Separate Account No 70 of Equitable Financial Life Insurance Co
04/29/2024 | Press release | Distributed by Public on 04/29/2024 08:37
Updating Summary Prospectus - Form 497VPU
Retirement Cornerstone 11 and 1.0
Equitable Financial Life Insurance Company
Equitable Financial Life Insurance Company of America
Supplement dated May 1, 2024, to the current variable annuity and life prospectuses, initial summary prospectuses, updating summary prospectuses, and modern alternative disclosure annual notices for variable annuity contracts and life policies listed below
This Supplement updates certain information in the most recent prospectus, initial summary prospectuses, updating summary prospectuses, and modern alternative disclosure annual notices (collectively, the "Prospectus") for the variable annuity contracts and life policies listed in this Supplement. You should read this Supplement in conjunction with the Prospectus and retain it for future reference. Special terms not defined in this Supplement have the same meaning as in the Prospectus. We will send you another copy of the Prospectus or any prior supplement thereto without charge upon request. For additional information, please contact the customer service group referenced in the Prospectus.
The purpose of this Supplement is to provide you with information regarding a proposed Combination involving certain Portfolios available in your contract or policy.
Combination. Subject to board and regulatory approval and any necessary conditions precedent, effective on or about the close of business on June 21, 2024 (the "Effective Date"), the class A shares of each Portfolio listed below will be combining into the class B shares of those substantially similar Portfolios. Therefore, on or about the Effective Date, the class B shares of those Portfolios will be available under your contract or policy and the class A shares of those Portfolios will no longer be available under your contract or policy. If you still have account value allocated to an investment option that invests in the class A shares of each Portfolio on the Effective Date, shares of the class A shares of each Portfolio held for you in the that investment option will be exchanged for shares of the class B shares of those Portfolios of equal value on the Effective Date. There will be no financial impact on your contract or policy.
Each investment option that invests in a class A share of the Portfolio will be closed to all transactions on the Effective Date.
Until on or about June 21, 2024, the below listed class A shares of these Portfolios will be available and, therefore, the following hereby amends the corresponding information in the "Appendix: Portfolio Companies available under the contract" or in the "Appendix: Investment options available under the policy" in your Prospectus. Please note that not all Portfolios listed below may be available currently under your contract or policy:
|
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% | ^ | 5.33% | 10.24% | 7.24% | ||||||||||||
|
Specialty |
1290 VT GAMCO Mergers & Acquisitions - EIMG; GAMCO Asset Management, Inc. |
1.29% | ^ | 9.47% | 4.20% | 3.38% | ||||||||||||
|
Equity |
1290 VT GAMCO Small Company Value - EIMG; GAMCO Asset Management, Inc. |
1.06% | 21.05% | 12.82% | 7.94% | |||||||||||||
|
Equity |
1290 VT Socially Responsible - EIMG; BlackRock Investment Management, LLC |
0.92% | 27.52% | 15.12% | 11.32% | |||||||||||||
|
Equity |
EQ/AB Small Cap Growth - EIMG; AllianceBernstein L.P. |
0.93% | 17.74% | 10.59% | 7.78% | |||||||||||||
|
Asset Allocation |
EQ/Aggressive Allocation† - EIMG |
1.18% | 18.51% | 10.23% | 7.07% | |||||||||||||
|
Asset Allocation |
EQ/All Asset Growth Allocation - EIMG |
1.25% | ^ | 14.15% | 7.69% | 5.27% | ||||||||||||
|
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% | ^ | 45.93% | 15.80% | 10.70% | ||||||||||||
|
Equity |
EQ/ClearBridge Select Equity Managed Volatility† - EIMG; BlackRock Investment Management, LLC, ClearBridge Investments, LLC |
1.06% | ^ | 24.62% | 15.63% | 9.90% | ||||||||||||
|
Asset Allocation |
EQ/Conservative Allocation† - EIMG |
1.00% | ^ | 7.89% | 2.58% | 2.15% | ||||||||||||
|
Asset Allocation |
EQ/Conservative-Plus Allocation† - EIMG |
1.10% | ^ | 11.01% | 4.79% | 3.59% | ||||||||||||
|
Fixed Income |
EQ/Core Bond Index - EIMG; SSGA Funds Management, Inc. |
0.64% | ^ | 4.63% | 1.05% | 1.12% | ||||||||||||
|
Equity |
EQ/Franklin Small Cap Value Managed Volatility† - EIMG; BlackRock Investment Management, LLC, Franklin Mutual Advisers, LLC |
1.05% | ^ | 14.01% | 9.78% | 6.35% | ||||||||||||
|
Equity |
EQ/Global Equity Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
1.10% | ^ | 21.36% | 9.74% | 6.29% | ||||||||||||
|
Asset Allocation |
EQ/Growth Strategy† - EIMG |
1.03% | 16.49% | 8.48% | 6.14% | |||||||||||||
|
Equity |
EQ/International Core Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
1.06% | 16.76% | 7.95% | 3.54% |
| New Biz/Inforce/MAD Notices - Annuities/Life | Catalog No. 800142 | |
| #759674 |
|
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/International Value Managed Volatility† - EIMG; BlackRock Investment Management, LLC, Harris Associates LP |
1.03% | 18.62% | 7.62% | 3.03% | |||||||||||||
|
Equity |
EQ/Invesco Comstock - EIMG; Invesco Advisers, Inc. |
1.00% | ^ | 12.02% | 13.18% | 8.70% | ||||||||||||
|
Equity |
EQ/Invesco Global - EIMG; Invesco Advisers, Inc. |
1.10% | ^ | 33.84% | 11.75% | 7.95% | ||||||||||||
|
Equity |
EQ/Janus Enterprise - EIMG; Janus Henderson Investors US LLC |
1.05% | 16.96% | 13.08% | 7.62% | |||||||||||||
|
Equity |
EQ/JPMorgan Growth Stock - EIMG; J.P. Morgan Investment Management Inc. |
0.96% | ^ | 46.34% | 12.84% | 11.29% | ||||||||||||
|
Equity |
EQ/JPMorgan Value Opportunities - EIMG; J.P. Morgan Investment Management Inc. |
0.96% | 10.95% | 14.17% | 10.13% | |||||||||||||
|
Equity |
EQ/Large Cap Core Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
0.90% | 23.87% | 14.24% | 10.57% | |||||||||||||
|
Equity |
EQ/Large Cap Growth Index - EIMG; AllianceBernstein L.P. |
0.73% | 41.56% | 18.62% | 14.02% | |||||||||||||
|
Equity |
EQ/Large Cap Growth Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
0.88% | 38.99% | 16.20% | 12.47% | |||||||||||||
|
Equity |
EQ/Large Cap Value Index - EIMG; AllianceBernstein L.P. |
0.74% | 10.67% | 10.16% | 7.66% | |||||||||||||
|
