American Dental Association - ADA Members Retirement Program

216 Pages·2016·2.06 MB·English

American Dental Association
Members Retirement Program
prospectus
May 1, 2018
This booklet contains a prospectus relating to the American
Dental Association Members Retirement Program contract,
which is issued by AXA Equitable Life Insurance Company, and
prospectuses for AXA Premier VIP Trust and EQ Advisors Trust.
Table of Contents
Variable Product Prospectus
Page
AmericanDentalAssociation 1
Summary Prospectuses
PageLabel
AXAPremierVIPTrust
AXAAggressiveAllocation AAA1-5
AXAConservativeAllocation ACA1-5
AXAConservative-PlusAllocation ACPA1-5
AXAModerateAllocation AMA1-5
AXAModerate-PlusAllocation AMPA1-5
CharterSMMulti-SectorBond CMSB1-6
Target2015Allocation 2015A1-5
Target2025Allocation 2025A1-6
Target2035Allocation 2035A1-6
Target2045Allocation 2045A1-5
Target2055Allocation 2055A1-5
EQAdvisorsTrust
1290VTDoubleLineDynamicAllocation VTDD1-9
1290VTEquityIncome VTEI1-4
1290VTGAMCOMergers&Acquisitions VTGM1-5
1290VTGAMCOSmallCompanyValue VTGSC1-3
AllAssetGrowth-Alt20 EQAA1-7
AXA/ABSmallCapGrowth AASCG1-4
AXA/ClearBridgeLargeCapGrowth ACBLC1-4
AXAGlobalEquityManagedVolatility AGEMV1-7
AXAInternationalCoreManagedVolatility AICMV1-7
AXA/JanusEnterprise AJE1-4
AXALargeCapGrowthManagedVolatility EQLCGMV1-7
AXALargeCapValueManagedVolatility ALCVMV1-7
AXAMidCapValueManagedVolatility AMCVMV1-7
AXA/TempletonGlobalEquityManaged
Volatility ATGEMV1-6
EQ/CoreBondIndex EQCBI1-4
EQ/Equity500Index EQ500I1-3
EQ/InvescoComstock EQICK1-4
EQ/JPMorganValueOpportunities EQJPMV1-4
EQ/LargeCapGrowthIndex EQLCGI1-3
EQ/MFSInternationalGrowth EQMG1-4
EQ/MidCapIndex EQMCI1-4
EQ/PIMCOGlobalRealReturn EQPGRR1-6
EQ/SmallCompanyIndex EQSCI1-3
EQ/T.RowePriceGrowthStock EQTGS1-4
MultimanagerCoreBond MMCB1-7
MultimanagerTechnology MMT1-5
(492150)
American Dental Association Pleasereadandkeepthisprospectusforfuturereference.Itcontainsimportant
information that you should know before participating in the Program or
MembersRetirementProgram allocating amounts under thecontract.Youshouldreadtheprospectusesfor
each Investment Trust which contain important information about the
ProspectusdatedMay1,2018 portfolios.
AbouttheADAProgram SmallCapStocks
(cid:129) 1290VTGAMCOSmallCompanyValue (cid:129) EQ/SmallCompanyIndex
TheProgramprovidesmembersoftheAmericanDentalAssociation(the
(cid:129) AXA/ABSmallCapGrowth
“ADA”)andtheireligibleemployeesseveralplansfortheaccumulation
Specialty
of retirement savings on a tax-deferred basis. Through trusts (“Plan
Trusts”) maintained under these plans, you can allocate contributions (cid:129) 1290VTGAMCOMergers&Acquisitions
among the investment options offered under the Program. The invest-
Sector
mentoptionsunderthePrograminclude:the3-yearand5-yearGuaran-
(cid:129) MultimanagerTechnology
teedRateAccounts,theGuaranteedInterestOption(“GIO”),theMoney
Market Guarantee Account and the variable investment options (the (1) The“AllAsset”Portfolios.
“Funds”)listedinthetablebelow. (2) This variable investment option will be closed to contributions on or about
July12,2018.
