Attached to and made part of Group Annuity Contract No. AC 6059 ("Contract")
between
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES ("Equitable")
and
THE CHASE MANHATTAN BANK, N.A. (formerly United States Trust Company of New
York) ("Contract Holder"), as Trustee under the Members Retirement Trust of
The Equitable Life Assurance Society of the United States and the Pooled Trust
for Association Members Retirement Plans of The Equitable Life Assurance
Society of the United States
Rider No. 5
IT IS HEREBY AGREED that said Contract is amended, effective July 1, 1997, as
set forth below and any and all contrary provisions of the Contract shall be
considered to have been replaced to conform with the provisions of this Rider:
1. The following definitions are added after the definition "Master Trust":
MFS Research Fund - the Funding Account maintained for the Plan as part
of the MFS Research Investment Division of Separate Account No. 66.
Xxxxxxx Xxxxx World Strategy Fund- the Funding Account maintained for the
Plan as part of the Xxxxxxx Xxxxx World Strategy Investment Division of
Separate Account No. 66.
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2. The following definition is added after the definition "Separate Account
Unit Value":
X. Xxxx Price Equity Income Fund - the Funding Account maintained for the
Plan as part of the X. Xxxx Price Equity Income Investment Division of
Separate Account No. 66.
3. The following definition is added after the definition "Variable Annuity
Unit Value":
Warburg Pincus Small Company Value - the Funding Account maintained for
the Plan as part of the Warburg Pincus Small Company Value Investment
Division of Separate Account No. 66.
4. The definition of "Funding Account" is amended to read as follows:
Funding Account - an account maintained under Article II to which
contributions to the Trusts are allocated and which is adjusted to
reflect interest, income, gains, losses, penalties, expenses, charges and
fees. As of August 1, 1997, the following Funding Accounts are
maintained: the Three-Year Weekly GRA, the Five-Year Weekly GRA, the
Money Market Guarantee, the Aggressive Equity Fund, the Growth Equity
Fund, the Balanced Fund, the Global Fund, the Conservative Investors
Fund, the Growth Investors Fund, the MFS Research Fund, the Xxxxxxx Xxxxx
World Strategy Fund, the X. Xxxx Price Equity Income Fund, and the
Warburg Pincus Small Company Value Fund,.
5. The definition of "Investment Division" is amended to read as follows:
Investment Division - any one of the individual investment divisions of
Separate Account No. 51 and Separate Account No.66, each having its own
investment objectives, policies and restrictions.
6. The definition of "Separate Account" is amended to read as follows:
Separate Account - the following Separate Accounts, which have been
established by Equitable pursuant to the Insurance Law of the State of
New York, are or will be used to fund benefits under the Trusts:
Pooled Separate Account No. 4 - the Growth Equity Fund
Pooled Separate Account No. 3 - the Aggressive Equity Fund
Pooled Separate Account No. 10 - the Balanced Fund
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Pooled Separate Account No. 51 - the Xxxxxx River Trust Funds
Pooled Separate Account No. 66 - the EQ Advisors Trust Funds
The assets of a Separate Account are Equitable's property; however, the
portion of such assets equal to the reserves and other contract
liabilities with respect to the Separate Account shall not be chargeable
with liabilities arising out of any other business Equitable may conduct.
Equitable reserves the right to transfer to any other Separate Account or
to its general account the amounts held for variable annuities in its
Pooled Separate Account No. 4 that are in excess of the reserves required
for such annuities and other contract liabilities.
7. The following definition is added after the definition "Separate Account
No. 51":
Separate Account No. 66 - a pooled Equitable Separate Account that has
four Investment Divisions, which are: the MFS Research Division, the Xxxxxxx
Xxxxx World Strategy Division, the Warburg Pincus Small Company Value Division
and the X. Xxxx Price Equity Income Division.
8. The definition of "Separate Account Unit Value" is amended to read as
follows:
Separate Account Unit Value - the value of a Unit in a Separate Account
or Investment Division. The Separate Account Unit Value with respect to a
Separate Account or Investment Division is established as of the first
day that Separate Account or Investment Division is offered as a Funding
Account and is thereafter determined as of the close of business on each
Business Day and is equal to the Separate Account Unit Value on the last
Business Day of the preceding month multiplied by the net change factor
for the current Business Day. The net change factor for any Business Day
is equal to (i) the gross unit value for the Separate Account or
Investment Division for that Business Day divided by such gross unit
value for the last Business Day of the preceding month, minus (ii) the
charge to the Separate Account or Investment Division for the daily
accrual of fees and expenses, multiplied by the number of days since the
end of the preceding month. The gross unit value for a Separate Account
or Investment Division for any Business Day shall be such gross unit
value for the preceding Business Day multiplied by the net investment
factor, where the net investment factor is (i) the value of the Separate
Account or Investment Division on such preceding Business Day, plus the
investment income and capital gains, realized and unrealized, for the
Business Day for which the net investment factor is being calculated,
minus the capital losses, realized and unrealized, for that Business Day,
divided by (ii) the value of the Separate Account or Investment Division
on the preceding Business Day.
