Separate Account No10
04/29/2024 | Press release | Distributed by Public on 04/29/2024 09:20
Updating Summary Prospectus - Form 497VPU
497VPU
Retirement Investment Account®
Equitable Financial Life Insurance Company
Issued through:
Separate Account No. 66
Separate Account No. 3
Separate Account No. 4
Separate Account No. 10
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 the 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#EQH146682. 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 Income Account ("RIA")® is an investment program that allows employer plan assets to accumulate on a tax-deferred basis. This Summary Prospectus only describes RIA. The contracts provide for the accumulation of retirement savings and for income. 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 the changes that have occurred since you purchased your contract.
INVESTMENT OPTIONS
Investment Option Name Changes: EQ/ JPMorgan Growth Stock Portfolio (formerly EQ/T. Rowe Price Growth Stock Portfolio)
OTHER
Portfolio Reorganization: Certain portfolios of the EQ Premier VIP Trust (the "Acquired Trust Portfolios") were reorganized into substantially identical, newly created portfolios of the EQ Advisors Trust (the "Acquiring Trust Portfolios"). The investment objectives, policies, principal strategies, principal risks, and the fees and expenses of the Acquired Trust Portfolios and corresponding Acquiring Trust Portfolios are substantially identical, and their Investment Manager did not change. The Acquired Trust Portfolios under your contract were removed as investment options, and the corresponding Acquiring Trust Portfolios were added as available investment options (subject to any applicable allocation restrictions) without impacting your account value, investment allocations, or expenses.
2
Important information you should consider about the contract
| FEES AND EXPENSES | ||
| Charges for Early Withdrawals |
If you withdraw account value from the RIA, other than in the form of a benefit distribution payment, within 9 years following the date on which the employer plan began its participation in RIA, you will be assessed a contingent withdrawal charge ("CWC") of up to 6% of the amount withdrawn. For example, if you make a withdrawal in the first year, you could pay a CWC of up to $6,000 on a $100,000 withdrawal. For additional information about CWCs see "Contingent withdrawal charge" in "Charges and expenses" in the Prospectus. |
|
| Transaction Charges |
In addition to CWCs, you may also be charged for other transactions (if you elect an annuity payout option). For additional information about transaction charges see "Annuity administrative charge" in "Charges and expenses" later in this Prospectus. |
|
| Ongoing Fees and Expenses (annual charges) | The following tables describe the fees and expenses that you may pay each year under the contract, depending on the options you choose. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected. |
| Annual Fee | Minimum | Maximum | ||
| Base Contract* | 0.25% | 1.25% | ||
| Pooled Separate Account expenses**, (1) | 0.20% | 0.84% | ||
| Portfolio fees and expenses**, (1) | 0.57% | 1.40% | ||
|
Optional benefits available for an additional charge (for a single optional benefit, if elected)(2) |
1.00% | 1.00% |
|
* Expressed as an annual percentage of account value. ** Expressed as an annual percentage of average daily net assets. (1) These fees will fluctuate from year to year. These expenses are based on the expenses incurred during the fiscal year ended December 31, 2023. (2) As a percentage of amount withdrawn as loan principal at the time the loan is made. Your employer plan may also charge interest on the loan amount at a rate they set. |
|
| Because the contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the contract, which could add contingent withdrawal charges that substantially increase costs. |
3
|
Lowest Annual Cost $460 |
Highest Annual Cost $2,372 |
|
|
Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive Base Contract, Pooled Separate Account 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 Base Contract, Pooled Separate Account, and Portfolio fees and expenses • No loans taken • 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 investment options available under the contract, (e.g., the Pooled Separate Accounts and 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 "Investment options" and "Portfolios of the Trust" in "RIA Investment Options" and 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. Equitable Financial Life Insurance Company is solely responsible to the contract owner and participants for the contract's account value. The general obligations under the contract, including the guaranteed interest option, are supported by our general account and are subject to our claims paying ability. An owner and participant should look solely to our financial strength for our claims-paying ability. More information about Equitable Financial Life Insurance Company, including our financial strength ratings, may be obtained upon request by calling 1-800-789-7771. For additional information about insurance company risks see "About the general account" in "More information" in the Prospectus. |
4
| RESTRICTIONS | ||
| Investments |
The availability of investment options will vary by employer, and you should refer to your plan documents for a list of the investment options available to you. You may transfer accumulated amounts among the investment options under your contract at any time and in any amount, subject to certain transfer limitations described in the Prospectus. We reserve the right to remove or substitute Portfolios and Pooled Separate Accounts as investment options. For additional information about the investment options see "Investment options" in "RIA Investment Options" in the Prospectus. Transfers from the guaranteed interest option may be subject to limitations. From time to time, we may remove certain restrictions that apply to transferring amounts out of the guaranteed interest option. If we do so, we will tell you. We will also tell you at least 45 days in advance of the day that we intend to reimpose those transfer restrictions. For additional information about the guaranteed interest option see "Guaranteed interest option" in "RIA Investment Options" in the Prospectus. |
|
| Optional Benefits |
Participant Loans. Not all employer plans will offer loans. Loans are subject to restrictions under federal tax rules and ERISA. Loans generally must be taken from the guaranteed interest option. The minimum loan amount is $1000 and the maximum loan amount is 90% of the balances attributable to the plan participant. We charge a 1% fee at the time a loan is made, and the employer plan may charge interest on the loan, at a rate they set. If a participant fails to repay a loan when due the amount of the unpaid balance may be treated as a withdrawal and as such, be subject to taxes, additional penalty taxes, and a CWC of up to 6% of the unpaid balance if this occurs within 9 years of the date on which the employer began it's participation in the RIA. See "Participant Loans" in "Benefits Available Under the Contract" in the Prospectus. Optional Participant Recordkeeping Services. This service must be selected by the employer. If it is selected by the employer than the participants must be enrolled and pay the annual fee. Employers who did not elect the option may no longer do so. |
|
| 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, 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 the charges you might incur in connection with an exchange see "Contingent withdrawal charge" in "Charges and expenses" in the Prospectus. |
5
Appendix: Portfolio Companies Available Under the Contract
The following is a list of Portfolios available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH146682. You can also request this information at no cost by calling 1-877-522-5035 or by sending an email request to [email protected]. The availability of Portfolios will vary by employer, and you should refer to your plan documents for a list of available Portfolios.
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. The table does show the contract's Platform Charge, but the Platform Charge is not reflected in the current expenses or average annual total returns of the portfolios. 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 Small Cap Value - Equitable Investment Management Group, LLC ("EIMG"); BlackRock Investment Management, LLC,Horizon Kinetics Asset Management LLC |
1.17 | %^ | 5.79 | % | 12.69 | % | - | ||||||||||
|
Equity |
1290 VT Socially Responsible - EIMG; BlackRock Investment Management, LLC |
0.92 | % | 27.50 | % | 15.12 | % | 11.32 | % | |||||||||
|
Equity |
EQ/AB Small Cap Growth - EIMG; AllianceBernstein L.P. |
0.93 | % | 17.70 | % | 10.59 | % | 7.78 | % | |||||||||
|
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 | % | |||||||||
|
Fixed Income |
EQ/Core Plus Bond - EIMG; Brandywine Global Investment Management, LLC,Loomis, Sayles & Company, L.P. |
