Sponsor must rst choose either the Guaranteed Interest Option or Stable Value
Option. The remaining forty (40) can be chosen from EQAT, the EQ Premier VIP Trust, Variable Insurance Trusts (VITs)
and any of the Outside Mutual Funds available under the investment option lineup elected. If any of the Restricted Funds
(Refer to Appendix A for a list of the Restricted Funds.) are elected, then the Money Market Option must be elected and
will be designated as the Default Option. If you elect Investment Options that are considered Unrestricted Funds, then the
Guaranteed Interest Option will be the Plan’s Default Option.
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Discontinuance of Contributions
Contributions under the Contract will continue with respect to the Plan unless one of the following circumstances occur
which would result in the discontinuance of such Contributions:
(a) the Internal Revenue Service has determined that the Plan fails to qualify under Section 401(a) of the Code and
applicable Treasury Regulation and Equitable receives notice of such fact. Payments will be made as if the Plan
terminated without immediate establishment of a successor Plan sponsored by the Employer.
(b) the Employer or Employer’s Designee noties Equitable that participation of the Plan under the Contract is to be
terminated, in which case the Employer will discontinue Contributions to the Contract.
(c) the Contract fails to qualify as an annuity; Equitable will have the right, upon receiving notice of such fact, to
terminate this Contract.
(d) Equitable decides to replace the terms of the Contract with terms available under a different contract issued by
Equitable or one of its afliated or subsidiary life insurance companies for Plans qualied under Section 401(a) of
the Code and the Employer disapproves of such change after notice by Equitable to the Employer of such change.
Any notice of discontinuance of Contributions described above will require 90 days written notice by either the Employer
or Equitable, as applicable, of such intent to discontinue contributions under the Contract. If discontinuance is caused
by an application of subsections (a) or (b) of this section and if the Contract is subject to a Withdrawal Charge for such
occurrence, then such Withdrawal Charge will be made in accordance with the Contract. Equitable will deduct such charges
from the Participants’ Annuity Account Values. If however, discontinuance of contributions was a result of an Application
of subsections (c) or (d) of this section, Equitable will pay the Annuity Account Value to the Employer on behalf of the
Participants.
2. Determining the Participant’s Annuity Account Value
Participants’ Annuity Account Value
The Annuity Account Value is the sum of the amounts attributable to a Participant as reected in the Guaranteed Interest
Option Fund and the Variable Investment Options of Separate Account No. 65.
The amount a Participant has in an Investment Option of Separate Account No. 65 at any time is equal to the number of
Units in the specic Investment Option times the Unit Value for the specic Investment Option for that date. The number of
Units in a specic Investment Option at any time is equal to the sum of Units purchased by contributions, transfers and loan
repayments (including principal and interest) less the sum of Units redeemed for withdrawals, transfers, loans or deductions
for charges.
The Unit Value for the Investment Option of Separate Account No. 65 varies with the investment performance of the
corresponding Portfolios, which in turn reects the investment income and realized and unrealized capital gains and losses
of the portfolios, as well as fees and expenses of the Outside Mutual Funds. The Unit Value is also stated after the
deduction of any applicable investment management, fund administration, and nancial accounting charges.
Personal Income Benet Account Value
Amounts in the Personal Income Benet Account Value are also subject to certain transfer restrictions and a separate
charge for providing the guarantees under the feature. See Appendix B “Personal Income Benet” at the end of this
document for details.
Participant’s Account Value in the Variable Investment Options
Each Variable Investment Option invests in shares of a corresponding Portfolio. A Participant’s value in each Variable
Investment Option is measured by an “Accumulation Unit.” The value of a Participant’s Accumulation Unit will increase or
decrease as though the Participant had invested in the corresponding Portfolio’s shares directly. The Accumulation Unit
Value, however, will be reduced by the amount of the fees and charges that we deduct under each Participant’s Annuity
Account Value. In addition, the annual administrative charge and the Personal Income Benet Charge will reduce the
number of Accumulation Units credited to Participant’s Annuity Account Value.
Insufcient Account Value
The Participant’s Annuity Account Value will terminate without value if the Account Value is insufcient to pay any applicable
charges when due unless the Personal Income Benet feature has been activated under the Contract. The Account Value
could become insufcient due to withdrawals and/or poor market performance. Upon such termination, the Participants will
lose all rights under the Contract. For information about what happens if the Personal Income Benet Account Value falls
to zero see “Effect of the Personal Income Benet Account Value Falling to Zero” in Appendix B “Personal Income Benet”
at the end of this document.
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3. Transferring Annuity Account Value Among Investment Options
Transfers
Subject to certain restrictions, an Employer or Employer’s Designee may authorize Equitable to use Participant plan transfer
instructions as its instructions under the Contract. The Contract permits all or part of the amount held in an Investment
Option to be transferred to one or more of the other Investment Options.
Participants choosing to change contribution allocations for future contributions or to transfer amounts among Investment
Options must do so using either the Internet or our automated voice response system.
A transfer request does not change the percentages for allocating current or future contributions among the Investment
Options. We will conrm all transfers in writing.
Transfer Requests
Participants may transfer their Account Value from the Non-Personal Income Benet Investment Options to the
Personal Income Benet Variable Investment Option.
Transfers from the Personal Income Benet Variable Investment Option to the Non-Personal Income Benet
Investment Options are permitted. Refer to section on “Effect of Personal Income Benet on Early and Excess
Withdrawals” in Appendix B at the end of this document.
Asset Rebalancing
A Participant may use the asset rebalancing feature to automatically reallocate their Non-Personal Income Benet Account
Value. Rebalancing is not available for amounts allocated to the Personal Income Benet Variable Investment Option. The
Participants must tell us:
(a) the percentage to be invested in each Investment Option (whole percentages only), and
(b) how often the rebalancing is to occur (quarterly, semiannually, or annually).
While rebalancing is in effect, we will transfer amounts among the Investment Options so that the percentage of the Annuity
Account Value specied is invested in each Investment Option at the end of each rebalancing date.
Asset Rebalancing does not assure a prot or protect against loss. A Participant should periodically review his or her
allocation percentages as their needs change. A Participant may want to discuss the rebalancing program with a Financial
Professional before electing this feature.
A Participant may elect the Asset Rebalancing feature at any time. A Participant may change rebalancing instructions or
cancel the program at any time. The allocation breakdown used for asset rebalancing will be used for all of a Participant’s
future contributions.
Transfers Out of the Guaranteed Interest Option
If you elect to fund the Plan with the Guaranteed Interest Option and any of the Restricted Investment Options, then the
maximum amount that may be transferred from the Guaranteed Interest Option to a Variable Investment Option during the
Transfer Period is an amount equal to the greater of:
(i) 25% of the amount the Participant had in the Guaranteed Interest Option as of the last Business/Calendar Day of
the calendar year immediately preceding the current calendar quarter; or
(ii) the total of all amounts that the Participant transferred out of the Guaranteed Interest Option to any Separate
Account or Variable Investment Option during the same immediately preceding calendar year.
However, if an amount was allocated to the Guaranteed Interest Option in consequence of a mass transfer of Plan funds
(that is, a transfer initiated by the Employer for its employees) from another funding vehicle, the maximum amount which
may be transferred from the Guaranteed Interest Option for the Transfer Period in which such allocation occurred will be
an amount equal to the percentage determined in (a) above, but applied to the amount initially allocated to the Guaranteed
Interest Option on each Participant’s behalf.
A Transfer Period is the calendar quarter in which the transfer request is made and the preceding three calendar quarters.
Generally this means that new participants will not be able to transfer assets out of the Guaranteed Interest Option during
the rst calendar year the Participant is participating under the Contract. Transfers made from the Guaranteed Interest
Option when there is no transfer limitation in effect will not count against the maximum transfer amount if the transfer
limitation subsequently goes into effect.
From time to time we may remove certain restrictions that apply to the investment method. If we do so we will tell you. We
will also tell you at least 45 days in advance of the day we intend to re-impose the transfer restrictions. When we re-impose
the transfer restrictions that apply to the Plan’s investment method, amounts in any Investment Options that are not
available under the Plan’s investment method can remain in these investment options, but Participants will not be permitted
to allocate new contributions or make additional transfers (including through our rebalancing feature) into these investment
options. Generally this means that new participants will not be able to transfer assets out of the Guaranteed Interest Option
during the rst calendar year of their participation under the Contract.
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We will not permit transfers out of the Guaranteed Interest Option for 90 days after we receive notice of a Plan Termination.
After 90 days, the transfer limitation described above will go into effect for all transfers (regardless of which Variable
Investment Options are available under their Plan). In the case of termination of participation in the Contract, once we
receive the Employer’s request for payments, no transfers to or from the Guaranteed Interest Option will be made.
If the Employer or Plan Trustee has transferred assets to the Retirement Gateway
SM
Contract from another funding vehicle,
the Participants may transfer, for the Transfer Period in which the assets have been transferred, up to 25% of the amount
that is initially allocated to the Guaranteed Interest Option on his or her behalf.
Disruptive transfer activity
You should note that the Contract is not designed for professional ‘‘market timing’’ organizations, or other organizations
or individuals engaging in a market timing strategy. The Contract is not designed to accommodate programmed transfers,
frequent transfers or transfers that are large in relation to the total assets of the underlying portfolio. Frequent transfers,
including market timing and other program trading or short-term trading strategies, may be disruptive to the underlying
Portfolios in which the Variable Investment Options invest.
Disruptive transfer activity may adversely affect performance and the interests of long-term investors by requiring a portfolio
to maintain larger amounts of cash or to liquidate portfolio holdings at a disadvantageous time or price.
For example, when market timing occurs, a portfolio may have to sell its holdings to have the cash necessary to redeem the
market timer’s investment. This can happen when it is not advantageous to sell any securities, so the portfolio’s performance
may be hurt. When large dollar amounts are involved, market timing can also make it difcult to use long- term investment
strategies because a portfolio cannot predict how much cash it will have to invest.
Certain fund families impose a redemption fee on share purchases made and subsequently sold within a specied time
period. A redemption fee is one of the ways fund companies attempt to control short-term trading. The fee will be paid to
the fund rather than to Equitable or the fund management company. This charge will be assessed against the amount
withdrawn and remitted to the fund on a periodic basis.
In addition, disruptive transfers or purchases and redemptions of portfolio investments may impede efcient portfolio
management and impose increased transaction costs, such as brokerage costs, by requiring the portfolio manager to
affect more frequent purchases and sales of portfolio securities. Similarly, a portfolio may bear increased administrative
costs as a result of the asset level and investment volatility that accompanies patterns of excessive or short-term trading.
Portfolios that invest a signicant portion of their assets in foreign securities or the securities of small- and mid- capitalization
companies tend to be subject to the risks associated with market timing and short-term trading strategies to a greater extent
than Portfolios that do not. Securities trading in overseas markets may present time zone arbitrage opportunities when
events affecting portfolio securities values occur after the close of the overseas market but prior to the close of the U.S.
markets. Securities of small- and mid-capitalization companies present arbitrage opportunities because the market for such
securities may be less liquid than the market for securities of larger companies, which could result in pricing inefciencies.
Please see the prospectuses for the underlying Portfolios for more information on how portfolio shares are priced.
We currently use the procedures described below to discourage disruptive transfer activity. You should understand,
however, that these procedures are subject to the following limitations: (1) you primarily rely on the policies and procedures
implemented by the underlying Portfolios; (2) you do not eliminate the possibility that disruptive transfer activity, including
market timing, will occur or that portfolio performance will be affected by such activity; and (3) the design of market timing
procedures involves inherently subjective judgments, which we seek to make in a fair and reasonable manner consistent
with the interests of all Participants.
The Afliated Trusts: EQ Premier VIP Trust and EQ Advisors Trust Disruptive Transfer Activity Policy
We offer Investment Options with underlying portfolios that are part of EQ Premier VIP Trust and EQ Advisors Trust (together,
the ‘‘trusts’’). The trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage
frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such
transactions. They aggregate inows and outows for each portfolio on a daily basis. On any day when a portfolio’s net
inows or outows exceed an established monitoring threshold, the trust obtains from us Participant trading activity. The
trusts currently consider transfers into and out of (or vice versa) the same Variable Investment Option within a ve-Business
Day period as potentially disruptive transfer activity. Each trust reserves the right to reject a transfer that it believes,
in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its Portfolios. Please see the
prospectuses for the trusts for more information.
When a Participant is identied in connection with potentially disruptive transfer activity for the rst time, a letter is sent to
the Participant explaining that there is a policy against disruptive transfer activity and that if such activity continues; certain
transfer privileges may be eliminated. If and when the Participant is identied a second time as engaged in potentially
disruptive transfer activity under the Contract, we currently prohibit the use of voice, fax and automated transaction services.
We currently apply such action for the remaining life of each affected Contract. We or a trust may change the denition
of potentially disruptive transfer activity, the monitoring procedures and thresholds, any notication procedures, and the
procedures to restrict this activity. Any new or revised policies and procedures will apply to all Participants uniformly. We
do not permit exceptions to our policies restricting disruptive transfer activity.
17 E15719
It is possible that a trust may impose a redemption fee designed to discourage frequent or disruptive trading by Participants.
As of the date of this document, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust,
that fee, like any other trust fee, will be borne by the Participant. Participants should note that it is not always possible for
us and the underlying trusts to identify and prevent disruptive transfer activity. Our ability to monitor potentially disruptive
transfer activity is limited in particular with respect to certain group Contracts. Group annuity contracts may be owned by
retirement plans on whose behalf we provide transfer instructions on an omnibus (aggregate) basis, which may mask the
disruptive transfer activity of individual Participants, and/or interfere with our ability to restrict communication services.
In addition, because we do not monitor for all frequent trading at the separate account level, Participants may engage
in frequent trading which may not be detected, for example, due to low net inows or outows on the particular day(s).
Therefore, no assurance can be given that we or the trusts will successfully impose restrictions on all disruptive transfers.
Because there is no guarantee that disruptive trading will be stopped, some Participants may be treated differently than
others, resulting in the risk that some Participants may be able to engage in frequent transfer activity while others will bear
the effect of that frequent transfer activity. The potential effects of frequent transfer activity are discussed above.
The Unafliated Trusts: Variable Insurance Trusts and Outside Mutual Funds Disruptive Transfer Activity Policy
We generally cooperate with the funds available for investment through our Separate Accounts in identifying plans or
individuals that engage in frequent trading activity. If a fund so requests, we will take action to help monitor such activity
and to assist the fund in taking any steps that may be implemented by it to limit that activity. For this purpose,
we may, among other things, restrict theavailability of personal telephone requests, facsimile transmissions, automated
telephone services, Internet services or any electronic transfer services. We may take other actions requested by a
fund if we deem it within our power and authority. If we are not able to take the action requested by a fund, the fund
may refuse to permit any additional investment in it through our Separate Account and in which case; we may terminate
the availability of the fund. Any replacement will be subject to approval by the Plan. We currently provide a letter to
those who have engaged in disruptive transfer activity of our intention to restrict access to communication services.
