424B3 1 file001.txt DEFINITIVE MATERIALS Cover Page 424B3 333-104713 The Equitable Life Assurance Society of the United States SUPPLEMENT DATED DECEMBER 5, 2003 TO THE SEPTEMBER 15, 2003 EQUITABLE ACCUMULATOR(R) ELITE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION ("SAI") -------------------------------------------------------------------------------- This supplement modifies certain information in the above-referenced Prospectus and SAI dated September 15, 2003, as previously supplemented to date (together, the "Prospectus"). The changes described in items 1 through 5 below will be effective on January 5, 2004. If you applied for your contract prior to January 5, 2004, and you elected the guaranteed minimum income benefit and/or the greater of 5% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, we will send you an election form in mid-January so that you can choose to have the changes described in items 1 through 5 apply to your contract. If you do not so elect, your contract will continue as originally applied for and the changes described in items 1 through 5 will not apply to you. Unless otherwise indicated, all other information included in the Prospectus remains unchanged. The terms and section headings we use in this supplement have the same meaning as in the Prospectus. You should keep this supplement with your Prospectus. We will send you another copy of the Prospectus without charge, upon request. 1. The 5% Roll up to age 85 benefit base is changed to 6% Roll up to age 85 benefit base. The following changes to the Prospectus are made to reflect this change. (a) All references in the Prospectus to the "5% Roll up to age 85" benefit base are changed to references to "6% Roll up to age 85" benefit base. (b) All references in the Prospectus to "the greater of 5% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit" are changed to references to "the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit." 2. The annual charge for the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit is increased from 0.50% of the applicable benefit base to 0.60% of the applicable benefit base. Therefore, all references in the prospectus to this charge are changed accordingly. 3. The annual charge for the guaranteed minimum income benefit is increased from 0.55% to 0.65% of the applicable benefit base. Therefore, all references in the Prospectus to this charge are changed accordingly. 4. In order to reflect the increase in the roll-up rate for the 6% Roll up to age 85 benefit base and the increases in the charges for the greater of 6% Roll up to age 85 or Annual Ratchet to age 85 enhanced death benefit and the Guaranteed minimum income benefit the following changes are made: (a) In the section, "Fee table" in the Prospectus the numerical examples under "Example," are deleted in their entirety and replaced by the following: If you surrender your contract at the end of the applicable time period:
1 year 3 years 5 years 10 years Lowest $1,203.68 $1,843.05 $2,127.29 $4,553.32 Highest $1,539.64 $2,799.26 $3,633.71 $7,118.15
If you annuitize at the end of the applicable time period:
1 year 3 years 5 years 10 years Lowest $ 753.68 $1,593.05 $2,477.29 $4,903.32 Highest $1,089.64 $2,549.26 $3,983.71 $7,468.15
If you do not surrender your contract at the end of the applicable time period:
1 year 3 year 5 year 10 year Lowest $403.68 $1,243.05 $2,127.29 $4,553.32 Highest $739.64 $2,199.26 $3,633.71 $7,118.15
IM-03-13 Supp (12/03) Cat. No. 133243 (12/03) x00633 (b) The chart following the paragraph in "Contract features and benefits" under "Illustrations of Guaranteed minimum income benefit," in the Prospectus is replaced in its entirety by the following:
------------------------------------------------------------------------------------------------- Guaranteed minimum income benefit -- annual income Contract date anniversary at exercise payable for life ------------------------------------------------------------------------------------------------- 10 $11,891 ------------------------------------------------------------------------------------------------- 15 $18,597 -------------------------------------------------------------------------------------------------
(c) The table in "Investment performance" under "Table for Separate Account 49 Average annual total return under a contract surrendered on December 31, 2002," in the Prospectus is replaced in its entirety by the following:
------------------------------------------------------------------------------------------------------ Length of option period -------------------------------------------- Since option Variable investment options 1 Year 5 Years inception* ------------------------------------------------------------------------------------------------------ AXA Moderate Allocation *** (23.81)% (0.28)% (18.89)% ------------------------------------------------------------------------------------------------------ AXA Premier VIP Aggressive Equity *** (39.63)% (14.91)% (11.30)% ------------------------------------------------------------------------------------------------------ AXA Premier VIP Core Bond -- -- -- ------------------------------------------------------------------------------------------------------ AXA Premier VIP Health Care -- -- -- ------------------------------------------------------------------------------------------------------ AXA Premier VIP High Yield *** (14.24)% (7.81)% (3.88)% ------------------------------------------------------------------------------------------------------ AXA Premier VIP International Equity -- -- -- ------------------------------------------------------------------------------------------------------ AXA Premier VIP Large Cap Core Equity -- -- -- ------------------------------------------------------------------------------------------------------ AXA Premier VIP Large Cap Growth -- -- -- ------------------------------------------------------------------------------------------------------ AXA Premier VIP Large Cap Value -- -- -- ------------------------------------------------------------------------------------------------------ AXA Premier VIP Small/Mid Cap Growth -- -- -- ------------------------------------------------------------------------------------------------------ AXA Premier VIP Small/Mid Cap Value -- -- -- ------------------------------------------------------------------------------------------------------ AXA Premier VIP Technology -- -- -- ------------------------------------------------------------------------------------------------------ EQ/Alliance Common Stock *** (44.00)% (7.07)% (1.38)% ------------------------------------------------------------------------------------------------------ EQ/Alliance Growth and Income *** -- -- -- ------------------------------------------------------------------------------------------------------ EQ/Alliance Intermediate Government Securities *** -- -- -- ------------------------------------------------------------------------------------------------------ EQ/Alliance International *** -- -- -- ------------------------------------------------------------------------------------------------------ EQ/Alliance Premier Growth (41.84)% -- (22.78)% ------------------------------------------------------------------------------------------------------ EQ/Alliance Quality Bond *** -- -- -- ------------------------------------------------------------------------------------------------------ EQ/Alliance Small Cap Growth (40.97)% (6.84)% (2.18)% ------------------------------------------------------------------------------------------------------ EQ/Alliance Technology+ (51.32)% -- (45.57)% ------------------------------------------------------------------------------------------------------ EQ/Bernstein Diversified Value (24.70)% -- (1.76)% ------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible (37.24)% -- (27.81)% ------------------------------------------------------------------------------------------------------ EQ/Capital Guardian International (26.12)% -- (12.13)% ------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research (35.54)% -- (9.76)% ------------------------------------------------------------------------------------------------------ EQ/Capital Guardian U.S. Equity (34.57)% -- (10.90)% ------------------------------------------------------------------------------------------------------ EQ/Emerging Markets Equity (17.10)% (8.92)% (8.92)% ------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index *** (33.27)% (4.45)% 1.31% ------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega (34.88)% -- (17.18)% ------------------------------------------------------------------------------------------------------ EQ/FI Mid Cap (29.42)% -- (20.23)% ------------------------------------------------------------------------------------------------------ EQ/FI Small/Mid Cap Value (25.76)% (6.75)% (7.88)% ------------------------------------------------------------------------------------------------------ EQ/J.P. Morgan Core Bond (1.90)% -- 3.62% ------------------------------------------------------------------------------------------------------ EQ/Janus Large Cap Growth (41.07)% -- (36.57)% ------------------------------------------------------------------------------------------------------ EQ/Lazard Small Cap Value (24.92)% -- (0.99)% ------------------------------------------------------------------------------------------------------ EQ/Marsico Focus (22.66)% -- (8.40)% ------------------------------------------------------------------------------------------------------ EQ/Mercury Basic Value Equity (27.68)% 2.10% 4.51% ------------------------------------------------------------------------------------------------------ EQ/MFS Emerging Growth Companies (44.97)% (6.96)% (2.96)% ------------------------------------------------------------------------------------------------------ EQ/MFS Investors Trust (31.90)% -- (13.27)% ------------------------------------------------------------------------------------------------------ EQ/Money Market *** (10.12)% 0.57% 0.77% ------------------------------------------------------------------------------------------------------ EQ/Putnam Growth and Income Value (30.03)% (5.61)% (2.60)% ------------------------------------------------------------------------------------------------------ EQ/Putnam International Equity+ (27.63)% (1.34)% 0.12% ------------------------------------------------------------------------------------------------------ EQ/Putnam Voyager (37.15)% (7.29)% (2.90)% ------------------------------------------------------------------------------------------------------ EQ/Small Company Index (31.83)% -- (5.13)% ------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------------------- Length of portfolio period ----------------------------------------------------- Since portfolio Variable investment options 3 Years 5 Years 10 Years inception** --------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation *** (11.49)% (0.28)% 2.58% 5.85% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP Aggressive Equity *** (30.04)% (14.91)% (2.57)% 6.22% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP Core Bond -- -- -- (3.32)% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP Health Care -- -- -- (30.89)% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP High Yield *** (9.67)% (7.81)% 1.88% 3.03% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP International Equity -- -- -- (31.79)% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Core Equity -- -- -- (33.42)% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Growth -- -- -- (41.93)% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Value -- -- -- (30.78)% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Growth -- -- -- (47.76)% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Value -- -- -- (36.13)% --------------------------------------------------------------------------------------------------------------- AXA Premier VIP Technology -- -- -- (53.09)% --------------------------------------------------------------------------------------------------------------- EQ/Alliance Common Stock *** (27.04)% (7.07)% 4.63% 8.62% --------------------------------------------------------------------------------------------------------------- EQ/Alliance Growth and Income *** (11.34)% 0.46% -- 5.68% --------------------------------------------------------------------------------------------------------------- EQ/Alliance Intermediate Government Securities *** 3.08% 2.92% 2.37% 2.96% --------------------------------------------------------------------------------------------------------------- EQ/Alliance International *** (26.18)% (7.73)% -- (4.17)% --------------------------------------------------------------------------------------------------------------- EQ/Alliance Premier Growth (32.26)% -- -- (22.78)% --------------------------------------------------------------------------------------------------------------- EQ/Alliance Quality Bond *** 3.66% 2.95% -- 2.34% --------------------------------------------------------------------------------------------------------------- EQ/Alliance Small Cap Growth (17.82)% (6.84)% -- (2.18)% --------------------------------------------------------------------------------------------------------------- EQ/Alliance Technology+ -- -- -- (45.57)% --------------------------------------------------------------------------------------------------------------- EQ/Bernstein Diversified Value (10.25)% -- -- (1.76)% --------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible (21.69)% -- -- (17.48)% --------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian International (25.32)% -- -- (12.13)% --------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research (13.80)% -- -- (9.76)% --------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian U.S. Equity (14.08)% -- -- (10.90)% --------------------------------------------------------------------------------------------------------------- EQ/Emerging Markets Equity (26.06)% (8.92)% -- (12.97)% --------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index *** (21.47)% (4.45)% -- 5.56% --------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega (24.51)% -- -- (17.18)% --------------------------------------------------------------------------------------------------------------- EQ/FI Mid Cap -- -- -- (20.42)% --------------------------------------------------------------------------------------------------------------- EQ/FI Small/Mid Cap Value (7.95)% (6.75)% -- (3.16)% --------------------------------------------------------------------------------------------------------------- EQ/J.P. Morgan Core Bond 4.33% -- -- 3.62% --------------------------------------------------------------------------------------------------------------- EQ/Janus Large Cap Growth -- -- -- (36.70)% --------------------------------------------------------------------------------------------------------------- EQ/Lazard Small Cap Value 1.06% -- -- (0.99)% --------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus -- -- -- (8.09)% --------------------------------------------------------------------------------------------------------------- EQ/Mercury Basic Value Equity (6.11)% 2.10% -- 4.51% --------------------------------------------------------------------------------------------------------------- EQ/MFS Emerging Growth Companies (37.76)% (6.96)% -- (2.96)% --------------------------------------------------------------------------------------------------------------- EQ/MFS Investors Trust (19.29)% -- -- (13.27)% --------------------------------------------------------------------------------------------------------------- EQ/Money Market *** (1.91)% 0.57% 0.50% 2.49% --------------------------------------------------------------------------------------------------------------- EQ/Putnam Growth and Income Value (12.84)% (5.61)% -- (2.60)% --------------------------------------------------------------------------------------------------------------- EQ/Putnam International Equity+ (23.66)% (1.34)% -- 0.12% --------------------------------------------------------------------------------------------------------------- EQ/Putnam Voyager (30.32)% (7.29)% -- (2.90)% --------------------------------------------------------------------------------------------------------------- EQ/Small Company Index (13.94)% -- -- (5.13)% ---------------------------------------------------------------------------------------------------------------
2 * The variable investment option inception dates are: AXA Premier VIP Aggressive Equity, AXA Premier VIP High Yield, EQ/Alliance Common Stock, EQ/Money Market and EQ/Equity 500 Index (October 16, 1996); EQ/Alliance Small Cap Growth, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth Companies, EQ/Putnam Growth & Income Value, EQ/Putnam International Equity and EQ/Putnam Voyager (May 1, 1997); EQ/Emerging Markets Equity (December 31, 1997); EQ/Bernstein Diversified Value, EQ/J.P. Morgan Core Bond, EQ/Lazard Small Cap Value and EQ/Small Company Index (January 1, 1998); EQ/Evergreen Omega and EQ/MFS Investors Trust (January 1, 1999); EQ/Alliance Premier Growth, EQ/Capital Guardian International, EQ/Capital Guardian Research and EQ/Capital Guardian U.S. Equity (May 1, 1999); EQ/Alliance Technology (May 1, 2000); EQ/FI Mid Cap, EQ/FI Small/Mid Cap Value and EQ/Janus Large Cap Growth (September 5, 2000); AXA Moderate Allocation (May 18, 2001); EQ/Calvert Socially Responsible and EQ/Marsico Focus (September 4, 2001); AXA Premier VIP Core Bond, AXA Premier VIP Health Care, AXA Premier VIP International Equity, AXA Premier VIP Large Cap Core Equity, AXA Premier VIP Large Cap Growth, AXA Premier VIP Large Cap Value, AXA Premier VIP Small/Mid Cap Growth, AXA Premier VIP Small/Mid Cap Value, AXA Premier VIP Technology, EQ/Alliance Growth and Income, EQ/Alliance International and EQ/Alliance Quality Bond, (January 14, 2002); EQ/Alliance Intermediate Government Securities (April 1, 2002). AXA Rosenberg VIT Value Long/Short Equity and U.S. Real Estate -- Class I (July 21, 2003); AXA Aggressive Allocation Portfolio, AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio (September 15, 2003). No performance information is provided for portfolios and/or variable investment options with inception dates after December 31, 2001. ** The portfolio inception dates are: EQ/Alliance Common Stock (January 13, 1976); EQ/Alliance Money Market (July 13, 1981); AXA Moderate Allocation and AXA Premier VIP Aggressive Equity (January 27, 1986); AXA Premier VIP High Yield (January 2, 1987); EQ/Alliance Intermediate Government Securities (April 1, 1991); EQ/Alliance Growth and Income and EQ/Alliance Quality Bond (October 1, 1993); EQ/Equity 500 Index (March 1, 1994); EQ/Alliance International (April 3, 1995); EQ/Alliance Small Cap Growth, EQ/FI Small/Mid Cap Value, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth Companies, EQ/Putnam Growth & Income Value, EQ/Putnam International Equity and EQ/Putnam Voyager (May 1, 1997); EQ/Emerging Markets Equity (August 20, 1997); EQ/Bernstein Diversified Value, EQ/J.P. Morgan Core Bond, EQ/Lazard Small Cap Value and EQ/Small Company Index (January 1, 1998); EQ/Evergreen Omega and EQ/MFS Investors Trust (January 1, 1999); EQ/Alliance Premier Growth, EQ/Capital Guardian International, EQ/Capital Guardian Research and EQ/Capital Guardian U.S. Equity (May 1, 1999); EQ/Calvert Socially Responsible (September 1, 1999); EQ/Alliance Technology (May 1, 2000); EQ/FI Mid Cap and EQ/Janus Large Cap Growth (September 1, 2000); EQ/Marsico Focus (August 31, 2001); AXA Premier VIP Core Bond, AXA Premier VIP Health Care, AXA Premier VIP International Equity, AXA Premier VIP Large Cap Core Equity, AXA Premier VIP Large Cap Growth, AXA Premier VIP Large Cap Value, AXA Premier VIP Small/Mid Cap Growth, AXA Premier VIP Small/Mid Cap Value and AXA Premier VIP Technology (December 31, 2001); U.S. Real Estate -- Class I (May 3, 1997); AXA Rosenberg VIT Value Long/Short Equity (May 2, 2003); AXA Aggressive Allocation Portfolio, AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio (July 31, 2003). No performance information is provided for portfolios and/or variable investment options with inception dates after December 31, 2001. *** In each case, the performance shown is for the indicated EQ Advisors Trust portfolio and any predecessor that it may have had. The inception dates for these portfolios are for portfolios of The Hudson River Trust, the assets of which became assets of corresponding portfolios of EQ Advisors Trust on October 18, 1999. + Effective December 12, 2003, EQ/Putnam International Equity's name will change to EQ/Mercury International Value and the EQ/Alliance Technology's name will change to EQ/Technology, respectively. (d) The chart in "Appendix III: Enhanced death benefit example" is replaced in its entirety by the following:
End of 6% Roll up to Annual Ratchet to Contract Account age 85 enhanced age 85 enhanced year value death benefit death benefit -------------------------------------------------------------------------------- 1 105,000 106,000 105,000 2 115,500 112,360 115,500 3 129,360 119,102 129,360 4 103,488 126,248 129,360 5 113,837 133,823 129,360 6 127,497 141,852 129,360 7 127,497 150,363 129,360
(e) The following changes are made to "Appendix IV: Hypothetical illustrations" of the Prospectus: (i) The first sentence of the second paragraph is replaced in its entirety by the following: "With respect to fees and expenses deducted from assets of the underlying portfolios, the amounts shown in all tables reflect (1) investment management fees equivalent to an effective annual rate of 0.69%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.47% and (3) 12b-1 fees equivalent to an effective annual rate of 0.25%." 3 (ii) This chart is replaced in its entirety by the following: VARIABLE DEFERRED ANNUITY ACCUMULATOR ELITE $100,000 SINGLE CONTRIBUTION AND NO WITHDRAWALS MALE, ISSUE AGE 60 BENEFITS: GREATER OF 6% ROLL-UP AND THE ANNUAL RATCHET TO AGE 85 GUARANTEED MINIMUM DEATH BENEFIT PROTECTION PLUS GUARANTEED MINIMUM INCOME BENEFIT
Greater of 6% Roll up to age 85 and the Annual Lifetime Annual Ratchet to age 85 Guaranteed Minimum Income Benefit Guaranteed Total Death Benefit ------------------------------------ Minimum Death with Protection Guaranteed Hypothetical Account Value Cash Value Benefit Plus Income Income ------------------- ------------------ ------------------- ------------------- ------------------ ----------------- Policy Age Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% ----- ------- --------- --------- -------- --------- --------- --------- --------- --------- --------- -------- --------- ------- 60 1 100,000 100,000 92,000 92,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 2 95,276 101,255 88,276 94,255 106,000 106,000 108,400 108,400 N/A N/A N/A N/A 62 3 90,633 102,462 84,633 96,462 112,360 112,360 117,304 117,304 N/A N/A N/A N/A 63 4 86,063 103,617 81,063 98,617 119,102 119,102 126,742 126,742 N/A N/A N/A N/A 64 5 81,559 104,712 81,559 104,712 126,248 126,248 136,747 136,747 N/A N/A N/A N/A 65 6 77,114 105,740 77,114 105,740 133,823 133,823 147,352 147,352 N/A N/A N/A N/A 66 7 72,720 106,695 72,720 106,695 141,852 141,852 158,593 158,593 N/A N/A N/A N/A 67 8 68,368 107,568 68,368 107,568 150,363 150,363 170,508 170,508 N/A N/A N/A N/A 68 9 64,052 108,350 64,052 108,350 159,385 159,385 183,139 183,139 N/A N/A N/A N/A 69 10 59,763 109,034 59,763 109,034 168,948 168,948 196,527 196,527 N/A N/A N/A N/A 74 15 38,348 110,594 38,348 110,594 226,090 226,090 276,527 276,527 14,266 14,266 14,266 14,266 79 20 16,278 107,886 16,278 107,886 302,560 302,560 383,584 383,584 20,393 20,393 20,393 20,393 84 25 0 98,814 0 98,814 404,893 404,893 0 493,179 0 34,821 0 34,821 89 30 0 95,588 0 95,588 429,187 429,187 0 517,472 N/A N/A N/A N/A 94 35 0 95,013 0 95,013 429,187 429,187 0 517,472 N/A N/A N/A N/A 95 36 0 94,889 0 94,889 429,187 429,187 0 517,472 N/A N/A N/A N/A