Equity |
EQ/Large Cap Value Managed Volatility† - EIMG; AllianceBernstein L.P. |
0.87% | 14.02% | 10.78% | 7.83% | |||||||||||||
|
Equity |
EQ/Loomis Sayles Growth - EIMG; Loomis, Sayles & Company, L.P. |
1.05% | ^ | 43.64% | 15.65% | 13.25% | ||||||||||||
|
Equity |
EQ/MFS International Growth - EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.10% | ^ | 14.23% | 9.27% | 6.10% | ||||||||||||
|
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% | 13.14% | 10.36% | 7.21% | |||||||||||||
|
AssetAllocation |
EQ/Moderate-Plus Allocation† - EIMG |
1.13% | 15.24% | 8.08% | 5.66% | |||||||||||||
|
FixedIncome |
EQ/PIMCO Ultra Short Bond - EIMG; Pacific Investment Management Company LLC |
0.88% | ^ | 5.68% | 1.64% | 1.26% | ||||||||||||
|
Equity |
EQ/Small Company Index - EIMG; AllianceBernstein L.P. |
0.64% | 16.74% | 10.07% | 7.01% | |||||||||||||
|
Equity |
EQ/Value Equity - EIMG; Aristotle Capital Management, LLC |
0.92% | 19.55% | 10.05% | 6.91% | |||||||||||||
|
FixedIncome |
Multimanager Core Bond - EIMG; BlackRock Financial Management, Inc., DoubleLine Capital LP, Pacific Investment Management Company LLC, SSGA Funds Management, Inc. |
0.87% | ^ | 5.04% | 0.61% | 1.20% | ||||||||||||
|
Specialty |
Multimanager Technology - EIMG; AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP |
1.24% | ^ | 49.52% | 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. |
Please note that you may transfer account value out of the investment option that invests in the above class A shares of each Portfolio into any other investment option available under your contract or policy any time prior to the Effective Date. Such transfers will be free of charge and will not count as one of your annual free transfers under your contract or policy. Also, for a period of 60 days after the Effective Date, any account value that was transferred to the investment option that invests in the class B share of the Portfolio as a result of the Combination can be transferred into any other investment option available under your contract or policy free of charge and will not count as one of your annual free transfers. Please refer to your Prospectus for detailed information about investment options.
On or about the Effective Date:
| - |
The class A share of each Portfolio under your contract or policy will be removed as an investment option, and the corresponding class B share of the Portfolio will be added as an available investment option (subject to any applicable allocation restrictions). If you have account value allocated to the investment option that invests in the class A share of the Portfolio, your contract or policy will be automatically credited with interest in the corresponding investment option that invests in the class B share of the Portfolio. Your interest in the class B share of the Portfolio immediately after the Combination will be equal to your interest in the removed class A share of the Portfolio immediately prior to the Combination. |
| - |
You will not bear any of the expenses related to the Combination, and the Combination will not result in any tax consequences for you. |
| - |
All allocation elections and instructions that include the class A share of the Portfolio(s) will be automatically updated to replace the class A share of the Portfolio(s) with the corresponding class B share of the Portfolio(s) unless you instruct us otherwise. |
2
You may wish to consult with your financial professional to determine if your existing allocation instructions should be changed before or after the Effective Date. No action is required on your part. For more information, please contact your financial professional or contact our customer service representative.
Variable Annuity and Life Products List by Portfolio
| Target Portfolio | Contract or Policy | |
| 1290 VT Equity Income |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: Corporate Sponsored Variable Universal Life; IL Protector; Survivorship 2000SM |
|
|
1290 VT GAMCO Mergers & Acquisitions 1290 VT GAMCO Small Company Value |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: Corporate Owned Incentive Life®; Incentive Life COLI; Incentive Life COLI '04; |
|
| 1290 VT Socially Responsible | Life Policies: Corporate Sponsored Variable Universal Life; Incentive Life® '02; Survivorship Incentive LifeSM '02 | |
| EQ/AB Small Cap Growth |
Annuity Products: EQUI-VEST® (Series 100-500); EQUI-VEST® Employer-Sponsored Retirement Plans; MomentumSM; Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E; MomentumSM Plus; Variable Immediate Annuity; Retirement Investment Account® Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; IL Protector; Incentive Life® '02; Incentive Life COLI; Incentive Life COLI '04; Survivorship 2000SM; Survivorship Incentive LifeSM '02 |
|
| EQ/Aggressive Allocation | Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0 | |
| EQ/Moderate-Plus Allocation | Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; IL Protector; Incentive Life '02; Incentive Life COLI; Incentive Life COLI '04; Paramount LifeSM; Survivorship 2000SM; Survivorship Incentive LifeSM '02 | |
| EQ/All Asset Growth Allocation | Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E | |
| EQ/Capital Group Research |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0 Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; Incentive Life® '02; Incentive Life COLI '04; Paramount LifeSM; Survivorship Incentive LifeSM '02 |
3
| Target Portfolio | Contract or Policy | |
| EQ/ClearBridge Large Cap Growth ESG | Life Policies: Corporate Owned Incentive Life®; Incentive Life® '02; Incentive Life COLI '04; Survivorship Incentive LifeSM '02 | |
| EQ/Clearbridge Select Equity Managed Volatility | Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0 | |
|
EQ/Conservative Allocation EQ/Conservative-Plus Allocation |
Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; IL Protector; Incentive Life '02; Incentive Life COLI; Incentive Life COLI '04; Paramount LifeSM; Survivorship 2000SM; Survivorship Incentive LifeSM '02 | |
| EQ/Core Bond Index | Life Policies: Corporate Sponsored Variable Universal Life; IL Protector; Incentive Life® '02; Paramount LifeSM; Survivorship 2000SM; Survivorship Incentive LifeSM '02 | |
| EQ/Franklin Small Cap Value Managed Volatility | Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0 | |
