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

Mid-market service model for the micro-small marketAs a leading provider in the micro-small 401(k) market, we continually strive to be at the forefront when it comes to product innovation, financial professional and plan sponsor support. Our mission is to provide the micro-small market with the level of plan services typically reserved for mid-market plan sponsors. These core beliefs are showing immediate and positive results as our sales have increased year-over-year and have been well received by our newest distribution partners. The three pillars of our service model include:

“White Glove” Service• Sales, enrollment, re-enrollment and annual plan service reviews.• Dedicated on-boarding support to ensure timely, accurate and efficient transition between vendors.• Advanced Markets resources to ensure proper plan design and regulatory compliance.• Dedicated Retirement Plan Account Management.

Comprehensive Investment Option Choices• Over 200 investment options from some of the best known managers in the industry and a

Guaranteed Interest Option that is currently yielding 2% (net).• Personal Income BenefitSM, an industry leading in plan benefit that guarantees income for life.

Fiduciary Support• Investment fiduciary services powered by Wilshire & Associates.• 3(21) and 3(38) fiduciary services to reduce and/or eliminate fiduciary exposure.

Industry surveys show that employee retirement readiness is a top priority for employers.1 Retirement Gateway® group variable annuity is a complete “to and through” retirement solution designed to support plan sponsor objectives. Plan participants have access to educational materials and enrollment services along with a wide variety of investment options throughout their accumulation phase. Personal Income BenefitSM provides a critically important opportunity to build a guaranteed lifetime income stream during employment, then commencing at retirement. We stand ready to be your retirement plan provider of choice.

This issue of the AXA 401(k) Information Gateway Newsletter contains information on the DOL’s updated and revised regulatory agenda, recent guidance issued by the IRS related to rollovers, IRAs, and the Windsor decision. We also include information on the launch of an enhanced plan sponsor website and SmartPlan, an innovative tool to help you serve plan participants and grow your business.

I want to personally thank you for your business. I am confident that together, we can support the goals and dreams of working Americans that include the ability to retire with dignity.

Richard D. FrinkVice President, National Sales Manager

1 AON Hewitt Retirement Survey, 2013

Table of Contents

Letter from Richard D. Frink 1Snapshot of Success 2Regulatory Update 3Product and Service Highlights 7

AXA 401(k)information gatewaynewsletter

volume 1, issue 3

SNAPSHOT OF SUCCESS

One Financial Professional (FP) used the compelling features of Retirement Gateway® group variable annuity to help a plan sponsor reduce investment-related fees and gain access to additional investment options as well as enhanced participant communication and educational materials to help employees better prepare for retirement. The conversion process also uncovered compliance issues that our compliance professionals were able to explain and help guide the plan sponsor toward the necessary steps to initiate corrective action.

How he did itWorking with a local business owner, this FP leveraged the AXA 401(k) Sales Desk to review the plan’s fees, expenses and services. Based on the findings of the review, he determined that Retirement Gateway® was suitable for this plan and he engaged his Employer-Sponsored 401(k) Wholesaler to introduce Retirement Gateway® as a possible solution.

The Client• Multiple-location Automotive Dealership.• 37 Employees.• $3.3 million in plan assets.

Why it worked• Expanded list of fund offerings, including the Guaranteed

Interest Option and other 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, which compensated for any exit fees that existed for the previous product.

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

• Compliance assistance and administrative service capabilities demonstrated a high level of plan sponsor support.

What made it compelling Educational materials and enrollment services that were previously unavailable to plan participants. At a time when retirement preparedness is a great concern, Participant access to personal education and enrollment support from a Retirement Plan Consultant helps participants to take small, manageable steps toward their retirement.

An increased level of services and compliance support and a broader array of investments for less cost than the prior provider supported the plan sponsor’s decision to make the change.

Summary$3.3 million dollar plan with 37 participants.

The Bottom LineThe Plan Sponsor’s decision to move to Retirement Gateway® resulted in more robust services and support for the plan sponsor and participants. Lower investment costs for participants, added fiduciary support, in-person support from education and enrollment professionals and assistance with preservation of the plan’s tax-qualified status further supported the plan sponsor’s decision to make the move.

