For Financial Professional Use Only. Not for Usewith, or distrubution to, the General Public.

Making Retirement AchievableA 401(k) plan has many benefits: it can be an excellent tool to help your clients meet their retirement objectives and can help their employees make retirement achievable. There are many moving parts involved with 401(k) plans, which means you need the right partner with the right services and support to keep these plans running smoothly.

For over 75 years, we have been a presence in the employer-sponsored market and a leading provider of retirement plans to both for-profit and not-for-profit organizations. We currently provide recordkeeping and administration to over 32,000 retirement plan sponsors covering 800,000 plan participants that represent $20 billion in total retirement plan assets under management.

Our ApproachOur success in the employer-sponsored and specifically the 401(k) market reflects our core tenets and approach:

• We seek to maximize investment gains while minimizing losses;• We concentrate on service—we’ll be there when you need us; and• We help create retirement-ready employees.

Our approach and ongoing investment in the 401(k) business is yielding significant results. Our sales in the first quarter were well above plan and we have increased the resources available to you from a sales and enrollment standpoint. We are enhancing our pre-sale and post-sale marketing collateral and will be highlighting our newest in-plan guarantee product, Personal Income BenefitSM, over the next several weeks. Additionally, we are piloting an iPad enrollment process to ensure the best possible enrollment experience for your plan participants.

As a leading provider in the micro–small plan market, we recognize the demands placed on these businesses regarding their employee benefit plans. Our fully integrated service model is designed to lessen the burden for the sponsor so that he/she can focus more time and resources on running and growing the company.

This issue contains information on the DOL’s current regulatory agenda, recent guidance issued by the IRS on safe harbor plan amendments and in-plan Roth conversions, and more information on participant website enhancements, our “Ready to Roll” campaign and the iPad initiative. Thank you again for your business and continued support of AXA’s 401(k) business. We look forward to working with you and stand ready to be your provider of choice in the 401(k) market.

Richard D. FrinkVice President, National Sales Manager

Table of Contents

Letter from Richard D. Frink 1Snapshot of Success 2Regulatory Update 3Product and Service Highlights 6

AXA 401(k)information gatewaynewsletter

volume 1, issue 2

SNAPSHOT OF SUCCESS

One Financial Professional (FP) used the compelling features of Retirement Gateway® group variable annuity 401(k) to help her client reduce investment fees and gain access to more robust plan features to help employees better prepare for retirement.

How She Did It Working with her current 401(k) client to review the plan’s fees, expenses and services, this Financial Professional worked closely with her Retirement Gateway® Wholesaler to introduce Retirement Gateway® as a solution.

The Client• Technology Company• 44 Employees• $3.8 million in plan assets

Why It Worked• Expanded list of fund offerings, including strategies to suit

different types of participants, from the beginner to the sophisticated investor.

• Partnering with the 401(k) Wholesaler, the Retirement Gateway® 401(k) Sales Desk worked out a pricing offer that lowered the Plan’s investment costs for participants.

• The in-person support of a Retirement Plan Consultant to educate and enroll participants as well as deliver annual plan reviews to plan fiduciaries.

What Made It Compelling Access to 3(21) and 3(38) Investment Fiduciary Services was a key component. These services are provided by Wilshire Associates Incorporated, a well-known industry leader in investment fiduciary service offerings.

At a time when retirement preparedness is a great concern, Participant access to personal education and enrollment support from a Retirement Gateway® Retirement Plan Consultant helps participants to take small, manageable steps toward retirement.

Summary• $3.8 million dollar plan with 75 participants

The Bottom LineThe Plan Sponsor’s decision to move to Retirement Gateway® resulted in lower investment costs for participants, added fiduciary support, in-person support from education and enrollment professionals, all while retaining the Plan’s valued third-party administrator relationship.

AXA Equitable’s Retirement Gateway® 401(k), a group variable annuity, provides flexibility, guidance and empowerment to plan sponsors and participants. With Retirement Gateway®, you are able to offer features typically available only to larger plans to plans of all sizes, allowing you to take your retirement business to the next level. The Employer-Sponsored Business provides you with full-cycle sales support, from practice building to client management and retention.