0.93 | %^ | 4.50 | % | 1.87 | % | 1.59 | % | |||||||||
|
Equity |
EQ/Equity 500 Index - EIMG; AllianceBernstein L.P. |
0.54 | %^ | 25.57 | % | 15.04 | % | 11.37 | % | |||||||||
|
Equity |
EQ/Global Equity Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
1.10 | %^ | 21.37 | % | 9.74 | % | 6.29 | % | |||||||||
|
Fixed Income |
EQ/Intermediate Government Bond - EIMG; SSGA Funds Management, Inc. |
0.64 | %^ | 3.85 | % | 0.39 | % | 0.56 | % | |||||||||
|
Equity |
EQ/International Core Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
1.06 | % | 16.85 | % | 7.96 | % | 3.55 | % | |||||||||
|
Equity |
EQ/International Equity Index - EIMG; AllianceBernstein L.P. |
0.72 | %^ | 19.01 | % | 8.09 | % | 3.69 | % | |||||||||
|
Equity |
EQ/International Value Managed Volatility† - EIMG; BlackRock Investment Management, LLC,Harris Associates LP |
1.03 | % | 18.52 | % | 7.60 | % | 3.02 | % | |||||||||
|
Equity |
EQ/JPMorgan Growth Stock - EIMG; J.P. Morgan Investment Management Inc. |
0.96 | %^ | 46.33 | % | 12.84 | % | 11.28 | % | |||||||||
|
Equity |
EQ/JPMorgan Value Opportunities - EIMG; J.P. Morgan Investment Management Inc. |
0.96 | % | 10.90 | % | 14.17 | % | 10.12 | % | |||||||||
|
Equity |
EQ/Large Cap Core Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
0.90 | % | 23.98 | % | 14.26 | % | 10.58 | % | |||||||||
|
Equity |
EQ/Large Cap Growth Index - EIMG; AllianceBernstein L.P. |
0.73 | % | 41.54 | % | 18.63 | % | 14.02 | % | |||||||||
|
Equity |
EQ/Large Cap Growth Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
0.88 | % | 38.97 | % | 16.20 | % | 12.47 | % |
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/Large Cap Value Managed Volatility† - EIMG; AllianceBernstein L.P. |
0.87 | % | 14.01 | % | 10.78 | % | 7.82 | % | |||||||||
|
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 | % | |||||||||
|
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/Quality Bond PLUS - EIMG; AllianceBernstein L.P.,Pacific Investment Management Company LLC |
0.86 | % | 4.19 | % | 0.51 | % | 0.84 | % | |||||||||
|
Equity |
EQ/Value Equity - EIMG; Aristotle Capital Management, LLC |
0.92 | % | 19.52 | % | 10.06 | % | 6.90 | % | |||||||||
|
Specialty |
Multimanager Technology - EIMG; AllianceBernstein L.P.,FIAM LLC,Wellington Management Company LLP |
1.24 | %^ | 49.53 | % | 19.07 | % | 16.18 | % |
| ^ |
This Portfolio's annual expenses reflect temporary fee reductions. |
| † |
EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a "†". See "Portfolios of the Trust" 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. |
7
Retirement Investment Account®
Issued by
Equitable Financial Life Insurance Company
This Summary Prospectus describes the important features of the contract and provides information about Equitable Financial Life Insurance Company (the "Company", "we", "our" and "us").
We have filed with the Securities and Exchange Commission a Prospectus and Statement of Additional Information ("SAI") that include additional information about the Retirement Investment Account®, the Company, AllianceBernstein Balanced, AllianceBernstein Common Stock, and AllianceBernstein Mid Cap Growth Funds (the "Pooled Separate Accounts"), and Separate Account No. 66. 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 1-877-522-5035. The Prospectus and SAI are also available at our website, www.equitable.com/ICSR#EQH146682.
Class/Contract Identifier: C000050403, C000050406, C000050395, and C000050399
Members Retirement Program
Equitable Financial Life Insurance Company
Issued through:
Separate Account No. 66
Separate Account No. 3
Separate Account No. 4
Separate Account No. 10
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#EQH147066. 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 Members Retirement Program ("MRP") is an investment program that allows employer plan assets to accumulate on a tax deferred basis. This Summary Prospectus only describes MRP. The contracts provide for the accumulation of retirement savings and for income. 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 the changes that have occurred since you purchased your contract.
INVESTMENT OPTIONS
Investment Option Name Changes: 1290 Avantis® U.S. Large Cap Growth Fund (formerly 1290 Retirement 2060 Fund); EQ/JPMorgan Growth Stock Portfolio (formerly EQ/T. Rowe Price Growth Stock Portfolio)
OTHER
Fee Elimination: Effective April 1, 2024, the enrollment fee is no longer required for contract holders.
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.
