Separate Account A of Equitable Financial Life Insurance Co.

04/26/2024 | Press release | Distributed by Public on 04/26/2024 07:15

Notice Document by Insurance Company - Form N-VP

Separate Account A

EQUI-VEST® At RetirementSM

Equitable Financial Life Insurance Company

Issued through: Separate Account A

Modern Alternative Disclosure Annual Notice

May 1, 2024

This Modern Alternative Disclosure Annual Notice ("Annual Notice") provides certain updated information about your contract. In addition, this Annual Notice provides important information about your contract that you should review, including a list of Portfolio Companies available under your contract. Please read this Annual Notice carefully and retain it with your contract prospectus for future reference. Equitable Financial Life Insurance Company is providing this Annual Notice in reliance on the Securities and Exchange Commission's position on modernized alternative disclosures for variable insurance products.

The most recent contract prospectus, dated May 1, 2016, contains more information about the contract, including its features, benefits, and risks. You can find the prospectuses for the Portfolio Companies listed in the appendix to this Annual Notice, the most recent audited financial statements of the separate account, and other information about the contract online at www.equitable.com/ICSR#EQH146656. You can also obtain this information at no cost by calling 1-877-522-5035.

Additional general information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

Cat #146655MAD (05/24)

Updated Information About the Contract

The information in this Annual Notice is a summary of certain contract features that have changed since the previous notice. This may not reflect all of the changes that have occurred since you entered into your contract.

INVESTMENT OPTIONS

There have been changes to the Appendix listing the Portfolio Companies available under the contract in this Annual Notice.

Investment Option Name Changes: EQ/JPMorgan Growth Stock Portfolio (formerly EQ/T. Rowe Price Growth Stock Portfolio.)

OTHER

Portfolio Reorganization: Certain portfolios of the EQ Premier VIP Trust (the "Acquired Trust Portfolios") were reorganized into substantially identical, newly created portfolios of the EQ Advisors Trust (the "Acquiring Trust Portfolios"). The investment objectives, policies, principal strategies, principal risks, and the fees and expenses of the Acquired Trust Portfolios and corresponding Acquiring Trust Portfolios are substantially identical, and their Investment Manager did not change. The Acquired Trust Portfolios under your contract were removed as investment options, and the corresponding Acquiring Trust Portfolios were added as available investment options (subject to any applicable allocation restrictions) without impacting your account value, investment allocations, or expenses.

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Important Information You Should Consider About the Contract

FEES AND EXPENSES
Charges for Early Withdrawals There is no withdrawal charge under the contract.
Transaction Charges

You may be charged for other transactions (for special requests such as wire transfers, express mail and duplicate contracts).

For additional information about transaction charges see "Charges and Expenses" in the Prospectus.

Ongoing Fees and Expenses (annual charges) The table below describes the fees and expenses that you may pay each year under the contract, depending on the options you choose. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected.
Annual Fee Minimum Maximum
Base Contract(1) 1.30% 1.30%
Investment options (Portfolio fees and expenses)(2) 0.57% 1.40%
Optional benefits available for an additional charge (for a single optional benefit, if elected)(3) 0.00% 0.90%

(1) Expressed as an annual percent of daily net assets in the variable investment options.

(2) Expressed as an annual percentage of daily net assets in the Portfolio. This range is for the year ended December 31, 2023 and could change from year to year.

(3) Expressed as an annual percentage of the applicable benefit base.

Because your contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the contract or make any other transactions.

Lowest Annual Cost

$2,934

Highest Annual Cost

$3,565

Assumes: Assumes:

•  Investment of $100,000

•  5% annual appreciation

•  Least expensive combination of contract and Portfolio fees and expenses

•  No optional benefits

•  No sales charge

•  No additional contributions, transfers or withdrawals

•  Investment of $100,000

•  5% annual appreciation

•  Most expensive combination of optional benefits (GMIB and Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 death benefit) and Portfolio fees and expenses

•  No sales charges

•  No additional contributions, transfers or withdrawals

For additional information about ongoing fees and expenses see "Fee Table" in the Prospectus.
RISKS
Risk of Loss The contract is subject to the risk of loss. You could lose some or all of your account value.
Not a Short-Term Investment

The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the contract as a short-term investment or savings vehicle. Withdrawals may be subject to federal and state income taxes and tax penalties.

For additional information about the investment profile of the contract see "Fee Table" in the Prospectus.

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Risks Associated with Investment Options An investment in the contract is subject to the risk of poor investment performance and can vary depending on the performance of the variable investment options available under the contract (e.g., the Portfolios). Each investment option, including the guaranteed interest option and fixed maturity option, has its own unique risks. You should review the investment options available under the contract before making an investment decision.