Aspreviouslynotified,theGuaranteedRateAccounts(3-yearand5-year)and
(3) ThisvariableinvestmentoptionwillbeavailableonoraboutMay15,2018,
MoneyMarketGuaranteeAccountwereclosedtocontributions,transfersand subjecttoregulatoryapproval.
loanrepaymentsonJuly10,2015andJuly27,2017,respectively.
YoumayallocateamountstoanyoftheFunds.EachFundisasubaccount
WhatistheADAMembersRetirementProgram of Separate Account No. 206. Each of the Funds invests in shares of a
contract? correspondingportfolio(“Portfolio”)ofAXAPremierVIPTrust,EQAdvisors
Trust, Vanguard Variable Insurance Fund and 1290 Funds® (the
The ADA Members Retirement Program contract is a deferred group
“Investment Trusts”). You should also read the prospectuses for the
annuity contract issued by AXA Equitable Life Insurance Com-
InvestmentTrustsandkeepthemforfuturereference.Asdescribedinmore
pany(the“AXAEquitable”).ContributionstothePlantrustsretained
detailinthe“PortfoliosoftheInvestmentTrusts”sectionoftheprospectus,
under the plans will be allocated among the Funds, the Guaranteed
the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio,
RateAccounts,theGuaranteedInterestOptionandourMoneyMarket
Target 2035 Allocation Portfolio, Target 2045 Allocation Portfolio and
GuaranteeAccount,inaccordancewithparticipantinstructions.
Target2055AllocationPortfoliowillbeclosedtocontributionsonorabout
Funds July12,2018.
AssetAllocationRisk-Based Guaranteed option. The guaranteed option we offer is the
(cid:129) 1290VTDoubleLineDynamicAllocation (cid:129) AXAConservative-PlusAllocation GuaranteedInterestOption.Ifyouareanexistingcontractholderyou
(cid:129) AllAssetGrowth-Alt20(1) (cid:129) AXAModerateAllocation may still have allocated values to the Money Market Guarantee
(cid:129) AXAAggressiveAllocation (cid:129) AXAModerate-PlusAllocation
Accountorthe3-yearGuaranteedRateAccountanda5-yearGuaran-
(cid:129) AXAConservativeAllocation
teedRateAccount.The3-yearand5-yearGuaranteedRateAccounts
AssetAllocationAge-Based andtheMoneyMarketGuaranteeAccountareclosedtocontributions,
(cid:129) Target2015Allocation(2) (cid:129) 1290Retirement2030(3) transfersandloanrepayments.
(cid:129) Target2025Allocation(2) (cid:129) 1290Retirement2035(3)
(cid:129) Target2035Allocation(2) (cid:129) 1290Retirement2040(3) This prospectus is a disclosure document and describes all of the
(cid:129) Target2045Allocation(2) (cid:129) 1290Retirement2045(3) contract’smaterialfeatures,benefits,rightsandobligations,aswellas
(cid:129) Target2055Allocation(2) (cid:129) 1290Retirement2050(3)
(cid:129) 1290Retirement2020(3) (cid:129) 1290Retirement2055(3) otherinformation.Thedescriptionofthecontract’smaterialprovisions
(cid:129) 1290Retirement2025(3) (cid:129) 1290Retirement2060(3) inthisprospectusiscurrentasofthedateofthisprospectus.Ifcertain
materialprovisionsunderthecontractarechangedafterthedateofthis
CashEquivalents
prospectus in accordance with the contract, those changes will be
(cid:129) GuaranteeInterestOption (cid:129) Three-YearandFive-YearGuaranteedRate
(cid:129) MoneyMarketGuaranteeAccount Accounts describedinasupplementtothisprospectus.Youshouldcarefullyread
thisprospectusinconjunctionwithanyapplicablesupplements.