| EQ/Global Equity Managed Volatility |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0 Life Policies: Corporate Owned Incentive Life®; Incentive Life® '02; Incentive Life COLI '04; Survivorship Incentive LifeSM '02 |
|
| EQ/International Core Managed Volatility |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: Incentive Life® '02; Paramount LifeSM; Survivorship Incentive LifeSM '02 |
|
|
EQ/International Value Managed Volatility EQ/Large Cap Growth Managed Volatility |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0 Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; Incentive Life® '02; Incentive Life COLI '04; Paramount LifeSM; Survivorship Incentive LifeSM '02 |
|
| EQ/Invesco Comstock |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: IL Protector; Incentive Life® '02; Incentive Life COLI; Incentive Life COLI '04; Survivorship 2000SM; Survivorship Incentive LifeSM '02 |
|
| EQ/Invesco Global | Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E |
4
| Target Portfolio | Contract or Policy | |
| EQ/Janus Enterprise |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: Corporate Sponsored Variable Universal Life; IL Protector; Incentive Life® '02; Incentive Life COLI; Paramount LifeSM; Survivorship 2000SM; Survivorship Incentive LifeSM '02 |
|
| EQ/JPMorgan Growth Stock |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: Corporate Owned Incentive Life®; Incentive Life® '02; Incentive Life COLI '04; Paramount LifeSM; Survivorship Incentive LifeSM '02 |
|
| EQ/JPMorgan Value Opportunities |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0 Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; Incentive Life® '02; Incentive Life COLI '04; Survivorship Incentive LifeSM '02 |
|
| EQ/Large Cap Core Managed Volatility | Life Policies: Corporate Owned Incentive Life®; Incentive Life® '02; Incentive Life COLI '04; Paramount LifeSM; Survivorship Incentive LifeSM '02 | |
|
EQ/Large Cap Growth Index EQ/Mid Cap Index EQ/Value Equity |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: Corporate Owned Incentive Life®; Incentive Life® '02; Incentive Life COLI '04; Paramount LifeSM; Survivorship Incentive LifeSM '02 |
|
| EQ/Large Cap Value Index |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: IL Protector; Incentive Life® '02; Survivorship 2000SM; Survivorship Incentive LifeSM '02 |
|
| EQ/Large Cap Value Managed Volatility |
Annuity Products: EQUI-VEST® (Series 100-500); EQUI-VEST® Employer-Sponsored Retirement Plans; MomentumSM; MomentumSM Plus; Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E; Variable Immediate Annuity; Retirement Investment Account®; 300+ Series Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; IL Protector; Incentive Life® '02; Incentive Life COLI; Incentive Life COLI '04; Paramount LifeSM; Survivorship 2000SM; Survivorship Incentive LifeSM '02 |
5
| Target Portfolio | Contract or Policy | |
| EQ/Loomis Sayles Growth |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® 19 Series E Life Policies: Corporate Owned Incentive Life®; IL Protector; Incentive Life COLI; Incentive Life COLI '04; Survivorship 2000SM |
|
| EQ/MFS International Growth |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E |
|
| EQ/Mid Cap Value Managed Volatility |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; IL Protector; Incentive Life®; Incentive Life® '02; Incentive Life® '06; Incentive Life COLI; Incentive Life COLI '04; Incentive Life Legacy®; Incentive Life Optimizer®; Paramount LifeSM; Survivorship 2000SM; Survivorship Incentive LifeSM '99; Survivorship Incentive LifeSM '02; Survivorship Incentive LifeSM Legacy |
|
| EQ/PIMCO Ultra Short Bond |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: Corporate Sponsored Variable Universal Life; IL Protector; Incentive Life® '02; Paramount LifeSM; Survivorship 2000SM; Survivorship Incentive LifeSM '02 |
|
| EQ/Small Company Index |
Annuity Products: Retirement Cornerstone® Series; Retirement Cornerstone® Series 12.0; Retirement Cornerstone® Series 13.0; Retirement Cornerstone® Series 15.0; Retirement Cornerstone® Series 15.0 Series E; Retirement Cornerstone® Series 15A; Retirement Cornerstone® Series 15A Series E; Retirement Cornerstone® Series 15B; Retirement Cornerstone® Series 15B Series E; Retirement Cornerstone® Series 17; Retirement Cornerstone® Series 17 Series E; Retirement Cornerstone® Series 19; Retirement Cornerstone® Series 19 Series E Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; IL Protector; Incentive Life '02; Incentive Life COLI; Incentive Life COLI '04; Paramount LifeSM; Survivorship 2000SM; Survivorship Incentive LifeSM '02 |
|
| Multimanager Core Bond | Life Policies: Corporate Owned Incentive Life®; Corporate Sponsored Variable Universal Life; Incentive Life® '02; Incentive Life COLI '04; Paramount LifeSM; Survivorship Incentive LifeSM '02 | |
| Multimanager Technology | Life Policies: Corporate Owned Incentive Life®; Incentive Life® '02; Incentive Life COLI '04; Paramount LifeSM; Survivorship Incentive LifeSM '02 |
6
Retirement Cornerstone® Series
Equitable Financial Life Insurance Company of America
Equitable Financial Life Insurance Company
Issued through: Equitable America Variable Account No. 70A and Separate Account No. 70
Contract Classes: Series B, Series CP®, Series L, Series C, Series ADV
Summary Prospectus for Existing Investors
May 1, 2024
This summary prospectus (the "Summary Prospectus") summarizes key features of the contract. The statutory prospectus (the "Prospectus") and Statement of Additional Information ("SAI") for the contract contain more information about the contract's features, benefits, and risks. The Prospectus and SAI are incorporated by reference into this updating summary prospectus. You can find the current Prospectus, SAI and other information about the contract online at www.equitable.com/ICSR#EQH146634. 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 Retirement Cornerstone® Series are variable and fixed individual and group flexible premium deferred annuity contracts. This Summary Prospectus only describes Retirement Cornerstone® Series B ("Series B"), Retirement Cornerstone® Series CP® ("Series CP®"), Retirement Cornerstone® Series L ("Series L"), Retirement Cornerstone® Series C ("Series C"), and Retirement Cornerstone® Series ADV ("Series ADV"). 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.