THE HYPOTHETICAL INVESTMENT RESULTS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING INVESTMENT ALLOCATIONS MADE BY THE OWNER. THE ACCOUNT VALUE, CASH VALUE AND GUARANTEED BENEFITS FOR A POLICY WOULD BE DIFFERENT FROM THE ONES SHOWN IF THE ACTUAL GROSS RATE OF INVESTMENT RETURN AVERAGED 0% OR 6% OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR BELOW THE AVERAGE FOR INDIVIDUAL POLICY YEARS. WE CAN MAKE NO REPRESENTATION THAT THESE HYPOTHETICAL INVESTMENT RESULTS CAN BE ACHIEVED FOR ANY ONE YEAR OR CONTINUED OVER ANY PERIOD OF TIME. IN FACT, FOR ANY GIVEN PERIOD OF TIME, THE INVESTMENT RESULTS COULD BE NEGATIVE. 5. The last paragraph in "How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" under "Accessing your money" is replaced in its entirety by the following in order to reflect the change in the manner in which withdrawals affect the 6% Roll up to age 85 benefit base with respect to the guaranteed minimum income benefit and the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit: "With respect to the Guaranteed minimum income benefit and the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit withdrawals will reduce each of the benefits' 6% Roll up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of withdrawals in a contract year is 6% or less of the 6% Roll up benefit base on the most recent contract date anniversary. Once a withdrawal is taken that causes the sum of withdrawals in a contract year to exceed 6% of the benefit base on the most recent anniversary, that entire withdrawal and any subsequent withdrawals in that same contract year will reduce the benefit base pro rata. Reduction on a dollar-for-dollar basis means that your 6% Roll up to age 85 benefit base will be reduced by the dollar amount of the withdrawal for each Guaranteed benefit. The Annual Ratchet to age 85 benefit base will always be reduced on a pro rata basis." 6. The first sentence of the second to the last paragraph in "Guaranteed interest option," under "Contract features and benefits" in the Prospectus is replaced in its entirety by the following: "The minimum yearly rate for 2003 and 2004 is equal to the lifetime minimum rate of your contract." The Equitable Life Assurance Society of the United States 1290 Avenue of the Americas New York, New York 10104 (212) 554-1234 Copyright 2003. The Equitable Life Assurance Society of the United States All rights reserved. Accumulator(R) is a service mark of The Equitable Life Assurance Society of the United States. 4 The Equitable Life Assurance Society of the United States SUPPLEMENT DATED DECEMBER 5, 2003 TO THE SEPTEMBER 15, 2003 EQUITABLE ACCUMULATOR(R) PLUS PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION ("SAI") -------------------------------------------------------------------------------- This supplement modifies certain information in the above-referenced Prospectus and SAI dated September 15, 2003, as previously supplemented to date (together, the "Prospectus"). The changes described in items 1 through 5 below will be effective on January 5, 2004. If you applied for your contract prior to January 5, 2004, and you elected the guaranteed minimum income benefit and/or the greater of 5% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, we will send you an election form in mid-January so that you can choose to have the changes described in items 1 through 5 apply to your contract. If you do not so elect, your contract will continue as originally applied for and the changes described in items 1 through 5 will not apply to you. Unless otherwise indicated, all other information included in the Prospectus remains unchanged. The terms and section headings we use in this supplement have the same meaning as in the Prospectus. You should keep this supplement with your Prospectus. We will send you another copy of the Prospectus without charge, upon request. 1. The 5% Roll up to age 85 benefit base is changed to 6% Roll up to age 85 benefit base. The following changes to the Prospectus are made to reflect this change. (a) All references in the Prospectus to the "5% Roll up to age 85" benefit base are changed to references to "6% Roll up to age 85" benefit base. (b) All references in the Prospectus to "the greater of 5% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit" are changed to references to "the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit." 2. The annual charge for the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit is increased from 0.50% of the applicable benefit base to 0.60% of the applicable benefit base. Therefore, all references in the prospectus to this charge are changed accordingly. 3. The annual charge for the guaranteed minimum income benefit is increased from 0.55% to 0.65% of the applicable benefit base. Therefore, all references in the Prospectus to this charge are changed accordingly. 4. In order to reflect the increase in the roll-up rate for the 6% Roll up to age 85 benefit base and the increases in the charges for the greater of 6% Roll up to age 85 or Annual Ratchet to age 85 enhanced death benefit and the Guaranteed minimum income benefit the following changes are made: (a) In the section, "Fee table" in the Prospectus the numerical examples under "Example," are deleted in their entirety and replaced by the following: If you surrender your contract at the end of the applicable time period:
1 year 3 years 5 years 10 years Lowest $1,198.83 $1,928.63 $2,705.55 $4,524.78 Highest $1,547.54 $2,926.24 $4,283.97 $7,244.04
If you annuitize at the end of the applicable time period:
1 year 3 years 5 years 10 years Lowest $ 748.83 $1,578.63 $2,455.55 $4,874.78 Highest $1,097.54 $2,576.24 $4,033.97 $7,594.04
If you do not surrender your contract at the end of the applicable time period:
1 year 3 year 5 year 10 year Lowest $398.83 $1,228.63 $2,105.55 $4,524.78 Highest $747.54 $2,226.24 $3,683.97 $7,244.04
IM-03-14 Supp (12/03) Cat. No. 133244 (12/03) x00634 (b) The chart following the paragraph in "Contract features and benefits" under "Illustrations of Guaranteed minimum income benefit," in the Prospectus is replaced in its entirety by the following:
----------------------------------------------------------------------------------------------------- Guaranteed minimum income benefit -- annual income Contract date anniversary at exercise payable for life ----------------------------------------------------------------------------------------------------- 10 $11,891 ----------------------------------------------------------------------------------------------------- 15 $18,597 -----------------------------------------------------------------------------------------------------
(c) The table in "Investment performance" under "Table for Separate Account 49 Average annual total return under a contract surrendered on December 31, 2002," in the Prospectus is replaced in its entirety by the following:
-------------------------------------------------------------------------------------------------------------- Length of option period -------------------------------------------- Since option Variable investment options 1 Year 5 Years inception* -------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation *** (20.63)% (0.58)% (17.47)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Aggressive Equity *** (37.11)% (16.53)% (11.84)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Core Bond -- -- -- -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Health Care -- -- -- -------------------------------------------------------------------------------------------------------------- AXA Premier VIP High Yield *** (10.63)% (8.67)% (3.93)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP International Equity -- -- -- -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Core Equity -- -- -- -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Growth -- -- -- -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Value -- -- -- -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Growth -- -- -- -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Value -- -- -- -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Technology -- -- -- -------------------------------------------------------------------------------------------------------------- EQ/Alliance Common Stock *** (41.66)% (7.86)% (1.32)% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Growth and Income *** -- -- -- -------------------------------------------------------------------------------------------------------------- EQ/Alliance Intermediate Government Securities *** -- -- -- -------------------------------------------------------------------------------------------------------------- EQ/Alliance International *** -- -- -- -------------------------------------------------------------------------------------------------------------- EQ/Alliance Premier Growth (39.42)% -- (22.92)% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Quality Bond *** -- -- -- -------------------------------------------------------------------------------------------------------------- EQ/Alliance Small Cap Growth (38.48)% (7.60)% (2.34)% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Technology+ (49.32)% -- (45.71)% -------------------------------------------------------------------------------------------------------------- EQ/Bernstein Diversified Value (21.59)% -- (2.15)% -------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible (34.60)% -- (26.34)% -------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian International (22.97)% -- (11.82)% -------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research (32.81)% -- (9.38)% -------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian U.S. Equity (31.79)% -- (10.55)% -------------------------------------------------------------------------------------------------------------- EQ/Emerging Markets Equity (13.73)% (9.88)% (9.88)% -------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index *** (30.50)% (5.02)% 1.61% -------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega (32.19)% -- (17.11)% -------------------------------------------------------------------------------------------------------------- EQ/FI Mid Cap (26.44)% -- (19.33)% -------------------------------------------------------------------------------------------------------------- EQ/FI Small/Mid Cap Value (22.62)% (7.50)% (6.64)% -------------------------------------------------------------------------------------------------------------- EQ/J.P. Morgan Core Bond 2.18% -- 3.54% -------------------------------------------------------------------------------------------------------------- EQ/Janus Large Cap Growth (38.52)% -- (36.17)% -------------------------------------------------------------------------------------------------------------- EQ/Lazard Small Cap Value (21.77)% -- (1.33)% -------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus (19.44)% -- (6.28)% -------------------------------------------------------------------------------------------------------------- EQ/Mercury Basic Value Equity (24.65)% 1.95% 4.67% -------------------------------------------------------------------------------------------------------------- EQ/MFS Emerging Growth Companies (42.69)% (7.75)% (3.17)% -------------------------------------------------------------------------------------------------------------- EQ/MFS Investors Trust (29.13)% -- (13.04)% -------------------------------------------------------------------------------------------------------------- EQ/Money Market *** (6.38)% 0.31% 0.93% -------------------------------------------------------------------------------------------------------------- EQ/Putnam Growth and Income Value (27.09)% (6.27)% (2.79)% -------------------------------------------------------------------------------------------------------------- EQ/Putnam International Equity+ (24.63)% (1.72)% 0.08% -------------------------------------------------------------------------------------------------------------- EQ/Putnam Voyager (34.51)% (8.11)% (3.11)% -------------------------------------------------------------------------------------------------------------- EQ/Small Company Index (28.98)% -- (5.76)% -------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------- Length of portfolio period ----------------------------------------------------- Since portfolio Variable investment options 3 Years 5 Years 10 Years inception** -------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation *** (10.60)% (0.58)% 3.15% 6.35% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Aggressive Equity *** (29.68)% (16.53)% (2.03)% 6.63% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Core Bond -- -- -- 0.71% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Health Care -- -- -- (28.00)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP High Yield *** (8.74)% (8.67)% 2.45% 3.47% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP International Equity -- -- -- (28.94)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Core Equity -- -- -- (30.64)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Growth -- -- -- (39.50)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Value -- -- -- (27.89)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Growth -- -- -- (45.57)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Value -- -- -- (33.46)% -------------------------------------------------------------------------------------------------------------- AXA Premier VIP Technology -- -- -- (51.12)% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Common Stock *** (26.58)% (7.86)% 5.22% 8.96% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Growth and Income *** (10.43)% 0.21% -- 6.31% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Intermediate Government Securities *** 4.30% 2.81% 2.93% 3.48% -------------------------------------------------------------------------------------------------------------- EQ/Alliance International *** (25.69)% (8.56)% -- (4.05)% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Premier Growth (31.99)% -- -- (22.92)% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Quality Bond *** 4.86% 2.84% -- 2.95% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Small Cap Growth (17.10)% (7.60)% -- (2.34)% -------------------------------------------------------------------------------------------------------------- EQ/Alliance Technology+ -- -- -- (45.71)% -------------------------------------------------------------------------------------------------------------- EQ/Bernstein Diversified Value (9.34)% -- -- (2.15)% -------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible (21.08)% -- -- (17.32)% -------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian International (24.81)% -- -- (11.82)% -------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research (12.97)% -- -- (9.38)% -------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian U.S. Equity (13.28)% -- -- (10.55)% -------------------------------------------------------------------------------------------------------------- EQ/Emerging Markets Equity (25.59)% (9.88)% -- (13.97)% -------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index *** (20.85)% (5.02)% -- 6.20% -------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega (23.97)% -- -- (17.11)% -------------------------------------------------------------------------------------------------------------- EQ/FI Mid Cap -- -- -- (19.52)% -------------------------------------------------------------------------------------------------------------- EQ/FI Small/Mid Cap Value (6.99)% (7.50)% -- (3.38)% -------------------------------------------------------------------------------------------------------------- EQ/J.P. Morgan Core Bond 5.58% -- -- 3.54% -------------------------------------------------------------------------------------------------------------- EQ/Janus Large Cap Growth -- -- -- (36.32)% -------------------------------------------------------------------------------------------------------------- EQ/Lazard Small Cap Value 2.22% -- -- (1.33)% -------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus -- -- -- (5.98)% -------------------------------------------------------------------------------------------------------------- EQ/Mercury Basic Value Equity (5.10)% 1.95% -- 4.67% -------------------------------------------------------------------------------------------------------------- EQ/MFS Emerging Growth Companies (37.69)% (7.75)% -- (3.17)% -------------------------------------------------------------------------------------------------------------- EQ/MFS Investors Trust (18.60)% -- -- (13.04)% -------------------------------------------------------------------------------------------------------------- EQ/Money Market *** (0.81)% 0.31% 1.06% 2.87% -------------------------------------------------------------------------------------------------------------- EQ/Putnam Growth and Income Value (11.99)% (6.27)% -- (2.79)% -------------------------------------------------------------------------------------------------------------- EQ/Putnam International Equity+ (23.10)% (1.72)% -- 0.08% -------------------------------------------------------------------------------------------------------------- EQ/Putnam Voyager (29.98)% (8.11)% -- (3.11)% -------------------------------------------------------------------------------------------------------------- EQ/Small Company Index (13.12)% -- -- (5.76)% --------------------------------------------------------------------------------------------------------------
2 * The variable investment option inception dates are: AXA Premier VIP Aggressive Equity, AXA Premier VIP High Yield, EQ/Alliance Common Stock, EQ/Money Market and EQ/Equity 500 Index (October 16, 1996); EQ/Alliance Small Cap Growth, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth Companies, EQ/Putnam Growth & Income Value, EQ/Putnam International Equity and EQ/Putnam Voyager (May 1, 1997); EQ/Emerging Markets Equity (December 31, 1997); EQ/Bernstein Diversified Value, EQ/J.P. Morgan Core Bond, EQ/Lazard Small Cap Value and EQ/Small Company Index (January 1, 1998); EQ/Evergreen Omega and EQ/MFS Investors Trust (January 1, 1999); EQ/Alliance Premier Growth, EQ/Capital Guardian International, EQ/Capital Guardian Research and EQ/Capital Guardian U.S. Equity (May 1, 1999); EQ/Alliance Technology (May 1, 2000); EQ/FI Mid Cap, EQ/FI Small/Mid Cap Value and EQ/Janus Large Cap Growth (September 5, 2000); AXA Moderate Allocation (May 18, 2001); EQ/Calvert Socially Responsible and EQ/Marsico Focus (September 4, 2001); AXA Premier VIP Core Bond, AXA Premier VIP Health Care, AXA Premier VIP International Equity, AXA Premier VIP Large Cap Core Equity, AXA Premier VIP Large Cap Growth, AXA Premier VIP Large Cap Value, AXA Premier VIP Small/Mid Cap Growth, AXA Premier VIP Small/Mid Cap Value, AXA Premier VIP Technology, EQ/Alliance Growth and Income, EQ/Alliance International and EQ/Alliance Quality Bond, (January 14, 2002); EQ/Alliance Intermediate Government Securities (April 1, 2002). AXA Rosenberg VIT Value Long/Short Equity and U.S. Real Estate -- Class I (July 21, 2003); AXA Aggressive Allocation Portfolio, AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio (September 15, 2003). No performance information is provided for portfolios and/or variable investment options with inception dates after December 31, 2001. ** The portfolio inception dates are: EQ/Alliance Common Stock (January 13, 1976); EQ/Alliance Money Market (July 13, 1981); AXA Moderate Allocation and AXA Premier VIP Aggressive Equity (January 27, 1986); AXA Premier VIP High Yield (January 2, 1987); EQ/Alliance Intermediate Government Securities (April 1, 1991); EQ/Alliance Growth and Income and EQ/Alliance Quality Bond (October 1, 1993); EQ/Equity 500 Index (March 1, 1994); EQ/Alliance International (April 3, 1995); EQ/Alliance Small Cap Growth, EQ/FI Small/Mid Cap Value, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth Companies, EQ/Putnam Growth & Income Value, EQ/Putnam International Equity and EQ/Putnam Voyager (May 1, 1997); EQ/Emerging Markets Equity (August 20, 1997); EQ/Bernstein Diversified Value, EQ/J.P. Morgan Core Bond, EQ/Lazard Small Cap Value and EQ/Small Company Index (January 1, 1998); EQ/Evergreen Omega and EQ/MFS Investors Trust (January 1, 1999); EQ/Alliance Premier Growth, EQ/Capital Guardian International, EQ/Capital Guardian Research and EQ/Capital Guardian U.S. Equity (May 1, 1999); EQ/Calvert Socially Responsible (September 1, 1999); EQ/Alliance Technology (May 1, 2000); EQ/FI Mid Cap and EQ/Janus Large Cap Growth (September 1, 2000); EQ/Marsico Focus (August 31, 2001); AXA Premier VIP Core Bond, AXA Premier VIP Health Care, AXA Premier VIP International Equity, AXA Premier VIP Large Cap Core Equity, AXA Premier VIP Large Cap Growth, AXA Premier VIP Large Cap Value, AXA Premier VIP Small/Mid Cap Growth, AXA Premier VIP Small/Mid Cap Value and AXA Premier VIP Technology (December 31, 2001); U.S. Real Estate -- Class I (May 3, 1997); AXA Rosenberg VIT Value Long/Short Equity (May 2, 2003); AXA Aggressive Allocation Portfolio, AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio (July 31, 2003). No performance information is provided for portfolios and/or variable investment options with inception dates after December 31, 2001. *** In each case, the performance shown is for the indicated EQ Advisors Trust portfolio and any predecessor that it may have had. The inception dates for these portfolios are for portfolios of The Hudson River Trust, the assets of which became assets of corresponding portfolios of EQ Advisors Trust on October 18, 1999. + Effective December 12, 2003, EQ/Putnam International Equity's name will change to EQ/Mercury International Value and the EQ/Alliance Technology's name will change to EQ/Technology, respectively. (d) The chart in "Appendix III: Enhanced death benefit example" is replaced in its entirety by the following:
End of Contract 6% Roll up to age 85 Annual Ratchet to age 85 year Account value enhanced death benefit enhanced death benefit 1 109,200 106,000 109,200 2 120,120 112,360 120,120 3 134,534 119,102 134,534 4 107,628 126,248 134,534 5 118,390 133,823 134,534 6 132,597 141,852 134,534 7 132,597 150,363 134,534
(e) The following changes are made to "Appendix IV: Hypothetical illustrations" of the Prospectus: (i) The first sentence of the second paragraph is replaced in its entirety by the following: "With respect to fees and expenses deducted from assets of the underlying portfolios, the amounts shown in all tables reflect (1) investment management fees equivalent to an effective annual rate of 0.69%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.47% and (3) 12b-1 fees equivalent to an effective annual rate of 0.25%." 3 (ii) The chart is replaced in its entirety by the following: VARIABLE DEFERRED ANNUITY ACCUMULATOR PLUS $100,000 SINGLE CONTRIBUTION AND NO WITHDRAWALS MALE, ISSUE AGE 60 BENEFITS: GREATER OF 6% ROLL-UP AND THE ANNUAL RATCHET TO AGE 85 GUARANTEED MINIMUM DEATH BENEFIT PROTECTION PLUS GUARANTEED MINIMUM INCOME BENEFIT
Greater of 6% Roll up to age 85 and the Annual Lifetime Annual Ratchet to age 85 Guaranteed Minimum Income Benefit Guaranteed Total Death Benefit ------------------------------------ Minimum Death with Protection Guaranteed Hypothetical Account Value Cash Value Benefit Plus Income Income ------------------- ------------------ ------------------- ------------------- ------------------ ----------------- Policy Age Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% ----- ------- --------- --------- -------- --------- --------- --------- --------- --------- --------- -------- --------- ------- 60 1 104,000 104,000 96,000 96,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 2 99,295 105,513 91,295 97,513 106,000 106,000 108,400 108,400 N/A N/A N/A N/A 62 3 94,664 106,989 87,664 99,989 112,360 112,360 117,304 117,304 N/A N/A N/A N/A 63 4 90,099 108,420 83,099 101,420 119,102 119,102 126,742 126,742 N/A N/A N/A N/A 64 5 85,592 109,801 79,592 103,801 126,248 126,248 136,747 136,747 N/A N/A N/A N/A 65 6 81,138 111,124 76,138 106,124 133,823 133,823 147,352 147,352 N/A N/A N/A N/A 66 7 76,728 112,384 72,728 108,384 141,852 141,852 158,593 158,593 N/A N/A N/A N/A 67 8 72,355 113,572 69,355 110,572 150,363 150,363 170,508 170,508 N/A N/A N/A N/A 68 9 68,011 114,679 68,011 114,679 159,385 159,385 183,139 183,139 N/A N/A N/A N/A 69 10 63,689 115,697 63,689 115,697 168,948 168,948 196,527 196,527 N/A N/A N/A N/A 74 15 42,062 119,085 42,062 119,085 226,090 226,090 276,527 276,527 14,266 14,266 14,266 14,266 79 20 19,631 118,469 19,631 118,469 302,560 302,560 383,584 383,584 20,393 20,393 20,393 20,393 84 25 0 111,750 0 111,750 404,893 404,893 0 493,179 0 34,821 0 34,821 89 30 0 111,150 0 111,150 429,187 429,187 0 517,472 N/A N/A N/A N/A 94 35 0 113,570 0 113,570 429,187 429,187 0 517,472 N/A N/A N/A N/A 95 36 0 114,095 0 114,095 429,187 429,187 0 517,472 N/A N/A N/A N/A
THE HYPOTHETICAL INVESTMENT RESULTS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING INVESTMENT ALLOCATIONS MADE BY THE OWNER. THE ACCOUNT VALUE, CASH VALUE AND GUARANTEED BENEFITS FOR A POLICY WOULD BE DIFFERENT FROM THE ONES SHOWN IF THE ACTUAL GROSS RATE OF INVESTMENT RETURN AVERAGED 0% OR 6% OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR BELOW THE AVERAGE FOR INDIVIDUAL POLICY YEARS. WE CAN MAKE NO REPRESENTATION THAT THESE HYPOTHETICAL INVESTMENT RESULTS CAN BE ACHIEVED FOR ANY ONE YEAR OR CONTINUED OVER ANY PERIOD OF TIME. IN FACT, FOR ANY GIVEN PERIOD OF TIME, THE INVESTMENT RESULTS COULD BE NEGATIVE. 5. The last paragraph in "How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" under "Accessing your money" is replaced in its entirety by the following in order to reflect the change in the manner in which withdrawals affect the 6% Roll up to age 85 benefit base with respect to the guaranteed minimum income benefit and the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit: "With respect to the Guaranteed minimum income benefit and the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit withdrawals will reduce each of the benefits' 6% Roll up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of withdrawals in a contract year is 6% or less of the 6% Roll up benefit base on the most recent contract date anniversary. Once a withdrawal is taken that causes the sum of withdrawals in a contract year to exceed 6% of the benefit base on the most recent anniversary, that entire withdrawal and any subsequent withdrawals in that same contract year will reduce the benefit base pro rata. Reduction on a dollar-for-dollar basis means that your 6% Roll up to age 85 benefit base will be reduced by the dollar amount of the withdrawal for each Guaranteed benefit. The Annual Ratchet to age 85 benefit base will always be reduced on a pro rata basis." 6. The first sentence of the second to the last paragraph in "Guaranteed interest option," under "Contract features and benefits" in the Prospectus is replaced in its entirety by the following: "The minimum yearly rate for 2003 and 2004 is equal to the lifetime minimum rate of your contract." The Equitable Life Assurance Society of the United States 1290 Avenue of the Americas New York, New York 10104 (212) 554-1234 Copyright 2003. The Equitable Life Assurance Society of the United States All rights reserved. Accumulator(R) is a service mark of The Equitable Life Assurance Society of the United States. 