EQUI-VEST (series 201) and EQUI-VEST Strategies (series ... · EQUI-VEST Strategies 901) – offers...

©2014 AXA Equitable Life Insurance Company (AXA Equitable), N.Y., N.Y. - All Rights Reserved

Sales Support – Training Strategy and Content

For Financial Professional use only. Not to be used with or distributed to the general public.

IU-97357 (10/14)(exp. 10/16)

Use the navigation buttons located below to advance through this course.

EQUI-VEST® (series 201)

and EQUI-VEST®

Strategies (series 900 &

901) Variable Deferred

Annuities (Also includes EQUI-VEST ® series 200 special

cases and EQUI-VEST® Vantage)

IU-97357 (10/14)(exp. 10/16) For Financial Professional use only. Not to be used with or distributed to the general public.

Objectives

After completing this course you will be able to: Identify who is eligible for EQUI-VEST Series 201/900/901 products

Explain the investment options available with EQUI-VEST Series 201/900/901 products

Describe product features of EQUI-VEST Series 201/900/901 products

Recognize charges and expenses associated with EQUI-VEST Series 201/900/901

products

After reviewing the course content you will be required to complete an assessment with a minimum score of 70% in order get completion credit for this course.

2


Overview

EQUI-VEST® (series 201) and EQUI-VEST® StrategiesSM (series 900 & 901) are variable

deferred annuity contracts issued by AXA Equitable Life Insurance Company.

The contracts provide the opportunity for accumulation of retirement savings with growth

potential and income.

The contracts offer death benefit protection and a number of payout options.

Contributions are invested on a tax deferred basis into one or more of the variable

investment options, the guaranteed interest option, the Structured Investment Option, and, if

available, the Fixed Maturity Options.

This document provides information on EQUI-VEST® (series 201) and EQUI-VEST®

StrategiesSM (series 900 & 901) contracts, which are available as funding vehicles for 403(b)

Tax-Sheltered Annuity (TSA), 457(b) Employee Deferred Compensation (EDC) or 401(a)

[available under EQUI-VEST® StrategiesSM (series 901) only] plans.

EQUI-VEST® StrategiesSM (series 901) is available through a request for proposal (RFP)

only.

3


Overview (continued)

EQUI-VEST® (series 201) 403(b) TSA contracts are individual contracts owned by the

participant in the employer’s plan.

EQUI-VEST® (series 201) 457(b) EDC contracts are owned by the plan trustee or employer.

Certain rights under the contract are exercised by participants in the employer’s plan.

EQUI-VEST® StrategiesSM (series 900 & 901) is a group contract under which either the plan

trustee or the employer will be the contract holder. Certain rights under the contract are

exercised by participants in the employer’s plan. These rights are summarized in a

participation certificate provided to each participant.

EQUI-VEST® StrategiesSM (series 900) is no longer available for new RFPs.

For employers that established an EQUI-VEST® StrategiesSM (series 900) unit, new

employees will continue to be issued EQUI-VEST® StrategiesSM (series 900) certificates.

In this document, all references to contract will include certificate when discussing EQUI-

VEST Strategies. References to contract date and contract year will include participation

date and participation year when discussing EQUI-VEST Strategies.

NOTE: Some features and benefits may not be available in all jurisdictions. Please refer to the

Important Information slide later in this course, product prospectus and additional sales

materials provided by AXA Equitable Life Insurance Company or contact us.

4


Eligible Employers

Under EQUI-VEST® (series 201):

403(b) TSA: Public schools, college and universities.

403(b) TSA: Hospitals and 501(c)(3) non-profit organizations – new participants in

existing units only.1

457(b) EDC: Public schools (only if paired with a TSA unit).2

457(b) EDC: State, county and local government agencies – new participants in

existing units only.1,2

457(b) EDC (Top Hat): Tax-exempt organizations.2

Under EQUI-VEST® StrategiesSM (series 900 & 901):

403(b) TSA: Public schools, colleges, universities, hospitals and 501(c)(3) non-profit

organizations.3

457(b) EDC: Public schools (only if paired with a TSA unit).2,3

401(a) under series 901: Colleges and universities

1 - New employer units can no longer be established.

2 - Not available for 457(b) plans in New York.

3 - EQUI-VEST Strategies (series 900) is no longer available for new employer units. Available for new

participants in existing units only.