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 step. 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 3

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 last Issue of this Newsletter listed items from the DOL’s release of its semi-annual regulatory agenda. The DOL has since released its updated Spring 2014 regulatory agenda highlighting many of the same regulatory priorities and areas of importance, albeit with revised timelines as well as additions to the list of what the DOL considers significant.

• Lifetime Income Disclosures. The DOL was targeting August of 2014 for the release of a proposed 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. The revised estimate for the release of a proposal is January of 2015.

• Fiduciary Definition. The DOL previously stated that it expected 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 DOL now estimates release of the re-proposal in January of 2015.

• 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 was expected to begin in April, then May of 2014. Nothing has been released as of June 17, 2014.

• Fiduciary Annuity Selection Safe Harbor. A proposal to amend the rules that set forth various factors a fiduciary should consider when selecting an annuity provider for a plan’s distribution or lifetime income option that was scheduled to be released in October of 2014 has been postponed until January of 2015.

• Target Date Fund Disclosures. A new addition to the regulatory agenda is the DOL’s decision to reopen the comment period in connection with proposed regulations issued in November of 2010 that would require enhanced disclosures for target date funds. DOL announced the reopening of the comment period on June 6, 2014 to seek public comment on a 2013 recommendation by the Securities and Exchange Commission’s Investor Advisory Committee that the Commission develop a glide path illustration for target date funds that is based on a standardized measure of fund risk as a replacement for, or supplement to, an asset allocation glide path illustration. Comments are due by July 3, 2014.

• Updated Voluntary Fiduciary Correction Program. Another new addition to the DOL’s regulatory agenda is an expansion of eligible transactions and streamlined procedures under the Voluntary Fiduciary Correction Program. It is expected that the DOL will release a proposed restatement of the VFCP program with a request for public comment. The estimated time frame is January, 2015.

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 3

REGULATORY UPDATE

Internal Revenue Service Updates

IRS Provides Guidance for Employers Accepting Rollover Contributions In support of its efforts to make it easier for participants to roll plan accounts from a former employer’s qualified plan to a current employer’s qualified plan, the IRS released Revenue Ruling 2014-9. The Revenue Ruling outlines specific steps a plan sponsor can take to verify that the rollover distribution is coming from a qualified plan and is, in fact, an eligible rollover distribution. The Revenue Ruling addresses a rollover from employer plan to employer plan as well as a rollover from an IRA to an employer plan.

BackgroundIn general, a qualified plan that accepts a rollover contribution from another plan will not be disqualified if the distributing plan is later discovered to be not qualified at the time of the distribution, provided that before accepting the rollover, the plan administrator of the receiving plan “reasonably concluded” that the distributing plan was qualified. For example, if the distributing plan provided the receiving plan with a statement that the distributing plan had received a favorable letter of determination from the IRS, the receiving Plan Administrator could rely on that statement without the need to verify the information. Final regulations issued under Internal Revenue Code Section 401(a)(31) in 1995 stated that a distributing plan was not required to have a favorable determination letter in order for the receiving plan to reasonably conclude that a contribution was a valid rollover contribution. The Taxpayer Relief Act of 1997 provided further clarification in order to encourage sponsors to accept rollovers from other qualified plans. IRS clarified that a statement from the distributing plan indicating that it is intended to be a qualified plan would also protect the receiving plan in the event the distributing plan was later determined to be not qualified. Still, some plan sponsors have remained reluctant to accept direct rollovers from an employee’s former employer to avoid potential plan qualification issues if it is later discovered that the distributing plan was not a qualified plan or if the distribution itself was later determined to be ineligible for rollover.

Revenue Ruling 2014-09 provides additional examples of actions that a plan administrator may take in support of a reasonable conclusion that a potential rollover contribution is valid under the applicable regulations.

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 3

REGULATORY UPDATE

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

July 29th

Deadline for distributing Summary of Material Modifications to plan participants resulting from amendments adopted in 2013 requiring changes to 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

September 15th

Extended deadline for filing corporate tax returns, final contribution deadline for deductibility for these entities

September 30th

Deadline for distributing Summary Annual Report (SAR) to participants, provided deadline for filing Form 5500 was not extended (general deadline is the later of nine months following the end of each plan year or two months following the due date for filing Form 5500)

* 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

The first situation described can be summarized as follows:

• New employee has a vested balance under prior employer’s plan and requests a rollover distribution.