For additional information about the risks associated with investment options see "What are your investment options under the contract?" and "Portfolios of the Trust" in "Contract features and benefits" in the Prospectus.

For more information on the Portfolios, please refer to Appendix: "Portfolio Companies available under the Contract" in this Annual Notice.

Insurance Company Risks An investment in the contract is subject to the risks related to the Company. The Company is solely responsible to the contract owner for the contract's account value and the Guaranteed benefits. The general obligations, including the guaranteed interest option and fixed maturity options, and any Guaranteed benefits under the contract are supported by our general account and are subject to our claims-paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at http://equitable.com/about-us/financial-strength-ratings.
For additional information about insurance company risks see "About the general account" in "More information" in the Prospectus.
RESTRICTIONS
Investments We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options and to limit the number of variable investment options which you may select. Such rights include, among others, combining any two or more variable investment options and transferring account value from any variable investment option to another variable investment option.
There are restrictions regarding investment options if Guaranteed benefits are elected, limits on contributions and transfers into and out of the guaranteed interest option and the fixed maturity options, and restrictions or limits with dollar cost averaging programs. See "Allocating your contributions" in "Contract features and benefits" and "Transferring your account value" and "Dollar cost averaging" in "Transferring your money among investment options" in the Prospectus for more information.
For more information see "About our Separate Account A" in "More information" in the Prospectus.
Currently, we do not charge for transfers among investment options under the contract. However, we reserve the right to limit the number, frequency, or dollar amount of transfers and to limit the number of variable investment options which you may elect.
For additional information about the investment options, including information regarding volatility management strategies and techniques, see "Charges and expenses" and "Portfolios of the Trust" in "Contract features and benefits" in the Prospectus.
Optional Benefits At any time, we have the right to limit or terminate your contributions, allocations and transfers to any of the variable investment options. If you have one or more Guaranteed benefits (which are also known as optional benefits) and we exercise our right to discontinue the acceptance of, and/or place additional limitations on, contributions to the contract, you may no longer be able to fund your Guaranteed benefit(s).
Investment options are limited if Guaranteed benefits are elected. Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit.
For additional information about the optional benefits see "How you can purchase and contribute to your contract" in "Contract features and benefits" in the Prospectus. See also "Guaranteed minimum death benefit and Guaranteed minimum income benefit base", "Guaranteed minimum income benefit option ("GMIB")", "Guaranteed minimum death benefit", and "Guaranteed withdrawal benefit for life ("GWBL")" in "Contract features and benefits" in the Prospectus.

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TAXES
Tax Implications You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract. There is no additional tax benefit to you if the contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a withdrawal from the contract.
For additional information about tax implications see "Tax Information" in the Prospectus.
CONFLICTS OF INTEREST
Investment Professional Compensation

Some financial professionals may receive compensation for selling the contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as "marketing allowances"). This conflict of interest may influence the financial professional to recommend this contract over another investment.

For additional information about compensation to financial professionals see "Distribution of the contracts" in "More information" in the Prospectus.

Exchanges Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable to purchase the new contract rather than continue to own your existing contract.
For additional information about exchanges see "Contracts purchased through exchanges" and "1035 Exchanges" in "Tax Information" in the Prospectus.

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Appendix: Portfolio Companies available under the Contract

The following is a list of Portfolio Companies available under the contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH146656. You can request this information at no cost by calling 1-877-522-5035 or by sending an email request to [email protected]. If you elect a Guaranteed benefit, you may only invest in the Portfolios listed in the designated tables below.

The current expenses and performance information below reflects fee and expenses of the Portfolios, but do not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio's past performance is not necessarily an indication of future performance.

Not all variable investment options are available under all contracts. If you purchased your contract prior to July 20, 2009, the following investment options are available under your contract.

TYPE

Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable

Current

Expenses

Average Annual Total Returns
(as of 12/31/2023)
1 year 5 year 10 year

Equity

1290 VT Equity Income - Equitable Investment Management Group, LLC ("EIMG"); Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors

0.95% ^ 5.49% 10.25% 7.23%

Specialty

1290 VT GAMCO Mergers & Acquisitions - EIMG; GAMCO Asset Management, Inc.

1.29% ^ 9.53% 4.22% 3.39%

Equity

1290 VT GAMCO Small Company Value - EIMG; GAMCO Asset Management, Inc.

1.06% 21.04% 12.82% 7.94%

Equity

1290 VT Small Cap Value - EIMG; BlackRock Investment Management, LLC, Horizon Kinetics Asset Management LLC

1.17% ^ 5.79% 12.69% -

Equity

1290 VT SmartBeta Equity ESG - EIMG; AXA Investment Managers US Inc.

1.10% ^ 16.49% 11.53% 8.52%

Equity

1290 VT Socially Responsible - EIMG; BlackRock Investment Management, LLC

0.92% 27.50% 15.12% 11.32%

Fixed Income

EQ/AB Short Duration Government Bond - EIMG; AllianceBernstein L.P.