5


Investment Options

Structured Investment Option (SIO) – Permits participants to invest in one or more

segments, each of which provides performance tied to the performance of an Index (excluding

dividends) up to a cap (Performance Cap Rate) with a downside buffer (Segment Buffer):

• S&P 500 Price Return Index: one year with a downside buffer of -10%; three years with

a downside buffer of -20% and five years with a downside buffer of -20%

• Russell® 2000 Price Return Index: one year with a downside buffer of -10%; three

years with a downside buffer of -20% and five years with a downside buffer of -20%

• MSCI EAFE Price Return Index: one year with a downside buffer of -10%

On the Segment Maturity Date, a Segment Rate of Return based on the performance of the

index is applied to the Segment Investment. Amounts are placed in a Segment Holding

Account (which is part of the EQ/Money Market variable investment option) before they are

swept into a Segment on the Start Date. Each Segment has a $1,000 minimum investment

requirement. SIO is subject to state approval, please check to be sure it is available in your

state of sale.

While that SIO offers protection from some downside risk, if the negative return for any

Segment at maturity exceeds the Segment Buffer, there is a risk of a substantial loss of your

principal.

6


Investment Options (continued)

Variable Investment Options – Contributions can be allocated to any of the variable

investment options under the contract. Each variable investment option invests in a

corresponding securities portfolio of EQ Advisors Trust, AXA Premier VIP Trust or unaffiliated

Variable Insurance Trusts.

The contracts offer variable investment options including:

Asset Allocation

Target Date Allocation

A wide range of variable investment options focused on specific asset classes.

Under EQUI-VEST® StrategiesSM (series 900 & 901), employers can also decide to limit

the number of variable investment options available under the contract.

7



Guaranteed Interest Option (GIO) – offers an initial guaranteed rate of interest and

guaranteed renewal rates that are declared monthly. See the Features and Benefits attachment for GIO restrictions. There are three levels of interest in effect at the same time in the GIO:

(1) the minimum interest rate guaranteed over the life of the contract,

(2) the annual minimum guaranteed interest rate for the calendar year, and

(3) the current interest rate.

The lifetime minimum guaranteed interest rate can range from 1.0% to 3.0% depending on the state and the year in which the contract is issued. The annual minimum guaranteed interest rate will never be less than the lifetime minimum guaranteed interest rate. The current interest rate will never be less than the annual minimum guaranteed rate.

Under EQUI-VEST (series 201) and EQUI-VEST Strategies (series 901) – No more than 25% of any contribution can be allocated to the GIO. Also, AXA Equitable will not process any transfer requests that would result in more than 25% of a participant’s account value in the GIO. These allocation and transfer restrictions are currently waived in all states. AXA Equitable will notify participants 45 days in advance if these restrictions are re-imposed.

Fixed Maturity Options (FMOs) under EQUI-VEST Strategies (series 900) – offer maturities ranging from one to ten years. Each FMO offers a guaranteed interest rate when held to maturity. Withdrawals or transfers from FMOs prior to maturity may be subject to market value adjustments, which may increase or decrease the account value.

8



Transfers can be made among investment options at anytime, without charge. The amount transferred must be at least $300, or if less, the entire amount in the investment option.

Once amounts have been transferred from the Segment Holding Account into a segment,

transfers into or out of that segment will not be permitted prior to the Segment Maturity Date.

Investment Method – There are two methods available for selecting investment options to be

available under the contract:

Maximum investment option choice – Under this method, contributions and transfers may

be allocated to all available investment options. Transfers among investment options may

be made at any time. However, there will be restrictions on the amount that can be

transferred out of the GIO.

Maximum transfer flexibility – Under this method, contributions and transfers can be made

to the GIO and equity investment options. No transfer restrictions will apply.

Restrictions on transfers out of the GIO are currently waived. Participants will be given 45

days advance notice if the transfer restrictions are re-imposed.

9


Investment Options (continued) Automatic Transfer Options

Dollar Cost Averaging Programs: Investment Simplifier programs – This optional feature is a form of dollar cost averaging

where interest (or a specified dollar amount) is automatically transferred from the GIO into one or more of the variable investment options available under the contract.

Fixed Dollar Option – A fixed dollar amount is transferred on a monthly basis from the GIO

into the variable investment options. A minimum balance of $5,000 must be in the GIO to elect this option.

Interest Sweep Option – Each month, the interest from the GIO will be swept into the

variable investment options. A minimum balance of $7,500 must be maintained in the GIO under this option.