International/GlobalStocks
A Statement of Additional Information (“SAI”), dated May 1, 2018,
(cid:129) AXAGlobalEquityManagedVolatility (cid:129) AXA/TempletonGlobalEquityManaged
(cid:129) AXAInternationalCoreManaged Volatility whichispartoftheregistrationstatement,isavailablefreeofcharge
Volatility (cid:129) EQ/MFSInternationalGrowth uponrequestbywritingtousorcallingustoll-free.TheSAIhasbeen
incorporated by referenceintothisprospectus.Thetableofcontents
International/GlobalBonds
fortheSAIandarequestformtoobtaintheSAIappearattheendof
(cid:129) EQ/PIMCOGlobalRealReturn(3)
this prospectus. You may also obtain a copy of this prospectus and
Bonds theSAIthroughtheSECwebsiteatwww.sec.gov.TheSAIisavailable
free of charge. You may request one by writing to our Processing
(cid:129) CharterSMMulti-SectorBond (cid:129) MultimanagerCoreBond
(cid:129) EQ/CoreBondIndex (cid:129) VanguardVIFTotalBondMarketIndex(3) OfficeattheADAMembersRetirementProgram,c/oAXAEquitable,
Box4872,Syracuse,NY13221orcalling1-800-223-5790.
LargeCapStocks
(cid:129) 1290VTEquityIncome (cid:129) EQ/InvescoComstock
(cid:129) AXALargeCapGrowthManagedVolatility (cid:129) EQ/JPMorganValueOpportunities TheSecuritiesandExchangeCommissionhasnotapprovedor
(cid:129) AXALargeCapValueManagedVolatility (cid:129) EQ/LargeCapGrowthIndex disapproved these securities or passed upon the adequacy or
(cid:129) AXA/ClearBridgeLargeCapGrowth (cid:129) EQ/T.RowePriceGrowthStock
(cid:129) EQ/Equity500Index (cid:129) VanguardVIFTotalStockMarketIndex(3) accuracy of this prospectus. Any representation to the con-
trary is a criminal offense. The securities are not insured by
MidCapStocks
the FDIC or any other agency. They are not deposits or other
(cid:129) EQ/MidCapIndex obligations of any bank and are not bank guaranteed. They
(cid:129) AXAJanusEnterprise
(cid:129) AXAMidCapValueManagedVolatility aresubjecttoinvestmentrisksandpossiblelossofprincipal.
#505403
Contents of this Prospectus
Indexofkeywordsandphrases 4
WhoisAXAEquitable? 5
Howtoreachus 6
TheProgramataglance—keyfeatures 8
Employerchoiceofretirementplans 8
Planfeatures 8
TheContractataglance—keyfeatures 9
Feetable 10
Example 11
Condensedfinancialinformation 11
FinancialstatementsofFunds 11
1.Programinvestmentoptions 12
Investmentoptions 12
AboutSeparateAccountNo.206 12
TheInvestmentTrusts 12
Aboutyourvotingrights 13
PortfoliosoftheInvestmentTrusts 14
Theguaranteedoptions 20
2.Howwevalueyouraccountbalance 21
ForamountsintheFunds 21
Howwedeterminetheunitvalue 21
HowwevaluetheassetsoftheFunds 21
Whenweusethewords“we,”“us”and“our,”wemeanAXAEquitable.Pleasesee As explained in certain sections, “you” and “your” may sometimes refer to the
theindexofkeywordsandphrasesusedinthisprospectus.Theindexwillreferyou employer.Forexample,“TheProgram”sectionofthisprospectusisprimarilydirected
tothepagewhereparticulartermsaredefinedorexplained. attheemployer.
When we address the reader of this prospectus with words such as “you” and No person is authorized by AXA Equitable Life Insurance Company to give any
“your,”wegenerallymeantheindividualplanparticipantinoneormoreoftheplans information or make any representations other than those contained in this pro-
availableintheProgram.Forexample,“you”and“your”mayrefertotheindividual spectusandtheSAI,orinotherprintedorwrittenmaterialsissuedbyAXAEquitable.
plan participant when the contract owner has instructed us to take participant Youshouldnotrelyonanyotherinformationorrepresentation.
in-plan instructions as the contract owner’s instructions under the contract. For
example,in“Transfersandaccesstoyouraccount.”