0.77% ^ 4.35% 1.11% 0.60%

Equity

EQ/AB Small Cap Growth - EIMG; AllianceBernstein L.P.

0.93% 17.70% 10.59% 7.78%

Asset Allocation

EQ/Aggressive Allocation† - EIMG

1.18% 18.37% 10.23% 7.07%

Asset Allocation

EQ/Aggressive Growth Strategy† - EIMG

1.05% 18.17% 9.60% 6.91%

Equity

EQ/American Century Mid Cap Value - EIMG; American Century Investment Management, Inc.

1.00% ^ 5.98% 10.88% -

Equity

EQ/Capital Group Research - EIMG; Capital International, Inc.

0.97% ^ 22.98% 14.97% 11.34%

Equity

EQ/ClearBridge Large Cap Growth ESG - EIMG; ClearBridge Investments, LLC

1.00% ^ 45.91% 15.78% 10.70%

Equity

EQ/ClearBridge Select Equity Managed Volatility† - EIMG; BlackRock Investment Management, LLC, ClearBridge Investments, LLC

1.06% ^ 24.58% 15.63% 9.90%

Equity

EQ/Common Stock Index - EIMG; AllianceBernstein L.P.

0.67% ^ 25.13% 14.45% 10.79%

Asset Allocation

EQ/Conservative Allocation† - EIMG

1.00% ^ 8.02% 2.60% 2.15%

Asset Allocation

EQ/Conservative-Plus Allocation† - EIMG

0.85% ^ 10.86% 4.76% 3.57%

Fixed Income

EQ/Core Bond Index - EIMG; SSGA Funds Management, Inc.

0.64% ^ 4.51% 1.02% 1.11%

Fixed Income

EQ/Core Plus Bond - EIMG; Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P.

0.93% ^ 4.51% 1.94% 1.60%

Equity

EQ/Equity 500 Index - EIMG; AllianceBernstein L.P.

0.54% ^ 25.57% 15.03% 11.37%

Equity

EQ/Franklin Small Cap Value Managed Volatility† - EIMG; BlackRock Investment Management, LLC, Franklin Mutual Advisers, LLC

1.05% ^ 14.07% 9.78% 6.35%

Equity

EQ/Global Equity Managed Volatility† - EIMG; BlackRock Investment Management, LLC

1.10% ^ 21.37% 9.74% 6.29%

Fixed Income

EQ/Intermediate Government Bond - EIMG; SSGA Funds Management, Inc.

0.64% ^ 3.87% 0.39% 0.56%

Equity

EQ/International Core Managed Volatility† - EIMG; BlackRock Investment Management, LLC

1.06% 16.85% 7.96% 3.55%

Equity

EQ/International Equity Index - EIMG; AllianceBernstein L.P.

0.72% ^ 19.04% 8.10% 3.69%

Equity

EQ/International Value Managed Volatility† - EIMG; BlackRock Investment Management, LLC, Harris Associates LP

1.03% 18.52% 7.60% 3.02%

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TYPE

Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable

Current

Expenses

Average Annual Total Returns
(as of 12/31/2023)
1 year 5 year 10 year

Equity

EQ/Invesco Comstock - EIMG; Invesco Advisers, Inc.

1.00% ^ 12.01% 13.18% 8.70%

Equity

EQ/Invesco Global - EIMG; Invesco Advisers, Inc.

1.10% ^ 33.79% 11.76% 7.95%

Equity

EQ/Janus Enterprise - EIMG; Janus Henderson Investors US LLC

1.05% 17.01% 13.08% 7.62%

Equity

EQ/JPMorgan Growth Stock - EIMG; J.P. Morgan Investment Management Inc.

0.96% ^ 46.33% 12.84% 11.28%

Equity

EQ/JPMorgan Value Opportunities - EIMG; J.P. Morgan Investment Management Inc.

0.96% 10.90% 14.17% 10.12%

Equity

EQ/Large Cap Core Managed Volatility† - EIMG; BlackRock Investment Management, LLC

0.90% 23.98% 14.26% 10.58%

Equity

EQ/Large Cap Growth Index - EIMG; AllianceBernstein L.P.

0.73% 41.54% 18.63% 14.02%

Equity

EQ/Large Cap Growth Managed Volatility† - EIMG; BlackRock Investment Management, LLC

0.88% 38.97% 16.20% 12.47%

Equity

EQ/Large Cap Value Index - EIMG; AllianceBernstein L.P.

0.74% 10.71% 10.15% 7.66%

Equity

EQ/Large Cap Value Managed Volatility† - EIMG; AllianceBernstein L.P.