Account for Special Dollar Cost Averaging (SDCA) (available for EQUI-VEST series 201 and

EQUI-VEST Strategies 901) – offers an enhanced interest rate for direct rollover or direct transfer funds in the first five contract years only. Time periods available are 3, 6 or 12 months with different interest rates, set monthly. Only one time period can be in effect at any time, and once selected, cannot be changed. Transfers from the SDCA to the GIO are not permitted.

10



Account value rebalancing* – automatically rebalances the account value to specified percentages on a quarterly, semiannual or annual basis.

There are two options available:

Option I – only variable investment options, which must total at least $5,000. Option II – variable investment options and the GIO, which together must total at least

$5,000.

The Structured Investment Option and Fixed Maturity Options cannot be included in the rebalancing program.

*Not available for the Personal Income Benefit (PIB) variable investment options.

11


Access to the Value in the Contract

Loans¹ If permitted under the employer’s plan, loans offer an alternative way to access a

participant’s account value. Only one outstanding loan is permitted at any time.

Subject to state availability, under EQUI-VEST® Strategies (series 901) loans are treated as withdrawals. More than one loan may be outstanding at any time. There is a loan set up charge and a loan fee for each loan outstanding (see the Charges and Expenses table in this course for the charges that apply).

Withdrawals¹,² Up to 10% of the account value is available for withdrawal without incurring a withdrawal

charge. This is the “free withdrawal amount.”

There are several ways to withdraw money from the contract (subject to any restrictions): Partial withdrawals – may be taken at any time before annuity payments begin. The

minimum amount for each partial withdrawal is $300.

1 – Withdrawals (except on the Segment Maturity Date) and loans must be taken from all other investment options before they can be taken from the segment(s) . 2 - Withdrawals are subject to ordinary income tax, if made prior to age 59 ½, may be subject to an additional 10% federal income tax penalty (not applicable to EDC).

12

SM


Systematic withdrawals – Systematic withdrawals may be taken on a monthly or quarterly basis. The minimum amount for each withdrawal is $250. The participant may withdraw either the interest credited in the GIO (a minimum $20,000 account value must be maintained in the GIO) or a fixed-dollar amount from either the variable investment options or the GIO (no minimum account value is required to be maintained).

Lifetime minimum distribution withdrawals – The required minimum distribution (RMD) automatic withdrawal option is available to help meet the lifetime required minimum distributions under federal income tax rules. This option may be elected in the year in which the participant reaches age 70 ½ or in any later year, subject to the terms of the employer’s plan. The account value under the contract must be at least $2,000 to elect this option. The minimum amount for each withdrawal is $300 or if less, the account value.

Any withdrawal request that leaves an account value of less than $500 in the contract, may be treated as a request to surrender the contract for its cash value.

Contract Surrender – The contract may be surrendered at any time to receive the cash value.

13


(continued)



(continued) Annuity Payout Options:

Fixed Annuity Payout Options

Life annuity

Life annuity with period certain

Life annuity with refund certain

Period certain annuity Variable Immediate Annuity Payout Options:

Life annuity (not available in New York)

Life annuity with period certain

The date annuity payments are to begin may not be earlier than 13 months from the contract date or later than the maximum maturity age, which is generally age 95.

14


PIB was added as a feature on the EQUI-VEST® series 201 and EQUI-VEST® StrategiesSM

series 900 and 901 contracts (subject to plan and state approval).

The PIB feature guarantees that for an additional charge, participants can elect to take

withdrawals (Guaranteed Annual Withdrawal Amount or GAWA) during the participant’s

lifetime (or the lifetime of the participant and the participant’s spouse if joint life is elected).

GAWA payments will continue even if the PIB account value falls to zero, unless it does so

because of a withdrawal that exceeds the GAWA in any contract year. GAWA payments

may also be reduced because of early withdrawals. See the Charges and Expenses table

in this course for the charge that applies.

PIB is elected by allocating contributions to the PIB variable investment options. Once

amounts are allocated to the PIB variable investment options, these amounts cannot be

transferred out, except under a one time transfer out feature allowing the participant to

transfer the total account value out of the PIB variable investment options, cancelling the

benefit. Once cancelled, it cannot be re-activated.

The PIB variable investment Options are: AXA Moderate Growth Strategy;

EQ/AllianceBernstein Dynamic Wealth Strategies; AXA Balanced Strategy; AXA

Conservative Growth Strategy; and AXA Conservative Strategy. These options are also

available as non-PIB variable investment options.