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.
Updated Information About Your Contract
The information in this Summary Prospectus is a summary of certain contract features that have changed since the Prospectus dated May 1, 2023. 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 "Portfolio Companies available under the contract" in this Summary Prospectus.
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.
Investment Option Name Changes: EQ/JPMorgan Growth Stock Portfolio (formerly EQ/T. Rowe Price Growth Stock Portfolio); Macquarie VIP Asset Strategy Series (formerly known as Delaware Ivy VIP Asset Strategy); Macquarie VIP High Income Series (formerly known as Delaware Ivy VIP High Income)
Investment Options No Longer Available: AB VPS Sustainable International Thematic Portfolio
2
Important information you should consider about the contract
| FEES AND EXPENSES | ||
| Charges for Early Withdrawals |
Each series of the contract provides for different withdrawal charge periods and percentages. Series B - If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from Series B of the contract within 7 years following your last contribution, you will be assessed a withdrawal charge of up to 7% of contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $7,000 on a $100,000 investment. Series CP® - If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from Series CP® of the contract within 9 years following your last contribution, you will be assessed a withdrawal charge of up to 8% of contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $8,000 on a $100,000 investment. Series L - If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from Series L of the contract within 4 years following your last contribution, you will be assessed a withdrawal charge of up to 8% of contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $8,000 on a $100,000 investment. Series C - No withdrawal charge. Series ADV - No withdrawal charge. For additional information about charges for surrenders and early withdrawals see "Withdrawal charge" in "Charges and expenses" in the Prospectus. |
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| Transaction Charges |
In addition to withdrawal charges, you may also be charged for other transactions (for special requests such as wire transfers, express mail, duplicate contracts, preparing checks, third-party transfers or exchanges, or when you transfer between investment options in excess a certain number). For additional information about transaction charges see "Charges that the Company deducts" in "Charges and expenses" in the Prospectus. |
|
| Ongoing Fees and Expenses (annual charges) | Each series of the contract provides for different ongoing fees and expenses. The tables below describe the fees and expenses that you may pay each year under each series of the contract, depending on the options you choose. For Series ADV contracts, the fees and expenses in the table below do not reflect any advisory fees paid to financial intermediaries from the account value or other assets of the owner; if such fees were reflected the below fees and charges would be higher. 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 (varies by contract series)(1) | 0.65% | 1.70% | ||
| 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) | 0.25% | 1.25% |
|
(1) Expressed as an annual percentage 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 no credits and that you do not take withdrawals from the contract or make any other transactions, which could add withdrawals charges that substantially increase costs. |
3
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Lowest Annual Cost $1,155 |
Highest Annual Cost $4,939 |
|
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Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive combination of contract series and Portfolio fees and expenses • No optional benefits • No sales charges or advisory fees • No additional contributions, transfers or withdrawals |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of contract series (Series CP®), optional benefits (GIB and "Greater of" death benefit) and Portfolio fees and expenses • No sales charges or advisory fees • 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. 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, 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 "Variable investment options", "Guaranteed interest option" and "Portfolios of the Trusts" in "Purchasing the Contract" in the Prospectus. See also Appendix "Portfolio Companies available under the contract" in the Prospectus. |
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| 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 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 https://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. |
4
| 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 (including the Protection with Investment Performance account 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. Credits under Series CP® contracts may be recaptured upon free look, annuitization, and death. 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 Special DCA programs. 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 Separate Account No. 70" 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 charge for any transfers in excess of 12 per contract year. We will provide you with advance notice if we decide to assess the transfer charge, which will never exceed $35 per transfer. For additional information about the investment options, including information regarding volatility management strategies and techniques, see "Transfer charge" in "Charges and expenses" and "Portfolios of the Trusts" in "Purchasing the Contract" 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 and/or contributions and/ or transfers into the Protection with Investment Performance account variable investment options, you may no longer be able to fund your Guaranteed benefit(s). Investment options are limited if Guaranteed benefits are elected. Withdrawals, including withdrawals to pay advisory fees, that exceed limits specified by the terms of an optional benefit may affect the availability of the benefits by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit. If you purchase a Series ADV contract and you elect to pay the advisory fee from your account value, then this deduction will be treated as a withdrawal and will reduce the standard death benefit and Guaranteed benefits, and may also be subject to federal and state income taxes and a 10% federal penalty tax. See "Fee based programs" in "Purchasing the contract" in the Prospectus. For additional information about the optional benefits see "How you can purchase and contribute to your contract" in "Purchasing the Contract" in the Prospectus. See also "Death Benefits" and "Living 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. |
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| CONFLICTS OF INTEREST | ||
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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. |
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| 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. |
5
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#EQH146634. 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 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 | ||||||||||||||||
