REGISTRATION NO. 333-
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
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MONY LIFE INSURANCE COMPANY OF AMERICA
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
ARIZONA
(STATE OR OTHER JURISDICTION OF
INCORPORATION OR ORGANIZATION)
6311
(PRIMARY STANDARD INDUSTRIAL
CLASSIFICATION CODE NUMBER)
86-0222062
(I.R.S. EMPLOYER IDENTIFICATION NUMBER)
1290 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10104
(212) 554-1234
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER,
INCLUDING AREA CODE, OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
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DODIE KENT
VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL
AXA EQUITABLE LIFE INSURANCE COMPANY
1290 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10104
(212) 554-1234
(NAME, ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER,
INCLUDING AREA CODE, OF AGENT FOR SERVICE)
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PLEASE SEND COPIES OF ALL COMMUNICATIONS TO:
CHRISTOPHER E. PALMER, ESQ.
GOODWIN PROCTER LLP
901 NEW YORK AVENUE, N.W.
WASHINGTON, D.C. 20001
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Approximate date of commencement of proposed sale to the public: As soon after
the effective date of this Registration Statement as is practicable.
If the only securities being registered on this Form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box. [ ]
If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box: [X]
If this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act Registration statement number of the earlier effective
registration statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
If this Form is a registration statement pursuant to General Instruction I.D. or
a post-effective amendment thereto that shall become effective upon filing with
the commission pursuant to Rule 462(e) under the Securities Act, check the
following box. | |
If this Form is a post-effective amendment to a registration statement filed
pursuant to General Instruction I.D. filed to register additional securities or
additional classes of securities pursuant to Rule 413(b) under the Securities
Act, check the following box. | |
Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer | | Accelerated filer | |
Non-accelerated filer |X| Smaller reporting company | |
(do not check if a smaller reporting company)
CALCULATION OF REGISTRATION FEE
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Title of each class Proposed maximum Proposed maximum
of securities to be Amount to be offering price per aggregate offering Amount of
registered registered unit price registration fee
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Market value $144,000,000(2) (1) $144,000,000 $5,659.20(2)
Adjustment
Interests under
Flexible Premium
Annuity Contracts
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(1) The securities are not issued in predetermined amounts or units.
(2) Of the $200,000,000 of units of interest under annuity contracts registered
under the Registration Statement File No. 333-105089 on Form S-1 on May 8,
2003, for which a filing fee of $16,180 was paid, $134,000,000 (for a
filing fee of $5,266.20) are being carried forward pursuant to Rule 429. A
payment of $393.00 (for $10,000,000 units of interest, referencing
CIK0000835357), which accounts for the remainder of the registration fee,
has been wired to U. S. Bank of St. Louis, MO for deposit into the
Commission's account.
2
EXPLANATORY NOTE
Registrant is filing this registration statement for the sole purpose of
registering additional market value adjustment interests under deferred variable
annuity contracts previously described in the prospectuses contained in this
registration statement and in certain other prospectuses that are contained in
Registrant's currently-effective Form S-1 registration statement (File No.
333-132810). In addition, Registrant is switching the registration from Form S-1
to S-3. Registrant incorporates herein by reference the prospectuses and any
supplements thereto, which remain unchanged, that have been filed in that
registration statement.
MONY Life Insurance Company of America
SUPPLEMENT DATED NOVEMBER 13, 2008 TO THE CURRENT PROSPECTUSES FOR:
MONY VARIABLE ANNUITY
MONY CUSTOM MASTER
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This Supplement updates certain information in the most recent prospectus you
received for any of the products listed above, and in any supplements to that
prospectus (collectively, the "Prospectuses"). You should read this Supplement
in conjunction with the Prospectuses and retain it for future reference. Unless
otherwise indicated, all other information included in the Prospectuses remains
unchanged. The terms and section headings we use in this Supplement have the
same meaning as in the Prospectuses. We will send you another copy of any
prospectus or supplement without charge upon request. Please contact the
customer service group referenced in your prospectus. The Portfolios discussed
below are not available in all contracts. As applicable to your contract, please
note the following changes:
The following information replaces the section of your prospectus entitled
"Additional information and incorporation of certain information by reference"
in its entirety.
ADDITIONAL INFORMATION AND INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
For further information with respect to the Company and the Contracts offered by
this prospectus, including the Statement of Additional Information (which
includes applicable financial statements), Owners and prospective investors may
also contact the Company at its address or phone number set forth on the cover
of this prospectus for requesting such statement. The Statement of Additional
Information is available from the Company without charge.
The Company files reports and other information with the SEC, as required by
law. You may read and copy this information at the SEC's public reference
facilities at Room 1580, 100 F Street, NE, Washington, DC 20549, or by accessing
the SEC's website at www.sec.gov. The public may obtain information on the
operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
Under the Securities Act of 1933, the Company has filed with the SEC a
registration statement relating to the Guaranteed Interest Account with Market
Value Adjustment (the "Registration Statement"). This prospectus has been filed
as part of the Registration Statement and does not contain all of the
information set forth in the Registration Statement.
The Company's Annual Report on Form 10-K for the year ended December 31, 2007 is
considered to be a part of this prospectus because it is incorporated by
reference. The following filings are also incorporated by reference and
therefore considered to be part of this prospectus: MONY Life Insurance Company
of America's Quarterly Reports on Form 10-Q for the periods ended March 31, 2008
and June 30, 2008.
After the date of this prospectus and before we terminate the offering of the
securities under the Registration Statement, all documents or reports we file
with the SEC under the Securities Exchange Act of 1934 ("Exchange Act") will be
considered to become part of this prospectus because they are incorporated by
reference.
Any statement contained in a document that is, or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file the Registration Statement and our Exchange Act documents and reports,
including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
electronically according to EDGAR under CIK No. 0000835357. The SEC maintains a
Web site that contains reports, proxy and information statements, and other
information regarding registrants that file electronically with the SEC. The
address of the site is www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person to
whom this prospectus is delivered, a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
In accordance with SEC rules, we will provide copies of any exhibits
specifically incorporated by reference into the text of the Exchange Act reports
(but not any other exhibits). Requests for documents should be directed to MONY
Life Insurance Company of America, 1290 Avenue of the Americas, New York, New
York 10104, Attention: Corporate Secretary (telephone: (212) 554-1234). You can
access our website at www.axa-equitable.com.
COPYRIGHT 2008 MONY LIFE INSURANCE COMPANY OF AMERICA. ALL RIGHTS RESERVED.
MONY Life Insurance Company of America
1290 Avenue of the Americas
New York, NY 10104
212-554-1234
MNY 10-08A (10/08) 140627 (10/08)
IF (SAR) x02229
Individual Flexible Payment Variable Annuity Contract
Issued by MONY Life Insurance Company of America with variable investment
options under MONY America's MONY America Variable Account A.
PROSPECTUS DATED MAY 1, 2008
Please read and keep this prospectus for future reference. It contains
important information that you should know before purchasing, or taking any
other action under your Contract. Also, you should read the prospectuses for
each Trust, which contain important information about their portfolios.
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MONY Life Insurance Company of America (the "Company") issues the flexible
payment variable annuity contract described in this prospectus.
As of September 1, 2005, we are no longer offering this product to Non-Qualified
Contracts. We are only offering this product to certain existing Qualified
Plans. (See "Summary of the Contract--Purpose of the Contract.") Although this
prospectus is primarily designed for potential purchasers of the Contract, you
may have previously purchased a Contract and be receiving this prospectus as a
current contract owner. If you are a current contract owner, you should note
that the investment options features and charges of the Contract may have varied
over time. For more information about the particular options, features and
charges applicable to you, please contact your financial professional and/or
refer to your Contract.
You can tell us what to do with your Purchase Payments. You can also tell us
what to do with the fund value your Contract may create for you resulting from
those Purchase Payments.
You may allocate some or all of your Purchase Payments into the subaccounts.
Each subaccount is a subaccount of separate account MONY America Variable
Account A. Both the value of your Contract before the date annuity payments
begin and the amount of income afterward will depend on the investment
performance of the portfolios you select. You bear the investment risk of
investing in the portfolios. The subaccounts invest in shares of the following
portfolios of AIM Variable Insurance Funds, AXA Premier VIP Trust, EQ Advisors
Trust, Franklin Templeton Variable Insurance Products Trust, Janus Aspen Series,
MFS(R) Variable Insurance Trust(SM), Oppenheimer Variable Account Funds, PIMCO
Variable Insurance Trust, ProFunds and The Universal Institutional Funds, Inc.
(the "Funds").
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Subaccounts
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o AIM V.I. Financial Services o EQ/GAMCO Mergers and Acquisitions
o AIM V.I. Global Health Care o EQ/GAMCO Small Company Value
o AIM V.I. Technology o EQ/Government Securities
o All Asset Allocation o EQ/JPMorgan Core Bond
o AXA Aggressive Allocation(1) o EQ/Long Term Bond
o AXA Conservative Allocation(1) o EQ/Lord Abbett Growth and Income
o AXA Conservative-Plus Allocation(1) o EQ/Lord Abbett Mid Cap Value
o AXA Moderate Allocation(1) o EQ/Money Market
o AXA Moderate-Plus Allocation(1) o EQ/Montag & Caldwell Growth
o EQ/Alliance Bernstein Small Cap o EQ/PIMCO Real Return
Growth o EQ/Short Duration Bond
o EQ/Alliance Bernstein Value o EQ/Small Company Index
o EQ/BlackRock Basic Value Equity o EQ/UBS Growth and Income
o EQ/Boston Advisors Equity Income o EQ/Van Kampen Emerging Markets
o EQ/Calvert Socially Responsible Equity
o EQ/Capital Guardian Research o EQ/Van Kampen Mid Cap Growth
o EQ/FI Mid Cap o EQ/Van Kampen Real Estate
o Franklin Income Securities
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Subaccounts
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o Franklin Rising Dividends Securities o Oppenheimer Global Securities
o Franklin Zero Coupon 2010 Fund/VA
o Janus Aspen Forty o PIMCO Global Bond (Unhedged)
o Janus Aspen International Growth o PIMCO StocksPLUS Growth and
o MFS(R) Utilities Series Income
o Multimanager High Yield o ProFund VP Bear
o Multimanager Small Cap Growth o ProFund VP Rising Rates Opportunity
o ProFund VP UltraBull
o The Universal Institutional Funds,Inc.
Global Value Equity
Not all of these portfolios may be available in all states or all markets.
(1) The "AXA Allocation" portfolios.
You may also allocate some or all of your Purchase Payments and fund values into
our Guaranteed Interest Account with Market Value Adjustment, which is discussed
later in this Prospectus.
Among the many terms of the Guaranteed Interest Account with Market Value
Adjustment are:
o Guaranteed interest to be credited for specific periods (referred to as
"Accumulation Periods").
o Three (3), five (5), seven (7), and ten (10) year Accumulation Periods are
available. The one (1) year Accumulation Period is limited to the
following states: Maryland, the Commonwealth of Massachusetts, New Jersey,
Oklahoma, Oregon, the Commonwealth of Pennsylvania, South Carolina, Texas
and Washington.
o Interest will be credited for the entire Accumulation Period on a daily
basis. Different rates apply to each Accumulation Period and are
determined by the Company from time to time at its sole discretion.
o A market value adjustment may be charged if part or all of the Guaranteed
Interest Account with Market Value Adjustment is surrendered or
transferred before the end of the Accumulation Period.
o Potential purchasers should carefully consider the factors described in
"Risk Factors" (pages 2-3) as well as the other information contained in
this prospectus before allocating Purchase Payments or Fund Values to the
Guaranteed Interest Account with Market Value Adjustment offered herein.
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These are only some of the terms of the Guaranteed Interest Account with Market
Value Adjustment. Please read this prospectus carefully for more complete
details of the contract.
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The SEC has not approved or disapproved these securities or determined if this
prospectus is accurate or complete. Any representation to the contrary is a
criminal offense. The contracts are not insured by the FDIC or any other agency.
They are not deposits or other obligations of any bank and are not bank
guaranteed. They are subject to investment risks and possible loss of principal.
MLA-VA/X01925
A Statement of Additional Information dated May 1, 2008 containing additional
information about the contract is incorporated herein by reference. It has been
filed with the Securities and Exchange Commission and is available from the
Company without charge upon written request. You may request one by writing to
our processing office located at MONY Life Insurance Company of America,
Policyholder Services, 100 Madison Street, Syracuse, New York 13202, by
telephoning 1-800-487-6669 or by accessing the SEC's website at www.sec.gov. The
Table of Contents of the Statement of Additional Information can be found on the
last page of this prospectus.
Table of contents
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1. SUMMARY OF THE CONTRACT 1
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Definitions 1
Purpose of the Contract 1
Purchase Payments and fund value 1
Minimum Purchase Payments 1
MONY America Variable Account A 1
Guaranteed Interest Account with Market Value Adjustment 2
The Accumulation Periods 2
Crediting of interest 2
The Market Value Adjustment 2
Benefit option packages 4
Transfer of fund value 6
Loans 6
Surrenders 6
Charges and deductions 6
Right to return contract provision 6
Death benefit 6
Fee tables 7
Example 8
Other contracts 9
Condensed financial information 9
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2. WHO IS MONY LIFE INSURANCE COMPANY OF AMERICA? 10
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MONY Life Insurance Company of America 10
How to reach us 10
MONY America Variable Account A 10
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3. THE FUNDS 12
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Purchase of portfolio shares by MONY America Variable
Account A 16
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4. DETAILED INFORMATION ABOUT THE CONTRACT 17
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Payment and allocation of Purchase Payments 17
Telephone/fax/web transactions 20
Disruptive transfer activity 21
Termination of the Contract 22
Table of contents i
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5. DESCRIPTION OF THE GUARANTEED INTEREST ACCOUNT WITH
MARKET VALUE ADJUSTMENT 23
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General 23
Guaranteed Interest Account with Market Value Adjustment 23
Allocations to the Guaranteed Interest Account with Market
Value Adjustment 23
Specified interest rates and the accumulation periods 23
Surrenders, transfers or loans 25
The Market Value Adjustment 25
Investments 26
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6. SURRENDERS 27
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7. LOANS 28
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8. DEATH BENEFIT 29
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Death benefit provided by the Contract 29
Earnings increase death benefit 30
Election and effective date of election 31
Payment of death benefit proceeds 31
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9. CHARGES AND DEDUCTIONS 32
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Deductions from Purchase Payments 33
Charges against Fund Value 33
Deductions from Fund Value 33
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10. ANNUITY PROVISIONS 36
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Annuity payments 36
Guaranteed minimum annuity payments 36
Election and change of settlement option 36
Settlement options 37
Frequency of annuity payments 37
Additional provisions 37
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11. OTHER PROVISIONS 39
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Ownership 39
Provision required by Section 72(s) of the Code 39
Provision required by Section 401(a)(9) of the Code 39
Secondary annuitant 39
Assignment 40
Change of beneficiary 40
Substitution of securities 40
Changes to Contracts 40
Change in operation of MONY America Variable Account A 40
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12. VOTING RIGHTS 41
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13. DISTRIBUTION OF THE CONTRACTS 42
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14. FEDERAL TAX STATUS 44
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Introduction 44
Taxation of annuities in general 44
Retirement plans 45
Tax treatment of the Company 45
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15. ADDITIONAL INFORMATION AND INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE 46
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16. LEGAL PROCEEDINGS 47
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17. FINANCIAL STATEMENTS 48
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APPENDICES
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A -- For contracts issued in the State of Washington A-1
B -- Condensed financial information B-1
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STATEMENT OF ADDITIONAL INFORMATION TABLE OF CONTENTS
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ii Table of contents
1. Summary of the Contract
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This summary provides you with a brief overview of the more important aspects of
your Contract, including the Guaranteed Interest Account with Market Value
Adjustment. It is not intended to be complete. More detailed information is
contained in this prospectus on the pages following this summary and in your
Contract. This summary and the entire prospectus will describe the part of the
Contract involving MONY America Variable Account A. The prospectus also briefly
will describe the Guaranteed Interest Account with Market Value Adjustment and
the portfolios offered by AIM Variable Insurance Funds, AXA Premier VIP Trust,
EQ/Advisors Trust, Franklin Templeton Variable Insurance Products Trust, Janus
Aspen Series, MFS(R) Variable Insurance Trust(SM), Oppenheimer Variable Account
Funds, PIMCO Variable Insurance Trust, ProFunds and The Universal Institutional
Funds, Inc. See applicable fund prospectuses for more detailed information about
the portfolios offered by the Funds.
DEFINITIONS
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Specialized terms will be defined on the page where they first appear enclosed
in a box.
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PURPOSE OF THE CONTRACT
The Contract is an Individual Flexible Payment Variable Annuity Contract (the
"Contract" or "Contracts").
The Contract is designed to allow an owner to make Purchase Payments to the
Company under the Contract. Those Purchase Payments are allocated at the owner's
choice among the subaccounts of MONY America Variable Account A and the
Guaranteed Interest Account with Market Value Adjustment. Those Purchase
Payments can accumulate for a period of time and create fund value for the
owner. The owner can choose the length of time that such Purchase Payments may
accumulate. The owner may choose at some point in the future to receive annuity
benefits based upon that accumulated fund value.
An owner may use the Contract's design to accumulate fund value for various
purposes including retirement or to supplement other retirement programs. Some
of these retirement programs (the "Qualified Plans") may qualify for federal
income tax advantages available under certain sections of the Internal Revenue
Code (the "Code"). Sections 401,403 (other than Section 403(b)), 408, 408A and
457, for example. We no longer offer contracts to fund plans intended to be
qualified under Sections 403 or 457 of the Code, but may accept Purchase
Payments under existing contracts or offer contracts to new Participants in
existing plans. Accordingly, if you are purchasing this Contract through a
Qualified Plan, you should consider purchasing this Contract for its death
benefit, income benefits, and other non-tax related benefits. Please consult a
tax adviser for information specific to your circumstances in order to determine
whether or not the Contract is an appropriate investment for you.
We no longer offer the Contract on a nonqualified basis or for any IRAs, SEP
IRAs or SIMPLE IRA plans except as noted below:
(1) If you have a Non-Qualified Contract or an IRA, or if you established a
SARSEP before 1997, we will continue to accept contributions under the
Contract; or
(2) If you have established an existing SIMPLE IRA or SEP IRA Plan we will
offer Contracts to new employees and continue to accept contributions for
all participating employees.
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QUALIFIED PLANS -- Retirement plans that may receive favorable tax treatment
under certain Sections of the Code.
QUALIFIED CONTRACTS -- Contracts issued under Qualified Plans.
NON-QUALIFIED CONTRACTS -- Contracts not issued under Qualified Plans.
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The Contract is also designed to allow the owner to request payments of part or
all of the accumulated fund values before the owner begins to receive annuity
benefits. This payment may result in the imposition of a surrender charge and a
market value adjustment. The market value adjustment will not apply to Contracts
issued in certain states. These payments also may be subject to a contract
charge and/or income or other taxes.
PURCHASE PAYMENTS AND FUND VALUE
You may allocate your Purchase Payments to one or more of the subaccounts of
MONY America Variable Account A that are available under the Contract and/or to
the Guaranteed Interest Account with Market Value Adjustment. The Purchase
Payments you allocate among the various subaccounts of MONY America Variable
Account A may increase or decrease in value on any day depending on the
investment experience of the subaccounts you select. There is no guarantee that
the value of the Purchase Payments you allocate to any of the subaccounts of
MONY America Variable Account A will increase or that the Purchase Payments you
make will not lose value.
MINIMUM PURCHASE PAYMENTS
The minimum Purchase Payment for individuals varies depending upon the purchaser
of the Contract, the method of paying the Purchase Payments and the benefit
option package selected. (See "Payment and allocation of Purchase Payments.")
Additional Purchase Payments may be made at any time.
MONY AMERICA VARIABLE ACCOUNT A
MONY America Variable Account A is a separate investment account of MONY Life
Insurance Company of America (the "Company"). MONY America Variable Account A's
assets are owned by the Company, but are not chargeable with liabilities arising
from any other business the Company conducts.
The subaccounts of MONY America Variable Account A invest in shares of the Funds
at their net asset value. (See "The Funds"). Own-
Summary of the Contract 1
ers bear the entire investment risk for all amounts allocated to MONY America
Variable Account A subaccounts.
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FUND -- Any open-end management investment company or unit investment trust in
which a subaccount invests.
OWNER -- The person so designated in the application to whom all rights,
benefits, options and privileges apply while the Annuitant is living. If a
Contract has been absolutely assigned, the assignee becomes the Owner.
PURCHASE PAYMENT -- An amount paid to the Company by the Owner or on the
Owner's behalf as consideration for the benefits provided by the Contract.
NET PURCHASE PAYMENT -- Purchase Payment less any applicable tax charge.
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GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT
The Guaranteed Interest Account with Market Value Adjustment is part of the
Company's general account ("General Account"). It consists of all the Company's
assets other than assets allocated to separate investment accounts of the
Company. Net Purchase Payments allocated to the Guaranteed Interest Account with
Market Value Adjustment will be credited with interest at rates guaranteed by
the Company for specified periods. (See "Description of the Guaranteed Interest
Account with Market Value Adjustment".)
The Guaranteed Interest Account with Market Value Adjustment is designed to
provide you with an opportunity to receive a guaranteed fixed rate of interest.
You can choose the period of time over which the guaranteed fixed rate of
interest will be paid. That period of time is known as the Accumulation Period.
The Guaranteed Interest Account with Market Value Adjustment is also designed to
provide you with the opportunity to transfer part or all of the Guaranteed
Interest Account with Market Value Adjustment to the Subaccounts available to
you under the Contract. It is also designed to provide you with the opportunity
to surrender part or all of the Guaranteed Interest Account with Market Value
Adjustment before the end of the Accumulation Period. If you ask us to transfer
or surrender part or all of the Guaranteed Interest Account, we may apply a
market value adjustment ("MVA"). This adjustment may be positive, negative, or
zero.
You may allocate all or part of your Purchase Payments to the Guaranteed
Interest Account with Market Value Adjustment.
THE ACCUMULATION PERIODS
There are 4 different Accumulation Periods currently available: a 3-year
Accumulation Period, a 5-year Accumulation Period, a 7-year Accumulation Period,
and a 10-year Accumulation Period. Certain states limit contracts to a 1-year
Accumulation Period. You may allocate initial or additional Purchase Payments
made under the Contract to one or more Accumulation Periods. You may also ask us
to transfer Fund Values from the Subaccounts available under the Contract to one
or more of the Accumulation Periods subject to any applicable MVA. There is no
minimum amount required for allocation or transfer to an Accumulation Period.
(See "Allocations to the Guaranteed Interest Account with Market Value
Adjustment.")
Each Accumulation Period starts on the Business Day that falls on, or next
follows, the date on which allocations are made and Purchase Payments are
received or Fund Values are transferred. Each Accumulation Period ends on the
Monthly Contract Anniversary immediately prior to the 3, 5, 7 or 10 year
anniversary of the start of the Accumulation Period (the "Maturity Date"). This
means that the Accumulation Period for a 3, 5, 7 or 10 year Accumulation Period
may be up to 31 days shorter than 3, 5, 7 or 10 years, respectively. (See
"Specified interest rates and the accumulation periods.")
CREDITING OF INTEREST
The Company will credit amounts allocated to an Accumulation Period with
interest at an annual rate not less than 3.50%. This interest rate is referred
to as the Specified Interest Rate. It will be credited for the duration of the
Accumulation Period. Specified Interest Rates for each Accumulation Period are
declared periodically at the sole discretion of the Company. (See "Specified
interest rates and the accumulation periods.")
At least 15 days and at most 45 days prior to the Maturity Date of an
Accumulation Period, Owners having Fund Values allocated to such Accumulation
Periods will be notified of the impending Maturity Date. Owners will then have
the option of directing the surrender or transfer (including transfers for the
purpose of obtaining a Loan) of the Fund Value within 30 days before the end of
the Accumulation Period without application of any MVA.
The Specified Interest Rate will be credited to amounts allocated to an
Accumulation Period, so long as such allocations are neither surrendered nor
transferred prior to the Maturity Date for the Allocation Period. The Specified
Interest Rate is credited daily, providing an annual effective yield. (See
"Specified interest rates and the accumulation periods.")
THE MARKET VALUE ADJUSTMENT
Amounts that are surrendered or transferred (including transfers for the purpose
of obtaining a Loan) from an Accumulation Period more than 30 days before the
Maturity Date will be subject to an MVA. An MVA will not apply upon payment of a
death benefit upon the death of the annuitant. The MVA is determined through the
use of a factor, which is known as the MVA Factor. This factor is discussed in
detail in the section entitled "The Market Value Adjustment." The MVA could
cause an increase or decrease or no change at all in the amount of the
distribution from an Accumulation Period.
A market value adjustment will not be imposed on contracts issued in Maryland,
the Commonwealth of Massachusetts, New Jersey, Oklahoma, Oregon, the
Commonwealth of Pennsylvania, South Carolina, Texas and Washington; however,
2 Summary of the Contract
restrictions on transfers apply in these States. The adjustment can be either a
positive or negative adjustment. No adjustment is made for the amount withdrawn
or transferred within 30 days before the end of the accumulation period.
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FUND VALUE -- The aggregate dollar value as of any Business Day of all amounts
accumulated under each of the subaccounts, the Guaranteed Interest Account, and
the loan account of the Contract. If the term Fund Value is preceded or
followed by the terms subaccount(s), the Guaranteed Interest Account, and the
loan account, or any one or more of those terms, Fund Value means only the Fund
Value of the subaccount, the Guaranteed Interest Account or the loan account,
as the context requires.
BUSINESS DAY -- Each day that the New York Stock Exchange is open for regular
trading. A Business Day ends at 4:00 p.m. Eastern Time.
MONTHLY CONTRACT ANNIVERSARY -- The date of each month corresponding to the
Effective Date of the Contract. For example, for a Contract with a June 15
Effective Date, the Monthly Contract Anniversary is the 15th of each month. If
a Contract's Effective Date falls on the 29th, 30th or 31st day of a month, the
Monthly Contract Anniversary will be the earlier of that day or the last day of
the particular month in question.
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Summary of the Contract 3
BENEFIT OPTION PACKAGES
As of November 29, 2004, Option 3 is no longer available for new business.
Currently, Option 1 and Option 2 are available to new sales under the Contract.
The two benefit option packages may not be available in all states. There are
two benefit option packages available under Contracts issued in the state of
Washington--see Appendix A for a table summarizing the benefit option packages.
Each benefit option package is distinct. You select a benefit option package at
the time of application. Once a selection is made, you may not transfer from one
benefit option package to another.
- -----------------------------------------------------------------------------------------------------------------------------------
Option 1 Option 2 Option 3***
- -----------------------------------------------------------------------------------------------------------------------------------
Mortality and Current annual rate--1.20% Current annual rate--1.70% Current annual rate--2.35%
expense risk Maximum annual rate--1.40% Maximum annual rate--1.95% Maximum annual rate--2.80%
charge
- -----------------------------------------------------------------------------------------------------------------------------------
Death benefit The greater of: The greatest of: The greatest of:
on death of (1) The Fund Value less any (1) The Fund Value less any (1) The Fund Value less any
annuitant outstanding debt on the date due outstanding debt on the date due outstanding debt on the date due
proof of the Annuitant's death is proof of the Annuitant's death is proof of the Annuitant's death is
received by the Company received by the Company received by the Company
or or or
(2) The Purchase Payments paid, (2) The Purchase Payments paid, (2) The Purchase Payments paid,
reduced proportionately by each reduced proportionately by each reduced proportionately by each
partial surrender (reflecting any partial surrender (reflecting any partial surrender (reflecting any
market value adjustment and any market value adjustment and any market value adjustment and any
surrender charge) and less any surrender charge) and less any surrender charge) and less any
outstanding debt.* outstanding debt.* outstanding debt.*
or or
(3) Step Up Value (See "Death (3) Step Up Value (See "Death
benefit"). Benefit") or (4) Roll Up Value (See
"Death benefit").
- -----------------------------------------------------------------------------------------------------------------------------------
Earnings increase Not Available The amount of the Earnings The amount of the Earnings Increase
amount added to Increase depends upon the age of depends upon the age of the
death benefit the Annuitant on the Contract's Annuitant on the Contract's Effective
Effective Date. Date.
If the Annuitant was age 69 or If the Annuitant was age 69 or
younger on the Contract's Effective younger on the Contract's Effective
Date, the Earnings Increase Amount Date, the Earnings Increase Amount
is equal to 40% of the lesser of: is equal to 40% of the lesser of:
(1) Net Purchase Payments; (1) Net Purchase Payments;
or or
(2) Fund Value minus Purchase (2) Fund Value minus Purchase
Payments.** Payments.**
If the Annuitant was age 70 or If the Annuitant was age 70 or older
older on the Contract's Effective on the Contract's Effective Date, the
Date, the Earnings Increase Amount Earnings Increase Amount is equal to
is equal to 25% of the lesser of: 25% of the lesser of:
(1) Net Purchase Payments; (1) Net Purchase Payments;
or or
(2) Fund Value minus Purchase (2) Fund Value minus Purchase
Payments.** Payments.**
- -----------------------------------------------------------------------------------------------------------------------------------
Guaranteed minimum Not Available Not Available If certain conditions are met, the
annuity payments Guaranteed Annuitization Value may
be used to provide guaranteed
minimum annuity payments that are
greater than annuity payments that
would be provided by the Contract's
Fund Value or Cash Value, as
applicable.
- -----------------------------------------------------------------------------------------------------------------------------------
4 Summary of the Contract
- -----------------------------------------------------------------------------------------------------------------------------------
Option 1 Option 2 Option 3***
- -----------------------------------------------------------------------------------------------------------------------------------
Minimum initial Qualified Contracts--The minimum Qualified Contracts--The minimum Qualified Contracts--the minimum
PurchasePayment Purchase Payment for Qualified Purchase Payment for Qualified Purchase Payment for Qualified Plans
Plans is the same for all three Plans is the same for all three is the same for all three options.
options. (See "Detailed information options. (See "Detailed information "Detailed information about the
about the contract.") about the contract.") (See contract.")
Non-Qualified Contracts--$5,000 Non-Qualified Contracts--$10,000 Non-Qualified Contracts--$10,000
- -----------------------------------------------------------------------------------------------------------------------------------
Annuitant Issue Qualified Contracts--0-85 Qualified Contracts--0-79 Qualified Contracts--0-79
age Non-Qualified Contracts--0-85 Non-Qualified Contracts--0-79 Non-Qualified Contracts--0-79
- -----------------------------------------------------------------------------------------------------------------------------------
Annual contract Current charge is $30. Current charge is $0. Current charge is $0.
charge The annual contract charge may The annual contract charge may The annual contract charge may be
be increased to a maximum of $50 be increased to a maximum of $50 increased to a maximum of $50 ($30
($30 in certain states) on 30 days ($30 in certain states) on 30 days in certain states) on 30 days written
written notice. written notice. notice.
- -----------------------------------------------------------------------------------------------------------------------------------
* In the calculations of the death benefit, for each partial surrender, the
proportionate reduction is equal to the amount of that partial surrender
and any surrender charge and any market value adjustment divided by the
Fund Value immediately before that partial surrender, multiplied by the
Purchase Payments paid before that partial surrender. Depending on your
state, for Contracts purchased prior to July 22, 2003, the death benefit
is the greater of: (1) The Fund Value less any outstanding debt on the
date due proof of the Annuitant's death is received by the Company, or (2)
The Purchase Payments paid, less any partial surrenders and their
surrender charges minus any outstanding debt, and plus or minus any Market
Value Adjustment.
** The payments and values described in (1) and (2) do not include Purchase
Payments made during the 12-month period immediately prior to the date due
proof of death is received by the Company and reflect any partial
surrenders made including any applicable market value adjustment and
surrender charge, and less any outstanding debt.
*** As of November 29, 2004, Option 3 is no longer available for new business.
Summary of the Contract 5
TRANSFER OF FUND VALUE
You may transfer fund value among the subaccounts and to or from the Guaranteed
Interest Account with Market Value Adjustment. Transfers from the Guaranteed
Interest Account with Market Value Adjustment may be subject to a market value
adjustment for Contracts issued in certain states. Transfers may be made by
telephone, facsimile or via the web if the proper form or the
telephone/facsimile/web authorization on a Contract application has been
completed, signed, and received by the Company at its Operations Center.
Transfers by telephone, facsimile or via the web are subject to the Company's
rules and conditions for such privilege. (See "Transfers.")
LOANS
If your Contract permits, you may borrow up to 50% of your Contract's Fund Value
from the Company. Your Contract will be the only security required for the loan.
Contracts issued to 401(k) plans are generally the only Contracts which permit
loans. An amount equal to the amount of the loan is transferred to the loan
account as security for the loan. The loan account is part of the Company's
General Account.
We will charge you interest on the amount borrowed. If you do not pay the
interest when due, the amount due plus any accrued interest will be added to the
outstanding debt.
SURRENDERS
You may surrender all or part of the Contract at any time and receive its Cash
Value while the Annuitant is alive prior to the annuity starting date. We may
impose a surrender charge and market value adjustment (if applicable). A partial
surrender may reduce your death benefit proportionately by the same percentage
that the surrender (including any surrender charge and any market value
adjustment, if applicable) reduced Fund Value. The amounts you receive upon
surrender may be subject to income taxes and a 10% penalty tax if you are
younger than 59-1/2 at the time of surrender. (See "Federal tax status.")
CHARGES AND DEDUCTIONS
The Contract provides for the deduction of various charges and expenses from the
fund value of the Contract.
We pay compensation to brokers-dealers who sell the Contracts. (For a discussion
of this compensation, see "Distribution of the contracts.")
RIGHT TO RETURN CONTRACT PROVISION
You have the right to examine the Contract when you receive it. You may return
the Contract for any reason during the right to return contract period (usually
within ten days from the day you receive it). You will receive the Purchase
Payments received by the Company, less any partial surrenders you make. During
the "right to return contract period," Purchase Payments will be retained in the
Company's General Account and will earn interest at a rate not less than 3.50%
per year. If you have not returned the Contract at the end of the right to
return contract period, we transfer the Net Purchase Payments with interest to
the subaccounts and/or the Guaranteed Interest Account.
DEATH BENEFIT
If the Annuitant (and the Secondary Annuitant, if any) dies before the annuity
starting date, the Company will pay a death benefit to the Beneficiary. The
death benefit will depend upon the benefit option package in effect on the date
the Annuitant dies. If the Annuitant dies after annuity payments start, no death
benefit is payable except as may be payable under the settlement option
selected. (See "Death benefit".)
- --------------------------------------------------------------------------------
ANNUITANT -- The person upon whose continuation of life any annuity payment
depends.
SECONDARY ANNUITANT -- The party designated by the Owner to become the
Annuitant, subject to certain conditions, on the death of the Annuitant.
BENEFICIARY -- The party entitled to receive benefits payable at the death of
the Annuitant or (if applicable) the Secondary Annuitant.
ANNUITY STARTING DATE-- Attainment of age 95, or at the discretion of the Owner
of the Contract, an earlier date that is at least ten years from the Effective
Date of the Contract.
- --------------------------------------------------------------------------------
6 Summary of the Contract
FEE TABLES*
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the contract.
The first table describes the fees and expenses that you will pay at the time
that you buy the Contract, surrender the Contract, or transfer fund value
between investment options or, for Contracts funding 401(k) plans only, take a
loan. A charge for taxes may also be deducted.
- --------------------------------------------------------------------------------
Owner Transaction Expenses:
- --------------------------------------------------------------------------------
Maximum deferred sales load (surrender charge) 7.00%(1)
(as a percentage of Fund Value surrendered)
- --------------------------------------------------------------------------------
Loan interest spread (effective annual rate) 2.50%(2)
- --------------------------------------------------------------------------------
Maximum transfer charge $25(3)
- --------------------------------------------------------------------------------
The next table describes the fees and expense that you will pay periodically
during the time that you own the Contract, not including Fund portfolio company
fees and expenses.
- --------------------------------------------------------------------------------
Maximum annual contract charge $50(4)
- --------------------------------------------------------------------------------
Separate Account Annual Expenses (as a percentage of average annual Fund Value
in MONY America Variable Account A):
- --------------------------------------------------------------------------------
Option 1
- --------------------------------------------------------------------------------
Maximum mortality and expense risk fees 1.40%(5)
- --------------------------------------------------------------------------------
Total separate account annual expenses 1.40%(5)
- --------------------------------------------------------------------------------
Option 2
- --------------------------------------------------------------------------------
Maximum mortality and expense risk fees 1.95%(6)
- --------------------------------------------------------------------------------
Total separate account annual expenses 1.95%(6)
- --------------------------------------------------------------------------------
Option 3(7)
- --------------------------------------------------------------------------------
Maximum mortality and expense risk fees 2.80%(8)
- --------------------------------------------------------------------------------
Total separate account annual expenses 2.80%(8)
- --------------------------------------------------------------------------------
* For the table of fees applicable to Contracts issued in the State of
Washington, see Appendix A.
(1) The surrender charge percentage, which reduces to zero, is determined by
the Contract Year in which the surrender occurs.
The surrender charge may be reduced under certain circumstances which
include reduction in order to guarantee that certain amounts may be
received free of the surrender charge. (See "Charges against fund value --
Free partial surrender amount.")
(2) The loan interest spread is the difference between the amount of interest
we charge on loans and the amount of interest we credit to amounts held in
the loan account to secure loans.
(3) The transfer charge currently is $0. However, the Company has reserved the
right to impose a charge for each transfer which will not exceed $25
(except for contracts issued in the states of South Carolina and Texas,
where it will not exceed $10). (See "Deductions from fund value --
Transfer charge.")
(4) The annual contract charge for Option 1 is currently $30. The annual
contract charge for Option 2 and Option 3 is currently $0. However, the
Company may in the future change the amount of the charge to an amount not
exceeding $50 per Contract Year (except for Contracts issued in Maryland,
Massachusetts, New Jersey, Oklahoma, Oregon, Pennsylvania, South Carolina,
Texas and Washington where the charge may not exceed $30). (See
"Deductions from fund value -- Annual contract charge.")
(5) The mortality and expense risk charge is deducted daily equivalent to a
current annual rate of 1.20% (and is guaranteed not to exceed a daily rate
equivalent to an annual rate of 1.40%) from the value of the net assets of
MONY America Variable Account A.
(6) The mortality and expense risk charge is deducted daily equivalent to a
current annual rate of 1.70% (and is guaranteed not to exceed a daily rate
equivalent to an annual rate of 1.95%) from the value of the net assets of
MONY America Variable Account A.
(7) As of November 29, 2004, Option 3 is no longer available for new business.
(8) The mortality and expense risk charge is deducted daily equivalent to a
current annual rate of 2.35% (and is guaranteed not to exceed a daily rate
equivalent to an annual rate of 2.80%) from the value of the net assets of
MONY America Variable Account A.
The next item shows the minimum and maximum total operating expenses charged by
the portfolio companies for the year ended December 31, 2007. You may pay
portfolio company operating expenses periodically during the time that you own
the Contract. Certain variable investment options invest in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies. Each
portfolio, in turn, invests in shares of other portfolios of the Trusts and/or
shares of unaffiliated portfolios ("underlying portfolios"). More detail
concerning each Fund portfolio company's fees and expenses is contained in the
prospectus for each portfolio.
Summary of the Contract 7
- --------------------------------------------------------------------------------
Total Annual Fund Operating Expenses: Minimum Maximum
- --------------------------------------------------------------------------------
Expenses that are deducted from portfolio company assets, 0.39% 1.70%
including management fees, distribution and/or services
fees (12b-1 fees), and other expenses.
- --------------------------------------------------------------------------------
EXAMPLE
This example is intended to help you compare the cost of investing in the
contract with the cost of investing in other variable annuity contracts. These
costs include Owner transaction expenses, contract fees, separate account annual
expense, and Fund fees and expenses for the year ended December 31, 2007.
The example assumes that you invest $10,000 in the Contract for the time periods
indicated. The example also assumes that your investment has a 5% return each
year. The example assumes the maximum contract charges and annual expenses of
any of the Fund portfolios (before expense limitations) set forth in the
previous charts. Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:
1. a. If you surrender your Contract at the end of the applicable time
period (assuming maximum fees and expenses of any of the Fund port
folios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $1,001 $1,667 $2,347 $3,862
Option 2 $1,052 $1,815 $2,589 $4,331
Option 3 $1,130 $2,040 $2,950 $5,000
- --------------------------------------------------------------------------------
b. If you surrender your Contract at the end of the applicable time
period (assuming minimum fees and expenses of any of the Fund port
folios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $ 879 $1,302 $1,741 $2,626
Option 2 $ 931 $1,457 $2,001 $3,166
Option 3 $1,010 $1,691 $2,387 $3,941
- --------------------------------------------------------------------------------
2. a. If you do not surrender your Contract (assuming maximum fees and
expenses of any of the Fund portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $363 $1,103 $1,864 $3,862
Option 2 $417 $1,261 $2,120 $4,331
Option 3 $500 $1,500 $2,500 $5,000
- --------------------------------------------------------------------------------
b. If you do not surrender your Contract (assuming minimum fees and
expenses of any of the Fund portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $232 $ 715 $1,225 $2,626
Option 2 $287 $ 880 $1,499 $3,166
Option 3 $371 $1,129 $1,906 $3,941
3. a. If you annuitize your Contract and the proceeds are settled under
Settlement Options 3 or 3A (life income with annuity options) (assum
ing maximum fees and expenses of any of the Fund portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $1,001 $1,103 $1,864 $3,862
Option 2 $1,052 $1,261 $2,120 $4,331
Option 3 $1,130 $1,500 $2,500 $5,000
- --------------------------------------------------------------------------------
8 Summary of the Contract
b. If you annuitize your Contract and the proceeds are settled under
Settlement Options 3 or 3A (life income with annuity options)
(assumb. ing minimum fees and expenses of any of the Fund
portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $ 879 $ 715 $1,225 $2,626
Option 2 $ 931 $ 880 $1,499 $3,166
Option 3 $1,010 $1,129 $1,906 $3,941
- --------------------------------------------------------------------------------
4. a. If you annuitize your Contract and the proceeds are settled under
Settlement Options 1, 2 or 4 (annuity income without life contingen
cies) (assuming maximum fees and expenses of any of the Fund
portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $1,001 $1,667 $2,347 $3,862
Option 2 $1,052 $1,815 $2,589 $4,331
Option 3 $1,130 $2,040 $2,950 $5,000
- --------------------------------------------------------------------------------
b. If you annuitize your Contract and the proceeds are settled under
Settlement Options 1, 2 or 4 (annuity income without life contingen
cies) (assuming minimum fees and expenses of any of the Fund
portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $ 879 $1,302 $1,741 $2,626
Option 2 $ 931 $1,457 $2,001 $3,166
Option 3 $1,010 $1,691 $2,387 $3,941
- --------------------------------------------------------------------------------
For the purposes of the Fee Tables and the Example, we assume that the Contract
is owned during the accumulation period. On and after the annuity starting date,
different fees and charges will apply. (See "Charges and Deductions.")
OTHER CONTRACTS
We offer a variety of fixed and variable annuity contracts. They may offer
features, including investment options, fees and/or charges that are different
from those in the contracts offered by this Prospectus. Not every contract is
offered through the same distributor. Upon request, your registered
representative can show you information regarding other annuity contracts that
he or she distributes. You can also contact us to find out more about any MONY
Life Insurance Company of America annuity contracts.
CONDENSED FINANCIAL INFORMATION
Please see Appendix B at the end of this prospectus for the unit values and the
number of units outstanding as of the end of the period shown for each of the
variable investment options available as of December 31, 2007.
Summary of the Contract 9
2. Who is MONY Life Insurance Company of America?
- --------------------------------------------------------------------------------
MONY LIFE INSURANCE COMPANY OF AMERICA
We are MONY Life Insurance Company of America (the "Company"), an Arizona stock
life insurance corporation organized in 1969. The Company is an indirect,
wholly-owned subsidiary of AXA Financial, Inc., a holding company, which is
itself an indirect, wholly-owned subsidiary of AXA SA ("AXA"). AXA is a French
holding company for an international group of insurance and related financial
services companies. As the ultimate sole shareholder of the Company, and under
its other arrangements with the Company and parent, AXA exercises significant
influence over the operations and capital structure of the Company and its
parent. AXA holds its interest in the Company through a number of other
intermediate holding companies, including Oudinot Participations, AXA America
Holdings, Inc., AXA Equitable Financial Services, LLC, and MONY Life Insurance
Company, a life insurance company. The Company is obligated to pay all amounts
that are promised to be paid under the contracts. No company other than the
Company, however, has any legal responsibility to pay amounts that the Company
owes under the contracts.
AXA Financial, Inc. and its consolidated subsidiaries managed approximately
$888.6 billion in assets as of December 31, 2007. The Company is licensed to
sell life insurance and annuities in forty-nine states (not including New York),
the District of Columbia, and Puerto Rico. Our home office is located at 1290
Avenue of the Americas, New York, NY 10104.
On July 8, 2004, AXA Financial, Inc. acquired The MONY Group Inc., which was,
prior to that date, the parent company of the Company. The process of
integrating the business operations of the Company with those of AXA Financial
was completed in 2005.
HOW TO REACH US
To obtain (1) any forms you need for communicating with us, (2) unit values and
other values under your policy, and (3) any other information or materials that
we provide in connection with your Contract or the Portfolios, you may
communicate with our processing office as listed below for the purposes
described. Please refer to "Telephone/ Fax/Web Transactions" for effective dates
for processing telephone, Internet, and facsimile requests, later in this
prospectus. Certain methods of contacting us, such as by telephone or
electronically may be unavailable or delayed (for example our fax service may
not be available at all times and/or we may be unavailable due to emergency
closing). In addition, the level and type of service available may be restricted
based on criteria established by us.
- --------------------------------------------------------------------------------
BY MAIL:
- --------------------------------------------------------------------------------
For contract owner inquiries, write our Operations Center:
MONY Life Insurance Company of America
Policyholder Services
100 Madison Street
Syracuse, New York 13202
- --------------------------------------------------------------------------------
BY TOLL-FREE PHONE:
- --------------------------------------------------------------------------------
Our automated voice response system is normally available 7 days a week, 24
hours a day at 1-800-487-6669. Customer service representatives are available
weekdays from 9:00 a.m. to 5:00 p.m. Eastern Time.
- --------------------------------------------------------------------------------
BY INTERNET:
- --------------------------------------------------------------------------------
If you are an AXA Advisors client, our Website is www.axaonline.com. All other
clients may access EQAccess by visiting our other Website at
www.axa-equitable.com. Our Websites provide access to account information and
customer service. After enrolling and setting up a password, you can view
account details, perform certain transactions, print customer service forms and
find answers to Frequently Asked Questions (FAQs).
You can also change your allocation percentages, transfer among investment
options, make a payment, and/or change your address (1) by toll-free phone, (2)
over the Internet, through EQAccess, or (3) by writing our Operations Center.
For more information about the transaction requests you can make by phone, fax
or internet, see "Telephone/fax/web transactions" later in this prospectus.
MONY AMERICA VARIABLE ACCOUNT A
MONY America Variable Account A is a separate investment account of the Company.
Presently, only Purchase Payments for individual flexible payment variable
annuity contracts are permitted to be allocated to MONY America Variable Account
A. The assets in MONY America Variable Account A are kept separate from the
General Account assets and other separate accounts of the Company.
The Company owns the assets in MONY America Variable Account A. The Company is
required to keep assets in MONY America Variable Account A that equal the total
market value of the contract liabilities funded by MONY America Variable Account
A. Realized or unrealized income gains or losses of MONY America Variable
Account A are credited or charged against MONY America Variable Account A assets
without regard to the other income, gains or losses of the Company. Reserves and
other liabilities under the contracts are assets of MONY America Variable
Account A. MONY America Variable Account A assets are not chargeable with
liabilities of the Company's other businesses. The assets of MONY America
Variable Account A are, however, available to cover the liabilities of our
General Account to the extent that the assets of MONY America Variable Account A
exceed the liabilities of the contracts supported by it. The amount of some of
our obligations under the Contracts is based on the assets in MONY America
Variable Account A. However, the obligations themselves are obligations of the
Company.
MONY America Variable Account A was authorized by the Board of Directors of the
Company and established under Arizona law on March 27, 1987. MONY America
Variable Account A is registered
10 Who is MONY Life Insurance Company of America?
under the Investment Company Act of 1940 ("the 1940 Act") and is registered and
classified under that act as a "unit investment trust". The SEC, however, does
not manage or supervise the Company or MONY America Variable Account A. Although
MONY America Variable Account A is registered, the Securities and Exchange
Commission (the "SEC") does not monitor the activity of MONY America Variable
Account A on a daily basis. The Company is not required to register, and is not
registered, as an investment company under the 1940 Act. A unit investment trust
is a type of investment company. For state law purposes, MONY America Variable
Account A is treated as a part or division of the Company.
MONY America Variable Account A is divided into subdivisions called subaccounts.
Each subaccount invests only in shares of a designated portfolio of the Funds.
For example, the EQ/Long Term Bond Subaccount invests solely in shares of the EQ
Advisors Trust EQ/Long Term Bond Portfolio. These portfolios serve only as the
underlying investment for variable annuity and variable life insurance contracts
issued through separate accounts of the Company or other life insurance
companies. The portfolios may also be available to certain pension accounts. The
portfolios are not available directly to individual investors. Income and
realized and unrealized gains or losses from assets of each subaccount are
credited to or charged against that subaccount without regard to income, gains
or losses in the other subaccounts, our General Account, or any other separate
accounts. We reserve the right to credit or charge a subaccount in a different
manner if required, or appropriate, by reason of a change in the law. In the
future, we reserve the right, in compliance with the laws that apply, to
establish additional subaccounts; eliminate subaccounts; combine two or more
subaccounts; transfer the assets we determine to be the shares of the class of
contracts to which the contracts belong from any subaccount to another
subaccount; restrict or eliminate any voting rights as to the MONY America
Variable Account A; and cause one or more subaccounts to invest some or all of
their assets in one or more other trusts or investment companies of MONY America
Variable Account A if marketing needs, tax conditions or investment conditions
warrant. Future subaccounts may invest in other portfolios of the Funds or in
other securities, as permitted by applicable law. Any new subaccounts may be
made available to existing contracts on a basis to be determined by us. If any
of these changes are made, we may, by appropriate endorsement, change the
Contract to reflect the change.