For Financial Professional Use Only. Not for Use with, or distrubution to, the General Public. 2

AXA 401(k) information gateway newsletter Volume 1: Issue 2

REGULATORY UPDATE

401(k) and other qualified retirement plans are subject to a “regulatory framework” consisting of the laws enacted by Congress and the regulations and guidance issued by the Internal Revenue Service and U.S. Department of Labor. These requirements are complex and constantly changing. Plan sponsors need the assistance of financial professionals to help navigate this framework to operate their plans in a manner that preserves the tax-advantaged benefits and employer deductions afforded by a qualified plan. As you help your clients navigate the framework, it is very important to keep yourself informed of the constantly evolving regulatory environment.

Department of Labor UpdatesThe Department of Labor released its semi-annual regulatory agenda for the 2013-2014 year, which includes the following priorities and regulatory actions the DOL wishes to highlight as most important and significant:

• Lifetime Income Disclosures. The DOL issued an Advance Notice of Proposed Rulemaking (“ANPRM”) in May of 2013 asking for comments and input on a rule that would require a participant’s defined contribution account statement to include an estimate of what his or her account balance would provide as a lifetime stream of payments. A sample online calculator was included as part of the ANPRM. The comment period, originally intended to end on July 8, 2013 was extended until August 7, 2014. Of the 120 comments received, many commenters expressed concern regarding the assumptions to be used in creating the estimates, available safe harbors to protect plan fiduciaries in the event participants interpret the illustrations as a guarantee, as well as the stifling of innovation in the retirement industry should the DOL mandate the disclosures. Taking into account the comments and input received, the DOL is targeting August of 2014 for the release of a proposed rule for review and comment. The DOL’s Fact Sheet on the APRM can be accessed here.

• Fiduciary Definition. As mentioned in the Q4, 2013 issue, the DOL expects to issue the re-proposal of a revised definition of “fiduciary” under ERISA in August of 2014. Representatives of the DOL refer to the re-proposal as the “conflict of interest rule.” Of particular note and interest is the fact that the re-proposal will include provisions concerning advisor practices in counseling participants on rolling over account balances from defined contribution plans to individual IRAs. The overall regulatory focus on IRA rollover practices is underscored by FINRA’s Regulatory Notice 13-45 issued in late December, 2013 to “remind firms of their responsibilities concerning IRA rollovers.” FINRA Regulatory Notice 13-45 can be accessed here.

• Brokerage Window Project. The DOL expects to issue a Request for Information concerning the use of “brokerage windows” in participant-directed individual account plans such as 401(k) and other defined contribution plans. There is DOL concern in cases where instead of a limited menu of investments for participants to choose from, selected and monitored by the plan sponsor, participants have access to a broad range of investment alternatives available in the market. DOL will be reviewing the need for fiduciary requirements and regulatory safeguards for participants under these arrangements. The review is expected to begin in April of 2014.

• Proposed Amendment to 408(b)(2) Service Provider Disclosure Regulation. As published in the March 12, 2014 Federal Register, the DOL has issued a proposed rule amending the Service Provider Fee Disclosure regulation under ERISA Section 408(b)(2). The Proposed Rule would require service providers who reference other documents (e.g., prospectuses, service agreements, employer disclosure brochures) in their disclosures, or provide disclosures that are lengthy, to provide a separate document or “Guide” to the disclosures for plan sponsor-recipients. The Guide would require a “sufficiently specific locator,” such as a page number or section reference that would allow a sponsor to more easily locate the information in the disclosure document itself or in other documents that the disclosure document incorporates by reference (e.g., prospectuses, service agreements). The DOL is concerned that the complexity of some 408(b)(2) disclosures is compromising the effectiveness and usefulness to plan sponsors. According to the Preamble to the Proposed Rule, the DOL views this “Guide” as an attempt to “strike an appropriate balance between the need to facilitate a responsible plan fiduciary’s review of information important to a prudent decision-making process and the costs and burdens attendant to the preparation of a new summary disclosure document.”