However, we may not provide such letters in the future. Please see the prospectus of any fund that you have selected or that
you are considering for allocation of plan assets for information provided by the fund regarding frequent transfers, “market
timing” activity, and the valuation of portfolio securities.
4. Accessing Annuity Account Value or Money
Withdrawals and Termination
Subject to any restrictions in your Plan, the Contract allows the Employer or Employer’s Designee to make a withdrawal,
on behalf of a Participant, from a Participant’s Retirement Account Value, by requesting the withdrawal via online or by
submitting a completed withdrawal form to our Processing Ofces. We will process withdrawal requests on the Business
Day we receive the required information in good order. If we receive only partially completed information, we will contact
the E mployer or Employer’s Designee for completion before we can process it. We will send withdrawal proceeds to the
Plan Sponsor, unless the Employer or Employer’s Designee has elected our bundled services recordkeeping arrangement,
which provide for direct distribution to Participants.
However, prior to making any payment, Equitable may request from the Employer or Employer’s Designee such information
as it may reasonably require to determine that the withdrawal is necessary and proper under the terms of the Plan and is
not made in order to avoid the effect of the provisions of the Contract applicable if the Plan is to terminate its participation in
the Contract. In addition, Equitable may request from the Employer or Employer’s Designee similar information with respect
to withdrawals previously made.
As a deterrent to premature withdrawals (generally before age 59 ½) Federal Income Tax rules provide certain restrictions
on and penalties for early withdrawals. In addition, for payments made directly to Participants, we withhold income taxes
from the amount withdrawn unless an exception applies.
Subject to the provisions of the Plan, if a Participant is no longer an active Participant under the Plan but has an Annuity
Account Value under this Contract in an amount greater than or equal to $1,000 and less than $5,000, the Employer may
directly rollover such amount to an IRA in accordance with Internal Revenue Code Section 401(k)(1).
Partial Withdrawals and Terminations
Subject to the terms of the Employer’s Plan, the Contract and any restrictions in Federal Income Tax rules, the Participants
may take partial withdrawals from the Account Value (Non-Personal Income Benet Account Value, the Personal Income
Benet Account Value or both) or terminate the Contract at any time while the Participant is living and before annuity
payments begin.
If the Participant takes a withdrawal from the Personal Income Benet Account Value, the withdrawal may affect the
Guaranteed Annual Withdrawal Amount. See “Effect of Personal Income Benet Early and Excess Withdrawals” in Appendix
B “Personal Income Benet” at the end of this document for details. The minimum amount the Participant may withdraw
at any time is $300. If the Account Value is less than $500 after a withdrawal, we may terminate your Contract and pay its
Cash Value except if the Personal Income Benet feature has been activated under the Contract.
18 E15719
Installment Payments (Systematic Withdrawals)
If the Plan permits and a Participant has at least $5,000 of Annuity Account Value in the Investment Options on the date we
receive the proper election form at our Processing Ofce, a Participant may elect to have installment payments made on a
monthly, quarterly, semi-annual or annual basis. The minimum amount available for each installment payment is $300. A
xed-dollar amount will be withdrawn from each Investment Option. We will make the installment payment on the rst day
of the month.
Installment payments may be elected under the Contract if the:
Plan permits it and the Plan Sponsor elects to make this feature available to Participants;
Annuity Account Value is not subject to a Withdrawal Charge, as fully explained in “Charges and Expenses” and
Participant does not have an outstanding loan.
A Participant need not maintain a minimum Annuity Account Value amount. The amount of each installment payment will
represent a pro rata portion of the total amount in each Investment Option, adjusted to reect expenses and investment
experience.
It is the Plan Sponsor’s responsibility to ensure that the payments received meet any applicable requirements of the Code.
Once elected, installment payments shall continue until the Annuity Account Value is exhausted, with the nal payment
being equal to the amount remaining in the Annuity Account Value, or until we receive a Participant’s written request to
cancel installment payments.
Withdrawals for Plan Loans
The Contract permits the Employer or Employer’s Designee to withdraw monies from a Participant’s Annuity Account Value,
without incurring a Withdrawal Charge, in order to make a loan to the Participant as authorized under the Plan.
Employers who adopt the IRS pre-approved Plan and Trust may choose to offer its loan feature. The availability of loans,
under the unbundled services arrangement, those that have an individually designed or prototype plan depends on the
terms of the plan. Plan loans may also be limited by terms of the plan. We will provide the Participants with information on
these limitations upon request.
Each Plan Sponsor, pursuant to the terms of the plan’s loan rules, is responsible for determining the interest rate that applies
to each loan. We will add all interest (as well as principal) that is paid by on an outstanding loan balance to the Annuity
Account Value. The interest paid in repaying a loan may not be deductible, but amounts paid as interest on a Participant
loan may be taxable when distributed. Special tax rules apply if a Participant does not make a loan payment. In addition,
if a Participant dies while a loan is outstanding, the loan will be automatically defaulted, a deemed distribution would occur
which will be subject to Federal Income Tax.
The assets in the Personal Income Benet Account Value are used to calculate the available loan amount but are not
available to be withdrawn for a loan. If there are not sufcient assets in the Non-Personal Income Benet Account Value
to satisfy the loan request, the Participant must transfer assets from Personal Income Benet Variable Investment Option
to Non-Personal Income Benet Investment Option. Please note this may cause an Early Withdrawal from the Personal
Income Benet Account Value. Refer to section on “Effect of Personal Income Benet On Early and Excess Withdrawals”
in Appendix B at the end of this document.
Forfeitures
Forfeitures can arise when the Employer or Employer’s Designee reports that a Participant who is not fully vested under
a Plan terminates employment. Under the terms of the Contract, when a forfeiture occurs we will transfer the unvested
portion of your Participant’s Account Value and deposit such amount in the forfeiture account. The Employer or Employer’s
Designee must report to us in writing how to disburse the amounts in the forfeiture account. If the assets are used for
anything other than reallocation to Participant’s accounts or fee payments, the withdrawal from the forfeiture account may
be considered a termination of participation of the Plan in the Contract. We allocate amounts in the forfeiture account to
the Plan’s Default Option.
Annuity Benets
The Employer or Employer’s designee must report to Equitable each Participant or other person with respect to whom
an Annuity Benet is to be provided under this Contract to be applied to provide such Annuity Benet is at least $3,500.
Any such report is to be made before the rst payment under such Annuity Benet. The report must be in the form
prescribed by Equitable and will include all pertinent facts and determinations requested by Equitable. Equitable will be fully
protected in relying on the reports and other information furnished by the Employer and will not inquire as to the accuracy
or completeness of the reports.
19 E15719
An Application must be made in order to provide each Annuity Benet. The amount applied to the Annuity Benet will
be equal to the amount withdrawn from the Investment Options, less any applicable tax charge in accordance with the
Contract on annuity considerations; provided that the Employer may report, in accordance with the provisions above, that
only a portion of the given amount is to be used for such benet.
If Equitable has deducted charges for the applicable tax from the Contributions being applied to provide an Annuity Benet
before the Participants were allocated to the Investment Options pursuant to the Contract, Equitable will not again deduct
charges from such Contributions for the same taxes. If however, taxes are later imposed upon Equitable when such an
application is made, Equitable reserves the right to make an additional deduction for such taxes.
Application will be made on the basis of either (a) the Table of Guaranteed Annuity Payments included in Appendix A of the
Contract, or (b) Equitable’s then-current individual annuity rates applicable at the time of application to funds from sources
outside Equitable, whichever rates would provide a larger benet to the payee.
On and after the fth anniversary of the Contract Date, at intervals of not less than ve years Equitable reserves the right,
upon 90 days advance notice to the Employer, to change at any time, the actuarial basis used in the Tables of Guaranteed
Annuity Payments. No such change, however, will apply to any Annuity Benet provided before the change.
Subject to the terms of the Plan as reported to us by the Plan Sponsor, payment options under the Contract include:
Life Annuity
Qualied Joint and Survivor Life Annuity
Other forms of benet payments which may be offered by Equitable
Automatic Minimum Withdrawal
We offer our Automatic Minimum Withdrawal feature to help meet lifetime required minimum distributions under Federal
Income Tax rules. Please note that, under Section 401(a)(9) of the Internal Revenue Code, distributions from qualied
plans must generally begin no later than April 1st of the calendar year following the later of the calendar year in which the
participants attain age Required Minimum Distribution or the calendar year in which the participants retire. For 5% Owners,
the required beginning date is April 1 of the calendar year following the calendar year in which the employee attains age
Required Minimum Distribution, even if the employee has not retired. Subsequent distributions must be made by December
31st of each calendar year (including the calendar year of the participant’s required beginning date). If the required minimum
distribution is not paid, the Participants may be required to pay a penalty tax equal to 50% of the difference between the
amount required to be distributed and the amount actually distributed.
The actuarial present value of additional contract benets must be added to the Account Value in calculating required
minimum distribution withdrawals from annuity contracts funding 401(a) Plans. For this purpose, additional annuity contract
benets may include enhanced death benets.
A Participant may elect our RMD automatic minimum withdrawal feature if they are at least age Required Minimum
Distribution or in any later year, subject to the terms of the Plan, if applicable, provided they do not have any outstanding
loans. When electing this feature, amounts from both the Personal Income Benet Account Value and the Non-Personal
Income Benet Account Value are used to determine the lifetime required minimum distribution payment each year. To elect
this option, the Participant must have an Account Value of at least $2,000. The minimum amount we will pay out is $300, or
if less, the Participant’s Account Value. If the Account Value is less than $500 after the withdrawal, we may terminate the
Contract and pay the Cash Value unless the Participant has activated the Personal Income Benet feature of the Contract.
Currently, minimum distribution withdrawal payments will be made annually. We will calculate the payment each year based
on the Participant’s Account Value at the end of each prior calendar year. We calculate the RMD amount based on the
information given to us, the various choices made and certain assumptions. We rely on the information provided to us with
respect to the Participants, and we will not be responsible for errors that result from inaccuracies in this information.
The Automatic Minimum Withdrawal feature is revocable. Electing this feature does not restrict the Participants, subject
to the terms of the Plan, from taking partial withdrawals or subsequently electing an annuity distribution option. Equitable
reserves the right to discontinue or change this service at any time in Equitable’s sole discretion.
How Withdrawals are taken from the Participant’s Account Value
Unless the Participant species otherwise, we will subtract the withdrawal from the Investment Options according to the
withdrawal hierarchy. If the Participant has made allocations to the Personal Income Benet Variable Investment Option, the
Participants shouldcarefully consider how withdrawals are to be made from the total Account Value. In general, the specic
form we require for withdrawal requests will ask the Participants how the withdrawals should be made from the total Account
Value. Depending on certain factors, including the Participant’s age at the time, taking withdrawals from the Personal Income
Benet Account Value may have a signicant impact on that benet. For more information, see “Personal Income Benet” in
Appendix B at the end of this document for details.
20 E15719
Termination of Plan Participant under the Contract
The Plan Sponsor may terminate its Plan’s entire participation under the Contract by writing to our Processing Ofce. If
the Plan is to be terminated without immediate establishment of a successor plan sponsored by the Plan Sponsor, or the
Plan is to terminate its participation in the Contract, the Plan Sponsor will provide us with 90 days advance written notice
of the Plan or Contract Termination. After such notice has been received, withdrawals will be made in accordance with the
provisions described below.
If a Plan Sponsor fails to provide us with the data necessary to administer the Contract, we may return the Plan assets to the
Plan’s Trust or to a Trust designated by the Plan Sponsor. In addition, if a Plan does not qualify under Federal tax rules, or if
within a specied period the Plan Sponsor does not provide evidence that the Plan does qualify under Federal tax rules, then
upon at least 90 days advance written notice, we may terminate the Plan’s participation under the Contract, prohibit further
contributions under the Contract and return the Plan assets under the Contract and pay as directed by the Plan Sponsor.
Withdrawals from the Variable Investment Options
In the event of a Plan Termination, any withdrawals from the Variable Investment Options that are requested by the Plan
Sponsor will continue to be made, and if the Plan Sponsor requests in writing we will pay the total of all Plan assets in the
Variable Investment Options less applicable withdrawal and tax charges as directed by the Plan Sponsor. In the event of a
termination of participation in the Contract, if the Plan Sponsor requests in writing, we will pay the total of all Plan assets in
the Variable Investment Options, less any applicable withdrawal and tax charges as directed by the Plan Sponsor.
Withdrawals from the Guaranteed Interest Option
We will accept requests for withdrawals from the Guaranteed Interest Option after 90 days have elapsed from our receipt of
the written notice of termination. If the Plan Sponsor requests withdrawals, they will begin, or will be made, within 30 days
of the later (i) of receipt of the request at our Processing Ofce or (ii) the end of the 90 day notice period, and will generally
be made in six annual installments. Each installment will be equal to the amount then in the Guaranteed Interest Option
divided by the number of remaining installments including the one then due. Interest at the then applicable Guaranteed
Interest Option rate will be credited to the balances of the Annuity Account Value during the installment payment period. No
Withdrawal Charge or Market Value Adjustment will apply to the installments, and no other withdrawals, other than benet
distributions, will be allowed. We reserve the right to pay the withdrawal in a single sum instead of annual installments if the
total Plan assets held in the Guaranteed Interest Option are less than $1,000,000. Withdrawal Charges or a Market Value
Adjustment (not to exceed 7%) may apply. A Market Value Adjustment will not apply in New York if we exercise such rights.
In addition the Plan Sponsor may request that the withdrawal be paid in a single sum. If we agree, then Withdrawal Charges
or a Market Value Adjustment (no 7% limit) may apply. To determine the Market Value Adjustment, we use a formula
specied in the Contract which is described in Appendix E. The Market Value Adjustment will never result in the forfeiture of
net principal amounts contributed to the Guaranteed Interest Option on behalf of a Participant plus a minimum guaranteed
interest earned on such amounts. If the Withdrawal Charge, if applicable, would exceed the Market Value Adjustment, then
the Withdrawal Charge will be imposed instead of the Market Value Adjustment.
Withdrawals made as a result of a Participant’s (i) death, (ii) attainment of the normal retirement age under the Employer’s
Plan, (iii) disability, (iv) separation from service, (v) to purchase a life annuity distribution option or satisfy the Code’s
minimum distribution requirements (as discussed above) are not subject to the installment payout, Market Value Adjustment
or a Withdrawal Charge.
In the case of termination of participation in the Contract, once we receive the Plan Sponsor’s request for payment, no
transfers to or from the Guaranteed Interest Option will be made. In the case of Plan Termination, no transfers may be made
once we receive notice of the Plan Termination and before a period of 90 days has elapsed, except for transfers already
being made under an automatic transfer arrangement. After the end of the 90 day period transfers will be permitted, and the
maximum amount that may be transferred to a Variable Investment Option from the Guaranteed Interest Option during the
current and three immediately preceding calendar quarters will be equal to a percentage of the amount that was held in the
Guaranteed Interest Option as of the end of the 90 day period. Once we receive the Plan Sponsor’s request for termination
of participation in the Contract, no further contributions may be made to the Guaranteed Interest Option.
