Variable Account AA

04/29/2024 | Press release | Distributed by Public on 04/29/2024 12:13

Summary Prospectus for New Investors by Investment Company - Form 497VPI

497VPI

EQUI-VEST® Strategies (Series 900)

Equitable Financial Life Insurance Company of America

Issued through: Variable Account AA

Summary Prospectus for New Investors

May 1, 2024

This summary prospectus (the "Summary Prospectus") summarizes key features of the contract. Before you invest, you should also review the statutory prospectus (the "prospectus") for the contract, which contains more information about the contract's features, benefits, and risks. You can find this document and other information about the contract online at www.equitable.com/ICSR#EQH146654. You can also obtain this information at no cost by calling 1-877-522-5035, by sending an email request to [email protected], or by calling your financial intermediary.

The EQUI-VEST® Strategies (Series 900) contracts are variable and fixed group flexible premium deferred annuity contracts offered as a funding vehicle for employers' sponsored retirement plans. This Summary Prospectus only describes EQUI-VEST® Strategies (Series 900). The contracts provide for the accumulation of retirement savings and for income. The contracts offer income and death benefit protection as well. They also offer a number of payout options.

You invest to accumulate value on a tax-deferred basis in one or more of our investment options (i) variable investment options, listed in Appendix "Portfolio Companies available under the contract", (ii) the guaranteed interest option, (iii) the fixed maturity options, (iv) the Segments of the Structured Investment Option ("SIO"), or (v) the dollar cost averaging (the "DCA program") (collectively, the "investment options"). See Appendix "Portfolio Companies available under the contract" in the prospectus. The SIO gives you the opportunity to earn interest that we will credit based, in part, on the performance of an external index over a set period of time, although you could experience a negative return and a significant loss of principtal and previously credited interest. Participants should carefully read the accompanying SIO prospectus and the Fixed Maturity Options Available Under Certain EQUI-VEST® Contracts prospectus (the "FMO prospectus") for more information.

Index-linked investment options are complex insurance and investment vehicles and you should speak with a financial professional about the features, benefits, risks, and fees and whether the SIO is appropriate for you based on your financial situation and objectives.

You may cancel your contract within 10 days of receiving it without paying fees or penalties although if you invest in the Structured Investment Option the Segment Interim Value will apply. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your account value. You should review the prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

We reserve the right to stop accepting any application or contribution from you at any time, including after you purchase the contract. If you have one or more guaranteed 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). This means that if you have already funded your guaranteed benefits, you may no longer be able to increase your guaranteed benefit(s) through contributions and transfers.

Additional 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.

Important information you should consider about the contract

FEES AND EXPENSES
Charges for Early Withdrawals

If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from the contract for up to 10 years following your last contribution, or during the first ten participation years depending on your plan, you will be assessed a withdrawal charge of up to 6% of account value withdrawn or contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $6,000 on a $100,000 investment.

There is an interim value adjustment for amounts withdrawn from a Segment of the SIO before Segment maturity which could result in up to a 90% loss of the Segment Investment. See the SIO prospectus for more information.

If amounts are withdrawn from a fixed maturity option before the maturity date, there will be a market value adjustment which could greatly reduce the value in your fixed maturity option. See the FMO prospectus for more information.

For additional information about the charges for surrenders and early withdrawals see "Withdrawal charge" in "Charges under the contracts" under "Charges and expenses" in the prospectus.

Transaction Charges

In addition to withdrawal charges, you may also be charged for other transactions (including loans and for special requests such as wire transfers, express mail, duplicate contracts, preparing checks, or third-party transfers or exchanges).

For additional information about transaction charges see "Charges under the contracts" in "Charges and expenses" in the prospectus.

Ongoing Fees and Expenses (annual charges) The contract provides for different ongoing fees and expenses. 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 of your certificate 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)

0.25% 1.20%

Investment options (Portfolio fees and expenses)(2)

0.57% 2.65%

Optional benefits available for an additional charge (for a single optional benefit, if elected)(3)

0.15% 0.15%

(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 your account value.

2

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, which could add withdrawal charges that substantially increase costs.

Lowest Annual Cost

$929

Highest Annual Cost

$3,352

Assumes:

•   Investment of $100,000

•   5% annual appreciation

•   Least expensive combination of contract and Portfolio fees and expenses

•   No optional benefits

•   No sales charges

•   No additional contributions, transfers, loans or withdrawals

Assumes:

•   Investment of $100,000

•   5% annual appreciation

•   Most expensive combination of contract, optional benefits (Enhanced death benefit option) and Portfolio fees and expenses

•   No sales charges

•   No additional contributions, transfers, loans 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. For additional information about the risk of loss see "Principal risks of investing in the contract" in the prospectus.
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. A withdrawal charge may apply in certain circumstances and any withdrawals may also 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.
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, fixed maturity options and Segments of the SIO, has its own unique risks. You should review the variable investment options available under the contract before making an investment decision.

For additional information about the risks associated with investment options see "Variable investment options", "Guaranteed interest option" and "Portfolios of the Trusts" in "Purchasing the Contract" in the prospectus, as well as, "Risk factors" in the SIO prospectus and FMO prospectus. See also Appendix "Portfolio Companies available under the contract" in the prospectus.