The DOL is requesting public comments and suggestions concerning the structure and content of the Guide, its cost-effectiveness, alternative tools that may assist responsible fiduciaries in understanding disclosures or whether a summary of key disclosures would be more beneficial. Additionally, as part of the Proposal, the DOL hired a third-party firm to conduct 8 to 10 focus groups comprising 70 to 100 plan sponsors of plans with less than 100 participants to get an idea of how they feel about the usefulness of service provider disclosures.

Once comments are received on the Proposed Rule (after a 60-day comment submission period ending June 10, 2014) and the focus groups are completed, a Final Rule will be issued to take effect 12 months following the date of the Final Rule.

A copy of the Fact Sheet for the Proposed Rule as well as the draft script for the focus groups is attached for reference.

For Financial Professional Use Only. Not for Use with, or distrubution to, the General Public. 3

AXA 401(k) information gateway newsletter Volume 1: Issue 2

REGULATORY UPDATE

Internal Revenue Service Updates

Final Regulations on Mid-Year Reduction or Suspension of Employer Safe Harbor Contributions The Internal Revenue Service has issued Final Regulations regarding a plan sponsor’s ability to reduce or suspend safe harbor contributions mid-year for plan years beginning on and after January 1, 2015. The Final Regulations revise and supersede Proposed Regulations that were issued in May of 2009. Currently, different requirements apply to each employer safe harbor contribution type. Employers may suspend safe harbor matching contributions mid-year, regardless of the financial health of the business, while mid-year suspension of an employer safe harbor non-elective contribution requires demonstration of business hardship. The Final Regulations make the reduction of employer safe harbor non-elective contributions and employer safe harbor matching contributions subject to the same requirements.

Under the Final Regulations, a plan may be amended mid-year to reduce or suspend all employer safe harbor contributions if one of the following requirements is met:

(1) the employer is operating at an economic loss; or

(2) the applicable annual participant safe harbor notice states the potential for reduction or suspension of employer safe harbor contributions, a supplemental participant notice is provided, explaining the effective date and consequences of the reduction or suspension and provides a reasonable opportunity (including procedures) to change deferral elections, generally no less than 30 days post-notice and pre-effective date.

The Final Regulations are effective for amendments reducing or suspending employer safe harbor contributions for plan years beginning on or after January 1, 2015, but may be relied upon for any such amendments adopted after May 18, 2009 (the effective date provided in the Proposed Regulations).

Additional Guidance on In-Plan Roth RolloversThe concept of the “In-Plan Roth Rollover” or “IRR” was introduced with the Small Business Jobs and Credit Act of 2010 and for the first time, allowed plans with Roth 401(k) provisions to accept in-plan rollovers of otherwise distributable amounts from non-Roth to Roth accounts within the same plan. Under these new rules, for example, a participant in a Roth 401(k) plan with a 59½ in-service withdrawal provision could, upon reaching age 59½, elect to transfer the distribution amount from a non-Roth source (e.g., matching contribution, non-Roth deferral or employer non-elective contribution) to a Roth source under the plan, paying applicable taxes at the time of transfer. Once transferred to the Roth source, the distributed amount would become eligible for the benefits typical of a Roth (tax-free distribution of earnings if qualified distribution rules are met). The IRS issued guidance on IRRs in Notice 2010-84.

For Financial Professional Use Only. Not for Use with, or distrubution to, the General Public. 4

AXA 401(k) information gateway newsletter Volume 1: Issue 2

REGULATORY UPDATE

Defined Contribution Plan Compliance Calendar — What’s on the horizon?*

June 30th

Deadline for processing corrective distributions for failed ADP/ACP test from plan with Eligible Automatic Contribution Arrangement (EACA) to avoid 10% excise tax.