In case of a Plan Termination, if during the installment period, the Employer reports to Equitable that all or part of the
balance of the installments are to be paid in connection with a benet distribution, Equitable will pay in a single sum the
amount requested as directed by the Plan Sponsor. In case of a termination of participation in the Contract, the amount of
any withdrawal for a benet distribution while installments are in progress will be the amount required therefore, minus any
amount then held in another funding vehicle with respect to the Plan.
Eligible rollover distributions
Many types of distributions from qualied plans are “eligible rollover distributions” that can be rolled over to another “eligible
retirement plan” which will accept the rollover. Eligible retirement plans include qualied plans, individual retirement
arrangements (“IRAs”), Section 403(b) plans, and governmental employer Section 457(b) plans. Eligible rollover distributions
may also be rolled over to another eligible retirement plan within 60 days of the receipt of the distribution, but the distribution
will be subject to mandatory 20% federal income tax withholding if the distribution is not directly rolled over. If the eligible
rollover distribution is directly rolled over, there is no mandatory 20% federal income tax withholding. Eligible rollover
21 E15719
distributions to employees under age 59½ may be subject to an additional 10% federal income tax penalty if the distribution
is not rolled over. After 2015, eligible rollover distributions from qualied plans may also be rolled over to a SIMPLE IRA.
An employee’s surviving spouse beneciary may also roll over an eligible rollover distribution to another eligible retirement
plan under certain circumstances. A non-spousal death beneciary may be able to directly roll over death benets to a new
traditional inherited IRA under certain circumstances. Distributions from a qualied plan can also be rolled over to a Roth
IRA. Any taxable portion of the amount rolled over will be taxed at the time of the rollover.
The IRS has issued ordering rules and related guidance on allocation between pre-tax and post-tax amounts on distributions
from the plan before annuity payments start, including distributions to be made to multiple destinations, and the effect of direct
rollovers. This guidance indicates that all disbursements from the plan that are “scheduled to be made at the same time” are
treated as a single distribution even if the recipient has directed that the disbursement be divided among multiple destinations.
Multiple destinations include payment to the recipient and direct rollovers to one or more eligible retirement plans.
The guidance generally requires that the pre-tax amount for the aggregated distribution is rst assigned to the amount
directly rolled over to one or more eligible retirement plans (so that the pre-tax amount would not be currently taxable). If
the recipient wants to divide the direct rollover amount among two or more eligible retirement plans, before the distribution
is made, the recipient can choose how the pre-tax amount is to be allocated among the plans. (We expect to have forms
for this choice.)
If the pre-tax amount for the aggregated distribution is more than the amount directly rolled over, the guidance indicates
that any remaining pre-tax amount is next assigned to any 60-day rollovers up to the amount of the 60-day rollovers.
(Please note that the recipient is responsible for the tax treatment of 60-day rollovers and that our information report on
Form 1099-R will reect distribution to the recipient and any required 20% withholding.) The guidance further indicates that
any remaining pre-tax amount after assignment of the pre-tax amount to direct rollovers and 60-day rollovers is includible
in gross income. Finally, if the amount rolled over to an eligible retirement plan exceeds the portion of the pre-tax amount
assigned or allocated to the plan, the excess is a post-tax amount.
This guidance claries that a plan participant can use rollovers to separate the pre-tax and post-tax amounts of a distribution.
For example, if a plan participant takes a distribution of $100,000 from a plan, $80,000 of which is pre-tax and $20,000
of which is attributable to non-Roth post-tax contributions, the participant could choose to allocate the distribution so that
the entire pre-tax amount of $80,000 could be directly rolled over to a traditional IRA and the $20,000 non-Roth post-tax
contributions could be rolled over to a Roth IRA.
To the extent a distribution is rolled over, it remains tax deferred.
Distributions not rolled over directly are subject to 20% mandatory withholding and the distribution may be subject to the
premature penalty tax.
The taxable portion of most distributions will generally be an “eligible rollover distribution” unless the distribution falls within
the following list of exceptions:
one of a series of substantially equal periodic payments made (not less frequently than annually):
(a) for the life (or life expectancy) of the participant or the joint lives (or joint life expectancies) of the participant
and his or her designated beneciary in accordance with IRS formulas, or
(b) for a specied period of ten years or more.
a hardship withdrawal;
any distribution to the extent that it is a required distribution under Section 401(a)(9) of the Code;
certain corrective distributions in plans subject to Sections 401(k), 401(m), or 402(g) of the Code;
loans that are treated as deemed distributions under Section 72(p) of the Code;
costs of life insurance protection for participants;
dividends paid on employer securities as described in Section 404(k) of the Code; and
a distribution to a non-spousal beneciary.
If a distribution is made to a participant’s surviving spouse, or to a current or former spouse under a qualied domestic
relations order, the distribution may be an eligible rollover distribution, subject to mandatory 20% withholding, unless one
of the exceptions described above applies.
Amounts attributable to “designated Roth contributions” under a 401(k) plan may be rolled over to another designated Roth
contribution separate account under a 401(k) plan or to a Roth IRA. They cannot be rolled over to a non-Roth post- tax
contribution account under a 401(k) plan.
22 E15719
If there is a mandatory distribution provision in the employer’s plan for certain small amounts, such a mandatory forced- out
distribution is an eligible rollover distribution. Treasury Regulations require a direct rollover to a traditional IRA established for
a plan participant who does not afrmatively designate an eligible retirement plan to receive such a mandatory distribution.
Penalty tax on premature distributions
An additional 10% penalty tax is imposed on all taxable amounts distributed to a participant who has not reached age 59½
unless the distribution falls within a specied exception or is rolled over into an IRA or other eligible retirement plan. The
specied exceptions are for:
(a) distributions made on account of the participant’s death or disability;
(b) distributions (which begin after separation from service) in the form of a life annuity or substantially equal periodic
installments over the participant’s life expectancy (or the joint life expectancy of the participant and the beneciary);
(c) distributions due to separation from active service after age 55; and
(d) distributions used to pay certain extraordinary medical expenses.
Please note that it is a participant’s responsibility to claim the penalty exception on his or her own income tax return and
to document eligibility for the exception to the IRS.
Federal income tax withholding
Mandatory federal income tax withholding at a 20% rate will apply to all “eligible rollover distributions” unless the participant
elects to have the distribution directly rolled over to another eligible retirement plan, including a qualied plan, an annuity
contract under Section 403(b) of the Code, an eligible governmental employer plan under Section 457 of the Code or IRA
(traditional or Roth).
For all other distributions, federal income tax must also be withheld on the taxable portion of pension and annuity payments,
unless the recipient is eligible to elect out and elects out of withholding. The rate of withholding will depend on the type
of distribution and, in certain cases, the amount of the distribution. Special rules may apply to foreign recipients or United
States citizens residing outside the United States. If a recipient does not have sufcient income tax withheld, or does not
make sufcient estimated income tax payments, the recipient may incur penalties under the estimated income tax rules.
Recipients should consult their tax advisers to determine whether they should elect out of withholding.
5. Understanding the Retirement Gateway
®
Program
The Retirement Gateway
®
Retirement Program (Program) consists of either a dened contribution IRS pre- approved Plan
and Separate Trust (IRS pre-approved Plan and Trust) that is sponsored by Equitable or, for Employers who prefer to use
their own individually-designed or a IRS pre-approved prototype dened contribution plan document, in conjunction with the
Plan’s Trust, or the Pooled Trust. The Program offers, according to the terms of either the IRS pre-approved Plan and Trust
or Pooled Trust, a group variable annuity Contract as a funding vehicle for employers who sponsor qualied retirement Plans.
IRS pre-approved Plan and Trust
As an employer, subject to Equitable’s underwriting requirements, you can use the Program to adopt the Equitable sponsored
IRS pre-approved Plan and Trust, in which case the Contract will be the sole funding vehicle for the Plan.
The IRS pre-approved Plan and Trust consists of a pre-approved dened contribution adoption agreement and basic
plan document. Under the terms of the Trust Agreement of Equitable Life Insurance Company (“Separate Trust”), the
Plan Sponsor appoints Reliance Trust Company (“Reliance”) as the directed plan trustee and agrees that plan assets
will be invested exclusively in the Contract through the Separate Trust’s participation in an Internal Revenue Service Rev.
Rul. 81-100 Pooled Trust. Reliance is also the Trustee of the Pooled Trust.
An Employer may adopt one or more Plans. The plans are all participant-directed individual account plans. That means
that the Plan Participants choose which Investment Options to use (after the Plan Sponsor has made the initial selection of
the Investment Options) for the investment of their plan accounts. The Plans are designed to allow Plan duciaries to meet
the requirements of Section 404(c) of ERISA. However, the Employer is responsible for making sure the chosen Investment
Options constitute a broad range of investment choices as required by the Department of Labor regulation under Section
404(c) of ERISA.
If the Equitable sponsored IRS pre-approved Plan with the Separate Trust is adopted, the Plan Sponsor must choose our
bundled (also known as Full Service) service plan recordkeeping arrangement described below. We will provide such
services according to the terms of a written service agreement between us and the Employer. Further information about the
fees and charges for our bundled service plan recordkeeping arrangement will be provided upon request and in a separate
document.
Pooled Trust
The Pooled Trust is the Equitable Life Insurance Company Pooled Trust for Members Retirement Plans which is an IRS
Revenue Ruling 81-100 trust. The Pooled Trust holds the group deferred annuity contract. Plans electing to use the Contract
are consenting through the Group Annuity Application to direct the Trust under their Plan to invest in the Pooled Trust which
holds the Group Annuity Contract.
23 E15719
If a plan wants to use its own individually designed or other IRS Pre-approved dened contribution plan and trust, and if
the trust does not already have a provision permitting it to invest in a Pooled Trust, it would have to be amended to include
such a provision to permit participation in the Pooled Trust. In that event, the Contract must also be used as the Plan’s
sole or exclusive funding vehicle unless we agree otherwise. If only the Pooled Trust is adopted; only the unbundled (also
known as basic service) Service Recordkeeping arrangement is available. However, we may offer to perform other plan
recordkeeping services for an additional charge. We will provide such services according to the terms of a written service
agreement between the plan trustee and us. Further information about the fees and charges for our Unbundled Service Plan
Recordkeeping arrangement will be provided upon request and in a separate document.
The Trustee
Reliance Trust Company currently is the trustee under both the Equitable sponsored IRS pre-approved Plan and Separate
Trust for full service and the Pooled Trust. The Pooled Trust will not be available in certain states where the Retirement
Gateway
®
Contract may only be issued directly to the Employer or Plan Trustee. Employers in those states will not be able
to use our bundled service recordkeeping arrangement; the Participants must use the unbundled service Recordkeeping
arrangement. The sole responsibility of Reliance Trust Company is to serve as trustee of the Equitable sponsored IRS
pre- approved Plan and Separate Trust for Bundled Service or through the Plan’s participation in the Pooled Trust. It has no
responsibility for the administration of the Program or for any distributions or duties under the Contract.
Adopting the Program
To adopt the Equitable sponsored IRS pre-approved Plan and Separate Trust, the Plan Sponsor must complete and sign
an Adoption Agreement, and complete certain other installation forms and agreements.
To adopt the Pooled Trust, the Plan Trustee(s) must execute a Pooled Trust participation agreement. The adoption of the
Pooled Trust also automatically amends the trust maintained under their qualied retirement plan, and incorporates the
statement set forth in Appendix C.
All required materials (including a Contract Application), upon completion, must be returned to the address specied
on the applicable form. The Plan Sponsor should keep copies of all completed forms for its own records.
Investment Fiduciary Support Services
The Program offers duciary guidance and support through an agreement with an independent investment advisory rm.
3(21) Investment Fiduciary Services
The Plan Sponsor may elect to receive investment advisory services by directly contracting with an independent investment
advisory rm. This service assists in creating, documenting and maintaining the list of Investment Options in the Plan’s
retirement plan portfolio. The independent investment advisory rm takes responsibility for recommending and selecting
appropriate Investment Options for each asset category. It is the Plan Sponsor’s or its designated duciary’s responsibility
to select the investment line-up under the Plan. If the Plan Sponsor follows the guideline recommendations that meet the
diversication requirements of ERISA, the independent investment advisory rm agrees to act as investment duciary,
as dened in Section 3(21)(a)(ii) of ERISA. The fee for these services is described and disclosed in the Plan Sponsor
agreement with the independent investment advisory rm.
3(38) Investment Fiduciary Services
For an additional fee, the independent investment advisory rm will accept discretionary authority to select and de-select
the Plan’s investment line- up from the Investment Options. In providing this service, the independent investment advisory
rm will act as an investment manager to the Plan as dened by Section 3(38) of ERISA, with responsibility for selecting
and monitoring the Investment Options included in the Plan’s line-up, The fee for these services is described and disclosed
in the Plan Sponsor agreement with the independent investment advisory rm.
6. Plan Recordkeeping Services
We offer two Plan recordkeeping options: unbundled (also known as basic) service recordkeeping or, for an additional
fee, bundled service (also known as full) recordkeeping. The latter is only available to Employers who have adopted the
Equitable sponsored IRS pre-approved Plan and Separate Trust. Employers must elect one of these arrangements for each
Plan. All services, fees and charges will be described in detail in the Services Recordkeeping Agreement.
7. Understanding the Charges and Expenses
Administrative Charge
This charge is designed to compensate us for administrative expenses relating to the Contract, and is currently equal to a
maximum charge of $50.00 a year. The amount of the Administrative Charge is determined based on total assets held in
the Contract and Average Account Value. The Average Account Value under the Plan is based on the total assets that the
Plan has in the Contract and the total number of Plan Participants participating in the Contract on the Contract Date. The
Administrative Charge is reviewed annually on the anniversary of the rst contribution date to determine if an increase,
reduction or waiver of the charge is warranted. Any increase, reduction or waiver of the administrative charge will be
effective the next calendar quarter. The Employer may elect to pay this charge. If the Employer does not pay this charge
then the Administrative Charge is deducted as of the last Business Day of each calendar quarter from the Participant’s
Annuity Account Value. Equitable reserves the right to deduct this charge from each Participant’s Annuity Account Value if
not paid by the Employer.
24 E15719
If there are insufcient monies in the Non-Personal Income Benet Account Value, we will deduct this charge from the
Personal Income Benet Account Value.
Asset Charges Variable Investment Options
We deduct a charge from the net assets in each Variable Investment Option to compensate us for expense risks, mortality
risks and other charges. The Asset Charge covers operating expenses of the Contract. A portion of the charge for other
expenses is designed to reimburse us for research and development costs and for administrative expenses. To the
extent that the above charges are not needed to cover the actual expenses incurred, they may be considered an indirect
reimbursement for sales and promotional expenses relating to the Contract. In addition, there are fees and expenses
related to the Afliated Trusts and the Unafliated Trusts as described further below.
If the Plan elects the Book Value Transfer feature, a three- year or ve-year Withdrawal Charge applies and the Asset
Charge reects an increase to recover the expenses of this feature. At the end of the three-year or ve- year period, the
additional charge will cease and the Asset Charge will be reduced accordingly.