Who is MONY Life Insurance Company of America? 11
3. The Funds
- --------------------------------------------------------------------------------
Each available subaccount of MONY America Variable Account A will invest only in
the shares of the Funds. There is a separate subaccount which corresponds to
each portfolio of a Fund offered under the Contract. The Funds are registered
with the SEC under the 1940 Act. The Funds, or any of them, may withdraw from
sale any or all the respective portfolios as allowed by applicable law. Not all
Funds may be available in all states or in all markets.
You should note that some portfolios have objectives and strategies that are
substantially similar to those of certain funds that are purchased directly
rather than under a variable insurance product such as the Contract. These
portfolios may even have the same manager(s) and/or a similar name. However,
there are numerous factors that can contribute to differences in performance
between two investments, particularly over short periods of time. Such factors
include fees; the timing of stock purchases and sales; differences in fund cash
flows; and specific strategies employed by the portfolio manager.
The AXA Allocation Portfolios offer contract owners a convenient opportunity to
invest in other portfolios that are managed and have been selected for
inclusion in the AXA Allocation Portfolios by AXA Equitable Life Insurance
Company ("AXA Equitable"), the investment manager of the AXA Premier VIP Trust
and EQ Advisors Trust. AXA Advisors, LLC, an affiliated broker-dealer of the
Company, may promote the benefits of such portfolios to contract owners and/or
suggest, incidental to the sale of this Contract, that contract owners consider
whether allocating some or all of their account value to such portfolios is
consistent with their desired investment objectives. In doing so, AXA
Equitable, and/or its affiliates, may be subject to conflicts of interest
insofar as AXA Equitable may derive greater revenues from the AXA Allocation
Portfolios than certain other portfolios available to you under your Contract.
Please see "Payment and allocation of Purchase Payment" in "Detailed
information about the Contract" for more information about your role in
managing your allocations.
For some portfolios, AXA Equitable has entered into sub-advisory agreements with
investment advisers (the "sub-advisers") to carry out the day-to-day investment
decisions for the portfolios. As such, AXA Equitable oversees the activities of
the sub-advisers with respect to the Trusts and is responsible for retaining or
discontinuing the services of those sub-advisers. The chart below indicates the
investment manager or sub-adviser(s), as applicable for each portfolio.
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio Name Objective Investment Manager (or Sub-Adviser(s), as
applicable)
- -----------------------------------------------------------------------------------------------------------------------------------
AIM VARIABLE INSURANCE
FUNDS -- SERIES I SHARES
- -----------------------------------------------------------------------------------------------------------------------------------
AIM V.I. FINANCIAL SERVICES The fund's investment objective is capital growth. Invesco Aim Advisors, Inc. (sub-advised by
FUND advisory entities affiliated with Invesco
Aim Advisors, Inc.)
- -----------------------------------------------------------------------------------------------------------------------------------
AIM V.I. GLOBAL HEALTH CARE The fund's investment objective is capital growth. Invesco Aim Advisors, Inc. (sub-advised by
FUND advisory entities affiliated with Invesco
Aim Advisors, Inc.)
- -----------------------------------------------------------------------------------------------------------------------------------
AIM V.I. TECHNOLOGY FUND The fund's investment objective is capital growth. Invesco Aim Advisors, Inc. (sub-advised by
advisory entities affiliated with Invesco
Aim Advisors, Inc.)
- -----------------------------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST --
CLASS A AND CLASS B SHARES
- -----------------------------------------------------------------------------------------------------------------------------------
AXA AGGRESSIVE ALLOCATION* Seeks long-term capital appreciation. o AXA Equitable
- -----------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE Seeks a high level of current income. o AXA Equitable
ALLOCATION*
- -----------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE-PLUS Seeks current income and growth of capital, with a o AXA Equitable
ALLOCATION* greater emphasis on current income.
- -----------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE ALLOCATION* Seeks long-term capital appreciation and current income. o AXA Equitable
- -----------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE-PLUS Seeks long-term capital appreciation and current income, o AXA Equitable
ALLOCATION* with a greater emphasis on capital appreciation.
- -----------------------------------------------------------------------------------------------------------------------------------
12 The Funds
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio Name Objective Investment Manager (or Sub-Adviser(s), as
applicable)
- -----------------------------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST --
CLASS A AND CLASS B SHARES
- -----------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER HIGH YIELD High total return through a combination of current o Pacific Investment Management Company,
income and capital appreciation. LLC
o Post Advisory Group, LLC
- -----------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER SMALL CAP Long-term growth of capital. o Eagle Asset Management, Inc.
GROWTH
o Wells Capital Management Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST CLASS 1A
AND 1B SHARES
- -----------------------------------------------------------------------------------------------------------------------------------
ALL ASSET ALLOCATION Seeks long-term capital appreciation and current income. o AXA Equitable
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
CAP GROWTH
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN VALUE Seeks to achieve capital appreciation. o AllianceBernstein L.P.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK BASIC VALUE Seeks to achieve capital appreciation and secondarily, o BlackRock Investment Management LLC
EQUITY income.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/BOSTON ADVISORS EQUITY Seeks to achieve a combination of growth and income to o Boston Advisors, LLC
INCOME achieve an above-average and consistent total return.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CALVERT SOCIALLY Seeks to achieve long-term capital appreciation. o Calvert Asset Management Company, Inc.
RESPONSIBLE
o Bridgeway Capital Management, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
RESEARCH
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP Seeks to achieve long-term growth of capital. o Fidelity Management & Research Company
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO MERGERS AND Seeks to achieve capital appreciation. o GAMCO Asset Management Inc.
ACQUISITIONS
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO SMALL COMPANY Seeks to maximize capital appreciation. o GAMCO Asset Management Inc.
VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/GOVERNMENT SECURITIES Seeks to maximize income and capital appreciation o BlackRock Financial Management, Inc.
through investment in the highest credit quality debt
obligations.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN CORE BOND Seeks to provide a high total return consistent with mod- o JPMorgan Investment Management Inc.
erate risk to capital and maintenance of liquidity.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/LONG TERM BOND Seeks to maximize income and capital appreciation o BlackRock Financial Management, Inc.
through investment in long-maturity debt obligations.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT GROWTH AND Seeks capital appreciation and growth of income without o Lord, Abbett & Co., LLC
INCOME excessive fluctuation in market value.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT MID CAP Seeks to achieve capital appreciation. o Lord, Abbett & Co., LLC
VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/MONEY MARKET Seeks to obtain a high level of current income, preserve o The Dreyfus Corporation
its assets and maintain liquidity.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/MONTAG & CALDWELL Seeks to achieve capital appreciation. o Montag & Caldwell, Inc.
GROWTH
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO REAL RETURN Seeks maximum real return consistent with preservation o Pacific Investment Management Company,
of real capital and prudent investment management. LLC
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/SHORT DURATION BOND Seeks to achieve current income with reduced volatility o BlackRock Financial Management, Inc.
of principal.
- -----------------------------------------------------------------------------------------------------------------------------------
The Funds 13
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio Name Objective Investment Manager (or Sub-Adviser(s), as
applicable)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST CLASS 1A
AND 1B SHARES
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY INDEX Seeks to replicate as closely as possible (before the o AllianceBernstein L.P.
deduction of Portfolio expenses) the total return of the
Russell 2000 Index.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital o UBS Global Asset Management
appreciation with income as a secondary consideration. (Americas) Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN EMERGING Seek to achieve long-term capital appreciation. o Morgan Stanley Investment Management Inc.
MARKETS EQUITY
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN MID CAP Capital growth. o Morgan Stanley Investment Management Inc.
GROWTH
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN REAL ESTATE Seeks to provide above average current income and long- o Morgan Stanley Investment Management Inc.
term capital appreciation.
- -----------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON VARI-
ABLE INSURANCE PRODUCTS
TRUST -- CLASS 2
- -----------------------------------------------------------------------------------------------------------------------------------
FRANKLIN INCOME SECURITIES Seeks to maximize income while maintaining prospects Franklin Advisers, Inc.
FUND for capital appreciation.
- -----------------------------------------------------------------------------------------------------------------------------------
FRANKLIN RISING DIVIDENDS Seeks long-term capital appreciation, with preservation Franklin Advisory Services, LLC
SECURITIES FUND of capital as an important consideration.
- -----------------------------------------------------------------------------------------------------------------------------------
FRANKLIN ZERO COUPON FUND Seeks to provide as high an investment return as is Franklin Advisers, Inc.
2010 consistent with capital preservation.
- -----------------------------------------------------------------------------------------------------------------------------------
JANUS ASPEN SERIES --
SERVICE SHARES
- -----------------------------------------------------------------------------------------------------------------------------------
FORTY PORTFOLIO** Seeks long-term growth of capital. Janus Capital Management LLC
- -----------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH Seeks long-term growth of capital. Janus Capital Management LLC
PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
MFS(R) VARIABLE INSUR-
ANCE TRUST(SM) -- INITIAL
CLASS
- -----------------------------------------------------------------------------------------------------------------------------------
MFS(R) UTILITIES SERIES The fund's investment objective is to seek total return. Massachusetts Financial Services Company
- -----------------------------------------------------------------------------------------------------------------------------------
OPPENHEIMER VARIABLE
ACCOUNT FUNDS -- SERVICE
CLASS
- -----------------------------------------------------------------------------------------------------------------------------------
OPPENHEIMER GLOBAL Seeks to achieve capital appreciation. OppenheimerFunds, Inc.
SECURITIES FUND/VA
- -----------------------------------------------------------------------------------------------------------------------------------
PIMCO VARIABLE INSURANCE
TRUST -- ADMINISTRATIVE
CLASS
- -----------------------------------------------------------------------------------------------------------------------------------
GLOBAL BOND PORTFOLIO Seeks to maximize total return, consistent with pre- Pacific Investment Management Company, LLC
(UNHEDGED) servation of capital and prudent investment management.
- -----------------------------------------------------------------------------------------------------------------------------------
STOCKSPLUS GROWTH AND An enhanced S&P 500 index strategy that seeks total Pacific Investment Management Company, LLC
INCOME PORTFOLIO return, which exceeds the return of the S&P 500 Index.
- -----------------------------------------------------------------------------------------------------------------------------------
PROFUNDS -- INSURANCE
SHARES
- -----------------------------------------------------------------------------------------------------------------------------------
PROFUND VP BEAR Seeks daily investment results, before fees and expenses, ProFund Advisors
that correspond to the inverse (opposite) of the daily
performance of the S&P 500 Index.
- -----------------------------------------------------------------------------------------------------------------------------------
14 The Funds
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio Name Objective Investment Manager (or Sub-Adviser(s), as
applicable)
- -----------------------------------------------------------------------------------------------------------------------------------
PROFUNDS -- INSURANCE
SHARES
- -----------------------------------------------------------------------------------------------------------------------------------
PROFUND VP RISING RATES Seeks daily investment results, before fees and ProFund Advisors
OPPORTUNITY expenses, that correspond to the one and one-quarter
times (125%) the inverse (opposite) of the daily
price move ment of the most recently issued 30-year
U.S. Treasury Bond ("Long Bond").
- -----------------------------------------------------------------------------------------------------------------------------------
PROFUND VP ULTRABULL Seeks daily investment results, before fees and ProFund Advisors
expenses that correspond to twice (200%) the daily
performance of the S&P 500 Index.
- -----------------------------------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL
FUNDS, INC. -- SHARE CLASS I
- -----------------------------------------------------------------------------------------------------------------------------------
GLOBAL VALUE EQUITY Seeks long-term capital appreciation by investing Morgan Stanley Investment Management Inc.
PORTFOLIO primarily in equity securities of issuers throughout (sub-advised by Morgan Stanley Investment
the world, including U.S. issuers. Management Limited)
- -----------------------------------------------------------------------------------------------------------------------------------
* The "AXA Allocation" portfolios.
** Unlike the other Funds, the Janus Aspen Series Forty Portfolio is a
non-diversified, open-end management investment company. A nondiversified
Fund may hold a larger position in a smaller number of securities than a
diversified Fund. This means that a single security's increase or decrease
in value may have a greater impact on the return and net asset value of a
non-diversified Fund than a diversified Fund.
You should consider the investment objectives, risks and charges and expenses of
the portfolios carefully before investing. Share classes, where applicable, are
defined in the corresponding Fund prospectus. The prospectuses for the Fund
contain this and other important information about the portfolios. The
prospectuses should be read carefully before investing. In order to obtain
copies of Fund prospectuses that do not accompany this prospectus, you may call
one of our customer service representatives at 1-800-487-6669.
Each Owner should periodically review their allocation of Purchase Payments and
Fund Values among the subaccounts and the Guaranteed Interest Account with
Market Value Adjustment in light of their current objectives, the current market
conditions, and the risks of investing in each of the Funds' various portfolios.
A full description of the objectives, policies, restrictions, risks and expenses
for each of the Funds' portfolios can be found in the prospectus for each of the
Funds.
The Funds 15
PURCHASE OF PORTFOLIO SHARES BY MONY AMERICA VARIABLE ACCOUNT A
MONY America Variable Account A will buy and redeem shares from the Funds at net
asset value. Shares will be redeemed when needed for the Company to:
o Collect charges under the Contracts;
o Pay Cash Value on full surrenders of the Contracts;
o Fund partial surrenders;
o Provide benefits under the Contracts; or
o Transfer assets from one subaccount to another or between one or more
subaccounts of MONY America Variable Account A and the Guaranteed Interest
Account with Market Value Adjustment as requested by Owners.
Any dividend or capital gain distribution received from a portfolio of a Fund
will be:
o Reinvested immediately at net asset value in shares of that portfolio; or
o Kept as assets of the corresponding subaccount.
- --------------------------------------------------------------------------------
CASH VALUE -- The Contract's Fund Value, less (1) any applicable surrender
charge, (2) any outstanding debt, and (3) any applicable market value
adjustment.
- --------------------------------------------------------------------------------
Shares of the Funds are not sold directly to the general public. They are sold
to the Company, and may be sold to other insurance companies that issue variable
annuity and variable life insurance contracts. In addition, they may be sold to
retirement plans.
When a Fund sells shares in any of its portfolios both to variable annuity and
to variable life insurance company separate accounts, it engages in mixed
funding. When a Fund sells shares in any of its portfolios to separate accounts
of unaffiliated life insurance companies, it engages in shared funding. Each
Fund may engage in mixed and shared funding. Therefore, due to differences in
redemption rates or tax treatment, or other considerations, the interests of
various shareholders participating in a Fund could conflict.
The Boards of Directors or Trustees of each of the Funds monitors the respective
Fund for the existence of material irreconcilable conflict between the interests
of variable annuity Owners and variable life insurance Owners. The Boards shall
report any such conflict to the boards of the Company and its affiliates. The
Boards of Directors of the Company and its affiliates have agreed to be
responsible for reporting any potential or existing mixed and shared funding
conflicts to the Directors and Trustees of each of the relevant Funds. The
Boards of Directors of the Company and its affiliates will remedy any conflict
at their own cost. The remedy may include establishing a new registered
management investment company and segregating the assets underlying the variable
annuity contracts and the variable life insurance contracts.
The investment objectives and policies of certain portfolios are similar to the
investment objectives and policies of other portfolios that may be managed by
the same investment adviser or manager. The investment results of the
portfolios, however, may be higher or lower than the results of such other
portfolios. There can be no assurance, and no representation is made that the
investment results of any of the portfolios will be comparable to the investment
results of any other portfolio, even if the other portfolio has the same
investment adviser or manager, or if the other portfolio has a similar name.
16 The Funds
4. Detailed information about the Contract
- --------------------------------------------------------------------------------
The Fund Value in MONY America Variable Account A and in the Guaranteed Interest
Account with Market Value Adjustment provide many of the benefits of your
Contract. The information in this section describes the benefits, features,
charges and major provisions of the Contract and the extent to which those
depend upon the Fund Value, particularly the Fund Value in MONY America Variable
Account A. There may be differences in your Contract such as differences in
fees, charges, and benefits because of the state where we issued your Contract.
We will include any such differences in your Contract. If we issued your
Contract in the State of Washington, please see Appendix A.
PAYMENT AND ALLOCATION OF PURCHASE PAYMENTS
ISSUE AGES
The issue ages for the two benefit option packages available under the Contract
vary as per the table below. The maximum issue age of the Annuitant for Option 1
is 85. The maximum issue age of the Annuitant for Option 2 is 79. For Option 3,
it was 79.
- --------------------------------------------------------------------------------
Option 1 Option 2 Option 3*
- --------------------------------------------------------------------------------
Annuitant Issue
Ages 0-85 0-79 0-79
- --------------------------------------------------------------------------------
* As of November 29, 2004, Option 3 is no longer available for new business.
ISSUANCE OF THE CONTRACT
Disclosure regarding contract issuance and minimum initial Purchase Payments is
for informational purposes only. This Contract is no longer available to new
purchasers.
The Contract is between you and the Company. The Contract is not an investment
advisory account, and the Company is not providing any investment advice or
managing the allocations under your Contract. In the absence of a specific
written arrangement to the contrary, you as the owner of the Contract, have the
sole authority to make investment allocations and other decisions under the
Contract. Your AXA Advisors' financial professional is acting as a
broker-dealer registered representative, and is not authorized to act as an
investment advisor or to manage the allocations under your Contract. If your
financial professional is a registered representative with a broker-dealer
other than AXA Advisors, you should speak with him/her regarding any different
arrangements that may apply.
Individuals who want to buy a Contract must:
(1) complete an application;
(2) personally deliver the application to
(a) a licensed agent of the Company who is also a registered
representative of AXA Advisors, LLC or AXA Distributors, LLC
(together, the "Distributors") who act as the principal underwriters
for the Contracts, or
(b) a licensed agent who is also a registered representative of a broker
dealer which had been authorized by the Distributors to sell the
Contract; and
(3) pay the minimum initial Purchase Payment.
If we receive a completed application and all other information necessary for
processing a purchase order at our Operations Center, we will apply your initial
Purchase Payment no later than two Business Days after we receive the order.
While attempting to finish an incomplete application, we may hold your initial
Purchase Payment for no more than five Business Days. If an incomplete
application cannot be completed within those five days, we will inform you of
the reasons, and will return your Purchase Payment immediately (unless you
specifically authorize us to keep it until the application is complete). Once
you complete your application, we must apply the initial Purchase Payment within
two Business Days. We will apply any additional Purchase Payments you make on
the Business Day we receive them at our Operations Center.
The Contract may be used with certain tax qualified plans. The Contract includes
attributes such as tax deferral on accumulated earnings. Qualified retirement
plans provide their own tax deferral benefit; the purchase of this Contract does
not provide additional tax deferral benefits beyond those provided in the
qualified plan. Accordingly, if you are purchasing this Contract, you should
purchase it for its death benefit, annuity benefits, and other non-tax related
benefits. Please consult a tax adviser for information specific to your
circumstances in order to determine whether the Contract is an appropriate
investment for you.
The minimum initial Purchase Payment for individuals varies depending upon the
use of the Contract, the method of purchase and the benefit option package
selected. The chart below shows the minimum initial Purchase Payment for each
situation.
Detailed information about the Contract 17
- --------------------------------------------------------------------------------------------------------------------------------
Use of Contract or Method of Making Purchase Payment Minimum Initial Purchase Payment
- --------------------------------------------------------------------------------------------------------------------------------
Individual retirement accounts and annuities under Section 408 of the Code $2,000
(other than Simplified Employee Pensions), including Roth IRAs under Section
408A of the Code (no longer available to new purchasers).
- --------------------------------------------------------------------------------------------------------------------------------
Non-Qualified Contracts (no longer available to new purchasers). Option 1 -- $5,000
Option 2 -- $10,000
Option 3 -- $10,000
- --------------------------------------------------------------------------------------------------------------------------------
H.R. 10 plans (self-employed individuals' retirement plans under Section 401 of $ 600
the Code) (no longer available to new purchasers) and Simplified Employee Pen-
sions under Section 408 of the Code (no longer available to new purchasers).
- --------------------------------------------------------------------------------------------------------------------------------
Certain corporate or association retirement plans. $ 600
- --------------------------------------------------------------------------------------------------------------------------------
Annuity purchase plans sponsored by certain tax-exempt organizations, govern- $ 600
mental entities and deferred compensation plans under Section 457 of the Code.
- --------------------------------------------------------------------------------------------------------------------------------
Payroll deduction and automatic checking account withdrawal plans. Annualized rate of $600 (i.e., $600 per year,
$300 semiannually, $150 quarterly or $50 per
month)
- --------------------------------------------------------------------------------------------------------------------------------
Government Allotment Plans $50 per month
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
GOVERNMENT ALLOTMENT PLANS -- Payroll deduction plans used for financial
products by government employees.
- --------------------------------------------------------------------------------
Additional Purchase Payments may be made at any time--before the annuity
starting date as long as the Annuitant is living. However, for certain automatic
payment plans, the smallest additional payment is $50.
The Company reserves the right to revise its rules from time to time to specify
different minimum Purchase Payments for such plans. In addition, the prior
approval of the Company is needed before it will accept a Purchase Payment if
that would cause Cumulative Purchase Payments, less any partial surrenders and
their surrender charges and market value adjustments, to exceed $1,500,000.
The Company reserves the right to reject an application for any reason permitted
by law.
Net Purchase Payments received before the Effective Date will be held in the
Company's General Account and will be credited with interest at not less than
3.50% per year if:
(1) the Contract is issued by the Company, and
(2) the Contract is delivered to the Owner.
No interest will be paid if the Contract is not issued or if it is declined by
the Owner.
These amounts will be held in that account pending end of the right to return
contract period. (See below.)
- --------------------------------------------------------------------------------
EFFECTIVE DATE -- The date the contract begins as shown in the Contract.
- --------------------------------------------------------------------------------
TAX-FREE 'SECTION 1035' EXCHANGES
The Owner can generally exchange one annuity contract for another in a 'tax-free
exchange' under Section 1035 of the Internal Revenue Code. Similar rules may
apply to changing the funding vehicle in a Qualified Plan. Before making the
exchange, the Owner should compare both contracts carefully. Remember that if
you exchange another contract for the one described in this prospectus, you
might have to pay a surrender charge on the old contract. There will be a new
surrender charge period for this Contract and other charges may be higher (or
lower) and the benefits may be different. If the exchange does not qualify for
Section 1035 treatment, the Owner may have to pay federal income tax, and
penalty taxes on the exchange. The Owner should not exchange another contract
for this one unless he or she determines, after knowing all the facts, that the
exchange is in the Owner's best interest and not just better for the person
trying to sell the Owner this Contract (that person will generally earn a
commission if the Owner buys this Contract through an exchange or otherwise).
RIGHT TO RETURN CONTRACT PROVISION
The Owner may return the Contract during the right to return contract period
(usually within 10 days) of the delivery date. The Contract must be returned to
the Company or any agent of the Company. When the Company receives the Contract,
it will be voided as if it were never in effect. Unless state law requires
otherwise, the amount to be refunded is equal to the Purchase Payments received
by the Company, less any partial surrenders you made. During the right to return
contract period, Purchase Payments will be retained in the Company's General
Account and will earn interest at a rate not less than 3.50% per year. If you
have not returned the Contract at the end of the right to return contract
period, we transfer the Net Purchase Payments with interest to the subaccounts
and/or the Guaranteed Interest Account.
ALLOCATION OF PAYMENTS AND FUND VALUE
ALLOCATION OF PAYMENTS. On the application, the Owner may allocate Net Purchase
Payments to any of the available subaccounts of MONY America Variable Account A
or to the Guaranteed Interest Account with Market Value Adjustment. Net Purchase
Payments (and any interest thereon) are held in the General Account if they are
received before the end of the right to return contract period.
The portion of Net Purchase Payments allocated to the Guaranteed Interest
Account with Market Value Adjustment will be held in the Guaranteed Interest
Account with Market Value Adjustment of the General Account for the specified
period selected and will be credited with interest at the rate declared by the
Company for that specified period. The portion of Net Purchase Payments
allocated to subaccounts of MONY America Variable Account A will earn 3.50%
annual interest until the right to return contract period expires. (See "Right
to return contract provision" above.) After the right to return Contract
18 Detailed information about the Contract
period has expired, the value of Net Purchase Payments allocated to subaccounts
of MONY America Variable Account A will automatically be transferred to MONY
America Variable Account A subaccount(s) according to the Owner's percentage
allocation.
After the right to return contract period, under a non-automatic payment plan,
if the Owner does not:
(1) specify the amount to be allocated among subaccounts, or
(2) specify the percentage to be allocated among subaccounts, or
(3) the amount or percentage specified is incorrect or incomplete,
the Net Purchase Payments will be allocated under the Owner's most recent
instructions on record with the Company. The percentage specified must not be
less than 5% of the Net Purchase Payment. Allocation percentages must total
100%. For automatic payment plans, Net Purchase Payments will be allocated
according to the Owner's most recent instructions on record.
The Owner may change the specified allocation formula for future Net Purchase
Payments at any time without charge by sending written notification to the
Company at the Operations Center. Prior allocation instructions may also be
changed by telephone, facsimile or via the web subject to the rules of the
Company and its right to terminate or modify telephone, facsimile or via the web
allocation. The Company reserves the right to deny any telephone, facsimile or
via the web allocation request. (See "Telephone/fax/web transactions.") Any such
change, whether made in writing or by telephone, facsimile or via the web, will
be effective seven days after we receive notice of the change in accordance with
the requirements of state insurance departments and the Investment Company Act
of 1940.
Contracts issued in Maryland, Massachusetts, New Jersey, Oklahoma, Oregon,
Pennsylvania, South Carolina, Texas and Washington must maintain a minimum Fund
Value balance of $2,500 in the Guaranteed Interest Account with Market Value
Adjustment when an allocation to said account is chosen.
CALCULATING UNIT VALUES FOR EACH SUBACCOUNT
When allocated Net Purchase Payments are received they are credited to
subaccounts of MONY America Variable Account A in the form of units. The number
of units is determined by dividing the dollar amount allocated to a particular
subaccount by the unit value for that subaccount for the Business Day on which
the Purchase Payment is received.
To determine the unit value of a subaccount on each Business Day, the Company
takes the prior Business Day's unit value and multiplies it by the Net
Investment Factor for the current Business Day. The Net Investment Factor is
used to measure the investment performance of a subaccount from one Business Day
to the next. The Net Investment Factor for each subaccount equals:
(1) the net asset value per share of each Fund held in the sub account
at the end of the current Business Day divided by
(2) the net asset value per share of each Fund held in the sub account
at the end of the prior Business day, minus
(3) the daily mortality and expense risk charge and any other applicable
charges adjusted for the number of calendar days in the period.
The unit value of these subaccounts may increase, decrease or remain the same
from Business Day to Business Day. The unit value depends on the investment
performance of the portfolio of the Fund in which the subaccount invests and any
expenses and charges deducted from MONY America Variable Account A. The Owner
bears the entire investment risk. Owners should periodically review their
allocations of payments and values in light of market conditions and overall
financial planning requirements.
CALCULATION OF GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT FUND
VALUE
Net Purchase Payments to be allocated to the Guaranteed Interest Account with
Market Value Adjustment will be credited to the Accumulation Period chosen by
the Owner on
(1) the date received at the Operations Center, or
(2) if the day Net Purchase Payments are received is not a Busi ness
Day, then on the next Business Day.
Interest will be credited daily.
CALCULATION OF FUND VALUE
The Contract's Fund Value will reflect:
o The investment performance of the selected subaccount(s) of MONY America
Variable Account A.
o Amounts credited (including interest) to the Guaranteed Interest Account
with Market Value Adjustment.
o Any Net Purchase Payments.
o Any transfer charges.
o Any partial surrenders.
o Any outstanding debt.
o All contract charges (including surrender charges and market value
adjustments) imposed.
There is no guaranteed minimum Fund Value, except to the extent Net Purchase
Payments have been allocated to the Guaranteed Interest Account with Market
Value Adjustment. Because a Contract's Fund Value at any future date will be
dependent on a number of variables, it cannot be predetermined.
The Fund Value will be computed first on the Effective Date and thereafter on
each Business Day. On the Effective Date, the Contract's Fund Value will be the
Net Purchase Payments received on or before the Effective Date plus any interest
credited on those Payments during the period when Net Purchase Payments are held
in the General Account. (See "Issuance of the Contract".)
After amounts allocated to the subaccounts are transferred from the General
Account to MONY America Variable Account A, on each Business Day, the Contract's
Fund Value will be computed as follows:
(1) Determine the aggregate of the Fund Values attributable to the
Contract in each of the subaccounts on that Business Day. This is
done by multiplying the subaccount's unit value on that date by the
number of subaccount units allocated to
Detailed information about the Contract 19
the Contract. The computation of the Contract's Fund Value in the
subaccount is done before any other Contract transactions on that
Business Day.
(2) Add any amount credited to the Guaranteed Interest Account with
Market Value Adjustment before that Business Day. This amount is the
aggregate of all Net Purchase Payments allocated to the Guaranteed
Interest Account with Market Value Adjustment and:
o The addition of any interest credited.
o Addition or subtraction of any amounts transferred.
o Subtraction of any partial surrenders.
o Subtraction of any contract charges, surrender charges,
transfer charges, and any Market Value Adjustments
(3) Add the value held in the loan account to secure contract loans and
interest credited on that day on that amount;
(4) Add any Net Purchase Payment received on that Business Day;
(5) Subtract any partial surrender amount (reflecting any surren der
charge and Market Value Adjustment) made on that Business Day;
(6) Subtract any annual contract charge and/or transfer charge
deductible on that Business Day.
Regarding (1) above, for each subaccount we multiply the number of units
credited to that subaccount by its unit Value on that Business Day. The
multiplication is done before the purchase or redemption of any units on that
Business Day.
If a transaction would ordinarily require that the Contract's Fund Value be
computed for a day that is not a Business Day, the next following Business Day
will be used.
TRANSFERS. You may transfer the value of the Contract among the subaccounts
after the right to return contract period has expired by sending a proper
written request to the Company's Operations Center. Transfers may be made by
telephone, facsimile or via the web if proper authorization has been received at
the Company's Operations Center. (See "Telephone/fax/web transactions.")
Transfers will be executed at the net asset value next calculated by the Company
if the transfer instruction is received and acknowledged by 4:00 p.m., Eastern
Time on a day on which the New York Stock Exchange is open for business. If the
New York Stock Exchange is not open for business on the day of receipt, the
transfer instruction will be executed at the net asset value calculated at the
close of business on the first day thereafter on which the New York Stock
Exchange is open for business. Such transfers are subject to the Company's rules
and conditions for such privilege. Currently, there are no limitations on the
number of transfers between subaccounts. Our current transfer restrictions are
set forth in the "Disruptive transfer activity" section below.
Transfers may be postponed for any period during which
(1) the New York Stock Exchange is closed other than customary weekend and
holiday closings, or
(2) trading on the New York Stock Exchange is restricted as determined by the
Securities and Exchange Commission, or
(3) an emergency exists as a result of which disposal of securities held by
the Fund is not reasonably practicable or it is not reasonably practicable
to determine the value of the net assets of the Fund.
A transfer charge is not currently imposed on transfers. (See "Deductions from
fund value -- Transfer charge.") However, the Company reserves the right to
impose a charge which will not exceed $25 per transfer. If imposed the charge
will be deducted from the first subaccount(s) or the Guaranteed Interest Account
with Market Value Adjustment you designate funds to be transferred from. This
charge is in addition to the amount transferred. All transfers in a single
request are treated as one transfer transaction. A transfer resulting from the
first reallocation of Fund Value at the end of the right to return contract
period will not be subject to a transfer charge and transfers made at the end of
an Accumulation Period of amounts allocated to the Guaranteed Interest Account
with Market Value Adjustment (see below) will not be subject to a transfer
charge. Under present law, transfers are not taxable transactions.
TRANSFERS INVOLVING THE GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE
ADJUSTMENT. Transfers may be made from the Guaranteed Interest Account with
Market Value Adjustment at any time, but, if they are made before the end of the
3, 5, 7, or 10 year Accumulation Period there will be a market value adjustment
for Contracts issued in most states. If the transfer request is received within
30 days before the end of the Accumulation Period, no market value adjustment
will apply. If multiple Accumulation Periods are in effect, your transfer
request must specify from which Accumulation Period(s) we are to make the
transfer.
Contracts issued in Maryland, Massachusetts, New Jersey, Oklahoma, Oregon,
Pennsylvania, South Carolina, Texas and Washington with fund value in the
Guaranteed Interest Account with Market Value Adjustment must maintain a minimum
Fund Value in the Guaranteed Interest Account with Market Value Adjustment of
$2,500.
Please see "Payment and allocation of Purchase Payments" earlier in this section
"Detailed information about the Contract" for more information about your role
in managing your allocations.
TELEPHONE/FAX/WEB TRANSACTIONS
Prior allocation instructions may be changed or transfers requested by
telephone, fax or via the web subject to the Company's guidelines (which we
believe to be reasonable) and the Company's right to modify or terminate the
telephone/fax/web privilege. The Company reserves the right to deny any
telephone, fax or web request.
If all telephone lines are busy or the internet is not available (for example,
during periods of substantial market fluctuations), Owners may be unable to
request telephone, fax or web allocation changes or transfers by telephone, fax
or web. In such cases, an Owner would submit a written request.
We have adopted guidelines relating to changes of allocations and transfers by
telephone, fax or web which, among other things, outlines procedures designed to
prevent unauthorized instructions. If the Owner does not follow these
procedures:
20 Detailed information about the Contract
(1) the Company shall not be liable for any loss as a result of following
fraudulent telephone, fax or web instructions; and
(2) the Owner will, therefore, bear the entire risk of loss due to fraudulent
telephone, fax or web instructions.
A copy of the guidelines and our form for electing telephone/facsimile transfer
privileges is available from your financial professional or by calling us at
(800) 487-6669, Monday through Friday, 9 a.m. to 5 p.m., Eastern Time. Web
transfer privileges and a copy of the guidelines and forms are available online
at www.axaonline.com. The telephone or fax allocation and transfer privileges
may also be elected by completing the telephone or fax authorization. The
Company's form or a Contract application with a completed telephone or fax
authorization must be signed and received at the Company's Operations Center
before telephone or fax allocation instructions will be accepted. To elect web
allocation and transfer privileges, you must log on to www.AXAonline.com, and
register for online account access. This online application must be
electronically signed and received by the Company via the internet before web
transaction instructions will be accepted.
SPECIAL NOTE ON RELIABILITY. Please note that the internet or our telephone
system may not always be available. Any system, whether it is yours, your
service provider's, or your registered representative's, can experience
unscheduled outages or slowdowns for a variety of reasons. These outages or
slowdowns may delay or prevent our processing of your request. Although we have
taken precautions to help our systems handle heavy use, we cannot promise
complete reliability under all circumstances. If you are experiencing problems,
you can make your transactions by writing our Operations Center.
DISRUPTIVE TRANSFER ACTIVITY
You should note that the Contract is not designed for professional "market
timing" organizations, or other organizations or individuals engaging in a
market timing strategy. The Contract is not designed to accommodate programmed
transfers, frequent transfers or transfers that are large in relation to the
total assets of the underlying portfolio.
Frequent transfers, including market timing and other program trading or
short-term trading strategies, may be disruptive to the underlying portfolios in
which the subaccounts invest. Disruptive transfer activity may adversely affect
performance and the interests of long-term investors by requiring a portfolio to
maintain larger amounts of cash or to liquidate portfolio holdings at a
disadvantageous time or price. For example, when market timing occurs, a
portfolio may have to sell its holdings to have the cash necessary to redeem the
market timer's investment. This can happen when it is not advantageous to sell
any securities, so the portfolio's performance may be hurt. When large dollar
amounts are involved, market timing can also make it difficult to use long-term
investment strategies because a portfolio cannot predict how much cash it will
have to invest. In addition, disruptive transfers or purchases and redemptions
of portfolio investments may impede efficient portfolio management and impose
increased transaction costs, such as brokerage costs, by requiring the portfolio
manager to effect more frequent purchases and sales of portfolio securities.
Similarly, a portfolio may bear increased administrative costs as a result of
the asset level and investment volatility that accompanies patterns of excessive
or short-term trading. Portfolios that invest a significant portion of their
assets in foreign securities or the securities of small- and mid-capitalization
companies tend to be subject to the risks associated with market timing and
short-term trading strategies to a greater extent than portfolios that do not.
Securities trading in overseas markets present time zone arbitrage opportunities
when events affecting portfolio securities values occur after the close of the
overseas market but prior to the close of the U.S. markets. Securities of small-
and mid-capitalization companies present arbitrage opportunities because the
market for such securities may be less liquid than the market for securities of
larger companies, which could result in pricing inefficiencies. Please see the
prospectuses for the underlying portfolios for more information on how portfolio
shares are priced.
We currently use the procedures described below to discourage disruptive
transfer activity. You should understand, however, that these procedures are
subject to the following limitations: (1) they primarily rely on the policies
and procedures implemented by the underlying portfolios; (2) they do not
eliminate the possibility that disruptive transfer activity, including market
timing, will occur or that portfolio performance will be affected by such
activity; and (3) the design of market timing procedures involves inherently
subjective judgments, which we seek to make in a fair and reasonable manner
consistent with the interests of all policy and contract owners.
We currently require that any transfer request of $250,000 or more must be
submitted in writing to our customer service office by U.S. mail (first class).
Overnight mail is not permitted for those transfer requests. We measure the
$250,000 threshold on a daily basis and combine transfer activities for all
contracts with the same or related owner. We do not permit exceptions to this
policy. We may change this policy, and any new or revised policy will apply to
all contract owners uniformly.
We offer subaccounts with underlying portfolios that are part of the AXA Premier
VIP Trust and EQ Advisors Trust, as well as subaccounts with underlying
portfolios of outside trusts with which AXA Equitable has entered participation
agreements (the "unaffiliated trusts" and, collectively with the AXA Premier VIP
Trust and EQ Advisors Trust, the "trusts"). The trusts have adopted policies and
procedures regarding disruptive transfer activity. They discourage frequent
purchases and redemptions of portfolio shares and will not make special
arrangements to accommodate such transactions. They aggregate inflows and
outflows for each portfolio on a daily basis. On any day when a portfolio's net
inflows or outflows exceed an established monitoring threshold, the trust
obtains from us contract owner trading activity. The trusts currently consider
transfers into and out of (or vice versa) the same subaccount within a five
business day period as potentially disruptive transfer activity. Each
unaffiliated trust may have its own policies and procedures regarding disruptive
transfer activity. If an unaffiliated trust advises us that there may be
disruptive activity from one of our contract owners, we will work with the
unaffiliated trust to review contract owner trading activity. Each trust
reserves the right to reject a transfer that it believes, in its sole
discretion, is disruptive (or potentially disruptive) to the management of one
of its portfolios. Please see the prospectuses for the trusts for more
information.
When a contract owner is identified as having engaged in a potentially
disruptive transfer under the Contract for the first time, a letter is sent
Detailed information about the Contract 21
to the contract owner explaining that there is a policy against disruptive
transfer activity and that if such activity continues certain transfer
privileges may be eliminated. If and when the contract owner is identified a
second time as engaged in potentially disruptive transfer activity under the
Contract, we currently prohibit the use of voice, fax and automated transaction
services. We currently apply such action for the remaining life of each affected
contract. We or a trust may change the definition of potentially disruptive
transfer activity, the monitoring procedures and thresholds, any notification
procedures, and the procedures to restrict this activity. Any new or revised
policies and procedures will apply to all contract owners uniformly. We do not
permit exceptions to our policies restricting disruptive transfer activity.
It is possible that a trust may impose a redemption fee designed to discourage
frequent or disruptive trading by contract owners. As of the date of this
prospectus, the trusts had not implemented such a fee. If a redemption fee is
implemented by a trust, that fee, like any other trust fee, will be borne by the
contract owner.
Contract owners should note that it is not always possible for us and the
underlying trusts to identify and prevent disruptive transfer activity. In
addition, because we do not monitor for all frequent trading at the separate
account level, contract owners may engage in frequent trading which may not be
detected, for example, due to low net inflows or outflows on the particular
day(s). Therefore, no assurance can be given that we or the trusts will
successfully impose restrictions on all potentially disruptive transfers.
Because there is no guarantee that disruptive trading will be stopped, some
contract owners may be treated differently than others, resulting in the risk
that some contract owners may be able to engage in frequent transfer activity
while others will bear the effect of that frequent transfer activity. The
potential effects of frequent transfer activity are discussed above.
TERMINATION OF THE CONTRACT
The Contract will remain in effect until the earlier of:
(1) the date the Contract is surrendered in full,
(2) the date annuity payments start,
(3) the Contract Anniversary on which, after deduction for any annual contract
charge then due, no Fund Value in the subaccounts and the Guaranteed
Interest Account with Market Value Adjustment remains in the Contract, or
(4) the date the death benefit is payable under the Contract.
22 Detailed information about the Contract
5. Description of the Guaranteed Interest Account with Market Value Adjustment
- --------------------------------------------------------------------------------
GENERAL
The Guaranteed Interest Account with Market Value Adjustment is an allocation
option available under the contract. The Guaranteed Interest Account with Market
Value Adjustment may not be available in every state jurisdiction.
The guarantees associated with the Guaranteed Interest Account with Market Value
Adjustment are borne exclusively by the Company. The guarantees associated with
the Guaranteed Interest Account with Market Value Adjustment are legal
obligations of the Company. Fund Values allocated to the Guaranteed Interest
Account with Market Value Adjustment are held in the General Account of the
Company. Amounts allocated to the General Account of the Company are subject to
the liabilities arising from the business the Company conducts. The Company has
sole investment discretion over the investment of the assets of its General
Account. Owners having allocated amounts to a particular Accumulation Period of
the Guaranteed Interest Account with Market Value Adjustment, however, will have
no claim against any particular assets of the Company.
The Guaranteed Interest Account with Market Value Adjustment provides for a
Specified Interest Rate, which is a guaranteed interest rate that will be
credited as long as any amount allocated to the Guaranteed Interest Account with
Market Value Adjustment is not distributed for any reason prior to the Maturity
Date of the particular Accumulation Period chosen by the Owner. Generally, a
3-year Accumulation Period offers guaranteed interest at a Specified Interest
Rate over three years, a 5-year Accumulation Period offers guaranteed interest
at a Specified Interest Rate over five years, and so on. Because the Maturity
Date is the Monthly Contract Anniversary immediately prior to the 3, 5, 7 or 10
year anniversary of the start of the Accumulation Period, the Accumulation
Period may be up to 31 days shorter than the 3, 5, 7 or 10 years, respectively.
Although the Specified Interest Rate will continue to be credited as long as
Fund Value remains in an Accumulation Period of the Guaranteed Interest Account
with Market Value Adjustment prior to the Maturity Date of that Accumulation
Period, surrenders or transfers (including transfers to the Loan Account as a
result of a request by the Owner for a Loan) will be subject to a Market Value
Adjustment, as described below. Market Value Adjustments do not apply upon
annuitization under Settlement Option 3 or 3A.
Market Value Adjustments do not apply for partial or full surrenders or
transfers requested within 30 days before the end of the Accumulation Period,
nor to any benefits paid upon the death of the Annuitant. The Market Value
Adjustment does apply to benefits paid upon death of the Owner. Market Value
Adjustments also do not apply to Contracts issued in Maryland, Massachusetts,
New Jersey, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas and
Washington. In addition, Contracts issued in these states must maintain a
minimum Fund Value balance of $2,500 in the Guaranteed Interest Account with
Market Value Adjustment when an allocation to this account is chosen.
GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT
The Guaranteed Interest Account with Market Value Adjustment is a part of the
Company's General Account and consists of all the Company's assets other than
assets allocated to segregated investment accounts of the Company, including
MONY America Variable Account A.
- --------------------------------------------------------------------------------
MARKET VALUE ADJUSTMENT -- An amount added to or deducted from the amount
surrendered or transferred from the Guaranteed Interest Account with Market
Value Adjustment for contracts issued in certain states.
ACCUMULATION PERIOD -- Currently 3, 5, 7 and 10 years. The Accumulation Period
starts on the Business Day that falls on, or next follows the date the Purchase
Payment is transferred into the Guaranteed Interest Account with Market Value
Adjustment and ends on the monthly Contract anniversary immediately prior to the
last day of that Accumulation Period. (THE ACCUMULATION PERIOD IS LIMITED TO ONE
YEAR FOR CONTRACTS ISSUED IN MARYLAND, THE COMMONWEALTH OF MASSACHUSETTS, NEW
JERSEY, OKLAHOMA, OREGON, THE COMMONWEALTH OF PENNSYLVANIA, SOUTH CAROLINA,
TEXAS AND WASHINGTON.)
CONTRACT YEAR -- Any period of twelve (12) months commencing with
the Effective Date and each Contract Anniversary thereafter.
CONTRACT ANNIVERSARY -- An anniversary of the Effective Date of the Contract.
- --------------------------------------------------------------------------------
ALLOCATIONS TO THE GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT
There are three sources from which allocations to the Guaranteed Interest
Account with Market Value Adjustment may be made:
(1) an initial Purchase Payment made under a Contract may be wholly or
partially allocated to the Guaranteed Interest Account with Market Value
Adjustment;
(2) a subsequent or additional Purchase Payment made under a Con tract may be
partially or wholly allocated to the Guaranteed Interest Account with
Market Value Adjustment; and
(3) amounts transferred from Subaccounts available under the Contract may be
wholly or partially allocated to the Guaranteed Interest Account with
Market Value Adjustment.
There is no minimum amount of any allocation of either Purchase Payments or
transfers of Fund Value to the Guaranteed Interest Account with Market Value
Adjustment. The one (1) year Accumulation Period (which is limited to certain
states in which there is no Market Value Adjustment), requires the Guaranteed
Interest Account to have a minimum Fund Value of $2,500 when an allocation to
said account is chosen.
SPECIFIED INTEREST RATES AND THE ACCUMULATION PERIODS
SPECIFIED INTEREST RATES
The Specified Interest Rate, at any given time, is the rate of interest
guaranteed by the Company to be credited to allocations made to the
Description of the Guaranteed Interest Account with Market Value Adjustment 23
Accumulation Period for the Guaranteed Interest Account with Market Value
Adjustment chosen by the Owner, so long as no portion of the allocation is
distributed for any reason prior to the Maturity Date of the Accumulation
Period. Different Specified Interest Rates may be established for the four
different Accumulation Periods which are currently available (3, 5, 7 and 10
years). (The Accumulation Period is limited to one year for Contracts issued in
Maryland, the Commonwealth of Massachusetts, New Jersey, Oklahoma, Oregon, the
Commonwealth of Pennsylvania, South Carolina, Texas and Washington.)
The Company declares Specified Interest Rates for each of the available
Accumulation Periods from time to time. Normally, new Specified Interest Rates
will be declared monthly; however, depending on interest rate fluctuations,
declarations of new Specified Interest Rates may occur more or less frequently.
The Company observes no specific method in the establishment of the Specified
Interest Rates, but generally will attempt to declare Specified Interest Rates
which are related to interest rates associated with fixed-income investments
available at the time and having durations and cash flow attributes compatible
with the Accumulation Periods then available for the Guaranteed Interest Account
with Market Value Adjustment. In addition, the establishment of Specified
Interest Rates may be influenced by other factors, including competitive
considerations, administrative costs and general economic trends. The Company
has no way of predicting what Specified Interest Rates may be declared in the
future and there is no guarantee that the Specified Interest Rate for any of the
Accumulation Periods will exceed the guaranteed minimum effective annual
interest rate of 3.50%. OWNERS BEAR THE RISK THAT THE SPECIFIED INTEREST RATE
WILL NOT EXCEED THE GUARANTEED MINIMUM RATE.
The period of time during which a particular Specified Interest Rate is in
effect for new allocations to the then available Accumulation Periods is
referred to as the Investment Period. All allocations made to an Accumulation
Period during an Investment Period are credited with the Specified Interest Rate
in effect. An Investment Period ends only when a new Specified Interest Rate
relative to the Accumulation Period in question is declared. Subsequent
declarations of new Specified Interest Rates have no effect on allocations made
to Accumulation Periods during prior Investment Periods. All such prior
allocations will be credited with the Specified Interest Rate in effect when the
allocation was made for the duration of the Accumulation Period selected.
Information concerning the Specified Interest Rates in effect for the various
Accumulation Periods can be obtained by contacting an agent of the Company who
is also a registered representative of AXA Advisors, LLC or by calling the
following toll free telephone number: (800) 487-6669.
The Specified Interest Rate is credited on a daily basis to allocations made to
an Accumulation Period elected by the Owner, resulting in an annual effective
yield which is guaranteed by the Company, unless amounts are surrendered,
transferred or paid out on death of Annuitant from that Accumulation Period for
any reason prior to the Maturity Date for that Accumulation Period. The
Specified Interest Rate will be credited for the entire Accumulation Period. If
amounts are surrendered or transferred from the Accumulation Period for any
reason prior to the Maturity Date, a Market Value Adjustment will be applied to
the amount surrendered or transferred.
CREDITING OF INTEREST.
Any Net Purchase Payments you as Owner of the Contract allocate to the
Guaranteed Interest Account with Market Value Adjustment will be credited with
interest at the rate declared by the Company. The Company guarantees that the
rate credited will not be less than 3.50% annually (0.0094%, compounded daily).
You bear the risk that we will not declare interest in excess of that 3.50%
rate. If you allocate Purchase Payments or transfer funds to the Guaranteed
Interest Account, you will choose between Accumulation Periods of 3, 5, 7, or 10
years for Contracts issued in most states. The Accumulation Period is limited to
one year for Contracts issued in Maryland, the Commonwealth of Massachusetts,
New Jersey, Oklahoma, Oregon, the Commonwealth of Pennsylvania, South Carolina,
Texas and Washington. Before the beginning of each calendar month, the Company
will declare interest rates for each period, if those rates will be higher than
the guaranteed rate. Each interest rate declared by the Company will be
applicable for all Net Purchase Payments received or transfers from MONY America
Variable Account A completed within the period during which it is effective.