2
ContentsofthisProspectus
3.Transfersandaccesstoyouraccount 22 Appendix
Transfersamonginvestmentoptions 22 I — Condensedfinancialinformation I-1
Disruptivetransferactivity 22
II — Statecontractvariationsofcertainfeaturesand
OurAutomatedVoiceResponseSystemandourinternet
benefits II-1
website 23
Participantloans 23
Choosingbenefitpaymentoptions 23
StatementofAdditionalInformation
Spousalconsent 25
Tableofcontents 40
Proofofcorrectinformation 25
Benefitspayableafterthedeathofaparticipant 25
4.TheProgram 26
Eligibleemployers 26
Summaryofplanchoices 26
Gettingstarted 26
HowtomakeProgramcontributions 26
DiscontinuanceofProgramContributions 27
AllocatingProgramcontributions 27
Distributionsfromtheinvestmentoptions 27
Rulesapplicabletoparticipantdistributions 28
5.Chargesandexpenses 29
ChargesbasedonamountsinvestedintheProgram
Chargesforstatepremiumandotherapplicabletaxes 29
FeespaidtotheAmericanDentalAssociation 30
Generalinformationonfeesandcharges 30
ChargesthattheTrustsdeduct 30
6.Taxinformation 31
Buyingacontracttofundaretirementarrangement 31
Incometaxationofdistributionstoqualifiedplanparticipants 31
In-PlanRothrollover 32
Taxwithholdingandinformationreporting 32
ImpactoftaxestoAXAEquitable 32
7.Moreinformation 34
Aboutprogramchangesorterminations 34
IRSdisqualification 34
Abouttheseparateaccount 34
Aboutthegeneralaccount 34
Cybersecurity 34
Aboutlegalproceedings 35
Financialstatements 35
Distributionofthecontracts 35
Reportsweprovideandavailableinformation 35
Acceptance 35
3
ContentsofthisProspectus
Index of key words and phrases
Thisindexshouldhelpyoulocatemoreinformationonthetermsusedinthisprospectus.
Page Page
AutomatedVoiceResponseSystem 23 IRSPre-ApprovedPlan 26
AXAEquitable 1,5 internetwebsite 23
beneficiary 24 investmentoptions 12
benefitpaymentoptions 23 markettiming 22
businessday 21 MoneyMarketGuaranteeAccount 20
contract 1 PooledTrust 26
contributions 9 Portfolio 1
disruptivetransferactivity 22 Program 26
eligiblerolloverdistributions 31 Roth401(k) 8
Fairvaluation 21 separateaccounts 34
Funds 1 SeparateTrust 26
GRAs 20 UnderlyingPortfolios 11
guaranteedoptions 20 unitvalue 21
individuallydesignedplan 8 unit 21
IRA 31 3-yearGRA
5-yearGRA 29
4
Indexofkeywordsandphrases
Who is AXA Equitable?
We areAXAEquitableLifeInsuranceCompany (“AXAEquitable”) a
NewYorkstocklifeinsurancecorporation.Wehavebeendoingbusi-
nesssince1859.AXAEquitableLifeInsuranceCompanyisanindirect
whollyownedsubsidiaryofAXAEquitableHoldings,Inc.,whichisan
indirect majority owned subsidiary of AXA S.A. (“AXA”), a French
holdingcompanyforaninternationalgroupofinsuranceandrelated
financial services companies. As the majority shareholder of AXA
Equitable,AXAexercisessignificantinfluenceovertheoperationsand
capital structure of AXA Equitable. No company other than AXA
Equitable,however,hasanylegalresponsibilitytopayamountsthat
AXA Equitable owes under the contracts. AXA Equitable is solely
responsibleforpayingallamountsowedtoyouunderyourcontract.
AXA Equitable Holdings, Inc. and its consolidated subsidiaries man-
aged approximately $669.9 billion in assets as of December 31,
2017.For morethan 150yearsAXAEquitablehasbeen amongthe
largestinsurancecompaniesintheUnitedStates.Wearelicensedto
sell life insurance and annuities in all fifty states, the District of
Columbia,PuertoRico,andtheU.S.VirginIslands.Ourhomeofficeis
locatedat1290AvenueoftheAmericas,NewYork,NY10104.