Redemption Fee
We will collect redemption fees on behalf of the underlying portfolio of the Variable Investment Options, in the amounts and
in accordance with the rules established by each underlying portfolio. We will remit the redemption fee to the underlying
portfolios as soon as practicable after collection and in compliance with any period an underlying portfolio has established.
We have no responsibility with determining this fee and this fee may be changed at any time by the investment manager of
the underlying portfolio.
Withdrawal Charge
A Withdrawal Charge is generally assessed in the event of a Plan Termination or Termination of Plan Participation in the
Contract, and will generally not apply to withdrawals attributable to Participant related events. When applicable, the Withdrawal
Charge will not exceed a maximum of 6% of the amount withdrawn nor be applied for longer than ve years from the Contract
Date, and can be reduced or waived in its entirety at Contract inception based on such factors as plan size, the level of service
required, and other fees paid. The Withdrawal Charge, if any, will be assessed on the entire amount surrendered from all
Investment Options. Surrendered amounts in the Guaranteed Interest Option will generally be paid in installments.
As long as neither a Plan Termination nor a Termination of Plan Participation in the Contract, has occurred, we will only
assess a Withdrawal Charge on in-service withdrawals from the Contract that are direct rollovers to an individual retirement
account or another qualied Plan that is not funded by an Equitable contract.
The Withdrawal Charge will not be applied to any amount withdrawn if:
(a) Amounts are paid in annual installments;
(b) Amounts are withdrawn or applied with respect to a Participant for purposes of a “Benet Distribution” or for purposes
of compliance with any qualied domestic relations order as dened in Section 414(p) of the Code;
(c) Withdrawals of Contributions are for “excess contributions” as such term is dened in Section 401(k)(8)(b) of the Code,
including the income thereon, less any loss allocable thereto, provided the withdrawal is made no later than the end of
the Plan Year following the Plan Year in which such excess contributions were made;
(d) Withdrawals of Contributions are for “excess aggregate contributions” as such term is dened in Section 401(m)(6)(B) of
the Code, including the income thereon, and less any loss allocable thereto, provided the withdrawal is made no later
than the end of the Plan Year following the Plan Year in which such excess aggregate contributions were made;
(e) Withdrawals of amounts are for “excess deferrals” as such term is dened in Section 402(g)(2) of the Code including
the income less any loss allocable provided the withdrawal is made no later than April 15 following the calendar year in
which such excess deferrals were made;
(f) Refunds of Contributions are remitted by the Employer or Employer’s Designee on behalf of the Participants due to
mistake of fact made in good faith, provided such Contributions, less any loss allocable are refunded to the Employer
(or Plan Trustee(s)) on behalf ofthe Participants within 12 months from the date such Contributions were made and no
earnings attributable to such Contributions are included in such repayment;
(g) Refunds of Contributions are remitted by the Employer or Employer’s Designee on behalf of the Participants but which
are disallowed to the Employer as a deduction for Federal Income Tax purposes, provided such Contribution, less any
loss allocable are refunded to the Employer on behalf of the Participants within 12 months after the disallowance of the
deductions has occurred and no earnings attributable to such Contributions are included in such repayment; and
(h) As a result of an in-service withdrawal from the Plan involving a direct rollover from this Contract to an individual
retirement arrangement or qualied Plan funded by an Equitable contract.
25 E15719
The Withdrawal Charge, if any, described above is deducted from the Annuity Account Value in addition to the amount of
the requested withdrawal; the portion of the amount withdrawn that is applied to pay the Withdrawal Charge is also subject
to the Withdrawal Charge. If a portion of a Participant’s Annuity Account Value is forfeited under the terms of the Plan,
we will not assess a Withdrawal Charge against unvested amounts. However, if the Plan Sponsor withdraws the forfeited
amount from the Contract before it is reallocated to other Participants, we will impose the Withdrawal Charge, as may be
applicable, at that time.
Charges that the Trusts and Outside Mutual Funds Deduct
Afliated Trusts: EQ Premier VIP and EQ Advisors Trust
Investment advisory fees and Rule 12b-1 fees charged daily against assets of the Trusts, direct operating expenses of
the Trusts (such as trustees’ fees, expenses of independent auditors and legal counsel, bank and custodian charges and
liability insurance), and certain investment-related expenses of the Trusts (such as brokerage compensations and other
expenses related to the purchase and sale of securities), are reected in each Portfolio’s daily share price. The investment
advisory fees paid annually by the Portfolios of the Trusts are listed in each prospectus. Since Trust shares are purchased
at their net asset value, these fees and expenses are passed on to the corresponding Investment Options and are reected
in their Unit Values.
Unafliated Trusts
In a manner similar to the Afliated Trusts, the Unafliated Trusts whose Portfolios are also used for the corresponding
Variable Investment Options generally charge the assets invested in their respective funds for investment advisory fees,
operating expenses and, in some cases, Rule 12b-1 fees. These charges are also reected in each of the fund’s daily share
price. Please refer to the VIT or mutual fund prospectus corresponding to each of the Variable Investment Options.
Market Value Adjustment
A Market Value Adjustment may apply in the event of termination of coverage under the Contract with respect to the Plan
pursuant to the terms of the above section entitled “Withdrawals from the Guaranteed Interest Option,” if the Guaranteed
Investment Option has been elected.
Loan Charge
A loan set-up charge of $125 will be deducted from the Participant’s Annuity Account Value at the time a p lan loan is made.
The loan set-up charge is not applicable to takeover loans. The Employer may elect to pay this charge. This charge is
intended to reimburse us for the added administrative costs associated with processing plan loans. We reserve the right to
increase this charge if our costs increase.
Applicable tax charges
We deduct a charge that we determine which is designed to approximate certain taxes that may be imposed on us, for
example, premium taxes in a Participant’s state of residence. Currently, we deduct this charge from the amount applied to
provide an annuity benet if a Participant elects to annuitize. We reserve the right to deduct any such charge from each
contribution or from withdrawals or upon Contract Termination. If we have deducted any applicable tax charges from
contributions, we will not deduct charges for the same taxes from withdrawals or upon Contract Termination or application
to an annuity distribution option. If, however, a tax is later imposed upon us when a withdrawal is made from the Annuity
Account Value or the Annuity Account Value is used to purchase an annuity, we reserve the right to deduct a charge at
such time. The current tax charge that might be imposed by us varies by state and ranges from 0% to 1%. The rate is also
1% in Puerto Rico.
Charge for Plan Recordkeeping Services
The Plan Sponsor will need to execute a Services Recordkeeping Agreement for either the unbundled service or the
bundled service recordkeeping arrangement that will outline the services and the fees and charges associated with each.
Other Charges for Recordkeeping Services
Please refer to your Services Recordkeeping Agreement for a full description of these charges and fees and for the amounts
that will be invoiced to the Employer and/or deducted from the Participants’ accounts. There are additional charges that
may apply in connection with the recordkeeping services that we are providing to the Participants including check writing
fees, manual payroll processing fee, and termination processing fee.
Changes
Equitable reserves the right, upon 90 days advance written notice to the Plan Sponsor, to increase the amount of
any charge.
26 E15719
8. Determining the Distribution of the Death Benet
Death benet amount
In general, unless payments under an annuity distribution option have begun, the death benet is equal to the Annuity
Account Value. On the day we receive proof of a Participant’s death, we will transfer the Participant’s Annuity Account Value
to the Participant’s beneciary upon their instructions.
Distribution of the death benet
The law generally requires the distribution of benets to be completed within certain periods of time, depending upon the
life or life expectancy of the beneciary. Upon written request, we will provide details on this requirement. If, at death, the
Participant was already receiving benets, the beneciary can continue to receive benets based on the payment option
selected by the Participant. If the Participant dies before the entire vested benet has been distributed, the remainder of the
benet will be payable to the beneciary.
To designate a beneciary or to change an earlier designation, a Participant must le a beneciary designation with the
Plan Sponsor. Generally, if a Participant is married, then the Participant’s Spouse must consent in writing to a beneciary
of any non-Spouse beneciary.
Beneciary’s payment options
The beneciary may elect to:
(a) receive the death benet in a single sum;
(b) apply the death benet to an annuity payment option we offer;
(c) apply the death benet to provide any other form of benet payment we offer,
(d) have the death benet rolled over to an Inherited IRA maintained on behalf of the beneciary, or
(e) have the death benet credited to an account under the Contract maintained on behalf of the beneciary in
accordance with the beneciary’s investment allocation instructions.
If the beneciary elects the last option then:
(1) the beneciary will be entitled to delay distribution of his or her account as permitted under the terms of the Plan
and the minimum distribution rules under Federal Income Tax rules;
(2) the value of the beneciary’s account will be determined at the time of distribution to the beneciary which,
depending upon investment gains or losses, may be worth more or less than the value of the beneciary’s initial
account; and
(3) if the beneciary dies prior to taking a distribution of his or her entire account, the beneciary of the deceased
beneciary will be entitled to a death benet as though the deceased beneciary were a Participant, based on the
deceased beneciary’s initial account.
The beneciary’s choices may be limited by the terms of the Plan, our rules in effect at the time, and Federal Income Tax rules.
9. Tax Information
Buying a Contract to fund a retirement arrangement
Because you are purchasing an annuity c ontract to fund a retirement plan that already provides tax deferral, you should
do so for the Contract’s features and benets other than tax deferral. The tax deferral of the Contract does not provide
additional benets beyond that already provided by the Code for all permissible funding vehicles. We recommend that all
materials be reviewed by the Plan Sponsor’s tax or benets advisor before completing and signing the Contract Application
and all plan installation papers.
Certain rules applicable to Plans designed to comply with Section 404(c) of ERISA
Section 404(c) of ERISA and the related Department of Labor (“DOL”) regulation, provide that if a Plan Participant or
beneciary exercises control over the assets in their plan account, Plan duciaries will not be liable for any loss that is the
direct and necessary result of the Plan Participant’s or beneciary’s exercise of control. As a result, if the Plan complies
with Section 404(c) and the related DOL regulation, the Plan Participant can make, and is responsible for the results of,
their own investment decisions.
Plans that satisfy Section 404(c) of ERISA must provide, among other things, a broad range of investment choices to
Plan Participants and beneciaries and must provide such Plan Participants with enough information to make informed
investment decisions. Compliance with Section 404(c) and its applicable regulations is completely voluntary by the Plan
Sponsor and the Plan Sponsor may choose not to comply with Section 404(c).
27 E15719
The Retirement Gateway
®
Retirement program provides plans with the broad range of investment choices and information
needed in order to meet the requirements of Section 404(c) of ERISA and its applicable regulations. It is the Plan Sponsor’s
responsibility to make sure that the requirements of the DOL regulations are met. Equitable, Equitable Advisors, LLC or
Equitable Distributors LLC and its Financial Professionals shall not be responsible if a plan fails to meet the requirements
of Section 404(c) of ERISA.
10. More Information
General Contract Provisions
Equitable does not have the responsibility to reconcile Participants’ individual account balances with the accumulation
fund balance where it does not maintain individual account balances.
Equitable reserves the right to amend this Contract without the consent of any other person in order to comply with
applicable laws and regulations. Such right will include, but not be limited to, the right to conform the Contract to reect
changes in state or Federal law, in the Code, in Treasury regulations or published rulings of the Internal Revenue Service,
in the Employee Retirement Income Security Act of 1974, as amended, and in Department of Labor regulations.
About the Trusts
The Variable Investment Options of Separate Account No. 65 invest in shares of a corresponding portfolio of EQ Advisors
Trust or EQ Premier VIP Trust (collectively the “Afliated Trusts”) or unafliated investment companies (the Afliated and
unafliated investment companies, the “Trusts”). The Trusts are registered under the Investment Company Act of 1940,
as amended and are classied as “open-end” investment companies,” more commonly called a mutual fund. Each Trust
issues different shares relating to each portfolio.
Equitable Funds Management Group, LLC (the “FMG”), a wholly owned subsidiary of Equitable, serves as the investment
adviser of the Afliated Trusts. As such, FMG oversees the activities of the sub-advisers with respect to the Afliated
Trusts and is responsible for retaining or discontinuing the services of those advisers. The EQ Advisors Trust commenced
operation on May 1, 1997. EQ Premier VIP Trust commenced operations on December 31, 2001.
For information regarding the unafliated investment companies, including the investment managers, please see the related
prospectuses and SAIs. FMG does not directly or indirectly manage or provide advice with respect to the Portfolios of the
unafliated investment companies.
The Trusts do not impose sales charges or “loads” for buying and selling their shares. All dividends and other distributions
on shares are reinvested in full. All dividends and other distributions on Trust shares are reinvested in full.
The Boards of Trustees of each Trust may establish additional Portfolios or eliminate existing Portfolios at any time. Each
portfolio is a separate series of each Trust with its own investment objectives, investment strategy and risk. More detailed
information about each Trust, its investment objectives, policies, restrictions, risks, expenses, multiple class distribution
systems, its Rule 12b-1 Plan relating to the Class IB or B shares, and other aspects of its operations, appears in the
prospectus for each Trust, which is available on the plan sponsor website at www.equitable.com.
About the Trust Advisors
Investment Advisers of Afliated Trusts
Each Portfolio of each Trust has a sub-adviser that furnishes an investment program for the Portfolio pursuant to an
investment advisory agreement with the Manager. Each sub-adviser makes investment decisions on behalf of the Portfolio,
places all orders for the purchase and sale of investments for the Portfolio’s account with brokers or dealers selected
by such adviser and may perform certain limited related administrative functions in connection therewith.
The Manager has received an exemptive order from the SEC that permits the The Manager, subject to certain conditions,
including board approval, and without the approval of shareholders to: (a) employ a new subadviser or subadvisers for any
Portfolio pursuant to the terms of a new Advisory Agreement, in each case either as a replacement for an existing adviser
or as an additional subadviser; (b) change the terms of any Advisory Agreement; and (c) continue the employment of an
existing adviser on the same advisory contract terms where a contract has been assigned because of a change in control of
the adviser. In such circumstances, shareholders would receive notice of such action, including the information concerning
the adviser that normally is provided in the prospectus.
The Manager pays each adviser a fee based on the Portfolio’s average daily net assets. No Portfolio is responsible for the
fees paid to each of the advisers.
28 E15719
Fees Received by Equitable
Equitable receives fees from Equitable Advisors or Equitable Distributors, LLC for providing certain administrative and
distribution related services to Equitable Advisors, or Equitable Distributors, LLC in connection with the underlying funds that
are offered as Variable Investment Options through the Contract. These fees are not additional fees assessed by Equitable.
These fees may include fees paid to Equitable Advisors, or Equitable Distributors, LLC under a distribution and/or servicing
plan adopted by an underlying fund pursuant to Rule 12b-1 under the Investment Company Act of 1940. The level of these fees
varies by Investment Option. These fees do not constitute compensation for investment advisory services.
Distribution of the Contracts and Revenue Sharing
The Contracts are distributed by Equitable Advisors, LLC (‘‘Equitable Advisors’’). Equitable Advisors is an afliate of Equitable,
and Equitable Distributors is an indirect wholly owned subsidiary of Equitable Equitable. Its principal business address is
1290 Avenue of the Americas, New York, NY 10104. Equitable Advisors is registered with the SEC as broker-dealers and
are members of the Financial Industry Regulatory Authority (‘‘FINRA’’). Equitable Advisors also act as distributors for other
Equitable life and annuity products.
