Frequently asked questions
Variable insurance product prospectuses, fund prospectuses, and investment company shareholder reports
The U.S. Securities and Exchange Commission (SEC) has adopted new rules to address the length, complexity, and availability of investment company disclosure documents. These rules promote a better investor experience by providing online access and simplified disclosures, among other benefits. These frequently asked questions about Rule 30e-3 and Rule 498A were developed to help you understand these new regulations.
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Rule 30e-3
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What is the new rule regarding delivery of shareholder communications?On June 4, 2018, the Securities and Exchange Commission (SEC) voted to adopt new Rule 30e-3 under the Investment Company Act of 1940, as amended. This rule allows mutual funds, exchange-traded funds, closed-end funds, and certain registered unit investment trusts to satisfy their obligation to deliver shareholder reports by posting such reports online.
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What does this mean?Instead of receiving bulky printed materials, you will receive a brief notification letter when investment company shareholder reports are available. The letter will provide a web address where you can view, download and save the reports.
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Why was this rule adopted?The rule modernizes the manner in which periodic information is delivered to investors, which the SEC believes will improve the information's overall accessibility while reducing expenses associated with printing and mailing shareholder reports. It also provides an environmentally friendly alternative to printed and mailed documents.
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Do I need to do anything to access shareholder reports online?You do not need to take any action to benefit from this change. You will automatically receive a notification letter and will be able to access your shareholder reports online.
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I receive all my account-related documents via e-delivery. Will I receive the notification letter electronically?Yes. If you are already enrolled in e-delivery of shareholder reports, the notification letter will be sent to you electronically. You will then be able to view the shareholder reports online.
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If I’m not already enrolled in e-delivery, how can I choose that option for the notification letter? What about other account-related documents?
If you are not enrolled in e-delivery and would like to be, please click “Sign in” at the top of this page to log in to your account, or click here to register for online access. You may also download the Equitable app from the Apple® or Google Playtm app stores.
By enrolling in e-delivery, you can choose to eliminate paper mailings of not only the shareholder report notification letter, but other documents as well. Please click here for more information about electronic delivery.
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What if I want to continue receiving paper copies of my shareholder reports?You may request paper copies of shareholder reports free of charge by visiting equitable.com/ICSRdelivery, calling 877-522-5035, or sending an e-mail request to EquitableFunds@dfinsolutions.com. You must have your control number, which can be found on the top of the notification letter you received, to choose paper delivery of shareholder reports.
Rule 498A
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What is the new rule regarding prospectus delivery?
On March 12, 2020, the Securities and Exchange Commission (SEC) adopted new Rule 498A, which simplifies disclosures about variable annuity and variable life insurance contracts.
For initial purchases and in-force clients, Equitable* will provide a summary prospectus – a reader-friendly document designed to improve investors' understanding of the contracts' features, fees, and risks. Equitable will satisfy its prospectus delivery obligations for underlying portfolio companies offered as investment options under a variable annuity or variable life insurance contract by posting portfolio company prospectuses online.
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Why was this rule adopted?This rule is intended to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. Prospectus summaries are easier for investors to understand, increasing investor engagement and improving their experience.
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What will my summary prospectus include?New investors will automatically receive an initial summary prospectus that will include a table summarizing certain key information about the contract's fees, risks, and other important considerations; an overview of the contract; and more detailed disclosures relating to fees, purchases, withdrawals, and other contract benefits. Existing contract owners will receive an updating summary prospectuses that will include a brief description of certain changes to the contract that occurred during the previous year, as well as the key information table from the initial summary prospectus.
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How can I access the statutory prospectus and other disclosure documents for my variable annuity or variable life insurance contract?This information will be posted online at a website address specified in the variable contract summary prospectus you receive.
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I receive all my account-related documents via e-delivery. Will I receive the summary prospectus electronically?Yes. If you are already enrolled in e-delivery for prospectuses, the summary document will be sent to you electronically.
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If I’m not already enrolled in e-delivery, how can I choose that option?
If you are not enrolled in e-delivery and would like to be, please click “Sign in” at the top of this page to log in to your account, or click here to register for online access. You may also download the Equitable app from the Apple® or Google Playtm app stores.
By enrolling in e-delivery, you can choose to eliminate paper mailings of not only summary prospectuses, but other documents as well. Please click here for more information about electronic delivery.