4 The Equitable Life Assurance Society of the United States SUPPLEMENT DATED DECEMBER 5, 2003 TO THE SEPTEMBER 15, 2003 EQUITABLE ACCUMULATOR(R) PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION ("SAI") -------------------------------------------------------------------------------- This supplement modifies certain information in the above-referenced Prospectus and SAI dated September 15, 2003, as previously supplemented to date (together, the "Prospectus"). The changes described in items 1 through 5 below will be effective on January 5, 2004. If you applied for your contract prior to January 5, 2004, and you elected the guaranteed minimum income benefit and/or the greater of 5% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, we will send you an election form in mid-January so that you can choose to have the changes described in items 1 through 5 apply to your contract. If you do not so elect, your contract will continue as originally applied for and the changes described in items 1 through 5 will not apply to you. Unless otherwise indicated, all other information included in the Prospectus remains unchanged. The terms and section headings we use in this supplement have the same meaning as in the Prospectus. You should keep this supplement with your Prospectus. We will send you another copy of the Prospectus without charge, upon request. 1. The 5% Roll up to age 85 benefit base is changed to 6% Roll up to age 85 benefit base. The following changes to the Prospectus are made to reflect this change. (a) All references in the Prospectus to the "5% Roll up to age 85" benefit base are changed to references to "6% Roll up to age 85" benefit base. (b) All references in the Prospectus to "the greater of 5% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit" are changed to references to "the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit." 2. The annual charge for the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit is increased from 0.50% of the applicable benefit base to 0.60% of the applicable benefit base. Therefore, all references in the prospectus to this charge are changed accordingly. 3. The annual charge for the guaranteed minimum income benefit is increased from 0.55% to 0.65% of the applicable benefit base. Therefore, all references in the Prospectus to this charge are changed accordingly. 4. In order to reflect the increase in the roll-up rate for the 6% Roll up to age 85 benefit base and the increases in the charges for the greater of 6% Roll up to age 85 or Annual Ratchet to age 85 enhanced death benefit and the Guaranteed minimum income benefit the following changes are made: (a) In the section, "Fee table" in the Prospectus the numerical examples under "Example," are deleted in their entirety and replaced by the following: If you surrender your contract at the end of the applicable time period:
1 year 3 years 5 years 10 years Lowest $1,062.20 $1,720.32 $2,426.02 $4,171.11 Highest $1,398.14 $2,684.74 $3,959.15 $6,847.84
If you annuitize at the end of the applicable time period:
1 year 3 years 5 years 10 years Lowest $ 712.20 $1,470.32 $2,276.02 $4,521.11 Highest $1,048.14 $2,434.74 $3,809.15 $7,197.84
If you do not surrender your contract at the end of the applicable time period:
1 year 3 year 5 year 10 year Lowest $362.20 $1,120.32 $1,926.02 $4,171.11 Highest $698.14 $2,084.74 $3,459.15 $6,847.84
IM-03-11 Supp (12/03) Cat. No. 133241 (12/03) x00635 (b) The chart following the paragraph in "Contract features and benefits" under "Illustrations of Guaranteed minimum income benefit," in the Prospectus is replaced in its entirety by the following:
-------------------------------------------------------------------------------------------------------- Guaranteed minimum income benefit -- annual income Contract date anniversary at exercise payable for life -------------------------------------------------------------------------------------------------------- 10 $11,891 -------------------------------------------------------------------------------------------------------- 15 $18,597 --------------------------------------------------------------------------------------------------------
(c) The table in "Investment performance" under "Table for Separate Account 49 Average annual total return under a contract surrendered on December 31, 2002," in the Prospectus is replaced in its entirety by the following:
-------------------------------------------------------------------------------------------------------- Length of option period -------------------------------------------- Since option Variable investment options 1 Year 5 Years inception* -------------------------------------------------------------------------------------------------------- AXA Moderate Allocation *** (22.48)% (0.87)% (18.52)% -------------------------------------------------------------------------------------------------------- AXA Premier VIP Aggressive Equity *** (38.35)% (16.51)% (11.21)% -------------------------------------------------------------------------------------------------------- AXA Premier VIP Core Bond -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Health Care -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP High Yield *** (12.85)% (8.82)% (3.67)% -------------------------------------------------------------------------------------------------------- AXA Premier VIP International Equity -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Core Equity -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Growth -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Value -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Growth -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Value -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Technology -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance Common Stock *** (42.74)% (8.04)% (1.14)% -------------------------------------------------------------------------------------------------------- EQ/Alliance Growth and Income *** -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance Intermediate Government Securities *** -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance International *** -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance Premier Growth (40.60)% -- (22.96)% -------------------------------------------------------------------------------------------------------- EQ/Alliance Quality Bond *** -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance Small Cap Growth (39.70)% (7.78)% (2.35)% -------------------------------------------------------------------------------------------------------- EQ/Alliance Technology+ (50.05)% -- (45.27)% -------------------------------------------------------------------------------------------------------- EQ/Bernstein Diversified Value (23.35)% -- (2.43)% -------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible (35.93)% -- (27.49)% -------------------------------------------------------------------------------------------------------- EQ/Capital Guardian International (24.75)% -- (12.12)% -------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research (34.20)% -- (9.71)% -------------------------------------------------------------------------------------------------------- EQ/Capital Guardian U.S. Equity (33.27)% -- (10.87)% -------------------------------------------------------------------------------------------------------- EQ/Emerging Markets Equity (15.76)% (10.03)% (10.03)% -------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index *** (31.98)% (5.26)% 1.59% -------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega (33.54)% -- (17.23)% -------------------------------------------------------------------------------------------------------- EQ/FI Mid Cap (28.14)% -- (19.87)% -------------------------------------------------------------------------------------------------------- EQ/FI Small/Mid Cap Value (24.42)% (7.69)% (7.48)% -------------------------------------------------------------------------------------------------------- EQ/J.P. Morgan Core Bond (0.49)% -- 3.19% -------------------------------------------------------------------------------------------------------- EQ/Janus Large Cap Growth (39.75)% -- (36.25)% -------------------------------------------------------------------------------------------------------- EQ/Lazard Small Cap Value (23.56)% -- (1.62)% -------------------------------------------------------------------------------------------------------- EQ/Marsico Focus (21.34)% -- (7.99)% -------------------------------------------------------------------------------------------------------- EQ/Mercury Basic Value Equity (26.33)% 1.61% 4.52% -------------------------------------------------------------------------------------------------------- EQ/MFS Emerging Growth Companies (43.71)% (7.93)% (3.15)% -------------------------------------------------------------------------------------------------------- EQ/MFS Investors Trust (30.63)% -- (13.25)% -------------------------------------------------------------------------------------------------------- EQ/Money Market *** (8.72)% 0.01% 1.02% -------------------------------------------------------------------------------------------------------- EQ/Putnam Growth and Income Value (28.66)% (6.48)% (2.78)% -------------------------------------------------------------------------------------------------------- EQ/Putnam International Equity+ (26.33)% (1.99)% 0.02% -------------------------------------------------------------------------------------------------------- EQ/Putnam Voyager (35.89)% (8.28)% (3.10)% -------------------------------------------------------------------------------------------------------- EQ/Small Company Index (30.53)% -- (5.98)% -------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- Length of portfolio period ------------------------------------------------------ Since portfolio Variable investment options 3 Years 5 Years 10 Years inception** ---------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation *** (11.09)% (0.87)% 3.02% 6.41% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP Aggressive Equity *** (29.70)% (16.51)% (2.15)% 6.67% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP Core Bond -- -- -- (1.90)% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP Health Care -- -- -- (29.57)% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP High Yield *** (9.27)% (8.82)% 2.33% 3.50% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP International Equity -- -- -- (30.48)% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Core Equity -- -- -- (32.12)% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Growth -- -- -- (40.66)% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Value -- -- -- (29.47)% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Growth -- -- -- (46.51)% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Value -- -- -- (34.84)% ---------------------------------------------------------------------------------------------------------------- AXA Premier VIP Technology -- -- -- (51.86)% ---------------------------------------------------------------------------------------------------------------- EQ/Alliance Common Stock *** (26.69)% (8.04)% 5.08% 9.10% ---------------------------------------------------------------------------------------------------------------- EQ/Alliance Growth and Income *** (10.94)% (0.10)% -- 6.14% ---------------------------------------------------------------------------------------------------------------- EQ/Alliance Intermediate Government Securities *** 3.54% 2.46% 2.81% 3.56% ---------------------------------------------------------------------------------------------------------------- EQ/Alliance International *** (25.82)% (8.72)% -- (3.76)% ---------------------------------------------------------------------------------------------------------------- EQ/Alliance Premier Growth (31.91)% -- -- (22.96)% ---------------------------------------------------------------------------------------------------------------- EQ/Alliance Quality Bond *** 4.11% 2.50% -- 2.79% ---------------------------------------------------------------------------------------------------------------- EQ/Alliance Small Cap Growth (17.44)% (7.78)% -- (2.35)% ---------------------------------------------------------------------------------------------------------------- EQ/Alliance Technology+ -- -- -- (45.27)% ---------------------------------------------------------------------------------------------------------------- EQ/Bernstein Diversified Value (9.82)% -- -- (2.43)% ---------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible (21.34)% -- -- (17.57)% ---------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian International (24.96)% -- -- (12.12)% ---------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research (13.38)% -- -- (9.71)% ---------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian U.S. Equity (13.70)% -- -- (10.87)% ---------------------------------------------------------------------------------------------------------------- EQ/Emerging Markets Equity (25.72)% (10.03)% -- (13.62)% ---------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index *** (21.11)% (5.26)% -- 6.01% ---------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega (24.14)% -- -- (17.23)% ---------------------------------------------------------------------------------------------------------------- EQ/FI Mid Cap -- -- -- (20.06)% ---------------------------------------------------------------------------------------------------------------- EQ/FI Small/Mid Cap Value (7.56)% (7.69)% -- (3.36)% ---------------------------------------------------------------------------------------------------------------- EQ/J.P. Morgan Core Bond 4.80% -- -- 3.19% ---------------------------------------------------------------------------------------------------------------- EQ/Janus Large Cap Growth -- -- -- (36.39)% ---------------------------------------------------------------------------------------------------------------- EQ/Lazard Small Cap Value 1.48% -- -- (1.62)% ---------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus -- -- -- (7.68)% ---------------------------------------------------------------------------------------------------------------- EQ/Mercury Basic Value Equity (5.70)% 1.61% -- 4.52% ---------------------------------------------------------------------------------------------------------------- EQ/MFS Emerging Growth Companies (37.43)% (7.93)% -- (3.15)% ---------------------------------------------------------------------------------------------------------------- EQ/MFS Investors Trust (18.91)% -- -- (13.25)% ---------------------------------------------------------------------------------------------------------------- EQ/Money Market *** (1.49)% 0.01% 0.94% 3.00% ---------------------------------------------------------------------------------------------------------------- EQ/Putnam Growth and Income Value (12.43)% (6.48)% -- (2.78)% ---------------------------------------------------------------------------------------------------------------- EQ/Putnam International Equity+ (23.30)% (1.99)% -- 0.02% ---------------------------------------------------------------------------------------------------------------- EQ/Putnam Voyager (29.98)% (8.28)% -- (3.10)% ---------------------------------------------------------------------------------------------------------------- EQ/Small Company Index (13.53)% -- -- (5.98)% ----------------------------------------------------------------------------------------------------------------
2 * The variable investment option inception dates are: AXA Premier VIP Aggressive Equity, AXA Premier VIP High Yield, EQ/Alliance Common Stock, EQ/Money Market and EQ/Equity 500 Index (October 16, 1996); EQ/Alliance Small Cap Growth, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth Companies, EQ/Putnam Growth & Income Value, EQ/Putnam International Equity and EQ/Putnam Voyager (May 1, 1997); EQ/Emerging Markets Equity (December 31, 1997); EQ/Bernstein Diversified Value, EQ/J.P. Morgan Core Bond, EQ/Lazard Small Cap Value and EQ/Small Company Index (January 1, 1998); EQ/Evergreen Omega and EQ/MFS Investors Trust (January 1, 1999); EQ/Alliance Premier Growth, EQ/Capital Guardian International, EQ/Capital Guardian Research and EQ/Capital Guardian U.S. Equity (May 1, 1999); EQ/Alliance Technology (May 1, 2000); EQ/FI Mid Cap, EQ/FI Small/Mid Cap Value and EQ/Janus Large Cap Growth (September 5, 2000); AXA Moderate Allocation (May 18, 2001); EQ/Calvert Socially Responsible and EQ/Marsico Focus (September 4, 2001); AXA Premier VIP Core Bond, AXA Premier VIP Health Care, AXA Premier VIP International Equity, AXA Premier VIP Large Cap Core Equity, AXA Premier VIP Large Cap Growth, AXA Premier VIP Large Cap Value, AXA Premier VIP Small/Mid Cap Growth, AXA Premier VIP Small/Mid Cap Value, AXA Premier VIP Technology, EQ/Alliance Growth and Income, EQ/Alliance International and EQ/Alliance Quality Bond, (January 14, 2002); EQ/Alliance Intermediate Government Securities (April 1, 2002). AXA Rosenberg VIT Value Long/Short Equity and U.S. Real Estate -- Class I (July 21, 2003); AXA Aggressive Allocation Portfolio, AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio (September 15, 2003). No performance information is provided for portfolios and/or variable investment options with inception dates after December 31, 2001. ** The portfolio inception dates are: EQ/Alliance Common Stock (January 13, 1976); EQ/Alliance Money Market (July 13, 1981); AXA Moderate Allocation and AXA Premier VIP Aggressive Equity (January 27, 1986); AXA Premier VIP High Yield (January 2, 1987); EQ/Alliance Intermediate Government Securities (April 1, 1991); EQ/Alliance Growth and Income and EQ/Alliance Quality Bond (October 1, 1993); EQ/Equity 500 Index (March 1, 1994); EQ/Alliance International (April 3, 1995); EQ/Alliance Small Cap Growth, EQ/FI Small/Mid Cap Value, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth Companies, EQ/Putnam Growth & Income Value, EQ/Putnam International Equity and EQ/Putnam Voyager (May 1, 1997); EQ/Emerging Markets Equity (August 20, 1997); EQ/Bernstein Diversified Value, EQ/J.P. Morgan Core Bond, EQ/Lazard Small Cap Value and EQ/Small Company Index (January 1, 1998); EQ/Evergreen Omega and EQ/MFS Investors Trust (January 1, 1999); EQ/Alliance Premier Growth, EQ/Capital Guardian International, EQ/Capital Guardian Research and EQ/Capital Guardian U.S. Equity (May 1, 1999); EQ/Calvert Socially Responsible (September 1, 1999); EQ/Alliance Technology (May 1, 2000); EQ/FI Mid Cap and EQ/Janus Large Cap Growth (September 1, 2000); EQ/Marsico Focus (August 31, 2001); AXA Premier VIP Core Bond, AXA Premier VIP Health Care, AXA Premier VIP International Equity, AXA Premier VIP Large Cap Core Equity, AXA Premier VIP Large Cap Growth, AXA Premier VIP Large Cap Value, AXA Premier VIP Small/Mid Cap Growth, AXA Premier VIP Small/Mid Cap Value and AXA Premier VIP Technology (December 31, 2001); U.S. Real Estate -- Class I (May 3, 1997); AXA Rosenberg VIT Value Long/Short Equity (May 2, 2003); AXA Aggressive Allocation Portfolio, AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio (July 31, 2003). No performance information is provided for portfolios and/or variable investment options with inception dates after December 31, 2001. *** In each case, the performance shown is for the indicated EQ Advisors Trust portfolio and any predecessor that it may have had. The inception dates for these portfolios are for portfolios of The Hudson River Trust, the assets of which became assets of corresponding portfolios of EQ Advisors Trust on October 18, 1999. + Effective December 12, 2003, EQ/Putnam International Equity's name will change to EQ/Mercury International Value and the EQ/Alliance Technology's name will change to EQ/Technology, respectively. (d) The chart in "Appendix III: Enhanced death benefit example" is replaced in its entirety by the following:
End of 6% Roll up to age 85 Annual Ratchet to age 85 Contract year Account value enhanced death benefit enhanced death benefit 1 105,000 106,000 105,000 2 115,500 112,360 115,500 3 129,360 119,102 129,360 4 103,488 126,248 129,360 5 113,837 133,823 129,360 6 127,497 141,852 129,360 7 127,497 150,363 129,360
(e) The following changes are made to "Appendix IV: Hypothetical illustrations" of the Prospectus: (i) The first sentence of the second paragraph is replaced in its entirety by the following: "With respect to fees and expenses deducted from assets of the underlying portfolios, the amounts shown in all tables reflect (1) investment management fees equivalent to an effective annual rate of 0.69%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.47% and (3) 12b-1 fees equivalent to an effective annual rate of 0.25%." 3 (ii) The chart is replaced in its entirety by the following: VARIABLE DEFERRED ANNUITY ACCUMULATOR $100,000 SINGLE CONTRIBUTION AND NO WITHDRAWALS MALE, ISSUE AGE 60 BENEFITS: GREATER OF 6% ROLL-UP AND THE ANNUAL RATCHET TO AGE 85 GUARANTEED MINIMUM DEATH BENEFIT PROTECTION PLUS GUARANTEED MINIMUM INCOME BENEFIT
Greater of 6% Roll up to age 85 and the Annual Lifetime Annual Ratchet to Guaranteed Minimum Income Benefit age 85 Guaranteed Total Death Benefit ------------------------------------ Minimum Death with Protection Guaranteed Hypothetical Account Value Cash Value Benefit Plus Income Income ------------------- ------------------ ------------------- ------------------- ------------------ ----------------- Policy Age Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% ----- ------- --------- --------- -------- --------- --------- --------- --------- --------- --------- -------- --------- ------- 60 1 100,000 100,000 93,000 93,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 2 95,674 101,653 88,674 94,653 106,000 106,000 108,400 108,400 N/A N/A N/A N/A 62 3 91,399 103,276 85,399 97,276 112,360 112,360 117,304 117,304 N/A N/A N/A N/A 63 4 87,168 104,863 81,168 98,863 119,102 119,102 126,742 126,742 N/A N/A N/A N/A 64 5 82,974 106,409 77,974 101,409 126,248 126,248 136,747 136,747 N/A N/A N/A N/A 65 6 78,811 107,905 75,811 104,905 133,823 133,823 147,352 147,352 N/A N/A N/A N/A 66 7 74,673 109,346 73,673 108,346 141,852 141,852 158,593 158,593 N/A N/A N/A N/A 67 8 70,553 110,723 70,553 110,723 150,363 150,363 170,508 170,508 N/A N/A N/A N/A 68 9 66,444 112,028 66,444 112,028 159,385 159,385 183,139 183,139 N/A N/A N/A N/A 69 10 62,338 113,253 62,338 113,253 168,948 168,948 196,527 196,527 N/A N/A N/A N/A 74 15 41,545 117,805 41,545 117,805 226,090 226,090 276,527 276,527 14,266 14,266 14,266 14,266 79 20 19,573 118,562 19,573 118,562 302,560 302,560 383,584 383,584 20,393 20,393 20,393 20,393 84 25 0 113,398 0 113,398 404,893 404,893 0 493,179 0 34,821 0 34,821 89 30 0 114,518 0 114,518 429,187 429,187 0 517,472 N/A N/A N/A N/A 94 35 0 118,952 0 118,952 429,187 429,187 0 517,472 N/A N/A N/A N/A 95 36 0 119,920 0 119,920 429,187 429,187 0 517,472 N/A N/A N/A N/A
THE HYPOTHETICAL INVESTMENT RESULTS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING INVESTMENT ALLOCATIONS MADE BY THE OWNER. THE ACCOUNT VALUE, CASH VALUE AND GUARANTEED BENEFITS FOR A POLICY WOULD BE DIFFERENT FROM THE ONES SHOWN IF THE ACTUAL GROSS RATE OF INVESTMENT RETURN AVERAGED 0% OR 6% OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR BELOW THE AVERAGE FOR INDIVIDUAL POLICY YEARS. WE CAN MAKE NO REPRESENTATION THAT THESE HYPOTHETICAL INVESTMENT RESULTS CAN BE ACHIEVED FOR ANY ONE YEAR OR CONTINUED OVER ANY PERIOD OF TIME. IN FACT, FOR ANY GIVEN PERIOD OF TIME, THE INVESTMENT RESULTS COULD BE NEGATIVE. 5. The last paragraph in "How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" under "Accessing your money" is replaced in its entirety by the following in order to reflect the change in the manner in which withdrawals affect the 6% Roll up to age 85 benefit base with respect to the guaranteed minimum income benefit and the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit: "With respect to the Guaranteed minimum income benefit and the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit withdrawals will reduce each of the benefits' 6% Roll up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of withdrawals in a contract year is 6% or less of the 6% Roll up benefit base on the most recent contract date anniversary. Once a withdrawal is taken that causes the sum of withdrawals in a contract year to exceed 6% of the benefit base on the most recent anniversary, that entire withdrawal and any subsequent withdrawals in that same contract year will reduce the benefit base pro rata. Reduction on a dollar-for-dollar basis means that your 6% Roll up to age 85 benefit base will be reduced by the dollar amount of the withdrawal for each Guaranteed benefit. The Annual Ratchet to age 85 benefit base will always be reduced on a pro rata basis." 6. The first sentence of the second to the last paragraph in "Guaranteed interest option," under "Contract features and benefits" in the Prospectus is replaced in its entirety by the following: "The minimum yearly rate for 2003 and 2004 is equal to the lifetime minimum rate of your contract." The Equitable Life Assurance Society of the United States 1290 Avenue of the Americas New York, New York 10104 (212) 554-1234 Copyright 2003. The Equitable Life Assurance Society of the United States All rights reserved. Accumulator(R) is a service mark of The Equitable Life Assurance Society of the United States. 