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The Separate Account Unit Value for the Growth Equity Fund as of December
27, 1984 was $42.065868. The Separate Account Unit Values for the
Aggressive Equity Fund and the Balanced Fund were $10.00 as of May 1,
1985, the first day those Separate Accounts were offered as Funding
Accounts. The Separate Account Unit Values for each of the Global Fund,
the Conservative Investors Fund and the Growth Investors Fund shall be
$10.00 on July 1, 1993, the first day these Investment Divisions were
offered as Funding Accounts. The Separate Account Unit Values for each of
the MFS Research Fund, the Xxxxxxx Xxxxx World Strategy Fund, the X. Xxxx
Price Equity Income Fund and the Warburg Pincus Small Company Value Fund
shall be $10.00 on August 1, 1997, the first day these Investment
Divisions will be offered as Funding Accounts.
For purposes of this definition, the value of a Separate Account or
Investment Division shall be the aggregate fair market value of all its
assets, or, to the extent that the fair market value of certain assets
cannot be easily ascertained, their fair value as determined by Equitable
in accordance with accepted accounting practices and applicable law and
regulations.
10. Section 2.7 is amended to read as follows:
2.7 Three Separate Accounts -- the Growth Equity Fund, the Aggressive
Equity Fund and the Balanced Fund and three Investment Divisions of
Separate Account No. 51 -- the Global Fund, the Conservative Investors
Fund and the Growth Investors Fund -- are available as Funding Accounts.
Other Investment Divisions of Separate Account No. 51 may be made
available in the future.
As of August 1, 1997, four Investment Divisions of Separate Account No.
66 -- the MFS Research Fund, the Xxxxxxx Xxxxx World Strategy Fund, the
X. Xxxx Price Equity Income Fund and the Warburg Pincus Small Company
Value Fund will be available as Funding Accounts. Other Investment
Divisions of Separate Account No. 66 may be made available in the future.
Amounts allocated to a Separate Account or Investment Division shall be
invested in accordance with the stated objectives of that Separate
Account or Investment Division. Equitable shall make no guarantee of
principal or income for amounts allocated to a Separate Account or
Investment Division. Whenever an amount is allocated to or withdrawn from
a Separate Account or Investment Division, the Separate Account or
Investment Division shall be credited or charged with the number of Units
determined by dividing such amount by the Separate Account Unit Value as
of the date of the contribution, transfer or withdrawal. The number of
Units in the Separate Account or Investment Division on any Business Day
shall be equal to the number of such Units on the preceding Business Day,
plus the
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number of Units credited to the Separate Account or Investment Division
and minus the number of Units withdrawn from the Separate Account or
Investment Division on that Business Day. The aggregate amount held in a
Separate Account or Investment Division on any Business Day shall be
equal to the number of Units in that Separate Account or Investment
Division on that Business Day multiplied by the Separate Account Unit
Value on that Business Day.
11. A new Section 2.7B is added to read as follows:
2.7B Contributions and transfers to the MFS Research Fund, the Xxxxxxx
Xxxxx World Strategy Fund, the X. Xxxx Price Equity Income Fund and the
Warburg Pincus Small Company Value Fund and shall be invested in Units of
the corresponding Investment Division of Separate Account No. 66, which
will in turn invest in shares of the corresponding portfolio of The EQ
Advisors Trust. The EQ Advisors Trust is registered under the Investment
Company Act of 1940 as a series type, open-end diversified management
investment company which invests the variable product assets of insurance
company separate accounts. Each portfolio of the EQ Advisors Trust is a
separate investment portfolio with its own investment objectives,
policies and restrictions. As of July 1, 1997, there are twelve
investment portfolios in the EQ Advisors Trust: the X. Xxxx Price
International Stock Portfolio, the X. Xxxx Price Equity Income Portfolio,
the EQ/Xxxxxx Growth & Income Value Portfolio, the EQ/Xxxxxx
International Equity Portfolio, the EQ/Xxxxxx Investors Growth Portfolio,
the EQ/Xxxxxx Balanced Portfolio, the MFS Research Portfolio, the MFS
Emerging Growth Companies Portfolio, the Xxxxxx Xxxxxxx Emerging Markets
Equity Portfolio, the Warburg Pincus Small Company Value Portfolio, the
Xxxxxxx Xxxxx World Strategy Portfolio and the Xxxxxxx Xxxxx Basic Value
Equity Portfolio.
12. Section 2.8 is amended to read as follows:
2.8 Equitable is the investment manager (as defined in Section 3(38) of
the Employee Retirement Income Security Act) for its Separate Account
Nos. 3, 4 and 10. Equitable hereby acknowledges that it is a fiduciary
with respect to any assets of the Trusts that are allocated to any such
Separate Account. Equitable shall not be the investment manager of the
shares of The Xxxxxx River Trust allocated to Separate Account No. 51, it
being understood that the only assets of Separate Account No. 51 shall be
shares of said Trust. Equitable shall not be the investment manager of
the shares of the EQ Advisors Trust allocated to Separate Account No. 66,
it being understood that the only assets of Separate Account No. 66 shall
be shares of said Trust.
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NEW YORK, NEW YORK,
FOR THE CONTRACT HOLDER: FOR THE EQUITABLE:
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By By
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Chairman of the Board
Title By
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President and Chief Executive Officer
Dated By
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Vice President and Secretary
At By
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Head Office Assistant Registrar
Date of Issue
---------------------------
0154a
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