15

Personal Income Benefit (PIB)

IU-97357 (10/14)(exp. 10/16) For Financial Professional use only. Not to be used with or distributed to the general public. 16

The PIB variable investment options are not listed on the application. PIB is selected by

completing the “Selection of the Personal Income Benefit (PIB)” Form.

The participant must be at least age 45 and not older than age 85 in order to allocate

amounts to the PIB variable investment options and activate the benefit.

Allocations to the PIB variable investment options may be from contributions or transfers

from non-PIB investment options. The initial amount allocated to the PIB variable

investment options must be at least $1,000.

Once amounts are allocated to the PIB variable investment options, the charge for the

PIB will begin to be assessed (see Charges and Expenses).


(continued)


GAWA payments are calculated based on contributions to the PIB variable investment

options, transfers from the non-PIB investment options to the PIB variable investment

options and any Ratchet Increases. The amounts below will be added together to

determine the total GAWA:

1. The sum of contributions that are periodically remitted to the PIB variable

investment options, multiplied by the quarterly Guaranteed Withdrawal Rate

(GWR) in effect when each contribution is received, plus

2. The sum of (i) transfers from non-PIB investment options to the PIB variable

investment options and (ii) contributions made in a lump sum (including, but not

limited to, amounts that apply to contract exchanges, direct transfers from other

funding vehicles under the plan, and rollovers) that are allocated to the PIB

variable investment options, multiplied by the Guaranteed Transfer Withdrawal

Rate (GTWR) in effect at the time of the transfer or contribution, plus

3. The sum of any Ratchet Increase.

GWR – The GWR is calculated using a “Ten-Year Treasuries Formula Rate”. We then

add a percentage that ranges from 0.25% to 1.0% based on the participant’s age at the

beginning of the calendar quarter.

• The percentage is 1.0% if the participant is between the ages of 45 and 50, and

declines by 0.05% each year until it reaches 0.25% at age 65.

• The GWR is currently set at the beginning of each calendar quarter.


(continued)


GTWR – The GTWR is set at AXA Equitable’s discretion and will never be less than

2.5%. The GTWR is set at the beginning of each calendar month.

The Ratchet Base – equals the amounts allocated or transferred to the PIB variable

investment options; plus it is increased on each contract date anniversary to equal the

PIB account value if it is higher than the immediately preceding Ratchet Base. The

Ratchet Base is adjusted for loans, early and excess withdrawals and refund of excess

contributions from the PIB account value.

Ratchet Increase – When the Ratchet Base is increased, the Ratchet Amount is

multiplied by a fraction equal to the GAWA on the contract date anniversary, divided by

the immediately preceding Ratchet Base. This amount is then added to the GAWA.

Electing to Take GAWA Payments – In order for a participant to begin taking GAWA

payments, all amounts in the PIB variable investment options must be unrestricted and

the participant must be (i) at least age 59½ and (ii) still a participant in the plan.

PIB is designed to provide GAWA payments beginning at age 65. Participants may

elect to take GAWA payments as early as age 59 ½, but payments are reduced.

Deferring the GAWA payments until after age 65 will result in an increase to the GAWA

amount.


(continued)



(continued)

An early or excess withdrawal can cause a significant reduction in both the Ratchet

Base and the Guaranteed Annual Withdrawal Amount.

GAWA payments are calculated on a single life basis. At the time the participant elects

to take GAWA payments joint life payments may be elected, but payments are reduced.

The participant may choose to take withdrawals of GAWA payments through one of our

automatic payment plans or through unscheduled withdrawals.

All withdrawals reduce the PIB account value on a dollar-for-dollar basis, but do not

reduce the Ratchet Base.

After the participant elects to take GAWA payments, contributions and transfers may no

longer be allocated to the PIB variable investment options. However, GAWA payments

may continue to increase due to a Ratchet Increase.



(continued)

The withdrawal charge is waived for withdrawals up the GAWA. However, all

withdrawals, including withdrawals from the non-PIB account value are counted towards

the 10% free withdrawal amount.

Generally, if the participant elects our RMD automatic withdrawal option, any lifetime

required minimum distribution payments under this option will not be treated as a PIB

early or excess withdrawal.