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, fixed maturity options, SIO 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 www.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.

3

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 the 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 restrictions or limitations with the DCA program. See "Allocating your contributions" in "Purchasing the Contract" and "Transferring your account value" in "Transferring your money among investment options" in the prospectus for more information.

For more information see "About the Separate Account" in "More information" in the prospectus.

You must choose one of the two investment methods: 1) Maximum investment option choice, or 2) Maximum transfer flexibility. For more information please see "Selecting your investment method" in the prospectus.

For additional information about the investment options, including information regarding volatility management strategies and techniques, see "Portfolios of the Trusts" in "Purchasing the Contract" in the prospectus. See also the SIO prospectus and the FMO 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. Not all employer plans will offer loans. Loans are subject to restrictions under federal tax rules and ERISA. Automated transfer programs, including dollar cost averaging and asset rebalancing, are not available if you elect Semester Strategies.

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 contribute to your certificate" in "Purchasing the Contract" in the prospectus. See also "Death benefits" and "Optional Semester Strategies program" in "Other Benefits" in "Benefits available under the contract" in the prospectus.

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 "Charge for third-party transfer or exchange" in "Charges and expenses" in the prospectus.

4

Overview of the contract

Purpose of the Contract

The contract is designed to help you accumulate assets through investments in underlying Portfolios, guaranteed interest option, fixed maturity options and the SIO during the accumulation phase. It can provide or supplement your retirement income by providing a stream of income payments during the annuity phase. It also provides death benefits to protect your beneficiaries and living benefits to protect your access to income. The contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to access invested funds within a short-term timeframe or frequently, or who intend to engage in frequent transfers of the underlying Portfolios.

Phases of the Contract

The contract has two phases: an accumulation (savings) phase and an income (annuity) phase.

Accumulation (Savings) Phase

During the accumulation phase, you can allocate your contributions to one or more of the available investment options, which include:

• Variable investment options;
• Guaranteed interest option;
• Fixed maturity options (see the FMO prospectus for more information);
• Segments of the SIO which are index-linked investment options (see the SIO prospectus for more information);
• Dollar cost averaging; and
• Access to the optional Semester Strategies program.

For additional information about each underlying Portfolio see Appendix: "Portfolio Companies available under the contract".

Income (Annuity) Phase

You enter the income phase when you annuitize your contract. During the income phase, you will receive a stream of fixed income payments for the annuity payout period of time you elect. You can elect to receive annuity payments (1) for life; (2) for life with a certain minimum number of payments; (3) for life with a certain minimum number of payments to the beneficiary upon the death of the annuitant; or (4) for life with a certain amount of payment. Please note that when you annuitize, your investments are converted to income payments and you will no longer be able to make any additional withdrawals from your contract. All accumulation phase benefits terminate upon annuitization and the contract has a maximum annuity commencement date.

Contract Features

The contract provides for the accumulation of retirement savings and income. The contract offers income, optional living benefits, death benefit protection and offers various payout options.

Access to Your Money

During the accumulation phase you can take withdrawals from your contract. Withdrawals will reduce your account value and may be subject to surrender charges, income taxes and a tax penalty. Withdrawals may also reduce your death benefit (possibly on a greater than dollar-for-dollar basis) and may terminate your enhanced death benefit.

Death Benefits

Your contract includes a standard death benefit that pays your beneficiaries an amount equal to at least your contributions less adjusted withdrawals and outstanding loan balances and accrued interest. For an additional fee, you can purchase the enhanced death benefit which guarantees beneficiaries will receive a benefit that is at least equal to your highest adjusted account value on specified anniversaries. Once elected at enrollment, the enhanced death benefit cannot be canceled.

5

Rebalancing and Dollar Cost Averaging

You can elect to have your account value automatically rebalanced at no additional charge. We offer two rebalancing programs that you can use to automatically reallocate your account value among your variable investment options and the guaranteed interest option. You can also elect to allocate your investments using a dollar cost averaging program at no additional charge. Generally, you may not elect both a dollar cost averaging program and a rebalancing option.

Contract Loans

Depending on the terms of your contract, you may be permitted to take loans from your account value. If you take a loan we charge interest on the loan.

6

Benefits available under the contract

Summary of Benefits

The following tables summarize important information about the benefits available under the contract.

Death benefits

These death benefits are available during the accumulation phase:

Name of Benefit Purpose

Standard/

Optional

Annual Fee Brief Description of Restrictions/
Limitations
Max Current
Death benefit Guarantees beneficiaries will receive a benefit at least equal to your contributions less adjusted withdrawals and the amounts of any outstanding loans and accrued interest. Standard

No Additional

Charge

•  Withdrawals could significantly reduce or terminate benefit

Enhanced death benefit Guarantees beneficiaries will receive a benefit at least equal to your highest adjusted account value on specified anniversaries. Optional 0.15%(1) 0.15%(1)

•  Available only at contract purchase

•  Restricted to owners between the ages of 45 and 85

•  You may not cancel once you elect this benefit

•  Withdrawals could significantly reduce or terminate benefit

(1)

Expressed as a percentage of your account value.

