EQUI-VEST® FAIR FUND

FINAL UPDATE: The distribution phase is now completed and monies from payments not negotiated have been transferred to the SEC for transmittal to the United States Treasury. The Distribution Administrator can no longer issue or make payments from the EQUI-VEST Fair Fund.

ATTENTION: The Fair Fund distribution is closing soon. If you need to have your check reissued, please contact the Distribution Administrator on or before October 17, 2023 at (800) 715-3395, Monday through Friday, between 9:00 AM and 6:00PM ET. Please cash your existing or reissued check before November 21, 2023 otherwise you will forfeit this payment. Monies that are not cashed will be returned to the United States Treasury.

NOTE: Checks not presented for payment on or before November 21, 2023 will be marked void at the disbursement bank. Please DO NOT try to negotiate a check after November 21, 2023 as the payment will not be negotiable and your bank may charge your account a fee for presenting a void check. Neither the EQUI-VEST Fair Fund nor the fund administrator will be responsible for fees that your bank may apply to your account.

FAQ (Frequently Asked Questions)

1. Why did I receive this check?

You have been identified as an affected investor entitled to a payment as a result of a settlement between Equitable Financial Life Insurance Company (“Equitable”) and the Securities and Exchange Commission (“SEC”). As part of the settlement, Equitable has agreed to distribute a special payment to individuals who invested in an EQUI-VEST variable annuity contract between January 1, 2016 and July 18, 2022 (the “Relevant Period”.)

2. What is this settlement about?

The settlement relates to how EQUI-VEST quarterly account statements described certain daily charges.

It is important to note that disclosure of all charges, fees and expenses have always been provided in the prospectus. Further, the sums and calculations reflected in the Net Investment Portfolio Results and Total Account Value on the EQUI-VEST account statement have always been accurately reflected.

3. Why did I receive this amount?

The calculation methodology was based on the duration of the investment in the contract during the Relevant Period, and the account value during the same Relevant Period. The calculation methodology was reviewed and approved by the SEC.

4. What steps has Equitable taken to make sure that something like this does not happen again?

Beginning in the second quarter 2022, Equitable modified its EQUI-VEST quarterly account statements, including by:

adding a cross-reference to the prospectus and a link to access it on Equitable’s website and adding a “Description of Terms” section to help you understand the charges applicable to the contract, and;
enhanced descriptions, including by updating the “Fees and Expenses” line to appear as “Administrative/Transaction Charges” to more specifically describe the charges included in this line item.

5. Which of my investments was included in the SEC settlement?

The SEC settlement pertained only to EQUI-VEST variable annuities contracts, which were invested in during the Relevant Period.

6. How long do I have to cash the check?

Original distribution checks must be negotiated within 90 days of the check date. If your check was a replacement check, it must be negotiated within 30 days of the check date. It is important you cash the check as soon as possible to ensure you receive the payment allocated to you from the distribution. Checks WILL NOT be honored if it is not negotiated within 90 days of the check date (or 30 days if you were issued a replacement check).

7. What happens if I do not cash the distribution check?

All distribution checks not cashed within the allotted timeframe listed on your check (usually 90 or 30 days) will be voided at the distribution bank and all unclaimed monies will be paid to the U.S. Treasury per the terms of the settlement.

8. What are the tax consequences of this distribution?

We cannot provide you with tax advice. However, there is information about the potential tax consequences of this distribution in a Statement to Affected Investors, which is available on the “Tax Information” page of this website. Again, the Statement to Affected Investors is not intended as tax advice, but describes the tax-reporting positions taken and points out some issues affected investors should consider. You should review the information in the Statement of Affected Investors with your tax advisor.

9. What if I did not receive a check but I believe I should?

What do I need to do if I disagree with the amount of the distribution check I received?

All payment amounts have been approved by the SEC. However, if you believe you should have received a distribution check and did not, please send a letter to the following address:

EQUI-VEST Fair Fund
c/o SS&C GIDS, Inc.
PO Box 219288
Kansas City, MO 64121-9288

Disputes relating to payments will be reviewed in consultation with Equitable.

10. I have more than one EQUI-VEST contract. Will I receive one check or multiple checks?

You will receive a separate check for each in scope EQUI-VEST contract.

11. How can I contact Equitable?

For questions specifically about this SEC settlement and distribution, please refer to the “Contact Us” page on this website. For questions about your accounts held with Equitable, contact your Financial Professional or reach out to Equitable customer service directly at 866-444-6001.

12. My check(s) has been lost/destroyed. What should I do?

We can issue a replacement check (if within 90 days of the original check issuance date). Please contact the Distribution Administrator at (800) 715-3395.

Please note, once you confirm the replacement request with us and we place a stop payment on the original check, it will no longer be valid. Presenting a check that has been stopped may result in a service fee charge imposed by your own bank to your bank account. Neither Equitable nor the Distribution Administrator are responsible for any charges incurred as a result.

It will take approximately 7-10 business days before you will receive the replacement check. Note you will have 30 days to negotiate the check; otherwise, you may no longer be entitled to the proceeds.