| 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% | |||||||||||||
| 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% | ||||||||||||
| Specialty |
1290 VT Multi-Alternative Strategies - EIMG |
1.54% | ^ | 5.13% | 1.57% | - | ||||||||||||
| Specialty |
1290 VT Natural Resources - EIMG; AllianceBernstein L.P. |
0.90% | ^ | 1.17% | 10.31% | 2.80% | ||||||||||||
| Specialty |
1290 VT Real Estate - EIMG; AllianceBernstein L.P. |
0.90% | ^ | 9.46% | 2.74% | 3.61% | ||||||||||||
| Equity |
1290 VT SmartBeta Equity ESG - EIMG; AXA Investment Managers US Inc. |
1.10% | ^ | 16.49% | 11.53% | 8.52% | ||||||||||||
| 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% | |||||||||||||
| 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 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% | ||||||||||||
| 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% |
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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) |
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| 1 year | 5 year | 10 year | ||||||||||||||||
| 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 Rising Dividends - EIMG; Franklin Advisers, Inc. |
0.87% | ^ | 12.13% | 13.88% | - | ||||||||||||
| 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% | - | ||||||||||||
| Asset Allocation |
EQ/Growth Strategy† - EIMG |
1.03% | 16.47% | 8.47% | 6.14% | |||||||||||||
| 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% | ^ | 19.01% | 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 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% | |||||||||||||
| Cash/Cash Equivalent |
EQ/Money Market* - EIMG; Dreyfus, a division of Mellon Investments Corporation |
0.69% | 4.47% | 1.48% | 0.91% | |||||||||||||
| 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 Real Return - EIMG; Pacific Investment Management Company LLC |
2.26% | ^ | 3.53% | 3.13% | - |
7
|
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/PIMCO Total Return ESG - EIMG; Pacific Investment Management Company LLC |
0.87% | ^ | 5.63% | 1.11% | - | ||||||||||||
| Fixed Income |
EQ/PIMCO Ultra Short Bond - EIMG; Pacific Investment Management Company LLC |
0.88% | ^ | 5.56% | 1.61% | 1.25% | ||||||||||||
| Equity |
EQ/Small Company Index - EIMG; AllianceBernstein L.P. |
0.64% | 16.72% | 10.06% | 7.01% | |||||||||||||
| Specialty |
EQ/T. Rowe Price Health Sciences - EIMG; T. Rowe Price Associates, Inc. |
1.20% | ^ | 3.99% | 9.94% | - | ||||||||||||
| 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% |
| ^ |
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. |
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 | ||||||||||||||||
| Asset Allocation |
AB VPS Balanced Hedged Allocation Portfolio - AllianceBernstein L.P. |
0.98% | ^ | 12.66% | 5.92% | 5.04% | ||||||||||||
| Equity |
American Funds Insurance Series® Global Small Capitalization Fund - Capital Research and Management Company |
1.16% | ^ | 15.79% | 8.03% | 5.51% | ||||||||||||
| Asset Allocation |
American Funds Insurance Series® Managed Risk Asset Allocation Fund - Capital Research and Management Company; Milliman Financial Risk Management LLC |
0.90% | ^ | 10.23% | 5.91% | 4.74% | ||||||||||||
| Equity |
American Funds Insurance Series® New World Fund® - Capital Research and Management Company |
1.07% | ^ | 15.67% | 8.37% | 4.43% | ||||||||||||
| Fixed Income |
American Funds Insurance Series® The Bond Fund of America® - Capital Research and Management Company |
0.73% | ^ | 4.72% | 1.62% | 1.83% | ||||||||||||
| Asset Allocation |
BlackRock Global Allocation V.I. Fund - BlackRock Advisors, LLC; BlackRock International Limited; BlackRock (Singapore) Limited |
1.02% | ^ | 12.49% | 7.39% | 4.63% | ||||||||||||
| Equity |
BlackRock Large Cap Focus Growth V.I. Fund - BlackRock Advisors, LLC |
1.04% | ^ | 52.47% | 16.05% | 13.38% | ||||||||||||
| Asset Allocation |
Fidelity® VIP Asset Manager Growth Portfolio - Fidelity Management and Research Company (FMR) |
0.89% | 16.05% | 9.41% | 6.30% | |||||||||||||
| Asset Allocation |
Fidelity® VIP Freedom 2015 PortfolioSM - FMRC; Fidelity Management and Research Company (FMR) |
0.68% | 10.64% | 6.29% | 4.93% | |||||||||||||
| Asset Allocation |
Fidelity®VIP Freedom 2020 PortfolioSM - FMRC; Fidelity Management and Research Company (FMR) |
0.72% | 12.22% | 7.22% | 5.47% | |||||||||||||
| Asset Allocation |
Fidelity®VIP Freedom 2025 PortfolioSM - FMRC; Fidelity Management and Research Company (FMR) |
0.74% | 13.32% | 7.98% | 5.93% | |||||||||||||
| Asset Allocation |
Fidelity®VIP Freedom 2030 PortfolioSM - FMRC; Fidelity Management and Research Company (FMR) |
0.77% | 14.46% | 9.02% | 6.59% | |||||||||||||
| Equity |
Fidelity® VIP Mid Cap Portfolio - Fidelity Management and Research Company (FMR) |
0.82% | 14.80% | 12.17% | 7.86% | |||||||||||||
| Fixed Income |
Fidelity® VIP Strategic Income Portfolio - Fidelity Management and Research Company (FMR) |
0.90% | 9.18% | 3.47% | 3.10% | |||||||||||||
| Asset Allocation |
First Trust/Dow Jones Dividend & Income Allocation Portfolio - First Trust Advisors L.P. |
1.19% | 10.51% | 7.23% | 6.53% | |||||||||||||
| Asset Allocation |
Franklin Allocation VIP Fund - Franklin Advisers, Inc. |
0.82% | ^ | 14.61% | 7.57% | 4.75% | ||||||||||||
| Asset Allocation |
Franklin Income VIP Fund - Franklin Advisers, Inc. |
0.71% | ^ | 8.62% | 6.98% | 5.01% | ||||||||||||
| Specialty |
Guggenheim VIF Global Managed Futures Strategy Fund - Security Investors, LLC, which operates under the name Guggenheim Investments |
2.05% | ^ | 3.80% | 5.28% | 1.87% | ||||||||||||
| Equity |
Invesco V.I. Diversified Dividend Fund - Invesco Advisers, Inc. |
0.93% | 8.77% | 9.53% | 7.53% | |||||||||||||
| Fixed Income |
Invesco V.I. High Yield Fund - Invesco Advisers, Inc. |
1.15% | 9.77% | 3.76% | 2.96% |
8
|
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 |
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 |
Lord Abbett Bond Debenture Portfolio (VC) - Lord, Abbett & Co. LLC |
0.90% | 6.55% | 3.14% | 3.49% | |||||||||||||
| Asset Allocation |
Macquarie VIP Asset Strategy Series(1) - Delaware Management Company; Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, Macquarie Investment Management Global Limited |
0.85% | ^ | 13.90% | 8.27% | 3.48% | ||||||||||||
| Fixed Income |
Macquarie VIP High Income Series(2) - 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% | ||||||||||||
| Specialty |
PIMCO CommodityRealReturn®Strategy Portfolio - Pacific Investment Management Company LLC |
1.58% | ^ | -7.93% | 8.46% | -0.90% | ||||||||||||
| Specialty |
PIMCO Emerging Markets Bond Portfolio - Pacific Investment Management Company LLC |
1.37% | 11.00% | 2.14% | 2.67% | |||||||||||||
| Specialty |
ProFund VP Biotechnology - ProFund Advisors LLC |
1.68% | 10.14% | 9.59% | 7.42% | |||||||||||||
| Equity |
Templeton Developing Markets VIP Fund - Templeton Asset Management Ltd. |
1.35% | ^ | 12.62% | 4.22% | 2.32% | ||||||||||||
| Fixed Income |
Templeton Global Bond VIP Fund - Franklin Advisers, Inc. |
0.75% | ^ | 2.88% | -2.13% | -0.66% | ||||||||||||
| 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 Asset Strategy which may continue to be used in certain documents for a period of time after the date of this prospectus. |
| (2) |
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. |
Amounts you allocate to the Protection with Investment Performance account variable investment options fund your Guaranteed benefits.