Other benefits

These other benefits are available during the accumulation phase:

Name of Benefit Purpose

Standard/

Optional

Annual Fee Brief Description of Restrictions/
Limitations
Max Current

Rebalancing

Option I(1) and

Option II(2)

Periodically rebalance to your desired asset mix. Optional No Charge

•  Not generally available with Dollar Cost Averaging

Dollar Cost Averaging and Investment Simplifier Transfer account value to selected investment options on a regular basis to potentially reduce the impact of market volatility. Optional No Charge

•  Not generally available with Rebalancing

Semester Strategies program We offer access to account services through SWBC Investment Advisory Services LLC ("SWBC"), an unaffiliated third party. SWBC is an independent registered investment advisory firm that assists retirement plan participants with investment advisory services, including model portfolio services. Optional No Charge

•  To participate in the Program, you are required to use the Maximum investment options choice method

•  Not available with Dollar Cost Averaging or Rebalancing

Participant Loans Loans may be available to plan participants Optional 2.00%; calculated as a percentage of the outstanding loan amount

•  Not all employer plans will offer loans

•  Loans are subject to restrictions under federal tax laws and ERISA

(1)

Option I allows you to rebalance your account value among the variable investment options.

(2)

Option II allows you to rebalance your account value among the variable investment options and the guaranteed interest option.

7

Buying the Contract

You may purchase a contract by making payments to us that we call "contributions." We can refuse to accept an application from you or any contribution from you at any time, including after you purchase the contract. We require a minimum contribution amount for each type of contract purchased. Maximum contribution limitations also apply.

Maximum issue age

The maximum issue age for an annuitant is 85.

Minimum initial and subsequent contribution amounts

The minimum initial contribution is generally $20 for each type of contract. Subsequent contributions are allowed up to a certain maximum contribution limit.

Limitations on contributions to the contract

We reserve the right to refuse to accept any contribution under the contract at any time or change our contribution limits and requirements. This means that if you have one or more Guaranteed benefits and we exercise our right to discontinue the acceptance of contributions to the contract you may no longer be able to fund your Guaranteed benefits. This means that you may no longer be able to increase your Guaranteed benefits.

When initial and subsequent contributions are credited

Initial Contribution

For certain employer-remitted salary reduction contracts, it is possible that we may receive your initial contribution prior to Equitable Advisors, LLC (Equitable Financial Advisors in Michigan and Tennessee), ("Equitable Advisors") receiving your application. In this case, we will hold the contribution, whether received via check or wire, in a non-interest bearing "Special Bank Account for the Exclusive Benefit of Customers." If Equitable Advisors does not receive your application within 20 business days, we will return your contribution to your employer or its designee.

If Equitable Advisors receives your application within this timeframe, Equitable Advisors will direct us to continue to hold your contribution in the special bank account noted immediately above while Equitable Advisors ensures that your application is complete and suitability standards are met. Equitable Advisors will either complete this process or instruct us to return your contribution to your employer or its designee within the applicable Financial Industry Regulatory Authority ("FINRA") time requirements. Upon timely and successful completion of this review, Equitable Advisors will instruct us to transfer your contribution into our non-interest bearing suspense account and transmit your application to us, so that we can consider your application for processing.

If your application is in good order when we receive it for application processing purposes, your contribution will be applied within two business days. If any information we require to issue your contract is missing or unclear, we will hold your contribution while we try to obtain this information. If we are unable to obtain all of the information we require within five business days after we receive an incomplete enrollment form, we will inform the financial professional submitting the application on your behalf. We will then return the contribution to your employer or its designee, unless you or your financial professional acting on your behalf, specifically direct us to keep your contribution until we receive the required information. The contribution will be applied as of the date we receive the missing information.

Subsequent Contributions

If we receive a subsequent contribution before the close of the NYSE (typically 4:00 pm eastern), we will credit that contribution that day. If we receive your subsequent contribution after the close of the NYSE, your contribution will be applied the next business day.

Additional limitations on contributions to the contract

Additional limitations on contributions and the source of contributions apply based on the type of contract, such as TSA or EDC contracts. Please see the tables in the "How you can contribute to your certificate" in "Purchasing the Contract" to the prospectus for detailed information. You can obtain the prospectus by calling the number or accessing the website noted on the first page of this summary prospectus.

8

Making Withdrawals: Accessing the Money in Your Contract

Accessing your money

You have several ways to access your account value before annuity payments begin. Generally, you may take partial withdrawals from your contract at any time or, depending on your specific situation, set up an automatic payment plan, a systematic withdrawal plan, a substantially equal withdrawals plan or a lifetime RMD payments plan. Additionally, you may take a loan (if permitted by your Plan). You may also surrender your contract to receive its cash value at any time. If we receive a withdrawal or surrender request in good order before the close of the NYSE (typically 4:00 pm eastern), we will process the request that day. If we receive the request after the close of the NYSE, we will process the request on the next business day. We will generally send you the full requested withdrawal amount and deduct any applicable withdrawal charges from account value unless your request otherwise.