Compensation Paid to Retirement Plan Specialist:
Equitable performs all marketing and service functions for the Program. No sales commissions are paid with respect to
sales of the Group Annuity Contract or investment in the Funds pursuant to the Contract. However, incentive compensation
is paid to retirement plan specialists who are Equitable employees and Equitable Advisors registered representatives
who perform these marketing and service functions. The incentive compensation is based upon sales and the amount
of rst year contributions and can range from 0.40% to 2% of rst-year plan contributions, plus $65 per plan sale. This
compensation is paid on a periodic basis to these Equitable employees. This compensation is not paid out of plan or
participant funds, and has no effect on your Program fees, charges and expenses.
Fees Paid to Associations:
Equitable may pay an association a fee for enabling the Program to be made available to their memberships based on the
number of employers whom we solicit, the number who participate in the Program, and/or the value of Program assets.
Equitable makes these payments without any additional deduction or charge under the Program.
29 E15719
APPENDIX A
RESTRICTED FUNDS
Separate Account No. 65
1290 Diversied Bond
1290 High Yield Bond
American Century Multi-Asset Real Return
American Century Short Dur Inf PrBd
American Funds Capital World Bond
Conservative Allocation Portfolio*
Conservative PLUS Allocation Portfolio*
DoubleLine Opportunistic Core Plus Bond
Charter Multi-Sector Bond
Columbia Strategic Income
EQ/Core Bond Index
EQ/Global Bond PLUS
EQ/Money Market
EQ/PIMCO Ultra Short Bond Portfolio
Fidelity VIP Investment Grade Bond Portfolio
Franklin High Income Fund
Franklin Strategic Income VIP Fund
Invesco Multi-Asset Income
Invesco Strategic Real Return
Invesco V.I. High Yield
Ivy Funds VIP High Income
Multimanager Core Bond
PIMCO Real Return Portfolio
PIMCO Total Return Portfolio
Putnam Global Income
Putnam Income
Templeton Global Bond VIP Fund
Restricted Variable Investment Options are designated in bold and italicized print on the Investment Options Attachment
Form. Equitable reserves the right to remove or add restricted funds upon prior notice to the Employer.
* The Managed Volatility Portfolios and the Fund of Fund Portfolios that include the volatility management strategy as part of
their investment objective and/or principal investment strategy are identied in the investment option lineup by an asterisk.
APPENDIX A
RESTRICTED FUNDS FOR PORTAL III ONLY
Separate Account No. 65
EQ/Money Market
American Century Short Duration Ination Protected Bond
American Funds Capital World Bond
Franklin High Income
Invesco International Total Return
Invesco Premium Income
Invesco Strategic Real Return
Putnam American Government Income
Putnam Global Income Trust
Putnam Income Templeton Global Bond
Vanguard VIF High Yield Bond
Vanguard VIF Short Term Investment Grade Portfolio
Vanguard VIF Total Bond Market Index
Restricted Variable Investment Options are designated in bold and italicized print on the Investment Options Attachment
Form. Equitable reserves the right to remove or add restricted funds upon prior notice to the Employer.
30 E15719
APPENDIX B
PERSONAL INCOME BENEFIT (PIB) INFORMATION
Index of Key Words and Phrases
Guaranteed Annual Withdrawal Amount: or “GAWA” is the amount which may be withdrawn from the Personal Income
Benet Variable Investment Option each Participant’s Birthdate Anniversary Year, and guaranteed during the lifetime of the
Participant (and the lifetime of a surviving Spouse, if Joint Life payments are elected).
Guaranteed Transfer Withdrawal Rate: or “GTWR” is the rate applied to (i) contributions made in a lump sum and
allocated to the Personal Income Benet Variable Investment Option, such as amounts that apply to direct transfers from
other funding vehicles under the Plan, rollovers, and (ii) transfers from Non-Personal Income Benet Investment Options.
Guaranteed Withdrawal Rate: or “GWR” is the rate applied to contributions that are periodically remitted and allocated to
the Personal Income Benet Variable Investment Option.
Joint Life: means an election under which GAWA payments are calculated based on the life of a Participant and Spouse,
and under which GAWA payments are guaranteed during the lives of both.
Non-Personal Income Benet Account Value: The sum of the amounts in the Non-Personal Income Benet Investment
Options.
Non-Personal Income Benet Investment Options: The Investment Options under the Contract other than the Personal
Income Benet Variable Investment Option.
Participant’s Birthdate Anniversary: means, with respect to the Participant, (i) the Participant’s rst birthday following
the Participation Date and (ii) each anniversary of the Participant’s birthday thereafter.
Participant’s Birthdate Anniversary Year: means, with respect to a Participant, any twelve month period starting with (i)
the Participant’s rst birthday following the Participation Date and (ii) each anniversary of the Participant’s birthday thereafter.
Personal Income Benet: An optional feature, for an additional charge, that guarantees that Participants can take
withdrawals from the Personal Income Benet Account Value up to a maximum amount each Participant’s Birthdate
Anniversary Year for the Participant’s lifetime (or their Spouses’ lifetime if joint life payments are elected).
Personal Income Benet Account Value: The sum of amounts held in the Personal Income Benet Variable Investment
Option.
Personal Income Benet Charge: If the Participant activates the Personal Income Benet feature by allocating amounts
to the Personal Income Benet Variable Investment Option, we deduct an annual charge equal to 1.00% of the Personal
Income Benet Account Value. This charge will be calculated and deducted on the last Business Day of each quarter from
the value in the Personal Income Benet Variable Investment Option. It is not pro-rated to account for a portion of the year. In
no event will the charge for the Personal Income Benet be deducted from the Non-Personal Income Benet Account Value.
Personal Income Benet Early Withdrawal: A withdrawal by a Participant from the Personal Income Benet Variable
Investment Option before the Participant has elected to begin taking GAWA payments.
Personal Income Benet Excess Withdrawal: A withdrawal by a Participant from the Personal Income Benet Variable
Investment Option after the Participant has elected to take GAWA payments, which causes cumulative withdrawals from
the Personal Income Benet Account Value during that Participant’s Birthdate Anniversary Year to exceed the GAWA.
Personal Income Benet Variable Investment Option: The Variable Investment Option associated with the Personal Income
Benet feature.
Ratchet Amount: The result of the following calculation on the Participant’s Birthdate Anniversary: if the Personal Income
Benet Account Value is greater than the Ratchet Base, then the Personal Income Benet Account Value minus the Ratchet
Base equals the Ratchet Amount.
Ratchet Base: The formula amount which is the sum of allocations and transfers to the Personal Income Benet Variable
Investment Option, plus any applicable Ratchet Amounts, adjusted for any Personal Income Benet Early or Excess
Withdrawals.
Ratchet Increase: An additional amount that will increase the GAWA, which is equal to the Ratchet Amount multiplied by
the GAWA on the Participant’s Birthdate Anniversary, divided by the immediately preceding Ratchet Base.
Single Life: An election under which GAWA payments are calculated based only on the life of the Participant and under
which GAWA payments are guaranteed only during the life of the Participant.
31 E15719
Withdrawal Hierarchy: The following order in which amounts will be deducted from the Annuity Account Value: amounts
will be taken from the Non-Personal Income Benet Variable Investment Options and the Guaranteed Interest Option, if
applicable, on a pro rata basis. If there is insufcient value in these options, the balance of the amount will be taken from
the Personal Income Benet Variable Investment Option on a pro rata basis.
Personal Income Benet
The Personal Income Benet is an optional feature available under the Retirement Gateway
®
Contract. For an additional
charge, the Personal Income Benet guarantees that Participants can take withdrawals from their Personal Income Benet
Account Value up to a maximum amount per each Participant’s Birthdate Anniversary Year (the “GAWA”) for their lifetime
(and their Spouse’s lifetime if Joint Life payments are elected) even if the Personal Income Benet Account Value falls to
zero, unless it is caused by a withdrawal that exceeds the Guaranteed Annual Withdrawal Amount.
In order to activate the Personal Income Benet feature, Participants must be between the ages of 21 and 85.
As discussed in more detail below, the maximum Guaranteed Annual Withdrawal Amount is calculated based on contributions
and transfers to the Personal Income Benet Variable Investment Option, each multiplied by an applicable rate, plus
any additional amount that may result from a Ratchet Increase.
Prior to allocating amounts to and activating the Personal Income Benet feature, Participants should consider the cost
and benets before doing so. The Participants should not activate this benet if they intend to take withdrawals from the
Personal Income Benet Account Value in excess of the Guaranteed Annual Withdrawal Amount because those withdrawals
may signicantly reduce or eliminate the value of the benet (see “Effect of Personal Income Benet Early and Excess
Withdrawals” later in this section).
Determining the Guaranteed Annual Withdrawal Amount
The Guaranteed Annual Withdrawal Amount is calculated based on the following:
The sum of Contributions which are periodically remitted to the Personal Income Benet Variable Investment
Option, multiplied by the Guaranteed Withdrawal Rate in effect when each Contribution is received, plus
The sum of: (i) transfers from the Non-Personal Income Benet Investment Options to the Personal Income Benet
Variable Investment Option and (ii) Contributions made in a lump sum (including, but not limited to, amounts
attributable to direct transfers from other funding vehicles under the Plan and rollovers) that are allocated to the
Personal Income Benet Variable Investment Option, multiplied by the Guaranteed Transfer Withdrawal Rate in
effect at the time of the transfer or Contribution, plus
The sum of any Ratchet Increases.
The Guaranteed Annual Withdrawal Amount, as of the end of each quarter, will be shown on the Participant’s quarterly
statement. Once Participants begin to take Guaranteed Annual Withdrawal Amount payments:
Contributions and transfers to the Personal Income Benet Variable Investment Option are not permitted;
The Guaranteed Annual Withdrawal Amount will never decrease as long as there are no Personal Income Benet
Excess Withdrawals; and
The Guaranteed Annual Withdrawal Amount may increase as the result of a Ratchet Increase of the Ratchet Base.
The Guaranteed Withdrawal Rate and Guaranteed Transfer Withdrawal Rate
With the Personal Income Benet, there are two rates applicable at all times. The Guaranteed Withdrawal Rate (“GWR”)
and the Guaranteed Transfer Withdrawal Rate (“GTWR”).
The GWR and the GTWR is tied to the Ten-Year Treasuries Formula Rate described below. The GWR is set at the beginning
of each calendar quarter however; we reserve the right to set the GWR at the beginning of each calendar month. The GWR
is calculated using the Ten-Year Treasuries in effect for that quarter, plus a percentage that ranges from 0.25% to 1.00%
based on a Participant’s age at the beginning of the calendar quarter. The percentage is 1.00% if a Participant is between
ages 21 and 50, and declines by 0.05% each year until it reaches 0.25% at age 65.
Ten-Year Treasuries Formula Rate: For each calendar quarter, this rate is the average of the rates for the ten-year U.S.
Treasury notes on each day for which such rates are reported during the 20 calendar days ending on the 15th of the last
month of the preceding calendar quarter. U.S. Treasury rates will be determined from the Federal Reserve Constant
Maturity Series or such comparable rates as may be published by the Federal Reserve Board or generally available
reporting services if the Federal Reserve Board Constant Maturity Series is discontinued.
32 E15719
If, at the beginning of a calendar quarter, the GWR and/or the GTWR calculation results in a rate lower than 2.5%, we will
set the rate to a minimum of 2.5%. On the other hand, if the GWR and/or the GTWR calculation results in a rate greater than
7%, we are under no obligation to set that higher rate. In our sole discretion, we may declare a GWR and/or GTWR rate that
is greater, but not less than the rate generated by the GWR/GTWR calculation. Please note that while the GWR and GTWR
are subject to the same stated minimum of 2.5%, we reserve the right to declare a GTWR that is higher or lower than the
GWR. During certain periods, the declared rates for the GWR and GTWR may be the same.
The following examples are designed to show the basics as to how the Guaranteed Annual Withdrawal Amount is calculated.
The Personal Income Benet Account Value used in these examples is after the deduction of all applicable fees and
charges.
EXAMPLE 1: The Participant makes a one-time transfer of $1,000 from the Non-Personal Income Benet Account Value
to the Personal Income Benet Variable Investment Option. The GTWR at the time is 3%. The amounts under the Personal
Income Benet are calculated as follows:
The Personal Income Benet Account Value is $1,000.
The Ratchet Base is $1,000.
The Guaranteed Annual Withdrawal Amount (“GAWA”) is $30. ($1,000 x 3%).
EXAMPLE 2: Building the Guaranteed Annual Withdrawal Amount with Contributions
Assume the Participant transferred money into the Personal Income Benet Variable Investment Option as described in
EXAMPLE 1 on December 1st and decide to make ongoing Contributions that amount to $200 to the Personal Income
Benet Variable Investment Option on the 15th of each month for a six-month period starting in January of the following
year. Also, for the purposes of this example, assume a 0% hypothetical rate of return for the Personal Income Benet
Account Value. The table below shows the application of the GWR to six monthly Contributions and the resulting values.
Date Transfer GTWR New GAWA Total GAWA Ratchet Base(*)
Personal Income
Benet Account
Value
Dec. 1 $1,000 3% $30 $30 $1,000 $1,000
Date Contribution GWR New GAWA Total GAWA Ratchet Base(*)
Personal Income
Benet Account
Value
Jan. 15 $200 3% $6 $36 $1,200 $1,200
Feb. 15 $200 3% $6 $42 $1,400 $1,400
Mar. 15 $200 3% $6 $48 $1,600 $1,600
Apr. 15 $200 4% $8 $56 $1,800 $1,800
May 15 $200 4% $8 $64 $2,000 $2,000
Jun. 15 $200 4% $8 $72 $2,200 $2,200
(*) The Ratchet Base is described in more detail below.
EXAMPLE 3: Building the Guaranteed Annual Withdrawal Amount with Contributions and Transfers
Assume the Participant transferred money into the Personal Income Benet Variable Investment Option in EXAMPLE
1 on December 1st and continues to allocate on-going Contributions of $200 to the Personal Income Benet Variable
Investment Option as described in EXAMPLE 2. For the purposes of this example, now assume that the Participant makes
monthly transfers of $100 from the Non-Personal Income Benet Investment Option to the Personal Income Benet Variable
Investment Option on the 1st of each month beginning on January 1st. Also, for the purposes of this example, assume a 0%
hypothetical rate of return for the Personal Income Benet Account Value. The table below shows the application of both the
GWR and the GTWR at the same time, building the Guaranteed Annual Withdrawal Amount and Personal Income Benet
Account Value through both Contributions and transfers.