• Prior plan distributes check payable to receiving plan for the benefit of (“FBO”) the participant, identifying the name of the distributing plan on the check stub.

• Employee provides the current employer with name of prior employer and certifies that no portion of the distribution contains amounts that would not be accepted under the terms of the receiving plan (e.g., after-tax contributions or minimum required distributions).

• Plan Administrator of the receiving plan accesses the EFAST2 database at www.efast.dol.gov and searches for the most recently filed Form 5500 for the distributing plan and checks the “plan characteristic codes” and verifies that Code “3C” (which would indicate that the plan is not intended to be qualified under Code Sections 401, 401 or 408) is not present.

In the above situation, the participant’s certification, the Form 5500 reporting, together with the fact that the distributing plan treated the amount as an eligible rollover distribution constitutes a representation by the distributing plan that the plan is a qualified plan. It should be noted that, for plans not required to file a Form 5500, the fact that the administrator of the distributing plan treated the distribution as an eligible rollover distribution supports the reasonable conclusion that it was indeed eligible for rollover.

Revenue Ruling 2014-9 describes a second situation involving the rollover from an IRA to the qualified plan of an employee’s current employer, summarized as follows:

• IRA distribution made by check payable to plan “FBO” participant with some indication of the account titling on the check or check stub that the origin of the funds was the “IRA of the Participant” to indicate traditional IRA and negating the possibility that the IRA is inherited.

• The receiving plan administrator may need additional information if the participant is age 70½ or older to confirm that no portion of the rollover is attributable to a minimum required distribution.

Although no Form 5500 is applicable for an IRA, the treatment by the distributing IRA custodian, account titling and additional information obtained, if applicable, supports the receiving plan administrator’s reasonable conclusion that the IRA distribution is an eligible rollover distribution.

The guidance provided by Revenue Ruling 2014-9 applies whether rollover distribution is made by check, wire or other electronic means as long as the same information is provided. It is a further illustration of the regulatory focus on facilitating the rollover of prior plan and IRA accounts into the qualified plan of an employee’s current employer.

AXA 401(k) information gateway newsletter Volume 1: Issue 3

REGULATORY UPDATE

Tax Court Holding Re: Multiple IRA Rollovers in One YearCurrent law provides that the rollover of otherwise taxable amounts from one traditional Individual Retirement Account (“IRA”) to another traditional IRA will not result in a taxable distribution provided the rollover is made within 60 days following the distribution. One such transfer is permitted in any 12-month period. Proposed regulations issued in 1981 as well as IRS Publication 590 interpreted this limitation to be applied on an IRA-by-IRA basis, meaning that if an individual owned multiple IRAs, presumably, multiple rollovers could occur as long as the rollovers were limited to one per IRA maintained by the individual. A recent Tax Court decision changed this long-standing interpretation. In Bobrow v. Commissioner (T.C. Memo. 2014-21) the Tax Court held that an individual cannot make a non-taxable rollover from one IRA to another if there was a rollover made from any IRAs maintained by that individual in the preceding 1-year period. Any more than one rollover taking into account all of an individual’s IRAs can result in income inclusion, excess IRA contributions taxed at 6% annually for as long as the amounts remain in the IRA, as well as 10% early withdrawal penalties. The IRS has stated that it intends to follow the Tax Court’s interpretation but, in order to give IRA owners and trustees sufficient time to adjust, implementation will be delayed until January 1, 2015 at the earliest. Regulations and IRS Publication 590 will be updated accordingly.

One critical distinction to make is that the Bobrow decision applies only to rollovers where the distribution is received by the IRA owner and does not apply to trustee-to-trustee direct rollovers.