Amounts you allocate to the Accumulation Period you select will receive this
interest rate for the entire Accumulation Period. Within 45 days, but not less
than 15 days before the Accumulation Period expires, we will notify you of the
new rates we are then declaring. When the period expires you can (1) elect a new
Accumulation Period of 3, 5, 7, or 10 years (except in certain states where the
Accumulation Period is limited to a one year period) or (2) you may elect to
transfer the amounts allocated to the expiring Accumulation Period to MONY
America Variable Account A. If you make no election, the entire amount allocated
to the expiring Accumulation Period will automatically be held for an
Accumulation Period of the same length. If that period will extend beyond the
annuity starting date or if that period is no longer offered, the money will be
transferred into the Money Market subaccount.
ACCUMULATION PERIODS
For each Accumulation Period, the Specified Interest Rate in effect at the time
of the allocation to that Accumulation Period is guaranteed. An Accumulation
Period always ends on a Maturity Date, which is the Monthly Contract Anniversary
immediately prior to the 3, 5, 7 or 10 year anniversary of the start of the
Accumulation Period. Therefore, the Specified Interest Rate may be credited for
up to 31 days less than the full 3, 5, 7 or 10 years. (The Accumulation Period
is limited to one year for Contracts issued in Maryland, the Commonwealth of
Massachusetts, New Jersey, Oklahoma, Oregon, the Commonwealth of Pennsylvania,
South Carolina, Texas and Washington.)
For example, if the Effective Date of a Contract is August 10, 2000 and an
allocation is made to a 10 year Accumulation Period on August 15, 2000 and the
funds for a new Purchase Payment are received on that day, the Accumulation
Period will begin on August 15, 2000 and end on August 10, 2010, during which
period the Specified Interest Rate will be credited.
All Accumulation Periods for the 3, 5, 7, and 10 year Accumulation Periods,
respectively, will be determined in a manner consistent with the foregoing
example.
24 Description of the Guaranteed Interest Account with Market Value Adjustment
END OF ACCUMULATION PERIODS
At least fifteen days and at most forty-five days prior to the end of an
Accumulation Period, the Company will send notice to the Owner of the impending
Maturity Date. The notice will include the projected Fund Value held in the
Accumulation Period on the Maturity Date and will specify the various options
Owners may exercise with respect to the Accumulation Period:
(1) During the thirty-day period before the Maturity Date, the Owner may
wholly or partially surrender the Fund Value held in that Accumulation
Period without a Market Value Adjustment; however, Surrender Charges under
the Contract, if applicable, will be assessed.
(2) During the thirty-day period before the Maturity Date, the Owner may
wholly or partially transfer the Fund Value held in that Accumulation
Period, without a Market Value Adjustment, to any Subaccount then
available under the Contract or may elect that the Fund Value held in that
Accumulation Period be held for an additional Accumulation Period of the
same number of years or for another Accumulation Period of a different
number of years which may at the time be available. A confirmation of any
such transfer or election will be sent immediately after the transfer or
election is processed.
(3) If the Owner does not make an election within thirty days follow ing the
Maturity Date, the entire Fund Value held in the maturing Accumulation
Period will be transferred to an Accumulation Period of the same number of
years as the Accumulation Period which matured. The start of the new
Accumulation Period is the ending date of the previous Accumulation
Period. However, if that period would extend beyond the Annuity Starting
Date of the Contract or if that period is not then made available by the
Company, the Fund Value held in the maturing Accumulation Period will be
automatically transferred to the Money Market Subaccount at the end of the
Maturity Period. A confirmation will be sent immediately after the
automatic transfer is executed.
During the thirty day period following the Maturity Date, and prior to any of
the transactions set forth in (1), (2), or (3) above, the Specified Value held
in the maturing Accumulation Period will continue to be credited with the
Specified Interest Rate in effect before the Maturity Date.
SURRENDERS, TRANSFERS OR LOANS
When you as Owner request that Contract Fund Value from the Guaranteed Interest
Account with Market Value Adjustment be transferred to MONY America Variable
Account A, surrendered, loaned to you, or used to pay any charge imposed in
accordance with the Contract, you should tell the Company the source by interest
rate Accumulation Period of amounts you request be transferred, surrendered,
loaned, or used to pay charges. We will not process the surrender unless you
tell us the source by interest rate Accumulation Period to use. If you do not
specify an Accumulation Period, your transaction will be processed using the
Accumulation Periods in the order in which money was most recently allocated.
THE MARKET VALUE ADJUSTMENT
GENERAL INFORMATION REGARDING THE MVA
A surrender or transfer (including a transfer to the Loan Account as a result of
a request by the Owner for a Loan) from the Guaranteed Interest Account with
Market Value Adjustment prior to the Maturity Date of that particular
Accumulation Period, will be subject to a Market Value Adjustment. A Market
Value Adjustment will not apply upon annuitization under Settlement Option 3 or
3A, or upon payment of a death benefit. The Market Value Adjustment is
determined by the multiplication of an MVA Factor by the Specified Value, or the
portion of the Specified Value being surrendered or transferred (including
transfers for the purpose of obtaining a Loan). The Specified Value is the
amount of the allocation of Purchase Payments and transfers of Fund Value to an
Accumulation Period of the Guaranteed Interest Account with Market Value
Adjustment, plus interest accrued at the Specified Interest Rate minus prior
distributions. The Market Value Adjustment may either increase or decrease the
amount of the distribution. It will not apply to requests for transfer or full
or partial surrenders received at our administrative office within 30 days
before the end of the applicable Accumulation Period.
The Market Value Adjustment is intended to approximate, without duplicating, the
experience of the Company when it liquidates assets in order to satisfy
contractual obligations. Such obligations arise when Owners request surrenders
or transfers (including transfers for the purpose of obtaining a Loan). When
liquidating assets, the Company may realize either a gain or a loss.
A market value adjustment can increase or decrease the amounts surrendered or
transferred from the Guaranteed Interest Account with Market Value Adjustment
depending on current interest rate fluctuations.
If prevailing interest rates are higher at the time of a surrender or transfer
(including transfers for the purpose of obtaining a Loan) than the Specified
Interest Rate in effect at the time the Accumulation Period commences, the
Company will realize a loss when it liquidates assets in order to process a
surrender or transfer (including transfers for the purpose of obtaining a Loan);
therefore, application of the Market Value Adjustment under such circumstances
will decrease the amount of the surrender or transfer (including transfers for
the purpose of obtaining a Loan).
Generally, if prevailing interest rates are lower than the Specified Interest
Rate in effect at the time the Accumulation Period commences, the Company will
realize a gain when it liquidates assets in order to process a surrender or
transfer (including transfers for the purpose of obtaining a Loan); therefore,
application of the MVA under such circumstances will generally increase the
amount of the surrender or transfer (including transfers for the purpose of
obtaining a Loan) .
The Company measures the relationship between prevailing interest rates and the
Specified Interest Rates it declares through the MVA Factor. The MVA Factor is
described more fully below.
THE MVA FACTOR
The formula for determining the MVA Factor is:
[(1+a)/(1+b)]((n-t)/12) - 1
Description of the Guaranteed Interest Account with Market Value Adjustment 25
Where:
a = the Specified Interest Rate for the Accumulation Period from which
the surrender, transfer or loan is to be taken;
b = the Specified Interest Rate declared at the time a surrender or
transfer is requested for an Accumulation Period equal to the time
remaining in the Accumulation Period from which the surrender or
transfer (including transfer to the Loan Account as a result of a
request by the Owner for a Loan) is requested, plus 0.25%;
n = the Accumulation Period from which the surrender or trans fer
occurs in months; and
t = the number of elapsed months (or portion thereof) in the
Accumulation Period from which the surrender or transfer occurs.
If an Accumulation Period equal to the time remaining is not issued by the
Company, the rate will be an interpolation between two available Accumulation
Periods. If two such Accumulation Periods are not available, we will use the
rate for the next available Accumulation Period.
If the Company is no longer declaring rates on new payments, we will use
Treasury yields adjusted for investment risk as the basis for the Market Value
Adjustment.
The MVA Factor shown above also accounts for some of the administrative and
processing expenses incurred when fixed-interest investments are liquidated.
This is represented in the addition of 0.25% in the MVA Factor.
The MVA Factor will be multiplied by that portion of the Specified Value being
surrendered, transferred, or distributed for any other reason. If the result is
greater than zero, a gain will be realized by the Owner; if less than zero, a
loss will be realized. If the MVA Factor is exactly zero, no gain or loss will
be realized by the Owner.
INVESTMENTS
Amounts allocated to the Guaranteed Interest Account with Market Value
Adjustment are transferred to the General Account of the Company. Amounts
allocated to the General Account of the Company are subject to the liabilities
arising from the business the Company conducts. This is unlike amounts allocated
to the Subaccounts of MONY America Variable Account A, which are not subject to
the liabilities arising from the business the Company conducts.
The Company has sole investment discretion over the investment of the assets of
the General Account. We will invest these amounts primarily in investment-grade
fixed income securities including: securities issued by the U.S. Government or
its agencies or instrumentalities, which issues may or may not be guaranteed by
the U.S. Government; debt securities that have an investment grade, at the time
of purchase, within the four highest grades assigned by Moody's Investor
Services, Inc., Standard & Poor's Corporation, or any other nationally
recognized rating service; mortgage-backed securities collateralized by real
estate mortgage loans or securities collateralized by other assets, that are
insured or guaranteed by the Federal Home Loan Mortgage Association, the Federal
National Home Mortgage Association, or the Government National Mortgage
Association, or that have an investment grade at the time of purchase within the
four highest grades described above; commercial and agricultural mortgage loans;
other debt instruments; commercial paper; cash or cash equivalents.
Variable annuity Owners having allocated amounts to a particular Accumulation
Period of the Guaranteed Interest Account with Market Value Adjustment will not
have a direct or indirect interest in these investments, nor will they have a
claim against any particular assets of the Company. The overall investment
performance of the General Account will not increase or decrease their claim
against the Company.
There is no specific formula for establishing Specified Interest Rates. The
Specified Interest Rates declared by the Company for the various Accumulation
Periods will not necessarily correspond to the performance of any group of
assets of the General Account. We will consider certain factors in determining
these rates, such as regulatory and tax environment, sales commissions,
administrative expenses borne by us, and competitive factors. The Company's
management will make the final determination of these rates. However, the
Specified Interest Rate will never be less than 3.50%.
26 Description of the Guaranteed Interest Account with Market Value Adjustment
6. Surrenders
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The Owner may elect to make a surrender of all or part of the Contract's Fund
Value provided it is:
o on or before the annuity payments start, and
o during the lifetime of the Annuitant.
Any such election shall specify the amount of the surrender. The surrender will
be effective on the date a proper written request is received by the Company at
its Operations Center.
The amount of the surrender may be equal to the Contract's Cash Value, which is
its Fund Value less:
(1) any applicable surrender charge, and
(2) any applicable Market Value Adjustment.
The surrender may also be for a lesser amount (a "partial surrender"). Requested
partial surrenders that would leave a Cash Value of less than $1,000 are treated
and processed as a full surrender. In such case, the entire Cash Value will be
paid to the Owner. For a partial surrender, any surrender charge or any
applicable Market Value Adjustment will be in addition to the amount requested
by the Owner. A partial surrender may reduce your death benefit proportionately
by the same percentage that the surrender (including any surrender charge and
any market value adjustment, if applicable) reduced Fund Value.
A surrender will result in the cancellation of units of the particular
subaccounts and the withdrawal of amounts credited to the Guaranteed Interest
Account with Market Value Adjustment Accumulation Periods as chosen by the
Owner. The aggregate value of the surrender will be equal to the dollar amount
of the surrender plus, if applicable, any surrender charge and any applicable
Market Value Adjustment. For a partial surrender, the Company will cancel units
of the particular subaccounts and withdraw amounts from the Guaranteed Interest
Account with Market Value Adjustment Accumulation Period under the allocation
specified by the Owner. The unit value will be calculated as of the end of the
Business Day the surrender request is received. The Owner can specify partial
surrender allocations by either amount or percentage. Allocations by percentage
must be in whole percentages (totaling 100%). The minimum percentage of
allocation for a partial surrender is 10% of any subaccount or Guaranteed
Interest Account with Market Value Adjustment designated by the Owner. The
request will not be accepted if:
o there is insufficient Fund Value in the Guaranteed Interest Account with
Market Value Adjustment or a subaccount to provide for the requested
allocation against it, or
o the request is incomplete or incorrect.
Any surrender charge will be allocated against the Guaranteed Interest Account
with Market Value Adjustment and each subaccount in the same proportion that
each allocation bears to the total amount of the partial surrender. Contracts
issued in Maryland, the Commonwealth of Massachusetts, New Jersey, Oklahoma,
Oregon, the Commonwealth of Pennsylvania, South Carolina, Texas and Washington
must maintain a minimum Fund Value in the Guaranteed Interest Account with
Market Value Adjustment of $2,500.
The amount of any surrender, death benefit, or transfer payable from MONY
America Variable Account A amount will be paid in accordance with the
requirements of the 1940 Act. However, the Company may be permitted to postpone
such payment under the 1940 Act. Postponement is currently permissible only for
any period during which:
(1) the New York Stock Exchange is closed other than customary weekend and
holiday closings, or
(2) trading on the New York Stock Exchange is restricted as determined by the
Securities and Exchange Commission, or
(3) an emergency exists as a result of which disposal of securities held by
the Fund is not reasonably practicable or it is not reasonably practicable
to determine the value of the net assets of the Fund.
Any surrender involving payment from amounts credited to the Guaranteed Interest
Account with Market Value Adjustment may be postponed, at the option of the
Company, for up to 6 months from the date the request for a surrender is
received by the company. Surrenders involving payment from the Guaranteed
Interest Account with Market Value Adjustment may in certain circumstances and
in certain states also be subject to a Market Value Adjustment, in addition to a
surrender charge. The Owner may elect to have the amount of a surrender settled
under one of the settlement options of the Contract. (See "Annuity provisions".)
Contracts offered by this prospectus may be issued in connection with retirement
plans meeting the requirements of certain sections of the Internal Revenue Code.
Owners should refer to the terms of their particular retirement plan for any
limitations or restrictions on cash surrenders.
The tax results of a cash surrender should be carefully considered. (See
"Federal tax status".)
Please note: If mandated under applicable law, we may be required to reject a
Purchase Payment. In addition, we may also be required to block an Owner's
account and thereby refuse to honor any request for transfers, partial
surrenders, loans or death benefits until instructions are secured from the
appropriate regulator. We may also be required to provide additional information
about your account to government regulators.
Surrenders 27
7. Loans
- --------------------------------------------------------------------------------
Qualified Contracts issued under an Internal Revenue Code Section 401(k) plan
will have a loan provision (except in the case of Contracts issued in Vermont)
under which a loan can be taken using the Contract as collateral for the loan.
All of the following conditions apply in order for the amount to be considered a
loan, rather than a (taxable) partial surrender:
o The term of the loan must be 5 years or less.
o Repayments are required at least quarterly and must be substantially
level.
o The loan amount is limited to certain dollar amounts as specified by the
IRS.
The Owner (Plan Trustee) must certify that these conditions are satisfied.
In any event, the maximum outstanding loan on a Contract is 50% of the Fund
Value in the subaccounts and/or the Guaranteed Interest Account with Market
Value Adjustment. Loans are not permitted before the end of the right to return
contract period. In requesting a loan, the Owner must specify the subaccounts
from which Fund Value equal to the amount of the loan requested will be taken.
Loans from the Guaranteed Interest Account with Market Value Adjustment are not
taken until Fund Value in the subaccounts is exhausted. If in order to provide
the Owner with the amount of the loan requested, and Fund Values must be taken
from the Guaranteed Interest Account with Market Value Adjustment, then the
Owner must specify the Accumulation Periods from which Fund Values equal to such
amount will be taken. If the Owner fails to specify subaccounts and Accumulation
Periods, the request for a loan will be returned to the Owner.
Values are transferred to a loan account that earns interest at an annual rate
of 3.50%. The annual loan interest rate charged on outstanding loans will be 6%
in arrears. Any interest not paid when due will be added to the loan and bear
interest at the 6% annual rate.
Loan repayments must be specifically earmarked as loan repayment and will be
allocated to the subaccounts and/or the Guaranteed Interest Account with Market
Value Adjustment using the most recent payment allocation on record. Otherwise,
we will treat the payment as a Net Purchase Payment.
- --------------------------------------------------------------------------------
LOAN -- Available under a Contract issued under Section 401(k) of the Code;
subject to availability. To be considered a Loan: (1) the term must be no more
than five years, (2) repayments must be at least quarterly and substantially
level, and (3) the amount is limited to dollar amounts specified by the Code,
not to exceed 50% of the Fund Value.
LOAN ACCOUNT -- A part of the General Account where Fund Value is held as
collateral for a loan. An Owner may transfer Fund Value in the Subaccounts,
and/or Guaranteed Interest Account with Market Value Adjustment to the Loan
Account.
- --------------------------------------------------------------------------------
28 Loans
8. Death benefit
- --------------------------------------------------------------------------------
DEATH BENEFIT PROVIDED BY THE CONTRACT
The Company will pay a death benefit to the Beneficiary if
(1) the Annuitant dies, and
(2) the death occurs before the annuity payments start.
If there are funds allocated to the Guaranteed Interest Account with Market
Value Adjustment at the time of death, any applicable market value adjustment
will be waived. If the death of the Annuitant occurs on or after the annuity
payments start, no death benefit will be payable except as may be provided under
the settlement option elected.
The death benefit depends upon the benefit option package in effect on the date
the Annuitant dies. You may not change benefit option packages once you select
an option. For the chart relating to the death benefit under Contracts issued in
the State of Washington, see Appendix A.
- -----------------------------------------------------------------------------------------------------------------------------------
Option 1 Option 2 Option 3**
- -----------------------------------------------------------------------------------------------------------------------------------
The greater of: The greatest of: The greatest of:
- -----------------------------------------------------------------------------------------------------------------------------------
(1) The Fund Value less any outstanding (1) The Fund Value less any outstanding (1) The Fund Value less any outstanding
debt on the date due proof of the debt on the date due proof of the debt on the date due proof of the
Annuitant's death is received by the Annuitant's death is received by the Annuitant's death is received by the
Company Company Company
or or or
(2) The Purchase Payments paid, reduced (2) The Purchase Payments paid, reduced (2) The Purchase Payments paid, reduced
proportionately by each partial surrender proportionately by each partial proportionately by each partial
(reflecting any Market Value Adjustment surrender (reflecting any Market surrender (reflecting any Market
and any surrender charge) and less any Value Adjustment and any surrender Value Adjustment and any surrender
outstanding debt * charge) and less any outstanding debt * charge) and less any outstanding
debt *
or or
(3) Step Up Value (see description below). (3) Step Up Value (see description
below).
or
(4) Roll Up Value (see description
below).
- -----------------------------------------------------------------------------------------------------------------------------------
Plus: Plus:
- -----------------------------------------------------------------------------------------------------------------------------------
Earnings Increase Death Benefit (see Earnings Increase Death Benefit (see
"Earn ings Increase Death Benefit" "Earnings Increase Death Benefit"
section) section)
- -----------------------------------------------------------------------------------------------------------------------------------
* In the calculation of the death benefit for each partial surrender, the
proportionate reduction is equal to the amount of that partial surrender
and any surrender charge and any market value adjustment divided by the
Fund Value immediately before that partial surrender, multiplied by the
Purchase Payments paid before that partial surrender. For certain
Contracts purchased prior to July 22, 2003, the death benefit is the
greater of: (1) The Fund Value less any outstanding debt on the date due
proof of the Annuitant's death is received by the Company, or (2) The
Purchase Payments paid, less any partial surrenders and their surrender
charges minus any outstanding debt, and plus or minus any market value
adjustment.
** As of November 29, 2004, Option 3 is no longer available for new business.
Death benefit 29
In general, on the death of an Owner who is not the Annuitant, amounts must be
distributed from the Contract. (See "Provisions required by Section 72(s) of the
Code" later in this prospectus.) We will impose applicable surrender charges.
(See "Charges and deductions" later in this prospectus.)
STEP UP VALUE
On the first Contract Anniversary, the Step Up Value is equal to the Fund Value
of the Contract. Thereafter, on each subsequent Contract Anniversary prior to
the Annuitant's 81st birthday, the Step Up Value will be recalculated to equal
the greater of:
(1) the Fund Value on that Contract Anniversary; or
(2) the Step Up Value most recently calculated
o reduced proportionately* by any partial surrenders (includ ing
surrender charges and any applicable market value adjustments
assessed) since the last recalculation anniversary,
o plus any Purchase Payments made since the last recalcula tion
anniversary.
On each Contract Anniversary on or after the annuitant's 81st birthday, the Step
Up Value shall be equal to the step up value on the Contract Anniversary
preceding the annuitant's 81st birthday reduced proportionately by the same
percentage that any partial surrenders (including surrender charges and any
applicable market value adjustments assessed) reduced your Fund Value since that
Contract Anniversary plus any Purchase Payments made since that Contract
Anniversary.
The Step Up Value payable on death will be the Step Up Value on the Contract
Anniversary immediately preceding the death of the Annuitant (or Secondary
Annuitant, if any):
o reduced proportionately by any partial surrenders including surrender
charges and any applicable market value adjustments assessed since that
anniversary;
o plus any Purchase Payments made since that Contract Anniversary; and
o less any outstanding debt.
In no event will the Step Up Value payable on death exceed 200% of:
o the total Purchase Payments made reduced proportionately for each partial
surrender (including surrender charges and any applicable market value
adjustments assessed) and
o less any outstanding debt.
ROLL UP VALUE
The Roll Up Value will be calculated as follows. On each Contract Anniversary
prior to the Annuitant's 81st birthday, the Roll Up Value is the total of:
o Purchase Payments accumulated at an annual interest rate of 5% from the
date of the Purchase Payment to the date due proof of the
Annuitant's death is received by the Company but not beyond the most
recent contract anniversary prior to the Annuitant's 81st birthday;
o plus any Purchase Payments made after the most recent Contract Anniversary
prior to the Annuitant's 81st birthday but before the date due proof of
death is received by the Company;
o less partial surrenders (including surrender charges and any applicable
Market Value Adjustments) accumulated at an annual interest rate of 5%
from the date of the partial surrender to the date due proof of the
Annuitant's death is received by the Company but not beyond the most
recent Contract Anniversary prior to the Annuitant's 81st birthday; and
o less any partial surrenders made after the most recent Contract
Anniversary prior to the Annuitant's 81st birthday but before the date due
proof of the Annuitant's death is received by the Company.
On each Contract Anniversary on or after the Annuitant's 81st birthday, the Roll
Up Value shall be equal to the Roll Up Value on the Contract Anniversary
preceding the Annuitant's 81st birthday
o less any partial surrenders (including surrender charges and Market Value
Adjustments assessed) since that Contract Anniversary;
o plus any Purchase Payments made since that Contract Anniversary.
The Roll Up Value payable on death will be the Roll Up Value on the Contract
Anniversary immediately preceding the death of the Annuitant (or Secondary
Annuitant, if any)
o less any partial surrenders (including surrender charges and any
applicable market value adjustments assessed) since that Contract
Anniversary;
o plus any Purchase Payments made since that Contract Anniversary, and
o less any outstanding debt.
In no event will the roll up value payable on death exceed 200% of:
o the total Purchase Payments made reduced proportionately by the same
percentage that any partial surrenders (including surrender charges and
any applicable Market Value Adjustments assessed) reduced your Fund Value
and;
o less any outstanding debt.
EARNINGS INCREASE DEATH BENEFIT
If Option 2 is selected or Option 3 was selected, an additional death benefit,
called the Earnings Increase Amount may be added to the applicable death benefit
otherwise payable under the Contract. The amount of the Earnings Increase Amount
depends upon the age of the Annuitant on the Contract's Effective Date.
If the Annuitant was age 69 or younger on the Contract's Effective Date, the
Earnings Increase Amount is equal to 40% of the lesser of:
- ----------------------
* In the calculations of Step Up Value, for each partial surrender, the
proportion ate reduction percentage is equal to the amount of that partial
surrender divided by the Fund Value immediately before the partial
surrender.
30 Death benefit
(1) Net Purchase Payments; or
(2) Fund Value minus Purchase Payments.
If the Annuitant was age 70 or older on the Contract's Effective Date, the
Earnings Increase Amount is equal to 25% of the lesser of:
(1) Net Purchase Payments; or
(2) Fund Value minus Purchase Payments.
The payments and values described in (1) and (2) above:
(a) do not include Purchase Payments made during the 12-month period
immediately prior to the date due proof of death is received by the
Company; and
(b) reflect any partial surrenders made including any applicable Market Value
Adjustment and any surrender charge, and are reduced by any outstanding
debt.
The Earnings Increase Amount is calculated as of the date due proof of death of
the Annuitant (or Secondary Annuitant) prior to the annuity starting date is
received by the Company.
There are important things you should consider before you select the earnings
increase death benefit. These include:
o The earnings increase death benefit does not guarantee that any amount
will be added to your death benefit when payable. You bear the investment
risk of investing in the subaccounts. Market declines may cause your Fund
Value to be less than your Net Purchase Payments. In that event, we will
not pay any amount under the Earnings Increase Death Benefit.
o Once you select the Earnings Increase Death Benefit, you cannot cancel it.
This means that regardless of any changes in your circumstances, or even
if the investment performance of the portfolios is such that the resulting
basic death benefit would be sufficient to meet your needs, we will
continue to assess the Earnings Increase Death Benefit charges.
o Please take advantage of the guidance of a qualified financial adviser in
evaluating the Earnings Increase Death Benefit option, as well as the
other aspects of the Contract.
ELECTION AND EFFECTIVE DATE OF ELECTION
The Owner may elect to have the death benefit of the Contract applied under one
of four settlement options to effect an annuity for the Beneficiary as payee
after the death of the Annuitant. The election must take place:
(1) during the lifetime of the Annuitant, and
(2) before the annuity payments start.
If no election of a settlement option for the death benefit is in effect on the
date when proceeds become payable, the Beneficiary may elect:
(1) to receive the death benefit in the form of a lump sum payment; or
(2) to have the death benefit applied under one of the settlement options.
(See "Settlement options".) If an election by the payee is not received by the
Company within one month following the date proceeds become payable, the payee
will be considered to have elected a lump sum payment. Either election described
above may be made by filing a written election with the Company in such form as
it may require. Any proper election of a method of settlement of the death
benefit by the Owner will become effective on the date it is signed. However,
any election will be subject to any payment made or action taken by the Company
before receipt of the notice at the Company's Operations Center.
Settlement option availability may be restricted by the terms of any applicable
retirement plan and any applicable legislation for any limitations or
restrictions on the election of a method of settlement and payment of the death
benefit.
PAYMENT OF DEATH BENEFIT PROCEEDS
If the death benefit proceeds are to be paid in cash to the Beneficiary, payment
will be made within seven (7) days of the date due proof of death of the
Annuitant is received.
The Company may be permitted to postpone such payment from amounts payable from
MONY America Variable Account A under the 1940 Act. If the death benefit is to
be paid in one sum to the successor Beneficiary, or to the estate of the
deceased Annuitant, payment will be made within seven (7) days of the date due
proof of the death of the Annuitant and the Beneficiary is received by the
Company. Unless another election is made, the death benefit proceeds will be
transferred to an interest bearing checking account. The Beneficiary may make
partial or full withdrawals from such account through a checkbook provided to
the Beneficiary.
Death benefit 31
9. Charges and deductions
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The following table summarizes the charges and deductions under the Contract:
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Deductions from Purchase Payments
- ---------------------------------------------------------------------------------------------------------------------------------
Tax charge Range for State and local premium tax -- 0% to 3.50%(1).
Federal -- Currently 0%
(Company reserves the right to charge in the future.)
- ---------------------------------------------------------------------------------------------------------------------------------
Daily Deductions from MONY America Variable Account A
- ---------------------------------------------------------------------------------------------------------------------------------
Mortality & expense risk charge Option 1
Annual Rate deducted daily from average daily net assets Maximum daily rate -- 0.003836%
Option 1 -- Current annual rate is 1.20%. Maximum annual rate -- 1.40%
----------------------------------------------------------------------
Option 2
Maximum daily rate -- 0.005342%
Option 2 -- Current annual rate is 1.70%. Maximum annual rate -- 1.95%
----------------------------------------------------------------------
Option 3(2)
Maximum daily rate -- 0.007671%
Option 3 -- Current annual rate is 2.35%. Maximum annual rate -- 2.80%
- ---------------------------------------------------------------------------------------------------------------------------------
Deductions from Fund Value
- ---------------------------------------------------------------------------------------------------------------------------------
Annual contract charge Maximum annual contract charge
Option 1 -- Current charge is $30. Option 1 -- The annual contract charge may be increased to a maxi-
mum of $50 on 30 days written notice.
Option 2 -- Current charge is $0. Option 2 -- The annual contract charge may be increased to a maxi-
mum of $50 on 30 days written notice.
Option 3(2) -- Current charge is $0. Option 3(2) -- The annual contract charge may be increased to a
maximum of $50 on 30 days written notice.
- ---------------------------------------------------------------------------------------------------------------------------------
Transaction and other charges Maximum Transaction and Other Charges
Transfer charge
Option 1 -- Current charge is $0. Option 1 -- The Company has reserved the right to impose a charge
for each transfer which will not exceed $25.
Option 2 -- Current charge is $0. Option 2 -- The Company has reserved the right to impose a charge
for each transfer which will not exceed $25.
Option 3(2) -- Current charge is $0. Option 3(2) -- The Company has reserved the right to impose a
charge for each transfer which will not exceed $25.
- ---------------------------------------------------------------------------------------------------------------------------------
Surrender charge
Grades from 7% to 0% of Fund Value surrendered based on a See grading schedule and "Charges and deductions -- Charges
schedule against fund value" for details of how it is computed.
- ---------------------------------------------------------------------------------------------------------------------------------
Loan interest spread 2.50%
- ---------------------------------------------------------------------------------------------------------------------------------
(1) Company currently assumes responsibility; current charge to Owner 0%.
(2) As of November 29, 2004, Option 3 is no longer available for new business.
The following provides additional details of the charges and deductions under
the Contract.
Please note that the amount of the charge may not necessarily correspond to the
costs associated with providing the services or benefits indicated by the
designation of the charge. For example, the surrender charge we collect may not
fully cover all of the sales and distribution expenses we actually incur. We
also may realize a profit on one or more of the charges. We may use such profits
for any corporate purpose, including the payment of sales expenses.
32 Charges and deductions
DEDUCTIONS FROM PURCHASE PAYMENTS
Deductions may be made from Purchase Payments for a charge for state and local
premium or similar taxes prior to allocation of any Net Purchase Payment among
the subaccounts. Currently, the Company makes no deduction, but may do so with
respect to future Purchase Payments. If the Company is going to make deductions
for such tax from future Purchase Payments, it will give notice to each
affected Owner.
CHARGES AGAINST FUND VALUE
DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT A
MORTALITY AND EXPENSE RISK CHARGE. The Company assumes mortality and expense
risks. A charge for assuming such risks is deducted daily from the net assets of
MONY America Variable Account A. The charge varies based on the benefit option
package selected.
Option 1 -- For Option 1, the daily mortality and expense risk charge from MONY
America Variable Account A is deducted at a current daily rate equivalent to an
annual rate of 1.20% from the value of the net assets of MONY America Variable
Account A. The rate is guaranteed not to exceed a daily rate equivalent to an
annual rate of 1.40% from the value of the net assets of MONY America Variable
Account A. The mortality and expense risk charge is deducted from MONY America
Variable Account A, and therefore the subaccounts, on each Business Day. Where
the previous day (or days) was not a Business Day, the deduction currently on
the next Business Day will be 0.003288% (guaranteed not to exceed 0.003836%)
multiplied by the number of days since the last Business Day.
Option 2 -- For Option 2, the daily mortality and expense risk charge from MONY
America Variable Account A is deducted at a current daily rate equivalent to an
annual rate of 1.70% from the value of the net assets of MONY America Variable
Account A. The rate is guaranteed not to exceed a daily rate equivalent to an
annual rate of 1.95% from the value of the net assets of MONY America Variable
Account A. The mortality and expense risk charge is deducted from MONY America
Variable Account A, and therefore the subaccounts, on each Business Day. Where
the previous day (or days) was not a Business Day, the deduction currently on
the next Business Day will be 0.004658% (guaranteed not to exceed 0.005342%)
multiplied by the number of days since the last Business Day.
Option 3 -- For Option 3, the daily mortality and expense risk charge from MONY
America Variable Account A is deducted at a current daily rate equivalent to an
annual rate of 2.35% from the value of the net assets of MONY America Variable
Account A. The rate is guaranteed not to exceed a daily rate equivalent to an
annual rate of 2.80% from the value of the net assets of MONY America Variable
Account A. The mortality and expense risk charge is deducted from MONY America
Variable Account A, and therefore the subaccounts, on each Business Day. Where
the previous day (or days) was not a Business Day, the deduction currently on
the next Business Day will be 0.006438% (guaranteed not to exceed 0.007671%)
multiplied by the number of days since the last Business Day.
The mortality risk assumed by the Company is that Annuitants may live for a
longer time than projected. If that occurs, an aggregate amount of annuity
benefits greater than that projected will be payable. In making this projection,
the Company has used the mortality rates from the 1983 Table "a" (discrete
functions without projections for future mortality), with 3.50% interest. In
addition, the Company also assumes risk in connection with the Step-Up Value,
Roll-Up Value and Earnings Increase Death Benefit. The expense risk assumed is
that expenses incurred in issuing and administering the Contracts will exceed
the expense charges provided in the Contracts.
Mortality and expense risk charges which may be assessed under Contracts will
not be assessed against any allocation to the Guaranteed Interest Account with
Market Value Adjustment. Such charges apply only to the Fund Value allocated to
the Subaccounts.
If the amount of the mortality and expense risk charge exceeds the amount
needed, the excess will be kept by the Company in its General Account. If the
amount of the charge is inadequate, the Company will pay the difference out of
its General Account.
DEDUCTIONS FROM FUND VALUE
ANNUAL CONTRACT CHARGE. The Company has primary responsibility for the
administration of the Contract and MONY America Variable Account A. An annual
contract charge helps to reimburse the Company for administrative expenses
related to the maintenance of the Contract. Ordinary administrative expenses
expected to be incurred include premium collection, recordkeeping, processing
death benefit claims and surrenders, preparing and mailing reports, and overhead
costs. In addition, the Company expects to incur certain additional
administrative expenses in connection with the issuance of the Contract,
including the review of applications and the establishment of Contract records.
The Company intends to administer the Contract itself through an arrangement
whereby it may buy some administrative services from AXA Equitable and such
other sources as may be available.
The current amount of the annual contract charge depends upon the benefit option
package selected.
- --------------------------------------------------------------------------------
Annual Contract Charge
- --------------------------------------------------------------------------------
Option 1 Option 2 Option 3
- --------------------------------------------------------------------------------
Current charge is Current Charge is Current Charge is
$30. $ 0. $ 0.
- --------------------------------------------------------------------------------
The annual con- The annual con- The annual con-
tract charge may tract charge may tract charge may
be increased to a be increased to a be increased to a
maximum of $50. maximum of $50. maximum of $50.
- --------------------------------------------------------------------------------
The Owner will receive a written notice 30 days in advance of any change in the
charge. Any applicable charge will be assessed once per year on the Contract
Anniversary, starting on the first Contract Anniversary.
If applicable, the annual contract charge is deducted from the Fund Value on
each Contract Anniversary before the date annuity payments start.
The amount of the charge will be allocated against the Guaranteed Interest
Account with Market Value Adjustment and each subaccount of MONY America
Variable Account A in the same proportion that the
Charges and deductions 33
Fund Value in those accounts bears to the Fund Value of the Contract. The
Company does not expect to make any profit from the Annual Contract Charge.
TRANSFER CHARGE. Contract value may be transferred among the subaccounts or to
or from the Guaranteed Interest Account with Market Value Adjustment and one or
more of the subaccounts (including transfers made by telephone, facsimile or via
the web, if permitted by the Company). Although we currently do not charge for
transfers, the Company reserves the right to impose a transfer charge for each
transfer instructed by the Owner. The transfer charge compensates the Company
for the costs of effecting the transfer. The transfer charge will not exceed
$25. The Company does not expect to make a profit from the transfer charge. If
imposed, the transfer charge will be deducted from the Contract's Fund Value
held in the subaccount(s) or from the Guaranteed Interest Account with Market
Value Adjustment from which the first transfer is made.
SURRENDER CHARGE. A contingent deferred sales charge (called a "Surrender
Charge") will be imposed when a full or partial surrender is requested or at the
start of annuity benefits if it is during the first eight years of the Contract.
The surrender charge will never exceed 7% of the total Fund Value. The surrender
charge is intended to reimburse the Company for expenses incurred in
distributing the Contract. To the extent such charge is insufficient to cover
all distribution costs, the Company will make up the difference. The Company
will use funds from its General Account, which may contain funds deducted from
MONY America Variable Account A to cover mortality and expense risks borne by
the Company. (See "Mortality and expense risk charge").
We impose a surrender charge when a full or partial surrender is made during the
first eight Contract Years, except as provided below.
A surrender charge will not be imposed:
(1) Against Fund Value surrendered after the eighth Contract Year.
(2) To the extent necessary to permit the Owner to obtain an amount equal to
the free partial surrender amount (See "Free partial surrender amount").
(3) If the Contract is surrendered after the third Contract Year and the
surrender proceeds are paid under either Settlement Option 3 or Settlement
Option 3A (See "Settlement options"). The elimination of a surrender
charge in this situation does not apply to Contracts issued in the State
of Texas.
(4) Subject to approval within a state, if the Owner is confined in a Nursing
Home and the following conditions are met:
(a) At the time a request for a full or partial surrender is made, the
Company receives proof the Owner is currently confined to a Nursing
Home and has spent a period of 90 consecutive days in the Nursing
Home;
(b) the confinement must have been prescribed by a physician;
(c) the 90-day period must have started after the Contract's first
anniversary; and
(d) the Annuitant is between ages 0-75 at the time the Contract is
issued.
- --------------------------------------------------------------------------------
NURSING HOME* -- A facility which
(a) is licensed by or legally operated in a state as a skilled or intermediate
care facility;
(b) provides 24 hour per day nursing care under the supervision of a reg
istered nurse to persons who do not require hospitalization but who do
require care above the level of room and board with assistance;
(c) is under the supervision of a physician; and
(d) maintains a daily clinical record of each patient in conformance with a
plan of care.
A nursing home does not include a hospital or a facility licensed only to offer
supervised or assisted room and board, rest care, care of the aged or treatment
of alcoholism, drug addictions or mental or nervous disorders.
*The definition of Nursing Home may vary by state.
- --------------------------------------------------------------------------------
In no event will the aggregate surrender charge exceed 7% of the Fund Value.
Further, in no event will the surrender charges imposed, when added to any
surrender charges previously paid on the Contract, exceed 9% of aggregate
Purchase Payments made to date for the Contract.
The Owner may specify whether he/she wants the surrender charge to be deducted
from the amount requested for surrender or the Fund Value remaining. If not
specified or if the Fund Value remaining is not sufficient, then the surrender
charge will be deducted from the amount requested for surrender. If it is
specified that the surrender charge will come from the remaining Fund Value and
it is sufficient, then the Company will determine the appropriate amount to be
surrendered in order to pay the surrender charge. Any surrender charge will be
allocated against the Guaranteed Interest Account with Market Value Adjustment
and each subaccount of MONY America Variable Account A in the same proportion
that the amount of the partial surrender allocated against those accounts bears
to the total amount of the partial surrender.
If any surrender from the Guaranteed Interest Account with Market Value
Adjustment occurs prior to the Maturity Date for any particular Accumulation
Period elected by the Owner, the amount surrendered will be subject to a Market
Value Adjustment in addition to Surrender Charges.
No surrender charge will be deducted from death benefits except as described in
"Death benefit".
If an existing The MONYMaster variable annuity contract issued by MONY Life
Insurance Company of America is exchanged for this Contract, a separate
effective date will be assigned to the Contract by endorsement for purposes of
determining the amount of any Surrender Charge. The surrender charge effective
date of this Contract with the endorsement will be the effective date of the
existing The MONYMaster variable annuity contract. Your agent can provide
further details. We reserve the right to disallow exchanges at any time.
AMOUNT OF SURRENDER CHARGE. The amount of the surrender charge is equal to a
varying percentage of Fund Value during the first 8 Contract
34 Charges and deductions
Years. The surrender charge is determined by multiplying the surrender charge
percentage for the Contract Year by the amount of Fund Value requested as
follows:
- --------------------------------------------------------------------------------
Surrender Charge Percentage Table
- --------------------------------------------------------------------------------
# of Contract Anniversaries Surrender Charge (as a % of
Since Effective Date Fund Value surrendered)
- --------------------------------------------------------------------------------
0 7%
- --------------------------------------------------------------------------------
1 7
- --------------------------------------------------------------------------------
2 6
- --------------------------------------------------------------------------------
3 6
- --------------------------------------------------------------------------------
4 5
- --------------------------------------------------------------------------------
5 4
- --------------------------------------------------------------------------------
6 3
- --------------------------------------------------------------------------------
7 2
- --------------------------------------------------------------------------------
8 (or more) 0
- --------------------------------------------------------------------------------
The amount of the surrender charge is in addition to any applicable Market Value
Adjustment that may be made if the surrender is made from Fund Value in the
Guaranteed Interest Account with Market Value Adjustment. (See "Guaranteed
Interest Account with Market Value Adjustment -- Surrenders" and the prospectus
for the Guaranteed Interest Account with Market Value Adjustment which
accompanies this prospectus for further details.)
FREE PARTIAL SURRENDER AMOUNT. The surrender charge may be reduced by using the
free partial surrender amount provided for in the Contract. The surrender charge
will not be deducted in the following circumstances:
(1) For Qualified Contracts, (other than contracts issued for IRA and
SEP-IRA), an amount each Contract Year up to the greater of:
(a) $10,000 (but not more than the Contract's Fund Value), or
(b) 10% of the Contract's Fund Value at the beginning of the Contract
Year (except if the surrender is requested during the first Contract
Year, then 10% of the Contract's Fund Value at the time the first
surrender is requested).
(2) For Non-Qualified Contracts (and contracts issued for IRA and
SEP-IRA), an amount up to 10% of the Contract's Fund Value at the
beginning of the Contract Year (except if the surrender is requested
during the first Contract Year, then 10% of the Contract's Fund Value at
the time the first surrender is requested) may be received in each
Contract Year without a surrender charge.
Free partial surrenders may only be made to the extent Cash Value in the
subaccounts and/or Guaranteed Interest Account is available. For example, the
Fund Value in the MONY America Variable Account A could decrease (due to
unfavorable investment experience) after part of the 10% was withdrawn. In that
case it is possible that there may not be enough Cash Value to provide the
remaining part of the 10% free partial surrender amount.
Contract Fund Value here means the Fund Value in the subaccounts (and the
Guaranteed Interest Account with Market Value Adjustment not the loan account).
This reduction of surrender charge does not affect any applicable Market Value
Adjustment that may be made if the surrender is made from Fund Value in the
Guaranteed Interest Account with Market Value Adjustment. (See "Guaranteed
Interest Account with Market Value Adjustment -- Surrenders" and the prospectus
for the Guaranteed Interest Account with Market Value Adjustment which
accompanies this prospectus for further details.)
TAXES
Currently, no charge will be made against MONY America Variable Account A for
federal income taxes. However, the Company may make such a charge in the future
if income or gains within MONY America Variable Account A will incur any federal
income tax liability. Charges for other taxes, if any, attributable to MONY
America Variable Account A may also be made. (See "Federal tax status".)
INVESTMENT ADVISORY AND OTHER FEES
Each portfolio in which MONY America Variable Account A invests incurs certain
fees and charges. To pay for these fees and charges, the portfolio makes
deductions from its assets. Certain portfolios available under the Contract in
turn invest in shares of other portfolios of AXA Premier VIP Trust and EQ
Advisors Trust and/or shares of unaffiliated portfolios (collectively the
"underlying portfolios"). The underlying portfolios each have their own fees and
expenses, including management fees, operating expenses, and investment related
expenses such as brokerage commissions. The portfolio expenses are described
more fully in each Fund prospectus.
We sell the Contracts through registered representatives of broker-dealers.
These registered representatives are also appointed and licensed as insurance
agents of the Company. We pay commissions to the broker-dealers for selling the
Contracts. You do not directly pay these commissions, we do. We intend to
recover commissions, marketing, administrative and other expenses and cost of
Contract benefits through the fees and charges imposed under the Contracts. (See
"Distribution of the Contracts" for more information.)
Charges and deductions 35
10. Annuity provisions
- --------------------------------------------------------------------------------
ANNUITY PAYMENTS
Annuity payments under a Contract will begin on the date that is selected by the
Owner when the Contract is applied for. The date chosen for the start of annuity
payments may be:
(1) no earlier than the 10th Contract Anniversary, and
(2) no later than the Contract Anniversary after the Annuitant's 95th
birthday.
The minimum number of years from the Effective Date to the start of annuity
payments is 10. While the Annuitant is living, the date when annuity payments
start may be:
(1) Advanced to a date that is not earlier than the 10th Contract Anni
versary.
(2) Deferred from time to time by the Owner by written notice to the Company.
The date when annuity payments start will be advanced or deferred if:
(1) Notice of the advance or deferral is received by the Company prior to the
current date for the start of annuity payments.
(2) The new start date for annuity payments is a date which is not later than
the Contract Anniversary after the Annuitant's 95th birthday.
The change will be effective as of the date we receive your written request at
our Operations Center. You do not need to return the Contract for us to make the
change unless we ask for it.
A particular retirement plan may contain other restrictions. For Contracts
issued in connection with retirement plans, reference should be made to the
terms of the particular retirement plan for any limitations or restrictions on
when annuity payments start.
When annuity payments start, unless Settlement Option 3 or 3A is elected, the
Contract's Cash Value, less any tax charge which may be imposed, will be applied
to provide an annuity or any other option previously chosen by the owner and
permitted by the Company. If Settlement Option 3 or 3A is elected, the
Contract's Fund Value (less any state taxes imposed upon annuitization) will be
applied to provide an annuity.
A supplementary contract will be issued. That contract will describe the terms
of the settlement. No payments may be requested under the Contract's surrender
provisions after annuity payments start. No surrender will be permitted except
as may be available under the settlement option elected.
GUARANTEED MINIMUM ANNUITY PAYMENTS*
Under Option 3, guaranteed minimum annuity payments are available. If certain
conditions are met, a guaranteed minimum value called the "Guaranteed
Annuitization Value" may be used to provide annuity payments that are greater
than the annuity payments that would be provided by the Fund Value described in
the Contract.
The Guaranteed Annuitization Value is:
o the sum of all Net Purchase Payments made, plus
o interest accumulated at an annual rate of 5% (interest is credited from
the date we receive the Purchase Payment to the Contract Anniversary prior
to the Annuitant's 81st birthday),
o reduced proportionately for each partial surrender including any surrender
charges and Market Value Adjustments, if applicable.
The Guaranteed Annuitization Value provides annuity payments based on the 1983
Table "a", Projection Scale "G" with 3% interest.
In no event can the Guaranteed Annuitization Value exceed 200% of:
o the Net Purchase Payments made reduced proportionately for each partial
surrender, including any surrender charges and any Market Value
Adjustments, if applicable, and
o less any outstanding debt.
To apply the Guaranteed Annuitization Value to provide annuity payments, the
following conditions must be met:
(1) The Contract must have been in force for at least 7 years.
(2) The Annuitant must have attained age 60.
(3) The annuitization must be elected within 30 days after a Contract
anniversary.
(4) Settlement Option 3 or 3A must be elected. (See "Settlement Options").
(5) The entire amount of Guaranteed Annuitization Value must be used to
provide annuity payments.
Once annuity payments provided by the Guaranteed Annuitization Value begin, no
withdrawals may be made.
The availability of guaranteed minimum annuity payments under Option 3 or 3A,
does not limit the Owner's right to start annuity payments using the Contract's
Cash Value or the Contract's Fund Value, as applicable, at any other time as
permitted under the Contract.
ELECTION AND CHANGE OF SETTLEMENT OPTION
Instead of being paid in a single sum, you may elect to receive any death or
surrender proceeds from the Contract in the form of a settlement option. During
the lifetime of the Annuitant and prior to the start of annuity payments, the
Owner may elect
o one or more of the settlement options described below, or
- ----------
* Guaranteed minimum annuity payments are not available under Contracts
issued in the state of Washington.
36 Annuity provisions
o another settlement option as may be agreed to by the Company.
The Owner may also change any election while the Annuitant is living if written
notice of the change is received by the Company at its Operations Center prior
to the start of annuity payments. Depending upon when you purchased your
Contract, if no election is in effect on the Annuity Starting Date, either
Settlement Option 3 with a 10-year certain or a lump sum payment will be deemed
to have been elected. For contracts issued in the State of Texas, if no election
is in effect when annuity payments start, Settlement Option 3 with a period
certain of 10 years will be considered to have been elected.
Settlement options may also be elected by the Owner or the Beneficiary as
provided in the Death benefit and Surrender sections of this prospectus. (See
"Death benefit" and "Surrenders".)
Where applicable, reference should be made to the terms of a particular
retirement plan and any applicable legislation for any limitations or
restrictions on the options that may be elected.
SETTLEMENT OPTIONS
Proceeds settled under the settlement options listed below or otherwise
currently available will not participate in the investment experience of MONY
America Variable Account A. Unless you elect Settlement Option 1, you cannot
change settlement options once settlement payments begin.
SETTLEMENT OPTION 1 -- INTEREST INCOME: The Company holds the proceeds and
credits interest earned on the proceeds at a rate (not less than 2.75% per year)
set by the Company each year. This Option will continue until the earlier of the
date the payee dies or the date you elect another settlement option. Under
certain contracts, this option is not available if the Annuitant is the payee.
SETTLEMENT OPTION 2 -- INCOME FOR SPECIFIED PERIOD: Fixed monthly payments for a
specified period of time, as elected. The payments may, at the Company's option,
be increased by additional interest each year.
SETTLEMENT OPTION 3 -- SINGLE LIFE INCOME: Payments for the life of the payee
and for a period certain. The period certain may be (a) 0 years, 10 years, or 20
years, or (b) the period required for the total income payments to equal the
proceeds (refund period certain). The amount of the income will be determined by
the Company on the date the proceeds become payable.