Withdrawals will reduce your account value and may be subject to withdrawal charges, income taxes and a tax penalty. Withdrawals may also reduce (possibly on a greater than dollar-for-dollar basis) or terminate any optional guaranteed benefits. Surrenders also may be subject to withdrawal charges, income taxes and a tax penalty if you are younger than 591⁄2.

Please see "Accessing your money" in the prospectus for more information on the ways you may withdraw your account value.

Free withdrawal amount

Each contract year you can withdraw a certain amount from your contract without paying a withdrawal charge.

When to expect payments

Generally, we will fulfill requests for payments out of the variable investment options within seven calendar days after the date of the transaction to which the request relates. These transactions may include applying proceeds to a variable annuity payout option, payment of a death benefit, payment of any amount you withdraw (less any withdrawal charge) and, upon certificate termination, payment of the cash value.

9

Additional Information About Fees

The following tables describe the fees and expenses that you will pay when buying, owning, surrendering or making withdrawals from the contract. Each of the charges and expenses is more fully described in "Charges and expenses" in this prospectus. 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.

The first table describes fees and expenses that you will pay at the time that you surrender the contract, make certain withdrawals, transfers or request special services. Charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state, may also apply.

Transaction Expenses

Sales Load Imposed on Purchases

None

Withdrawal Charge (as a percentage of the amount withdrawn)(1)

6.00%

Net Loan Interest Charge(2)

2.00%

Transfer Fee

None

Third Party Transfer or Exchange Fee(3)

$65
Special Service Charges(4) $90
Segment Interim Value (applies for distributions from a Segment of the SIO prior to the Segment Maturity Date)(5) 90% of Segment
Investment
(1)

The charge percentage is deducted upon a withdrawal of amounts in excess of the 10% free withdrawal amount. Important exceptions and limitations may eliminate or reduce this charge. For a complete description of charges, please see "Withdrawal charges" in "Charges and expenses" in the prospectus. For certain contracts issued in New York, a different maximum withdrawal charge may apply. See Appendix, "State contract availability and/or variations of certain features and benefits" in the prospectus for more information.

(2)

In no event will the net loan interest charge exceed 2.00%. We charge interest on loans under your contract but also credit you interest on your loan reserve account. Our net loan interest charge is determined by the excess between the interest rate we charge over the interest rate we credit. See "Loans" under "Accessing your money" in the prospectus for more information on how the loan interest is calculated and for restrictions that may apply.

(3)

This charge will never exceed 2% of the amount disbursed or transferred. We may discontinue these services at any time.

(4)

Unless you specify otherwise, this charge will be deducted from the amount you request. Special service charges include (1) express mail charge; and (2) wire transfer charge. The maximum charge for each service is $90. We may discontinue these services at any time.

(5)

The actual amount of the Segment Interim Value calculation is determined by a formula that depends on, among other things, the Segment Buffer and how the Index has performed since the Segment Start Date. The maximum loss would occur if there is a total distribution for a Segment at a time when the Index price has declined to zero. If you surrender or cancel your variable annuity contract, die, transfer or make a withdrawal from a Segment before the Segment Maturity Date, the Segment Buffer will not necessarily apply to the extent it would on the Segment Maturity Date, and any upside performance will be limited to a percentage lower than the Performance Cap Rate. See the SIO prospectus for more information.

The next table describes the fees and expenses that you will pay each year during the time that you own the contract (not including Portfolio fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.

Annual Contract Expenses
Annual Administrative Charge(1) $65(2)
Base Contract Expenses (as an percentage of daily net assets in the variable investment options)(3) 1.20%
Optional Benefits Expenses
Enhanced death benefit charge(as a percentage of your account value)(4) 0.15%
(1)

Depending on your Employer's plan, we may be instructed to withdraw a plan operating expense charge from your account value for administrative and record-keeping services related to your certificate. The charge is determined through an arrangement between your Employer and a third party. We will remit the amount withdrawn to either your Employer or your Employer's designee. Please refer to your certificate for more information.

(2)

The Annual administrative charge is the lesser of a current charge of $30 (maximum $65) or 2% of your account value plus any prior withdrawals during the participation year. The annual administrative charge is deducted from your account value on each participation date anniversary. If the certificate is surrendered or annuitized, or a death benefit is paid, or the benefit is dropped on any date other than your participation date anniversary, we will deduct a pro rata portion of the charge for that year.

(3)

The current range for the Base Contract Expenses is 0.25% to 1.20%.

(4)

Deducted annually on each participation date anniversary for which the benefit is in effect. If the certificate is surrendered or annuitized, or a death benefit is paid, or the benefit is dropped (if applicable), on any date other than the participation date anniversary, we will deduct a pro rata portion of the charge for that year.

10

The next item shows the minimum and maximum total operating expenses charged by the underlying Portfolios that you may pay periodically during the time that you own the contract. A complete list of Portfolios available under the contact, including their annual expenses, may be found at the back of this document. See "Appendix: Portfolio Companies available under the contract." These expenses are for the period ended December 31, 2023, and may fluctuate from year to year.