The Personal Income Benefit feature is not appropriate if you do not intend to take

withdrawals prior to annuitization. You do not have to activate the Personal Income

Benefit to take a distribution. You can always elect one of the regular distribution

options available under the contract.


Death Benefits

Death benefit: If the participant dies before annuity payments begin the death benefit will be paid to the beneficiary.

The death benefit is equal to the greater of (i) the account value as of the date we receive

satisfactory proof of death, any required instructions for the method of payment, information and forms necessary to effect payment or (ii) the “standard death benefit.” The standard death benefit is equal to contributions, adjusted for withdrawals and any withdrawal charges, less any outstanding loan balance (including any accrued but unpaid interest). Withdrawals reduce the standard death benefit by the same percentage that the account value was reduced.

Under EQUI-VEST® StrategiesSM (series 900 & 901) an optional enhanced death benefit

is also available for an additional charge. See the Features and Benefits table in this course for a description.

Beneficiary continuation option (BCO) – This feature permits the beneficiary to maintain the

contract in the deceased participant’s name and stretch out the payments, rather than receiving the death benefit in a lump sum. Payments will be made once a year over the beneficiary’s life expectancy.

21


EQUI-VEST Features and Benefits


EQUI-VEST® Strategies

(series 900)


(series 901)

Issue Ages 18 through 79 18 through 85 18 through 85 – TSA, EDC

21 through 85 – 401(a)

Contributions1

Minimum/additional

Contract Maximum

$20

$1,500,000

$20

$1,500,000

$20

$1,500,000

Maximum Maturity Age of

the Participant

952 952 952

Structured Investment

Option

S&P 500 Price Return Index

- 1 year with -10% buffer

- 3 years with - 20% buffer


Russell 2000




MSCI EAFE






Russell 2000




MSCI EAFE






Russell 2000




MSCI EAFE


1 - Contributions are subject to applicable tax rules and regulations.

2 - In NY, the maximum maturity age is 90.

22


Features and Benefits (continued)



(series 900)


(series 901)

Variable Investment Options More than 80 More than 90 More than 90

Guaranteed Interest Option

(GIO)3

Available Available Available

Fixed Maturity Options3 Not available Available Not available

Investment Methods •Maximum Investment

Options Choice

•Maximum transfer flexibility

•Maximum Investment

Options Choice


•Maximum Investment

Options Choice


Dollar Cost Averaging

Programs

Investment Simplifier from

GIO

•Fixed Dollar Option

•Interest Sweep Option


GIO




GIO



3 - Guarantees are subject to the claims-paying ability of AXA Equitable Life Insurance Company.

23



EQUI-VEST® (series 201) EQUI-VEST® Strategies (series

900)

EQUI-VEST® Strategies (series

901)

Special Dollar Cost

Averaging

Programs

Available for 3, 6 and 12 month

time periods.

Not available Available for 3, 6 and 12 month

time periods.

Automatic Asset

Rebalancing

Available

Available

Available

Withdrawal Options

•Lump Sum

•Systematic

•Automatic RMD Withdrawal

•Loans, if permitted

•Lump Sum

•Systematic



•Lump Sum

•Systematic



Free Withdrawal

Amount:

10% of the account value as of

the date of the withdrawal,

minus any other withdrawals

made during the contract year




made during the participation

year




made during the participation

year

Annuitization

Options

Fixed and variable

Fixed and variable

Fixed and variable

24





900)


901)

PIB Available Available Available

Standard Death

Benefit

Available at no additional

charge

Available at no additional charge Available at no additional charge

Enhanced Death

Benefit

Not available An optional three year enhanced

death benefit is available only at

certificate issue for participant

ages 75 and under.4

On the participation date, the

enhanced death benefit is equal to

the initial contribution. Then, on

each third participation date

anniversary, until the participant is

age 85, the enhanced death

benefit is increased to equal the

current account value if the

current account value is higher the

then current enhanced death

benefit.

An optional three year enhanced

death benefit is available only at

certificate issue for participant

ages 75 and under.4

On the participation date, the

enhanced death benefit is equal to

the initial contribution. Then, on

each third participation date

anniversary, until the participant is

age 85, the enhanced death

benefit is increased to equal the

current account value if the

current account value is higher the

then current enhanced death

benefit.

BCO Available5 Available5 Available5

4 - Not available for 403(b) TSA contracts issued under a Texas Optional Retirement Plan (ORP).

5 - Under 457(b) EDC contracts, only available for governmental employer plans.