SETTLEMENT OPTION 3A -- JOINT LIFE INCOME: Payments during the joint lifetime of
the payee and one other person, and during the lifetime of the survivor. The
survivor's monthly income may be equal to either (a) the income payable during
the joint lifetime or (b) two-thirds of that income, depending on the election
made at the time of settlement. If the lesser (two-thirds) amount paid to the
survivor is elected, the dollar amount payable while both persons are living
will be larger than it would have been if the same amount paid to the survivor
had been elected. If a person for whom this option is chosen dies before the
first monthly payment is made, the survivor will receive proceeds instead under
Settlement Option 3, with 10 years certain.
SETTLEMENT OPTION 4 -- INCOME OF SPECIFIED AMOUNT: Income, of an amount chosen,
for as long as the proceeds and interest last. The amount chosen to be received
as income in each year may not be less than 10 percent of the proceeds settled.
Interest will be credited annually on the amount remaining unpaid at a rate
determined annually by the Company. This rate will not be less than 2.75% per
year.
The Contract contains annuity payment rates for Settlement Options 3 and 3A
described in this Prospectus. The rates show, for each $1,000 applied, the
dollar amount of the monthly fixed annuity payment, when this payment is based
on minimum guaranteed interest as described in the Contract.
The annuity payment rates may vary according to the settlement option elected
and the age of the payee. The mortality table used in determining the annuity
payment rates for Settlement Options 3 and 3A is the 1983 Table "a" (discrete
functions, without projections for future mortality), with 3.50% interest per
year.
Under Settlement Option 3, if income based on the period certain elected is the
same as the income provided by another available period or periods certain, the
Company will consider the election to have been made of the longest period
certain.
In Qualified Plans, settlement options available to Owners may be restricted by
the terms of the plans.
FREQUENCY OF ANNUITY PAYMENTS
At the time the settlement option is chosen, the payee may request that it be
paid:
o Quarterly;
o Semiannually; or
o Annually
If the payee does not request a particular installment payment schedule, the
payments will be made in monthly installments. However, if the net amount
available to apply under any settlement option is less than $1,000, the Company
has the right to pay such amount in one lump sum. In addition, if the payments
provided for would be less than $25, the Company shall have the right to change
the frequency of the payments to result in payments of at least $25.
ADDITIONAL PROVISIONS
The Company may require proof of the age of the Annuitant before making any life
annuity payment under the Contract. If the Annuitant's age has been misstated,
the amount payable will be the amount that would have been provided under the
settlement option at the correct age. Once life income payments begin, any
underpayments will be made up in one sum with the next annuity payment.
Overpayments will be deducted from the future annuity payments until the total
is repaid.
The Contract must be returned to the Company upon any settlement. Prior to any
settlement of a death claim, proof of the Annuitant's death must be submitted to
the Company.
Where any benefits under the Contract are contingent upon the recipient's being
alive on a given date, the Company requires proof satisfactory to it that such
condition has been met.
Annuity provisions 37
The Contracts described in this prospectus contain annuity payment rates that
distinguish between men and women. On July 6, 1983, the Supreme Court held in
Arizona Governing Committee v. Norris that optional annuity benefits provided
under an employer's deferred compensation plan could not, under Title VII of the
Civil Rights Act of 1964, vary between men and women on the basis of sex.
Because of this decision, the annuity payment rates that apply to Contracts
purchased under an employment-related insurance or benefit program may in some
cases not vary on the basis of the Annuitant's sex. Unisex rates to be provided
by the Company will apply for Qualified Plans.
Employers and employee organizations should consider, in consultation with legal
counsel, the impact of Norris, and Title VII, generally and any comparable state
laws that may apply, on any employment-related plan for which a Contract may be
purchased.
The Contract is incontestable from its date of issue.
GUARANTEED INTEREST ACCOUNT AT ANNUITIZATION
On the Annuity Starting Date, the Contract's Cash Value, including the Cash
Value of all Accumulation Periods of the Guaranteed Interest Account with Market
Value Adjustment, will be applied to provide an annuity or any other option
previously chosen by the Owner and permitted by the Company. No Market Value
Adjustment will apply at annuitization if the owner elects Settlement Option 3
or 3A. For more information about annuitization and annuity options, please
refer to the Contract.
38 Annuity provisions
11. Other provisions
- --------------------------------------------------------------------------------
OWNERSHIP
The Owner has all rights and may receive all benefits under the Contract. During
the lifetime of the Annuitant (and Secondary Annuitant if one has been named),
the Owner is the person so designated in the application, unless:
(1) A change in Owner is requested, or
(2) A Successor Owner becomes the Owner.
The Owner may name a Successor Owner or a new Owner at any time. If the Owner
dies, the Successor Owner, if living, becomes the Owner. Any request for change
must be:
(1) Made in writing, and
(2) Received at the Company.
The change will become effective as of the date the written request is signed. A
new choice of Owner or Successor Owner will apply to any payment made or action
taken by the Company after the request for the change is received. Owners should
consult a competent tax adviser prior to changing Owners.
- --------------------------------------------------------------------------------
SUCCESSOR OWNER -- The living person who, at the death of the Owner, becomes the
new Owner.
- --------------------------------------------------------------------------------
PROVISION REQUIRED BY SECTION 72(S) OF THE CODE
The interest under a Non-Qualified Contract must be distributed within five
years after the Owner's death if:
(1) The Owner dies before the start of annuity payments, and
(2) The Owner's spouse is not the Successor Owner as of the date of the
Owner's death.
Satisfactory proof of death must be provided to the Company.
This provision shall not extend the term of the Contract beyond the date when
death proceeds become payable.
The surrender proceeds may be paid over the life of the Successor Owner if:
(1) The Successor Owner is the Beneficiary, and
(2) The Successor Owner chooses that option.
Payments must begin no later than one year after the date of death. If the
Successor Owner is a surviving spouse, then the surviving spouse will be treated
as the new Owner of the Contract. Under such circumstances, it is not necessary
to surrender the Contract.
If the Owner dies on or after annuity payments start, any remaining portion of
the proceeds will be distributed using a method that is at least as quick as the
one used as of the date of the Owner's death.
PROVISION REQUIRED BY SECTION 401(A)(9) OF THE CODE
The entire interest of a Qualified Plan participant in the Contract generally
will begin to be distributed no later than the required beginning date. For this
purpose "Qualified Plans" include those intended to qualify under Sections 401
and 408 of the Code. Distribution will occur either by or beginning not later
than April 1 of the calendar year following the calendar year the Qualified Plan
Participant attains age 70-1/2. The interest is distributed:
(1) Over the life of such Participant, or
(2) The lives of such Participant and designated Beneficiary.
If (i) required minimum distributions have begun, and (ii) the Participant dies
before the Owner's entire interest has been distributed to him/her, the
remaining distributions will be made using a method that is at least as rapid as
that used as of the date of the Participant's death. The Contract generally will
be surrendered as of the Participant's death if:
(1) The Participant dies before the start of such distributions, and
(2) There is no designated Beneficiary.
The surrender proceeds generally must be distributed within 5 years after the
date of death. But, the surrender proceeds may be paid over the life of any
designated Beneficiary at his/her option. In such case, distributions will begin
not later than one year after the December 31 following the Participant's death.
If the designated Beneficiary is the surviving spouse of the Participant,
distributions will begin not earlier than the December 31 following the date on
which the participant would have attained age 70-1/2. If the surviving spouse
dies before distributions to him/her begin, the provisions of this paragraph
shall be applied as if the surviving spouse were the Participant. If the
Qualified Plan is an IRA under Section 408 of the Code, the surviving spouse may
elect to forgo distribution and treat the IRA as his/her own plan. Although the
lifetime required minimum distribution rules do not apply to Roth IRAs under
Section 408A of the Code, the post-death distribution rules apply.
It is the Owner's responsibility to assure that distribution rules imposed by
the Code will be met. The Owner should consider the effect of recent revisions
to the distribution rules which could increase the minimum distribution amount
required from annuity contracts funding Qualified Plans where certain additional
benefits are purchased under the Contract. For this purpose additional annuity
contract benefits may include, but are not limited to, guaranteed minimum income
benefits and enhanced death benefits. The Owner may want to consult a tax
advisor concerning the potential application of these complex rules before
purchasing this annuity Contract or purchasing additional features under this
annuity Contract.
SECONDARY ANNUITANT
Except where the Contract is issued in connection with a Qualified Plan, a
Secondary Annuitant may be designated by the Owner. Such designation may be made
only once before annuitization, either:
(1) In the application for the Contract, or
Other provisions 39
(2) After the Contract is issued, by written notice to the Company at its
Operations Center.
You cannot change the Secondary Annuitant, but you can delete the Secondary
Annuitant. The Secondary Annuitant may be deleted by written notice to the
Company at its Operations Center. A designation or deletion of a Secondary
Annuitant will take effect as of the date the written election was signed. The
Company, however, must first accept and record the change at its Operations
Center. The change will be subject to:
(1) Any payment made by the Company, or
(2) Action taken by the Company before the receipt of the notice at the
Company's Operations Center.
The Secondary Annuitant will be deleted from the Contract automatically by the
Company as of the Contract Anniversary following the Secondary Annuitant's 95th
birthday.
On the death of the Annuitant, the Secondary Annuitant will become the
Annuitant, under the following conditions:
(1) The death of the Annuitant must have occurred before the Annu ity Starting
Date;
(2) The Secondary Annuitant is living on the date of the Annuitant's death;
(3) If the Annuitant was the Owner on the date of death, the Succes sor Owner
must have been the Annuitant's spouse; and
(4) If the date annuity payments start is later than the Contract Anni versary
nearest the Secondary Annuitant's 95th birthday, the date annuity payments
start will be automatically advanced to that Contract Anniversary.
EFFECT OF SECONDARY ANNUITANT'S BECOMING THE ANNUITANT. If the Secondary
Annuitant becomes the Annuitant, the Death Benefit proceeds will be paid to the
Beneficiary only on the death of the Secondary Annuitant. If the Secondary
Annuitant was the Beneficiary on the Annuitant's death, the Beneficiary will be
automatically changed to the person who was the successor Beneficiary on the
date of death. If there was no successor Beneficiary, then the Secondary
Annuitant's executors or administrators, unless the Owner directed otherwise,
will become the Beneficiary. All other rights and benefits under the Contract
will continue in effect during the lifetime of the Secondary Annuitant as if the
Secondary Annuitant were the Annuitant.
ASSIGNMENT
The Owner may assign the Contract. However, the Company will not be bound by any
assignment until the assignment (or a copy) is received by the Company at its
Operations Center. The Company is not responsible for determining the validity
or effect of any assignment. The Company shall not be liable for any payment or
other settlement made by the Company before receipt of the assignment.
If the Contract is issued under certain retirement plans, then it may not be
assigned, pledged or otherwise transferred except under conditions allowed under
applicable law.
Because an assignment may be a taxable event, an Owner should consult a
competent tax advisor before assigning the Contract.
CHANGE OF BENEFICIARY
So long as the Annuitant is living, the Owner may change the Beneficiary or
successor Beneficiary. A change is made by submitting a written request to the
Company at its Operations Center. The form of the request must be acceptable to
the Company. The Contract need not be returned unless requested by the Company.
The change will take effect as of the date the request is signed. The Company
will not, however, be liable for any payment made or action taken before receipt
of the request at its Operations Center.
SUBSTITUTION OF SECURITIES
The Company may substitute shares of another mutual fund for shares of the Funds
already purchased or to be purchased in the future by Contract Purchase Payments
if:
(1) The shares of any portfolio of the Funds is no longer available for
investment by MONY America Variable Account A, or
(2) In the judgment of the Company's Board of Directors, further investment in
shares of one or more of the portfolios of the Funds is inappropriate
based on the purposes of the Contract.
The new portfolios may have higher fees and charges than the ones they replaced,
and not all portfolios may be available to all classes of contracts. We will
notify you before we substitute securities in any subaccount, and, to the extent
required by law, we will obtain prior approval from the Securities and Exchange
Commission and the Arizona Insurance Department. We also will obtain any other
required approvals. (See "Who is MONY Life Insurance Company of America -- MONY
America Variable Account A" for more information about changes we may make to
the subaccounts).
CHANGES TO CONTRACTS
The Company reserves the right, subject to compliance with laws that apply, to
unilaterally change your Contract in order to comply with any applicable laws
and regulations, including but not limited to changes in the Internal Revenue
Code, in Treasury regulations or in published rulings of the Internal Revenue
Service, ERISA and in Department of Labor regulations.
Any change in the Contract must be in writing and made by our authorized
officer. We will provide notice of any contract change.
CHANGE IN OPERATION OF MONY AMERICA VARIABLE ACCOUNT A
To the extent permitted by applicable law, MONY America Variable Account A (i)
may be operated as a management company under the 1940 Act,(ii) may be
deregistered under the 1940 Act in the event the registration is no longer
required, or (iii) may be combined with any of our other MONY America separate
accounts.
Deregistration of MONY America Variable Account A requires an order by the
Securities and Exchange Commission. If there is a change in the operation of
MONY America Variable Account A under this provision, the Company may make
appropriate endorsement to the Contract to reflect the change and take such
other action as may be necessary and appropriate to effect the change.
40 Other provisions
12. Voting rights
- --------------------------------------------------------------------------------
All of the assets held in the subaccounts of MONY America Variable Account A
will be invested in shares of the designated portfolios of the Funds. The
Company is the legal holder of these shares.
To the extent required by law, the Company will vote the shares of each of the
Funds held in MONY America Variable Account A (whether or not attributable to
Owners).
We will determine the number of votes which you have the right to cast by
applying your percentage interest in a subaccount to the total number of votes
attributable to that subaccount. In determining the number of votes, we will
recognize fractional shares.
We will vote portfolio shares of a class held in a subaccount for which we
received no timely instructions in proportion to the voting instructions which
we received for all contracts participating in that subaccount. We will apply
voting instructions to abstain on any item to be voted on a pro-rata basis to
reduce the number of votes eligible to be cast.
Whenever a Fund calls a shareholders meeting, each person having a voting
interest in a subaccount will receive proxy voting material, reports, and other
materials relating to the relevant portfolio. Since each Fund may engage in
shared funding, other persons or entities besides the Company may vote Fund
shares.
Voting rights 41
13. Distribution of the Contracts
- --------------------------------------------------------------------------------
The Contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and AXA
Distributors, LLC ("AXA Distributors") (together, the "Distributors"). The
Distributors serve as principal underwriters of the securities issued with
respect to MONY America Variable Account A.+ The offering of the Contracts is
intended to be continuous.
AXA Advisors, and AXA Distributors are affiliates of the Company and are
registered with the SEC as broker-dealers and are members of the Financial
Industry Regulatory Authority, Inc. ("FINRA"). The Distributors are under the
common control of AXA Financial, Inc. Their principal business address is 1290
Avenue of the Americas, New York, NY 10104. Both broker-dealers also act as
distributors for other of the Company's life and annuity products. As of June 6,
2005, registered representatives of MONY Securities Corporation became
registered representatives of AXA Advisors.
The Contracts are sold by financial professionals of AXA Advisors and its
affiliates. The Contracts are also sold by financial professionals of both
affiliated and unaffiliated broker-dealers that have entered into selling
agreements with the Distributors ("Selling broker-dealers").
The Company pays sales compensation to both Distributors. In general, the
Distributors will pay all or a portion of the sales compensation they receive
from the Company to individual financial professionals or Selling
broker-dealers. Selling broker-dealers will, in turn, pay all or a portion of
the compensation they receive from the Distributors to individual financial
professionals as commissions related to the sale of the Contracts.
Sales compensation paid by the Company to the Distributors will generally not
exceed 6.50% of the total Purchase Payments made under the Contracts, plus,
starting in the second Contract Year, up to 0.25% of the Fund Value of the
Contracts. The Distributors, in turn, may pay their financial professionals
and/or Selling broker-dealers either all or a portion of the sales compensation
that they receive. The sales compensation paid by the Distributors varies among
financial professionals and among Selling broker-dealers.
The Distributors may pay certain affiliated and/or unaffiliated Selling
broker-dealers and other financial intermediaries additional compensation in
recognition of certain expenses that may be incurred by them or on their behalf.
The Distributors may also pay certain broker-dealers or other financial
intermediaries additional compensation for enhanced marketing opportunities and
other services (commonly referred to as "marketing allowances"). Services for
which such payments are made may include, but are not limited to, the preferred
placement of the Company and/or its products on a company and/or product list;
sales personnel training; product training; business reporting; technological
support; due diligence and related costs; advertising, marketing and related
services; conferences; and/or other support services, including some that may
benefit the contract owner. Payments may be based on the amount of assets or
Purchase Payments attributable to Contracts sold through a Selling broker-dealer
or such payments may be a fixed amount. The Distributors may also make fixed
payments to Selling broker-dealers in connection with the initiation of a new
relationship or the introduction of a new product. These payments may serve as
an incentive for Selling broker-dealers to promote the sale of the Company's
products. Additionally, as an incentive for financial professionals of Selling
broker-dealers to promote the sale of particular products, the Distributors may
increase the sales compensation paid to the Selling broker-dealer for a period
of time (commonly referred to as "compensation enhancements"). Marketing
allowances and sales incentives are made out of the Distributors' assets. Not
all Selling broker-dealers receive these kinds of payments. For more information
about any such arrangements, ask your financial professional.
The Distributors receive 12b-1 fees from certain portfolios for providing
certain distribution and/or shareholder support services. The Distributors or
their affiliates may also receive payments from the advisers of the portfolios
or their affiliates to help defray expenses for sales meetings or seminar
sponsorships that may relate to the Contracts and/or the advisers' respective
portfolios. In connection with portfolios offered through unaffiliated insurance
trusts, the Distributors or their affiliates may also receive other payments
from the advisers of the portfolios or their affiliates for providing
distribution, administrative and/or shareholder support services.
In an effort to promote the sale of the Company's products, AXA Advisors may
provide its financial professionals and managerial personnel with a higher
percentage of sales commissions and/or cash compensation for the sale of an
affiliated variable product than it would the sale of an unaffiliated product.
Such practice is known as providing "differential compensation." In addition,
managerial personnel may receive expense reimbursements, marketing allowances
and commission-based payments known as "overrides." Certain components of the
compensation of financial professionals who are managers are based on the sale
of affiliated variable products. Managers earn higher compensation (and credits
toward awards and bonuses) if those they manage sell more affiliated variable
products. AXA Advisors may provide other forms of compensation to its financial
professionals including health and retirement benefits. For tax reasons, AXA
Advisors financial professionals qualify for health and retirement benefits
based solely on their sales of our affiliated products.
These payments and differential compensation (together, the "payments") can vary
in amount based on the applicable product and/or entity or individual involved.
As with any incentive, such payments may cause the financial professional to
show preference in recommending the purchase or sale of the Company's products.
However, under applicable rules of the FINRA, AXA Advisors may only recommend to
you products that they reasonably believe are suitable for you based on
- ----------
+ Prior to June 6, 2005, MONY Securities Corporation served as both the
distributor and principal underwriter of the Contracts.
42 Distribution of the Contracts
facts that you have disclosed as to your other security holdings, financial
situation and needs. In making any recommendation, financial professionals of
AXA Advisors may nonetheless face conflicts of interest because of the
differences in compensation from one product category to another, and because of
differences in compensation between products in the same category.
In addition, AXA Advisors may offer sales incentive programs to financial
professionals who meet specified production levels for the sale of both
affiliated and unaffiliated products, which provide non-cash compensation such
as stock options awards and/or stock appreciation rights, expense-paid trips,
expense-paid educational seminars and merchandise.
Although the Company takes all of its costs into account in establishing the
level of fees and expenses in its products, any sales compensation paid by the
Company to the Distributors will not result in any separate charge to you under
your Contract. All payments made will be in compliance with all applicable FINRA
rules and other laws and regulations.
Distribution of the Contracts 43
14. Federal tax status
- --------------------------------------------------------------------------------
INTRODUCTION
The Contract described in this prospectus is designed for use in connection with
Qualified Plans and on a nonqualified basis. The ultimate effect of federal
income taxes on:
o the value of the Contract's Fund Value,
o annuity payments,
o death benefit, and
o economic benefit to the Owner, Annuitant, and the Beneficiary may depend
upon
o the type of retirement plan for which the Contract is purchased, and
o the tax and employment status of the individual concerned.
The following discussion of the treatment of the Contract and of the Company
under the federal income tax laws is general in nature. The discussion is based
on the Company's understanding of current federal income tax laws, and is not
intended as tax advice. These federal income tax laws may change without notice.
We cannot predict whether, when, or how these rules could change. Any change
could affect contracts purchased before the change. Congress may also consider
proposals in the future to comprehensively reform or overhaul the United States
tax and retirement systems, which if enacted, could affect the tax benefits of a
contract. We cannot predict what, if any, legislation will actually be proposed
or enacted. Any person considering the purchase of a contract should consult a
qualified tax adviser. Additional information on the treatment of the Contract
under federal income tax laws is contained in the Statement of Additional
Information. THE COMPANY DOES NOT MAKE ANY GUARANTEE REGARDING ANY TAX STATUS,
FEDERAL, STATE, OR LOCAL, OF ANY CONTRACT OR ANY TRANSACTION INVOLVING THE
CONTRACT.
TAXATION OF ANNUITIES IN GENERAL
The Contract described in this prospectus is designed for use in connection with
Qualified Plans and on a nonqualified basis. All or a portion of the
contributions to such plans will be used to make Purchase Payments under the
Contract. In general, contributions to Qualified Plans and income earned on
contributions to all plans are tax-deferred until distributed to plan
participants or their beneficiaries. Such tax deferral is not, however,
available for Non-Qualified Contracts if the Owner is other than a natural
person unless the contract is held as an agent for a natural person. Annuity
payments made under a contract are generally taxable to the Annuitant as
ordinary income except to the extent of:
o participant after-tax contributions (in the case of Qualified Plans), or
o owner contributions (in the case of Non-Qualified Contracts).
Owners, Annuitants, and Beneficiaries should seek advice from their own tax
advisers about the tax consequences of distributions, withdrawals and payments
under Non-Qualified Contracts and under any Qualified Plan in connection with
which the Contract is purchased. For Qualified Contracts, among other things
individuals should discuss with their tax advisers are the "required minimum
distribution rules" which generally require distributions to be made after age
70-1/2 and after death, including requirements applicable to the calculation of
such required distributions from annuity contracts funding Qualified Plans.
Federal tax law imposes requirements for determining the amount includable in
gross income with respect to distributions not received as an annuity.
Distributions include, but are not limited to, transfers, including gratuitous
transfers, and pledges of the contract are treated the same as distributions.
Distributions from all annuity contracts issued during any calendar year by the
same company (or an affiliate) to the Owner (other than those issued to
qualified retirement plans) in the same year will be treated as distributed from
one annuity contract. The IRS is given power to prescribe additional rules to
prevent avoidance of this rule through serial purchases of contracts or
otherwise. None of these rules affects Qualified Plans.
The Company will withhold and remit to the United States Government and, where
applicable, to state and local governments, part of the taxable portion of each
distribution made under a contract unless the Owner or Annuitant:
(1) Provides his or her taxpayer identification number to the Com pany, and
(2) Notifies the Company that he or she chooses not to have amounts withheld.
Distributions of plan benefits from qualified retirement plans, other than
traditional individual retirement arrangements ("traditional IRAs"), generally
will be subject to mandatory federal income tax withholding unless they either
are:
(1) Part of a series of substantially equal periodic payments (at least
annually) for:
(a) the participant's life or life expectancy,
(b) the joint lives or life expectancies of the participant and his/her
beneficiary,
(c) or a period certain of not less than 10 years;
(2) Required minimum distributions; or
(3) Qualifying hardship distributions.
The withholding can be avoided if the participant's interest is directly rolled
over by the old plan to another eligible traditional retirement plan, including
an IRA. A direct rollover to the new plan can be made only in accordance with
the terms of the old plan.
44 Federal tax status
Under the generation skipping transfer tax, the Company may be liable for
payment of this tax under certain circumstances. In the event that the Company
determines that such liability exists, an amount necessary to pay the generation
skipping transfer tax may be subtracted from the death benefit proceeds.
RETIREMENT PLANS
Aside from Contracts purchased on a non-qualified basis, the Contract described
in this prospectus currently is designed for use with the following types of
retirement plans:
(1) Pension and Profit Sharing Plans established by business employ ers and
certain associations, as permitted by Sections 401(a) and 401(k) of the
Code, including those purchasers who would have been covered under the
rules governing H.R. 10 (Keogh) Plans;
(2) Individual Retirement Annuities permitted by Section 408(b) of the Code,
including Simplified Employee Pensions established by employers pursuant
to Section 408(k);
(3) Roth IRAs permitted by Section 408A of the Code; and
(4) Deferred compensation plans provided by certain governmental entities and
tax-exempt organizations under Section 457.
The tax rules applicable to participants in such retirement plans vary according
to the type of plan and its terms and conditions. Therefore, no attempt is made
here to provide more than general information about the use of the Contract with
the various types of retirement plans. Participants in such plans as well as
Owners, Annuitants, and Beneficiaries are cautioned that the rights of any
person to any benefits under these plans are subject to the terms and conditions
of the plans themselves, regardless of the terms and conditions of the Contract.
The Company will provide purchasers of Contracts used in connection with
Individual Retirement Annuities with such supplementary information as may be
required by the Internal Revenue Service or other appropriate agency. Any person
contemplating the purchase of a Contract should consult a qualified tax adviser.
TAX TREATMENT OF THE COMPANY
Under existing federal income tax laws, the income of MONY America Variable
Account A, to the extent that it is applied to increase reserves under the
Contract, is substantially nontaxable to the Company.
Federal tax status 45
15. Additional information and incorporation of certain information by
reference
- --------------------------------------------------------------------------------
This prospectus does not contain all the information set forth in the
registration statement, certain portions of which have been omitted pursuant to
the rules and regulations of the Securities and Exchange Commission (the "SEC").
The omitted information may be obtained from the Commission's principal office
in Washington, D.C., upon payment of the fees prescribed by the Commission or by
accessing the SEC's website at www.sec.gov.
For further information with respect to the Company and the Contracts offered by
this prospectus, including the Statement of Additional Information (which
includes applicable financial statements), Owners and prospective investors may
also contact the Company at its address or phone number set forth on the cover
of this prospectus for requesting such statement. The Statement of Additional
Information is available from the Company without charge.
The Company files reports and other information with the SEC, as required by
law. You may read and copy this information at the SEC's public reference
facilities at Room 1580, 100 F Street, NE, Washington, DC 20549, or by accessing
the SEC's website at www.sec.gov. The public may obtain information on the
operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.
Under the Securities Act of 1933, the Company has filed with the SEC a
registration statement relating to the Guaranteed Interest Account with Market
Value Adjustment (the "Registration Statement"). This prospectus has been filed
as part of the Registration Statement and does not contain all of the
information set forth in the Registration Statement. Please see the Registration
Statement for additional information concerning the Guaranteed Interest Account
with Market Value Adjustment.
The Company's annual report on Form 10-K for the year ended December 31,
2007 is hereby incorporated into this prospectus by reference. Please refer to
Form 10-K for a description of the Company and its business, including financial
statements. The Company intends to send Owners account statements and other such
legally-required reports. The Company does not anticipate such reports will
include periodic financial statements or information concerning the Company.
The Company's Annual Report on Form 10-K for the year ended December 31, 2007 is
considered to be a part of this prospectus because it is incorporated by
reference.
Any statement contained in a document that is, or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, electronically according to EDGAR
under CIK No. 0000835357. The SEC maintains a Web site that contains reports,
proxy and information statements, and other information regarding registrants
that file electronically with the SEC. The address of the site is www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person to
whom this prospectus is delivered, a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to MONY
Life Insurance Company of America, 1290 Avenue of the Americas, New York, New
York 10104, Attention: Corporate Secretary (telephone: (212) 554-1234). You can
also find our annual report on Form 10-K on our website at www.axa-
financial.com.
46 Additional information and incorporation of certain information by reference
16. Legal proceedings
- --------------------------------------------------------------------------------
MONY Life Insurance Company of America and its affiliates are parties to various
legal proceedings. In our view, none of these proceedings would be considered
material with respect to an Owner's interest in MONY America Variable Account A,
nor would any of these proceedings be likely to have a material adverse effect
upon MONY America Variable Account A, our ability to meet our obligations under
the contracts, or the distribution of the contracts.
Legal proceedings 47
17. Financial statements
- --------------------------------------------------------------------------------
The audited financial statements of MONY America Variable Account A and the
Company are set forth in the Statement of Additional Information.
These financial statements have been audited by PricewaterhouseCoopers LLP, an
independent registered public accounting firm. The financial statements of the
Company should be considered only as bearing upon the ability of the Company to
meet its obligations under the Contracts. You should not consider the financial
statements of the Company as affecting investment performance of assets in the
Variable Account. PricewaterhouseCoopers LLP also provides independent audit
services and certain other non-audit services to the Company as permitted by
the applicable SEC independence rules, and as disclosed in the Company's Form
10-K. PricewaterhouseCoopers LLP's address is 300 Madison Avenue, New York, New
York 10017.
48 Financial statements
Appendix A: Benefit option packages, table of fees, examples and charges and
deductions for contracts issued in the State of Washington
- --------------------------------------------------------------------------------
SUMMARY OF THE CONTRACT
BENEFIT OPTION PACKAGES
There are two benefit option packages available under the Contract. Each benefit
option package is distinct. You select a benefit option package at the time of
application. Once a selection is made, you may not transfer from one benefit
option package to another.
- ------------------------------------------------------------------------------------------------------------------------------------
Option 1 Option 2
- ------------------------------------------------------------------------------------------------------------------------------------
Mortality and Current annual rate--1.20% Current annual rate--1.70%
expense risk charge Maximum annual rate--1.40% Maximum annual rate--1.95%
- ------------------------------------------------------------------------------------------------------------------------------------
Death benefit on death of annuitant The greater of: The greatest of:
(1) The Fund Value less any outstanding debt (1) The Fund Value less any outstanding debt
on the date due proof of the Annuitant's death on the date due proof of the Annuitant's
is received by the Company. death is received by the Company.
or or
(2) The Purchase Payments paid, reduced (2) The Purchase Payments paid, reduced
proportionately by each partial surrender proportionately by each partial surrender
(reflecting any Market Value Adjustment and (reflecting any Market Value Adjustment and
any surrender charge) and less any outstanding any surrender charge) and less any
debt.* outstanding debt.*
or
(3) Step Up Value (See "Death benefit")
- ------------------------------------------------------------------------------------------------------------------------------------
Minimum initial Purchase Payment Qualified Contracts--The minimum Purchase Qualified Contracts--The minimum Purchase
Payment for qualified plans is the same for Payment for qualified plans is the same for
both options. (See "Detailed information about both options. (See "Detailed information
the contract.") about the contract.")
Non-Qualified Contracts--$5,000 Non-Qualified Contracts--$10,000
- ------------------------------------------------------------------------------------------------------------------------------------
Annuitant Issue age Qualified Contracts--0-80 Qualified Contracts--0-79
Non-Qualified Contracts--0-80 Non-Qualified Contracts--0-79
- ------------------------------------------------------------------------------------------------------------------------------------
Annual contract charge Current charge is $30. Current charge is $0.
The annual contract charge may be increased
to a maximum of $30 on 30 days written
notice.
- ------------------------------------------------------------------------------------------------------------------------------------
* In the calculation of the death benefit, for each partial surrender, the
proportionate reduction is equal to the amount of that partial surrender
and any surrender charge and any Market Value Adjustment divided by the
Fund Value immediately before that partial surrender, multiplied by the
Purchase Payments paid before that partial surrender.
For certain Contracts purchased prior to July 22, 2003 , the death benefit
is greater of: (1) the Fund Value less any outstanding debt on the date
due proof of the Annuitant's death is received by the Company, or (2) the
Purchase Payments paid, less any partial surrenders and their surrender
charges, less any outstanding debt and plus or minus any Market Value
Adjustment.
Appendix A: Benefit option packages, table of fees, examples and charges and
deductions for contracts issued in the State of Washington A-1
FEE TABLES
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the Contract.
The first table describes the fees and expenses that you will pay at the time
that you buy the Contract, surrender the Contract, or transfer fund value
between investment options. State premium taxes may also be deducted.
- --------------------------------------------------------------------------------
Owner Transaction Expenses:
- --------------------------------------------------------------------------------
Maximum deferred sales load (surrender charge) 7.00%(1)
(as a percentage of Purchase Payments surrendered)
- --------------------------------------------------------------------------------
Loan interest spread (effective annual rate) 2.50%(2)
- --------------------------------------------------------------------------------
Maximum transfer charge $25(3)
- --------------------------------------------------------------------------------
The next table describes the fees and expense that you will pay periodically
during the time that you own the Contract, not including Fund portfolio company
fees and expenses.
- --------------------------------------------------------------------------------
Maximum annual contract charge $30(4)
- --------------------------------------------------------------------------------
Separate Account annual Expenses:
(as a percentage of average annual Fund Value in the
Variable Account):
- --------------------------------------------------------------------------------
Option 1
- --------------------------------------------------------------------------------
Maximum mortality and expense risk fees 1.40%(5)
- --------------------------------------------------------------------------------
Total separate account annual expenses 1.40%(5)
- --------------------------------------------------------------------------------
Option 2
- --------------------------------------------------------------------------------
Maximum mortality and expense risk fees 1.95%(6)
- --------------------------------------------------------------------------------
Total separate account annual expenses 1.95%(6)
- --------------------------------------------------------------------------------
(1) The surrender charge percentage, which reduces to zero, is determined
under a surrender charge schedule. (See "Deductions from fund value --
Amount of surrender charge.")
The surrender charge may be reduced under certain circumstances which include
reduction in order to guarantee that certain amounts may be received free of the
surrender charge. (See "Deductions from fund value -- Free partial surrender
amount.")
(2) The loan interest spread is the difference between the amount of interest
we charge on loans and the amount of interest we credit to amounts held in
the loan account to secure loans.
(3) The transfer charge currently is $0. However, the Company has reserved the
right to impose a charge for each transfer after the first 12 transfers in
a Contract Year, which will not exceed $25. (See "Deductions from fund
value -- Transfer charge.")
(4) The annual contract charge for Option 1 is currently $30. The annual
contract charge for Option 2 is currently $0. However, the Company may in
the future change the amount of the charge to an amount not exceeding $30
per Contract Year. (See "Deductions from fund value -- Annual contract
charge.")
(5) The mortality and expense risk charge is deducted daily equivalent to a
current annual rate of 1.20% (and is guaranteed not to exceed a daily rate
equivalent to an annual rate of 1.40%) from the value of the net assets of
MONY America Variable Account A.
(6) The mortality and expense risk charge is deducted daily equivalent to a
current annual rate of 1.70% (and is guaranteed not to exceed a daily rate
equivalent to an annual rate of 1.95%) from the value of the net assets of
MONY America Variable Account A.
The next item shows the minimum and maximum total operating expenses charged by
the portfolio companies for the year ended December 31, 2007. You may pay
portfolio company operating expenses periodically during the time that you own
the Contract. More detail concerning each Fund portfolio company's fees and
expenses is contained in the prospectus for each portfolio.
- --------------------------------------------------------------------------------
Total Annual Fund Portfolio
Operating Expenses: Minimum Maximum
- --------------------------------------------------------------------------------
Expenses that are deducted from portfolio company assets, 0.39% 1.70%
including management fees, distribution and/or services
fees (12b-1 fees), and other expenses
- --------------------------------------------------------------------------------
A-2 Appendix A: Benefit option packages, table of fees, examples and charges
and deductions for contracts issued in the State of Washington
EXAMPLE
This example is intended to help you compare the cost of investing in the
Contract with the cost of investing in other variable annuity contracts. These
costs include contract owner transaction expenses, contract fees, separate
account annual expense, and Fund fees and expenses for the year ended December
31, 2007.
The example assumes that you invest $10,000 in the Contract for the time periods
indicated. The example also assumes that your investment has a 5% return each
year. The example assumes the minimum and maximum fees and expenses of any of
the Fund portfolios. Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:
1. a. If you surrender your Contract at the end of the applicable time
period (assuming maximum fees and expenses of any of the Fund port
folios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $ 983 $1,612 $2,257 $3,685
Option 2 $1,034 $1,762 $2,502 $4,164
- --------------------------------------------------------------------------------
b. If you surrender your Contract at the end of the applicable time
period (assuming minimum fees and expenses of any of the Fund port
folios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $860 $1,245 $1,645 $2,421
Option 2 $912 $1,401 $1,907 $2,973
- --------------------------------------------------------------------------------
2. a. If you do not surrender your Contract (assuming maximum fees and
expenses of any of the Fund portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $343 $1,045 $1,769 $3,685
Option 2 $397 $1,204 $2,028 $4,164
- --------------------------------------------------------------------------------
b. If you do not surrender your Contract (assuming minimum fees and
expenses of any of the Fund portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $212 $655 $1,124 $2,421
Option 2 $267 $820 $1,400 $2,973
- --------------------------------------------------------------------------------
3. a. If you annuitize your Contract and the proceeds are settled under
Settlement Options 3 or 3A (life income with annuity options) (assum
ing maximum fees and expenses of any of the Fund portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $ 983 $1,045 $1,769 $3,685
Option 2 $1,034 $1,204 $2,028 $4,164
- --------------------------------------------------------------------------------
b. If you annuitize your Contract and the proceeds are settled under
Settlement Options 3 or 3A (life income with annuity options) (assum
ing minimum fees and expenses of any of the Fund portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $860 $655 $1,124 $2,421
Option 2 $912 $820 $1,400 $2,973
- --------------------------------------------------------------------------------
Appendix A: Benefit option packages, table of fees, examples and charges and
deductions for contracts issued in the State of Washington A-3
4. a. If you annuitize your Contract and the proceeds are settled under
Settlement Options 1, 2 or 4 (annuity income without life
contingencies) (assuming maximum fees and expenses of any of the
Fund portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $ 983 $1,612 $2,257 $3,685
Option 2 $1,034 $1,762 $2,502 $4,164
- --------------------------------------------------------------------------------
b. If you annuitize your Contract and the proceeds are settled under
Settlement Options 1, 2 or 4 (annuity income without life contingen
cies) (assuming minimum fees and expenses of any of the Fund
portfolios):
- --------------------------------------------------------------------------------
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------
Option 1 $860 $1,245 $1,645 $2,421
Option 2 $912 $1,401 $1,907 $2,973
- --------------------------------------------------------------------------------
For the purposes of the Fee Tables and the Example, we assume that the Contract
is owned during the accumulation period. (See "Charges and deductions"). On and
after the annuity starting date, different fees and charges will apply.
DETAILED INFORMATION ABOUT THE CONTRACT
Payment and allocation of Purchase Payments
Issue ages
The issue ages for the two benefit option packages available under the Contract
vary as per the table below. The maximum issue age of the Annuitant for Option 1
is 85. The maximum issue age of the Annuitant for Option 2 is 79.
- --------------------------------------------------------------------------------
Option 1 Option 2
- --------------------------------------------------------------------------------
Annuitant Issue Ages 0-85 0-79
- --------------------------------------------------------------------------------
DEATH BENEFIT
Death benefit provided by the contract
The death benefit depends upon the benefit option package in effect on the date
the Annuitant dies. You may not change benefit option packages once you select
an option.
- ---------------------------------------------------------------------------------------------------------------------------------
Option 1 Option 2
- ---------------------------------------------------------------------------------------------------------------------------------
The greater of: The greatest of:
- ---------------------------------------------------------------------------------------------------------------------------------
(1) The Fund Value less any outstanding debt on the date due proof of (1) The Fund Value less any outstanding debt on the
the Annuitant's death is received by the Company. date due proof of the Annuitant's death is received by
the Company.
or or
(2) The Purchase Payments paid, reduced proportionately by each par- (2) The Purchase Payments paid, reduced proportionately
tial surrender and their surrender charges, any outstanding debt and by each partial surrender and their surrender charges,
plus or minus any Market Value Adjustment.* less any outstanding debt and plus or minus any Market
Value Adjustment.*
or
(3) Step Up Value (See "Step Up Value" in the
prospectus)
- ---------------------------------------------------------------------------------------------------------------------------------
* In the calculations of the death benefit, for each partial surrender, the
proportionate reduction is equal to the amount of that partial surrender
and any surrender charge and any Market Value Adjustment divided by the
Fund Value immediately before that partial surrender, multiplied by the
Purchase Payments paid before that partial surrender. For certain
Contracts purchased prior to July 22, 2003, the death benefit is the
greater of: (1) the Fund Value less any outstanding debt on the date due
proof of the Annuitant's death is received by the Company, or (2) the
Purchase Payments paid, less any partial surrenders and their surrender
charges, less any outstanding debt and plus or minus any Market Value
Adjustment.
A-4 Appendix A: Benefit option packages, table of fees, examples and charges
and deductions for contracts issued in the State of Washington
CHARGES AND DEDUCTIONS
The following table summarizes the charges and deductions under the Contract:
- ---------------------------------------------------------------------------------------------------------------------------------
Deductions from Purchase Payments
- ---------------------------------------------------------------------------------------------------------------------------------
Tax charge Range for State and local premium tax -- 0% to 3.50%(1).
Federal -- currently 0%
(Company reserves the right to charge in the future.)
- ---------------------------------------------------------------------------------------------------------------------------------
Daily deductions from MONY America Variable Account A
- ---------------------------------------------------------------------------------------------------------------------------------
Separate account annual expenses:
Mortality & expense risk charge Option 1
Annual rate deducted daily from net assets Maximum daily rate -- 0.003836%
Maximum annual rate -- 1.40%
Option 2
Maximum daily rate -- 0.005342%
Maximum annual rate -- 1.95%
- ---------------------------------------------------------------------------------------------------------------------------------
Deductions from fund value
- ---------------------------------------------------------------------------------------------------------------------------------
Annual contract charge Maximum annual contract charge
Option 1 -- Current charge is $30. Option 1 -- The maximum annual contract charge is $30.
Option 2 -- Current charge is $0. Option 2 -- The annual contract charge may be increased to a maxi-
mum of $30 on 30 days written notice.
- ---------------------------------------------------------------------------------------------------------------------------------
Transaction and other charges Maximum transaction and other charges
Transfer charge Option 1 -- The Company has reserved the right to impose a charge
Option 1 -- Current charge is $0. for each transfer after the first 12 transfers in a Contract Year
which will not exceed $25.
Option 2 -- Current charge is $0. Option 2 -- The Company has reserved the right to impose a charge
for each transfer after the first 12 transfers in a Contract Year
which will not exceed $25.
- ---------------------------------------------------------------------------------------------------------------------------------
Surrender charge See grading schedule and "Charges and deductions -- Charges
Grades from 7% to 0% of Fund Value surrendered based on against fund value" for details of how it is computed.
a schedule
- ---------------------------------------------------------------------------------------------------------------------------------
Loan interest spread 2.50%
- ---------------------------------------------------------------------------------------------------------------------------------
(1) Company currently assumes responsibility; current charge to Owner 0%.
Please note that the amount of the charge may not necessarily correspond to the
costs associated with providing the services or benefits indicated by the
designation of the charge. For example, the surrender charge we collect may not
fully cover all of the sales and distribution expenses we actually incur. We
also may realize a profit on one or more of the charges. We may use such profits
for any corporate purpose, including the payment of sales expenses.
Deductions from Purchase Payments
Deductions may be made from Purchase Payments for state and local premium taxes
prior to allocation of any Net Purchase Payment among the subaccounts.
Currently, the Company makes no deduction, but may do so with respect to future
payments. If the Company is going to make deductions for such tax from future
Purchase Payments, it will give notice to each affected Owner.
Charges against fund value
Daily deduction from MONY America Variable Account A
Mortality and expense risk charge. The Company assumes mortality and expense
risks. A charge for assuming such risks is deducted daily from the net assets of
MONY America Variable Account A. The charge varies based on the benefit option
package selected. The mortality and expense risk charge will not be deducted
from the Guaranteed Interest Account.
Option 1 -- For Option 1, the daily mortality and expense risk charge from MONY
America Variable Account A is deducted at a current daily rate equivalent to an
annual rate of 1.20% from the value of the net assets of MONY America Variable
Account A. The rate is guaranteed not to exceed a daily rate equivalent to an
annual rate of 1.40% from the value of the net assets of MONY America Variable
Account A. The mortality and expense
Appendix A: Benefit option packages, table of fees, examples and charges and
deductions for contracts issued in the State of Washington A-5
risk charge is deducted from MONY America Variable Account A, and therefore the
subaccounts, on each Business Day. Where the previous day (or days) was not a
Business Day, the deduction currently on the next Business Day will be 0.003288%
(guaranteed not to exceed 0.003836%) multiplied by the number of days since the
last Business Day.
Option 2 -- For Option 2, the daily mortality and expense risk charge from MONY
America Variable Account A is deducted at a current daily rate equivalent to an
annual rate of 1.70% from the value of the net assets of MONY America Variable
Account A. The rate is guaranteed not to exceed a daily rate equivalent to an
annual rate of 1.95% from the value of the net assets of MONY America Variable
Account A. The mortality and expense risk charge is deducted from MONY America
Variable Account A, and therefore the subaccounts, on each Business Day. Where
the previous day (or days) was not a Business Day, the deduction currently on
the next Business Day will be 0.004658% (guaranteed not to exceed 0.005342%)
multiplied by the number of days since the last Business Day.
The mortality risk assumed by the Company is that Annuitants may live for a
longer time than projected. If that occurs, an aggregate amount of annuity
benefits greater than that projected will be payable. In making this projection,
the Company has used the mortality rates from the 1983 Table "a" (discrete
functions without projections for future mortality), with 3.50% interest. In
addition, the Company also assumes risk in connection with the Step-Up Value.
The expense risk assumed is that expenses incurred in issuing and administering
the Contracts will exceed the expense charges provided in the Contracts.
If the amount of the charge exceeds the amount needed, the excess will be kept
by the Company in its General Account. If the amount of the charge is
inadequate, the Company will pay the difference out of its General Account.
Deductions from fund value
Annual contract charge. The Company has primary responsibility for the
administration of the Contract and MONY America Variable Account A. An annual
contract charge helps to reimburse the Company for administrative expenses
related to the maintenance of the Contract. Ordinary administrative expenses
expected to be incurred include premium collection, recordkeeping, processing
death benefit claims and surrenders, preparing and mailing reports, and overhead
costs. In addition, the Company expects to incur certain additional
administrative expenses in connection with the issuance of the Contract,
including the review of applications and the establishment of Contract records.
The Company intends to administer the Contract itself.
The current amount of the annual contract charge depends upon the benefit option
package selected.
- --------------------------------------------------------------------------------
Annual Contract Charge
- --------------------------------------------------------------------------------
Option 1 Option 2
- --------------------------------------------------------------------------------
Current charge is $30. Current charge is $0.
- --------------------------------------------------------------------------------
The maximum annual contract charge is $30. The annual contract charge may be
increased to a maximum of $30.
- --------------------------------------------------------------------------------
The Owner will receive a written notice 30 days in advance of any change in the
charge. Any applicable charge will be assessed once per year on the contract
anniversary, starting on the first contract anniversary.
If applicable, the annual contract charge is deducted from the Fund Value on
each Contract Anniversary before the date annuity payments start.
The amount of the charge will be allocated against the Guaranteed Interest
Account and each subaccount of MONY America Variable Account A in the same
proportion that the Fund Value in those accounts bears to the Fund Value of the
Contract. The Company does not expect to make any profit from the annual
contract charge.
A-6 Appendix A: Benefit option packages, table of fees, examples and charges
and deductions for contracts issued in the State of Washington
Appendix B: Condensed financial information
- -------------------------------------------------------------------------------------------------------------------
MONY LIFE INSURANCE COMPANY OF AMERICA
MONY AMERICA VARIABLE ACCOUNT A
ACCUMULATION UNIT VALUES
- -------------------------------------------------------------------------------------------------------------------
Unit Value
------------------------------------------------------------------------
Dec. Dec. Dec. Dec. Dec. Dec.
31, 31, 31, 31, 31, 31,
Option 1 2007 2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------
AIM V.I. Financial Services $ 10.36 $ 13.48 $ 11.72 $ 11.20 $ 10.43 $ 8.14
AIM V.I. Global Health Care 13.37 12.10 11.64 10.89 10.25 8.11
AIM V.I. Technology 9.82 9.22 8.45 8.37 7.91 5.96
All Asset Allocation 11.67 11.30 10.38 9.99 9.31 7.80
AXA Aggressive Allocation 10.02 -- -- -- -- --
AXA Conservative Allocation 10.35 -- -- -- -- --
AXA Conservative-Plus Allocation 10.22 -- -- -- -- --
AXA Moderate Allocation 10.21 -- -- -- -- --
AXA Moderate-Plus Allocation 10.14 -- -- -- -- --
EQ/AllianceBernstein Small Cap Growth 12.47 -- -- -- -- --
EQ/AllianceBernstein Value 11.84 -- -- -- -- --
EQ/BlackRock Basic Value Equity 12.20 12.20 10.21 -- -- --
EQ/Boston Advisors Equity Income 15.43 15.06 13.14 12.52 10.75 8.59
EQ/Calvert Socially Responsible 11.99 10.82 10.40 -- -- --
EQ/Capital Guardian Research 15.17 -- -- -- -- --
EQ/FI Mid Cap 16.96 15.85 -- -- -- --
EQ/GAMCO Mergers and Acquisitions 12.85 12.57 11.35 10.98 10.55 --
EQ/GAMCO Small Company Value 19.56 18.11 15.43 14.96 12.52 9.22
EQ/Government Securities 11.37 10.79 10.54 10.52 10.51 10.46
EQ/JPMorgan Core Bond 13.82 13.54 -- -- -- --
EQ/Long Term Bond 13.33 12.53 12.42 12.20 11.44 11.05
EQ/Lord Abbett Growth and Income 14.51 14.16 -- -- -- --
EQ/Lord Abbett Mid Cap Value 15.40 15.46 -- -- -- --
EQ/Money Market 10.81 10.42 10.07 -- -- --
EQ/Montag & Caldwell Growth 12.56 10.52 9.87 9.47 9.21 7.96
EQ/PIMCO Real Return 12.40 11.26 11.35 11.40 11.01 10.55
EQ/Short Duration Bond 10.74 10.32 10.05 10.03 9.99 --
EQ/Small Company Index 17.65 -- -- -- -- --
EQ/UBS Growth and Income 12.88 12.89 11.43 10.62 9.49 7.53
EQ/Van Kampen Emerging Markets Equity 37.02 26.32 -- -- -- --
EQ/Van Kampen Mid Cap Growth 10.91 -- -- -- -- --
EQ/Van Kampen Real Estate 23.08 -- -- -- -- --
Franklin Income Securities 16.29 15.89 13.60 13.55 12.04 --
Franklin Rising Dividends Securities 14.96 15.56 13.45 13.16 12.00 --
Franklin Zero Coupon 2010 10.55 9.85 9.74 9.72 9.42 --
Janus Aspen Series Forty 18.98 14.06 13.04 11.73 10.06 8.47
Janus Aspen Series International Growth 27.54 21.78 15.03 11.53 9.83 7.40
MFS(R) Utilities 28.61 22.64 17.46 15.12 11.75 8.75
Multimanager High Yield 14.64 14.33 -- -- -- --
Multimanager Small Cap Growth 12.91 12.60 11.57 10.88 9.79 8.05
Oppenheimer Global Securities 22.22 21.20 18.28 16.22 13.81 --
PIMCO Global Bond (Unhedged) 15.19 14.01 13.55 14.68 13.44 11.88
PIMCO StocksPLUS Growth and Income 14.32 13.56 11.95 11.69 10.67 8.29
ProFund VP Bear 6.32 6.36 6.96 7.14 8.06 --
ProFund VP Rising Rates Opportunity 8.71 9.30 8.55 9.39 10.67 --
ProFund VP UltraBull 17.71 17.77 14.62 14.42 12.45 --
UIF Global Value Equity 14.98 14.22 11.87 11.36 10.12 7.94
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Units Outstanding
------------------------------------------------------------------------
Dec. Dec. Dec. Dec. Dec. Dec.