33 E15719
Date Transfer GTWR(**) New GAWA Total GAWA
Ratchet
Base(*)
Personal
Income
Benet
Account
Value
Dec. 1 $1,000 3% $30 $30 $1,000 $1,000
Date Contribution GWR(**) New GAWA Total GAWA
Ratchet
Base(*)
Personal
Income
Benet
Account
Value
Jan. 1 $100 3% $3.00 $33.00 $1,100 $1,100
Jan. 15 $200 3% $6.00 $39.00 $1,300 $1,300
Feb. 1 $100 3% $3.00 $42.00 $1,400 $1,400
Feb. 15 $200 3% $6.00 $48.00 $1,600 $1,600
Mar. 1 $100 3% $3.00 $51.00 $1,700 $1,700
Mar. 15 $200 3% $6.00 $57.00 $1,900 $1,900
Apr. 1 $100 3.5% $3.50 $60.50 $2,000 $2,000
Apr. 15 $200 4% $8.00 $68.50 $2,200 $2,200
May 1 $100 3.5% $3.50 $72.00 $2,300 $2,300
May 15 $200 4% $8.00 $80.00 $2,500 $2,500
Jun. 1 $100 3.5% $3.50 $83.50 $2,600 $2,600
Jun. 15 $200 4% $8.00 $91.50 $2,800 $2,800
(*) The Ratchet Base is described in more detail below.
(**) The GTWR is declared monthly and the GWR is declared quarterly. However, we reserve the right to declare the GWR
monthly.
Ratchet Base and the Annual Ratchet
The Personal Income Benet feature includes a Ratchet component that may increase the Guaranteed Annual Withdrawal
Amount based on the performance of the Personal Income Benet Variable Investment Option.
The Ratchet Base initially equals Contributions and transfers to the Personal Income Benet Variable Investment Option
and is recalculated on each Participant’s Birthdate Anniversary to equal the greater of the Personal Income Benet Account
Value and the most recent Ratchet Base. If the Personal Income Benet Account Value is greater, we will “Ratchet,” or
increase, the Ratchet Base to equal the Personal Income Benet Account Value. If the Ratchet Base is increased, the
difference between the prior Ratchet Base and the increased Ratchet Base will be multiplied by a weighted average of the
previous GWRs and GTWRs applied to Contributions and transfers, any prior Ratchet Increases and any Personal Income
Benet Excess or Early Withdrawals to determine the additional amount that will be added to the Guaranteed Annual
Withdrawal Amount (the “Ratchet Increase”).
The refund of Excess Contributions, including earnings required to be distributed, will cause dollar for dollar reduction to
the GAWA and the Ratchet Base.
If an Annual Ratchet is not applicable on the Participant’s Birthdate Anniversary, the Ratchet Base will not be eligible for
a Ratchet until the next Participant’s Birthdate Anniversary. The Ratchet Base is decreased on a pro rata basis due to
Early and Excess Withdrawals. The Ratchet Base is not reduced by Guaranteed Annual Withdrawal Amount payments
once the Participant begins receiving such payments. Please note that it is less likely Participants will receive a Ratchet
Increase after they begin receiving the Guaranteed Annual Withdrawal Amount payments. Participants are eligible for
Annual Ratchets on each Participant’s Birthdate Anniversary both before and after they begin receiving the Guaranteed
Annual Withdrawal Amount payments.
The following example is designed to show how the Ratchet Base works. In this example, assume monies are transferred
into the Personal Income Benet Variable Investment Option on the Participant’s Birthdate, December 1st.
Next, assume that the Participant makes monthly Contributions to the Personal Income Benet Variable Investment
Option for 11 consecutive months with no transfers to the Personal Income Benet Variable Investment Option from the
Non-Personal Income Benet Investment Options. In order to demonstrate the operation of the Annual Ratchet of the
Ratchet Base, and the Ratchet Increase, further assume that the Personal Income Benet Account Value at the end of the
Participant’s Birthdate Anniversary Year is $3,000.
34 E15719
Example 4:
In this example, on Dec. 1 (the Participant’s Birthdate Anniversary), the most recent Ratchet Base ($2,600) is compared
to the Personal Income Benet Account Value ($3,000). Because the Personal Income Benet Account Value is greater,
the Ratchet Base is increased to $3,000. The total Guaranteed Annual Withdrawal Amount is also increased due to the
$400 increase in the Ratchet Base. The increase to the Guaranteed Annual Withdrawal Amount is calculated by multiplying
the increase to the Ratchet Base ($400) by the weighted average of the prior GWRs and GTWRs applied to Contributions
and transfers, any prior Ratchet Increases and any Personal Income Benet Early or Excess Withdrawals. The weighted
average is determined by dividing the Guaranteed Annual Withdrawal Amount by the Ratchet Base. Here, the increase to
the Guaranteed Annual Withdrawal Amount is calculated as follows:
$82.50 ÷ $2600 = 3.17%
3.17% x $400 = $12.69
$82.50 + $12.69 = $95.19
Date Transfer GTWR(*) New GAWA
Total
GAWA
Ratchet
Base
Personal
Income
Benet
Account
Value
Dec. 1 $1,000 3% $30 $30 $1,000 $1,000
Date Contribution GWR(*) New GAWA
Total
GAWA
Ratchet
Base
Personal
Income
Benet
Account
Value(**)
Jan. 1 $100 3% $3.00 $33.00 $1,100 $1,100
Feb. 1 $200 3% $6.00 $39.00 $1,300 $1,280
Mar. 1 $100 3% $3.00 $42.00 $1,400 $1,100
Apr. 15 $200 3.5% $7.00 $49.00 $1,600 $1,600
May 1 $100 3.5% $3.50 $52.50 $1,700 $1,760
Jun. 15 $200 3.5% $7.00 $59.50 $1,900 $1,650
Jul. 1 $100 3.5% $3.50 $63.00 $2,000 $2,100
Aug. 15 $200 3.5% $7.00 $70.00 $2,200 $2,380
Sep. 1 $100 3.5% $3.50 $73.50 $2,300 $2,580
Oct. 15 $200 3% $6.00 $79.50 $2,500 $2,860
Nov. 1 $100 3% $3.00 $82.50 $2,600 $2,960
(*) The GTWR is declared monthly and the GWR is declared quarterly. However, we reserve the right to declare the GWR
monthly.
(**) The changes to the Personal Income Benet Account Value represent hypothetical invest ment gains and losses due
to the performance of the Personal Income Benet Variable Investment Option. This example shows a Personal Income
Benet Account Value that is greater than the Ratchet Base at the end of the Participant’s Birthdate Year. Please note that
if the Personal Income Benet Account Value was lower than the Ratchet Base at the end of the Participant’s Birthdate
Anniversary Year, there would be no Annual Ratchet and no increase to the Guaranteed Annual Withdrawal Amount.
Electing to take the Guaranteed Annual Withdrawal Amount
In order to start taking Guaranteed Annual Withdrawal Amount payments, Participants must be at least 59½ and separated
from service with the Employer, but still a Participant in the Plan.
The Guaranteed Annual Withdrawal Amount election date will be the Business Day we receive all information required` to
process the election at our Processing Ofce. After we receive the election, Participants will no longer be able to allocate
Contributions or make transfers to the Personal Income Benet Variable Investment Option. All withdrawals reduce the
Personal Income Benet Account Value on a dollar-for-dollar basis, but do not reduce the Ratchet Base and GAWA.
The Guaranteed Annual Withdrawal Amount is calculated on a Single Life basis. However, when the Participant elects
to start receiving Guaranteed Annual Withdrawal Amount payments, the Participant may elect payments on a Joint life
basis. The Joint Life basis is only available if the Participant is married to a Spouse at the time of the election. If Joint Life is
elected, the Spouse must be listed as the primary beneciary under the Plan and therefore also under the Contract. Under
35 E15719
the Joint Life basis, Guaranteed Annual Withdrawal Amount payments are guaranteed for the life of both the Participant and
Spouse. Once the election to take GAWA payments is made, the Participant may not change the Single Life election to Joint
Life. The Participants may drop the Joint Life at any time thereafter, but the Participant will not be able to name a new Joint
Life and payments will continue to be made in the same amount. The Guaranteed Annual Withdrawal Amount payments on
a Joint Life basis will be less than those available under the Single Life basis. If the Participant elects the Joint Life basis,
the Contract will continue to be eligible for a Ratchet Increase after the Participant’s death.
Guaranteed Annual Withdrawal Amount payments are designed to begin at age 65. Participants may decide to elect to take
the Guaranteed Annual Withdrawal Amount payments after age 59½ and before age 65, but this will result in a decrease of
all future Guaranteed Annual Withdrawal Amount payments, as indicated below.
Payments Begin at Age Reduction to GAWA
59 1/2 25%
60 25%
61 20%
62 15%
63 10%
64 5%
For example, if the Guaranteed Annual Withdrawal Amount based on receiving payments at age 65 is $5,000 and the
Participant elects to begin payments at age 63, the adjusted Guaranteed Annual Withdrawal Amount will be $4,500. ($5,000
reduced by 10%, or $500).
Participants may also elect to defer beginning the Guaranteed Annual Withdrawal Amount payments until after age 65,
which will result in an increase of the Guaranteed Annual Withdrawal Amount, as indicated below.
Payments Begin at Age Increase to GAWA
66 2%
67 4%
68 6%
69 8%
70 and older 10%
Using the same example as above, if the Guaranteed Annual Withdrawal Amount based on receiving payments at age 65
is $5,000 and the Participant elects to begin payments at age 68, the adjusted Guaranteed Annual Withdrawal Amount will
be $5,300 ($5,000 increased by 6%, or $300).
The above GAWA reductions and adjustments will be based on the Participant’s age at the date we receive the election
request to take GAWA payments.
Guaranteed Annual Withdrawal Amounts are not cumulative from year to year. If the Participant withdraws less than the
Guaranteed Annual Withdrawal Amount during any one Participant’s Birthdate Anniversary Year, the Participant may not
add the remainder to the Guaranteed Annual Withdrawal Amount to any subsequent year.
The Withdrawal Charge, if applicable under the Contract, is waived for withdrawals up to the Guaranteed Annual Withdrawal
Amount. See “Withdrawal Charge” in “Understanding Charges and Expenses” earlier in this document.
If the Participant takes a withdrawal from the Personal Income Benet Account Value, this withdrawal does not start the
Guaranteed Annual Withdrawal Amount payments, but will result in a reduction of the Guaranteed Annual Withdrawal
Amount.
Transferring the Personal Income Benet Account Value
Amounts allocated to the Personal Income Benet Variable Investment Option can always be transferred to other Non-
Personal Income Benet Investment Options. No allocations or transfers to the Personal Income Benet Variable Investment
Option may be made after the Participant has elected to take GAWA payments. If the Participant has not yet begun taking
GAWA payments, the Participants may transfer amounts out of the Personal Income Benet Variable Investment Option if
the Participant no longer wants to pay the Personal Income Benet Charge, or if the Participant determines that Guaranteed
Annual Withdrawal Amount payments are not part of his/her overall retirement strategy, or if the Participant wants to
allocate those amounts to other Non-Personal Income Benet Investment Options.
36 E15719
90 Day Transfer Restriction
If a Participant either elects to take a Personal Income Benet Early Withdrawal or transfers amounts from a Personal
Income Benet Variable Investment Option to a Non-Personal Income Benet Investment Option, then the Participant
may not transfer amounts from a Non-Personal Income Benet Investment Option to the Personal Income Benet Variable
Investment Option for the 90-day period following such withdrawal or transfer. Ongoing Contributions and any Loan
Repayments made during the 90-day period may be allocated to the Personal Income Benet Variable Investment Option.
Effect of Personal Income Benet Early and Excess Withdrawals
The Participant may take withdrawals from the Non-Personal Income Benet Account Value without triggering a Personal
Income Benet Excess Withdrawal.
A Personal Income Benet Early Withdrawal is caused when the Participant takes a withdrawal from the Personal Income
Benet Account Value before electing to begin receiving Guaranteed Annual Withdrawal Amount payments.
If the Participant takes an Early Withdrawal, the Participant is still permitted to make Contributions and transfers to the
Personal Income Benet Variable Investment Option.
A Personal Income Benet Excess Withdrawal is caused when the Participant withdraws more than the Guaranteed Annual
Withdrawal Amount in any Participant’s Birthdate Anniversary Year from the Personal Income Benet Account Value.
Once a withdrawal (including a hardship withdrawal) causes cumulative withdrawals from the Personal Income Benet
Account Value in a Participant’s Birthdate Anniversary Year to exceed the Guaranteed Annual Withdrawal Amount, only
the dollar amount of the withdrawal that causes the cumulative withdrawals to exceed the Guaranteed Annual Withdrawal
Amount is considered a Personal Income Benet Excess Withdrawal. In addition, each subsequent withdrawal in that
Participant’s Birthdate Anniversary Year is considered a Personal Income Benet Excess Withdrawal.
A Personal Income Benet Early or Excess Withdrawal can cause a signicant reduction in both the Ratchet Base and the
Guaranteed Annual Withdrawal Amount. If the Participant makes a Personal Income Benet Early or Excess Withdrawal,
we will recalculate the Ratchet Base and the Guaranteed Annual Withdrawal Amount. The withdrawal will reduce the
Ratchet Base and the Guaranteed Annual Withdrawal Amount on a pro rata basis. Reduction on a pro rata basis means
we take the percentage of the Personal Income Benet Account Value withdrawn and reduce the Ratchet Base and the
Guaranteed Annual Withdrawal Amount by that same percentage. If, at the time the Participant takes a Personal Income
Benet Early or Excess Withdrawal, the Personal Income Benet Account Value is less than the Ratchet Base, the pro rata
reduction in the Ratchet Base will be greater than the dollar amount of the withdrawal. A Personal Income Benet Early or
Excess Withdrawal that reduces the Personal Income Benet Account Value to zero will terminate the Personal Income
Benet without value.
The following examples are designed to show how Early and Excess Withdrawals impact the values in the Personal Income
Benet Account Value and the Personal Income Benet feature.
EXAMPLE 1: A Personal Income Benet Early Withdrawal
Assume the following:
• Participant is 53 years old
• the Non-Personal Income Benet Account Value is $1,000;
• the Personal Income Benet Account Value is $5,000;
• the Ratchet Base is $6,000;
• the Guaranteed Annual Withdrawal Amount is $200;
• the Participant has terminated employment; and
• the Participant decides to take a withdrawal of $1,500.
The withdrawal will result in a Personal Income Benet Early Withdrawal. We will deduct $1,000 from the Non- Personal
Income Benet Account Value and $500 from the Personal Income Benet Account Value. The Ratchet Base and
Guaranteed Annual Withdrawal Amount will be reduced by 10% (the withdrawal taken from the Personal Income Benet
Account Value ($500) divided by the amount of the Personal Income Benet Account Value ($5,000)). After the withdrawal:
• the Non-Personal Income Benet Account Value will be $0;
• the Personal Income Benet Account Value will be $4,500;
• the Ratchet Base will be $5,400 ($6,000 reduced by 10%); and
• the Guaranteed Annual Withdrawal Amount will be $180 ($200 reduced by 10%).
EXAMPLE 2: A Personal Income Benet Excess Withdrawal
For this example, assume the Participant makes an initial $20,000 rollover Contribution and no other contributions or
transfers and there has been no investment performance. Two Participant’s Birthdate Anniversary Years later, the Participant
is eligible to start taking GAWA withdrawals.