July 29th

Deadline for distributing Summary of Material Modifications to plan participants resulting from amendments adopted in 2013 requiring changes to a plan’s Summary Plan Description.

July 31st

Deadlines for: • Filing Form 5500 (without extension) or

Form 5558 for automatic extension to file Form 5500

• Filing Form 5330, Return of Excise Taxes Related to Employee Benefit Plans—used to report and pay excise taxes on prohibited transactions and excess 401(k) plan contributions in prior year (where applicable)

• Filing Form 8955-SSA with IRS to report certain information relating to each terminated plan participant with a deferred vested benefit.

* These deadlines apply to calendar year plans.

Compliance Reminders

For Financial Professional Use Only. Not for Use with, or distrubution to, the General Public. 5

Effective January 1, 2013, the American Taxpayer Relief Act (“ATRA”) extended IRR provisions to include amounts that were not otherwise distributable from a plan. Late in 2013, the IRS issued Notice 2013-74 to provide additional guidance and clarification due to ATRA’s expanded IRR provisions.

Notice 2013-74 extends the provisions in Notice 2010-84 to IRRs of nondistributable amounts, but also notes that certain provisions in the 2010 Notice are inapplicable to otherwise nondistributable amounts. The inapplicable provisions include those relative to withholding and certain notice requirements under Code Section 402(f) (Special Tax Notice Regarding Plan Payments). In addition, Notice 2013-74 provides the following clarification to rules that are applicable to IRRs of otherwise nondistributable amounts:

• Elective deferrals, employer match and nonelective contributions (including QNECs and QMACs), all including earnings are eligible for IRR.

• IRRs remain subject to any distribution restrictions applicable prior to the rollover.

• No part of the IRR may be withheld for voluntary withholding, so participants electing a IRR may need to consider adjusting withholding or making estimated payments to avoid underpayment penalties.

Notice 2013-74 also clarifies that deadline for adoption of amendments to provide for expanded IRR provisions was extended to the later of the last day of the first plan year in which the amendment is effective or December 31, 2014. The December 31, 2014 deadline also applies to permit mid-year safe harbor plan IRR amendments and related amendments (adding Roth provisions in general, acceptance of Roth rollovers, etc.)

Other rules applicable to IRRs of otherwise distributable and otherwise nondistributable amounts include:

• Subject to nondiscrimination requirements, a plan may restrict the contribution sources and frequency of IRRs.

• The right to make an IRR is not a protected benefit provided any related amendment is not discriminatory in favor of HCEs or former HCEs.

• If an IRR is the first contribution to a participant’s Roth account, the 5-year holding period begins on the first day of the applicable taxable year during which the IRR is made.

• An IRR is treated as a distribution for purposes of certain rules on net unrealized appreciation.

• An IRR must be considered in determining the present value of accrued benefits for top heavy plan purposes.

• Any portion of an IRR that is later determined to be an excess deferral or excess contribution must be distributed, together with earnings, from the Roth account.

AXA 401(k) information gateway newsletter Volume 1: Issue 2

PRODUCT & SERVICE HIGHLIGHTS

For Financial Professional Use Only. Not for Use with, or distrubution to, the General Public. 6

Participant Website Enhanced On February 21, 2014, an enhanced Retirement Gateway® plan participant website was launched. The website’s fresh, uncluttered look makes account monitoring, investment strategy adjustments and contribution changes easy for plan participants. Participants may also access SmartPlan from the homepage. SmartPlan is an interactive tool that participants may use to assess retirement income needs, savings goals, investment risk tolerance and contribution levels.

Ready to Roll? – The Account Consolidation CampaignAlong with the launch of the enhanced Retirement Gateway® plan participant website was the launch of the “Ready to Roll” campaign designed to assist participants in preparing for a successful retirement. Ready to Roll focuses on a plan participant’s ability to consolidate defined contribution plan accounts from previous employers into their current 401(k) plan. In keeping with a report from the U.S. Government Accountability Office in April of 2013 citing the need for simplified procedures for participant rollovers into their current 401(k) plans, the plan participant website enhancements make it easier to perform a rollover of a prior employer’s 401(k) plan into their current Retirement Gateway 401(k) plan once a participant has made the decision to consolidate.