31, 31, 31, 31, 31, 31,
Option 1 2007 2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------
AIM V.I. Financial Services 74,773 83,552 79,714 84,428 68,229 23,757
AIM V.I. Global Health Care 114,062 128,350 130,612 133,944 89,624 34,314
AIM V.I. Technology 73,449 75,551 80,630 89,696 58,966 23,622
All Asset Allocation 497,633 571,946 684,468 600,615 492,730 204,572
AXA Aggressive Allocation 43,742 -- -- -- -- --
AXA Conservative Allocation 22,315 -- -- -- -- --
AXA Conservative-Plus Allocation 37,693 -- -- -- -- --
AXA Moderate Allocation 132,668 -- -- -- -- --
AXA Moderate-Plus Allocation 40,787 -- -- -- -- --
EQ/AllianceBernstein Small Cap Growth 129,235 -- -- -- -- --
EQ/AllianceBernstein Value 178,467 -- -- -- -- --
EQ/BlackRock Basic Value Equity 342,400 73,324 76,278 -- -- --
EQ/Boston Advisors Equity Income 407,611 458,184 481,560 408,003 239,493 82,561
EQ/Calvert Socially Responsible 36,001 40,077 41,217 -- -- --
EQ/Capital Guardian Research 149,809 -- -- -- -- --
EQ/FI Mid Cap 566,547 508,220 -- -- -- --
EQ/GAMCO Mergers and Acquisitions 103,885 114,393 118,242 117,926 38,541 --
EQ/GAMCO Small Company Value 888,336 1,023,043 1,143,854 1,097,488 756,306 311,226
EQ/Government Securities 869,876 960,726 1,151,184 1,272,012 1,086,722 453,598
EQ/JPMorgan Core Bond 1,292,354 1,073,917 -- -- -- --
EQ/Long Term Bond 267,475 304,714 376,420 402,596 400,844 167,274
EQ/Lord Abbett Growth and Income 1,013,981 1,103,903 -- -- -- --
EQ/Lord Abbett Mid Cap Value 628,686 726,385 -- -- -- --
EQ/Money Market 1,182,243 1,099,869 1,052,098 -- -- --
EQ/Montag & Caldwell Growth 1,081,298 1,361,636 1,685,752 1,581,734 1,198,093 392,688
EQ/PIMCO Real Return 324,629 359,919 446,362 457,385 319,045 143,483
EQ/Short Duration Bond 92,906 97,460 132,706 116,589 60,362 --
EQ/Small Company Index 175,510 -- -- -- -- --
EQ/UBS Growth and Income 241,384 260,211 272,117 270,546 191,851 91,127
EQ/Van Kampen Emerging Markets Equity 208,439 219,291 -- -- -- --
EQ/Van Kampen Mid Cap Growth 709,131 -- -- -- -- --
EQ/Van Kampen Real Estate 336,521 -- -- -- -- --
Franklin Income Securities 1,054,022 416,536 328,984 247,404 116,756 --
Franklin Rising Dividends Securities 182,045 171,880 146,067 158,869 98,376 --
Franklin Zero Coupon 2010 104,565 93,960 38,190 33,849 13,218 --
Janus Aspen Series Forty 374,145 335,485 220,717 182,506 136,171 32,480
Janus Aspen Series International Growth 630,845 698,959 698,879 723,025 546,239 174,311
MFS(R) Utilities 220,173 195,895 171,034 134,931 72,426 18,209
Multimanager High Yield 468,645 482,385 -- -- -- --
Multimanager Small Cap Growth 395,880 478,312 503,409 553,406 407,080 142,861
Oppenheimer Global Securities 417,130 449,536 419,429 330,561 95,923 --
PIMCO Global Bond (Unhedged) 447,782 381,670 391,686 381,980 222,104 53,299
PIMCO StocksPLUS Growth and Income 852,781 935,688 1,045,318 1,063,823 751,480 260,192
ProFund VP Bear 6,368 8,292 7,569 13,091 4,960 --
ProFund VP Rising Rates Opportunity 588,907 609,227 613,062 617,666 528,778 --
ProFund VP UltraBull 63,189 90,284 82,491 89,655 53,814 --
UIF Global Value Equity 224,820 251,427 277,293 268,706 208,605 53,212
- -------------------------------------------------------------------------------------------------------------------
Appendix B: Condensed financial information B-1
- -------------------------------------------------------------------------------------------------------------------
Unit Value
-------------------------------------------------------------------------
Dec. Dec. Dec. Dec. Dec. Dec.
31, 31, 31, 31, 31, 31,
Option 2 2007 2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------
AIM V.I. Financial Services $ 10.55 $ 13.79 $ 12.05 $ 11.57 $ 10.83 $ 8.50
AIM V.I. Global Health Care 13.00 11.82 11.43 10.75 10.16 8.09
AIM V.I. Technology 9.61 9.08 8.35 8.32 7.90 5.98
All Asset Allocation 11.84 11.52 10.63 10.29 9.64 8.11
AXA Aggressive Allocation 9.99 -- -- -- -- --
AXA Conservative Allocation 10.32 -- -- -- -- --
AXA Conservative-Plus Allocation 10.19 -- -- -- -- --
AXA Moderate Allocation 10.18 -- -- -- -- --
AXA Moderate-Plus Allocation 10.11 -- -- -- -- --
EQ/AllianceBernstein Small Cap Growth 12.64 -- -- -- -- --
EQ/AllianceBernstein Value 11.55 -- -- -- -- --
EQ/BlackRock Basic Value Equity 12.06 12.12 10.20 -- -- --
EQ/Boston Advisors Equity Income 13.99 13.72 12.03 11.52 9.94 7.99
EQ/Calvert Socially Responsible 11.85 10.75 10.39 -- -- --
EQ/Capital Guardian Research 14.17 -- -- -- -- --
EQ/FI Mid Cap 16.29 15.30 -- -- -- --
EQ/GAMCO Mergers and Acquisitions 12.97 12.76 11.57 11.26 10.87 --
EQ/GAMCO Small Company Value 18.87 17.56 15.03 14.65 12.33 9.12
EQ/Government Securities 11.06 10.54 10.35 10.39 10.42 10.42
EQ/JPMorgan Core Bond 13.44 13.22 -- -- -- --
EQ/Long Term Bond 13.03 12.31 12.26 12.11 11.41 11.07
EQ/Lord Abbett Growth and Income 14.13 13.85 -- -- -- --
EQ/Lord Abbett Mid Cap Value 15.37 15.51 -- -- -- --
EQ/Money Market 10.69 10.36 10.06 -- -- --
EQ/Montag & Caldwell Growth 11.92 10.03 9.46 9.12 8.92 7.75
EQ/PIMCO Real Return 12.10 11.04 11.18 11.29 10.96 10.55
EQ/Short Duration Bond 10.54 10.18 9.96 9.99 9.99 -
EQ/Small Company Index 17.31 -- -- -- -- --
EQ/UBS Growth and Income 12.91 12.98 11.57 10.80 9.70 7.73
EQ/Van Kampen Emerging Markets Equity 37.39 26.72 -- -- -- --
EQ/Van Kampen Mid Cap Growth 11.77 -- -- -- -- --
EQ/Van Kampen Real Estate 21.40 -- -- -- -- --
Franklin Income Securities 15.65 15.34 13.20 13.21 11.80 --
Franklin Rising Dividends Securities 14.51 15.17 13.18 12.96 11.87 --
Franklin Zero Coupon 2010 10.43 9.79 9.72 9.76 9.50 --
Janus Aspen Series Forty 19.38 14.43 13.45 12.16 10.48 8.87
Janus Aspen Series International Growth 28.80 22.89 15.87 12.24 10.49 7.93
MFS(R) Utilities 27.18 21.62 16.75 14.58 11.39 8.53
Multimanager High Yield 14.20 13.97 -- -- -- --
Multimanager Small Cap Growth 12.48 12.24 11.29 10.68 9.65 7.98
Oppenheimer Global Securities 21.93 21.03 18.23 16.25 13.91 --
PIMCO Global Bond (Unhedged) 14.76 13.68 13.30 14.48 13.32 11.84
PIMCO StocksPLUS Growth and Income 13.76 13.09 11.60 11.40 10.46 8.16
ProFund VP Bear 6.80 6.87 7.56 7.79 8.84 --
ProFund VP Rising Rates Opportunity 8.52 9.14 8.44 9.32 10.64 --
ProFund VP UltraBull 16.94 17.09 14.12 14.00 12.15 --
UIF Global Value Equity 14.71 14.03 11.77 11.32 10.14 7.99
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Units Outstanding
------------------------------------------------------------------------
Dec. Dec. Dec. Dec. Dec. Dec.
31, 31, 31, 31, 31, 31,
Option 2 2007 2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------
AIM V.I. Financial Services 65,020 79,115 85,675 86,053 75,930 41,101
AIM V.I. Global Health Care 113,589 146,760 155,532 165,621 140,052 91,838
AIM V.I. Technology 46,623 48,598 46,447 52,034 33,467 24,267
All Asset Allocation 497,752 588,516 639,152 630,072 522,037 225,750
AXA Aggressive Allocation 25,166 -- -- -- -- --
AXA Conservative Allocation 33,148 -- -- -- -- --
AXA Conservative-Plus Allocation 82,083 -- -- -- -- --
AXA Moderate Allocation 87,026 -- -- -- -- --
AXA Moderate-Plus Allocation 179,231 -- -- -- -- --
EQ/AllianceBernstein Small Cap Growth 143,655 -- -- -- -- --
EQ/AllianceBernstein Value 142,380 -- -- -- -- --
EQ/BlackRock Basic Value Equity 358,489 59,749 62,761 -- -- --
EQ/Boston Advisors Equity Income 432,755 503,174 530,146 468,935 268,992 114,840
EQ/Calvert Socially Responsible 42,384 39,749 39,883 -- -- --
EQ/Capital Guardian Research 119,932 -- -- -- -- --
EQ/FI Mid Cap 630,181 568,855 -- -- -- --
EQ/GAMCO Mergers and Acquisitions 152,474 158,142 132,522 109,352 39,335 --
EQ/GAMCO Small Company Value 924,400 1,036,914 1,167,441 1,150,083 900,245 527,141
EQ/Government Securities 825,791 990,250 1,203,877 1,268,310 1,161,315 641,947
EQ/JPMorgan Core Bond 1,327,404 1,186,120 -- -- -- --
EQ/Long Term Bond 318,828 377,892 445,512 470,451 455,388 266,754
EQ/Lord Abbett Growth and Income 853,495 977,862 -- -- -- --
EQ/Lord Abbett Mid Cap Value 685,538 822,716 -- -- -- --
EQ/Money Market 580,027 584,835 792,861 -- -- --
EQ/Montag & Caldwell Growth 1,195,392 1,424,361 1,660,838 1,564,074 1,219,870 488,730
EQ/PIMCO Real Return 448,175 520,580 703,323 728,549 622,933 267,405
EQ/Short Duration Bond 143,973 170,067 183,543 159,172 88,255 --
EQ/Small Company Index 175,276 -- -- -- -- --
EQ/UBS Growth and Income 277,764 344,841 355,846 344,413 294,667 180,021
EQ/Van Kampen Emerging Markets Equity 184,157 178,447 -- -- -- --
EQ/Van Kampen Mid Cap Growth 681,613 -- -- -- -- --
EQ/Van Kampen Real Estate 316,352 -- -- -- -- --
Franklin Income Securities 1,274,513 474,042 372,282 305,097 127,569 --
Franklin Rising Dividends Securities 222,750 208,165 182,562 171,242 72,994 --
Franklin Zero Coupon 2010 115,403 113,966 77,346 50,780 36,056 --
Janus Aspen Series Forty 228,886 244,138 229,728 203,433 140,717 57,811
Janus Aspen Series International Growth 602,248 626,622 639,223 657,169 467,730 231,583
MFS(R) Utilities 183,058 167,461 176,163 137,465 79,773 37,190
Multimanager High Yield 393,689 424,180 -- -- -- --
Multimanager Small Cap Growth 427,713 525,434 540,197 538,881 430,208 249,366
Oppenheimer Global Securities 371,734 395,586 377,484 313,678 112,568 --
PIMCO Global Bond (Unhedged) 342,780 374,179 409,365 412,145 303,678 99,887
PIMCO StocksPLUS Growth and Income 939,235 1,070,862 1,141,027 1,163,909 831,746 385,722
ProFund VP Bear 2,003 3,098 4,277 4,994 1,052 --
ProFund VP Rising Rates Opportunity 75,763 98,446 116,343 135,919 85,507 --
ProFund VP UltraBull 98,376 94,866 116,832 118,709 66,123 --
UIF Global Value Equity 173,282 200,547 242,058 239,554 181,040 67,913
- -------------------------------------------------------------------------------------------------------------------
B-2 Appendix B: Condensed financial information
- -------------------------------------------------------------------------------------------------------------------
Unit Value
------------------------------------------------------------------------
Dec, Dec. Dec. Dec. Dec. Dec.
31, 31, 31, 31, 31, 31,
Option 3 2007 2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------
AIM V.I. Financial Services $ 10.39 $ 13.68 $ 12.02 $ 11.63 $ 10.95 $ 8.65
AIM V.I. Global Health Care 12.39 11.35 11.04 10.45 9.94 7.96
AIM V.I. Technology 10.25 9.74 9.03 9.04 8.65 6.59
All Asset Allocation 11.50 11.26 10.46 10.19 9.60 8.13
AXA Aggressive Allocation 9.95 -- -- -- -- --
AXA Conservative Allocation 10.28 -- -- -- -- --
AXA Conservative-Plus Allocation 10.15 -- -- -- -- --
AXA Moderate Allocation 10.15 -- -- -- -- --
AXA Moderate-Plus Allocation 10.07 -- -- -- -- --
EQ/AllianceBernstein Small Cap Growth 12.40 -- -- -- -- --
EQ/AllianceBernstein Value 11.60 -- -- -- -- --
EQ/BlackRock Basic Value Equity 11.88 12.02 10.18 -- -- --
EQ/Boston Advisors Equity Income 13.46 13.29 11.73 11.30 9.82 7.93
EQ/Calvert Socially Responsible 11.68 10.66 10.37 -- -- --
EQ/Capital Guardian Research 13.61 -- -- -- -- --
EQ/FI Mid Cap 15.87 15.00 -- -- -- --
EQ/GAMCO Mergers and Acquisitions 12.10 11.98 10.93 10.71 10.40 --
EQ/GAMCO Small Company Value 18.38 17.21 14.83 14.55 12.32 9.18
EQ/Government Securities 10.64 10.21 10.09 10.20 10.30 10.37
EQ/JPMorgan Core Bond 12.88 12.76 -- -- -- --
EQ/Long Term Bond 12.79 12.16 12.20 12.12 11.50 11.23
EQ/Lord Abbett Growth and Income 13.25 13.08 -- -- -- --
EQ/Lord Abbett Mid Cap Value 14.21 14.43 -- -- -- --
EQ/Money Market 10.53 10.27 10.04 -- -- --
EQ/Montag & Caldwell Growth 11.53 9.77 9.27 9.00 8.85 7.74
EQ/PIMCO Real Return 11.61 10.67 10.87 11.05 10.79 10.46
EQ/Short Duration Bond 10.20 9.92 9.77 9.86 9.93 -
EQ/Small Company Index 16.80 -- -- -- -- --
EQ/UBS Growth and Income 12.63 12.79 11.47 10.78 9.74 7.82
EQ/Van Kampen Emerging Markets Equity 36.66 26.37 -- -- -- --
EQ/Van Kampen Mid Cap Growth 10.50 -- -- -- -- --
EQ/Van Kampen Real Estate 21.40 -- -- -- -- --
Franklin Income Securities 15.21 15.01 13.00 13.09 11.77 --
Franklin Rising Dividends Securities 13.68 14.39 12.58 12.45 11.49 --
Franklin Zero Coupon 2010 10.34 9.77 9.76 9.86 9.67 --
Janus Aspen Series Forty 18.69 14.01 13.14 11.95 10.37 8.83
Janus Aspen Series International Growth 27.66 22.12 15.44 11.98 10.34 7.86
MFS(R) Utilities 24.52 19.63 15.31 13.41 10.55 7.94
Multimanager High Yield 13.76 13.62 -- -- -- --
Multimanager Small Cap Growth 11.86 11.72 10.88 10.35 9.42 7.84
Oppenheimer Global Securities 18.97 18.31 15.87 14.33 12.34 --
PIMCO Global Bond (Unhedged) 14.35 13.39 13.10 14.36 13.29 11.89
PIMCO StocksPLUS Growth and Income 13.41 12.84 11.45 11.33 10.46 8.21
ProFund VP Bear 6.02 6.13 6.78 7.04 8.03 --
ProFund VP Rising Rates Opportunity 8.25 8.91 8.28 9.20 10.57 --
ProFund VP UltraBull 18.67 18.95 15.77 15.73 13.74 --
UIF Global Value Equity 14.10 13.54 11.43 11.06 9.98 7.92
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Units Outstanding
-------------------------------------------------------------------------
Dec, Dec. Dec. Dec. Dec. Dec.
31, 31, 31, 31, 31, 31,
Option 3 2007 2006 2005 2004 2003 2002
- -------------------------------------------------------------------------------------------------------------------
AIM V.I. Financial Services 83,028 85,887 93,977 91,928 58,614 19,438
AIM V.I. Global Health Care 128,499 141,522 160,443 165,597 117,180 31,890
AIM V.I. Technology 41,117 60,685 61,622 68,906 40,774 15,037
All Asset Allocation 254,235 279,059 304,351 329,211 264,065 130,971
AXA Aggressive Allocation 34,138 -- -- -- -- --
AXA Conservative Allocation -- -- -- -- -- --
AXA Conservative-Plus Allocation 8,553 -- -- -- -- --
AXA Moderate Allocation 50,097 -- -- -- -- --
AXA Moderate-Plus Allocation 101,843 -- -- -- -- --
EQ/AllianceBernstein Small Cap Growth 118,648 -- -- -- -- --
EQ/AllianceBernstein Value 104,475 -- -- -- -- --
EQ/BlackRock Basic Value Equity 249,281 66,466 55,843 -- -- --
EQ/Boston Advisors Equity Income 340,231 393,271 450,085 443,355 210,340 85,624
EQ/Calvert Socially Responsible 30,193 25,282 27,434 -- -- --
EQ/Capital Guardian Research 88,898 -- -- -- -- --
EQ/FI Mid Cap 513,390 478,745 -- -- -- --
EQ/GAMCO Mergers and Acquisitions 110,532 147,362 152,240 142,384 19,602 --
EQ/GAMCO Small Company Value 555,475 655,604 745,939 771,937 570,622 312,519
EQ/Government Securities 595,223 680,996 777,581 828,111 590,395 262,000
EQ/JPMorgan Core Bond 659,415 491,298 -- -- -- --
EQ/Long Term Bond 202,074 227,964 260,871 285,396 210,470 71,683
EQ/Lord Abbett Growth and Income 524,111 547,148 -- -- -- --
EQ/Lord Abbett Mid Cap Value 312,404 367,021 -- -- -- --
EQ/Money Market 644,650 485,349 525,734 -- -- --
EQ/Montag & Caldwell Growth 740,646 1,028,742 1,254,424 1,231,095 903,450 322,138
EQ/PIMCO Real Return 119,459 140,823 163,210 172,435 132,055 58,455
EQ/Short Duration Bond 60,197 69,708 74,108 83,235 22,399 --
EQ/Small Company Index 94,407 -- -- -- -- --
EQ/UBS Growth and Income 212,333 272,190 284,955 288,655 205,585 116,862
EQ/Van Kampen Emerging Markets Equity 131,877 158,960 -- -- -- --
EQ/Van Kampen Mid Cap Growth 462,277 -- -- -- -- --
EQ/Van Kampen Real Estate 164,652 -- -- -- -- --
Franklin Income Securities 639,433 136,586 130,576 149,633 53,664 --
Franklin Rising Dividends Securities 130,496 150,943 129,608 127,851 25,163 --
Franklin Zero Coupon 2010 35,889 27,646 6,858 9,328 1,181 --
Janus Aspen Series Forty 157,757 141,545 137,929 133,787 103,426 40,704
Janus Aspen Series International Growth 518,962 580,743 582,650 605,704 443,160 191,763
MFS(R) Utilities 110,435 114,401 123,861 108,933 53,404 13,481
Multimanager High Yield 211,992 247,892 -- -- -- --
Multimanager Small Cap Growth 365,192 428,335 462,017 484,221 381,741 174,101
Oppenheimer Global Securities 179,536 193,323 212,652 206,632 53,888 --
PIMCO Global Bond (Unhedged) 170,551 195,938 229,087 267,365 194,076 50,418
PIMCO StocksPLUS Growth and Income 779,744 913,779 1,006,494 1,110,751 759,947 238,004
ProFund VP Bear 6,114 10,309 12,635 12,064 5,843 --
ProFund VP Rising Rates Opportunity 56,817 106,074 120,988 155,028 47,641 --
ProFund VP UltraBull 132,356 144,606 178,819 221,408 131,565 --
UIF Global Value Equity 106,061 142,928 137,508 138,208 107,025 96,503
- -------------------------------------------------------------------------------------------------------------------
Appendix B: Condensed financial information B-3
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
MAY 1, 2008
- --------------------------------------------------------------------------------
Item Page
- --------------------------------------------------------------------------------
Additional information about the Company ........................ 2
About our independent registered public accounting firm ......... 2
Sale of the contracts ........................................... 2
Federal tax status .............................................. 2
Financial statements ............................................ 4
- --------------------------------------------------------------------------------
If you would like to receive a copy of the MONY America Variable Account A
Statement of Additional Information, please return this request to:
MONY Life Insurance Company of America
Policyholder Services
100 Madison Street
Syracuse, New York 13202
1-800-487-6669
www.axaonline.com
Your name
-------------------------------------------------
Address
-------------------------------------------------
City State Zip
--------------------------- ---------------- ----------------
Please send me a copy of the MONY Variable Account A Statement of Additional
Information.
X01920
MLA-VA
Individual Flexible Payment Variable Annuity Contract
Issued by MONY Life Insurance Company of America with variable investment
options under MONY America's MONY America Variable Account A
PROSPECTUS DATED MAY 1, 2008
Please read and keep this prospectus for future reference. It contains
important information that you should know before purchasing, or taking any
other action under your contract. Also, you should read the prospectuses for
each Trust, which contain important information about their portfolios.
- --------------------------------------------------------------------------------
MONY Life Insurance Company of America (the "Company") issues the flexible
payment variable annuity contract described in this prospectus.
This Contract is no longer being sold. This prospectus is used with current
contract owners only. We will continue to accept Purchase Payments under
existing Contracts. You should note that your Contract features and charges,
and your investment options, may vary depending on your state and/or the date
on which you purchased your Contract. For more information about the particular
features, charges and options applicable to you, please contact your financial
professional and/or refer to your Contract.
You can tell us what to do with your Purchase Payments. You can also tell us
what to do with the fund value your Contract may create for you resulting from
those Purchase Payments.
You may allocate some or all of your Purchase Payments into the subaccounts.
Each subaccount is a subaccount of Separate Account MONY America Variable
Account A. Both the value of your Contract before annuitization and the amount
of income afterward will depend on the investment performance of the portfolios
you select. You bear the investment risk of investing in the portfolios. The
subaccounts invest in shares of the following portfolios of AXA Premier VIP
Trust, Dreyfus Stock Index Fund, EQ Advisors Trust, Fidelity Variable Insurance
Products (VIP), Franklin Templeton Variable Insurance Products Trust, Janus
Aspen Series, Oppenheimer Variable Account Funds, PIMCO Variable Insurance
Trust and ProFunds (the "Funds").
- --------------------------------------------------------------------------------
Subaccounts
- --------------------------------------------------------------------------------
o All Asset Allocation o EQ/Money Market
o AXA Aggressive Allocation(1) o EQ/Montag & Caldwell Growth
o AXA Conservative Allocation(1) o EQ/PIMCO Real Return
o AXA Conservative-Plus Allocation(1) o EQ/Short Duration Bond
o AXA Moderate Allocation(1) o EQ/T. Rowe Price Growth Stock
o AXA Moderate-Plus Allocation(1) o EQ/UBS Growth and Income
o Dreyfus Stock Index o EQ/Van Kampen Mid Cap Growth
o EQ/BlackRock Basic Value Equity o EQ/Van Kampen Real Estate
o EQ/Bond Index o Fidelity VIP Contrafund(R)
o EQ/Boston Advisors Equity Income o Franklin Income Securities
o EQ/Calvert Socially Responsible o Franklin Rising Dividends Securities
o EQ/Capital Guardian Research o Franklin Zero Coupon 2010
o EQ/Caywood-Scholl High Yield o Janus Aspen Balanced
o EQ/FI Mid Cap o Janus Aspen Forty
o EQ/GAMCO Mergers and Acquisitions o Janus Aspen Mid Cap Growth
o EQ/GAMCO Small Company Value o Janus Aspen Worldwide Growth
o EQ/Government Securities o Multimanager Small Cap Growth
o EQ/International Growth o Oppenheimer Global Securities
o EQ/JPMorgan Core Bond Fund/VA
o EQ/Long Term Bond o PIMCO Global Bond (Unhedged)
o EQ/Lord Abbett Growth and Income o ProFund VP Bear
o EQ/Lord Abbett Mid Cap Value o ProFund VP Rising Rates Opportunity
o EQ/Marsico Focus o ProFund VP UltraBull
- --------------------------------------------------------------------------------
Not all of these portfolios may be available in all states or all markets.
(1) The "AXA Allocation" portfolios.
You may also allocate some or all of your Purchase Payments and fund value into
our Guaranteed Interest Account with Market Value Adjustment, which is
discussed later in this Prospectus.
Among the many terms of the Guaranteed Interest Account with Market Value
Adjustment are:
o Guaranteed interest to be credited for specific periods (referred to as
"Accumulation Periods").
o Three (3), five (5), seven (7), and ten (10) year Accumulation Periods are
available. The one (1) year Accumulation Period is limited to the
following states: Maryland, the Commonwealth of Massachusetts, New Jersey,
Oklahoma, Oregon, the Commonwealth of Pennsylvania, South Carolina, Texas,
and Washington.
o Interest will be credited for the entire Accumulation Period on a daily
basis. Different rates apply to each Accumulation Period and are
determined by the Company from time to time at its sole discretion.
o A market value adjustment may be charged if part or all of the Guaranteed
Interest Account with Market Value Adjustment is surrendered or
transferred before the end of the Accumulation Period.
o Potential purchasers should carefully consider the factors described in "Risk
Factors" (pages 2-3) as well as the other information contained in this
prospectus before allocating Purchase Payments or Fund Values to the
Guaranteed Interest Account with Market Value Adjustment offered herein.
- --------------------------------------------------------------------------------
These are only some of the terms of the Guaranteed Interest Account with Market
Value Adjustment. Please read this prospectus carefully for more complete
details of the contract.
- --------------------------------------------------------------------------------
A Statement of Additional Information dated May 1, 2008 containing additional
information about the contract is incorporated herein by reference. It has been
filed with the Securities and Exchange Commission and is available from the
Company without charge upon written request. You may request one by writing to
our processing office located at MONY Life Insurance Company of America,
Policyholder Services,100 Madison Street, Syracuse, New York 13202, or by
telephoning 1-800-487-6669 or by accessing the SEC's website at www.sec.gov.
The table of contents of the Statement of Additional Information can be found
in the back of this prospectus.
The SEC has not approved or disapproved these securities or determined if this
prospectus is accurate or complete. Any representation to the contrary is a
criminal offense. The contracts are not insured by the FDIC or any other
agency. They are not deposits or other obligations of any bank and are not bank
guaranteed. They are subject to investment risks and possible loss of
principal.
x01924
MLA-CM
Table of contents
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SUMMARY OF THE CONTRACT 1
- --------------------------------------------------------------------------------
Definitions 1
Purpose of the Contract 1
Purchase Payments and fund value 1
Minimum Purchase Payments 1
MONY America Variable Account A 1
Guaranteed Interest Account with Market Value Adjustment 2
The Accumulation Periods 2
Crediting of interest 2
The Market Value Adjustment 2
Transfer of fund value 3
Contract loans 3
Surrender 3
Charges and deductions 3
Right to return contract provision 3
Death benefit 3
Fee tables 3
Example 4
Other contracts 5
Condensed financial information 5
- --------------------------------------------------------------------------------
2. WHO IS MONY LIFE INSURANCE COMPANY OF AMERICA? 6
- --------------------------------------------------------------------------------
MONY Life Insurance Company of America 6
How to reach us 6
MONY America Variable Account A 6
- --------------------------------------------------------------------------------
3. THE FUNDS 8
- --------------------------------------------------------------------------------
Purchase of portfolio shares by MONY America Variable
Account A 12
- --------------------------------------------------------------------------------
4. DETAILED INFORMATION ABOUT THE CONTRACT 13
- --------------------------------------------------------------------------------
Payment and allocation of Purchase Payments 13
Telephone/fax/web transactions 16
Disruptive transfer activity 17
Termination of the Contract 18
i Table of contents
- --------------------------------------------------------------------------------
5. DESCRIPTION OF THE GUARANTEED INTEREST ACCOUNT WITH MARKET
VALUE ADJUSTMENT 19
- --------------------------------------------------------------------------------
General 19
Guaranteed Interest Account with Market Value Adjustment 19
Allocations to the Guaranteed Interest Account with
Market Value Adjustment 19
Specified interest rates and the accumulation periods 19
Surrenders, transfers or loans 21
The Market Value Adjustment 21
Investments 22
- --------------------------------------------------------------------------------
6. SURRENDERS 23
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. LOANS 24
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
8. DEATH BENEFIT 25
- --------------------------------------------------------------------------------
Death benefit provided by the Contract 25
Enhanced death benefit options 25
Election and effective date of election 26
Payment of death benefit 26
- --------------------------------------------------------------------------------
9. CHARGES AND DEDUCTIONS 27
- --------------------------------------------------------------------------------
Deductions from Purchase Payments 27
Charges against Fund Value 27
Deductions from Fund Value 28
- --------------------------------------------------------------------------------
10. ANNUITY PROVISIONS 30
- --------------------------------------------------------------------------------
Annuity payments 30
Election and change of settlement option 30
Settlement options 30
Frequency of annuity payments 31
Additional provisions 31
Guaranteed Interest Account at annuitization 31
- --------------------------------------------------------------------------------
11. OTHER PROVISIONS 32
- --------------------------------------------------------------------------------
Ownership 32
Provision required by Section 72(s) of the Code 32
Provision required by Section 401(a)(9) of the Code 32
Secondary annuitant 33
Assignment 33
Change of beneficiary 33
Substitution of securities 33
Changes to Contracts 33
Change in operation of MONY America Variable Account A 33
- --------------------------------------------------------------------------------
12. VOTING RIGHTS 35
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- --------------------------------------------------------------------------------
13. DISTRIBUTION OF THE CONTRACTS 36
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
14. FEDERAL TAX STATUS 38
- --------------------------------------------------------------------------------
Introduction 38
Taxation of annuities in general 38
Retirement plans 39
Tax treatment of the Company 39
- --------------------------------------------------------------------------------
15. ADDITIONAL INFORMATION AND INCORPORATION OF
CERTAIN INFORMATION BY REFERENCE 40
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
16. LEGAL PROCEEDINGS 41
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
17. FINANCIAL STATEMENTS 42
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
APPENDIX
- --------------------------------------------------------------------------------
A -- Condensed financial information A-1
- --------------------------------------------------------------------------------
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Table of contents ii
1. Summary of the Contract
- --------------------------------------------------------------------------------
This summary provides you with a brief overview of the more important aspects
of your Contract, including the Guaranteed Interest Account with Market Value
Adjustment. It is not intended to be complete. More detailed information is
contained in this prospectus on the pages following this summary and in your
Contract. This summary and the entire prospectus will describe the part of the
contract involving MONY America Variable Account A. The prospectus also briefly
will describe the Guaranteed Interest Account with Market Value Adjustment and
the portfolios offered by AXA Premier VIP Trust, Dreyfus Stock Index Fund,
Inc., EQ Advisors Trust, Fidelity Variable Insurance Products, Franklin
Templeton Variable Insurance Products Trust, Janus Aspen Series, Oppenheimer
Variable Account Funds, PIMCO Variable Insurance Trust and ProFunds. See
applicable Fund prospectuses for more detailed information about the portfolios
offered by the Funds.
DEFINITIONS
- --------------------------------------------------------------------------------
Specialized terms will be defined on the page where they first appear enclosed
in a box.
- --------------------------------------------------------------------------------
PURPOSE OF THE CONTRACT
The Contract is an Individual Flexible Payment Variable Annuity Contract (the
"Contract" or "Contracts").
The Contract is designed to allow an owner to make Purchase Payments to the
Company under the Contract. Those Purchase Payments are allocated at the
owner's choice among the subaccounts of MONY America Variable Account A and the
Guaranteed Interest Account with Market Value Adjustment. Those Purchase
Payments can accumulate for a period of time and create fund value for the
owner. The owner can choose the length of time that such Purchase Payments may
accumulate. The owner may choose at some point in the future to receive annuity
benefits based upon that accumulated fund value.
An owner may use the Contract's design to accumulate fund value for various
purposes including retirement or to supplement other retirement programs. Some
of these retirement programs (the "Qualified Plans") may qualify for federal
income tax advantages available under certain Sections of the Internal Revenue
Code (the "Code"), Sections 401, 403 (other than Section 403(b)), 408, 408A and
457, for example. We no longer offer contracts to fund plans intended to be
qualified under Sections 403 or 457 of the Code, but may accept Purchase
Payments under existing contracts.
- --------------------------------------------------------------------------------
QUALIFIED PLANS -- Retirement plans that may receive favorable tax treatment
under certain Sections of the Internal Revenue Code.
QUALIFIED CONTRACTS -- Contracts issued under Qualified Plans.
NON-QUALIFIED CONTRACTS -- Contracts not issued under Qualified Plans.
- --------------------------------------------------------------------------------
The Contract is also designed to allow the owner to request payments of part or
all of the accumulated fund value before the owner begins to receive annuity
benefits. This payment may result in the imposition of a surrender charge and a
market value adjustment. The market value adjustment will not apply to
Contracts issued in certain states. It may also be subject to income and other
taxes.
As of January 31, 2005, we no longer offer this Contract. We will continue to
accept Purchase Payments under existing Contracts.
PURCHASE PAYMENTS AND FUND VALUE
You may allocate your Purchase Payments to one or more of the subaccounts of
MONY America Variable Account A that are available under the Contract and/or to
the Guaranteed Interest Account with Market Value Adjustment. The Purchase
Payments you allocate among the various subaccounts of MONY America Variable
Account A may increase or decrease in value on any day depending on the
investment experience of the subaccounts you select. There is no guarantee that
the value of the Purchase Payments you allocate to any of the subaccounts of
MONY America Variable Account A will increase or that the Purchase Payments you
make will not lose value.
MINIMUM PURCHASE PAYMENTS
The minimum Purchase Payment for individuals varies depending upon the
purchaser of the Contract and the method of paying the Purchase Payments. See
"Payment and allocation of Purchase Payments."
Additional Purchase Payments may be made at any time. However, for certain
automatic payment plans, the smallest additional payment is $50. (See "Issuance
of the Contract.") The Company may change this requirement in the future.
MONY AMERICA VARIABLE ACCOUNT A
MONY America Variable Account A is a separate investment account of MONY Life
Insurance Company of America (the "Company"). MONY America Variable Account A's
assets are owned by the Company, but are not chargeable with liabilities
arising from any other business the Company conducts.
The subaccounts of MONY America Variable Account A invest in shares of the
Funds at their net asset value. (See "The Funds.") Owners bear the entire
investment risk for all amounts allocated to MONY America Variable Account A
subaccounts.
- --------------------------------------------------------------------------------
FUND -- Any open-end management investment company or unit investment trust in
which a subaccount invests.
OWNER -- The person so designated in the application to whom all rights,
benefits, options and privileges apply while the Annuitant is living. If a
Contract has been absolutely assigned, the assignee becomes the Owner.
PURCHASE PAYMENT -- An amount paid to the Company by the Owner or on the
Owner's behalf as consideration for the benefits provided by the Contract.
NET PURCHASE PAYMENT -- Purchase Payment less any applicable tax charges.
- --------------------------------------------------------------------------------
1 Summary of the Contract
GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT
The Guaranteed Interest Account with Market Value Adjustment is part of the
Company's General Account. It consists of all the Company's assets other than
assets allocated to segregated investment accounts of the Company. Net Purchase
Payments allocated to the Guaranteed Interest Account with Market Value
Adjustment will be credited with interest at rates guaranteed by the Company
for specified periods. (See "Description of the Guaranteed Interest Account
with Market Value Adjustment.")
The Guaranteed Interest Account with Market Value Adjustment is designed to
provide you with an opportunity to receive a guaranteed fixed rate of interest.
You can choose the period of time over which the guaranteed fixed rate of
interest will be paid. That period of time is known as the Accumulation Period.
The Guaranteed Interest Account with Market Value Adjustment is also designed
to provide you with the opportunity to transfer part or all of the Guaranteed
Interest Account with Market Value Adjustment to the Subaccounts available to
you under the Contract. It is also designed to provide you with the opportunity
to surrender part or all of the Guaranteed Interest Account with Market Value
Adjustment before the end of the Accumulation Period. If you ask us to transfer
or surrender part or all of the Guaranteed Interest Account, we may apply a
market value adjustment ("MVA"). This adjustment may be positive, negative, or
zero.
THE ACCUMULATION PERIODS
There are 4 different Accumulation Periods currently available: a 3-year
Accumulation Period, a 5-year Accumulation Period, a 7-year Accumulation
Period, and a 10-year Accumulation Period. Certain states limit contracts to a
1-year Accumulation Period. You may allocate initial or additional Purchase
Payments made under the Contract to one or more Accumulation Periods. You may
also ask us to transfer Fund Values from the Subaccounts available under the
Contract to one or more of the Accumulation Periods. There is no minimum amount
required for allocation or transfer to an Accumulation Period. (See
"Allocations to the Guaranteed Interest Account with Market Value Adjustment.")
Each Accumulation Period starts on the Business Day that falls on, or next
follows, the date on which allocations are made and Purchase Payments are
received or Fund Values are transferred. Each Accumulation Period ends on the
Monthly Contract Anniversary immediately prior to the 3, 5, 7 or 10 year
anniversary of the start of the Accumulation Period (the "Maturity Date"). This
means that the Accumulation Period for a 3, 5, 7 or 10 year Accumulation Period
may be up to 31 days shorter than 3, 5, 7 or 10 years, respectively. (See
"Specified interest rates and the accumulation periods.")
CREDITING OF INTEREST
The Company will credit amounts allocated to an Accumulation Period with
interest at an annual rate not less than 3.50%. This interest rate is referred
to as the Specified Interest Rate. It will be credited for the duration of the
Accumulation Period. Specified Interest Rates for each Accumulation Period are
declared periodically at the sole discretion of the Company. (See "Specified
interest rates and the accumulation periods.")
At least 15 days and at most 45 days prior to the Maturity Date of an
Accumulation Period, Owners having Fund Values allocated to such Accumulation
Periods will be notified of the impending Maturity Date. Owners will then have
the option of directing the surrender or transfer (including transfers for the
purpose of obtaining a Loan) of the Fund Value within 30 days before the end of
the Accumulation Period without application of any MVA.
The Specified Interest Rate will be credited to amounts allocated to an
Accumulation Period, so long as such allocations are neither surrendered nor
transferred prior to the Maturity Date for the Allocation Period. The Specified
Interest Rate is credited daily, providing an annual effective yield. (See
"Specified interest rates and the accumulation periods.")
THE MARKET VALUE ADJUSTMENT
Amounts that are surrendered or transferred (including transfers for the
purpose of obtaining a Loan) from an Accumulation Period more than 30 days
before the Maturity Date will be subject to an MVA. An MVA will not apply upon
payment of a death benefit upon the death of the annuitant. The MVA is
determined through the use of a factor, which is known as the MVA Factor. This
factor is discussed in detail in the section entitled "The Market Value
Adjustment." The MVA could cause an increase or decrease or no change at all in
the amount of the distribution from an Accumulation Period.
A market value adjustment will be imposed on transfers or surrenders (partial
or full) from the Guaranteed Interest Account with Market Value Adjustment in
most states. A market value adjustment will not be imposed on contracts issued
in the states of Maryland, the Commonwealth of Massachusetts, New Jersey,
Oklahoma, Oregon, the Commonwealth of Pennsylvania, South Carolina, Texas and
Washington; however, restrictions on transfers apply in these States. The
adjustment can be either
Summary of the Contract 2
a positive or negative adjustment. No adjustment is made for the amount
withdrawn or transferred within 30 days before the end of the accumulation
period.
- --------------------------------------------------------------------------------
FUND VALUE -- The aggregate dollar value as of any Business Day of all amounts
accumulated under each of the subaccounts, the Guaranteed Interest Account with
Market Value Adjustment, and the Loan Account of the Contract. If the term Fund
Value is preceded or followed by the terms subaccount(s), the Guaranteed
Interest Account with Market Value Adjustment, and the Loan Account, or any one
or more of those terms, Fund Value means only the Fund Value of the subaccount,
the Guaranteed Interest Account with Market Value Adjustment or the Loan
Account, as the context requires.
BUSINESS DAY -- Each day that the New York Stock Exchange is open for regular
trading. A Business Day ends at 4:00 p.m. Eastern Time.
MONTHLY CONTRACT ANNIVERSARY -- The date of each month corresponding to the
Effective Date of the Contract. For example, for a Contract with a June 15
Effective Date, the Monthly Contract Anniversary is the 15th of each month. If
a Contract's Effective Date falls on the 29th, 30th or 31st day of a month, the
Monthly Contract Anniversary will be the earlier of that day or the last day of
the particular month in question.
- --------------------------------------------------------------------------------
TRANSFER OF FUND VALUE
You may transfer Fund Value among the subaccounts and to or from the Guaranteed
Interest Account with Market Value Adjustment. Transfers from the Guaranteed
Interest Account with Market Value Adjustment may be subject to a Market Value
Adjustment for contracts issued in certain states. Transfers may be made by
telephone, facsimile or via the web if the proper form has been completed,
signed, and received by the Company at its Operations Center. See the cover
page for how to contact the Operations Center. (See "Transfers.")
CONTRACT LOANS
Under certain qualified contracts, you may borrow up to 50% of your Contract's
Fund Value from the Company. Your Contract will be the only security required
for the loan. Contracts issued to 401(k) plans are generally the only Contracts
which permit loans. An amount equal to the amount of the loan is transferred to
the loan account as security for the loan. The loan account is part of the
Company's General Account.
We will charge you interest on the amount borrowed. If you do not pay the
interest when due, the amount due will be borrowed from the Contract's Fund
Value.
SURRENDER
You may surrender all or part of the Contract at any time and receive its cash
value while the Annuitant is alive prior to the annuity starting date. We may
impose a surrender charge and market value adjustment (if applicable). The
amounts you receive upon surrender may be subject to income taxes and a 10%
penalty tax if you are younger than 59-1/2 at the time of surrender. (See
"Federal tax status.")
CHARGES AND DEDUCTIONS
The Contract provides for the deduction of various charges and expenses from
the Fund Value of the Contract.
RIGHT TO RETURN CONTRACT PROVISION
This information is no longer applicable, as these contracts are no longer
available to new purchasers.
You have the right to examine the Contract when you receive it. You may return
the Contract for any reason during the "right to return contract period"
(usually within ten days from the day you receive it. You will receive a refund
of the Purchase Payments received by the Company, less any partial surrender
you made. During the right to return contract period, Purchase Payments will be
retained in the Company's General Account and will earn interest at a rate not
less than 3.50% per year. If you have not returned the Contract at the end of
the right to return contract period, we transfer the Net Purchase Payments with
interest to the subaccounts and/or the Guaranteed Interest Account.
DEATH BENEFIT
If the Annuitant (and the Secondary Annuitant, if any) dies before the annuity
starting date a death benefit will be payable to the Beneficiary. Under certain
circumstances, an enhanced death benefit may be payable. If the Annuitant dies
after annuity payments start, no death benefit is payable except as may be
payable under the settlement option selected. (See "Death benefit" and
"Enhanced death benefit.")
- --------------------------------------------------------------------------------
ANNUITANT -- The person upon whose continuation of life any annuity payment
depends.
SECONDARY ANNUITANT -- The party designated by the Owner to become the
Annuitant, subject to certain conditions, on the death of the Annuitant.
BENEFICIARY -- The party entitled to receive benefits payable at the death of
the Annuitant or (if applicable) the Secondary Annuitant.
ANNUITY STARTING DATE -- Attainment of age 95, or at the discretion of the
Owner of the Contract, a date that is at least ten years from the Effective
Date of the Contract.
- --------------------------------------------------------------------------------
FEE TABLES
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the Contract.
The first table describes the fees and expenses that you will pay at the time
that you buy the Contract, surrender the Contract, transfer Fund Value between
investment options, or for Contracts funding 401(k) plans only, take a loan. A
charge for taxes may also be deducted.
- ------------------------------------------------------------------------------------------------------------------------------------
Owner Transaction Expenses:
- ------------------------------------------------------------------------------------------------------------------------------------
Maximum deferred sales load (surrender charge)
(as a percentage of Purchase Payments surrendered) 7.00%(1)
- ------------------------------------------------------------------------------------------------------------------------------------
Loan interest spread (effective annual rate) 2.50%(2)
- ------------------------------------------------------------------------------------------------------------------------------------
3 Summary of the Contract
- ------------------------------------------------------------------------------------------------------------------------------------
Maximum transfer charge $ 25(3)
- ------------------------------------------------------------------------------------------------------------------------------------
The next table describes the fees and expense that you will pay periodically
during the time that you own the Contract, not including Fund portfolio company
fees and expenses.
- ------------------------------------------------------------------------------------------------------------------------------------
Maximum annual contract charge $ 50(4)
- ------------------------------------------------------------------------------------------------------------------------------------
Separate Account Annual Expenses (as a percentage of average annual Fund Value in MONY America Variable Account A):
- ------------------------------------------------------------------------------------------------------------------------------------
Maximum mortality and expense risk fees 1.35%(5)
- ------------------------------------------------------------------------------------------------------------------------------------
Total separate account annual expenses 1.35%(5)
- ------------------------------------------------------------------------------------------------------------------------------------
(1) The surrender charge percentage, which reduces to zero, is determined under
a surrender charge schedule. (See "Deductions from fund value -- Amount of
surrender charge.) "The surrender charge may be reduced under certain
circumstances which include reduction in order to guarantee that certain
amounts may be received free of surrender charge. (See "Charges against
fund value -- Free partial surrender amount.")
(2) The loan interest spread is the difference between the amount of interest
we charge on loans and the amount of interest we credit to amounts held in
the loan account to secure loans.
(3) The transfer charge currently is $0. However, the Company has reserved the
right to impose a charge for each transfer, which will not exceed $25
(except for Contracts issued in the states of South Carolina and Texas
where it will not exceed $10). (See "Charges against fund value -- Transfer
charge.")
(4) The annual contract charge is currently $0. However, the Company may in the
future change the amount of the charge to an amount not exceeding $50 per
contract year (except for contracts issued in the states of Maryland,
Massachusetts, New Jersey, Oklahoma, Oregon, Pennsylvania, South Carolina,
Texas and Washington where the charge may not exceed $30). (See "Charges
against fund value -- Annual contract charge.")
(5) The mortality and expense risk charge is deducted daily equivalent to a
current annual rate of 1.35% (and is guaranteed not to exceed a daily rate
equivalent to an annual rate of 1.35%) from the value of the net assets of
MONY America Variable Account A.
The next item shows the minimum and maximum total operating expenses charged by
the portfolio companies for the year ended December 31, 2007. You may pay
portfolio company operating expenses periodically during the time that you own
the Contract. Certain variable investment options invest in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies. Each
portfolio, in turn, invests in shares of other portfolios of the Trusts and/or
shares of unaffiliated portfolios ("underlying portfolios"). More detail
concerning each Fund portfolio company's fees and expenses is contained in the
prospectus for each portfolio.
- ------------------------------------------------------------------------------------------------------------------------------------
Total Annual Fund Portfolio Operating Expenses Minimum Maximum
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses that are deducted from portfolio company assets, including manage- 0.27% 1.70%
ment fees, distributions and/or services fees (12b-1 fees), and other expenses
- ------------------------------------------------------------------------------------------------------------------------------------
EXAMPLE
This example is intended to help you compare the cost of investing in the
Contract with the cost of investing in other variable annuity contracts. These
costs include Owner transaction expenses, contract fees, separate account
annual expenses, and Fund fees and expenses for the year ended December 31,
2007.