0.87% 14.01% 10.78% 7.82%

Equity

EQ/Loomis Sayles Growth - EIMG; Loomis, Sayles & Company, L.P.

1.05% ^ 43.89% 15.66% 13.24%

Equity

EQ/MFS International Growth - EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

1.10% ^ 14.52% 9.28% 6.12%

Equity

EQ/Mid Cap Index - EIMG; AllianceBernstein L.P.

0.65% ^ 15.77% 11.88% 8.54%

Equity

EQ/Mid Cap Value Managed Volatility† - EIMG; BlackRock Investment Management, LLC

0.97% 13.19% 10.36% 7.21%

Asset Allocation

EQ/Moderate Allocation† - EIMG

1.11% 12.31% 5.76% 4.17%

Asset Allocation

EQ/Moderate-Plus Allocation† - EIMG

1.13% 15.36% 8.10% 5.67%

Cash/Cash Equivalent

EQ/Money Market* - EIMG; Dreyfus, a division of Mellon Investments Corporation

0.69% 4.47% 1.48% 0.90%

Equity

EQ/Morgan Stanley Small Cap Growth - EIMG; BlackRock Investment Management, LLC, Morgan Stanley Investment Management, Inc.

1.15% ^ 34.45% 15.17% -

Fixed Income

EQ/PIMCO Ultra Short Bond - EIMG; Pacific Investment Management Company LLC

0.88% ^ 5.56% 1.61% 1.25%

Fixed Income

EQ/Quality Bond PLUS - EIMG; AllianceBernstein L.P., Pacific Investment Management Company LLC

0.86% 4.35% 0.51% 0.84%

Equity

EQ/Small Company Index - EIMG; AllianceBernstein L.P.

0.64% 16.72% 10.06% 7.01%

Equity

EQ/Value Equity - EIMG; Aristotle Capital Management, LLC

0.92% 19.52% 10.06% 6.90%

Equity

Multimanager Aggressive Equity - EIMG; AllianceBernstein L.P.

1.00% 38.29% 15.92% 12.48%

Fixed Income

Multimanager Core Bond - EIMG; BlackRock Financial Management, Inc., DoubleLine Capital LP, Pacific Investment Management Company LLC, SSGA Funds Management, Inc.

0.87% ^ 5.15% 0.63% 1.21%

Specialty

Multimanager Technology - EIMG; AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP

1.24% ^ 49.53% 19.07% 16.18%
^

This Portfolio's annual expenses reflect temporary fee reductions.

†

EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a "†". See "Portfolios of the Trusts" for more information regarding volatility management.

*

The Portfolio operates as a "government money market fund." The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash.

GUARANTEED WITHDRAWAL BENEFIT FOR LIFE ("GWBL") investment options for contracts issued prior to July 20, 2009:

EQ/AB Short Duration Government Bond EQ/Conservative-Plus Allocation
EQ/Aggressive Allocation EQ/Equity 500 Index
EQ/Aggressive Growth Strategy EQ/Moderate Allocation
EQ/Conservative Allocation

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If you purchased your contract after July 20, 2009, the following investment options are available under your contract.

TYPE

Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable

Current

Expenses

Average Annual Total Returns
(as of 12/31/2023)
1 year 5 year 10 year

Fixed Income

EQ/AB Short Duration Government Bond - Equitable Investment Management Group, LLC ("EIMG"); AllianceBernstein L.P.

0.77% ^ 4.35% 1.11% 0.60%

Asset Allocation

EQ/Balanced Strategy† - EIMG

0.99% 13.22% 6.13% 4.53%

Asset Allocation

EQ/Conservative Growth Strategy† - EIMG

0.98% 11.55% 4.96% 3.73%

Asset Allocation

EQ/Conservative Strategy† - EIMG

0.95% ^ 8.23% 2.61% 2.11%

Equity

EQ/Equity 500 Index - EIMG; AllianceBernstein L.P.

0.54% ^ 25.57% 15.03% 11.37%
^

This Portfolio's annual expenses reflect temporary fee reductions.

†

EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a "†". See "Portfolios of the Trusts" for more information regarding volatility management.

GUARANTEED WITHDRAWAL BENEFIT FOR LIFE ("GWBL") investment options for contracts issued after July 20, 2009:

EQ/AB Short Duration Government Bond EQ/Conservative Growth Strategy
EQ/Balanced Strategy EQ/Equity 500 Index
EQ/Conservative Strategy

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EQUI-VEST® At RetirementSM

Issued by

Equitable Financial Life Insurance Company

Please retain this Annual Notice for future reference. The last prospectus and statement of additional information for the contract, dated May 1, 2016, contains more information about the contract. You may contact us to request this additional information free of charge. Instructions for contacting us are included on the front cover page of this Annual Notice.

Class/Contract Identifier: C000043354

(#558125)