25


Charges and Expenses

There are no front end-sales charges under the contracts. This means that 100% of each contribution is invested.

Charges that are deducted from the account value at the time certain transactions are

requested:

Withdrawal charges – EQUI-VEST® (series 201) – A withdrawal charge as a percentage of contributions withdrawn is deducted if the contract is surrendered or for certain withdrawals. The withdrawal charge will be waived under certain circumstances. See the Charges and Expenses table in this course for the withdrawal charge that will apply.

Under EQUI-VEST® StrategiesSM (series 900 & 901), withdrawal charges vary depending

upon the agreement between AXA Equitable and the plan sponsor. Charge for third-party transfer or exchange - A maximum charge of $65 is deducted if the

participant requests to transfer amounts under the contract to a third party, such as in the case of a trustee-to-trustee transfer.

Charges deducted from the account value on each contract date anniversary:

Annual administrative charge – EQUI-VEST® (series 201) – A charge of $30 or, if less, 2% of the account value plus any amount previously withdrawn during the contract year is deducted from the account value on the last business day of each contract year. A pro rata portion of the charge will also be deducted if the contract is surrendered, an annuity payout option is elected or the participant dies during the contract year. The charge is waived if the account value on the last business day of the contract year is $25,000 or more.

26


Charges and Expenses (continued)

Under EQUI-VEST® StrategiesSM (series 900 & 901), the administrative charge varies

depending upon the agreement between AXA Equitable and the plan sponsor. A pro rata

portion of the charge will also be deducted if the contract is surrendered, an annuity

payout option is elected or the participant dies during the contract year.

PIB Charge – If PIB is activated, this charge is deducted annually from the PIB account

value. The charge is equal to 1.00% of the PIB account value on the contract date

anniversary.

Optional enhanced death benefit charge – EQUI-VEST® StrategiesSM (series 900 & 901) –

If the optional enhanced death benefit is elected, this charge is deducted annually from

the account value. The charge is equal to 0.15% of the account value on the participation

date anniversary.

Charges deducted from the variable investment options:

Separate account annual expenses – A daily charge is deducted from the net assets in

each variable investment option to compensate AXA Equitable for mortality and expense

risks under the contract, including the death benefit, and other expenses. The daily

charge is equivalent to an annual rate as shown in the Charges and Expenses table. The

charge is reflected in the unit value for each variable investment option.

27



Underlying portfolio operating expenses:

Percentage charges vary by the variable investment options selected. Expenses are

calculated as a percentage of the average daily net assets invested in each portfolio.

EQUI-VEST ® and EQUI-VEST ® StrategiesSM – Dependent on investment options

selected, these charges for 2013 range from a low of 0.63% to a high of 35.18% for gross

expenses. The net expenses range from 0.63% to 1.44%

Contract charges

EQUI-VEST® (series 201) EQUI-VEST® Strategies

(series 900)


(series 901)

Separate Account

Annual Expenses

(applies only to

variable

investment

options):

Mortality and Expense risks 0.95%

Other Expenses 0.25%

Total 1.20%

•Varies depending on the

agreement between AXA

Equitable and the plan

sponsor.

•Current charges available

are: 1.20%, 0.90%, 0.70%,

0.50% and 0.25%.

•Varies depending on the



sponsor.

•Current charges available

are: 1.10%, 1.00%,

0.90%, 0.80%, 0.70%,

0.50% and 0.25%.

28



EQUI-VEST® (series 201) EQUI-VEST® Strategies

(series 900)


(series 901)

Annual

Administrative

Charge:

$30 or, if less, 2% of the account

value plus any prior withdrawals -

deducted on the last day of each

contract year if the account value

is less than $25,000.

This charge is deducted pro rata

from the variable investment

options and the GIO. If those

amounts are insufficient, the

remaining amount will be deducted

from the Account for Special Dollar

Cost Averaging.6 If there is

insufficient value in those options,

the charge will be deducted from

the Segment Holding Account and

then pro rata from the segments.

Varies depending on the



sponsor.

This charge is deducted pro

rata from the variable

investment options and the

GIO. If those amounts are

insufficient, the remaining

amount will be deducted from

the FMOs in which there is

value.7 If there is insufficient

value in those options, the

charge will be deducted from

the Segment Holding Account

and then pro rata from the

segments.




sponsor.