Annual Portfolio Expenses Minimum Maximum
Annual Portfolio Expenses prior to Expense Limitation Arrangement (expenses that are deducted from Portfolio assets including management fees, 12b-1 fees, service fees and/or other expenses)* 0.57 % 2.65 %
Annual Portfolio Expenses after Expense Limitation Arrangement (expenses that are deducted from Portfolio assets including management fees, 12b-1 fees, service fees and/or other expenses)** 0.54 % 2.36 %
*

"Annual Portfolio Expenses" may be based, in part, on estimated amounts of such expenses.

**

"Annual Portfolio Expenses" are based, in part, on estimated amounts of such expenses. Pursuant to a contract, Equitable Investment Management Group, LLC has agreed to make payments or waive its management, administrative and other fees to limit the expenses of certain affiliated Portfolios through April 30, 2025 ("Expense Limitation Arrangement") (unless the Trust's Board of Trustees consents to an earlier revision or termination of this agreement). The Expense Limitation Arrangement may be terminated by Equitable Investment Management Group, LLC at any time after April 30, 2025. The Expense Limitation Arrangement does not apply to unaffiliated Portfolios.

Example

This Example is intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. The costs include transaction expenses, annual contract expenses, and annual Portfolio expenses.

The Example assumes that you invest $100,000 in the contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of annual Portfolio expenses, as wellas, the Enhanced Death Benefit (at its maximum charge).

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

If you surrender your contract or annuitize

(under a non-life option) at the end of the

applicable time period

If you do not surrender your contract
1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years

$9,643

$ 18,232 $ 26,958 $ 44,519 $ 4,200 $ 12,701 $ 21,339 $ 43,545

11

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#EQH146654. You can request this information at no cost by calling (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 table 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.

Affiliated Portfolio Companies:

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
Specialty

1290 VT Convertible Securities - Equitable Investment Management Group, LLC ("EIMG"); SSGA Funds Management, Inc.

0.90 %^ 13.73 % 9.37 % 6.84 %
Fixed Income

1290 VT DoubleLine Opportunistic Bond - EIMG; DoubleLine Capital LP

0.91 %^ 6.60 % 0.72 % -
Equity

1290 VT Equity Income - 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 %
Fixed Income

1290 VT High Yield Bond - EIMG; AXA Investment Managers US Inc.,Post Advisory Group, LLC

1.03 %^ 12.39 % 4.73 % 3.76 %
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 %
Equity

EQ/2000 Managed Volatility† - EIMG; AllianceBernstein L.P.,BlackRock Investment Management, LLC

0.84 % 15.99 % 8.76 % 6.15 %
Equity

EQ/400 Managed Volatility† - EIMG; AllianceBernstein L.P.,BlackRock Investment Management, LLC

0.85 %^ 15.44 % 11.32 % 8.11 %
Equity

EQ/500 Managed Volatility† - EIMG; AllianceBernstein L.P.,BlackRock Investment Management, LLC

0.81 % 25.27 % 14.21 % 10.71 %
Asset Allocation

EQ/AB Dynamic Moderate GrowthΔ - EIMG; AllianceBernstein L.P.

1.13 % 12.96 % 5.50 % 4.15 %
Equity

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

0.93 % 17.70 % 10.59 % 7.78 %
Equity

EQ/AB Sustainable U.S. Thematic - EIMG; AllianceBernstein L.P.

1.00 %^ 20.56 % - -
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 %
Asset Allocation

EQ/All Asset Growth Allocation - EIMG

1.25 %^ 14.15 % 7.70 % 5.27 %
Equity

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

1.00 %^ 5.98 % 10.88 % -
Asset Allocation

EQ/Balanced Strategy† - EIMG

0.99 % 13.22 % 6.13 % 4.53 %
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 %^ 25.12 % 14.45 % 10.80 %
Asset Allocation

EQ/Conservative Allocation† - EIMG

1.00 %^ 8.02 % 2.60 % 2.15 %
Asset Allocation

EQ/Conservative Growth Strategy† - EIMG

0.98 % 11.55 % 4.96 % 3.73 %

12

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
Asset Allocation

EQ/Conservative Strategy† - EIMG

0.95 %^ 8.23 % 2.61 % 2.11 %
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 %^ 4.50 % 1.87 % 1.59 %
Equity

EQ/Emerging Markets Equity PLUS - EIMG; AllianceBernstein L.P.,EARNEST Partners, LLC

1.20 %^ 10.34 % 4.02 % 1.86 %
Equity

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

0.54 %^ 25.57 % 15.04 % 11.37 %
Equity

EQ/Fidelity Institutional AM® Large Cap - EIMG; FIAM LLC

0.87 %^ 31.38 % 16.55 % -
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 %
Equity

EQ/Goldman Sachs Mid Cap Value - EIMG; Goldman Sachs Asset Management L.P.