| Equitable Strategic Allocation | ||
|
EQ/AB Dynamic Moderate Growth |
EQ/Conservative Strategy | |
|
EQ/Balanced Strategy |
EQ/Moderate Growth Strategy | |
|
EQ/Conservative Growth Strategy |
| Fixed Income | ||
|
EQ/Core Bond Index |
EQ/Intermediate Government Bond |
| Equity | ||
|
EQ/400 Managed Volatility |
EQ/Growth Strategy | |
|
EQ/500 Managed Volatility |
EQ/International Managed Strategy | |
|
EQ/2000 Managed Volatility |
9
The following are the three categories of variable investment options available for your Protection with Investment Performance Account.
Category 1 - Equitable Strategic Allocation
EQ/AB Dynamic Moderate Growth
EQ/Balanced Strategy
EQ/Conservative Growth Strategy
EQ/Conservative Strategy
EQ/Moderate Growth Strategy
Category 2 - Fixed Income
EQ/Core Bond Index
EQ/Intermediate Government Bond
Category 3 - Equity
EQ/400 Managed Volatility
EQ/500 Managed Volatility
EQ/2000 Managed Volatility
EQ/Growth Strategy
EQ/International Managed Volatility
10
Retirement Cornerstone® Series (Series B, Series CP®, Series L, Series C, Series ADV)
Issued by
| Equitable Financial Life Insurance Company of America | Equitable Financial Life Insurance Company |
We have filed with the Securities and Exchange Commission a Prospectus and a Statement of Additional Information ("SAI") that include additional information about Retirement Cornerstone® Series, Equitable Financial Life Insurance Company of America and Equitable America Variable Account No. 70A, and Equitable Financial Life Insurance Company and Separate Account No. 70. 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 1-800-789-7771. The Prospectus and SAI are also available at our website, www.equitable.com/ICSR#EQH146634.
Class/Contract Identifier: C000247519; C000118796
(#602202)
Retirement Cornerstone® Series
Equitable Financial Life Insurance Company of America
Equitable Financial Life Insurance Company
Issued through: Equitable America Variable Account No. 70A and Separate Account No. 70
Contract Classes: Series B, Series CP®, Series L, Series C
Summary Prospectus for Existing Investors
May 1, 2024
This summary prospectus (the "Summary Prospectus") summarizes key features of the contract. The statutory prospectus (the "Prospectus") and Statement of Additional Information ("SAI") for the contract contain more information about the contract's features, benefits, and risks. The Prospectus and SAI are incorporated by reference into this updating summary prospectus. You can find the current Prospectus, SAI and other information about the contract online at www.equitable.com/ICSR#EQH146637. 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 Retirement Cornerstone® Series are variable and fixed individual and group flexible premium deferred annuity contracts. This Summary Prospectus only describes Retirement Cornerstone® Series B ("Series B"), Retirement Cornerstone® Series CP® ("Series CP®"), Retirement Cornerstone® Series L ("Series L"), and Retirement Cornerstone® Series C ("Series C"). 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.
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.
Updated Information About Your Contract
The information in this Summary Prospectus is a summary of certain contract features that have changed since the Prospectus dated May 1, 2023. 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 "Portfolio Companies available under the contract" in this Summary Prospectus.
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.