This charge is deducted pro

rata from the variable

investment options and the

GIO. If those amounts are

insufficient, the remaining

amount will be deducted from

the Account for Special Dollar

Cost Averaging.8 If there is

insufficient value in those

options, the charge will be

deducted from the Segment

Holding Account and then pro

rata from the segments.

6 – In NY the annual administrative charge is deducted from only the variable investment options.

7 - In TX and WA the annual administrative charge is deducted from only the variable investment options.

8 - In MA, NY, TX and WA, the annual administrative charge is deducted from only the variable investment options.

29





(series 900)


(series 901)

Third-party

transfer or

exchange charge

$65 for each direct transfer to another

provider,9,10

$25 for each direct transfer

to another provider

$25 for each direct transfer

to another provider9

Withdrawal

Charge

The withdrawal charge equals a

percentage of the contributions

withdrawn. The percentage that applies

depends on how long each contribution

has been invested in the contract: The

withdrawal charge is determined

separately for each contribution

according to the following schedule:

5%, 5%, 5%, 5%, 5%, 5%11

Withdrawal charges will no longer apply

after the completion of 12 contract years.




sponsor.




sponsor.

Available either at a

participant level or plan

level.

9 – In NY, the third-party charge is deducted from only the variable investment options.

10 – In OR, no third-party charge is allowed.

11 – In TX, the withdrawal charge schedule for TSA contracts under Texas Teachers Retirement System is based on the amount withdrawn

and is as follows: 6.00%, 5.75%, 5.50%, 5.25%, 5.00%, 4.50%, 4.00%, 3.00%, 2.00%, 1.00%.

30



900)

EQUI-VEST® Strategies (series 901)

Withdrawal

charge

waivers

•Refund of excess

contributions;

•Death;

•Annuitization;

•Completion of five contract

years and participant is at

least age 59½;

•Completion of five contract

years, separation from service

and participant is at least age

55;

•RMD automatic withdrawal

option;

•Hardship (TSA) or

unforeseeable emergency

(EDC) withdrawal;

•Disability12;

•Nursing Home

Confinement12;

•Terminal Illness12;

•Refund of excess contributions;

•Death;

•Annuitization;

•Completion of five contract years

and participant is at least age

59½;

•Completion of five contract years,

separation from service and

participant is at least age 55;

•If agreed between AXA Equitable

and the plan sponsor, the

following waivers may also be

available:

•RMD automatic withdrawal

option;

•Hardship (TSA) or unforeseeable

emergency (EDC) withdrawal;

•Disability12,13;

•Nursing Home Confinement12;

•Terminal Illness12; and

•Separation from service

•Refund of excess contributions;

•Death;

•Annuitization;

•Completion of five contract years

and participant is at least age 59½;

•Completion of five contract years,

separation from service and

participant is at least age 55;

•RMD automatic withdrawal option;

•Hardship (TSA) or unforeseeable

emergency (EDC) withdrawal;

•Disability12;

•Nursing Home Confinement12;

•Terminal Illness12;

•If agreed between AXA Equitable

and the plan sponsor, the following

waiver may also be available:

•Separation from service

12 - Disability, terminal illness and nursing home confinement waivers are not available in MA.

13 - Disability waiver is not available in MS.


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900)


901)

PIB Charge 1.00% of PIB account value 1,00% of PIB account value 1.00% of PIB account value

Enhanced Death

Benefit Charge

Not Applicable 0.15% of account value

deducted on each contract date

anniversary.





remaining amount will be

deducted from the FMOs in

which there is value. If those


remaining amounts will be




0.15% of account value

deducted on each contract date

anniversary.





remaining amount will be

deducted from the Account for

Special Dollar Cost Averaging.14

If those amounts are insufficient,

the remaining amounts will be




32

14 – This charge is not deducted from the GIO in NY.


Special Priced Plans

Certain units in FL, CO, IL, OR, and PA continue to enroll new participants under EQUI-VEST (series 200) contract due to special pricing that was offered.

The EQUI-VEST (series 200) contract has different separate account annual expenses and

a different withdrawal charge schedule than the EQUI-VEST (series 201) contract. The differences for these special priced plans are as follows:

For some units the annual administrative charge is the same as under EQUI-VEST (series

201), and for some units, the charge does not apply. Separate account annual expenses¹ are 1.34% for all variable investment options except

the EQ/Money Market and EQ/Common Stock Index, which have a 1.40% charge The withdrawal charge schedule is equal to a percentage of the amount withdrawn

exceeding the 10% free withdrawal amount for that contract year. The percentage that applies is based on the following schedule²:

The withdrawal charge waivers under these units also include the waivers for separation from service, disability and/or terminal illness which are not available under the series 200 contract.