1.09 %^ 11.22 % 12.97 % -
Fixed Income

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

0.64 %^ 3.85 % 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 %^ 19.01 % 8.09 % 3.69 %
Equity

EQ/International Managed Volatility† - EIMG; AllianceBernstein L.P.,BlackRock Investment Management, LLC

0.87 % 16.86 % 7.32 % 3.27 %
Equity

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

1.03 % 18.52 % 7.60 % 3.02 %
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 %
Specialty

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

1.16 % 10.08 % 5.45 % -
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/Lazard Emerging Markets Equity - EIMG; Lazard Asset Management LLC

1.35 %^ 21.68 % 5.11 % -
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/MFS International Intrinsic Value - EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

1.15 %^ 17.37 % 8.29 % -
Equity

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

1.10 %^ 22.32 % 13.41 % -
Specialty

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

1.14 % 54.10 % 17.38 % -
Specialty

EQ/MFS Utilities Series - EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

1.05 %^ -2.36 % 8.01 % -
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 % 12.35 % 5.76 % 4.18 %
Asset Allocation

EQ/Moderate Growth Strategy† - EIMG

1.01 % 14.86 % 7.31 % 5.34 %
Asset Allocation

EQ/Moderate-Plus Allocation† - EIMG

1.13 % 15.36 % 8.10 % 5.67 %

13

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

Cash/Cash Equivalent

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

0.69 % 4.47 % 1.48 % 0.91 %
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 Global Real Return - EIMG; Pacific Investment Management Company LLC

2.36 %^ 4.09 % 1.62 % 2.49 %
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 % 4.19 % 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 %
Specialty

EQ/Wellington Energy - EIMG; Wellington Management Company LLP

1.19 %^ 5.99 % 3.78 % -
Asset Allocation

Equitable Conservative Growth MF/ETF Portfolio - EIMG

1.10 %^ 9.86 % 7.20 % 4.77 %
Asset Allocation

Equitable Growth MF/ETF - EIMG

1.15 %^ 14.23 % - -
Asset Allocation

Equitable Moderate Growth MF/ETF - EIMG

1.10 %^ 12.01 % - -
Equity

Multimanager Aggressive Equity - EIMG; AllianceBernstein L.P.

1.00 % 38.30 % 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 %
Asset Allocation

Target 2015 Allocation - EIMG

1.10 %^ 9.96 % 4.94 % 3.76 %
Asset Allocation

Target 2025 Allocation - EIMG

1.10 %^ 13.58 % 7.42 % 5.42 %
Asset Allocation

Target 2035 Allocation - EIMG

1.09 % 16.56 % 9.12 % 6.47 %
Asset Allocation

Target 2045 Allocation - EIMG

1.08 % 18.11 % 10.15 % 7.12 %
Asset Allocation

Target 2055 Allocation - EIMG

1.10 %^ 19.82 % 11.22 % -
^

This Portfolio's annual expenses reflect temporary fee reductions.

Δ

Certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques that differ from the EQ volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified in the chart by a "Δ". Any such unaffiliated Portfolio is not identified in the chart. See "Portfolios of the Trusts" for more information regarding volatility management.

†

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.

14

Unaffiliated Portfolio Companies:

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

American Funds Insurance Series® The Bond Fund of America® - Capital Research and Management Company

0.73% ^ 4.72% 1.62% 1.83%
Fixed Income

Fidelity® VIP Investment Grade Bond Portfolio - Fidelity Management and Research Company (FMR)

0.63% 6.00% 1.72% 2.08%
Fixed Income

Invesco V.I. High Yield Fund - Invesco Advisers, Inc.

1.15% 9.77% 3.76% 2.96%
Equity

Invesco V.I. Main Street Mid Cap Fund® - Invesco Advisers, Inc.

1.19% 14.14% 10.32% 6.45%
Equity

Invesco V.I. Small Cap Equity Fund - Invesco Advisers, Inc.

1.20% 16.26% 12.14% 6.28%
Fixed Income

Macquarie VIP High Income Series(1) - Delaware Management Company; Macquarie Investment Management Austria Kapitalanlage AG,Macquarie Investment Management Europe Limited,Macquarie Investment Management Global Limited

0.96% 11.95% 4.46% 3.70%
Equity

MFS® Investors Trust Series - Massachusetts Financial Services Company

1.03% ^ 18.66% 13.27% 10.00%
Equity

MFS® Massachusetts Investors Growth Stock Portfolio - Massachusetts Financial Services Company

0.98% ^ 23.70% 16.39% 12.44%
Equity

Principal VC Equity Income Account - Principal Global Investors, LLC ("PGI")

0.89% 11.00% - -
Specialty

VanEck VIP Global Resources Fund - Van Eck Associates Corporation

1.36% -3.84% 10.34% -1.26%
^

This Portfolio's annual expenses reflect temporary fee reductions.

(1)

This is the variable investment option's new name. The variable investment option's former name is Delaware Ivy VIP High Income which may continue to be used in certain documents for a period of time after the date of this prospectus.

15

Investment Options: The following are Investment Options A and B, as referred to in the "Selecting your investment method" section in "Purchasing the Contract" in the prospectus.