5
WhoisAXAEquitable?
Howtoreachus Toll-freeAutomatedVoiceResponseSystemfor
amountsinthePlanTrust:
Youmaycommunicatewithusatthemailingaddresseslistedbelow
forthepurposesdescribed.Certainmethodsofcontactingus,suchas Bycalling1-800-223-5790or1-800-223-5790-0youmay,withyour
by telephone or electronically may be unavailable or delayed. For assignedpersonalsecuritycode,useourAutomatedVoiceResponse
example,ourfacsimileservicemaynotbeavailableatalltimesand/or Systemto:
we may be unavailable due to emergency closing. In addition, the
(cid:129) Transferassetsbetweeninvestmentoptionsandobtainaccount
levelandtypeofserviceavailablemayberestrictedbasedoncriteria
information.
establishedbyus.Inordertoavoiddelaysinprocessing,pleasesend
your correspondence and check to the appropriate location listed (cid:129) Changetheallocationoffuturecontributions.
below.
(cid:129) HearpersonalizedperformanceinformationandFundunitvalues.
Youcanreachusasindicatedbelowtoobtain:
OurAutomatedVoiceResponseSystemoperates24hoursaday.You
(cid:129) Copiesofanyplans,trusts,adoptionagreements,orenrollment mayspeakwithourRetirementPlanAccountManagersduringregular
orotherformsusedintheProgram. businesshours.
(cid:129) Unitvaluesandotheraccountinformationunderyourplan. ByInternetforamountsinthePlanTrust:
(cid:129) Anyotherinformationormaterialsthatweprovideinconnection Byloggingontowww.axa.com/ada,bothparticipantsandemployers
withtheProgram. can access certain retirement account information and perform cer-
tainfinancialtransactions.Participantscanaccesstheinformationby
InformationonjoiningtheProgram
clicking on Participant Log-In and entering their credentials. Partic-
Byphone: ipants can use the Internet to access certain retirement account
informationandperformcertaintransactionssuchas:
1-800-523-1125
(RetirementProgramSpecialists (cid:129) Investment performance, current Fund unit values, and current
availableweekdays9a.m.to5p.m.EasternTime) guaranteedoptioninterestrates.
(cid:129) Transferassetsbetweeninvestmentoptionsandobtainaccount
Byregularmail:
balanceinformation.
TheADAMembersRetirementProgram
(cid:129) Changetheallocationoffuturecontributions.
c/oAXAEquitable
Box4875 EmployerscanaccessinformationbyclickingonEmployerLog-Inand
Syracuse,NY13221 enteringtheirUserIDandPassword.EmployerscanusetheInternet
to access certain plan level retirement account information and per-
Byregistered,certified,orovernightdelivery:
formcertaintransactionssuchas:
TheADAMembersRetirementProgram
(cid:129) OnlineremittalofContributions
c/oAXAEquitable
100MadisonSt.,MD-34-42 (cid:129) OnlineremittalofannualPlanandParticipantCensusInformation
Syracuse,NY13202
(cid:129) Online Form 5500 preparation and filing (IRS Pre-Approved
ByInternet: Plansonly)
The ADA Members Retirement Program Website www.axa.com/ada, Forcorrespondencewithoutcontributioncheckssent
providesinformationabouttheProgram,aswellasseveralinteractive byregularmail:
tools and resources that can help answer some of your retirement
TheADAMembersRetirementProgram
planningquestions.Thewebsitealsoprovidesane-mailfeaturethat
P.O.Box4872
canbeaccessedbyclickingon“Contactus.”