2
Important information you should consider about the contract
|
FEES AND EXPENSES |
||
| Charges for Early Withdrawals |
There are no charges for early withdrawals under the contract. For additional information see "Charges and Expenses" in the Prospectus. |
|
| Transaction Charges |
You be charged for other transactions (if your employer does not pay your enrollment fee). For additional information about transaction fees see "Enrollment fee" in "Charges and expenses" in the Prospectus. |
|
| Ongoing Fees and Expenses (annual charges) | The following tables describe the fees and expenses that you may pay each year under the contract, depending on the options you choose. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected. |
| Annual Fee | Minimum | Maximum | |||
| Base contract fee* | 0.41% | 0.86% | |||
| Pooled Separate Account expenses**, (1) | 0.42% | 0.84% | |||
| Portfolio fees and expenses**, (1), |
0.13% |
2.95% |
|||
| Record maintenance and report fee(2) | $15.00 | $15.00 |
|
* Expressed as an annual percentage of account value. The base contract expense includes a program expense charge (0.40% to 0.85%) and fund related other expenses (0.01%). These expenses vary by investment Fund, and will fluctuate from year to year. The Base Contract fee is deducted monthly and applied on a decremental scale, declining to 0.41% on the account value over $500,000. ** Expressed as an annual percentage of average daily net assets. (1) These fees will fluctuate from year to year. These expenses are based on the expenses incurred during the fiscal year ended December 31, 2023. (2) We deduct this fee on a quarterly basis at the rate of $3.75 per participant. Because the contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the contract. |
|
Lowest Annual Cost $528 |
Highest Annual Cost $3,112 |
|||
|
Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive Base Contract, Pooled Separate Account 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 optional benefits and Base Contract, Pooled Separate Account 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. |
3
|
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 investment options available under the contract (e.g., the Pooled Separate Accounts and 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 "Portfolios of the trusts" in "MRP Investment options" and 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. Equitable Financial Life Insurance Company is solely responsible to the contract owner and participants for the contract's account value. The general obligations under the contract, including the guaranteed interest option, are supported by our general account and are subject to our claims paying ability. An owner and participant should look solely to our financial strength for our claims-paying ability. More information about Equitable Financial Life Insurance Company, including our financial strength ratings, may be obtained upon request by calling 1-800-789-7771. For additional information about insurance company risks see "About the general account" in "More information" in the Prospectus. |
|
|
RESTRICTIONS |
||
| Investments |
You should refer to your plan documents for a list of the investment options available to you. You may transfer accumulated amounts among the investment options under your contract at any time and in any amount, subject to certain transfer limitations described in the Prospectus. We reserve the right to remove or substitute Portfolios and Pooled Separate Accounts as investment options. For additional information about the investment options see "MRP Investment options" in the Prospectus. Transfers from the guaranteed interest option may be subject to limitations. From time to time, we may remove certain restrictions that apply to transferring amounts out of the guaranteed interest option. If we do so, we will tell you. We will also tell you at least 45 days in advance of the day that we intend to reimpose those transfer restrictions. For additional information about the guaranteed interest option see "Guaranteed interest option" in "MRP Investment Options" in the Prospectus. |
|
| Optional Benefits |
Participant Loans. Not all employer plans will offer loans. Loans are subject to restrictions under federal tax rules and ERISA. The minimum loan amount and maximum loan amount is determined by your employer plan. The maximum amount of a loan is also limited by federal tax rules. Any interest charged on participant loans is determined by the employer plan. See "Participant Loans" 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. |
4
|
CONFLICTS OF INTEREST |
||
| Investment Professional Compensation |
Some employees may receive incentive compensation for performing marketing and service functions under the contract. For additional information about compensation 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 the charges you might incur in connection with an exchange see "Charges and expenses" in the Prospectus. |
5
Appendix: Portfolio Companies Available Under the Contract
The following is a list of Portfolios available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH147066. You can also request this information at no cost by calling 1-877-522-5035 or by sending an email request to [email protected]. You should refer to your plan documents for a list of available Portfolios.