Investments Options A
Guaranteed Interest Option
1290 VT Equity Income EQ/Invesco Global Real Assets
1290 VT GAMCO Mergers & Acquisitions EQ/Janus Enterprise
1290 VT GAMCO Small Company Value EQ/JPMorgan Growth Stock
1290 VT Small Cap Value EQ/JPMorgan Value Opportunities
1290 VT SmartBeta Equity ESG EQ/Large Cap Core Managed Volatility
1290 VT Socially Responsible EQ/Large Cap Growth Index
EQ/2000 Managed Volatility EQ/Large Cap Growth Managed Volatility
EQ/400 Managed Volatility EQ/Large Cap Value Index
EQ/500 Managed Volatility EQ/Large Cap Value Managed Volatility
EQ/AB Dynamic Moderate Growth EQ/Lazard Emerging Markets Equity
EQ/AB Small Cap Growth EQ/Loomis Sayles Growth
EQ/AB Sustainable U.S. Thematic EQ/MFS International Growth
EQ/Aggressive Growth Strategy EQ/MFS International Intrinsic Value
EQ/All Asset Growth Allocation EQ/MFS Mid Cap Focused Growth
EQ/American Century Mid Cap Value EQ/MFS Technology
EQ/Balanced Strategy EQ/MFS Utilities Series
EQ/Capital Group Research EQ/Mid Cap Index
EQ/ClearBridge Large Cap Growth ESG EQ/Mid Cap Value Managed Volatility
EQ/ClearBridge Select Equity Managed Volatility EQ/Moderate Growth Strategy
EQ/Common Stock Index EQ/Morgan Stanley Small Cap Growth
EQ/Conservative Growth Strategy EQ/Small Company Index
EQ/Conservative Strategy EQ/Value Equity
EQ/Emerging Markets Equity PLUS EQ/Wellington Energy
EQ/Equity 500 Index Equitable Conservative Growth MF/ETF
EQ/Fidelity Institutional AM® Large Cap Equitable Growth MF/ETF
EQ/Franklin Small Cap Value Managed Volatility Equitable Moderate Growth MF/ETF
EQ/Global Equity Managed Volatility Invesco V.I. Main Street Mid Cap Fund®
EQ/Goldman Sachs Mid Cap Value Invesco V.I. Small Cap Equity Fund
EQ/International Core Managed Volatility MFS® Investors Trust Series
EQ/International Equity Index MFS® Massachusetts Investors Growth Stock Portfolio
EQ/International Managed Volatility Multimanager Aggressive Equity
EQ/International Value Managed Volatility Multimanager Technology
EQ/Invesco Comstock Principal VC Equity Income Account
EQ/Invesco Global VanEck VIP Global Resources Fund

16

Investments Options B
1290 VT Convertible Securities EQ/Money Market
1290 VT DoubleLine Opportunistic Bond EQ/PIMCO Global Real Return
1290 VT High Yield Bond EQ/PIMCO Ultra Short Bond
American Funds Insurance Series® The Bond Fund of America EQ/Quality Bond PLUS
Macquarie VIP High Income Series Fidelity® VIP Investment Grade Bond Portfolio
EQ/Core Bond Index Invesco V.I. High Yield Fund
EQ/Intermediate Government Bond Multimanager Core Bond

17

EQUI-VEST® Strategies (Series 900)

Issued by

Equitable Financial Life Insurance Company of America

This summary prospectus describes the important features of the contract and provides information about the Company.

We have filed with the Securities and Exchange Commission a prospectus and a Statement of Additional Information ("SAI") that include additional information about EQUI-VEST® Strategies (Series 900), Equitable Financial Life Insurance Company of America and Variable Account AA. The prospectus and SAI each dated May 1, 2024, are incorporated by reference into this summary prospectus. The prospectus and SAI are available free of charge. To request a copy of either document, to ask about your contract, or to make other investor inquiries, please call (800) 628-6673. The prospectus and SAI are also available at our website, www.equitable.com/ICSR#EQH146654.

Class/Contract Identifier: C000247535

Equitable Financial Life Insurance Company of America

Supplement dated May 1, 2024 to the current variable annuity, variable and index-linked annuity, and/or variable and fixed maturity options annuity prospectuses listed below

This Supplement provides important information regarding an assumption reinsurance transaction (the "Program") between Equitable Financial Life Insurance Company of America ("EFLOA", the "Company" or "we") and Equitable Financial Life Insurance Company ("EFLIC"). Pursuant to the Program, certain EFLIC variable annuity, variable and index-linked annuity, and/or variable and fixed maturity options annuity contracts (each an "EFLIC Contract" and collectively, the "EFLIC Contracts") will be exchanged for identical EFLOA variable annuity, variable and index-linked annuity, and/or variable and fixed maturity options annuity contracts (each an "EFLOA Contract" and collectively, the "EFLOA Contracts"). The exchanges are subject to contract owner consent in applicable states. Please read this Supplement carefully and retain it for future reference.