Syracuse,NY13221
No person is authorized by AXA Equitable Life Insurance
Forcorrespondencewithcontributioncheckssentby
Company to give any information or make any representa-
regularmail:
tions other than those contained in thisprospectusandthe
SAI, or in other printed or written material issued by AXA TheAssociationMembersRetirementProgram
Equitable. You should not rely on any other information or P.O.Box13678
representation. Newark,NJ07188-3678
Forallcorrespondence(withorwithoutcontribution
InformationonceyoujointheProgram
checks)sentbyregistered,certified,orovernight
Byphone:
delivery:
1-800-223-5790(U.S.)or1-800-223-5790-0fromFrance,Israel,Italy,
AXAEquitable
Republic of Korea, Switzerland, and the United Kingdom. (Retirement
AssociationServiceMD-34-42
Plan Account Managers available weekdays 9 a.m. to 5 p.m. Eastern
100MadisonStreet
Time)
Syracuse,NY13202
6
WhoisAXAEquitable?
Yourcorrespondencewillbepickedupatthemailingaddressnoted
above and delivered to our Processing Office. Your correspondence,
however, is not considered received by us until it is received at our
Processing Office. Our Processing Office is located at 100 Madison
Street,Syracuse,NY13202.
ByE-Mail:
We welcome your comments and questions regarding the ADA
MembersRetirementProgramorwebsite.Ifyouhaveacommentor
suggestion please email us from the Program website. Go to
www.axa.com/ada,ParticipantServicesandclickon“ContactUs.”
7
WhoisAXAEquitable?
The Program at a glance — key features
Employerchoiceofretirementplans InvestmentOnly:
Our IRS Pre-Approved Plan (“Plan”) is a defined contribution (cid:129) OurPooledTrustisadoptedforinvestmentuseonly.
prototypeorvolumesubmitterplanthatcanbeadoptedasaprofit-
(cid:129) RecordkeepingservicesprovidedforplanassetsinPooledTrust.
sharing plan (401(k), SIMPLE 401(k), safe harbor 401(k) and Roth
401(k) features are available) and a defined contribution pension Planchargesandexpenses:
plan, or both. A “designated Roth contribution” (“Roth 401(k)”)
(cid:129) Planandtransactionchargesvarybytypeofplanadopted,orby
may be added to any of the 401(k) features. It allows eligible
specifictransaction.
employeestodesignateallorpartoftheirelectivedeferralsasRoth
contributions.See“TaxInformation”below. AdditionalfeaturesforamountsheldinthePlanTrusts:
The Plan is designed to comply with the requirements of Section (cid:129) Toll-freenumberavailablefortransfersandaccountinformation.
404(c) of the Employee Retirement Income Security Act of 1974
(cid:129) Internetwebsiteaccesstoaccountinformationandtransactions.
(“ERISA”).TheProgram’sinvestmentoptionsaretheonlyinvestment
choicesundertheIRSPre-ApprovedPlan. (cid:129) Participant loans (if elected by your employer; some restrictions
apply;notapplicabletoInvestmentOnly).
If you maintain your own individually-designed plan, which invests
through our Investment Only arrangement, you may use the invest- (cid:129) Regularstatementsofaccount.
mentoptionsintheProgramthroughourPooledTrust.
(cid:129) Retirement Program Specialist and Retirement Plan Account
Planfeatures Managersupport.
IRSPre-ApprovedPlan: (cid:129) Dailyvaluationofaccounts.
PooledTrustfor
(cid:129) Program investment options used as the only investment
IRSPre-Approved IndividuallyDesigned
choices. Plan Plans
Whoselects Participant Participantor
(cid:129) Plan-levelandparticipant-levelrecordkeeping,benefitpayments,
investments? trustee,asspecified
taxwithholdingandreportingprovided.
underyourPlan
(cid:129) UseofourSeparateTrust.
Areloansavailable? Yes,ifpermitted No
(cid:129) Nominimumamountmustbeinvested. underyourPlan
(cid:129) OnlineForm5500reporting. Whenareyou Uponretirement, Benefitsdepend
eligiblefor death,disabilityor uponthetermsof
(cid:129) Automaticupdatesforlawchanges(mayrequireemployeradop-
distributions? terminationof yourPlan
tion)andreporting.
employment
8
TheProgramataglance—keyfeatures