4 The Equitable Life Assurance Society of the United States SUPPLEMENT DATED DECEMBER 5, 2003 TO THE SEPTEMBER 15, 2003 EQUITABLE ACCUMULATOR(R) SELECT PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION ("SAI") -------------------------------------------------------------------------------- This supplement modifies certain information in the above-referenced Prospectus and SAI dated September 15, 2003, as previously supplemented to date (together, the "Prospectus"). The changes described in items 1 through 5 below will be effective on January 5, 2004. If you applied for your contract prior to January 5, 2004, and you elected the guaranteed minimum income benefit and/or the greater of 5% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, we will send you an election form in mid-January so that you can choose to have the changes described in items 1 through 5 apply to your contract. If you do not so elect, your contract will continue as originally applied for and the changes described in items 1 through 5 will not apply to you. Unless otherwise indicated, all other information included in the Prospectus remains unchanged. The terms and section headings we use in this supplement have the same meaning as in the Prospectus. You should keep this supplement with your Prospectus. We will send you another copy of the Prospectus without charge, upon request. 1. The 5% Roll up to age 85 benefit base is changed to 6% Roll up to age 85 benefit base. The following changes to the Prospectus are made to reflect this change. (a) All references in the Prospectus to the "5% Roll up to age 85" benefit base are changed to references to "6% Roll up to age 85" benefit base. (b) All references in the Prospectus to "the greater of 5% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit" are changed to references to "the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit." 2. The annual charge for the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit is increased from 0.50% of the applicable benefit base to 0.60% of the applicable benefit base. Therefore, all references in the prospectus to this charge are changed accordingly. 3. The annual charge for the guaranteed minimum income benefit is increased from 0.55% to 0.65% of the applicable benefit base. Therefore, all references in the Prospectus to this charge are changed accordingly. 4. In order to reflect the increase in the roll-up rate for the 6% Roll up to age 85 benefit base and the increases in the charges for the greater of 6% Roll up to age 85 or Annual Ratchet to age 85 enhanced death benefit and the Guaranteed minimum income benefit the following changes are made: (a) In the section, "Fee table" in the Prospectus the numerical examples under "Example," are deleted in their entirety and replaced by the following: If you surrender your contract at the end of the applicable time period:
1 year 3 years 5 years 10 years Lowest $408.11 $1,256.10 $2,148.59 $4,593.22 Highest $744.09 $2,211.50 $3,652.27 $7,146.49
If you annuitize at the end of the applicable time period:
1 year 3 years 5 years 10 years Lowest $ 758.11 $1,606.10 $2,498.59 $4,943.22 Highest $1,094.09 $2,561.50 $4,002.27 $7,496.49
If you do not surrender your contract at the end of the applicable time period:
1 year 3 year 5 year 10 year Lowest $408.11 $1,256.10 $2,148.59 $4,593.22 Highest $744.09 $2,211.50 $3,652.27 $7,146.49
IM-03-12 Supp (12/03) Cat. No. 133245 (12/03) x00636 (b) The chart following the paragraph in "Contract features and benefits" under "Illustrations of Guaranteed minimum income benefit," in the Prospectus is replaced in its entirety by the following:
------------------------------------------------------------------------------------------- Guaranteed minimum income benefit -- Contract date anniversary at exercise annual income payable for life ------------------------------------------------------------------------------------------- 10 $11,891 ------------------------------------------------------------------------------------------- 15 $18,597 -------------------------------------------------------------------------------------------
(c) The table in "Investment performance" under "Table for Separate Account 49 Average annual total return under a contract surrendered on December 31, 2002," in the Prospectus is replaced in its entirety by the following:
-------------------------------------------------------------------------------------------------------- Length of option period -------------------------------------------- Since option Variable investment options 1 Year 5 Years inception* -------------------------------------------------------------------------------------------------------- AXA Moderate Allocation *** (15.84)% (0.32)% (14.10)% -------------------------------------------------------------------------------------------------------- AXA Premier VIP Aggressive Equity *** (31.66)% (14.95)% (11.33)% -------------------------------------------------------------------------------------------------------- AXA Premier VIP Core Bond -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Health Care -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP High Yield *** (6.26)% (7.86)% (3.93)% -------------------------------------------------------------------------------------------------------- AXA Premier VIP International Equity -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Core Equity -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Growth -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Large Cap Value -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Growth -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Small/Mid Cap Value -- -- -- -------------------------------------------------------------------------------------------------------- AXA Premier VIP Technology -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance Common Stock *** (36.03)% (7.11)% (1.43)% -------------------------------------------------------------------------------------------------------- EQ/Alliance Growth and Income *** -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance Intermediate Government Securities *** -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance International *** -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance Premier Growth (33.86)% -- (20.22)% -------------------------------------------------------------------------------------------------------- EQ/Alliance Quality Bond *** -- -- -- -------------------------------------------------------------------------------------------------------- EQ/Alliance Small Cap Growth (32.98)% (6.88)% (2.23)% -------------------------------------------------------------------------------------------------------- EQ/Alliance Technology+ (43.32)% -- (39.89)% -------------------------------------------------------------------------------------------------------- EQ/Bernstein Diversified Value (16.72)% -- (1.80)% -------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible (29.27)% -- (22.02)% -------------------------------------------------------------------------------------------------------- EQ/Capital Guardian International (18.09)% -- (10.30)% -------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research (27.56)% -- (8.06)% -------------------------------------------------------------------------------------------------------- EQ/Capital Guardian U.S. Equity (26.57)% -- (9.14)% -------------------------------------------------------------------------------------------------------- EQ/Emerging Markets Equity (9.24)% (8.96)% (8.97)% -------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index *** (25.30)% (4.48)% 1.62% -------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega (26.94)% -- (15.09)% -------------------------------------------------------------------------------------------------------- EQ/FI Mid Cap (21.47)% -- (16.88)% -------------------------------------------------------------------------------------------------------- EQ/FI Small/Mid Cap Value (17.81)% (6.79)% (4.94)% -------------------------------------------------------------------------------------------------------- EQ/J.P. Morgan Core Bond 5.97% -- 3.58% -------------------------------------------------------------------------------------------------------- EQ/Janus Large Cap Growth (33.08)% -- (32.08)% -------------------------------------------------------------------------------------------------------- EQ/Lazard Small Cap Value (16.95)% -- (1.03)% -------------------------------------------------------------------------------------------------------- EQ/Marsico Focus (14.72)% -- (3.05)% -------------------------------------------------------------------------------------------------------- EQ/Mercury Basic Value Equity (19.71)% 2.06% 4.46% -------------------------------------------------------------------------------------------------------- EQ/MFS Emerging Growth Companies (36.98)% (7.00)% (3.00)% -------------------------------------------------------------------------------------------------------- EQ/MFS Investors Trust (23.99)% -- (11.45)% -------------------------------------------------------------------------------------------------------- EQ/Money Market *** (2.17)% 0.52% 0.73% -------------------------------------------------------------------------------------------------------- EQ/Putnam Growth and Income Value (22.04)% (5.65)% (2.64)% -------------------------------------------------------------------------------------------------------- EQ/Putnam International Equity+ (19.69)% (1.38)% 0.08% -------------------------------------------------------------------------------------------------------- EQ/Putnam Voyager (29.18)% (7.35)% (2.95)% -------------------------------------------------------------------------------------------------------- EQ/Small Company Index (23.89)% -- (5.17)% -------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------ Length of portfolio period -------------------------------------------------------- Since portfolio Variable investment options 3 Years 5 Years 10 Years inception** ------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation *** (9.05)% (0.32)% 2.53% 5.88% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Aggressive Equity *** (26.20)% (14.95)% (2.62)% 6.16% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Core Bond -- -- -- 4.63% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Health Care -- -- -- (22.92)% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP High Yield *** (7.33)% (7.86)% 1.83% 2.98% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP International Equity -- -- -- (23.82)% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Large Cap Core Equity -- -- -- (25.45)% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Large Cap Growth -- -- -- (33.95)% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Large Cap Value -- -- -- (22.82)% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Small/Mid Cap Growth -- -- -- (39.78)% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Small/Mid Cap Value -- -- -- (28.16)% ------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Technology -- -- -- (45.11)% ------------------------------------------------------------------------------------------------------------------ EQ/Alliance Common Stock *** (23.49)% (7.11)% 4.59% 8.57% ------------------------------------------------------------------------------------------------------------------ EQ/Alliance Growth and Income *** (8.89)% 0.41% -- 5.63% ------------------------------------------------------------------------------------------------------------------ EQ/Alliance Intermediate Government Securities *** 4.88% 2.88% 2.32% 2.91% ------------------------------------------------------------------------------------------------------------------ EQ/Alliance International *** (22.71)% (7.75)% -- (4.22)% ------------------------------------------------------------------------------------------------------------------ EQ/Alliance Premier Growth (28.18)% -- -- (20.22)% ------------------------------------------------------------------------------------------------------------------ EQ/Alliance Quality Bond *** 5.42% 2.90% -- 2.29% ------------------------------------------------------------------------------------------------------------------ EQ/Alliance Small Cap Growth (15.00)% (6.88)% -- (2.23)% ------------------------------------------------------------------------------------------------------------------ EQ/Alliance Technology+ -- -- -- (39.89)% ------------------------------------------------------------------------------------------------------------------ EQ/Bernstein Diversified Value (7.86)% -- -- (1.80)% ------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible (18.60)% -- -- (15.24)% ------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian International (21.94)% -- -- (10.30)% ------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research (11.22)% -- -- (8.06)% ------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian U.S. Equity (11.48)% -- -- (9.14)% ------------------------------------------------------------------------------------------------------------------ EQ/Emerging