IRS Issues Updated Rollover ChartTo continue the IRA theme, the IRS has issued an updated Rollover Chart that details the various rollover rules between and among retirement plans. It is a handy reference tool and can be accessed via the following link. Click here

IRS FAQs on Application of Windsor Decision and Related GuidanceThe IRS has released a series of Frequently Asked Questions “FAQs”) designed to assist employers with compliance. The FAQs address topics including the impact on beneficiary designations, conflicting state laws, retroactive amendments, amendments to provide new rights or benefits for participants with same-sex spouses and the applicability of current Windsor guidance to 403(b) Plans. The FAQs can be accessed via the following link. Click here

IRS Modifies Penalty Relief Requirements for Late 5500 FilersThe IRS recently issued Notice 2014-35 providing additional requirements that need to be satisfied in order for IRS penalty relief to be granted to late filers of Form 5500, including filers of Form 5500 SF and 5500 – EZ (excluding plans that cover only an owner, partner and spouses). Previously, the IRS waived late filing penalties for this category of late Form 5500 filers who met the requirements under the DOL’s Delinquent Filer Voluntary Compliance Program (“DFVCP”). However, since the DOL implemented its electronic filing requirements in 2009, and the Schedule SSA was replaced by IRS Form 8955-SSA (Annual Statement Identifying Separated Participants with Deferred Vested Benefits), which is filed directly with the IRS, the information on the Form 8955-SSA required by the IRS was no longer included in the filings under the DFVCP. As a result, the IRS has modified the requirements that must be met in order for IRS penalty relief to be granted. The new requirements are as follows:

Employer must:

• Be an eligible filer (Form 5500, 5500 SF or 5500-EZ, excluding “owners-only plans”).

• Meet requirements under the DFVCP.• File a paper form 8955-SSA directly with the IRS, checking

the box in Part I, line C (Special Extension) and enter “DFVC” in the description on line C and mail it to the IRS (using the address contained in the Form 8955-SSA Instructions) by the later of 30 calendar days following completion of the DFVC filing, or December 14, 2014.

If the above requirements are met, the IRS can waive the following penalties for late filings of annual Form 8955-SSA and Form 5500, including, but not limited to:

• $1 for each participant for whom the plan fails to file a Form 8955-SSA statement of deferred vested benefits for each day the failure continues, up to $5,000 for any plan year

• $1 for each day for not filing a notification of change of status, up to $1,000

• $25 each day the Form 5500-series return is not filed, up to a maximum of $15,000

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

AXA 401(k) information gateway newsletter Volume 1: Issue 3

PRODUCT & SERVICE HIGHLIGHTS

For Financial Professional Use Only. Not for Use with, or distrubution to, the General Public. 7

Plan Sponsor Website Enhanced On June 30, 2014 an updated Retirement Plan Sponsor website was launched. With a new look and feel, the newly redesigned website features an improved user interface with multiple navigation options to create a better online experience. New features help plan sponsors readily access the services, data and resources needed to ease and facilitate plan management. A series of webcasts were presented to introduce the new website and features such as:

• View as Participant — which allows a plan sponsor to view a participant’s web experience.

• Role-Based Security — enabling a plan sponsor to control access and limit functionality within its own organization.

• Enhanced Payroll Processing — to facilitate withholding and remittance of contributions and loan repayments to the plan’s trust in a timely manner.

We encourage you to take a look at this latest example of our continued effort to further develop our products and services to help plan sponsors manage their retirement plans. Please contact the AXA Retirement Plan Administration team at (800) 528-0204 with questions.

Are you leveraging SmartPlan to grow your business?We have an agreement with vWise, Inc. to offer SmartPlan. SmartPlan is an interactive web-based tool that is proven to increase retirement plan participation and help sponsors fulfill some of their fiduciary responsibilities. SmartPlan can be used as an enhancement to on-site enrollment and education meetings or to address participants unable to attend on-site meetings. Regardless of the venue, SmartPlan is designed to engage, educate and enroll employees. Video hosts discuss the specific features of your client’s plan and the benefits of participation. Participants are then guided through an interactive process that helps them discover their individual retirement needs, risk profile, as well as select plan investment options and contribution levels.

Differentiate your business. Increase participant enrollment and contribution levels. Leverage marketing tools, quantifiable data and analytics for data mining. Reach more participants in multiple locations. Follow the link below for a demo and see it for yourself! Click here

AXA 401(k) information gateway newsletter Volume 1: Issue 3

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

Guarantees are based on the claims-paying ability of AXA Equitable Life Insurance Company. 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. Variable annuities are subject to market risk, including loss of principal.

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. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by their claims-paying ability.

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.

AXA Equitable and its affiliates are not affiliated with vWise, Inc.

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

1290 Avenue of the Americas, New York, NY 10104, (212) 554-1234

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AXA 401(k) information gateway newsletter Volume 1: Issue 3