37 E15719
• the Non-Personal Income Benet Account Value is $5,000;
• the Personal Income Benet Account Value is $15,000;
• the Ratchet Base is $15,000;
• the Guaranteed Annual Withdrawal Amount is $450;
• the Participant decides to take a withdrawal of $7,500.
We will deduct $5,000 from the Non-Personal Income Benet Account Value and $2,500 from the Personal Income Benet
Account Value. This will be a Personal Income Benet Excess Withdrawal of $2,050 because the amount withdrawn from
the Personal Income Benet Account Value exceeds the Guaranteed Annual Withdrawal Amount of $450. The Ratchet
Base and Guaranteed Annual Withdrawal Amount will be reduced by 13.67% (the withdrawal taken from the Personal
Income Benet Account Value ($2,050) divided by the amount of the Personal Income Benet Account Value ($15,000)).
After the withdrawal:
• the Non-Personal Income Benet Account Value will be $0;
• the Personal Income Benet Account Value will be $12,950;
• the Ratchet Base will be $12,950 ($15,000 reduced by 13.67%); and
• the Guaranteed Annual Withdrawal Amount will be $388.50 ($450 reduced by 13.67%).
Effect of the Personal Income Benet Account Value Falling to Zero
If the Personal Income Benet Account Value falls to zero due to a Personal Income Benet Early or Excess Withdrawal,
the Personal Income Benet (including Guaranteed Annual Withdrawal Amount payments) will terminate and no additional
GAWA payments will be made. Once terminated, the Personal Income Benet cannot be restored.
If the Personal Income Benet Account Value falls to zero, either due to a withdrawal that is not a Personal Income Benet
Early or Excess Withdrawal or due to a deduction of a charge and the Participant has a Non-Personal Income Benet
Account Value remaining, the Personal Income Benet feature under the Personal Income Benet Account Value will
continue as long as there is Non-Personal Income Benet Account Value. In other words, the Participant will continue to
receive Guaranteed Annual Withdrawal Amount payments. These payments will never reduce the Non-Personal Income
Benet Account Value.
If the Personal Income Benet Account Value is zero and the Non-Personal Income Benet Account Value is zero, or
later falls to zero, GAWA payments will continue and Equitable will issue a supplementary life annuity Contract setting
forth the continuing benets under which payments will continue to be made at least annually. Equitable may offer more
frequent payment intervals. If the Participant elected the Joint Life basis for GAWA payments and the Spouse survives the
Participant, GAWA payments will continue during the life of the Spouse.
Effect of Divorce Prior to Election to take GAWA Payments
Where the Participant has not elected to begin taking GAWA payments as of the date of the divorce, Equitable will, if
required under an applicable court order relating to the divorce, withdraw the amount specied in such order according
to the Withdrawal Hierarchy. If amounts are withdrawn from the Personal Income Benet Variable Investment Option, the
Ratchet Base and the GAWA will be reduced on a pro rata basis. The spouse is not entitled to a pro rata portion of the
Personal Income Benet.
Effect of Divorce after Election to take GAWA Payments
If GAWA was elected on a Single Life basis, and if required under an applicable court order related to the divorce, Equitable
will withdraw the amount specied in such order according to the Withdrawal Hierarchy. If amounts are withdrawn from the
Personal Income Benet Variable Investment Option, the Ratchet Base and the GAWA will be reduced on a pro rata basis.
The former Spouse has no right to continue GAWA payments after the Participant’s death. If GAWA was elected on a Joint
Life basis, and if required under an applicable court order related to the divorce, we will withdraw the amount specied in
such order according to the Withdrawal Hierarchy. If amounts are withdrawn from the Personal Income Benet Variable
Investment Option, the Ratchet Base and GAWA will be reduced on a pro rata basis. GAWA payments will continue only
during the lives of the Participant and the individual named as the Spouse at the election to take GAWA payments.
Death Benet and your Personal Income Benet
Personal Income Benet on a Single Life basis
If a Participant elected to take Guaranteed Annual Withdrawal Amount payments on a Single Life basis, at the death
of the Participant, the GAWA ends. The Beneciary may elect any death benet options described above for which the
Beneciary is eligible. The Beneciary is not eligible to receive GAWA payments.
Personal Income Benet on a Joint Life basis
If a Participant elected to take Guaranteed Annual Withdrawal Amount payments on a Joint Life basis, at the death of the
Participant, the Beneciary may elect any death benet options described above for which the Beneciary is eligible. If the
Participant was still married at the time of their death, the spouse may remain in the Plan and elect to take GAWA payments
on a Joint life basis.
38 E15719
If your Participant had not yet started lifetime RMD payments at their death, the Participant’s spousal Beneciary may (1)
remain in the Plan, and continue GAWA payments, if Plan permits, (2) take the death benet, (3) roll the monies into the
guarantee rollover IRA product or (4) roll the monies into his/her traditional IRA or other eligible retirement plan.
RMD requirements and your Personal Income Benet
If the amount of the Participant’s RMD exceeds the amount of GAWA payments and other withdrawals taken from the
Contract during that Participant’s Birthdate Anniversary Year, Equitable will distribute the additional amount necessary to
satisfy the RMD requirement for that year in accordance with the Withdrawal Hierarchy. Equitable will not treat any such
withdrawals from the Personal Income Benet Variable Investment Option under the RMD service as Personal Income
Benet Excess Withdrawals, even if the RMD amount causes total withdrawals to exceed the GAWA during a Participant’s
Birthdate Anniversary Year.
Equitable will not treat enrollment in our RMD service as an election to begin taking GAWA payments. Required Minimum
Distributions will be deducted from the Annuity Account Value according to the Withdrawal Hierarchy.
If Required Minimum Distribution amounts are withdrawn from the Personal Income Benet Variable Investment Option,
Equitable will treat such withdrawals as an election to take GAWA payments. For this reason, when the Participant requests
Equitable’s RMD service, Equitable will permit the Participant to choose either the Single Life basis, if permitted by the
Plan, or the Joint Life basis, if eligible, for GAWA payments. If no choice is indicated, Equitable will apply the Single Life
basis, if permitted by the Plan, or the Joint Life basis, if eligible. The Participant may change this election, but only before
amounts in the Personal Income Benet Variable Investment Option are used in order to make RMD payments.
Important considerations
• Personal Income Benet feature is not appropriate if the Participant does not intend to take withdrawals prior to
annuitization.
• In order to elect to start taking Guaranteed Annual Withdrawal Amount payments, the Participant must rst repay any
outstanding loan (including interest accrued but not yet paid). If the Participant cannot repay the loan, we will treat it as
defaulted or offset.
• Amounts withdrawn in excess of the Guaranteed Annual Withdrawal Amount may be subject to a Withdrawal Charge, if
applicable. Personal Income Benet Early and Excess Withdrawals can signicantly reduce or completely eliminate
the value of the Personal Income Benet.
• Withdrawals are not considered as annuity payments for tax purposes, and may be subject to an additional 10% Federal
Income Tax penalty if taken before age 59 1⁄2.
• All Personal Income Benet withdrawals reduce the Personal Income Benet Account Value.
• If the Participant withdraws less than the Guaranteed Annual Withdrawal Amount in any Participant’s Birthdate Anniversary
Year, the remainder may not be added to the Guaranteed Annual Withdrawal Amount in any subsequent year.
• If the Participant is not eligible to begin receiving Guaranteed Annual Withdrawal payments, and any amount is taken
from the Personal Income Benet Account Value to satisfy a withdrawal request (including a 401(k) hardship withdrawal),
this will be considered a Personal Income Benet Early Withdrawal. This amount will also be subject to withdrawal
charges, if applicable.
• We reserve the right, in our sole discretion, to discontinue the acceptance of, and/or place limitations on
Contributions and transfers into the Contract and/or certain Investment Options. If the Participant activated the Personal
Income Benet feature and we exercise our right to discontinue the acceptance of, and/or place limitations on
Contributions and transfers into the Personal Income Benet Variable Investment Option, the Participant may no longer
be able to fund the Personal Income Benet feature. This means that if the Participant has not yet allocated amounts to
the Personal Income Benet Variable Investment Option, the Participant may not be able to fund the Personal Income
Benet feature at all. This also means that if the Participant has already funded the Personal Income Benet feature by
allocating amounts to the Personal Income Benet Variable Investment Option, the Participant may no longer be able to
increase the Guaranteed Annual Withdrawal Amount through Contributions and transfers.
39 E15719
APPENDIX C
ERISA INFORMATION STATEMENT AND STATEMENT OF UNDERSTANDING AND
AUTHORIZATION AND APPROVAL FOR THE USE OF Retirement Gateway® AS
INVESTMENT VEHICLE FOR THE PLAN
I. ERISA Information Statement: The U.S. Department of Labor (“DOL”) has issued a class exemption (PTE 84-
24) with respect to certain transactions involving insurance company products and employee benet Plans subject to
ERISA. When applicable, the exemption requires that certain information be provided to the Plan and that the employer
or other appropriate duciary acknowledge receipt of the information and approves the transaction. Equitable, Equitable
Network, LLC (Equitable Network), Equitable Advisors, LLC (“Equitable Advisors”), Equitable Distributors, LLC (“Equitable
Distributors”) and the Financial Professional(s) listed on the Associate Information Form (“Financial Professional”) are
providing the Participants with this Information Statement, even though this Information Statement may not be required under
PTE 84-24 with respect to this transaction. Equitable Network is a licensed insurance agency and Equitable Advisors,
or Equitable Distributors is a registered broker-dealer. Each is an afliate of Equitable. Equitable has retained its afliate
Equitable Network as its general agent to distribute Equitable policies and Contracts through the Financial Professionals.
Under an agreement with Equitable Network, no Financial Professional is permitted to sell to the Plan insurance or
annuity products of other insurance companies without rst obtaining the consent of Equitable Network. Equitable pays
compensation to Equitable Network, as its distributor, which covers compensation to the Financial Professionals responsible
for the sale. Each licensed Financial Professional of Equitable Network will receive compensation from Equitable Network
for the sale and servicing of Retirement Strategies (herein after referred to as the “Contract”). (“Servicing” does not
include recordkeeping or administration of the Plan or Trust.) The maximum compensation payable in the aggregate to
those Financial Professionals on each sale of this Contract is shown below.
II. Schedule of Maximum Compensation and Service Fees: Equitable Network pays both premium-based and asset-
based compensation on Retirement Strategies Contracts. If more than one Financial Professional is involved, compensation
is divided between the Participants. Premium-based compensation in Year 1 on Retirement Strategies Contracts ranges
from 0.00% to a maximum of 3.75%. The Premium based compensation paid in a particular year will vary based on the
Withdrawal Charges, and assets under management. Asset based compensation ranges from 0.00% to a maximum of 1.00%
per annum. Asset based compensation is paid monthly as a percentage of the assets held under the Contract. No direct or
indirect compensation or other consideration will be paid to the Plan Fiduciary or to any other Plan Fiduciary as a result of the
participation of the Plan and Trust in the Retirement Strategies Contract.
III. Receipt of Float. Equitable Life Insurance Company (“Equitable”) retains any earnings on amounts held in its
general account. These amounts include funds that are pending investment under insurance products as well as funds
that have been disbursed from insurance products pending presentment for payment by the client’s nancial institution.
Earnings on such amounts are generally at institutional money market rates. Investment and distribution options are
described in the applicable variable insurance product prospectus, as amended to date, which either accompany this
notice or have been previously provided to the Participants.
Generally, funds received in good order before the close of any Business Day (as dened in the product prospectus) will
be credited to the specied investment option that day. Funds that are pending investment include any amounts for which
Equitable has not yet received adequate instruction, documentation or completed necessary procedures to enable it to
allocate funds as directed by the Contract Owner. Funds that are awaiting investment will be allocated as directed by
the Contract Owner once the instruction, documentation or processing is complete. If processing is completed before
the close of business on a Business Day, then funds will be credited to the selected investment option on that Business
Day. If processing is completed after the close of business on a Business Day, then funds will be credited the following
Business Day. Equitable will receive any investment earnings through the end of the Business Day on which funds are
allocated.
When Equitable receives a request in good order for any permissible distribution from an insurance product, which may
include requests for partial withdrawals, loans, annuitization or death benet payments, or full surrenders, as applicable,
Equitable will deduct the amount from the Contract, transfer any applicable Separate Account amounts to its general
account and send a check to the distributee or commence direct transfer of funds on the day such payment is requested or
the following Business Day, if such requests are received in a timely manner.
Amounts will remain in Equitable’s general account from the day the payment is requested or the following Business Day
until the date the check is presented for payment or the direct transfer of funds is complete, the timing of which is beyond
Equitable’s control. Equitable will receive any investment earnings during the period such amounts remain in the general
account
IV. The Employer and their authorized representative(s), if any, have executed a Plan and Trust (hereinafter referred to
both collectively and individually as “Plan Fiduciary”) and understand and agree to be bound by the following statements.
40 E15719
A. The Employer and the Plan Fiduciary hereby acknowledge having received, read and understood the ERISA Information
Statements, the Statement of Understanding, the Contract, the Employer Disclosure Brochure, and all other written materials
provided by Equitable, Equitable Advisors, or Equitable Distributors and Equitable Network.
B. The Employer has executed the appropriate Plan documents (the “Plan”) and, if applicable, Trust documents (the
“Trust”) which is purchasing the Contract as a funding vehicle of the Plan. The Plan and Trust are in effect and are intended
to satisfy the requirements of Section 401(k) of the Internal Revenue Code of 1986, as amended (“Code”). The provisions
of the Code and ERISA are highly complex. For complete information on these provisions, as well as all other federal, state,
local and other tax considerations the Participants should consult qualied legal and tax advisers.
C. The Plan Fiduciary is authorized under the Plan and Trust to act on behalf of the Plan and the Trust and hereby
authorizes Equitable, Equitable Advisors, or Equitable Distributors and Equitable Network to make the Contract available as
a funding vehicle for the Plan. All authorizations necessary and/or appropriate to authorize the Plan and the Trust to execute
and deliver the Contract have been obtained.
V. Plan/Trust for Unbundled Service Only: The Plan’s Trust will invest in the Contract by participating in The
Pooled Trust.
POOLED TRUST: The Plan Fiduciary hereby adopts the Pooled Trust in conjunction with the qualied Trust of the Plan.
The Plan Fiduciary hereby executes the Pooled Trust and agrees to be bound by its terms and provisions, effective as of
the date of execution.
PARTICIPATING TRUST AMENDMENT: The Plan Fiduciary hereby amends the terms of its Trust referred to above by
adding as the last paragraph, articles or section of said Participating Trust the following:
The Agreement executed by Equitable Life Insurance Company and the Trustees of the Pooled Trust for Members Retirement
Plans, creating the “POOLED TRUST FOR MEMBERS RETIREMENT PLANS,” as it may be amended from time to time, is
hereby made part of this trust agreement. Notwithstanding any other provisions of this trust agreement, the trustee(s) may
cause the monies or funds of this trust to be commingled with the assets of other trusts by causing such monies or funds to
be invested at any time as part of the funds governed by said Agreement. The portion of the monies or funds so invested
shall be subject to all the provisions of such Agreement. The terms and provisions of such Agreement shall be part of this
trust agreement as if expressly incorporated herein.