Consolidation has a number of potential benefits for the participant. Although there are many benefits, we recognize

that consolidation may not be appropriate in all cases. Each participant’s retirement plan and overall financial situation is unique, so it is important that a participant consider all options before deciding whether to consolidate retirement plan accounts. The following are some important questions presented on the website for participant consideration in the decision making process:

• How comfortable am I with leaving my account under my former employer’s plan?

• How do my current plan’s investment options compare with my former plan and how do those options meet my investment needs?

• What fees apply to my account under my former employer’s plan versus under my current plan?

• What services do I have access to under my former employer’s plan versus my current plan?

• What, if any, restrictions apply to my account under my former employer’s plan versus my current plan?

• Knowing the importance of saving for my retirement, are there any unusual circumstances where I might need access to my account for an important, immediate purpose?

Your Retirement Gateway® Retirement Plan Consultant is ready to work with you to raise awareness and educate plan participants and sponsors concerning these consolidation options as you hold participant education and enrollment meetings and deliver annual plan reviews to plan sponsors.

Enrolling and Planning with Technology – The iPad Initiative In keeping with AXA’s digital initiatives, the Retirement Gateway® Retirement Plan Consultants (RPCs) are now using iPads to conduct participant education and enrollment meetings on a nationwide basis. Each RPC travels with multiple iPads to allow plan participants to have a truly personalized, hands-on experience whether enrolling in the plan for the first time or using SmartPlan, a powerful planning tool offered through Retirement Gateway®. Rather than turning the pages of their enrollment guide or trying to take notes as they are walked through a demonstration of the participant website, participants have a hands-on experience accessing the plan participant website, entering their personal information, real-time, to experience exactly what Retirement Gateway® has to offer in helping them assess their retirement income needs, risk tolerance, desired contribution levels and account consolidation options.

From Baby Boomers to Millennials, the feedback has been extremely positive and new enrollment numbers are rising. Contact your RPC to schedule an iPad educational meeting today!

AXA 401(k) information gateway newsletter Volume 1: Issue 2

For Financial Professional Use Only. Not for Usewith, or distrubution to, the General Public.

A group variable annuity is a long-term financial product designed for retirement purposes. In essence, a group variable annuity is a contractual agreement in which payment(s) are made on behalf of retirement plan participants to an insurance company, which agrees to pay out an income or a lump sum amount at a later date to those participants. There are contract limitations and fees and charges associated with group variable annuities, which include, but are not limited to, administrative fees and charges for investment management. Withdrawals from annuities are subject to normal income tax treatment and, if taken prior to age 59½, may be subject to an additional 10% federal income tax penalty.

Because an annuity contract would be used to fund this qualified employer-sponsored retirement arrangement, your clients should purchase the annuity contract for its features and benefits other than tax deferral. For such cases, tax deferral is not an additional benefit of the annuity. Your clients may also want to consider the relative features, benefits and costs of this annuity with any other investment that they may have in connection with their retirement plan or arrangement.

Your clients should consider the charges, risks, expenses, and investment objectives carefully before purchasing a group variable annuity. For a Retirement Gateway® disclosure brochure and fund prospectus, which contains this and other information, please contact the Retirement Sales Desk at 866-401-3030. Your clients should read these carefully before purchasing a contract.

“AXA” is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), AXA Advisors LLC, and AXA Distributors, LLC.

Retirement Gateway® is issued by AXA Equitable Life Insurance Company (NY, NY) and is co-distributed by AXA Advisors, LLC (member FINRA, SIPC) and AXA Distributors, LLC (member FINRA, SIPC). AXA Equitable, AXA Advisors and AXA Distributors are affiliates and do not provide tax or legal advice.

© 2014 AXA Equitable Life Insurance Company. All rights reserved.

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AXA 401(k) information gateway newsletter Volume 1: Issue 2