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 |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||
| 1 year | 5 year | 10 year | ||||||||||||||||
|
Equity |
1290 Avantis® U.S. Large Cap Growth - Equitable Investment Management, LLC ("EIM"); American Century Investment Management, Inc. |
0.65% | ^ | 13.71% | 9.29% | - | ||||||||||||
|
Asset Allocation |
1290 Retirement 2020Δ - EIM |
0.65% | ^ | 9.41% | 5.30% | - | ||||||||||||
|
Asset Allocation |
1290 Retirement 2025Δ - EIM |
0.65% | ^ | 10.34% | 6.08% | - | ||||||||||||
|
Asset Allocation |
1290 Retirement 2030Δ - EIM |
0.65% | ^ | 11.01% | 6.68% | - | ||||||||||||
|
Asset Allocation |
1290 Retirement 2035Δ - EIM |
0.65% | ^ | 11.60% | 7.16% | - | ||||||||||||
|
Asset Allocation |
1290 Retirement 2040Δ - EIM |
0.65% | ^ | 11.90% | 7.88% | - | ||||||||||||
|
Asset Allocation |
1290 Retirement 2045Δ - EIM |
0.65% | ^ | 12.52% | 8.23% | - | ||||||||||||
|
Asset Allocation |
1290 Retirement 2050Δ - EIM |
0.65% | ^ | 12.97% | 8.56% | - | ||||||||||||
|
Asset Allocation |
1290 Retirement 2055Δ - EIM |
0.65% | ^ | 13.37% | 8.84% | - | ||||||||||||
|
Equity |
1290 VT Equity Income - Equitable Investment Management Group, LLC ("EIMG"); Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors |
0.95% | ^ | 5.49% | 10.25% | 7.23% | ||||||||||||
|
Specialty |
1290 VT GAMCO Mergers & Acquisitions - EIMG; GAMCO Asset Management, Inc. |
1.29% | ^ | 9.53% | 4.22% | 3.39% | ||||||||||||
|
Equity |
1290 VT GAMCO Small Company Value - EIMG; GAMCO Asset Management, Inc. |
1.06% | 21.04% | 12.82% | 7.94% | |||||||||||||
|
Equity |
1290 VT Socially Responsible - EIMG; BlackRock Investment Management, LLC |
0.92% | 27.50% | 15.12% | 11.32% | |||||||||||||
|
Equity |
EQ/AB Small Cap Growth - EIMG; AllianceBernstein L.P. |
0.93% | 17.70% | 10.59% | 7.78% | |||||||||||||
|
Asset Allocation |
EQ/Aggressive Allocation(2)† - EIMG |
1.18% | 18.37% | 10.23% | 7.07% | |||||||||||||
|
Asset Allocation |
EQ/All Asset Growth Allocation(1) - EIMG |
1.25% | ^ | 14.15% | 7.70% | 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% | ^ | 45.91% | 15.78% | 10.70% | ||||||||||||
|
Asset Allocation |
EQ/Conservative Allocation(2)† - EIMG |
1.00% | ^ | 8.02% | 2.60% | 2.15% | ||||||||||||
|
Asset Allocation |
EQ/Conservative-Plus Allocation(2)† - EIMG |
0.85% | ^ | 10.86% | 4.76% | 3.57% | ||||||||||||
|
Fixed Income |
EQ/Core Plus Bond - EIMG; Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P. |
0.93% | ^ | 4.51% | 1.94% | 1.60% | ||||||||||||
|
Equity |
EQ/Equity 500 Index - EIMG; AllianceBernstein L.P. |
0.54% | ^ | 25.57% | 15.03% | 11.37% | ||||||||||||
|
Equity |
EQ/Global Equity Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
1.10% | ^ | 21.37% | 9.74% | 6.29% | ||||||||||||
|
Fixed Income |
EQ/Intermediate Government Bond - EIMG; SSGA Funds Management, Inc. |
0.64% | ^ | 3.87% | 0.39% | 0.56% | ||||||||||||
|
Equity |
EQ/International Core Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
1.06% | 16.85% | 7.96% | 3.55% | |||||||||||||
|
Equity |
EQ/International Equity Index - EIMG; AllianceBernstein L.P. |
0.72% | ^ | 19.01% | 8.09% | 3.69% | ||||||||||||
|
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/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% |
6
| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable |
Current |
Average Annual Total Returns (as of 12/31/2023) |
|||||||||||||||
| 1 year | 5 year | 10 year | ||||||||||||||||
|
Equity |
EQ/Large Cap Value Managed Volatility† - EIMG; AllianceBernstein L.P. |
0.87% | 14.01% | 10.78% | 7.82% | |||||||||||||
|
Equity |
EQ/MFS International Growth - EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.10% | ^ | 14.52% | 9.28% | 6.12% | ||||||||||||
|
Equity |
EQ/Mid Cap Index - EIMG; AllianceBernstein L.P. |
0.65% | ^ | 15.77% | 11.88% | 8.54% | ||||||||||||
|
Equity |
EQ/Mid Cap Value Managed Volatility† - EIMG; BlackRock Investment Management, LLC |
0.97% | 13.19% | 10.36% | 7.21% | |||||||||||||