VI. The Plan Fiduciary further understands and agrees to be bound by the following statements:
A. Investment of Plan assets in the Contract is permitted by the Plan and Trust, and is not prohibited by any federal, state
or local statutes and/or regulations. The Internal Revenue Service (“IRS”) has promulgated rules for determining the
maximum amount of life insurance in qualied dened benet or dened contribution Plans. The Plan Fiduciary, and not
Equitable, Equitable Advisors, Equitable Distributors, Equitable Network, or the Financial Professional is responsible
for complying with these rules.
B. The Plan Fiduciary, and not Equitable, Equitable Advisors, Equitable Distributors, Equitable Network, or the Financial
Professional is responsible for determining whether a sex-based or unisex based form of benets should be made
available or issued to a Participant of the Plan. Equitable will issue or provide the form of benet, if available, as
requested by the Contract Owner or beneciary and will assume no responsibility for determining whether a request is
in compliance with applicable law.
C. The Plan Fiduciary is solely responsible for determining whether the Contract is a suitable funding vehicle for the Plan,
and whether the terms and conditions of the Contract are acceptable to the Plan and the Trust. The Plan Fiduciary has
carefully read, understood and agrees to be bound by the terms of the Contract (including all terms relating to applicable
fees and charges), any applicable prospectuses or other disclosure material (including any supplements thereto), and
all other written materials directly or indirectly provided by Equitable, Equitable Advisors, Equitable Distributors and/
or Equitable Network, including the Statement of Satisfaction of Rule 180 for those employers which are not corporate
entities. The Plan Fiduciary has been provided fund fact sheets for each Investment Option in Separate Account
65, which the Plan Fiduciary requested. The Plan Fiduciary also acknowledges that he/she or it has been given any
requested information about where to obtain a prospectus for each mutual fund, which is an Investment Option of
Separate Account 65.
D. If Participants are making contributions or investment decisions under the Plan, the Plan Fiduciary shall be responsible
for delivering the appropriate disclosure brochure(s) or prospectus(es) (including any supplements hereto) to such
Participants, including all prospectuses (including any supplements thereto) furnished by the distributors of the mutual
funds selected by the Plan Fiduciary to be Investment Options under the Plan.
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E. Regarding each statement herein, statements of Equitable, Equitable Advisors, Equitable Distributors, and Equitable
Network are the responsibility of Equitable, Equitable Advisors, Equitable Distributors, or Equitable Network respectively.
Any misstatement or inaccuracy by or about one party shall not create responsibility or liability of any other party.
F. No Equitable Advisor, LLC Financial Professional has authority to make or modify any Contract or agreement on
Equitable’s behalf, or waive or alter any of Equitable’s rights or requirements.
G. Neither Equitable, Equitable Advisors, Equitable Distributors, Network, nor the Financial Professional is or shall
be considered a party to or an administrator of the Plan or the Trust, and Equitable, Equitable Advisors, Equitable
Distributors, Equitable Network, and the Financial Professional will not be required to provide any administrative
services in connection with the Plan or the Trust except as may have been expressly undertaken by Equitable under
the Contract or as may be specically agreed to by Equitable, Equitable Advisors, Equitable Distributors, Equitable
Network, or the Financial Professional in a separate written agreement, setting forth, without limitations (i) the services
to be provided by Equitable, Equitable Advisors, Equitable Distributors, Equitable Network, or the Financial Professional,
as applicable, and (ii) the fee schedule for such services.
H. Equitable, Equitable Advisors, Equitable Distributors, Equitable Network, and the Financial Professional are not
duciaries (as described in Section 3(21) of ERISA) with respect to the Plan or the Trust. Equitable, Equitable Advisors,
Equitable Distributors, Equitable Network, and the Financial Professional will not be designated or deemed to be the
Plan Administrator under Section 3(16) of ERISA or any other applicable laws and regulations.
I. The duties and responsibilities of Equitable to the Plan Fiduciary shall be governed in accordance with the terms of the
Contract. Except as set forth in the Contract, with respect to Equitable, neither Equitable, Equitable Advisors, Equitable
Distributors, Equitable Network, or the Financial Professional will have any duties or continuing responsibilities to the
Plan Fiduciary. Equitable, Equitable Advisors, Equitable Distributors, Equitable Network, and the Financial Professional
will not be required to question the genuineness of any communication regarding the Plan or the Trust or any instruction
regarding the Contract. It is the responsibility of the Employer to advise Equitable, Equitable Advisors, Equitable
Distributors, Equitable Network and the Financial Professional of any changes in the identity of the Plan Fiduciary.
J. Equitable, Equitable Advisors, Equitable Distributors, Equitable Network, and the Financial Professional are not
responsible for the initial and continued qualication of the Plan and the Trust. Should a prototype or master Plan
document sponsored by Equitable be adopted by the Employer, the opinion letter issued by the IRS in connection with
such prototype or master Plan document is not to be construed as a favorable determination letter of the IRS with respect
to the Plan and the Trust. The Plan Fiduciary agrees to inform Equitable, Equitable Advisors, Equitable Distributors,
Equitable Network, and the Financial Professional if and when the Plan or the Trust fails to meet the requirements of the
Code for qualication; however, neither Equitable, Equitable Advisors, Equitable Distributors, Equitable Network, nor the
Financial Professional shall be required to act on such information.
K. The DOL and the IRS have promulgated rules and regulations governing Plans and trusts, which must be complied with.
The Plan Fiduciary, and not Equitable, Equitable Advisors, Equitable Distributors, Equitable Network, or the Financial
Professional shall be responsible for assuring compliance with all rules and regulations of the DOL and the IRS as well
as all other legal requirements applicable to the Plan and the Trust.
L. The Plan Fiduciary is aware of all state and local taxes, if any, that may apply under the Contract, Plan and Trust.
M. In the event of the failure of the Plan Fiduciary to furnish Equitable, Equitable Advisors, Equitable Distributors, Equitable
Network, or the Financial Professional with any notice, direction or other communication, or the receipt by Equitable,
Equitable Advisors, Equitable Distributors, Equitable Network, or the Financial Professional as applicable, of any
communication which in its judgment is contradictory, ambiguous or in violation of law, Equitable, Equitable Advisors,
Equitable Distributors, Equitable Network, or the Financial Professional respectively, shall not have any liability for any
action taken or omitted by it under such circumstances.
N. The Plan Fiduciary represents that he, she or it has reviewed the Contract and Disclosure Brochure. The Plan Fiduciary
also conrms the accuracy of any information directly or indirectly provided to Equitable, Equitable Advisors, Equitable
Distributors, Equitable Network, or the Financial Professional with respect to the Plan and the Trust and acknowledges
Equitable’s, Equitable Advisor’s, Equitable Network’s, and the Financial Professional’s right, respectively, to rely upon
such information.
O. The Employer and the Plan Fiduciary hereby acknowledge and understand the various levels of fees, charges, and
funding arrangements under the Contract as described therein and in the prospectus, and/or Disclosure Brochure and
the ERISA Information Statement.
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P. The Contract is being purchased by the Plan and the Trust for its features other than tax deferral.
Q. The Employer and the Plan Fiduciary hereby approve the purchase of the Contract as a funding vehicle for the Plan.
R. The individuals executing this Statement of Understanding are authorized to do so in the capacities indicated below and
have the power and authority to bind the Plan and the Trust.
S. The Plan Fiduciary represents that he or she has reviewed this disclosure document, confirms the accuracy of the
information provided with respect to the Plan and Trust and acknowledges the rights of Equitable, Equitable Advisors,
Equitable Distributors, Equitable Network, or the Financial Professional to rely upon such information. The Plan Fiduciary
understands that the Contract will be governed by the terms of the Application to be executed by both the Plan Fiduciary
and Equitable. Also, the Equitable Advisors, Equitable Distributors, LLC Financial Professional will be paid a
compensation in connection to this sale as described above in this section in the ERISA Information Statement.
T. The Plan Fiduciary understands that no more than forty-five (45) Investment Options may be selected over the life of
the Contract.
U. Equitable, solely as an accommodation to the Plan Fiduciary, makes available mutual fund investment alternatives
under the Contract through the Investment Funds of Separate Account No. 65 that Equitable can reasonably administer.
The responsibility of the choice of such mutual funds as Variable Investment Options of the Plan will be made by the
Plan Fiduciary. Occasionally, mutual fund families may close, rename, and/or substitute or merge a fund with another
fund. Once Equitable is notified of any of the above changes, we will notify the Plan Sponsor in a timely manner. It is the
responsibility of the Plan Sponsor to inform Participants of these changes. If any of the above changes however, require
a transfer of assets, Equitable will inform the Plan Sponsor of the fund affected and the date by which the transfer must
be completed. Upon request, Equitable will also inform the Participants who, according to our recordkeeping system
at that time, have contributed to such fund. If after Equitable notifies the Plan Sponsor, no action is taken by the Plan
Sponsor with respect to the substitution, merger, or fund closure, then Equitable will presume that the Plan Sponsor has
instructed us to transfer assets from the “closed” fund into the “substitute” fund, if it is available under their Contract, or
their Plan’s Default Option, as explained in the notice that will be providedprior to each asset transfer. This is referred
to as negative consent. Should this occur, Participants may then transfer their assets from the Default Option into any
other Investment Option available under the Plan. The notice sent to the Plan Sponsor prior to the substitution, merger,
or fund closure will more fully explain the Plan Sponsor’s options and rights. Equitable shall not be held responsible
should it not receive timely notice of a fund change from the mutual fund family, and therefore cannot reasonably inform
the Plan Sponsor in a timely manner. Equitable makes no representations or warranties with regard to any mutual fund
offered under the Contract through an Investment Fund of Separate Account No. 65, including, for example, any
matters concerning the performance of the funds, the quality of their managers, the suitability of a fund for a Plan, or the
efficiency of the distribution of their shares.
V. Equitable, Equitable Advisors, Equitable Distributors, Equitable Network and the Financial Professional will not
be responsible for the investment performance of any Investment Fund and makes no representations with respect
thereto. Equitable will not be responsible for any loss or damage to the Plan Fiduciary, the Plan or its Participants and
beneficiaries if the price per share of any mutual fund is reported incorrectly to Equitable. Equitable’s sole duty will be
to adjust the records of each affected Plan Participant to reflect the correct price as soon as practicable after Equitable
is notified of such correct price.
W. The Plan Fiduciary understands and agrees that Equitable has engaged Proxy Monitor as a fiduciary of the Plan to vote
any proxies of the mutual funds offered through the divisions of Separate Account No. 65. Equitable reserves the right
to either (i) name any successor voter service or (ii) form a committee to vote proxies on behalf of Employers. Such
successor voter service or committee shall have all the powers conferred by the Employer hereunder as if originally
named proxy voter herein.
X. The Plan Fiduciary understands that the Retirement Gateway Program provides Employer Plans with the broad range of
investment choices and information needed in order to meet the requirements of Section 404(c) of ERISA and the DOL
regulation thereunder. If the Plan is intended to be a Section 404(c) Plan, it is, however, the Employer’s responsibility to
see that the requirements of the DOL regulation are met. Equitable, Equitable Advisors, Equitable Distributors, Equitable
Network and its Financial Professionals shall not be responsible if a Plan does not meet the requirements of Section
404(c). The Plan Fiduciary authorizes Equitable to release Participant information on the Plan to the TPA named in the
Application and agrees to pay the fees in advance.
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APPENDIX D
MARKET VALUE ADJUSTMENT (MVA)
Explanations of Terminology
Net Cash Flow:
Within a given calendar quarter, the net cash ow (at Plan level) equals (a) - (b), where:
(a) = sum of all contributions, interest credited, and transfers into the GIA; and
(b) = sum of all withdrawals, deductions and transfers from the GIA.
In other words, Net Cash Flow equals the net change in the GIA account balance for the entire Plan.
Quarterly Generation (QG):
Each calendar quarter in which a Plan participates in the GIA constitutes a “quarterly generation”. A separate MVA calculation
will apply to each quarterly generation.
Maturity Date for a Quarterly Generation:
Each quarterly generation is said to mature 5 years from the rst Business Day of the quarterly generation, i.e., its
“quinquennial anniversary”. After an anniversary is reached, the maturity date advances 5 years and the QG Average Rate
is reset (see below).
Calculation Date:
Business Day occurring on or next following the date on which Equitable receives the employers request for payment. This
date is used to determine the Net Cash Flow and the Calculation Date Rate.
Effective Date of Withdrawal:
Business Day on which Equitable is to make payment. This date is used to determine the MVA period.
Five-Year Treasury Bond Rates:
1. QG Average Rate: The average rate of the 5-year Treasury bond during the calendar quarter beginning the 5- year
period containing the time of withdrawal. The beginning of the 5-year period is either (a) the rst Business Day of the
calendar quarter of the QG, if the Calculation Date is less than 5 years from the rst Business Day of the QG, or (b) the
rst Business Day of the most recent calendar quarter whose rst Business Day was a quinquennial anniversary of the
rst Business Day of the QG. For example, if the withdrawal was made within the rst ve years after the QG, then the
average rate for the calendar quarter of the QG is chosen. Similarly, if the withdrawal is made more than ve years after
the QG, but less than ten years afterwards, then the average rate for the calendar quarter of the QG + 5 years is chosen.
Note: The ve-year bond rate can be reduced by 0.25%, and Equitable is currently applying this reduction.
2. Calculation Date Rate: The 5-year Treasury bond rate as of the Calculation Date.
MVA period:
This term refers to the number of calendar days from the effective date of withdrawal to the maturity date of the
QG. This number of days is used in the MVA calculation.
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MARKET VALUE ADJUSTMENT (MVA)
How MVA is formulated
For each quarterly generation, the QMVA can be calculated as follows:
QMVA = (Employer Plan’s Net Cash Flow in GIA) x
(calculation date rate - QG average rate) x
(MVA period / 365)
[QMVA’s may be positive or negative]
$ MVA = Greater of zero or sum of QMVAs.
MVA = Greater of zero or ($ MVA)/(GIA account value @ Effective Date of Withdrawal).
* Subject to previously mentioned restrictions.
* Final payment must include interest from the date MVA is calculated to the date the payment is
actually made, using the following rates for interest crediting:
For NY & FL: Current GIA rate
All Others: 3%
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APPENDIX E
STATE VARIATIONS
The following information is a summary of the states where certain features or benets vary from the contract’s features or
benets as previously described in this Disclosure Brochure.
Connecticut
The term “Market Value Adjustment’ is replaced with “GIO Plan Level Termination
Disintermediation Risk Charge”.
North
Carolina
10 day free look provision added: Ten Days to Examine Contract: not later than 10
days after the Owner receives the Contract, the Owner may return it to Equitable.
Equitable will return the contract and refund any
Contributions made to Equitable.
Texas
Under section “Annuity Benets” it is revised to read: Annuity Benet must be at least
$2,000 (initial monthly installment at least $20). If not, Equitable may pay the amount
to the payee in a single sum payment.