The example assumes that you invest $10,000 in the Contract for the time
periods indicated. The example also assumes that your investment has a 5%
return each year. The example assumes the maximum contract charges and annual
expenses of any of the Fund portfolios (before expense limitations) set forth
in the previous charts. Although your actual costs may be higher or lower,
based on these assumptions, your costs would be:
1. a. If you surrender your Contract at the end of the applicable time period
(assuming maximum fees and expenses of any of the Fund portfolios):
----------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------------
$997 $1,653 $2,325 $3,818
----------------------------------------------------------------------------
b. If you surrender your Contract at the end of the applicable time period
(assuming minimum fees and expenses of any of the Fund portfolios):
----------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------------
$863 $1,254 $1,659 $2,452
----------------------------------------------------------------------------
2. a. If you do not surrender your Contract (assuming maximum fees and expenses
of any of the Fund portfolios):
Summary of the Contract 4
----------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------------
$358 $1,088 $1,840 $3,818
----------------------------------------------------------------------------
b. If you do not surrender your Contract (assuming minimum fees and
expenses of any of the Fund portfolios):
----------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------------
$215 $664 $1,139 $2,452
----------------------------------------------------------------------------
3. a. If you annuitize your Contract and the proceeds are settled under
Settlement Options 3 or 3A (life income with annuity options) (assuming
maximum fees and expenses of any of the Fund portfolios):
----------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------------
$997 $1,088 $1,840 $3,818
----------------------------------------------------------------------------
b. If you annuitize your Contract and the proceeds are settled under
Settlement Options 3 or 3A (life income with annuity options) (assuming
minimum fees and expenses of any of the Fund portfolios):
----------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------------
$863 $664 $1,139 $2,452
----------------------------------------------------------------------------
4. a. If you annuitize your Contract and the proceeds are settled under
Settlement Options 1, 2 or 4 (annuity income without life contingencies)
(assuming maximum fees and expenses of any of the Fund portfolios):
----------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------------
$997 $1,653 $2,325 $3,818
----------------------------------------------------------------------------
b. If you annuitize your Contract and the proceeds are settled under
Settlement Options 1, 2 or 4 (annuity income without life contingencies)
(assuming minimum fees and expenses of any of the Fund portfolios):
----------------------------------------------------------------------------
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------------------------------------------
$863 $1,254 $1,659 $2,452
----------------------------------------------------------------------------
For the purposes of the Fee Tables and the Example, we assume that the Contract
is owned during the accumulation period. (See "Charges and Deductions.") On and
after the annuity starting date, different fees and charges will apply.
OTHER CONTRACTS
We offer a variety of fixed and variable annuity contracts. They may offer
features, including investment options, fees and/or charges that are different
from those in the contracts offered by this Prospectus. Not every contract is
offered through the same distributor. Upon request, your registered
representative can show you information regarding other annuity contracts that
he or she distributes. You can also contact us to find out more about any of
MONY Life Insurance Company of America annuity contracts.
CONDENSED FINANCIAL INFORMATION
Please see Appendix A at the end of this prospectus for the unit values and the
number of units outstanding as of the end of the period shown for each of the
variable investment options available as of December 31, 2007.
5 Summary of the Contract
2. Who is MONY Life Insurance Company of America?
- --------------------------------------------------------------------------------
MONY LIFE INSURANCE COMPANY OF AMERICA
We are MONY Life Insurance Company of America (the "Company"), an Arizona stock
life insurance corporation organized in 1969. The Company is an indirect,
wholly-owned subsidiary of AXA Financial, Inc., a holding company, which is
itself an indirect, wholly-owned subsidiary of AXA SA ("AXA"). AXA is a French
holding company for an international group of insurance and related financial
services companies. As the ultimate sole shareholder of the Company, and under
its other arrangements with the Company and parent, AXA exercises significant
influence over the operations and capital structure of the Company and its
parent. AXA holds its interest in the Company through a number of other
intermediate holding companies, including Oudinot Participations, AXA America
Holdings Inc. AXA Equitable Financial Services, LLC,and MONY Life Insurance
Company, a life insurance company. The Company is obligated to pay all amounts
that are promised to be paid under the contracts. No company other than the
Company, however, has any legal responsibility to pay amounts that the Company
owes under the contracts.
AXA Financial, Inc. and its consolidated subsidiaries managed approximately
$888.6 billion in assets as of December 31, 2007. The Company is licensed to
sell life insurance and annuities in forty-nine states (not including New
York), the District of Columbia, and Puerto Rico. Our home office is located at
1290 Avenue of the Americas, New York, NY 10104.
On July 8, 2004, AXA Financial, Inc. acquired The MONY Group Inc., which was,
prior to that date, the parent company of the Company. The process of
integrating the business operations of the Company with those of AXA Financial
was completed in 2005.
HOW TO REACH US
To obtain (1) any forms you need for communicating with us, (2) unit values and
other values under your policy, and (3) any other information or materials that
we provide in connection with your Contract or the Portfolios, you may
communicate with our processing office as listed below for the purposes
described. Please refer to "Telephone/ Fax/Web Transactions" for effective
dates for processing telephone, Internet, and facsimile requests, later in this
prospectus. Certain methods of contacting us, such as by telephone or
electronically may be unavailable or delayed (for example our fax service may
not be available at all times and/or we may be unavailable due to emergency
closing). In addition, the level and type of service available may be
restricted based on criteria established by us.
- --------------------------------------------------------------------------------
BY MAIL:
- --------------------------------------------------------------------------------
For contract owner inquiries, write our Operations Center:
MONY Life Insurance Company
Policyholder Services
100 Madison Street
Syracuse, New York 13202
- --------------------------------------------------------------------------------
BY TOLL-FREE PHONE:
- --------------------------------------------------------------------------------
Our automated voice response system is normally available 7 days a week, 24
hours a day at 1-800-487-6669. Customer service representatives are available
weekdays from 9:00 a.m. to 5:00 p.m., Eastern Time.
- --------------------------------------------------------------------------------
BY INTERNET:
- --------------------------------------------------------------------------------
If you are an AXA Advisors client, our Website is www.axaonline.com. All other
clients may access EQAccess by visiting our other Website at
www.axa-equitable.com. Our Websites provide access to account information and
customer service. After enrolling and setting up a password, you can view
account details, perform certain transactions, print customer service forms and
find answers to Frequently Asked Questions (FAQs).
You can also change your allocation percentages, transfer among investment
options, make a payment, and/or change your address (1) by toll-free phone, (2)
over the Internet, through EQAccess, or (3) by writing our Operations Center.
For more information about the transaction requests you can make by phone, fax
or internet, see "Telephone/fax/web transactions" later in this prospectus.
MONY AMERICA VARIABLE ACCOUNT A
MONY America Variable Account A is a separate investment account of the
Company. Presently, only Purchase Payments for individual flexible payment
variable annuity contracts are permitted to be allocated to MONY America
Variable Account A. The assets in MONY America Variable Account A are kept
separate from the General Account assets and other separate accounts of the
Company.
The Company owns the assets in MONY America Variable Account A. The Company is
required to keep assets in MONY America Variable Account A that equal the total
market value of the contract liabilities funded by MONY America Variable
Account A. Realized or unrealized income gains or losses of MONY America
Variable Account A are credited or charged against MONY America Variable
Account A assets without regard to the other income, gains or losses of the
Company. Reserves and other liabilities under the contracts are assets of MONY
America Variable Account A. MONY America Variable Account A assets are not
chargeable with liabilities of the Company's other businesses. The assets of
MONY America Variable Account A are, however, available to cover the
liabilities of the Company's General Account to the extent that the assets of
MONY America Variable Account A exceed the liabilities of the Contracts
supported by it. The amount of some of our obligations under the Contracts is
based on the assets in MONY America Variable Account A. However, the
obligations themselves are obligations of the Company.
MONY America Variable Account A was authorized by the Board of Directors of the
Company and established under Arizona law on March 27, 1987. MONY America
Variable Account A is registered
Who is MONY Life Insurance Company of America? 6
under the Investment Company Act of 1940 (the "1940 Act") and is registered and
classified under that act as a "unit investment trust". The SEC, however, does
not manage or supervise the Company or MONY America Variable Account A.
Although MONY America Variable Account A is registered, the Securities and
Exchange Commission (the "SEC") does not monitor the activity of MONY America
Variable Account A on a daily basis. The Company is not required to register,
and is not registered, as an investment company under the "1940 Act". A unit
investment trust is a type of investment company. For state law purposes, MONY
America Variable Account A is treated as a part or division of the Company.
MONY America Variable Account A is divided into subdivisions called
subaccounts. Each subaccount invests only in shares of a designated portfolio
of the Funds. For example, the EQ/Long Term Bond Subaccount invests solely in
shares of the EQ Advisors Trust EQ/Long Term Bond Portfolio. These portfolios
serve only as the underlying investment for variable annuity and variable life
insurance contracts issued through separate accounts of the Company or other
life insurance companies. The portfolios may also be available to certain
pension accounts. The portfolios are not available directly to individual
investors. In the future, we reserve the right, in compliance with the laws
that apply, to establish additional subaccounts; eliminate subaccounts; combine
any two or more subaccounts; transfer the assets we determine to be the shares
of the class of contracts to which the contracts belong from any subaccount to
another subaccount; restrict or eliminate any voting rights as to the MONY
America Variable Account A; and cause one or more subaccounts to invest some or
all of their assets in one or more other trusts or investment companies of MONY
America Variable Account A if marketing needs, tax conditions, or investment
conditions warrant. Future subaccounts may invest in other portfolios of the
Funds or in other securities, as permitted by applicable law. Any new
subaccounts may be made available to existing contracts on a basis to be
determined by us. If any of these changes are made, we may, by appropriate
endorsement, change the Contract to reflect the change.
7 Who is MONY Life Insurance Company of America?
3. The Funds
- --------------------------------------------------------------------------------
Each available subaccount of MONY America Variable Account A will invest only
in the shares of the Funds. The Funds are registered with the SEC under the
1940 Act. The Funds, or any of them, may withdraw from sale any or all the
respective portfolios as allowed by applicable law. Not all Funds may be
available in all states or in all markets.
You should note that some portfolios have objectives and strategies that are
substantially similar to those of certain funds that are purchased directly
rather than under a variable insurance product such as the Contract. These
portfolios may even have the same manager(s) and/or a similar name. However,
there are numerous factors that can contribute to differences in performance
between two investments, particularly over short periods of time. Such factors
include fees; the timing of stock purchases and sales; differences in fund cash
flows; and specific strategies employed by the portfolio manager.
The AXA Allocation Portfolios offer contract owners a convenient opportunity to
invest in other portfolios that are managed and have been selected for
inclusion in the AXA Allocation Portfolios by AXA Equitable Life Insurance
Company ("AXA Equitable"), the investment manager of the AXA Premier VIP Trust
and EQ Advisors Trust. AXA Advisors, LLC, an affiliated broker-dealer of the
Company, may promote the benefits of such portfolios to contract owners and/or
suggest, incidental to the sale of this Contract, that contract owners consider
whether allocating some or all of their account value to such portfolios is
consistent with their desired investment objectives. In doing so, AXA
Equitable, and/or its affiliates, may be subject to conflicts of interest
insofar as AXA Equitable may derive greater revenues from the AXA Allocation
Portfolios than certain other portfolios available to you under your Contract.
Please see "Payment and allocation of Purchase Payments" in "Detailed
information about the Contract" for more information about your role in
managing your allocations.
For some portfolios, AXA Equitable has entered into sub-advisory agreements
with investment advisers (the "sub-advisers") to carry out the day-to-day
investment decisions for the portfolios. As such, AXA Equitable oversees the
activities of the sub-advisers with respect to the Trusts and is responsible
for retaining or discontinuing the services of those sub-advisers. The chart
below indicates the investment manager or sub-adviser(s), as applicable, for
each portfolio.
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST --
CLASS B SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
AXA AGGRESSIVE ALLOCATION* Seeks long-term capital appreciation. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE Seeks a high level of current income. o AXA Equitable
ALLOCATION*
- ------------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE-PLUS Seeks current income and growth of capital, with a o AXA Equitable
ALLOCATION* greater emphasis on current income.
- ------------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE ALLOCATION* Seeks long-term capital appreciation and current income. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE-PLUS Seeks long-term capital appreciation and current income o AXA Equitable
ALLOCATION* with a greater emphasis on capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER SMALL CAP Long-term growth of capital. o Eagle Asset Management, Inc.
GROWTH
o Wells Capital Management Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
DREYFUS STOCK INDEX FUND, INC.
-- INITIAL SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
DREYFUS STOCK INDEX FUND, The fund seeks to match the total return of the Standard o The Dreyfus Corporation (the index manager
INC. & Poor's 500 Composite Stock Price Index. is Mellon Capital Management Corporation)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
ALL ASSET ALLOCATION Seeks long-term capital appreciation and current income. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK BASIC VALUE Seeks to achieve capital appreciation and secondarily, o BlackRock Investment Management, LLC
EQUITY income.
- ------------------------------------------------------------------------------------------------------------------------------------
The Funds 8
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BOND INDEX Seeks to achieve a total return before expenses that o Standish Mellon Asset Management
approximates the total return performance of the Lehman Company, LLC
Brothers Aggregate Bond Index ("Index"), including rein-
vestment of coupon payments, at a risk level consistent
with that of the Index.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BOSTON ADVISORS EQUITY Seeks to achieve a combination of growth and income to o Boston Advisors, LLC
INCOME achieve an above-average and consistent total return.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CALVERT SOCIALLY Seeks to achieve long-term capital appreciation. o Calvert Asset Management Company, Inc.
RESPONSIBLE
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
RESEARCH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. o Caywood-Scholl Capital Management
YIELD BOND
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP Seeks to achieve long-term growth of capital. o Fidelity Management & Research Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO MERGERS AND Seeks to achieve capital appreciation. o GAMCO Asset Management Inc.
ACQUISITIONS
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO SMALL COMPANY Seeks to maximize capital appreciation. o GAMCO Asset Management Inc.
VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GOVERNMENT SECURITIES Seeks to maximize income and capital appreciation o BlackRock Financial Management, Inc.
through investment in the highest credit quality debt
obligations.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN CORE BOND Seeks to provide a high total return consistent with o JPMorgan Investment Management Inc.
moderate risk to capital and maintenance of liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LONG TERM BOND Seeks to maximize income and capital appreciation o BlackRock Financial Management, Inc.
through investment in long-maturity debt obligations.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT GROWTH AND Seeks to achieve capital appreciation and growth of o Lord, Abbett & Co., LLC
INCOME income without excessive fluctuation in market value.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT MID CAP VALUE Seeks to achieve capital appreciation. o Lord, Abbett & Co., LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MARSICO FOCUS Seeks to achieve long-term growth of capital. o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONEY MARKET Seeks to obtain a high level of current income, preserve o The Dreyfus Corporation
its assets and maintain liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONTAG & CALDWELL Seeks to achieve capital appreciation. o Montag & Caldwell, Inc.
GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO REAL RETURN Seeks to achieve maximum real return consistent with o Pacific Investment Management Company,
preservation of real capital and prudent investment man- LLC
agement.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SHORT DURATION BOND Seeks to achieve current income with reduced volatility of o BlackRock Financial Management, Inc.
principal.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/T. ROWE PRICE GROWTH Seeks to achieve long-term growth of capital appreciation o T. Rowe Price Associates, Inc.
STOCK and secondarily, income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital appreciation o UBS Global Asset Management
with income as a secondary consideration. (Americas) Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
9 The Funds
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN MID CAP Seeks to achieve capital growth. o Morgan Stanley Investment Management Inc.
GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN REAL ESTATE Seeks to provide above average current income and long- o Morgan Stanley Investment Management Inc.
term capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
FIDELITY(R) VARIABLE INSURANCE
PRODUCTS (VIP) -- SERVICE CLASS SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
CONTRAFUND(R) PORTFOLIO Seeks long-term capital appreciation. o Fidelity Management Research Company
(subadvised by FMR Co., Inc. and Fidelity
Research and Analysis Company)
- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON VARIABLE
INSURANCE PRODUCTS TRUST
-- CLASS 2
- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN INCOME SECURITIES Seeks to maximize income while maintaining prospects o Franklin Advisers, Inc.
FUND for capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN RISING DIVIDENDS Seeks long-term capital appreciation, with preservation o Franklin Advisory Services, LLC
SECURITIES FUND of capital as an important consideration.
- ------------------------------------------------------------------------------------------------------------------------------------
FRANKLIN ZERO COUPON FUND Seeks as high an investment return as is consistent with o Franklin Advisers, Inc.
2010 capital preservation.
- ------------------------------------------------------------------------------------------------------------------------------------
JANUS ASPEN SERIES --
SERVICE SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
BALANCED PORTFOLIO Seeks long-term capital growth, consistent with preserva- o Janus Capital Management LLC
tion of capital and balanced by current income.
- ------------------------------------------------------------------------------------------------------------------------------------
FORTY PORTFOLIO** Seeks long-term growth of capital. o Janus Capital Management LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MID CAP GROWTH PORTFOLIO Seeks long-term growth of capital. o Janus Capital Management LLC
- ------------------------------------------------------------------------------------------------------------------------------------
WORLDWIDE GROWTH PORTFOLIO Seeks long-term growth of capital in a manner consistent o Janus Capital Management LLC
with the preservation of capital.
- ------------------------------------------------------------------------------------------------------------------------------------
OPPENHEIMER VARIABLE ACCOUNT
FUNDS -- SERVICE CLASS
- ------------------------------------------------------------------------------------------------------------------------------------
OPPENHEIMER GLOBAL Seeks long-term capital appreciation by investing a sub- o OppenheimerFunds, Inc.
SECURITIES FUND/VA stantial portion of its assets in securities of foreign
issuers, "growth-type" companies, cyclical industries and
special situations that are considered to have apprecia-
tion possibilities.
- ------------------------------------------------------------------------------------------------------------------------------------
PIMCO VARIABLE INSURANCE
TRUST -- ADMINISTRATIVE CLASS
- ------------------------------------------------------------------------------------------------------------------------------------
GLOBAL BOND PORTFOLIO Seeks to maximize total return, consistent with preserva- o Pacific Investment Management Company,
(UNHEDGED) tion of capital and prudent investment management. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
PROFUNDS -- INSURANCE
SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
PROFUND VP BEAR Seeks daily investment results, before fees and expenses o ProFund Advisors
that correspond to the inverse (opposite) of the daily
performance of the S&P 500 Index.
- ------------------------------------------------------------------------------------------------------------------------------------
PROFUND VP RISING RATES Seeks daily investment results, before fees and expenses, o ProFund Advisors
OPPORTUNITY that correspond to one and one-quarter times (125%)
the inverse (opposite) of the daily price movement of the
most recently issued 30-year U.S. Treasury Bond ("Long
Bond").
- ------------------------------------------------------------------------------------------------------------------------------------
The Funds 10
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
PROFUNDS -- INSURANCE
SHARES
- ------------------------------------------------------------------------------------------------------------------------------------
PROFUND VP ULTRABULL Seeks daily investment results, before fees and expenses, o ProFund Advisors
that correspond to twice (200%) the daily performance of
the S&P 500 Index.
- ------------------------------------------------------------------------------------------------------------------------------------
* The "AXA Allocation" portfolios.
** Unlike the other Funds, the Janus Aspen Forty Portfolio is a
non-diversified, open-end management investment company. A nondiversified
Fund may hold a larger position in a smaller number of securities than a
diversified Fund. This means that a single security's increase or decrease
in value may have a greater impact on the return and net asset value of a
non-diversified Fund than a diversified Fund.
YOU SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS AND CHARGES AND EXPENSES
OF THE PORTFOLIOS CAREFULLY BEFORE INVESTING. SHARE CLASSES, WHERE APPLICABLE,
ARE DEFINED IN THE CORRESPONDING FUND PROSPECTUS. THE PROSPECTUSES FOR THE FUND
CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE PORTFOLIOS. THE
PROSPECTUSES SHOULD BE READ CAREFULLY BEFORE INVESTING. IN ORDER TO OBTAIN
COPIES OF FUND PROSPECTUSES THAT DO NOT ACCOMPANY THIS PROSPECTUS, YOU MAY CALL
ONE OF OUR CUSTOMER SERVICE REPRESENTATIVES AT 1-800-487-6669.
Each Owner should periodically review their allocation of Purchase Payments and
Fund Value among the subaccounts and the Guaranteed Interest Account with
Market Value Adjustment in light of their current objectives, the current
market conditions, and the risks of investing in each of the Funds' various
portfolios. A full description of the objectives, policies, restrictions, risks
and expenses for each of the Funds' portfolios can be found in the prospectus
for each of the Funds.
11 The Funds
PURCHASE OF PORTFOLIO SHARES BY MONY AMERICA VARIABLE ACCOUNT A
MONY America Variable Account A will buy and redeem shares from the Funds at
net asset value. Shares will be redeemed when needed for the Company to:
o collect charges under the Contracts;
o pay Cash Value on full surrenders of the Contract;
o fund partial surrenders;
o provide benefits under the Contracts; and
o transfer assets from one subaccount to another or between one or more
subaccounts of MONY America Variable Account A and the Guaranteed Interest
Account with Market Value Adjustment as requested by Owners.
Any dividend or capital gain distribution received from a portfolio of a Fund
will be:
o reinvested immediately at net asset value in shares of that portfolio; and
o kept as assets of the corresponding subaccount.
- --------------------------------------------------------------------------------
CASH VALUE -- The Contract's Fund Value, less (1) any applicable surrender
charge, (2) any outstanding debt, and (3) any applicable market value
adjustment.
- --------------------------------------------------------------------------------
Shares of the Funds are not sold directly to the general public. They are sold
to the Company, and may be sold to other insurance companies that issue
variable annuity and variable life insurance contracts. In addition, they may
be sold to retirement plans.
When a Fund sells shares in any of its portfolios both to variable annuity and
to variable life insurance company separate accounts, it engages in mixed
funding. When a Fund sells shares in any of its portfolios to separate accounts
of unaffiliated life insurance companies, it engages in shared funding. Each
Fund may engage in mixed and shared funding. Therefore, due to differences in
redemption rates or tax treatment, or other considerations, the interests of
various shareholders participating in a Fund could conflict.
The Board of Directors or Trustees of each of the Funds monitors the respective
Fund for the existence of material irreconcilable conflict between the
interests of variable annuity Owners and variable life insurance Owners. The
Boards shall report any such conflict to the boards of the Company and its
affiliates. The Boards of Directors of the Company and its affiliates have
agreed to be responsible for reporting any potential or existing mixed and
shared funding conflicts to the Directors and Trustees of each of the relevant
Funds. The Boards of Directors of the Company and its affiliates will remedy
any conflict at their own cost. The remedy may include establishing a new
registered management investment company and segregating the assets underlying
the variable annuity contracts and the variable life insurance contracts.
The Funds 12
4. Detailed information about the Contract
- --------------------------------------------------------------------------------
The Fund Value in MONY America Variable Account A and in the Guaranteed
Interest Account with Market Value Adjustment provide many of the benefits of
your Contract. The information in this section describes the benefits,
features, charges and major provisions of the Contract and the extent to which
those depend upon the Fund Value, particularly the Fund Value in MONY America
Variable Account A. There may be differences in your Contract, such as
differences in fees, charges and benefits because of the state where we issued
your Contract. We will include any such differences in your Contract.
PAYMENT AND ALLOCATION OF PURCHASE PAYMENTS
ISSUANCE OF THE CONTRACT
Disclosure regarding contract issuance and minimum initial Purchase Payments is
for informational purposes only. This Contract is no longer available to new
purchasers.
The Contract is between you and the Company. The Contract is not an investment
advisory account, and the Company is not providing any investment advice or
managing the allocations under your Contract. In the absence of a specific
written arrangement to the contrary, you as the owner of the Contract, have the
sole authority to make investment allocations and other decisions under the
Contract. Your AXA Advisors' financial professional is acting as a
broker-dealer registered representative, and is not authorized to act as an
investment advisor or to manage the allocations under your Contract. If your
financial professional is a registered representative with a broker-dealer
other than AXA Advisors, you should speak with him/her regarding any different
arrangements that may apply.
Individuals who want to buy a Contract must:
(1) Complete an application;
(2) Personally deliver the application to
(a) a licensed agent of the Company who is also a registered
representative of AXA Advisors, LLC or AXA Distributors, LLC
(together, the "Distributors") who act as the principal underwriters
for the Contracts, or
(b) a licensed agent who is also a registered representative of a broker
dealer which had been authorized by the Distributors to sell the
Contract; and
(3) Pay the minimum initial Purchase Payment.
If we receive a completed application and all other information necessary for
processing a purchase order at our Operations Center, we will apply your
initial Purchase Payment no later than two Business Days after we receive the
order. While attempting to finish an incomplete application, we may hold your
initial Purchase Payment for no more than five Business Days. If an incomplete
application cannot be completed within those five days, we will inform you of
the reasons, and will return your Purchase Payment immediately (unless you
specifically authorize us to keep it until the application is complete). Once
you complete your application, we must apply the initial Purchase Payment
within two Business Days. We will apply any additional Purchase Payments you
make on the Business Day we receive them at our Operations Center.
The Contract may be used with certain tax qualified plans. The Contract
includes attributes such as tax deferral on accumulated earnings. Qualified
retirement plans provide their own tax deferral benefit; the purchase of this
Contract does not provide additional tax deferral benefits beyond those
provided in the Qualified Plan. Accordingly, if you are purchasing this
Contract, you should purchase it for its death benefit, annuity benefits, and
other non-tax related benefits. Please consult a tax adviser for information
specific to your circumstances in order to determine whether the Contract is an
appropriate investment for you.
The minimum initial Purchase Payment for individuals varies depending upon the
use of the Contract and the method of purchase. The chart below shows the
minimum initial Purchase Payment for each situation.
- ------------------------------------------------------------------------------------------------------------------------------------
Use of Contract or Method of Making Purchase Payment Minimum Initial Purchase Payment
- ------------------------------------------------------------------------------------------------------------------------------------
Individual retirement accounts and annuities under Section 408 of the Code (other
than Simplified Employee Pensions), including Roth IRAs under Section 408A of the
Code $2,000
- ------------------------------------------------------------------------------------------------------------------------------------
Non-Qualified Contracts $2,000
- ------------------------------------------------------------------------------------------------------------------------------------
H.R. 10 plans (self-employed individuals' retirement plans under Section 401 of the
Code), certain corporate or association retirement plans, and Simplified Employee
Pensions under Section 408 of the Code $ 600
- ------------------------------------------------------------------------------------------------------------------------------------
13 Detailed information about the Contract
- ------------------------------------------------------------------------------------------------------------------------------------
Annuity purchase plans sponsored by certain tax-exempt organizations, governmental
entities and deferred compensation plans under Section 457 of the Code $600
- ------------------------------------------------------------------------------------------------------------------------------------
Annualized rate of $600 (i.e., $600 per
year, $300 semiannually, $150 quarterly
Payroll deduction and automatic checking account withdrawal plans or $50 per month)
- ------------------------------------------------------------------------------------------------------------------------------------
Government Allotment Plans $50 per month
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
GOVERNMENT ALLOTMENT PLANS -- Payroll deduction plans used for financial
products by government employees.
- --------------------------------------------------------------------------------
Additional Purchase Payments may be made at any time before the Annuity
starting date as long as the Annuitant is living. However, for certain
automatic payment plans, the smallest additional payment is $50. The Company
reserves the right to revise its rules from time to time to specify different
minimum Purchase Payments for such plans. In addition, the prior approval of
the Company is needed before it will accept a Purchase Payment if, with that
Payment, that would cause Cumulative Purchase Payments, less any partial
surrenders and their surrender charges and market value adjustment, to exceed
$1,500,000.
The Company reserves the right to reject an application for any reason
permitted by law.
Net Purchase Payments received before the Effective Date will be held in the
Company's General Account and will be credited with interest at not less than
3.50% per year if:
(1) the Contract is issued by the Company, and
(2) the Contract is delivered to the Owner.
No interest will be paid if the Contract is not issued or if it is declined by
the Owner.
These amounts will be held in the General Account pending end of the right to
return contract period. (See below.)
- --------------------------------------------------------------------------------
EFFECTIVE DATE -- The date the contract begins as shown in the Contract.
- --------------------------------------------------------------------------------
TAX-FREE "SECTION 1035" EXCHANGES
The Owner can generally exchange one annuity contract for another in a
"tax-free exchange" under Section 1035 of the Internal Revenue Code. Similar
rules may apply to changing the funding vehicle in a Qualified Plan. Before
making the exchange, the Owner should compare both contracts carefully.
Remember that if you exchange another contract for the one described in this
prospectus, you might have to pay a surrender charge on the old contract. There
will be a new surrender charge period for this Contract and other charges may
be higher (or lower) and the benefits may be different. If the exchange does
not qualify for Section 1035 treatment, the Owner may have to pay federal
income tax, and penalty taxes on the exchange. The Owner should not exchange
another contract for this one unless he or she determines, after knowing all
the facts, that the exchange is in the Owner's best interest and not just
better for the person trying to sell the Owner this Contract (that person will
generally earn a commission if the Owner buys this Contract through an exchange
or otherwise).
RIGHT TO RETURN CONTRACT PROVISION
This information is no longer applicable, as these contracts are no longer
available to new purchasers.
The Owner may return the Contract during the right to return contract period
(usually within 10 days of the delivery date). The Contract must be returned to
the Company or any agent of the Company. When the Company receives the
Contract, it will be voided as if it were never in effect. The amount to be
refunded is equal to the Purchase Payments received by the Company less any
partial surrender you made. During the right to return contract period,
Purchase Payments will be retained in the Company's General Account and will
earn interest at a rate not less than 3.50% per year. If you have not returned
the Contract at the end of the right to return contract period, we transfer the
Net Purchase Payments with interest to the subaccounts and/or the Guaranteed
Interest Account.
For contracts issued in the State of Washington, an additional 10% penalty will
be added to any Purchase Payment refund due that is not paid within 30 days of
return of the Contract to the Company. For contracts issued in the State of
Oklahoma, if payment is delayed more than 30 days, the Company will pay
interest on the proceeds at a rate required by Oklahoma law.
ALLOCATION OF PURCHASE PAYMENTS AND FUND VALUE
ALLOCATION OF PAYMENTS. On the application, the Owner may allocate Net
Purchase Payments to any of the available subaccounts of MONY America Variable
Account A or to the Guaranteed Interest Account with Market Value Adjustment.
Net Purchase Payments (and any interest thereon) are held in the General
Account if they are received before the end of the right to return contract
period. The Net Purchase Payments will earn interest at a rate not less than
3.50% per year beginning on the later of:
(1) the Effective Date of the Contract, or
(2) the date the Payment is received at the Company's Operations Center.
Net Purchase Payments will continue to earn 3.50% annual interest until the
right to return contract period expires. (See "Right to return contract
provision" above.) After the right to return contract period has expired, the
Contract's Fund Value will automatically be transferred to MONY America
Variable Account A subaccount(s) or to the Guaranteed Interest Account with
Market Value Adjustment according to the Owner's allocation instructions.
After the right to return contract period ends, under a non-automatic payment
plan, if the Owner does not:
(1) specify the amount to be allocated among subaccounts, or
(2) specify the percentage to be allocated among subaccounts, or
Detailed information about the Contract 14
(3) the amount or percentage specified is incorrect or incomplete,
the Net Purchase Payments will be allocated under the Owner's most recent
instructions on record with the Company. The percentage specified must not be
less than 10% of the Net Purchase Payment. For automatic payment plans, Net
Purchase Payments will be allocated according to the Owner's most recent
instructions on record.
The Owner may change the specified allocation formula for future Net Purchase
Payments at any time without charge by sending written notification to the
Company at the Operations Center. Prior allocation instructions may also be
changed by telephone, facsimile or via the Web subject to the rules of the
Company and its right to terminate or modify telephone, facsimile or via the
Web allocation. The Company reserves the right to deny any telephone, facsimile
or via the Web allocation request. (See "Telephone/fax/web transactions.") Any
such change, whether made in writing or by telephone, facsimile or via the Web,
will be effective within 7 days of the date we receive notice of the change.
Net Purchase Payments may be allocated in whole percentages to any of the
available subaccounts and to the Guaranteed Interest Account. Allocations must
be in whole percentages, and no allocation may be for less than 10% of a Net
Purchase Payment. Allocation percentages must total 100%. Contracts issued in
the states of Maryland, New Jersey, Oklahoma, Oregon, South Carolina, Texas and
Washington and the Commonwealths of Massachusetts and Pennsylvania must
maintain a minimum fund value balance of $2,500 in the Guaranteed Interest
Account when an allocation to said account is chosen.
CALCULATING UNIT VALUES FOR EACH SUBACCOUNT
When allocated Purchase Payments are received they are credited to subaccounts
of MONY America Variable Account A in the form of units. The number of units is
determined by dividing the dollar amount allocated to a particular subaccount
by the unit value for that subaccount for the Business Day on which the
Purchase Payment is received.
To determine the unit value of a subaccount on each Business Day, the Company
takes the prior Business Day's unit value and multiplies it by the Net
Investment Factor for the current Business Day. The Net Investment Factor is
used to measure the investment performance of a subaccount from one Business
Day to the next. The Net Investment Factor for each subaccount equals:
(1) the net asset value per share of each Fund held in the subaccount at the
end of the current Business Day divided by
(2) the net asset value per share of each Fund held in the subaccount at the
end of the prior Business day, minus
(3) the daily mortality and expense risk charge and any other applicable
charges adjusted for the number of calendar days in the period.
The unit value of these subaccounts may increase, decrease or remain the same
from Business Day to Business Day. The unit value depends on the investment
performance of the portfolio of the Fund in which the subaccount invests and
any expenses and charges deducted from MONY America Variable Account A. The
Owner bears the entire investment risk. Owners should periodically review their
allocations of payments and values in light of market conditions and overall
financial planning requirements.
CALCULATION OF GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT FUND
VALUE
Net Purchase Payments to be allocated to the Guaranteed Interest Account with
Market Value Adjustment will be credited to the Accumulation Period chosen by
the Owner on:
(1) the date received at the Operations Center, or
(2) if the day Net Purchase Payments are received is not a Business Day, then
on the next Business Day.
Interest will be credited daily.
CALCULATION OF FUND VALUE
The Contract's Fund Value will reflect:
o The investment performance of the selected subaccount(s) of MONY America
Variable Account A;
o Amounts credited (including interest) to the Guaranteed Interest Account with
Market Value Adjustment;
o Any amount in the loan account;
o Any Net Purchase Payments;
o Any transfer charges;
o Any partial surrenders; and
o All contract charges (including surrender charges and market value
adjustments) imposed.
There is no guaranteed minimum Fund Value, except to the extent Net Purchase
Payments have been allocated to the Guaranteed Interest Account with Market
Value Adjustment. Because a Contract's Fund Value at any future date will be
dependent on a number of variables, it cannot be predetermined.
The Fund Value will be computed first on the Effective Date and thereafter on
each Business Day. On the Effective Date, the Contract's Fund Value will be the
Net Purchase Payments received plus any interest credited on those Payments
during the period when Net Purchase Payments are held in the General Account.
(See "Issuance of the Contract.")
After amounts allocated to the subaccounts are transferred from the General
Account to MONY America Variable Account A, on each Business Day, the
Contract's Fund Value will be computed as follows:
(1) Determine the aggregate of the Fund Values attributable to the Contract in
each of the subaccounts on that Business Day. This is done by multiplying
the subaccount's unit value on that date by the number of subaccount units
allocated to the Contract. The computation of the Contract's Fund Value in
the subaccount is done before any other Contract transactions on that
Business Day.
(2) Add any amount credited to the Guaranteed Interest Account with Market
Value Adjustment before that Business Day. This amount is the aggregate of
all Net Purchase Payments allocated to the Guaranteed Interest Account with
Market Value Adjustment and:
15 Detailed information about the Contract
o The addition of any interest credited.
o Addition or subtraction of any amounts transferred.
o Subtraction of any partial surrenders.
o Subtraction of any contract charges, surrender charges, transfer charges,
and any Market Value Adjustments
(3) Add the value held in the loan account to secure contract loans and
interest credited on that day on that amount;
(4) Add any Net Purchase Payment received on that Business Day;
(5) Subtract any partial surrender amount (reflecting any surrender charge and
Market Value Adjustment) made on that Business Day;
(6) Subtract any annual contract charge and/or transfer charge deductible on
that Business Day.
Regarding (1) above, for each subaccount we multiply the number of units
credited to that subaccount by its unit value on that Business Day. The
multiplication is done BEFORE the purchase or redemption of any units on that
Business Day.
If a transaction would ordinarily require that the Contract's Fund Value be
computed for a day that is not a Business Day, the next following Business Day
will be used.
TRANSFERS. You may transfer the value of the Contract among the subaccounts
after the right to return contract period has expired by sending a proper
written request to the Company's Operations Center. Transfers may be made by
telephone, facsimile or via the web if you have proper authorization. (See
"Telephone/fax/web transactions.") Transfers from a subaccount will be executed
at the net asset value next calculated by the Company if the transfer
instruction is received and acknowledged by 4:00 p.m., Eastern Time on a day on
which the New York Stock Exchange is open for business. If the New York Stock
Exchange is not open for business on the day of receipt, the transfer
instruction will be executed at the net asset value calculated at the close of
business on the first day thereafter on which the New York Stock Exchange is
open for business. Such transfers are subject to the Company's rules and
conditions for such privilege. Currently, there are no limitations on the
number of transfers between subaccounts. Our current transfer restrictions are
set forth in the "Disruptive transfer activity" section below.
Transfers among, to and from subaccounts may be postponed for any period during
which:
(1) the New York Stock Exchange is closed other than customary weekend and
holiday closings, or
(2) trading on the New York Stock Exchange is restricted as determined by the
Securities and Exchange Commission, or
(3) an emergency exists as a result of which disposal of securities held by the
Fund is not reasonably practicable or it is not reasonably practicable to
determine the value of the net assets of the Fund.
A transfer charge is not currently imposed on transfers. (See "Charges against
fund value -- Transfer charge.") However, the Company reserves the right to
impose a charge which will not exceed $25 per transfer (except for contracts
issued in the states of South Carolina and Texas where it will not exceed $10).
If imposed the charge will be deducted from the first subaccount(s) or the
Guaranteed Interest Account with Market Value Adjustment Accumulation Period
you designate funds to be transferred from. This charge is in addition to the
amount transferred. All transfers in a single request are treated as one
transfer transaction. A transfer resulting from the first reallocation of Fund
Value at the end of the right to return contract period and transfers made at
the end of an Accumulation Period of amounts allocated to the Guaranteed
Interest Account with Market Value Adjustment (see below) will not be subject
to a transfer charge. Under present law, transfers are not taxable
transactions.
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EFFECTIVE DATE -- The date shown as the Effective Date of the Contract.
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TRANSFERS INVOLVING THE GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE
ADJUSTMENT. Transfers may be made from the Guaranteed Interest Account with
Market Value Adjustment at any time, but, if they are made before the end of
the 3, 5, 7, or 10 year accumulation period there will be a market value
adjustment for contracts issued in most states. If the transfer request is
received within 30 days before the end of the Accumulation Period, no market
value adjustment will apply.
Contracts issued in Maryland, New Jersey, Oklahoma, South Carolina, Texas and
Washington and the Commonwealths of Massachusetts and Pennsylvania, to the
extent the Owner allocates investments to the Guaranteed Interest Account, must
maintain a minimum Fund Value in the Guaranteed Interest Account of $2,500.
Please see "Payment and allocation of Purchase Payments" earlier in this
section for more information about your role in managing your allocations.
TELEPHONE/FAX/WEB TRANSACTIONS
Prior allocation instructions may be changed or transfers requested by
telephone, fax or via the web subject to the Company's guidelines (which we
believe to be reasonable) and the Company's right to modify or terminate the
telephone/fax/web privilege. The Company reserves the right to deny any
telephone, fax or web request.
If all telephone lines are busy or the internet is not available (for example,
during periods of substantial market fluctuations), Owners may be unable to
request telephone, fax or web allocation changes or transfers by telephone, fax
or web. In such cases, an Owner would submit a written request.
We have adopted guidelines relating to changes of allocations and transfers by
telephone, fax or the web which, among other things, outlines procedures
designed to prevent unauthorized instructions. If the Owner does not follow
these procedures :
(1) the Company shall not be liable for any loss as a result of following
fraudulent telephone, fax or web instructions; and
(2) the Owner will, therefore, bear the entire risk of loss due to fraudulent
telephone, fax or web instructions.
A copy of the guidelines and our form for electing telephone/facsimile transfer
privileges is available from your financial professional or by calling us at
1-800-487-6669, Monday through Friday, 9 a.m. to 5 p.m., Eastern Time. Web
transfer privileges and a copy of the guide-
Detailed information about the Contract 16
lines and forms are available online at www.axaonline.com. The telephone or fax
allocation and transfer privileges may also be elected by completing the
telephone or fax authorization. The Company's form or a Contract application
with a completed telephone or fax authorization must be signed and received at
the Company's Operations Center before telephone or fax allocation instructions
will be accepted. To elect web allocation and transfer privileges, you must log
on to www.AXAonline.com, and register for online account access. This online
application must be electronically signed and received by the Company via the
internet before web transaction instructions will be accepted.
SPECIAL NOTE ON RELIABILITY. Please note that the internet and our telephone
system may not always be available. Any system, whether it is yours, your
service provider's, or your registered representative's, can experience
unscheduled outages or slowdowns for a variety of reasons. These outages or
slowdowns may delay or prevent our processing of your request. Although we have
taken precautions to help our systems handle heavy use, we cannot promise
complete reliability under all circumstances. If you are experiencing problems,
you can make your transactions by writing our Operations Center.
DISRUPTIVE TRANSFER ACTIVITY
You should note that the Contract is not designed for professional "market
timing" organizations, or other organizations or individuals engaging in a
market timing strategy. The Contract is not designed to accommodate programmed
transfers, frequent transfers or transfers that are large in relation to the
total assets of the underlying portfolio.
Frequent transfers, including market timing and other program trading or
short-term trading strategies, may be disruptive to the underlying portfolios
in which the subaccounts invest. Disruptive transfer activity may adversely
affect performance and the interests of long-term investors by requiring a
portfolio to maintain larger amounts of cash or to liquidate portfolio holdings
at a disadvantageous time or price. For example, when market timing occurs, a
portfolio may have to sell its holdings to have the cash necessary to redeem
the market timer's investment. This can happen when it is not advantageous to
sell any securities, so the portfolio's performance may be hurt. When large
dollar amounts are involved, market timing can also make it difficult to use
long-term investment strategies because a portfolio cannot predict how much
cash it will have to invest. In addition, disruptive transfers or purchases and
redemptions of portfolio investments may impede efficient portfolio management
and impose increased transaction costs, such as brokerage costs, by requiring
the portfolio manager to effect more frequent purchases and sales of portfolio
securities. Similarly, a portfolio may bear increased administrative costs as a
result of the asset level and investment volatility that accompanies patterns
of excessive or short-term trading. Portfolios that invest a significant
portion of their assets in foreign securities or the securities of small- and
mid-capitalization companies tend to be subject to the risks associated with
market timing and short-term trading strategies to a greater extent than
portfolios that do not. Securities trading in overseas markets present time
zone arbitrage opportunities when events affecting portfolio securities values
occur after the close of the overseas market but prior to the close of the U.S.
markets. Securities of small- and mid-capitalization companies present
arbitrage opportunities because the market for such securities may be less
liquid than the market for securities of larger companies, which could result
in pricing inefficiencies. Please see the prospectuses for the underlying
portfolios for more information on how portfolio shares are priced.
We currently use the procedures described below to discourage disruptive
transfer activity. You should understand, however, that these procedures are
subject to the following limitations: (1) they primarily rely on the policies
and procedures implemented by the underlying portfolios; (2) they do not
eliminate the possibility that disruptive transfer activity, including market
timing, will occur or that portfolio performance will be affected by such
activity; and (3) the design of market timing procedures involves inherently
subjective judgments, which we seek to make in a fair and reasonable manner
consistent with the interests of all policy and contract owners.
We currently require that any transfer request of $250,000 or more must be
submitted in writing to our customer service office by U.S. mail (first class).
Overnight mail is not permitted for those transfer requests. We measure the
$250,000 threshold on a daily basis and combine transfer activities for all
contracts with the same or related owner. We do not permit exceptions to this
policy. We may change this policy, and any new or revised policy will apply to
all contract owners uniformly.
We offer subaccounts with underlying portfolios that are part of the AXA
Premier VIP Trust and EQ Advisors Trust, as well as subaccounts with underlying
portfolios of outside trusts with which AXA Equitable has entered participation
agreements (the "unaffiliated trusts" and, collectively with AXA Premier VIP
Trust and EQ Advisors Trust, the "trusts"). The trusts have adopted policies
and procedures regarding disruptive transfer activity. They discourage frequent
purchases and redemptions of portfolio shares and will not make special
arrangements to accommodate such transactions. They aggregate inflows and
outflows for each portfolio on a daily basis. On any day when a portfolio's net
inflows or outflows exceed an established monitoring threshold, the trust
obtains from us contract owner trading activity. The trusts currently consider
transfers into and out of (or vice versa) the same subaccount within a five
business day period as potentially disruptive transfer activity. Each
unaffiliated trust may have its own policies and procedures regarding
disruptive transfer activity. If an unaffiliated trust advises us that there
may be disruptive activity from one of our contract owners, we will work with
the unaffiliated trust to review contract owner trading activity. Each trust
reserves the right to reject a transfer that it believes, in its sole
discretion, is disruptive (or potentially disruptive) to the management of one
of its portfolios. Please see the prospectuses for the trusts for more
information.
When a contract owner is identified as having engaged in a potentially
disruptive transfer under the Contract for the first time, a letter is sent to
the contract owner explaining that there is a policy against disruptive
transfer activity and that if such activity continues certain transfer
privileges may be eliminated. If and when the contract owner is identified a
second time as engaged in potentially disruptive transfer activity under the
Contract, we currently prohibit the use of voice, fax and automated transaction
services. We currently apply such action for the remaining life of each
affected contract. We or a trust may change the definition of potentially
disruptive transfer activity, the monitoring procedures and thresholds, any
notification procedures, and the proce-
17 Detailed information about the
Contract
dures to restrict this activity. Any new or revised policies and procedures
will apply to all contract owners uniformly. We do not permit exceptions to our
policies restricting disruptive transfer activity.
It is possible that a trust may impose a redemption fee designed to discourage
frequent or disruptive trading by contract owners. As of the date of this
prospectus, the trusts had not implemented such a fee. If a redemption fee is
implemented by a trust, that fee, like any other trust fee, will be borne by
the contract owner.
Contract owners should note that it is not always possible for us and the
underlying trusts to identify and prevent disruptive transfer activity. In
addition, because we do not monitor for all frequent trading at the separate
account level, contract owners may engage in frequent trading which may not be
detected, for example, due to low net inflows or outflows on the particular
day(s). Therefore, no assurance can be given that we or the trusts will
successfully impose restrictions on all potentially disruptive transfers.
Because there is no guarantee that disruptive trading will be stopped, some
contract owners may be treated differently than others, resulting in the risk
that some contract owners may be able to engage in frequent transfer activity
while others will bear the effect of that frequent transfer activity. The
potential effects of frequent transfer activity are discussed above.
TERMINATION OF THE CONTRACT
The Contract will remain in effect until the earlier of:
(1) the date the Contract is surrendered in full,
(2) the date annuity payments start,
(3) the Contract Anniversary on which, after deduction for any annual contract
charge then due, no Fund Value in the subaccounts and the Guaranteed
Interest Account with Market Value Adjustment remains in the Contract, or
(4) the date the death benefit is payable under the Contract.
Detailed information about the Contract 18
5. Description of the Guaranteed Interest Account with Market Value Adjustment
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GENERAL
The Guaranteed Interest Account with Market Value Adjustment is an allocation
option available under the Contract. The Guaranteed Interest Account with
Market Value Adjustment may not be available in every state jurisdiction.
The guarantees associated with the Guaranteed Interest Account with Market
Value Adjustment are borne exclusively by the Company. The guarantees
associated with the Guaranteed Interest Account with Market Value Adjustment
are legal obligations of the Company. Fund Values allocated to the Guaranteed
Interest Account with Market Value Adjustment are held in the General Account
of the Company. Amounts allocated to the General Account of the Company are
subject to the liabilities arising from the business the Company conducts. The
Company has sole investment discretion over the investment of the assets of its
General Account. Owners having allocated amounts to a particular Accumulation
Period of the Guaranteed Interest Account with Market Value Adjustment,
however, will have no claim against any particular assets of the Company.
The Guaranteed Interest Account with Market Value Adjustment provides for a
Specified Interest Rate, which is a guaranteed interest rate that will be
credited as long as any amount allocated to the Guaranteed Interest Account
with Market Value Adjustment is not distributed for any reason prior to the
Maturity Date of the particular Accumulation Period chosen by the Owner.
Generally, a 3-year Accumulation Period offers guaranteed interest at a
Specified Interest Rate over three years, a 5-year Accumulation Period offers
guaranteed interest at a Specified Interest Rate over five years, and so on.
Because the Maturity Date is the Monthly Contract Anniversary immediately prior
to the 3, 5, 7 or 10 year anniversary of the start of the Accumulation Period,
the Accumulation Period may be up to 31 days shorter than the 3, 5, 7 or 10
years, respectively.
Although the Specified Interest Rate will continue to be credited as long as
Fund Value remains in an Accumulation Period of the Guaranteed Interest Account
with Market Value Adjustment prior to the Maturity Date of that Accumulation
Period, surrenders or transfers (including transfers to the Loan Account as a
result of a request by the Owner for a Loan) will be subject to a Market Value
Adjustment, as described below. Market Value Adjustments do not apply upon
annuitization under Settlement Option 3 or 3A.
Market Value Adjustments do not apply for partial or full surrenders or
transfers requested within 30 days before the end of the Accumulation Period,
nor to any benefits paid upon the death of the Annuitant. The Market Value
Adjustment does apply to benefits paid upon death of the Owner. Market Value
Adjustments also do not apply to contracts issued in certain states.
GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT
The Guaranteed Interest Account with Market Value Adjustment is a part of the
Company's General Account and consists of all the Company's assets other than
assets allocated to segregated investment accounts of the Company, including
MONY America Variable Account A.
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MARKET VALUE ADJUSTMENT -- An amount added to or deducted from the amount
surrendered or transferred from the Guaranteed Interest Account with Market
Value Adjustment for contracts issued in certain states.
ACCUMULATION PERIOD -- Currently 3, 5, 7 and 10 years. The Period starts on the
Business Day that falls on, or next follows the date the Purchase Payment is
transferred into the Guaranteed Interest Account with Market Value Adjustment
and ends on the monthly contract anniversary immediately prior to the last day
of that Period. (THE ACCUMULATION PERIOD IS LIMITED TO ONE YEAR FOR CONTRACTS
ISSUED IN THE STATES OF MARYLAND, NEW JERSEY, OKLAHOMA, OREGON, SOUTH CAROLINA,
TEXAS, WASHINGTON AND THE COMMONWEALTHS OF MASSACHUSETTS AND PENNSYLVANIA.)
CONTRACT YEAR -- Any period of twelve (12) months commencing with the Effective
Date and each Contract Anniversary thereafter.
CONTRACT ANNIVERSARY -- An anniversary of the Effective Date of the Contract.
GENERAL ACCOUNT -- The General Account of the Company which consists of all of
the Company's assets other than those assets allocated to the Company's
separate accounts.
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ALLOCATIONS TO THE GUARANTEED INTEREST ACCOUNT WITH MARKET VALUE ADJUSTMENT
There are three sources from which allocations to the Guaranteed Interest
Account with Market Value Adjustment may be made:
(1) an initial Purchase Payment made under a Contract may be wholly or
partially allocated to the Guaranteed Interest Account with Market Value
Adjustment;
(2) a subsequent or additional Purchase Payment made under a Contract may be
partially or wholly allocated to the Guaranteed Interest Account with
Market Value Adjustment; and
(3) amounts transferred from Subaccounts available under the Contract may be
wholly or partially allocated to the Guaranteed Interest Account with
Market Value Adjustment.
There is no minimum amount of any allocation of either Purchase Payments or
transfers of Fund Value to the Guaranteed Interest Account with Market Value
Adjustment. The 1-year Accumulation Period (which is limited to certain states
in which there is no Market Value Adjustment), requires the Guaranteed Interest
Account to have a minimum Fund Value of $2,500 when an allocation to said
account is chosen.
SPECIFIED INTEREST RATES AND THE
ACCUMULATION PERIODS
SPECIFIED INTEREST RATES
The Specified Interest Rate, at any given time, is the rate of interest
guaranteed by the Company to be credited to allocations made to the
19 Description of the Guaranteed Interest Account with Market Value Adjustment
Accumulation Period for the Guaranteed Interest Account with Market Value
Adjustment chosen by the Owner, so long as no portion of the allocation is
distributed for any reason prior to the Maturity Date of the Accumulation
Period. Different Specified Interest Rates may be established for the four
different Accumulation Periods which are currently available (3, 5, 7 and 10
years). (The Accumulation Period is limited to one year for contracts issued in
the states of Maryland, New Jersey, Oklahoma, Oregon, South Carolina, Texas and
Washington and the Commonwealths of Massachusetts and Pennsylvania.)
The Company declares Specified Interest Rates for each of the available
Accumulation Periods from time to time. Normally, new Specified Interest Rates
will be declared monthly; however, depending on interest rate fluctuations,
declarations of new Specified Interest Rates may occur more or less frequently.
The Company observes no specific method in the establishment of the Specified
Interest Rates, but generally will attempt to declare Specified Interest Rates
which are related to interest rates associated with fixed-income investments
available at the time and having durations and cash flow attributes compatible
with the Accumulation Periods then available for the Guaranteed Interest
Account with Market Value Adjustment. In addition, the establishment of
Specified Interest Rates may be influenced by other factors, including
competitive considerations, administrative costs and general economic trends.
The Company has no way of predicting what Specified Interest Rates may be
declared in the future and there is no guarantee that the Specified Interest
Rate for any of the Accumulation Periods will exceed the guaranteed minimum
effective annual interest rate of 3.50%. OWNERS BEAR THE RISK THAT THE
SPECIFIED INTEREST RATE WILL NOT EXCEED THE GUARANTEED MINIMUM RATE.
The period of time during which a particular Specified Interest Rate is in
effect for new allocations to the then available Accumulation Periods is
referred to as the Investment Period. All allocations made to an Accumulation
Period during an Investment Period are credited with the Specified Interest
Rate in effect. An Investment Period ends only when a new Specified Interest
Rate relative to the Accumulation Period in question is declared. Subsequent
declarations of new Specified Interest Rates have no effect on allocations made
to Accumulation Periods during prior Investment Periods. All such prior
allocations will be credited with the Specified Interest Rate in effect when
the allocation was made for the duration of the Accumulation Period selected.
Information concerning the Specified Interest Rates in effect for the various
Accumulation Periods can be obtained by contacting an agent of the Company who
is also a registered representative of AXA Advisors, LLC or by calling the
following toll free telephone number: (800) 487-6669.
The Specified Interest Rate is credited on a daily basis to allocations made to
an Accumulation Period elected by the Owner, resulting in an annual effective
yield which is guaranteed by the Company, unless amounts are surrendered,
transferred or paid out on death of Annuitant from that Accumulation Period for
any reason prior to the Maturity Date for that Accumulation Period. The
Specified Interest Rate will be credited for the entire Accumulation Period. If
amounts are surrendered or transferred from the Accumulation Period for any
reason prior to the Maturity Date, a Market Value Adjustment will be applied to
the amount surrendered or transferred.
CREDITING OF INTEREST
The entire initial Purchase Payment always earns interest at a rate not less
than 3.50% per year until the end of the right to return contract period. When
the right to return contract period ends, the entire initial Purchase Payment
plus interest earned is transferred to the selected subaccounts and/or
Guaranteed Interest Account with Market Value Adjustment accumulation periods.
Any Net Purchase Payments you as Owner of the Contract allocate to the
Guaranteed Interest Account with Market Value Adjustment will be credited with
interest at the rate declared by the Company for the specified period selected.
The Company guarantees that the rate credited will not be less than 3.50%
annually (0.0094%, compounded daily). You bear the risk that we will not
declare an annual interest rate in excess of 3.50% per year. If you allocate
Purchase Payments (or transfer fund value) to the Guaranteed Interest Account
with Market Value Adjustment, you will choose between Accumulation Periods of
3, 5, 7, or 10 years for Contracts issued in most states. The Accumulation
Period is limited to one year for contracts issued in the states of Maryland,
New Jersey, Oklahoma, Oregon, South Carolina, Texas and Washington and the
Commonwealths of Massachusetts and Pennsylvania. Before the beginning of each
calendar month, the Company will declare interest rates for each period, if
those rates will be higher than the guaranteed rate. Each interest rate
declared by the Company will be applicable for all Net Purchase Payments
received or transfers from MONY America Variable Account A completed within the
period during which it is effective. Amounts you allocate to the Accumulation
Period you select will receive this interest rate for the entire Accumulation
Period. Within 45 days, but not less than 15 days before the Accumulation
Period expires, we will notify you of the new rates we are then declaring. When
the period expires you can (1) elect a new Accumulation Period of 3, 5, 7, or
10 years (except in certain states where the Accumulation Period is limited to
a one year period) or (2) you may elect to transfer the amounts allocated to
the expiring Accumulation Period to MONY America Variable Account A. If you
make no election within 30 days of the end of an Accumulation Period, the
entire amount allocated to the expiring Accumulation Period will automatically
be held for an Accumulation Period of the same length. If that period will
extend beyond the annuity starting date or if that period is no longer offered,
the money will be transferred into the Money Market subaccount.
ACCUMULATION PERIODS
For each Accumulation Period, the Specified Interest Rate in effect at the time
of the allocation to that Accumulation Period is guaranteed. An Accumulation
Period always ends on a Maturity Date, which is the Monthly Contract
Anniversary immediately prior to the 3, 5, 7 or 10 year anniversary of the
start of the Accumulation Period. Therefore, the Specified Interest Rate may be
credited for up to 31 days less than the full 3, 5, 7 or 10 years. (The
Accumulation Period is limited to one year for contracts issued in the states
of Maryland, New Jersey, Oklahoma, Oregon, South Carolina, Texas and Washington
and the Commonwealths of Massachusetts and Pennsylvania.)
For example, if the Effective Date of a Contract is August 10, 2000 and an
allocation is made to a 10 year Accumulation Period on August 15,
Description of the Guaranteed Interest Account with Market Value Adjustment 20
2000 and the funds for a new Purchase Payment are received on that day, the
Accumulation Period will begin on August 15, 2000 and end on August 10, 2010,
during which period the Specified Interest Rate will be credited.
All Accumulation Periods for the 3, 5, 7, and 10 year Accumulation Periods,
respectively, will be determined in a manner consistent with the foregoing
example.
END OF ACCUMULATION PERIODS
At least fifteen days and at most forty-five days prior to the end of an
Accumulation Period, the Company will send notice to the Owner of the impending
Maturity Date. The notice will include the projected Fund Value held in the
Accumulation Period on the Maturity Date and will specify the various options
Owners may exercise with respect to the Accumulation Period:
(1) During the thirty-day period before the Maturity Date, the Owner may wholly
or partially surrender the Fund Value held in that Accumulation Period
without a Market Value Adjustment; however, Surrender Charges under the
Contract, if applicable, will be assessed.
(2) During the thirty-day period before the Maturity Date, the Owner may wholly
or partially transfer the Fund Value held in that Accumulation Period,
without a Market Value Adjustment, to any Subaccount then available under
the Contract or may elect that the Fund Value held in that Accumulation
Period be held for an additional Accumulation Period of the same number of
years or for another Accumulation Period of a different number of years
which may at the time be available. A confirmation of any such transfer or
election will be sent immediately after the transfer or election is
processed.
(3) If the Owner does not make an election within thirty days follow ing the
Maturity Date, the entire Fund Value held in the maturing Accumulation
Period will be transferred to an Accumulation Period of the same number of
years as the Accumulation Period which matured. The start of the new
Accumulation Period is the ending date of the previous Accumulation Period.
However, if that period would extend beyond the Annuity Starting Date of
the Contract or if that period is not then made available by the Company,
the Fund Value held in the maturing Accumulation Period will be
automatically transferred to the Money Market Subaccount at the end of the
Maturity Period. A confirmation will be sent immediately after the
automatic transfer is executed.
During the thirty day period following the Maturity Date, and prior to any of
the transactions set forth in (1), (2), or (3) above, the Specified Value held
in the maturing Accumulation Period will continue to be credited with the
Specified Interest Rate in effect before the Maturity Date.
SURRENDERS, TRANSFERS OR LOANS
When you as Owner request that Contract Fund Value from the Guaranteed Interest
Account with Market Value Adjustment be transferred to MONY America Variable
Account A, surrendered, loaned to you, or used to pay any charge imposed in
accordance with the Contract, you should tell the Company the source by
interest rate Accumulation Period of amounts you request be transferred,
surrendered, loaned, or used to pay charges. If you do not specify an
Accumulation Period, your transaction will be processed using the Accumulation
Periods in which money was most recently allocated.
THE MARKET VALUE ADJUSTMENT
GENERAL INFORMATION REGARDING THE MVA
A surrender or transfer (including a transfer to the Loan Account as a result
of a request by the Owner for a Loan) from the Guaranteed Interest Account with
Market Value Adjustment prior to the Maturity Date of that particular
Accumulation Period, will be subject to a Market Value Adjustment. A Market
Value Adjustment will not apply upon annuitization under Settlement Option 3 or
3A, or upon payment of a death benefit. The Market Value Adjustment is
determined by the multiplication of an MVA Factor by the Specified Value, or
the portion of the Specified Value being surrendered or transferred (including
transfers for the purpose of obtaining a Loan). The Specified Value is the
amount of the allocation of Purchase Payments and transfers of Fund Value to an
Accumulation Period of the Guaranteed Interest Account with Market Value
Adjustment, plus interest accrued at the Specified Interest Rate minus prior
distributions. The Market Value Adjustment may either increase or decrease the
amount of the distribution. It will not apply to requests for transfer or full
or partial surrenders received at our administrative office within 30 days
before the end of the applicable Accumulation Period.
The Market Value Adjustment is intended to approximate, without duplicating,
the experience of the Company when it liquidates assets in order to satisfy
contractual obligations. Such obligations arise when Owners request surrenders
or transfers (including transfers for the purpose of obtaining a Loan). When
liquidating assets, the Company may realize either a gain or a loss.
A market value adjustment can increase or decrease the amounts surrendered or
transferred from the Guaranteed Interest Account with Market Value Adjustment
depending on current interest rate fluctuations.
If prevailing interest rates are higher at the time of a surrender or transfer
(including transfers for the purpose of obtaining a Loan) than the Specified
Interest Rate in effect at the time the Accumulation Period commences, the
Company will realize a loss when it liquidates assets in order to process a
surrender or transfer (including transfers for the purpose of obtaining a
Loan); therefore, application of the Market Value Adjustment under such
circumstances will decrease the amount of the surrender or transfer (including
transfers for the purpose of obtaining a Loan).
Generally, if prevailing interest rates are lower than the Specified Interest
Rate in effect at the time the Accumulation Period commences, the Company will
realize a gain when it liquidates assets in order to process a surrender or
transfer (including transfers for the purpose of obtaining a Loan); therefore,
application of the MVA under such circumstances will generally increase the
amount of the surrender or transfer (including transfers for the purpose of
obtaining a Loan).
21 Description of the Guaranteed Interest Account with Market Value Adjustment
The Company measures the relationship between prevailing interest rates and the
Specified Interest Rates it declares through the MVA Factor. The MVA Factor is
described more fully below.
THE MVA FACTOR
The formula for determining the MVA Factor is:
[(1+a)/(1+b)]((n-t)/12) - 1
Where:
a = the Specified Interest Rate for the Accumulation Period from which
the surrender, transfer or loan is to be taken;
b = the Specified Interest Rate declared at the time a surrender or
transfer is requested for an Accumulation Period equal to the time
remaining in the Accumulation Period from which the surrender or
transfer (including transfer to the Loan Account as a result of a
request by the Owner for a Loan) is requested, plus 0.25%;
n = the Accumulation Period from which the surrender or trans fer occurs
in months; and
t = the number of elapsed months (or portion thereof) in the
Accumulation Period from which the surrender or transfer occurs.
If an Accumulation Period equal to the time remaining is not issued by the
Company, the rate will be an interpolation between two available Accumulation
Periods. If two such Accumulation Periods are not available, we will use the
rate for the next available Accumulation Period.
If the Company is no longer declaring rates on new payments, we will use
Treasury yields adjusted for investment risk as the basis for the Market Value
Adjustment.
The MVA Factor shown above also accounts for some of the administrative and
processing expenses incurred when fixed-interest investments are liquidated.
This is represented in the addition of 0.25% in the MVA Factor.
The MVA Factor will be multiplied by that portion of the Specified Value being
surrendered, transferred, or distributed for any other reason. If the result is
greater than zero, a gain will be realized by the Owner; if less than zero, a
loss will be realized. If the MVA Factor is exactly zero, no gain or loss will
be realized by the Owner.
INVESTMENTS
Amounts allocated to the Guaranteed Interest Account with Market Value
Adjustment are transferred to the General Account of the Company. Amounts
allocated to the General Account of the Company are subject to the liabilities
arising from the business the Company conducts. This is unlike amounts
allocated to the Subaccounts of the MONY America Variable Account A, which are
not subject to the liabilities arising from the business the Company conducts.
The Company has sole investment discretion over the investment of the assets of
the General Account. We will invest these amounts primarily in investment-grade
fixed income securities including: securities issued by the U.S. Government or
its agencies or instrumentalities, which issues may or may not be guaranteed by
the U.S. Government; debt securities that have an investment grade, at the time
of purchase, within the four highest grades assigned by Moody's Investor
Services, Inc., Standard & Poor's Corporation, or any other nationally
recognized rating service; mortgage-backed securities collateralized by real
estate mortgage loans or securities collateralized by other assets, that are
insured or guaranteed by the Federal Home Loan Mortgage Association, the
Federal National Home Mortgage Association, or the Government National Mortgage
Association, or that have an investment grade at the time of purchase within
the four highest grades described above; commercial and agricultural mortgage
loans; other debt instruments; commercial paper; cash or cash equivalents.
Variable annuity Owners having allocated amounts to a particular Accumulation
Period of the Guaranteed Interest Account with Market Value Adjustment will not
have a direct or indirect interest in these investments, nor will they have a
claim against any particular assets of the Company. The overall investment
performance of the General Account will not increase or decrease their claim
against the Company.
There is no specific formula for establishing Specified Interest Rates. The
Specified Interest Rates declared by the Company for the various Accumulation
Periods will not necessarily correspond to the performance of any group of
assets of the General Account. We will consider certain factors in determining
these rates, such as regulatory and tax environment, sales commissions,
administrative expenses borne by us, and competitive factors. The Company's
management will make the final determination of these rates. However, the
Specified Interest Rate will never be less than 3.50%.
Description of the Guaranteed Interest Account with Market Value Adjustment 22
6. Surrenders
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The Owner may elect to make a surrender of all or part of the Contract's Fund
Value provided it is:
o on or before the annuity payments start, and
o during the lifetime of the Annuitant.
Any such election shall specify the amount of the surrender. The surrender will
be effective on the date a proper written request is received by the Company at
its Operations Center.
The amount of the surrender may be equal to the Contract's Cash Value, which is
its Fund Value less:
(1) any applicable surrender charge,
(2) any applicable Market Value Adjustment, and
(3) any outstanding debt.
The Surrender may also be for a lesser amount (a "partial surrender").
Requested partial surrenders that would leave a Cash Value of less than $1,000
are treated and processed as a full surrender. In such case, the entire Cash
Value will be paid to the Owner. For a partial surrender, any surrender charge
or any applicable market value adjustment will be in addition to the amount
requested by the Owner.
A surrender will result in the cancellation of units of the particular
subaccounts and the withdrawal of amounts credited to the Guaranteed Interest
Account Accumulation Periods as chosen by the Owner. The aggregate value of the
surrender will be equal to the dollar amount of the surrender plus, if
applicable, any surrender charge and any applicable market value adjustment.
For a partial surrender, the Company will cancel Units of the particular
subaccounts and withdraw amounts from the Guaranteed Interest Account with
Market Value Adjustment Accumulation Period under the allocation specified by
the Owner. The unit value will be calculated as of the Business Day the
surrender request is received. Allocations may be by either amount or
percentage. Allocations by percentage must be in whole percentages (totaling
100%). At least 10% of the partial surrender must be allocated to any
subaccount or an Accumulation Period in the Guaranteed Interest Account with
Market Value Adjustment designated by the Owner. The request will not be
accepted if:
o there is insufficient Fund Value in the Guaranteed Interest Account with
Market Value Adjustment or a subaccount to provide for the requested
allocation against it, or
o the request is incomplete or incorrect.
Any surrender charge will be allocated against the Guaranteed Interest Account
with Market Value Adjustment and each subaccount in the same proportion that
each allocation bears to the total amount of the partial surrender. Contracts
issued in the States of Maryland, New Jersey, Oklahoma, South Carolina, Texas
and Washington and the Commonwealths of Massachusetts and Pennsylvania, to the
extent the Owner allocates investments to the Guaranteed Interest Account, must
maintain a minimum Fund Value in the Guaranteed Interest Account of $2,500.
The amount of any surrender or transfer payable from MONY America Variable
Account A will be paid in accordance with the requirements of state insurance
departments and the 1940 Act. However, the Company may be permitted to postpone
such payment under the 1940 Act. Postponement is currently permissible only for
any period during which:
(1) the New York Stock Exchange is closed other than customary weekend and
holiday closings, or
(2) trading on the New York Stock Exchange is restricted as determined by the
Securities and Exchange Commission, or
(3) an emergency exists as a result of which disposal of securities held by the
Fund is not reasonably practicable or it is not reasonably practicable to
determine the value of the net assets of the Fund.
Any surrender involving payment from amounts credited to the Guaranteed
Interest Account with Market Value Adjustment may be postponed, at the option
of the Company, for up to 6 months from the date the request for a surrender is
received by the Company. Surrenders involving payment from the Guaranteed
Interest Account with Market Value Adjustment may in certain circumstances and
in certain states also be subject to a market value adjustment, in addition to
a surrender charge. The Owner may elect to have the amount of a surrender
settled under one of the settlement options of the Contract. (See "Annuity
provisions".)
Contracts offered by this prospectus may be issued in connection with
retirement plans meeting the requirements of certain sections of the Internal
Revenue Code. Owners should refer to the terms of their particular retirement
plan for any limitations or restrictions on cash surrenders.
The tax results of a surrender should be carefully considered. (See "Federal
tax status".)
Please note: if mandated under applicable law, we may be required to reject a
Purchase Payment. In addition, we may also be required to block an Owner's
account and thereby refuse to honor any request for transfers, partial
surrenders, loans, or death benefits until instructions are secured from the
appropriate regulator. We may be required to provide additional information
about your account to government regulators.
23 Surrenders
7. Loans
- --------------------------------------------------------------------------------
Qualified Contracts issued under an Internal Revenue Code Section 401(k) plan
will have a loan provision (except in the case of contracts issued in Vermont)
under which a loan can be taken using the Contract as collateral for the loan.
All of the following conditions apply in order for the amount to be considered
a loan, rather than a (taxable) partial surrender:
o The term of the loan must be 5 years or less.
o Repayments are required at least quarterly and must be substantially level.
o The loan amount is limited to certain dollar amounts as specified by the IRS.
The Owner (Plan Trustee) must certify that these conditions are satisfied.
In any event, the maximum outstanding loan on a Contract is 50% of the Fund
Value in the subaccounts and/or the Guaranteed Interest Account with Market
Value Adjustment. Loans are not permitted before the end of the right to return
contract period. In requesting a loan, the Owner must specify the subaccounts
from which Fund Value equal to the amount of the loan requested will be taken.
Loans from the Guaranteed Interest Account with Market Value Adjustment are not
taken until Fund Value in the subaccounts is exhausted. If Fund Value must be
taken from the Guaranteed Interest Account with Market Value Adjustment in
order to provide the Owner with the amount of the loan requested, the Owner
must specify the Accumulation Periods from which Fund Values equal to such
amount will be taken. If the Owner fails to specify subaccounts and
Accumulation Periods, the request for a loan will be returned to the Owner.
Values are transferred to a loan account that earns interest at an annual rate
of 3.50%. The annual loan interest rate charged on outstanding loan amounts
will be 6%. If interest is not repaid each year, it will be added to the
principal of the loan.
Loan repayments must be specifically earmarked as loan repayment and will be
allocated to the subaccounts and/or the Guaranteed Interest Account with Market
Value Adjustment using the most recent payment allocation on record. Otherwise,
we will treat the payment as a Net Purchase Payment.
- --------------------------------------------------------------------------------
LOAN -- Available under a Contract issued under Section 401(k) of the Code;
subject to availability. To be considered a Loan: (1) the term must be no more
than five years, (2) repayments must be at least quarterly and substantially
level, and (3) the amount is limited to dollar amounts specified by the Code,
not to exceed 50% of the Fund Value.
LOAN ACCOUNT -- A part of the General Account where Fund Value is held as
collateral for a loan. An Owner may transfer Fund Value in the Subaccounts,
and/or Guaranteed Interest Account with Market Value Adjustment to the Loan
Account.
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Loans 24
8. Death benefit
- --------------------------------------------------------------------------------
DEATH BENEFIT PROVIDED BY THE CONTRACT
The Company will pay a death benefit to the Beneficiary if:
(1) the Annuitant dies, and
(2) the death occurs before the annuity payments start.
The amount of the death benefit will be the greater of:
(1) the Fund Value less any outstanding debt on the date of the Annuitant's
death;
(2) the Purchase Payments paid, less any partial surrenders and their surrender
charges and market value adjustment and less any outstanding debt; or
(3) an enhanced death benefit.
If there are funds allocated to the Guaranteed Interest Account with market
value adjustment at the time of death, any applicable market value adjustment
will be waived. If the death of the Annuitant occurs on or after the annuity
payments start, no death benefit will be payable except as may be provided
under the settlement option elected.
In general, on the death of an Owner who is not the Annuitant, amounts must be
distributed from the Contract. (See "Provisions required by Section 72(s) of
the Code" later in this prospectus.) We will impose applicable surrender
charges. (See "Charges and deductions" later in this prospectus.)
ENHANCED DEATH BENEFIT OPTIONS
Your Contract provides a choice of two enhanced death benefit options when it
is issued. If the Annuitant is age 0-75, the Owner may choose either enhanced
death benefit -- 5 Year or enhanced death benefit -- 1 Year described below. If
the Annuitant does not choose an option when the Contract is issued, the
Annuitant will automatically receive the enhanced death benefit -- 5 Year. If
your Contract was issued on or before August 16, 2000, you may have elected the
enhanced death benefit -- 1 Year during the period from August 16, 2000 to
September 22, 2000. Owners with these Contracts not making the election will
retain the enhanced death benefit -- 5 Year.
ENHANCED DEATH BENEFIT -- 5 YEAR
On the 5th Contract anniversary and each subsequent 5th Contract anniversary
prior to the Annuitant's 71st birthday, the enhanced death benefit may be
increased. If the Annuitant is age 65 or over on the date of issue, the
enhanced death benefit will be recalculated once on the 5th Contract
anniversary. Thereafter the enhanced death benefit remains at its last value.
ENHANCED DEATH BENEFIT -- 1 YEAR
On the first Contract Anniversary and each subsequent Contract Anniversary
prior to the Annuitant's 80th birthday, the enhanced death benefit may be
increased. After the Annuitant reaches age 80, this enhanced death benefit
provision expires. This option may not be currently available in all states.
AMOUNT OF THE ENHANCED DEATH BENEFIT PAYABLE ON DEATH UNDER ENHANCED DEATH
BENEFIT OPTIONS
The recalculated enhanced death benefit is equal to the greater of:
(1) the Fund Value on the date the enhanced death benefit is to be
recalculated; and
(2) the current enhanced death benefit proportionately reduced by any partial
surrenders including surrender charges and any applicable market value
adjustments assessed since the last recalculation of the enhanced death
benefit.
The enhanced death benefit payable under both enhanced death benefit options is
the enhanced death benefit on the date of death of the Annuitant, reduced
proportionately for each partial surrender (including surrender charges and
market value adjustments, if applicable) since the last recalculation date and
less any outstanding debt.
In no event will the enhanced death benefit payable on death exceed 200% of:
o the total Purchase Payments reduced proportionately for each partial
surrender (including surrender charges and applicable market value
adjustments,), and less
o any outstanding debt.
The proportionate reduction for each partial surrender will be equal to:
(1) the amount of that partial surrender (including any surrender charges and
applicable Market Value Adjustment assessed), divided by
(2) the Fund Value immediately before that partial surrender, multiplied by,
(3) the enhanced death benefit immediately before the surrender.
Once the last value is set for the enhanced death benefit, it will not be
recalculated. The last value is set for the 5 Year option prior to the
Annuitant's 71st birthday or on the first 5th anniversary if the Contract is
purchased on or after the Annuitant's age 65. The last value is set for the 1
Year option on the Contract Anniversary prior to the Annuitant's age 80. After
the Annuitant reaches age 80, this enhanced death benefit provision expires.
All other basic death benefits as described in this prospectus continue to
apply. The largest death benefit under any of these provisions will be paid.
The cost of an enhanced death benefit option is reflected in the mortality and
expense risk charge.
25 Death benefit
ELECTION AND EFFECTIVE DATE OF ELECTION
The Owner may elect to have the death benefit of the Contract applied under one
of four settlement options to effect an annuity for the Beneficiary as payee
after the death of the Annuitant. The election must take place:
(1) during the lifetime of the Annuitant, and
(2) before the annuity payments start.
If no election of a settlement option for the death benefit is in effect on the
date when proceeds become payable, the Beneficiary may elect:
(1) to receive the death benefit in the form of a lump sum payment; or
(2) to have the death benefit applied under one of the settlement options.
(See "Settlement options.") If an election by the payee is not received by the
Company within one month following the date proceeds become payable, the payee
will be considered to have elected a lump sum payment. Either election
described above may be made by filing a written election with the Company in
such form as it may require. Any proper election of a method of settlement of
the death benefit by the Owner will become effective on the date it is signed.
However, any election will be subject to any payment made or action taken by
the Company before receipt of the notice at the Company's Operations Center.
Settlement option availability may be restricted by the terms of any applicable
retirement plan and any applicable legislation for any limitations or
restrictions on the election of a method of settlement and payment of the death
benefit.
PAYMENT OF DEATH BENEFIT
If the death benefit is to be paid in one sum to the Beneficiary, payment will
be made within seven (7) days of the date:
(1) the election becomes effective, or
(2) the election is considered to become effective, and
(3) due proof of death of the Annuitant is received.
The Company may be permitted to postpone such payment from amounts payable from
MONY America Variable Account A under the 1940 Act. If the death benefit is to
be paid in one sum to the Successor Beneficiary, or to the estate of the
deceased Annuitant, payment will be made within seven (7) days of the date due
proof of the death of the Annuitant and the Beneficiary is received by the
Company. Unless another election is made, the death benefit proceeds will be
transferred to an interest bearing checking account. The Beneficiary may make
partial or full withdrawals from such account through a checkbook provided to
the Beneficiary.
Death benefit 26
9. Charges and deductions
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The following table summarizes the charges and deductions under the Contract
(See "Summary of the Contract -- Fee tables" for more detailed information):
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Deductions from Purchase Payments
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Tax charge Range for State and local -- 0% -- 3.50%(1).
Federal -- Currently 0% (Company reserves the right to charge in the
future.)
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Daily Deductions from MONY America Variable Account A
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Mortality & expense risk charge Maximum daily rate -- 0.003699%
Annual Rate deducted daily from average daily net assets Maximum Annual rate -- 1.35%
- ------------------------------------------------------------------------------------------------------------------------------------
Deductions from Fund Value
- ------------------------------------------------------------------------------------------------------------------------------------
Annual contract charge Maximum of $50 ($30 in some states) on 30 days written notice
Current charge is $0
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Transaction and other charges Maximum of $25
Transfer charge Current charge is $0
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Surrender charge See grading schedule and "Charges and deductions -- Charges
Grades from 7% to 0% of Fund Value surrendered based on a against fund value" for details of how it is computed.
schedule.
- ------------------------------------------------------------------------------------------------------------------------------------
Loan interest spread 2.50%
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Company currently assumes responsibility; current charge to Owner 0%.
The following provides additional details of the charges and deductions under
the Contract.
The amount of the charge may not necessarily correspond to the costs associated
with providing the services or benefits indicated by the designation of the
charge. For example, the surrender charge we collect may not fully cover all of
the sales and distribution expenses we actually incur. We also may realize a
profit on one or more of the charges. We may use such profits for any corporate
purpose, including the payment of sales expenses.
DEDUCTIONS FROM PURCHASE PAYMENTS
Deductions may be made from Purchase Payments for a charge for state and local
premium or similar taxes prior to allocation of any Net Purchase Payment among
the subaccounts. Currently, the Company makes no deduction, but may do so with
respect to future Purchase Payments. If the Company is going to make deductions
for such tax from future Purchase Payments, it will give 30 days notice to each
affected Owner.
CHARGES AGAINST FUND VALUE
DAILY DEDUCTION FROM MONY AMERICA VARIABLE ACCOUNT A
MORTALITY AND EXPENSE RISK CHARGE. The Company assumes mortality and expense
risks. A charge for assuming such risks is deducted daily from the net assets
of MONY America Variable Account A. This daily charge from MONY America
Variable Account A is deducted at a current daily rate equivalent to an annual
rate of 1.35% from the value of the net assets of MONY America Variable Account
A. The rate is guaranteed not to exceed a daily rate equivalent to an annual
rate of 1.35% from the value of the net assets of MONY America Variable Account
A. The charge is deducted from MONY America Variable Account A, and therefore
the subaccounts, on each Business Day. The mortality and expense risk charges
will not be deducted from the Guaranteed Interest Account with Market Value
Adjustment. Where the previous day (or days) was not a Business Day, the
deduction currently on the next Business Day will be 0.003699% (guaranteed not
to exceed 0.003699%) multiplied by the number of days since the last Business
Day.
The Company believes that this level of charge is within the range of industry
practice for comparable individual flexible payment variable annuity contracts.
The mortality risk assumed by the Company is that Annuitants may live for a
longer time than projected. If that occurs, an aggregate amount of annuity
benefits greater than that projected will be payable. In making this
projection, the Company has used the mortality rates from the 1983 Table "a"
(discrete functions without projections for future mortality), with 3.50%
interest. The expense risk assumed is that expenses incurred in issuing and
administering the Contracts will exceed the administrative charges provided in
the Contracts.
If the amount of the charge exceeds the amount needed, the excess will be kept
by the Company in its General Account. If the amount of the charge is
inadequate, the Company will pay the difference out of its General Account.
27 Charges and deductions
DEDUCTIONS FROM FUND VALUE
ANNUAL CONTRACT CHARGE. The Company has primary responsibility for the
administration of the Contract and MONY America Variable Account A. An annual
contract charge helps to reimburse the Company for administrative expenses
related to the maintenance of the Contract. Ordinary administrative expenses
expected to be incurred include premium collection, recordkeeping, processing
death benefit claims and surrenders, preparing and mailing reports, and
overhead costs. In addition, the Company expects to incur certain additional
administrative expenses in connection with the issuance of the Contract,
including the review of applications and the establishment of Contract records.
The Company intends to administer the Contract itself through an arrangement
whereby it may buy some administrative services from AXA Equitable and such
other sources as may be available.
Currently, there is no annual contract charge. The Company may in the future
impose an annual contract charge. The charge will never, however, exceed $50.
The Owner will receive a written notice 30 days in advance of any change in the
charge. Any applicable charge will be assessed once per year on the Contract
Anniversary, starting on the first Contract Anniversary.
If imposed, the annual contract charge is deducted from the Fund Value on each
Contract Anniversary before the date annuity payments start.
The amount of the charge will be allocated against the Guaranteed Interest
Account with Market Value Adjustment and each subaccount of MONY America
Variable Account A in the same proportion that the Fund Value in those accounts
bears to the Fund Value of the Contract. The Company does not expect to make
any profit from the annual contract charge.
TRANSFER CHARGE. Contract value may be transferred among the subaccounts or to
or from the Guaranteed Interest Account with Market Value Adjustment and one or
more of the subaccounts (including transfers made by telephone, if permitted by
the Company). The Company reserves the right to impose a transfer charge for
each transfer instructed by the Owner in a Contract Year. The transfer charge
compensates the Company for the costs of effecting the transfer. The transfer
charge will not exceed $25 (except for contracts issued in the states of South
Carolina and Texas where it will not exceed $10). The Company does not expect
to make a profit from the transfer charge. If imposed, the transfer charge will
be deducted from the Contract's Fund Value held in the subaccount(s) or from
the Guaranteed Interest Account with Market Value Adjustment from which the
first transfer is made.
SURRENDER CHARGE. A contingent deferred sales charge (called a "surrender
charge") will be imposed when a full or partial surrender is requested or at
the start of annuity benefits if it is during the first eight years of the
Contract.
The surrender charge will never exceed 7% of total Fund Value. The surrender
charge is intended to reimburse the Company for expenses incurred in
distributing the Contract. To the extent such charge is insufficient to cover
all distribution costs, the Company will make up the difference. The Company
will use funds from its General Account, which may contain funds deducted from
MONY America Variable Account A to cover mortality and expense risks borne by
the Company. (See "Charges against fund value -- Mortality and expense risk
charge.")
We impose a surrender charge when a full or partial surrender is made during
the first eight (8) Contract Years, except as provided below.
A surrender charge will not be imposed:
(1) Against Fund Value surrendered after the eighth Contract Year.
(2) To the extent necessary to permit the Owner to obtain an amount equal to
the free partial surrender amount (See "Free partial surrender amount").
(3) If the Contract is surrendered after the third Contract Year and the
surrender proceeds are paid under either Settlement Option 3 or Settlement
Option 3A (See "Settlement options"). The elimination of a Surrender Charge
in this situation does not apply to contracts issued in the State of Texas.
In no event will the aggregate surrender charge exceed 7% of the Fund Value.
Further, in no event will the surrender charges imposed, when added to any
surrender charges previously paid on the Contract, exceed 9% of aggregate
Purchase Payments made to date for the Contract.
The Owner may specify whether he/she wants the surrender charge to be deducted
from the amount requested for surrender or the Fund Value remaining. If not
specified or if the Fund Value remaining is not sufficient, then the surrender
charge will be deducted from the amount requested for surrender. If it is
specified that the surrender charge will come from the remaining Fund Value and
it is sufficient, then the Company will determine the appropriate amount to be
surrendered in order to pay the surrender charge. Any surrender charge will be
allocated against the Guaranteed Interest Account with Market Value Adjustment
and each subaccount of MONY America Variable Account A in the same proportion
that the amount of the partial surrender allocated against those accounts bears
to the total amount of the partial surrender.
If any surrender from the Guaranteed Interest Account with Market Value
Adjustment occurs prior to the Maturity Date for any particular Accumulation
Period elected by the Owner, the amount surrendered will be subject to a Market
Value Adjustment in addition to Surrender Charges.
No surrender charge will be deducted from Death Benefits except as described in
"Death benefit."
If The MONYMaster variable annuity contract issued by MONY Life Insurance
Company of America has been exchanged for this Contract, a separate effective
date was assigned to this Contract by endorsement for purposes of determining
the amount of any surrender charge. The surrender charge effective date of this
Contract with the endorsement is the effective date of The MONYMaster variable
annuity contract. Your agent can provide further details.
A separate surrender charge effective date does not apply in states where the
endorsement has not been approved. We reserve the right to disallow exchanges
for this Contract at any time.
Charges and deductions 28
AMOUNT OF SURRENDER CHARGE. The amount of the surrender charge is equal to a
varying percentage of Fund Value during the first 8 Contract Years. The
percentage is determined by multiplying the surrender charge percentage for the
Contract Year by the amount of Fund Value requested as follows:
- --------------------------------------------------------------------------------
Surrender Charge Percentage Table
- --------------------------------------------------------------------------------
Contract Year Surrender Charge (as a
percentage of Fund Value
surrendered)
- --------------------------------------------------------------------------------
1 7%
- --------------------------------------------------------------------------------
2 7
- --------------------------------------------------------------------------------
3 6
- --------------------------------------------------------------------------------
4 6
- --------------------------------------------------------------------------------
5 5
- --------------------------------------------------------------------------------
6 4
- --------------------------------------------------------------------------------
7 3
- --------------------------------------------------------------------------------
8 2
- --------------------------------------------------------------------------------
9 (or more) 0
- --------------------------------------------------------------------------------
The amount of the surrender charge is in addition to any applicable Market
Value Adjustment that may be made if the surrender is made from Fund Value in
the Guaranteed Interest Account with Market Value Adjustment. (See "Guaranteed
Interest Account with Market Value Adjustment -- Surrenders" for further
details.)
FREE PARTIAL SURRENDER AMOUNT. The surrender charge may be reduced by using the
free partial surrender amount provided for in the Contract. The surrender
charge will not be deducted in the following circumstances:
(1) For Qualified Contracts, (other than contracts issued for IRA and SEP-IRA),
an amount each Contract Year up to the greater of:
(a) $10,000 (but not more than the Contract's Fund Value), or
(b) 10% of the Contract's Fund Value at the beginning of the Contract Year
(except, if the surrender is requested during the first Contract Year,
then 10% of the Contract's Fund Value at the time the first surrender
is requested).
(2) For Non-Qualified Contracts (and contracts issued for IRA and SEP-IRA), an
amount up to 10% of the Fund Value at the beginning of the Contract Year
(except, if the surrender is requested during the first Contract Year, then
10% of the Contract's Fund Value at the time the first surrender is
requested) may be received in each Contract Year without a surrender
charge.
Free partial surrenders may only be made to the extent Cash Value in the
subaccounts and/or Guaranteed Interest Account is available. For example, the
Fund Value in MONY America Variable Account A could decrease (due to
unfavorable investment experience) after part of the 10% was withdrawn. In that
case it is possible that there may not be enough Cash Value to provide the
remaining part of the 10% free partial surrender amount.
Contract Fund Value here means the Fund Value in the subaccounts (and the
Guaranteed Interest Account with Market Value Adjustment not the Loan Account).
This reduction of surrender charge does not affect any applicable Market Value
Adjustment that may be made if the surrender is made from Fund Value in the
Guaranteed Interest Account with Market Value Adjustment. (See "Guaranteed
Interest Account with Market Value Adjustment -- Surrenders" and the prospectus
for the Guaranteed Interest Account with Market Value Adjustment which
accompanies this prospectus for further details.)
TAXES
Currently, no charge will be made against MONY America Variable Account A for
federal income taxes. However, the Company may make such a charge in the future
if income or gains within MONY America Variable Account A will incur any
federal income tax liability. Charges for other taxes, if any, attributable to
MONY America Variable Account A may also be made. (See "Federal tax status".)
INVESTMENT ADVISORY FEE
Each portfolio in which the MONY America Variable Account A invests incurs
certain fees and charges. To pay for these fees and charges, the portfolio
makes deductions from its assets. Certain portfolios available under the
Contract in turn invest in shares of other portfolios of AXA Premier VIP Trust
and EQ Advisors Trust and/or shares of unaffiliated portfolios (collectively
the "underlying portfolios"). The underlying portfolios each have their own
fees and expenses, including management fees, operating expenses, and
investment related expenses such as brokerage commissions. The portfolio
expenses are described more fully in each Fund prospectus.
We sell the Contracts through registered representatives of broker-dealers.
These registered representatives are also appointed and licensed as insurance
agents of the Company. We pay commissions to the broker-dealers for selling the
Contracts. You do not directly pay these commissions, we do. We intend to
recover commissions, marketing, administrative and other expenses and the cost
of Contract benefits through the fees and charges imposed under the Contracts.
(See "Distribution of the Contracts" for more information.)
29 Charges and deductions
10. Annuity provisions
- --------------------------------------------------------------------------------
ANNUITY PAYMENTS
Annuity payments under a Contract will begin on the date that is selected by
the Owner when the Contract is applied for. The date chosen for the start of
annuity payments may be:
(1) no earlier than the 10th Contract Anniversary, and
(2) no later than the Contract Anniversary after the Annuitant's 95th birthday.
The minimum number of years from the Effective Date to the start of annuity
payments is 10. The date when annuity payments start may be:
(1) Advanced to a date that is not earlier than the 10th Contract Anniversary.
(2) Deferred from time to time by the Owner by written notice to the Company.
The date when annuity payments start will be advanced or deferred if:
(1) Notice of the advance or deferral is received by the Company prior to the
current date for the start of annuity payments.
(2) The new start date for annuity payments is a date which is not later than
the Contract Anniversary after the Annuitant's 95th birthday.
A particular retirement plan may contain other restrictions.
When annuity payments begin, unless Settlement Option 3 or 3A is elected, the
Contract's Cash Value, less any tax charge which may be imposed, will be
applied to provide an annuity or any other option previously chosen by the
Owner and permitted by the Company. If Settlement Option 3 or 3A is elected,
the Contract's Fund Value (less any state taxes imposed when annuity payments
begin) will be applied to provide an annuity.
A supplementary contract will be issued when proceeds are applied to a
settlement option. That contract will describe the terms of the settlement. No
payments may be requested under the Contract's surrender provisions after
annuity payments start. No surrender will be permitted except as may be
available under the settlement option elected.
For Contracts issued in connection with retirement plans, reference should be
made to the terms of the particular retirement plan for any limitations or
restrictions on when annuity payments start.
ELECTION AND CHANGE OF SETTLEMENT OPTION
During the lifetime of the Annuitant and prior to the start of annuity
payments, the Owner may elect:
o one or more of the settlement options described below, or
o another settlement option as may be agreed to by the Company.
The Owner may also change any election if written notice of the change is
received by the Company at its Operation Center prior to the start of annuity
payments. If no election is in effect when annuity payments start, a lump sum
payment will be considered to have been elected. For contracts issued in the
State of Texas, if no election is in effect when annuity payments start,
Settlement Option 3 with a period certain of 10 years will be considered to
have been elected.
Settlement options may also be elected by the Owner or the Beneficiary as
provided in the "Death benefit" and "Surrenders" sections of this prospectus.
(See "Death benefit" and "Surrenders").
Where applicable, reference should be made to the terms of a particular
retirement plan and any applicable legislation for any limitations or
restrictions on the options that may be elected.
SETTLEMENT OPTIONS
Proceeds settled under the settlement options listed below or otherwise
currently available will not participate in the investment experience of the
MONY America Variable Account A. Unless you select Settlement Option 1, the
settlement option may not be changed once payments begin.
SETTLEMENT OPTION 1 -- INTEREST INCOME: Interest on the proceeds at a rate
(not less than 2.75% per year) set by the Company each year. The Option will
continue until the earlier of the date that the payee dies or the date you
elect another settlement option. Under certain contracts, this option is not
available if the Annuitant is the payee.
SETTLEMENT OPTION 2 -- INCOME FOR SPECIFIED PERIOD: Fixed monthly payments for
a specified period of time, as elected. The payments may, at the Company's
option, be increased by additional interest each year.
SETTLEMENT OPTION 3 -- SINGLE LIFE INCOME: Payments for the life of the payee
and for a period certain. The period certain may be (a) 0 years, 10 years, or
20 years, or (b) the period required for the total income payments to equal the
proceeds (refund period certain). The amount of the income will be determined
by the Company on the date the proceeds become payable.
SETTLEMENT OPTION 3A -- JOINT LIFE INCOME: Payments during the joint lifetime
of the payee and one other person, and during the lifetime of the survivor. The
survivor's monthly income may be equal to either (a) the income payable during
the joint lifetime or (b) two-thirds of that income. If a person for whom this
option is chosen dies before the first monthly payment is made, the survivor
will receive proceeds instead under Settlement Option 3, with 10 years certain.
SETTLEMENT OPTION 4 -- INCOME OF SPECIFIED AMOUNT: Income, of an amount
chosen, for as long as the proceeds and interest last. The amount chosen to be
received as income in each year may not be less than 10 percent of the proceeds
settled. Interest will be credited annually on the amount remaining unpaid at a
rate determined annually by the Company. This rate will not be less than 2.75%
per year.
The Contract contains annuity payment rates for Settlement Options 3 and 3A
described in this Prospectus. The rates show, for each $1,000
Annuity provisions 30
applied, the dollar amount of the monthly fixed annuity payment, when this
payment is based on minimum guaranteed interest as described in the Contract.
The annuity payment rates may vary according to the Settlement Option elected
and the age of the payee. The mortality table used in determining the annuity
payment rates for Settlement Options 3 and 3A is the 1983 Table "a" (discrete
functions, without projections for future mortality), with 3.50% interest per
year.
Under Settlement Option 3, if income based on the period certain elected is the
same as the income provided by another available period or periods certain, the
Company will consider the election to have been made of the longest period
certain.
In Qualified Plans, settlement options available to Owners may be restricted by
the terms of the plans.
FREQUENCY OF ANNUITY PAYMENTS
At the time the settlement option is chosen, the payee may request that it be
paid:
o Quarterly:
o Semiannually: or
o Annually
If the payee does not request a particular installment payment schedule, the
payments will be made in monthly installments. However, if the net amount
available to apply under any settlement option is less than $1,000, the Company
has the right to pay such amount in one lump sum. In addition, if the payments
provided for would be less than $25, the Company shall have the right to change
the frequency of the payments to result in payments of at least $25.
ADDITIONAL PROVISIONS
The Company may require proof of the age of the Annuitant before making any
life annuity payment under the Contract. If the Annuitant's age has been
misstated, the amount payable will be the amount that would have been provided
under the settlement option at the correct age. Once life income payments
begin, any underpayments will be made up in one sum with the next annuity
payment. Overpayments will be deducted from the future annuity payments until
the total is repaid.
For contracts issued in the State of Washington, any underpayment by the
Company will be paid in a single sum after the correction of the misstatement.
The Contract must be returned to the Company upon any settlement. Prior to any
settlement of a death claim, proof of the Annuitant's death must be submitted
to the Company.
Where any benefits under the Contract are contingent upon the recipient's being
alive on a given date, the Company requires proof satisfactory to it that such
condition has been met.
The Contracts described in this prospectus contain annuity payment rates that
distinguish between men and women. On July 6, 1983, the Supreme Court held in
Arizona Governing Committee v. Norris that optional annuity benefits provided
under an employer's deferred compensation plan could not, under Title VII of
the Civil Rights Act of 1964, vary between men and women on the basis of sex.
Because of this decision, the annuity payment rates that apply to Contracts
purchased under an employment-related insurance or benefit program may in some
cases not vary on the basis of the Annuitant's sex. Unisex rates to be provided
by the Company will apply for Qualified Plans.
Employers and employee organizations should consider, in consultation with
legal counsel, the impact of Norris, and Title VII, generally and any
comparable state laws that may apply, on any employment-related plan for which
a Contract may be purchased.
The Contract is incontestable from its date of issue.
GUARANTEED INTEREST ACCOUNT AT ANNUITIZATION
On the Annuity Starting Date, the Contract's Cash Value, including the Cash
Value of all Accumulation Periods of the Guaranteed Interest Account with
Market Value Adjustment, will be applied to provide an annuity or any other
option previously chosen by the Owner and permitted by the Company. No Market
Value Adjustment will apply at annuitization if the owner elects Settlement
Option 3 or 3A. For more information about annuitization and annuity options,
please refer to the Contract.
31 Annuity provisions
11. Other provisions
- --------------------------------------------------------------------------------
OWNERSHIP
The Owner has all rights and may receive all benefits under the Contract.
During the lifetime of the Annuitant (and Secondary Annuitant if one has been
named), the Owner is the person so designated in the application, unless:
(1) a change in Owner is requested, or
(2) a Successor Owner becomes the Owner.
The Owner may name a Successor Owner or a new Owner at any time. If the Owner
dies, the Successor Owner, if living, becomes the Owner. Any request for change
must be:
(1) made in writing, and
(2) received at the Company.