|
Asset Allocation |
EQ/Moderate Allocation(2)† - EIMG |
1.11% | 12.31% | 5.76% | 4.17% | |||||||||||||
|
Asset Allocation |
EQ/Moderate-Plus Allocation(2)† - 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 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% | |||||||||||||
|
Asset Allocation |
Equitable Conservative Growth MF/ETF Portfolio - EIMG |
1.10% | ^ | 9.86% | 7.20% | 4.77% | ||||||||||||
|
Fixed Income |
Multimanager Core Bond - EIMG; BlackRock Financial Management, Inc., DoubleLine Capital LP, Pacific Investment Management Company LLC, SSGA Funds Management, Inc. |
0.87% | ^ | 5.15% | 0.63% | 1.21% | ||||||||||||
|
Specialty |
Multimanager Technology - EIMG; AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP |
1.24% | ^ | 49.53% | 19.07% | 16.18% | ||||||||||||
|
Asset Allocation |
Target 2015 Allocation** - EIMG |
1.10% | ^ | 9.96% | 4.94% | 3.76% | ||||||||||||
|
Asset Allocation |
Target 2025 Allocation** - EIMG |
1.10% | ^ | 13.58% | 7.42% | 5.42% | ||||||||||||
|
Asset Allocation |
Target 2035 Allocation** - EIMG |
1.09% | 16.56% | 9.12% | 6.47% | |||||||||||||
|
Asset Allocation |
Target 2045 Allocation**- EIMG |
1.08% | 18.11% | 10.15% | 7.12% | |||||||||||||
|
Asset Allocation |
Target 2055 Allocation**- EIMG |
1.10% | ^ | 19.82% | 11.22% | - |
| ^ |
This Portfolio's annual expenses reflect temporary fee reductions. |
| Δ |
Certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques that differ from the EQ volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified in the chart by a "Δ". Any such unaffiliated Portfolio is not identified in the chart. See "Portfolios of the Trusts" for more information regarding volatility management. |
| † |
EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a "†". See "Portfolios of the Trusts" for more information regarding volatility management. |
| * |
The Portfolio operates as a "government money market fund." The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. |
| ** |
This variable investment option was closed to contributions on or about July 12, 2018. |
| (1) |
The "All Asset" Portfolios. |
| (2) |
The "EQ/Allocation" Portfolios. |
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 | ||||||||||||||
|
Fixed Income |
Vanguard® VIF Total Bond Market Index Portfolio - The Vanguard Group, Inc. |
0.14% | 5.58% | 1.04% | 1.71% | |||||||||||||
|
Equity |
Vanguard® VIF Total Stock Market Index Portfolio - The Vanguard Group, Inc. |
0.13% | 25.95% | 14.93% | 11.29% |
7
Members Retirement Program
Issued by
Equitable Financial Life Insurance Company
This Summary Prospectus describes the important features of the contract and provides information about Equitable Financial Life Insurance Company (the "Company", "we", "our" and "us").
We have filed with the Securities and Exchange Commission ("SEC") a Prospectus and Statement of Additional Information ("SAI") that includes additional information about the Members Retirement Program, the Company, AllianceBernstein Balanced, AllianceBernstein Growth Equity, and AllianceBernstein Mid Cap Growth Funds (the "Pooled Separate Accounts"), and Separate Account No. 66. The Prospectus and SAI, each dated May 1, 2024, are incorporated by reference into this Summary Prospectus. The SAI is available free of charge. To request a copy of the SAI, to ask about your contract, or to make other investor inquiries, please call 1-877-522-5035. The SAI is also available at our website, www.equitable.com/ICSR#EQH147066.
We file periodic reports and other information about the Members Retirement Program, the Pooled Separate Accounts, and Separate Account No. 66, as required under the federal securities laws. Those reports and other information about us are available on the SEC's website at http://www.sec.gov, and copies of reports and other information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
Class/Contract Identifier: CC000050404, C000050407, C000050396 and C000050400