Markets Equity (22.62)% (8.96)% -- (13.00)% ------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index *** (18.39)% (4.48)% -- 5.51% ------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega (21.19)% -- -- (15.09)% ------------------------------------------------------------------------------------------------------------------ EQ/FI Mid Cap -- -- -- (17.06)% ------------------------------------------------------------------------------------------------------------------ EQ/FI Small/Mid Cap Value (5.71)% (6.79)% -- (3.20)% ------------------------------------------------------------------------------------------------------------------ EQ/J.P. Morgan Core Bond 6.09% -- -- 3.58% ------------------------------------------------------------------------------------------------------------------ EQ/Janus Large Cap Growth -- -- -- (32.21)% ------------------------------------------------------------------------------------------------------------------ EQ/Lazard Small Cap Value 2.90% -- -- (1.03)% ------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus -- -- -- (2.78)% ------------------------------------------------------------------------------------------------------------------ EQ/Mercury Basic Value Equity (3.94)% 2.06% -- 4.46% ------------------------------------------------------------------------------------------------------------------ EQ/MFS Emerging Growth Companies (33.00)% (7.00)% -- (3.00)% ------------------------------------------------------------------------------------------------------------------ EQ/MFS Investors Trust (16.37)% -- -- (11.45)% ------------------------------------------------------------------------------------------------------------------ EQ/Money Market *** 0.07% 0.52% 0.45% 2.43% ------------------------------------------------------------------------------------------------------------------ EQ/Putnam Growth and Income Value (10.33)% (5.65)% -- (2.64)% ------------------------------------------------------------------------------------------------------------------ EQ/Putnam International Equity+ (20.40)% (1.38)% -- 0.08% ------------------------------------------------------------------------------------------------------------------ EQ/Putnam Voyager (26.45)% (7.35)% -- (2.95)% ------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index (11.36)% -- -- (5.17)% ------------------------------------------------------------------------------------------------------------------
2 * The variable investment option inception dates are: AXA Premier VIP Aggressive Equity, AXA Premier VIP High Yield, EQ/Alliance Common Stock, EQ/Money Market and EQ/Equity 500 Index (October 16, 1996); EQ/Alliance Small Cap Growth, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth Companies, EQ/Putnam Growth & Income Value, EQ/Putnam International Equity and EQ/Putnam Voyager (May 1, 1997); EQ/Emerging Markets Equity (December 31, 1997); EQ/Bernstein Diversified Value, EQ/J.P. Morgan Core Bond, EQ/Lazard Small Cap Value and EQ/Small Company Index (January 1, 1998); EQ/Evergreen Omega and EQ/MFS Investors Trust (January 1, 1999); EQ/Alliance Premier Growth, EQ/Capital Guardian International, EQ/Capital Guardian Research and EQ/Capital Guardian U.S. Equity (May 1, 1999); EQ/Alliance Technology (May 1, 2000); EQ/FI Mid Cap, EQ/FI Small/Mid Cap Value and EQ/Janus Large Cap Growth (September 5, 2000); AXA Moderate Allocation (May 18, 2001); EQ/Calvert Socially Responsible and EQ/Marsico Focus (September 4, 2001); AXA Premier VIP Core Bond, AXA Premier VIP Health Care, AXA Premier VIP International Equity, AXA Premier VIP Large Cap Core Equity, AXA Premier VIP Large Cap Growth, AXA Premier VIP Large Cap Value, AXA Premier VIP Small/Mid Cap Growth, AXA Premier VIP Small/Mid Cap Value, AXA Premier VIP Technology, EQ/Alliance Growth and Income, EQ/Alliance International and EQ/Alliance Quality Bond, (January 14, 2002); EQ/Alliance Intermediate Government Securities (April 1, 2002). AXA Rosenberg VIT Value Long/Short Equity and U.S. Real Estate -- Class I (July 21, 2003); AXA Aggressive Allocation Portfolio, AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio (September 15, 2003). No performance information is provided for portfolios and/or variable investment options with inception dates after December 31, 2001. ** The portfolio inception dates are: EQ/Alliance Common Stock (January 13, 1976); EQ/Alliance Money Market (July 13, 1981); AXA Moderate Allocation and AXA Premier VIP Aggressive Equity (January 27, 1986); AXA Premier VIP High Yield (January 2, 1987); EQ/Alliance Intermediate Government Securities (April 1, 1991); EQ/Alliance Growth and Income and EQ/Alliance Quality Bond (October 1, 1993); EQ/Equity 500 Index (March 1, 1994); EQ/Alliance International (April 3, 1995); EQ/Alliance Small Cap Growth, EQ/FI Small/Mid Cap Value, EQ/Mercury Basic Value Equity, EQ/MFS Emerging Growth Companies, EQ/Putnam Growth & Income Value, EQ/Putnam International Equity and EQ/Putnam Voyager (May 1, 1997); EQ/Emerging Markets Equity (August 20, 1997); EQ/Bernstein Diversified Value, EQ/J.P. Morgan Core Bond, EQ/Lazard Small Cap Value and EQ/Small Company Index (January 1, 1998); EQ/Evergreen Omega and EQ/MFS Investors Trust (January 1, 1999); EQ/Alliance Premier Growth, EQ/Capital Guardian International, EQ/Capital Guardian Research and EQ/Capital Guardian U.S. Equity (May 1, 1999); EQ/Calvert Socially Responsible (September 1, 1999); EQ/Alliance Technology (May 1, 2000); EQ/FI Mid Cap and EQ/Janus Large Cap Growth (September 1, 2000); EQ/Marsico Focus (August 31, 2001); AXA Premier VIP Core Bond, AXA Premier VIP Health Care, AXA Premier VIP International Equity, AXA Premier VIP Large Cap Core Equity, AXA Premier VIP Large Cap Growth, AXA Premier VIP Large Cap Value, AXA Premier VIP Small/Mid Cap Growth, AXA Premier VIP Small/Mid Cap Value and AXA Premier VIP Technology (December 31, 2001); U.S. Real Estate -- Class I (May 3, 1997); AXA Rosenberg VIT Value Long/Short Equity (May 2, 2003); AXA Aggressive Allocation Portfolio, AXA Conservative Allocation Portfolio, AXA Conservative-Plus Allocation Portfolio, AXA Moderate-Plus Allocation Portfolio (July 31, 2003). No performance information is provided for portfolios and/or variable investment options with inception dates after December 31, 2001. *** In each case, the performance shown is for the indicated EQ Advisors Trust portfolio and any predecessor that it may have had. The inception dates for these portfolios are for portfolios of The Hudson River Trust, the assets of which became assets of corresponding portfolios of EQ Advisors Trust on October 18, 1999. + Effective December 12, 2003, EQ/Putnam International Equity's name will change to EQ/Mercury International Value and the EQ/Alliance Technology's name will change to EQ/Technology, respectively. (d) The chart in "Appendix III: Enhanced death benefit example" is replaced in its entirety by the following:
End of 6% Roll up to age 85 Annual Ratchet to age 85 Contract year Account value enhanced death benefit enhanced death benefit 1 105,000 106,000 105,000 2 115,500 112,360 115,500 3 129,360 119,102 129,360 4 103,488 126,248 129,360 5 113,837 133,823 129,360 6 127,497 141,852 129,360 7 127,497 150,363 129,360
(e) The following changes are made to "Appendix IV: Hypothetical illustrations" of the Prospectus: (i) The first sentence of the second paragraph is are replaced in its entirety by the following: "With respect to fees and expenses deducted from assets of the underlying portfolios, the amounts shown in all tables reflect (1) investment management fees equivalent to an effective annual rate of 0.69%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.47% and (3) 12b-1 fees equivalent to an effective annual rate of 0.25%." 3 (ii) This chart is replaced in its entirety by the following: VARIABLE DEFERRED ANNUITY ACCUMULATOR SELECT $100,000 SINGLE CONTRIBUTION AND NO WITHDRAWALS MALE, ISSUE AGE 60 BENEFITS: GREATER OF 6% ROLL-UP AND THE ANNUAL RATCHET TO AGE 85 GUARANTEED MINIMUM DEATH BENEFIT PROTECTION PLUS GUARANTEED MINIMUM INCOME BENEFIT
Greater of 6% Roll up to age 85 and the Annual Lifetime Annual Ratchet to age 85 Guaranteed Minimum Income Benefit Guaranteed Total Death Benefit ------------------------------------ Minimum Death with Protection Guaranteed Hypothetical Account Value Cash Value Benefit Plus Income Income ------------------- ------------------- ------------------- ------------------- ------------------ ----------------- Policy Age Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% ----- ------- --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- --------- ------- 60 1 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 2 95,226 101,205 95,226 101,205 106,000 106,000 108,400 108,400 N/A N/A N/A N/A 62 3 90,537 102,361 90,537 102,361 112,360 112,360 117,304 117,304 N/A N/A N/A N/A 63 4 85,925 103,462 85,925 103,462 119,102 119,102 126,742 126,742 N/A N/A N/A N/A 64 5 81,384 104,501 81,384 104,501 126,248 126,248 136,747 136,747 N/A N/A N/A N/A 65 6 76,904 105,472 76,904 105,472 133,823 133,823 147,352 147,352 N/A N/A N/A N/A 66 7 72,478 106,367 72,478 106,367 141,852 141,852 158,593 158,593 N/A N/A N/A N/A 67 8 68,099 107,179 68,099 107,179 150,363 150,363 170,508 170,508 N/A N/A N/A N/A 68 9 63,758 107,898 63,758 107,898 159,385 159,385 183,139 183,139 N/A N/A N/A N/A 69 10 59,447 108,516 59,447 108,516 168,948 168,948 196,527 196,527 N/A N/A N/A N/A 74 15 37,965 109,719 37,965 109,719 226,090 226,090 276,527 276,527 14,266 14,266 14,266 14,266 79 20 15,888 106,607 15,888 106,607 302,560 302,560 383,584 383,584 20,393 20,393 20,393 20,393 84 25 0 97,089 0 97,089 404,893 404,893 0 493,179 0 34,821 0 34,821 89 30 0 93,381 0 93,381 429,187 429,187 0 517,472 N/A N/A N/A N/A 94 35 0 92,262 0 92,262 429,187 429,187 0 517,472 N/A N/A N/A N/A 95 36 0 92,021 0 92,021 429,187 429,187 0 517,472 N/A N/A N/A N/A
THE HYPOTHETICAL INVESTMENT RESULTS ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING INVESTMENT ALLOCATIONS MADE BY THE OWNER. THE ACCOUNT VALUE, CASH VALUE AND GUARANTEED BENEFITS FOR A POLICY WOULD BE DIFFERENT FROM THE ONES SHOWN IF THE ACTUAL GROSS RATE OF INVESTMENT RETURN AVERAGED 0% OR 6% OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR BELOW THE AVERAGE FOR INDIVIDUAL POLICY YEARS. WE CAN MAKE NO REPRESENTATION THAT THESE HYPOTHETICAL INVESTMENT RESULTS CAN BE ACHIEVED FOR ANY ONE YEAR OR CONTINUED OVER ANY PERIOD OF TIME. IN FACT, FOR ANY GIVEN PERIOD OF TIME, THE INVESTMENT RESULTS COULD BE NEGATIVE. 5. The last paragraph in "How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" under "Accessing your money" is replaced in its entirety by the following in order to reflect the change in the manner in which withdrawals affect the 6% Roll up to age 85 benefit base with respect to the guaranteed minimum income benefit and the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit: "With respect to the Guaranteed minimum income benefit and the greater of 6% Roll up to age 85 or the Annual Ratchet to age 85 enhanced death benefit withdrawals will reduce each of the benefits' 6% Roll up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of withdrawals in a contract year is 6% or less of the 6% Roll up benefit base on the most recent contract date anniversary. Once a withdrawal is taken that causes the sum of withdrawals in a contract year to exceed 6% of the benefit base on the most recent anniversary, that entire withdrawal and any subsequent withdrawals in that same contract year will reduce the benefit base pro rata. Reduction on a dollar-for-dollar basis means that your 6% Roll up to age 85 benefit base will be reduced by the dollar amount of the withdrawal for each Guaranteed benefit. The Annual Ratchet to age 85 benefit base will always be reduced on a pro rata basis." 6. The first sentence of the second to the last paragraph in "Guaranteed interest option," under "Contract features and benefits" in the prospectus is replaced in its entirety by the following: "The minimum yearly rate for 2003 and 2004 is equal to the lifetime minimum rate of your contract." 7. The first italicized subheading in "Guaranteed minimum death benefit" under "Contracts features and benefits" in the Prospectus is replaced in its entirety by the following: "OPTIONAL ENHANCED DEATH BENEFITS APPLICABLE FOR ANNUITANT AGES 0 THROUGH 75 AT ISSUE OF NQ CONTRACTS; 20 THROUGH 75 AT ISSUE OF ROLLOVER IRA, ROTH CONVERSION IRA AND ROLLOVER TSA CONTRACTS; AND 0 THROUGH 70 AT ISSUE OF INHERITED IRA CONTRACTS." The Equitable Life Assurance Society of the United States 1290 Avenue of the Americas New York, New York 10104 (212) 554-1234 Copyright 2003. The Equitable Life Assurance Society of the United States All rights reserved. Accumulator(R) is a service mark of The Equitable Life Assurance Society of the United States. 4