Contract Year: 1-5 6-8 9 10 11 12 13+

Charge 6% 5% 4% 3% 2% 1% 0%

1 – Total separate account and trust annual expenses cannot exceed 1.75% for the AXA Moderate Allocation,

Multimanager Aggressive Equity, EQ/Common Stock Index and EQ/Money Market.

2 – Depending on the agreement between the Employer and AXA Equitable, these charges may be lower or not apply. 33


EQUI-VEST Vantage for TSA

New EQUI-VEST Vantage units can no longer be established.

New participants can continue to enroll in existing units.

EQUI-VEST Vantage is a group contract under which the plan trustee or the employer is the

contract holder. Certain rights under the contract are exercised by participants in the

employer’s plan. These rights are summarized in a participation certificate provided to each

participant.

The EQUI-VEST Vantage contract has different pricing tiers based on assets under

management (AUM) to determine the applicable separate account annual expenses and

withdrawal charge schedule. The differences under EQUI-VEST Vantage are as follows:

The structured investment option is not available.

There is no annual administrative charge.

For units that have AUM ranging from $0 - $10M:

The separate account annual expenses are 0.90% for all variable investment options.

The withdrawal charge schedule is based on a participant level and is a five year

schedule as follows: 6%, 6%, 6%, 6%, 5%. Withdrawal charges will no longer apply

after the completion of five participant years.

34


EQUI-VEST Vantage for TSA (continued)

For Units that have AUM ranging from $11M - $29M:


The withdrawal charge schedule is based on a plan level and is a five year schedule as

follows: 6%, 6%, 6%, 6%, 5%. Withdrawal charges will no longer apply after the

completion of five participant years.

For Units that have AUM totaling $30M and over:


The withdrawal charge schedule is based on a plan level and is a five year schedule as

follows: 6%, 6%, 6%, 6%, 5%. Withdrawal charges will no longer apply after the

completion of five participant years.

The withdrawal charge waivers under EQUI-VEST Vantage include the waivers for

separation from service, required minimum distributions, hardship, disability, nursing home

confinement and terminal illness

The optional enhanced death benefit available under EQUI-VEST Strategies is also available

under EQUI-VEST Vantage. See the Features and Benefits table for description.

35


Important Information

A variable deferred annuity is a long-term financial product designed for retirement purposes. In essence, an annuity is a contractual agreement in which payment(s) are made to an insurance company, which agrees to pay out an income or a lump sum amount at a later date. Typically, variable annuities have mortality and expense charges, account fees, investment management fees, administrative fees, and charges for special contract features. In addition, annuity contracts have exclusions and limitations. Early withdrawals may be subject to surrender charges, and, if taken prior to age 59 ½, a 10% federal income tax penalty may apply. Variable annuities are subject to investment risks, including the possible loss of principal invested. Because an annuity contract could be used to fund a qualified employer-sponsored retirement arrangement, your clients should do so for the annuity’s features and benefits other than tax deferral. For such cases, tax deferral is not an additional benefit for the annuity. Your clients may also want to consider the relative features, benefits, and costs of this annuity with any other investment that you may have in connection with your retirement plan or arrangement. EQUI-VEST Variable annuities are issued by AXA Equitable Life Insurance Company (NY, NY) and are distributed by an affiliate, AXA Advisors, LLC member SIPC. Your clients should carefully consider their investment objectives and the charges, risks, and expenses of the EQUI-VEST variable annuity, as stipulated in the prospectus, before investing. For a prospectus containing this and other information, please contact AXA Equitable. Please encourage your clients to read it carefully before investing or sending money. “AXA” is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), AXA Advisors, LLC, and AXA Distributors, LLC. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by its claim-paying ability. This presentation is intended to be an overview and is not intended to provide complete information about the product. Please refer to the EQUI-VEST prospectus for more information.

36


Contact Information

For further information or questions, please contact:

AXA Distributor’s Sales Desk: 1-800-628-6673

OR

Visit our website at: www.axa.us.com

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http://www.axa-equitable.com/

EQUI-VEST (series 201) and EQUI-VEST Strategies (series ... · EQUI-VEST Strategies 901) – offers...

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