The change will become effective as of the date the written request is signed.
A new choice of Owner or Successor Owner will apply to any payment made or
action taken by the Company after the request for the change is received.
Owners should consult a competent tax adviser prior to changing Owners.
- --------------------------------------------------------------------------------
SUCCESSOR OWNER -- The living person who, at the death of the Owner, becomes
the new Owner.
- --------------------------------------------------------------------------------
PROVISION REQUIRED BY SECTION 72(S) OF THE CODE
The interest under a Non-Qualified Contract must be distributed within five
years after the Owner's death if:
(1) the Owner dies
(a) before the start of annuity payments, and
(b) while the Annuitant is living; and
(2) that Owner's spouse is not the Successor Owner as of the date of the
Owner's death.
Satisfactory proof of death must be provided to the Company.
The surrender proceeds may be paid over the life of the Successor Owner if:
(1) the Successor Owner is the Beneficiary, and
(2) the Successor Owner chooses that option.
Payments must begin no later than one year after the date of death. If the
Successor Owner is a surviving spouse, then the surviving spouse will be
treated as the new Owner of the Contract. Under such circumstances, it is not
necessary to surrender the Contract.
However, under the terms of the Contract, if the spouse is not the Successor
Owner:
(1) the Contract will be surrendered as of the date of death, and
(2) the proceeds will be paid to the Beneficiary.
This provision shall not extend the term of the Contract beyond the date when
death proceeds become payable.
If the Owner dies on or after annuity payments start, any remaining portion of
the proceeds will be distributed using a method that is at least as quick as
the one used as of the date of the Owner's death.
PROVISION REQUIRED BY SECTION 401(A)(9) OF THE CODE
The entire interest of a Qualified Plan participant in the Contract generally
will begin to be distributed no later than the required beginning date. For
this purpose "Qualified Plans" include those intended to qualify under Sections
401 and 408 of the Code. Distribution will occur either by or beginning not
later than April 1 of the calendar year following the calendar year the
Qualified Plan Participant attains age 70-1/2. The interest is distributed:
(1) over the life of such Participant, or
(2) the lives of such Participant and designated Beneficiary.
If (i) required minimum distributions have begun, and (ii) the Participant dies
before the Owner's entire interest has been distributed to him/her, the
remaining distributions will be made using a method that is at least as rapid
as that used as of the date of the Participant's death. The Contract generally
will be surrendered as of the Participant's death if:
(1) the Participant dies before the start of such distributions, and
(2) there is no designated Beneficiary.
The surrender proceeds generally must be distributed within 5 years after the
date of death. But, the surrender proceeds may be paid over the life of any
designated Beneficiary at his/her option. In such case, distributions will
begin not later than one year after the December 31 following the Participant's
death. If the designated Beneficiary is the surviving spouse of the
Participant, distributions will begin not earlier than the December 31
following the date on which the Participant would have attained age 70-1/2. If
the surviving spouse dies before distributions to him/her begin, the provisions
of this paragraph shall be applied as if the surviving spouse were the
Participant. If the Plan is an IRA under Section 408 of the Code, the surviving
spouse may elect to forgo distribution and treat the IRA as his/her own plan.
Although the lifetime required minimum distribution rules do not apply to Roth
IRAs under Section 408A of the Code, the post-death distribution rules apply.
It is the Owner's responsibility to assure that distribution rules imposed by
the Code will be met. The Owner should consider the effect of recent revisions
to the distribution rules which could increase the minimum distribution amount
required from annuity contracts funding Qualified Plans where certain
additional benefits are purchased under the Contract, such as enhanced death
benefits. For this purpose additional annuity contract benefits may include,
but are not limited to, guaranteed minimum income benefits and enhanced death
benefits.
Other provisions 32
The Owner may want to consult a tax advisor concerning the potential
application of these complex rules before purchasing this annuity Contract or
purchasing additional features under this annuity Contract.
SECONDARY ANNUITANT
Except where the Contract is issued in connection with a Qualified Plan, a
Secondary Annuitant may be designated by the Owner. Such designation may be
made once before annuity payments begin, either:
(1) in the application for the Contract, or
(2) after the Contract is issued, by written notice to the Company at its
Operations Center.
The Secondary Annuitant may be deleted by written notice to the Company at its
Operations Center. A designation or deletion of a Secondary Annuitant will take
effect as of the date the written election was signed. The Company, however,
must first accept and record the change at its Operations Center. The change
will be subject to:
(1) any payment made by the Company, or
(2) action taken by the Company before the receipt of the notice at the
Company's Operations Center.
You cannot change the Secondary Annuitant, but you can delete the Secondary
Annuitant.
The Secondary Annuitant will be deleted from the Contract automatically by the
Company as of the Contract Anniversary following the Secondary Annuitant's 95th
birthday.
On the death of the Annuitant, the Secondary Annuitant will become the
Annuitant, under the following conditions:
(1) the death of the Annuitant must have occurred before the Annuity starting
date;
(2) the Secondary Annuitant is living on the date of the Annuitant's death;
(3) if the Annuitant was the Owner on the date of death, the Successor Owner
must have been the Annuitant's spouse; and
(4) if the date annuity payments start is later than the Contract Anniversary
nearest the Secondary Annuitant's 95th birthday, the date annuity payments
start will be automatically advanced to that Contract Anniversary.
EFFECT OF SECONDARY ANNUITANT'S BECOMING THE ANNUITANT. If the Secondary
Annuitant becomes the Annuitant, the Death Benefit proceeds will be paid to the
Beneficiary only on the death of the Secondary Annuitant. If the Secondary
Annuitant was the Beneficiary on the Annuitant's death, the Beneficiary will be
automatically changed to the person who was the successor Beneficiary on the
date of death. If there was no successor Beneficiary, then the Secondary
Annuitant's executors or administrators, unless the Owner directed otherwise,
will become the Beneficiary. All other rights and benefits under the Contract
will continue in effect during the lifetime of the Secondary Annuitant as if
the Secondary Annuitant were the Annuitant.
ASSIGNMENT
The Owner may assign the Contract. However, the Company will not be bound by
any assignment until the assignment (or a copy) is received by the Company at
its Administrative Office. The Company is not responsible for determining the
validity or effect of any assignment. The Company shall not be liable for any
payment or other settlement made by the Company before receipt of the
assignment.
If the Contract is issued under certain retirement plans, then it may not be
assigned, pledged or otherwise transferred except under conditions allowed
under applicable law.
Because an assignment may be a taxable event, a Owner should consult a
competent tax adviser before assigning the Contract.
CHANGE OF BENEFICIARY
So long as the Contract is in effect the Owner may change the Beneficiary or
successor Beneficiary. A change is made by submitting a written request to the
Company at its Operations Center. The form of the request must be acceptable to
the Company. The Contract need not be returned unless requested by the Company.
The change will take effect as of the date the request is signed. The Company
will not, however, be liable for any payment made or action taken before
receipt and acknowledgement of the request at its Operations Center.
SUBSTITUTION OF SECURITIES
The Company may substitute shares of another mutual fund for shares of the
Funds already purchased or to be purchased in the future by Contract Purchase
Payments if:
(1) the shares of any portfolio of the Funds is no longer available for
investment by MONY America Variable Account A, or
(2) in the judgment of the Company's Board of Directors, further investment in
shares of one or more of the portfolios of the Funds is inappropriate based
on the purposes of the Contract.
The new portfolios may have higher fees and charges than the ones they
replaced, and not all portfolios may be available to all classes of contracts.
We will notify you before we substitute securities in any subaccount, and, to
the extent required by law, we will obtain prior approval from the Securities
and Exchange Commission and the Arizona Insurance Department. We also will
obtain any other required approvals (See "Who is MONY Life Insurance Company of
America -- MONY America Variable Account A" for more information about changes
we may make to the subaccounts).
CHANGES TO CONTRACTS
The Company reserves the right, subject to compliance with laws that apply, to
unilaterally change your Contract in order to comply with any applicable laws
and regulations, including but not limited to changes in the Internal Revenue
Code, in Treasury regulations or in published rulings of the Internal Revenue
Service, ERISA and in Department of Labor regulations.
Any change in the Contract must be in writing and made by our authorized
officer. We will provide notice of any contract change.
CHANGE IN OPERATION OF MONY AMERICA VARIABLE ACCOUNT A
MONY America Variable Account A may be operated as a management company under
the 1940 Act or it may be deregistered under the
33 Other provisions
1940 Act in the event the registration is no longer required, or MONY America
Variable Account A may be combined with any of other subaccounts.
Deregistration of MONY America Variable Account A requires an order by the
Securities and Exchange Commission. If there is a change in the operation of
MONY America Variable Account A under this provision, the Company may make
appropriate endorsement to the Contract to reflect the change and take such
other action as may be necessary and appropriate to effect the change.
Other provisions 34
12. Voting rights
- --------------------------------------------------------------------------------
All of the assets held in the subaccounts of MONY America Variable Account A
will be invested in shares of the designated portfolios of the Funds. The
Company is the legal holder of these shares.
To the extent required by law, the Company will vote the shares of each of the
Funds held in MONY America Variable Account A (whether or not attributable to
contract owners).
We will determine the number of votes which you have the right to cast by
applying your percentage interest in a subaccount to the total number of votes
attributable to that subaccount. In determining the number of votes, we will
recognize fractional shares.
We will vote portfolio shares of a class held in a subaccount for which we
received no timely instructions in proportion to the voting instructions which
we received for all contracts participating in that subaccount. We will apply
voting instructions to abstain on any item to be voted on a pro-rata basis to
reduce the number of votes eligible to be cast.
Whenever a Fund calls a shareholder's meeting, each person having a voting
interest in a subaccount will receive proxy voting material, reports, and other
materials relating to the relevant portfolio. Since each Fund may engage in
shared funding, other persons or entities besides the Company may vote Fund
shares.
35 Voting rights
13. Distribution of the Contracts
- --------------------------------------------------------------------------------
The Contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and
AXA Distributors, LLC ("AXA Distributors") (together, the "Distributors"). The
Distributors serve as principal underwriters of the securities issued with
respect to MONY America Variable Account A.+ The offering of the Contracts is
intended to be continuous.
AXA Advisors, and AXA Distributors are affiliates of the Company and are
registered with the SEC as broker-dealers and are members of the Financial
Industry Regulatory Authority, Inc. ("FINRA"). The Distributors are under the
common control of AXA Financial, Inc. Their principal business address is 1290
Avenue of the Americas, New York, NY 10104. Both broker-dealers also act as
distributors for other of the Company's life and annuity products. As of June
6, 2005, registered representatives of MONY Securities Corporation became
registered representatives of AXA Advisors.
The Contracts are sold by financial professionals of AXA Advisors and its
affiliates. The Contracts are also sold by financial professionals of both
affiliated and unaffiliated broker-dealers that have entered into selling
agreements with the Distributors ("Selling broker-dealers").
The Company pays sales compensation to both Distributors. In general, the
Distributors will pay all or a portion of the sales compensation they receive
from the Company to individual financial professionals or Selling
broker-dealers. Selling broker-dealers will, in turn, pay all or a portion of
the compensation they receive from the Distributors to individual financial
professionals as commissions related to the sale of the Contracts.
Sales compensation paid by the Company to the Distributors will generally not
exceed 6.50% of the total Purchase Payments made under the Contracts, plus,
starting in the second Contract Year, up to 0.25% of the Fund Value of the
Contracts. The Distributors, in turn, may pay their financial professionals
and/or Selling broker-dealers either all or a portion of the sales compensation
that they receive. The sales compensation paid by the Distributors varies among
financial professionals and among Selling broker-dealers.
The Distributors may pay certain affiliated and/or unaffiliated Selling
broker-dealers and other financial intermediaries additional compensation in
recognition of certain expenses that may be incurred by them or on their
behalf. The Distributors may also pay certain broker-dealers or other financial
intermediaries additional compensation for enhanced marketing opportunities and
other services (commonly referred to as "marketing allowances"). Services for
which such payments are made may include, but are not limited to, the preferred
placement of the Company and/or its products on a company and/or product list;
sales personnel training; product training; business reporting; technological
support; due diligence and related costs; advertising, marketing and related
services; conferences; and/or other support services, including some that may
benefit the contract owner. Payments may be based on the amount of assets or
Purchase Payments attributable to Contracts sold through a Selling
broker-dealer or such payments may be a fixed amount. The Distributors may also
make fixed payments to Selling broker-dealers in connection with the initiation
of a new relationship or the introduction of a new product. These payments may
serve as an incentive for Selling broker-dealers to promote the sale of the
Company's products. Additionally, as an incentive for financial professionals
of Selling broker-dealers to promote the sale of particular products, the
Distributors may increase the sales compensation paid to the Selling
broker-dealer for a period of time (commonly referred to as "compensation
enhancements"). Marketing allowances and sales incentives are made out of the
Distributors' assets. Not all Selling broker-dealers receive these kinds of
payments. For more information about any such arrangements, ask your financial
professional.
The Distributors receive 12b-1 fees from certain portfolios for providing
certain distribution and/or shareholder support services. The Distributors or
their affiliates may also receive payments from the advisers of the portfolios
or their affiliates to help defray expenses for sales meetings or seminar
sponsorships that may relate to the Contracts and/or the advisers' respective
portfolios. In connection with portfolios offered through unaffiliated
insurance trusts, the Distributors or their affiliates may also receive other
payments from the advisers of the portfolios or their affiliates for providing
distribution, administrative and/or shareholder support services.
In an effort to promote the sale of the Company's products, AXA Advisors may
provide its financial professionals and managerial personnel with a higher
percentage of sales commissions and/or cash compensation for the sale of an
affiliated variable product than it would the sale of an unaffiliated product.
Such practice is known as providing "differential compensation." In addition,
managerial personnel may receive expense reimbursements, marketing allowances
and commission-based payments known as "overrides." Certain components of the
compensa- tion of financial professionals who are managers are based on the
sale of affiliated variable products. Managers earn higher compensation (and
credits toward awards and bonuses) if those they manage sell more affiliated
variable products. AXA Advisors may provide other forms of compensation to its
financial professionals including health and retirement benefits. For tax
reasons, AXA Advisors financial professionals qualify for health and retirement
benefits based solely on their sales of our affiliated products.
These payments and differential compensation (together, the "payments") can
vary in amount based on the applicable product and/or entity or individual
involved. As with any incentive, such payments may cause the financial
professional to show preference in recommending the purchase or sale of the
Company's products. However, under applicable rules of the FINRA, AXA Advisors
may only recommend to you products that they reasonably believe are suitable
for you based on
- ----------------------
+ Prior to June 6, 2005, MONY Securities Corporation served as both the
distributor and principal underwriter of the Contracts.
Distribution of the Contracts 36
facts that you have disclosed as to your other security holdings, financial
situation and needs. In making any recommendation, financial professionals of
AXA Advisors may nonetheless face conflicts of interest because of the
differences in compensation from one product category to another, and because
of differences in compensation between products in the same category.
In addition, AXA Advisors may offer sales incentive programs to financial
professionals who meet specified production levels for the sale of both
affiliated and unaffiliated products, which provide non-cash compensation such
as stock options awards and/or stock appreciation rights, expense-paid trips,
expense-paid educational seminars and merchandise.
Although the Company takes all of its costs into account in establishing the
level of fees and expenses in its products, any sales compensation paid by the
Company to the Distributors will not result in any separate charge to you under
your Contract. All payments made will be in compliance with all applicable
FINRA rules and other laws and regulations.
37 Distribution of the Contracts
14. Federal tax status
- --------------------------------------------------------------------------------
INTRODUCTION
The Contract described in this prospectus is designed for use in connection
with certain types of Qualified Plans and on a nonqualified basis. The ultimate
effect of federal income taxes on
o the value of the Contract's Fund Value,
o annuity payments,
o death benefit, and
o economic benefit to the Owner, Annuitant, and the Beneficiary
may depend upon
o the type of retirement plan for which the Contract is purchased, and
o the tax and employment status of the individual concerned.
The following discussion of the treatment of the Contract and of the Company
under the federal income tax laws is general in nature. The discussion is based
on the Company's understanding of current federal income tax laws, and is not
intended as tax advice. These federal income tax laws may change without
notice. We cannot predict whether, when, or how these rules could change. Any
change could affect contracts purchased before the change. Congress may also
consider proposals in the future to comprehensively reform or overhaul the
United States tax and retirement systems, which if enacted, could affect the
tax benefits of a contract. We cannot predict what, if any legislation will
actually be proposed or enacted. Any person considering the purchase of a
contract should consult a qualified tax adviser. Additional information of the
treatment of the Contract under federal income tax laws is contained in the
Statement of Additional Information. THE COMPANY DOES NOT MAKE ANY GUARANTEE
REGARDING ANY TAX STATUS, FEDERAL, STATE, OR LOCAL, OF ANY CONTRACT OR ANY
TRANSACTION INVOLVING THE CONTRACT.
TAXATION OF ANNUITIES IN GENERAL
The Contract described in this prospectus is designed for use in connection
with Qualified Plans and on a nonqualified basis. All or a portion of the
contributions to such plans will be used to make Purchase Payments under the
Contract. In general, contributions to Qualified Plans and income earned on
contributions to all plans are tax-deferred until distributed to plan
participants or their beneficiaries. Such tax deferral is not, however,
available for Non-Qualified Contracts if the Owner is other than a natural
person unless the Contract is held as an agent for a natural person. Annuity
payments made under a contract are generally taxable to the Annuitant as
ordinary income except to the extent of:
o Participant after-tax contributions (in the case of Qualified Plans), or
o Owner contributions (in the case of Non-Qualified Contracts).
Owners, Annuitants, and Beneficiaries should seek advice from their own tax
advisers about the tax consequences of distributions, withdrawals and payments
under Non-Qualified Contracts and under any Qualified Plan in connection with
which the Contract is purchased. For Qualified Contracts, among other things
individuals should discuss with their tax advisors are the "required minimum
distribution rules" which generally require distributions to be made after age
70-1/2 and after death, including requirements applicable to the calculation of
such required distributions from annuity contracts funding Qualified Plans.
Federal tax law imposes requirements for determining the amount includable in
gross income with respect to distributions not received as an annuity.
Distributions include, but are not limited to, transfers, including gratuitous
transfers, and pledges of the contract are treated the same as distributions.
Distributions from all annuity contracts issued during any calendar year by the
same company (or an affiliate) to the Owner (other than those issued to
qualified retirement plans) in the same year will be treated as distributed
from one annuity contract. The IRS is given power to prescribe additional rules
to prevent avoidance of this rule through serial purchases of contracts or
otherwise. None of these rules affects Qualified Plans.
The Company will withhold and remit to the United States Government and, where
applicable, to state and local governments, part of the taxable portion of each
distribution made under a contract unless the Owner or Annuitant
(1) provides his or her taxpayer identification number to the Company, and
(2) notifies the Company that he or she chooses not to have amounts withheld.
Distributions of plan benefits from qualified retirement plans, other than
traditional individual retirement arrangements ("traditional IRAs"), generally
will be subject to mandatory federal income tax withholding unless they either
are:
(1) Part of a series of substantially equal periodic payments (at least
annually) for
(a) the participant's life or life expectancy,
(b) the joint lives or life expectancies of the participant and his/ her
beneficiary,
(c) or a period certain of not less than 10 years;
(2) Required minimum distributions; or
(3) Qualifying hardship distributions.
The withholding can be avoided if the participant's interest is directly rolled
over by the old plan to another eligible retirement plan, including an IRA. A
direct rollover transfer to the new plan can be made only in accordance with
the terms of the old plan.
Under the generation skipping transfer tax, the Company may be liable for
payment of this tax under certain circumstances. In the event that the Company
determines that such liability exists, an amount necessary to pay the
generation skipping transfer tax may be subtracted from the death benefit
proceeds.
Federal tax status 38
RETIREMENT PLANS
Aside from Contracts purchased on a non-qualified basis the Contract described
in this prospectus currently is designed for use with the following types of
retirement plans:
(1) Pension and Profit Sharing Plans established by business employers and
certain associations, as permitted by Sections 401(a) and 401(k) of the
Code, including those purchasers who would have been covered under the
rules governing H.R. 10 (Keogh) Plans;
(2) Individual Retirement Annuities permitted by Section 408(b) of the Code,
including Simplified Employee Pensions established by employers pursuant to
Section 408(k);
(3) Roth IRAs permitted by Section 408A of the Code; and
(4) Deferred compensation plans provided by certain governmental entities and
tax-exempt organizations under Section 457.
The tax rules applicable to participants in such retirement plans vary
according to the type of plan and its terms and conditions. Therefore, no
attempt is made here to provide more than general information about the use of
the Contract with the various types of retirement plans. Participants in such
plans as well as Owners, Annuitants, and Beneficiaries are cautioned that the
rights of any person to any benefits under these plans are subject to the terms
and conditions of the plans themselves, regardless of the terms and conditions
of the Contract. The Company will provide purchasers of Contracts used in
connection with Individual Retirement Annuities with such supplementary
information as may be required by the Internal Revenue Service or other
appropriate agency. Any person contemplating the purchase of a Contract should
consult a qualified tax adviser.
TAX TREATMENT OF THE COMPANY
Under existing federal income tax laws, the income of MONY America Variable
Account A, to the extent that it is applied to increase reserves under the
Contract, is substantially nontaxable to the Company.
39 Federal tax status
15. Additional information and incorporation of certain information by
reference
- --------------------------------------------------------------------------------
This prospectus does not contain all the information set forth in the
registration statement, certain portions of which have been omitted pursuant to
the rules and regulations of the Securities and Exchange Commission ("SEC").
The omitted information may be obtained from the Commission's principal office
in Washington, D.C., upon payment of the fees prescribed by the Commission, or
by accessing the SEC's website at www.sec.gov.
For further information with respect to the Company and the Contracts offered
by this prospectus, including the Statement of Additional Information (which
includes applicable financial statements), Owners and prospective investors may
also contact the Company at its address or phone number set forth on the cover
of this prospectus for requesting such statement. The Statement of Additional
Information is available from the Company without charge.
The Company files reports and other information with the SEC, as required by
law. You may read and copy this information at the SEC's public reference
facilities at Room 1580, 100 F Street, NE, Washington, DC 20549, or by
accessing the SEC's website at www.sec.gov. The public may obtain information
on the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330. Under the Securities Act of 1933, the Company has filed with
the SEC a registration statement relating to the Guaranteed Interest Account
with Market Value Adjustment (the "Registration Statement"). This prospectus
has been filed as part of the Registration Statement and does not contain all
of the information set forth in the Registration Statement. Please see the
Registration Statement for additional information concerning the Guaranteed
Interest Account with Market Value Adjustment.
The Company's annual report on Form 10-K for the year ended December 31, 2007
is hereby incorporated into this prospectus by reference. Please refer to Form
10-K for a description of the Company and its business, including financial
statements. The Company intends to send Owners account statements and other
such legally-required reports. The Company does not anticipate such reports
will include periodic financial statements or information concerning the
Company.
The Company's Annual Report on Form 10-K for the year ended December 31, 2007
is considered to be a part of this prospectus because it is incorporated by
reference.
Any statement contained in a document that is, or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, electronically according to EDGAR
under CIK No. 0000835357. The SEC maintains a Web site that contains reports,
proxy and information statements, and other information regarding registrants
that file electronically with the SEC. The address of the site is www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person
to whom this prospectus is delivered, a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to MONY
Life Insurance Company of America, 1290 Avenue of the Americas, New York, New
York 10104, Attention: Corporate Secretary (telephone: (212) 554-1234). You can
also find our annual report on Form 10-K on our website at www.axa-
financial.com.
Additional information and incorporation of certain information by reference 40
16. Legal proceedings
- --------------------------------------------------------------------------------
MONY Life Insurance Company of America and its affiliates are parties to
various legal proceedings. In our view, none of these proceedings would be
considered material with respect to an Owner's interest in MONY America
Variable Account A, nor would any of these proceedings be likely to have a
material adverse effect upon MONY America Variable Account A, our ability to
meet our obligations under the contracts, or the distribution of the contracts.
41 Legal proceedings
17. Financial statements
- --------------------------------------------------------------------------------
The audited financial statements of MONY America Variable Account A and the
Company are set forth in the Statement of Additional Information.
These financial statements have been audited by PricewaterhouseCoopers LLP, an
independent registered public accounting firm. The financial statements of the
Company should be considered only as bearing upon the ability of the Company to
meet its obligations under the Contracts. You should not consider the financial
statements of the Company as affecting investment performance of assets in the
Variable Account. PricewaterhouseCoopers LLP also provides independent audit
services and certain other non-audit services to the Company as permitted by
the applicable SEC independence rules, and as disclosed in the Company's Form
10-K. PricewaterhouseCoopers LLP's address is 300 Madison Avenue, New York, New
York 10017.
Financial statements 42
Appendix A -- Condensed financial information
- --------------------------------------------------------------------------------
MONY LIFE INSURANCE COMPANY OF AMERICA
MONY AMERICA VARIABLE ACCOUNT A
ACCUMULATION UNIT VALUES
- ------------------------------------------------------------------------------------------------------------------------------------
Unit Value
- ------------------------------------------------------------------------------------------------------------------------------------
Dec 31, Dec 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
Subaccount 2007 2006 2005 2004 2003 2002 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
All Asset Allocation $10.90 $10.57 $ 9.73 $ 9.37 $ 8.75 $ 7.34 $ 9.44 $10.42 $10.75
AXA Aggressive Allocation 10.01 -- -- -- -- -- -- -- --
AXA Conservative Allocation 10.34 -- -- -- -- -- -- -- --
AXA Conservative-Plus Allocation 10.21 -- -- -- -- -- -- -- --
AXA Moderate Allocation 10.20 -- -- -- -- -- -- -- --
AXA Moderate-Plus Allocation 10.13 -- -- -- -- -- -- -- --
Dreyfus Stock Index Fund, Inc. 10.69 10.30 9.04 8.75 8.01 6.33 8.26 8.68 10.66
EQ/BlackRock Basic Value Equity 12.19 12.21 10.24 -- -- -- -- -- --
EQ/Bond Index 13.37 12.70 12.40 12.45 12.42 12.19 11.30 10.63 9.90
EQ/Boston Advisors Equity Income 14.85 14.51 12.68 12.10 10.41 8.33 9.90 10.77 10.70
EQ/Calvert Socially Responsible 8.66 7.80 -- -- -- -- -- -- --
EQ/Capital Guardian Research 9.69 -- -- -- -- -- -- --
EQ/Caywood-Scholl High Yield Bond 14.79 14.58 13.69 13.51 12.48 10.32 10.30 9.81 10.25
EQ/FI Mid Cap 16.77 -- -- -- -- -- -- -- --
EQ/GAMCO Mergers and Acquisitions 13.20 12.93 11.69 11.33 10.90 -- -- -- --
EQ/GAMCO Small Company Value 25.61 23.75 20.26 19.68 16.50 12.17 13.59 9.98 12.94
EQ/Government Securities 12.83 12.19 11.92 11.93 11.93 11.89 11.30 10.71 9.92
EQ/International Growth 14.55 12.69 10.24 9.18 8.84 6.85 8.61 9.31 14.82
EQ/JPMorgan Core Bond 13.32 13.06 -- -- -- -- -- -- --
EQ/Long Term Bond 14.63 13.78 13.68 13.46 12.64 12.22 10.86 10.86 9.07
EQ/Lord Abbett Growth and Income 14.19 13.86 -- -- -- -- -- -- --
EQ/Lord Abbett Mid Cap Value 15.11 15.19 -- -- -- -- -- -- --
EQ/Marsico Focus 12.85 11.42 10.58 -- -- -- -- -- --
EQ/Money Market 10.77 10.40 10.07 -- -- -- -- -- --
EQ/Montag & Caldwell Growth 12.04 10.10 9.49 9.12 8.88 7.69 10.15 9.30 12.94
EQ/PIMCO Real Return 12.26 11.14 11.25 11.31 10.94 10.50 -- -- --
EQ/Short Duration Bond 10.71 10.31 10.05 10.05 10.02 -- -- -- --
EQ/T Rowe Price Growth Stock 10.32 9.75 10.30 10.04 8.96 5.94 8.53 9.28 11.39
EQ/UBS Growth and Income 13.04 13.06 11.60 10.79 9.66 7.67 10.50 9.73 12.13
EQ/Van Kampen Mid Cap Growth 18.21 -- -- -- -- -- -- --
EQ/Van Kampen Real Estate 21.12 -- -- -- -- -- -- --
Fidelity VIP Contrafund(R) 16.57 14.29 12.98 11.26 9.90 7.81 8.74 8.83 10.99
Franklin Income Securities 16.15 15.78 13.53 13.49 12.01 -- -- -- --
Franklin Rising Dividends Securities 14.89 15.51 13.42 13.15 12.01 -- -- -- --
Franklin Zero Coupon 2010 10.76 10.06 9.96 9.97 9.67 -- -- -- --
Janus Aspen Series Balanced 14.08 12.91 11.82 11.10 10.37 9.21 9.98 10.01 11.00
Janus Aspen Series Forty 15.05 11.14 10.32 9.27 7.95 6.68 8.03 8.32 12.89
Janus Aspen Series Mid Cap Growth 10.97 9.11 8.13 7.33 6.16 4.62 6.50 7.33 16.22
Janus Aspen Series Worldwide Growth 10.83 10.02 8.59 8.22 7.95 6.50 8.85 7.51 13.91
Multimanager Small Cap Growth 18.99 18.57 17.07 16.08 14.49 11.93 15.92 8.96 16.69
Oppenheimer Global Securities 21.96 20.98 18.12 16.10 13.73 -- -- -- --
PIMCO Global Bond (Unhedged) 14.57 13.46 13.04 14.15 12.97 11.49 -- -- --
ProFund VP Bear 6.31 6.36 6.97 7.16 8.09 -- -- -- --
ProFund VP Rising Rates Opportunity 7.92 8.46 7.79 8.57 9.75 -- -- -- --
ProFund VP UltraBull 19.74 19.84 16.34 16.14 13.96 -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 Appendix A -- Condensed financial information
- -------------------------------------------------------------------------------------------
Units Outstanding
- -------------------------------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
Subaccount 2007 2006 2005 2004
- -------------------------------------------------------------------------------------------
All Asset Allocation 5,513,287 7,300,951 9,232,209 11,109,364
AXA Aggressive Allocation 23,678 -- -- --
AXA Conservative Allocation 25,364 -- -- --
AXA Conservative-Plus Allocation 84,997 -- -- --
AXA Moderate Allocation 235,127 -- -- --
AXA Moderate-Plus Allocation 44,505 -- -- --
Dreyfus Stock Index Fund, Inc. 4,131,405 5,268,532 6,734,123 8,132,629
EQ/BlackRock Basic Value Equity 588,447 162,707 138,603 --
EQ/Bond Index 1,042,046 1,426,967 1,817,673 2,268,647
EQ/Boston Advisors Equity Income 1,872,979 2,493,147 3,121,754 3,207,756
EQ/Calvert Socially Responsible 392,763 491,154 -- --
EQ/Capital Guardian Research 704,758 -- -- --
EQ/Caywood-Scholl High Yield Bond 1,700,578 2,250,501 2,807,118 3,307,890
EQ/FI Mid Cap 166,194 -- -- --
EQ/GAMCO Mergers and Acquisitions 307,858 355,264 281,983 226,652
EQ/GAMCO Small Company Value 3,497,734 4,619,713 6,024,921 7,075,206
EQ/Government Securities 1,650,825 2,245,887 3,064,357 3,800,321
EQ/International Growth 1,314,677 1,619,060 1,680,543 1,911,713
EQ/JPMorgan Core Bond 1,462,548 1,907,446 -- --
EQ/Long Term Bond 1,271,200 1,685,374 2,161,426 2,671,355
EQ/Lord Abbett Growth and Income 1,137,673 1,582,779 -- --
EQ/Lord Abbett Mid Cap Value 1,117,888 1,581,256 -- --
EQ/Marsico Focus 2,049,590 2,697,953 3,382,866 --
EQ/Money Market 3,268,106 3,783,141 4,407,396 --
EQ/Montag & Caldwell Growth 8,542,516 12,014,014 16,339,010 16,012,029
EQ/PIMCO Real Return 444,115 607,070 800,622 925,861
EQ/Short Duration Bond 167,715 228,924 262,948 321,143
EQ/T Rowe Price Growth Stock 3,097,303 4,266,241 5,964,804 7,351,694
EQ/UBS Growth and Income 4,058,934 5,288,888 6,768,008 8,081,277
EQ/Van Kampen Mid Cap Growth 616,094 -- -- --
EQ/Van Kampen Real Estate 602,850 -- -- --
Fidelity VIP Contrafund(R) 4,309,960 4,132,884 4,769,384 5,109,618
Franklin Income Securities 1,026,999 1,032,610 924,609 587,543
Franklin Rising Dividends Securities 358,103 418,715 347,075 333,759
Franklin Zero Coupon 2010 177,221 162,850 89,888 74,658
Janus Aspen Series Balanced 2,761,884 3,539,301 4,375,862 5,057,432
Janus Aspen Series Forty 1,997,448 2,485,058 3,187,808 3,832,050
Janus Aspen Series Mid Cap Growth 2,242,169 2,826,266 3,502,925 4,107,171
Janus Aspen Series Worldwide Growth 2,357,570 2,964,196 3,890,586 4,838,805
Multimanager Small Cap Growth 1,431,540 2,003,547 2,557,971 3,066,363
Oppenheimer Global Securities 879,138 1,058,049 995,554 764,151
PIMCO Global Bond (Unhedged) 444,312 568,823 672,896 649,315
ProFund VP Bear 38,052 37,753 32,469 28,387
ProFund VP Rising Rates Opportunity 96,834 195,027 263,771 345,652
ProFund VP UltraBull 74,392 93,443 123,690 157,450
- -------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Units Outstanding
- ---------------------------------------------------------------------------------------------------------
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
Subaccount 2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------
All Asset Allocation 13,202,566 15,109,160 18.385,691 1,901,068 11,932,847
AXA Aggressive Allocation -- -- -- -- --
AXA Conservative Allocation -- -- -- -- --
AXA Conservative-Plus Allocation -- -- -- -- --
AXA Moderate Allocation -- -- -- -- --
AXA Moderate-Plus Allocation -- -- -- -- --
Dreyfus Stock Index Fund, Inc. 9,138,583 9,933,628 10,780,679 1,815,979 4,223,029
EQ/BlackRock Basic Value Equity -- -- -- -- --
EQ/Bond Index 2,888,171 3,839,904 3,105,420 200,073 913,085
EQ/Boston Advisors Equity Income 2,990,192 3,454,574 3,446,564 232,503 2,472,972
EQ/Calvert Socially Responsible -- -- -- -- --
EQ/Capital Guardian Research -- -- -- --
EQ/Caywood-Scholl High Yield Bond 3,877,955 3,895,307 3,955,659 195,361 1,520,029
EQ/FI Mid Cap -- -- -- -- --
EQ/GAMCO Mergers and Acquisitions 191,335 -- -- -- --
EQ/GAMCO Small Company Value 7,841,899 8,512,905 8,277,605 657,017 3,513,450
EQ/Government Securities 4,707,320 6,205,249 4,360,797 301,304 1,488,308
EQ/International Growth 2,103,075 2,031,440 2,239,322 370,601 1,074,763
EQ/JPMorgan Core Bond -- -- -- -- --
EQ/Long Term Bond 3,301,483 4,384,800 4,192,071 317,823 1,406,502
EQ/Lord Abbett Growth and Income -- -- -- -- --
EQ/Lord Abbett Mid Cap Value -- -- -- -- --
EQ/Marsico Focus -- -- -- -- --
EQ/Money Market -- -- -- -- --
EQ/Montag & Caldwell Growth 18,983,764 19,728,594 22,923,973 2,143,387 16,952,783
EQ/PIMCO Real Return 915,521 593,890 -- -- --
EQ/Short Duration Bond 208,924 -- -- -- --
EQ/T Rowe Price Growth Stock 8,435,080 8,681,637 10,502,862 2,379,095 2,348,518
EQ/UBS Growth and Income 9,561,842 11,273,375 13,764,821 1,399,799 7,122,762
EQ/Van Kampen Mid Cap Growth -- -- -- --
EQ/Van Kampen Real Estate -- -- -- --
Fidelity VIP Contrafund(R) 5,524,076 5,965,404 6,410,695 890,303 2,355,687
Franklin Income Securities 241,886 -- -- -- --
Franklin Rising Dividends Securities 216,239 -- -- -- --
Franklin Zero Coupon 2010 49,680 -- -- -- --
Janus Aspen Series Balanced 5,892,043 6,980,943 7,262,031 1,129,356 1,933,982
Janus Aspen Series Forty 4,588,875 5,496,952 6,781,107 724,626 2,955,486
Janus Aspen Series Mid Cap Growth 4,901,662 5,654,695 7,138,296 1,548,721 2,153,830
Janus Aspen Series Worldwide Growth 5,937,772 7,157,869 8,403,354 1,979,529 1,775,017
Multimanager Small Cap Growth 3,596,274 3,994,202 4,211,857 896,084 1,281,793
Oppenheimer Global Securities 262,808 -- -- -- --
PIMCO Global Bond (Unhedged) 539,620 410,504 -- -- --
ProFund VP Bear 11,301 -- -- -- --
ProFund VP Rising Rates Opportunity 205,410 -- -- -- --
ProFund VP UltraBull 125,726 -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Appendix A -- Condensed financial information A-2
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
MAY 1, 2008
Page
Additional information about the Company................................. 2
About our independent registered public accounting firm.....................2
Sale of the contracts.................................................... 2
Federal tax status..........................................................2
Financial statements........................................................4
If you would like to receive a copy of the MONY America Variable Account A
Statement of Additional Information, please return this request to:
MONY Life Insurance Company of America
Policyholder Services
100 Madison Street
Syracuse, New York 13202
1-800-487-6669
www.axaonline.com
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Please send me a copy of the MONY America Variable Account A Statement of
Additional Information.
- --------------------------------------------------------------------------------
Name:
- --------------------------------------------------------------------------------
Address:
- --------------------------------------------------------------------------------
City State Zip
x01923
MLA-CM
SUPPLEMENT DATED AUGUST 15, 2008 TO
PROSPECTUSES DATED MAY 1, 2008 FOR
MONY VARIABLE ANNUITY
ISSUED BY:
MONY LIFE INSURANCE COMPANY
MONY LIFE INSURANCE COMPANY OF AMERICA
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the above-referenced
Prospectuses and Statements of Additional Information, dated May 1, 2008 (the
"Prospectuses"). You should read this Supplement in conjunction with the
Prospectuses and retain it for future reference. Unless otherwise indicated,
all other information included in the Prospectuses remains unchanged. The terms
and section headings we use in this Supplement have the same meaning as in the
Prospectuses. We will send you another copy of any prospectus or supplement
without charge upon request. Please contact the customer service group
referenced in your prospectus.
DISCONTINUATION OF MONY VARIABLE ANNUITY
- ----------------------------------------
Effective August 18, 2008, we are no longer offering this Contract to new
participants of existing Qualified Plans (including SIMPLE IRA or SEP IRA
Plans). We will continue to accept Purchase Payments under existing Contracts.
MONY Life Insurance Company
MONY Life Insurance Company of America
Copyright 2008. All rights reserved.
1290 Avenue of the Americas
New York, NY 10104
212-314-1234
IF (SAR) x02136
PART II
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
ESTIMATED
ITEM OF EXPENSE EXPENSE
- --------------------------------------------------------------- ----------
Registration fees $5,659.20
Federal taxes N/A
State taxes and fees (based on 50 state average) N/A
Trustees' fees N/A
Transfer agents' fees N/A
Printing and filing fees $50,000*
Legal fees N/A
Accounting fees N/A
Audit fees $20,000*
Engineering fees N/A
Directors and officers insurance premium paid by Registrant N/A
- -------------
* Estimated expense.
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The By-Laws of MONY Life Insurance Company of America provide, in Article
VI as follows:
ARTICLE VI
INDEMNIFICATION OF OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS
SECTION 1. NATURE OF INDEMNITY. The Corporation shall indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative, or investigative, by reason of the fact that he or she
is or was or has agreed to become a director or officer of the Corporation, or
is or was serving or has agreed to serve at the request of the Corporation as a
director or officer of another corporation, partnership, joint venture, trust or
other enterprise, or by reason of any action alleged to have been taken or
omitted in such capacity, and may indemnify any person who was or is a party or
is threatened to be made a party to such an action, suit or proceeding by reason
of the fact that he or she is or was or has agreed to become an employee or
agent of the Corporation, or is or was serving or has agreed to serve at the
request of the Corporation as an employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by him or her or on his or her behalf in
connection with such action, suit or proceeding and any appeal therefrom, if he
or she acted in good faith and in a manner he or she reasonably believed to be
in or not opposed to the best interests of the Corporation, and, with respect to
any criminal action or proceeding had no reasonable cause to believe his or her
conduct was unlawful; except that in the case of an action or suit by or in the
right of the Corporation to procure a judgment in its favor (1) such
indemnification shall be limited to expenses (including attorneys' fees)
actually and reasonably incurred by such person in the defense or settlement of
such action or suit, and (2) no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable to the Corporation unless and only to the extent that the court in which
such action or suit was brought or other court of competent jurisdiction shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity.
The termination of any action, suit or proceeding by judgment, order,
settlement, conviction or upon a plea of no contest or its equivalent, shall
not, of itself, create a presumption that the person did not act in good faith
and in a manner which he or she reasonably believed to be in or not opposed to
the best interests of the Corporation, and, with respect to any criminal action
or proceeding, had reasonable cause to believe that his or her conduct was
unlawful.
SECTION 6. SURVIVAL; PRESERVATION OF OTHER RIGHTS. The foregoing
indemnification provisions shall be deemed to be a contract between the
Corporation and each director, officer, employee and agent who serves in any
such capacity at any time while these provisions as well as the relevant
provisions of Title 10, Arizona Revised Statutes are in effect and any repeal or
modification thereof shall not affect any right or obligation then existing with
respect to any state of facts then or previously existing or any action, suit or
proceeding previously or thereafter brought or threatened based in whole or in
part upon any such state of facts. Such a "contract right" may not be modified
retroactively without the consent of such director, officer, employee or agent.
The indemnification provided by this Article shall not be deemed
exclusive of any other right to which those indemnified may be entitled under
any by-law, agreement, vote of stockholders or disinterested directors or
otherwise, both as to action in his or her official capacity and as to action in
another capacity while holding such office, and shall continue as to a person
who has ceased to be a director, officer, employee or agent and shall inure to
the benefit of the heirs, executors and administrators of such a person.
SECTION 7. INSURANCE. The Corporation may purchase and maintain
insurance on behalf of any person who is or was a director or officer of the
Corporation, or is or was serving at the request of the Corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against any liability asserted against such
person and incurred by such person in any such capacity or arising out of his or
her status as such, whether or not the Corporation would have the power to
indemnify such person against such liability under the provisions of this
By-Law.
ITEM 16. EXHIBITS
(1) Form of Underwriting Agreement. Distribution Agreement among
MONY Life Insurance Company of America, MONY Securities Corp.,
and AXA Distributors, LLC, incorporated herein by reference to
Post Effective Amendment No. 7 to the registration statement on
Form N-4 (File No. 333-72632) filed on April 22, 2005.
(2) Not applicable.
(4) Form of Policy.
(a) Proposed form of flexible payment variable annuity contract,
incorporated herein by reference to Exhibit 4 to Registration
Statement (File No. 333-59717) on Form N-4, filed on July 23, 1998.
(b) Proposed form of flexible payment variable annuity contract,
incorporated herein by reference to Exhibit 4 to Registration
Statement (File No. 333-72632) on Form N-4, filed on January 9,
2002.
(5) Opinion and consent of counsel regarding legality
(a) Opinion and consent of David S. Waldman as to the legality
of the securities being registered, incorporated herein by reference
to Post-Effective Amendment No. 1 to Form S-1 on Form S-2 (File
No. 333-105089) filed on August 4, 2004.
(b) Opinion and consent of Dodie Kent as to the legality of the
securities being registered, incorporated herein by reference to
Form S-1 (333-132810) filed on March 27, 2006.
(c) Opinion and consent of Dodie Kent as to the legality of
the securities being registered, incorporated herein by reference
to Post-Effective Amendment No. 1 on Form S-1 (File No. 333-132810)
filed on April 27, 2007.
(d) Opinion and consent of Dodie Kent as to the legality of
securities being registered, incorporated herein by reference to
Post-Effective Amendment No. 2 on Form S-1 (File No. 333-132810)
filed on April 24, 2008.
(e) Opinion and consent of Dodie Kent as to the legality of
securities being registered, filed herewith.
(8) Opinion and consent of Robert Levy as to tax matters,
incorporated herein by reference to Post-Effective Amendment
No. 1 to Form S-1 on Form S-2 (File No. 333-105089) filed on
August 4, 2004.
(12) Not applicable.
(15) Not applicable.
5
(23) Consents of Experts and Counsel.
(a) Consent of PricewaterhouseCoopers LLP, independent
registered public accounting firm, filed herewith.
(b) See Item (5) above.
(24) Powers of Attorney.
(a)(i) Power of Attorney for Christopher M. Condron,
incorporated herein by reference to Post-Effective Amendment No. 1
to Form S-1 on Form S-2 (File No. 333-105089) filed on August 4,
2004.
(ii) Power of Attorney for Stanley B. Tulin, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(iii) Power of Attorney for Alvin H. Fenichel, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(iv) Power of Attorney for Bruce W. Calvert, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(v) Power of Attorney for Henri de Castries, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(vi) Power of Attorney for Denis Duverne, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(vii) Power of Attorney for Mary R. Henderson, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(viii) Power of Attorney for James F. Higgins, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(ix) Power of Attorney for W. Edwin Jarmain, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(x) Power of Attorney for Christina Johnson Wolff,
incorporated herein by reference to Post-Effective Amendment No. 1
to Form S-1 on Form S-2 (File No. 333-105089) filed on August 4,
2004.
(xi) Power of Attorney for Scott D. Miller, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(xii) Power of Attorney for Joseph H. Moglia, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(xiii) Power of Attorney for Peter J. Tobin, incorporated
herein by reference to Post-Effective Amendment No. 1 to Form S-1 on
Form S-2 (File No. 333-105089) filed on August 4, 2004.
(b) Powers of Attorney, incorporated herein by reference to
Post-Effective Amendment No. 1 on Form S-1 (File No. 333-132810)
filed on April 27, 2007.
(c) Powers of Attorney, incorporated herein by reference to
Post-Effective Amendment No. 2 on Form S-1 (File No. 333-132810)
filed on April 24, 2008.
(d) Powers of Attorney, filed herewith.
(25) Not applicable.
(26) Not applicable.
6
ITEM 17. UNDERTAKINGS
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration
statement:
(i) to include any prospectus required by section
10(a)(3) of the Securities Act of 1933;
(ii) to reflect in the prospectus any facts or events
arising after the effective date of the
registration statement (or the most recent
post-effective amendment thereof) which,
individually or in the aggregate represent a
fundamental change in the information set forth in
the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of
securities offered would not exceed that which was
registered) and any deviation from the low or high
end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price
represent no more than 20% change in the maximum
aggregate offering price set forth in the
"Calculation of Registration Fee" table in the
effective registration statement;
(iii) to include any material information with respect
to the plan of distribution not previously
disclosed in the registration statement or any
material change to such information in the
registration statement;
provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii)
do not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the registrant
pursuant to Section 13 or 15(d) of the Securities Act of 1934 that are
incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of this
Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.
(4) That, for the purpose of determining liability under the
Securities Act of 1933 to any purchaser, each prospectus filed
pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements
relying on Rule 430B or other than prospectuses filed in
reliance on Rule 430A, shall be deemed to be part of and
included in the registration statement as of the date it is
first used after effectiveness. Provided, however, that no
statement made in a registration statement or prospectus that
is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of
contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or
prospectus that was part of the registration statement or made
in any such document immediately prior to such date of first
use.
(5) That, for the purpose of determining liability of the
Registrant under the Securities Act of 1933 to any purchaser
in the initial distribution of the securities: The undersigned
Registrant undertakes that in a primary offering of securities
of the undersigned Registrant pursuant to this registration
statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered
or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to
the purchaser and will be considered to offer or sell such
securities to such purchaser: (i) Any preliminary prospectus
or prospectus of the undersigned Registrant relating to the
offering required to be filed pursuant to Rule 424; (ii) Any
free writing prospectus relating to the offering prepared by
or on behalf of the undersigned Registrant or used or referred
to by the undersigned Registrant; (iii) The portion of any
other free writing prospectus relating to the offering
containing material information about the undersigned
Registrant or its securities provided by or on behalf of the
undersigned Registrant; and (iv) Any other communication that
is an offer in the offering made by the undersigned Registrant
to the purchaser.
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each
filing of the registrant's annual report pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934 that is incorporated
by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and
is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of
any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the
Act and will be governed by the final adjudication of such issue.
7
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City and State of New York, on this 13th day of November,
2008.
MONY Life Insurance Company of America
(Registrant)
By: /s/ Dodie Kent
---------------------------------
Dodie Kent
Vice President and Associate General Counsel
MONY Life Insurance Company of America
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated:
PRINCIPAL EXECUTIVE OFFICERS:
*Christopher M. Condron Chairman of the Board, President and
Chief Executive Officer, Director
PRINCIPAL FINANCIAL OFFICER:
*Richard S. Dziadzio Executive Vice President and
Chief Financial Officer
PRINCIPAL ACCOUNTING OFFICER:
*Alvin H. Fenichel Senior Vice President and Chief
Accounting Officer
*DIRECTORS:
Christopher M. Condron Anthony J. Hamilton Joseph H. Moglia
Henri de Castries Mary R. (Nina) Henderson Lorie A. Slutsky
Denis Duverne James F. Higgins Ezra Suleiman
Charlynn Goins Scott D. Miller Peter J. Tobin
*By: /s/ Dodie Kent
------------------------
Dodie Kent
Attorney-in-Fact
November 13, 2008
8
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION TAG VALUE
- ----------- --------------------------------------------------- -----------
(5)(e) Opinion and Consent of Dodie Kent Ex-99.5e
(23)(a) Consent of PricewaterhouseCoopers LLP,
independent registered public accounting firm Ex-99.23a
(24)(d) Powers of Attorney Ex-99.24d
9