Investment Option Name Changes: EQ/JPMorgan Growth Stock Portfolio (formerly EQ/T. Rowe Price Growth Stock Portfolio); Macquarie VIP Asset Strategy Series (formerly known as Delaware Ivy VIP Asset Strategy); Macquarie VIP High Income Series (formerly known as Delaware Ivy VIP High Income)
Investment Options No Longer Available: AB VPS Sustainable International Thematic Portfolio
2
Important information you should consider about the contract
| FEES AND EXPENSES | ||
|
Charges for Early Withdrawals |
Each series of the contract provides for different withdrawal charge periods and percentages. Series B - If you surrender your contract, apply cash value to a non-life contingent annuity payment option, or withdraw money from Series B of the contract within 7 years following your last contribution, you will be assessed a withdrawal charge of up to 7% of contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $7,000 on a $100,000 investment. Series CP® - If you surrender your contract, apply cash value to a non-life contingent annuity payment option, or withdraw money from Series CP® of the contract within 9 years following your last contribution, you will be assessed a withdrawal charge of up to 8% of contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $8,000 on a $100,000 investment. Series L - If you surrender your contract, apply cash value to a non-life contingent annuity payment option, or withdraw money from Series L of the contract within 4 years following your last contribution, you will be assessed a withdrawal charge of up to 8% of contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $8,000 on a $100,000 investment. Series C - If you surrender your contract, apply cash value to a non-life contingent annuity payment option, or withdraw money from Series C you will not be assessed a withdrawal charge. For additional information about charges for surrenders and early withdrawals see "Withdrawal charge" in "Charges and expenses" in the Prospectus. |
|
|
Transaction Charges |
In addition to withdrawal charges, you may also be charged for other transactions (for special requests such as wire transfers, express mail, duplicate contracts, preparing checks, third-party transfers or exchanges, or when you transfer between investment options in excess a certain number). For additional information about transaction charges see "Charges that the Company deducts" in "Charges and expenses" in the Prospectus. |
| Ongoing Fees and Expenses(annual charges) |
Each series of the contract provides for different ongoing fees and expenses. The tables below describe the fees and expenses that you may pay each year under each series of 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 (varies by contract series)(1) | 1.30% | 1.70% | ||
| 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) | 0.25% | 1.20% |
|
(1) Expressed as an annual percentage 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 no credits and that you do not take withdrawals from the contract or make any other transactions, which could add withdrawal charges that substantially increase costs. |
3
|
Lowest Annual Cost $1,720 |
Highest Annual Cost $4,835 |
|
|
Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive combination of contract series and Portfolio fees and expenses • No optional benefits • No sales charges • No additional contributions, transfers or withdrawals |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of contract series (Series CP®), optional benefits (GIB and "Greater of" 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. 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, 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 "Variable investment options", "Guaranteed interest option" and "Portfolios of the Trusts" in "Purchasing the Contract" in the 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, 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 https://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 (including the Guaranteed Benefit account 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. Credits under Series CP® contracts may be recaptured upon free look, annuitization, and death. 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 Special DCA programs. 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 Separate Account No. 70" in "More information" in the Prospectus. |
4
|
Currently, we do not charge for transfers among investment options under the contract. However, we reserve the right to charge for any transfers in excess of 12 per contract year. We will provide you with advance notice if we decide to assess the transfer charge, which will never exceed $35 per transfer. For additional information about the investment options, including information regarding volatility management strategies and techniques, see "Transfer charge" in "Charges and expenses" and "Portfolios of the Trusts" in "Purchasing the Contract" 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 and/or contributions and/ or transfers into the Guaranteed Benefit account variable investment options, 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 "Purchasing the Contract" in the Prospectus. See also "Death Benefits" and "Living 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. |
5
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#EQH146637. 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 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:
|
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||||
| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s),as applicable | 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% | |||||||||||||
|
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% | ||||||||||||
|
Specialty |
1290 VT Multi-Alternative Strategies - EIMG |
1.54% | ^ | 5.13% | 1.57% | - | ||||||||||||
|
Specialty |
1290 VT Natural Resources - EIMG; AllianceBernstein L.P. |
0.90% | ^ | 1.17% | 10.31% | 2.80% | ||||||||||||
|
Specialty |
1290 VT Real Estate - EIMG; AllianceBernstein L.P. |
0.90% | ^ | 9.46% | 2.74% | 3.61% | ||||||||||||
|
Equity |
1290 VT SmartBeta Equity ESG - EIMG; AXA Investment Managers US Inc. |
1.10% | ^ | 16.49% | 11.53% | 8.52% | ||||||||||||
|
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% | |||||||||||||
|
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 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% | ||||||||||||
|
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% |
6
|
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||||
| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
|
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 Rising Dividends - EIMG; Franklin Advisers, Inc. |
0.87% | ^ | 12.13% | 13.88% | - | ||||||||||||
|
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% | - | ||||||||||||
|
Asset Allocation |
EQ/Growth Strategy†- EIMG |
1.03% | 16.47% | 8.47% | 6.14% | |||||||||||||
|
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% | ^ | 19.01% | 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 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, |
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% | |||||||||||||
|
Cash/Cash Equivalent |
EQ/Money Market* - EIMG; Dreyfus, a division of Mellon Investments Corporation |
0.69% | 4.47% | 1.48% | 0.91% | |||||||||||||
|