Under the Program, EFLIC and EFLOA have entered into an assumption reinsurance transaction where EFLIC will transfer its insurance obligations and risks under its contracts to EFLOA by exchanging each EFLIC Contract with an identical EFLOA Contract. EFLOA and EFLIC have received all necessary regulatory approvals for this Program. As explained in more detail below, depending on which state the EFLIC Contract was issued in, contract owners may have the option to exchange (either through an opt-in or opt-out process) the EFLIC Contract for an EFLOA Contract. The exchanges will be accomplished by issuing a Certificate of Assumption which will state that EFLOA has assumed liability for your EFLIC Contract and that all references to EFLIC in the EFLIC Contract are changed to EFLOA. The Certificate of Assumption will further state that EFLOA has assumed all rights and duties under the express terms of your EFLIC Contract and that EFLIC no longer has any obligations to you. Except for the substitution of EFLOA for EFLIC as your insurer and moving from an EFLIC separate account to an EFLOA separate account, the terms of your contract will not change because of the Program. This means, the new EFLOA Contract will be identical to your EFLIC Contract except that EFLOA will be the issuer and administrator of your EFLOA Contract. There will be no charges assessed against you if your EFLIC Contract is exchanged for an EFLOA Contract including sales charges and the exchange will be made at relative net asset value. If your EFLIC Contract is exchanged for an EFLOA Contract, it will be for the same contract class and with the same optional benefits, if any. Partial exchanges are not permitted. If your EFLIC Contract is not exchanged for an EFLOA Contract, your EFLIC Contract will continue unchanged and there will be no penalty for not exchanging.

Depending on which state your EFLIC Contract was issued in, you may have to affirmatively consent to or have the right to opt-out of the exchange. In a separate letter (discussed below), we will advise you which of the following consent processes applies to your EFLIC contract (based on the state it was issued in):

• In certain states, you must affirmatively consent to the exchange ("opt-in process").
• In certain states, you will be deemed to have elected the exchange if you do not exercise your right to opt out within a specified period ("opt-out process").
• In certain states, your EFLIC Contract will be exchanged for an EFLOA Contract automatically without any action by you ("automatic process").

Please note, in a majority of states, you will not be required to take any additional steps or provide affirmative consent before your EFLIC Contract is exchanged for an EFLOA Contract.

In connection with the Program, in addition to this Supplement you are also receiving:

• instructions describing what steps or consent are needed before your EFLIC Contract is exchanged for an EFLOA Contract; and
• an EFLOA Contract prospectus(es).

The letter with instructions advising what "process" applies (i.e., whether you are in an opt-in process state, opt-out process state or automatic process state), will also contain any timelines or deadlines that are applicable. Please note, exchanges under the Program may continue to occur for several years. We reserve the right to extend or terminate the Program without notice.

Important Considerations

If your EFLIC Contract is exchanged for an EFLOA Contract:

• Your EFLIC Contract will terminate and EFLIC will have no further obligation to you for the benefits under your EFLIC Contract.
• You will receive a Certificate of Assumption that will endorse your EFLIC Contract and convert it into your new EFLOA Contract. EFLOA will be solely responsible to you for the benefits under your EFLOA Contract.
(#903408)
• The Account Value in your EFLIC Contract will be transferred to your EFLOA Contract without any change in value and there will be no interruption to your investments because of the exchange.
• At the time of the exchange, the same investment options available under your EFLIC Contract will be available for investment under your EFLOA Contract. Any investment restrictions applicable under your EFLIC Contract will continue to apply under your EFLOA Contract.
• Your death benefit and any optional benefit(s) under your EFLOA Contract immediately after the exchange will be the same as your death benefit and any optional benefit(s) under your EFLIC Contract immediately before the exchange and will continue to be calculated in the same way.
• You will receive credit for the time your contributions were invested in your EFLIC Contract for purposes of determining whether a withdrawal charge, if applicable, applies under your EFLOA Contract.
• We will not assess any charges against you because of the exchange.

Tax Matters

There should be no adverse tax consequences to contract owners because of the Program between EFLIC and EFLOA or the exchange of an EFLIC Contract for an EFLOA Contract. Notwithstanding, we recommend that you consult your tax advisor.

More Information

If you have any questions regarding the Program, please contact your financial representative or call the customer service center at 855-433-4015. Written inquiries may be mailed to:

Equitable Financial Life Insurance Company

8501 IBM Drive, Suite 150

Charlotte, NC 28262-4333

Variable Annuity, Variable and Index-Linked Annuity, and/or Variable and Fixed Maturity Options Annuity List

Structured Capital Strategies®

Retirement Cornerstone® Series

Structured Capital Strategies® 16

Retirement Cornerstone® Series 12.0

Structured Capital Strategies® Income

Retirement Cornerstone® Series 13.0

Structured Capital Strategies® PLUS

Retirement Cornerstone® Series 15.0

Structured Capital Strategies PLUS® 21

Retirement Cornerstone® Series 15A

Structured Capital Strategies® PLUS GuardSM

Retirement Cornerstone® Series 15B

Structured Investment Option for Investment Edge® 21.0

Retirement Cornerstone® Series 17

Investment Edge® 15.0

Retirement Cornerstone® Series 17 Series E

Investment Edge® 21.0

Retirement Cornerstone® Series 19

EQUI-VEST® Employer-Sponsored Retirement Plans

Retirement Cornerstone® Series 19 Series E

EQUI-VEST® (Series 100-500)

EQUI-VEST® (Series 201)

EQUI-VEST® ExpressSM (Series 700)

EQUI-VEST® ExpressSM (Series 701)

EQUI-VEST® (Series 800)

EQUI-VEST® (Series 801)

EQUI-VEST® Strategies (Series 900)

EQUI-VEST® Strategies (Series 901)

Structured Investment Option for EQUI-VEST Contracts

Fixed Maturity Options Available Under Certain Active EQUI-VEST® Contracts