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 Real Return - EIMG; Pacific Investment Management Company LLC |
2.26% | ^ | 3.53% | 3.13% | - |
7
|
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||||
| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
|
Fixed Income |
EQ/PIMCO Total Return ESG - EIMG; Pacific Investment Management Company LLC |
0.87% | ^ | 5.63% | 1.11% | - | ||||||||||||
|
Fixed Income |
EQ/PIMCO Ultra Short Bond - EIMG; Pacific Investment Management Company LLC |
0.88% | ^ | 5.56% | 1.61% | 1.25% | ||||||||||||
|
Equity |
EQ/Small Company Index - EIMG; AllianceBernstein L.P. |
0.64% | 16.72% | 10.06% | 7.01% | |||||||||||||
|
Specialty |
EQ/T. Rowe Price Health Sciences - EIMG; T. Rowe Price Associates, Inc. |
1.20% | ^ | 3.99% | 9.94% | - | ||||||||||||
|
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% |
| ^ |
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. |
Unaffiliated Portfolio Companies:
|
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||||
| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
|
Asset Allocation |
AB VPS Balanced Hedged Allocation Portfolio - AllianceBernstein L.P. |
0.98% | ^ | 12.66% | 5.92% | 5.04% | ||||||||||||
|
Equity |
American Funds Insurance Series®Global Small Capitalization Fund - Capital Research and Management Company |
1.16% | ^ | 15.79% | 8.03% | 5.51% | ||||||||||||
|
Asset Allocation |
American Funds Insurance Series®Managed Risk Asset Allocation Fund - Capital Research and Management Company; Milliman Financial Risk Management LLC |
0.90% | ^ | 10.23% | 5.91% | 4.74% | ||||||||||||
|
Equity |
American Funds Insurance Series®New World Fund®- Capital Research and Management Company |
1.07% | ^ | 15.67% | 8.37% | 4.43% | ||||||||||||
|
Fixed Income |
American Funds Insurance Series®The Bond Fund of America®- Capital Research and Management Company |
0.73% | ^ | 4.72% | 1.62% | 1.83% | ||||||||||||
|
Asset Allocation |
BlackRock Global Allocation V.I. Fund - BlackRock Advisors, LLC; BlackRock International Limited; BlackRock (Singapore) Limited |
1.02% | ^ | 12.49% | 7.39% | 4.63% | ||||||||||||
|
Equity |
BlackRock Large Cap Focus Growth V.I. Fund - BlackRock Advisors, LLC |
1.04% | ^ | 52.47% | 16.05% | 13.38% | ||||||||||||
|
Asset Allocation |
Fidelity®VIP Asset Manager Growth Portfolio - Fidelity Management and Research Company (FMR) |
0.89% | 16.05% | 9.41% | 6.30% | |||||||||||||
|
Asset Allocation |
Fidelity®VIP Freedom 2015 PortfolioSM - FMRC; Fidelity Management and Research Company (FMR) |
0.68% | 10.64% | 6.29% | 4.93% | |||||||||||||
|
Asset Allocation |
Fidelity®VIP Freedom 2020 PortfolioSM - FMRC; Fidelity Management and Research Company (FMR) |
0.72% | 12.22% | 7.22% | 5.47% | |||||||||||||
|
Asset Allocation |
Fidelity®VIP Freedom 2025 PortfolioSM - FMRC; Fidelity Management and Research Company (FMR) |
0.74% | 13.32% | 7.98% | 5.93% | |||||||||||||
|
Asset Allocation |
Fidelity®VIP Freedom 2030 PortfolioSM - FMRC; Fidelity Management and Research Company (FMR) |
0.77% | 14.46% | 9.02% | 6.59% | |||||||||||||
|
Equity |
Fidelity®VIP Mid Cap Portfolio - Fidelity Management and Research Company (FMR) |
0.82% | 14.80% | 12.17% | 7.86% | |||||||||||||
|
Fixed Income |
Fidelity®VIP Strategic Income Portfolio - Fidelity Management and Research Company (FMR) |
0.90% | 9.18% | 3.47% | 3.10% | |||||||||||||
|
Asset Allocation |
First Trust/Dow Jones Dividend & Income Allocation Portfolio - First Trust Advisors L.P. |
1.19% | 10.51% | 7.23% | 6.53% | |||||||||||||
|
Asset Allocation |
Franklin Allocation VIP Fund - Franklin Advisers, Inc. |
0.82% | ^ | 14.61% | 7.57% | 4.75% | ||||||||||||
|
Asset Allocation |
Franklin Income VIP Fund - Franklin Advisers, Inc. |
0.71% | ^ | 8.62% | 6.98% | 5.01% | ||||||||||||
|
Specialty |
Guggenheim VIF Global Managed Futures Strategy Fund - Security Investors, LLC, which operates under the name Guggenheim Investments |
2.05% | ^ | 3.80% | 5.28% | 1.87% | ||||||||||||
|
Equity |
Invesco V.I. Diversified Dividend Fund - Invesco Advisers, Inc. |
0.93% | 8.77% | 9.53% | 7.53% |
8
|
Current Expenses |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||||
| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
|
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 |
Lord Abbett Bond Debenture Portfolio (VC) - Lord, Abbett & Co. LLC |
0.90% | 6.55% | 3.14% | 3.49% | |||||||||||||
|
Asset Allocation |
Macquarie VIP Asset Strategy Series(1) - Delaware Management Company; Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment ManagementEurope Limited, Macquarie Investment Management Global Limited |
0.85% | ^ | 13.90% | 8.27% | 3.48% | ||||||||||||
|
Fixed Income |
Macquarie VIP High Income Series(2) - Delaware Management Company; Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment ManagementEurope 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% | ||||||||||||
|
Specialty |
PIMCO CommodityRealReturn®Strategy Portfolio - Pacific Investment Management Company LLC |
1.58% | ^ | -7.93% | 8.46% | -0.90% | ||||||||||||
|
Specialty |
PIMCO Emerging Markets Bond Portfolio - Pacific Investment Management Company LLC |
1.37% | 11.00% | 2.14% | 2.67% | |||||||||||||
|
Specialty |
ProFund VP Bear - ProFund Advisors LLC |
1.68% | ^ | -15.27% | -15.58% | -12.62% | ||||||||||||
|
Specialty |
ProFund VP Biotechnology - ProFund Advisors LLC |
1.68% | 10.14% | 9.59% | 7.42% | |||||||||||||
|
Equity |
Templeton Developing Markets VIP Fund - Templeton Asset Management Ltd. |
1.35% | ^ | 12.62% | 4.22% | 2.32% | ||||||||||||
|
Fixed Income |
Templeton Global Bond VIP Fund - Franklin Advisers, Inc. |
0.75% | ^ | 2.88% | -2.13% | -0.66% | ||||||||||||
|
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 Asset Strategy which may continue to be used in certain documents for a period of time after the date of this prospectus. |
| (2) |
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. |
Amounts you allocate to the Guaranteed Benefit account variable investment options fund your Guaranteed benefits.
| Category 1 - Equitable Strategic Allocation | ||
|
GE EQ/AB Dynamic Moderate Growth |
GE EQ/Conservative Strategy | |
|
GE EQ/Balanced Strategy |
GE EQ/Moderate Growth Strategy | |
|
GE EQ/Conservative Growth Strategy |
| Category 2 - Fixed Income | ||
|
GE EQ/Core Bond Index |
GE EQ/Intermediate Government Bond |
| Category 3 - Equity | ||
|
GE EQ/400 Managed Volatility |
GE EQ/Growth Strategy | |
|
GE EQ/500 Managed Volatility |
GE EQ/International Managed Strategy | |
|
GE EQ/2000 Managed Volatility |
9
Retirement Cornerstone® Series (Series B, Series CP®, Series L, Series C)
Issued by
| Equitable Financial Life Insurance Company of America | Equitable Financial Life Insurance Company |
We have filed with the Securities and Exchange Commission a Prospectus and a Statement of Additional Information ("SAI") that include additional information about Retirement Cornerstone® Series, Equitable Financial Life Insurance Company of America and Equitable America Variable Account No. 70A, and Equitable Financial Life Insurance Company and Separate Account No. 70. 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 1-800-789-7771. The Prospectus and SAI are also available at our website, www.equitable.com/ICSR#EQH146637.
Class/Contract Identifier: C000247518; C000118795
(#580594)