Equitable Insurance Agency, Inc, an Illinois Corporation; North

Trademark Trial and Appeal Board Electronic Filing System. http://estta.uspto.gov ESTTA Tracking number: ESTTA992718 Filing date: 08/05/2019

IN THE UNITED STATES PATENT AND TRADEMARK OFFICE BEFORE THE TRADEMARK TRIAL AND APPEAL BOARD Proceeding 87652545 Applicant Equitable National Life Insurance Company, Inc. Applied for Mark EQUITABLE NATIONAL LIFE INSURANCE COMPANY Correspondence KRISTA WEBER POWELL Address TRASKBRITT PC 230 SOUTH 500 EAST #300 SALT LAKE CITY, UT 84102 UNITED STATES [email protected], [email protected], [email protected], [email protected] 801-532-1922

Submission Applicants Request for Remand and Amendment Attachments 87652545 Request for Remand.pdf(27079 bytes ) 87652545 Exhibit 1 to Request for Remand.pdf(80405 bytes ) 87652545 Exhibit A.pdf(482502 bytes ) 87652545 Exhibit B.pdf(466417 bytes ) 87652545 Exhibit C.pdf(655882 bytes ) 87652545 Exhibit D.pdf(5341420 bytes ) 87652545 Exhibit E.pdf(790730 bytes ) 87652545 Exhibit F.pdf(1380804 bytes ) 87652545 Exhibit G.pdf(885780 bytes ) 87652545 Exhibit H.pdf(284239 bytes ) 87652545 Exhibit I.pdf(397226 bytes ) Filer's Name Amanda Denton Filer's email [email protected], [email protected], [email protected] Signature /Amanda Denton/ Date 08/05/2019 IN THE UNITED STATES PATENT AND TRADEMARK OFFICE BEFORE THE TRADEMARK TRIAL AND APPEAL BOARD

UNITED STATES PATENT AND TRADEMARK OFFICE Trademark Trial and Appeal Board P.O. Box 1451 Alexandria, VA 22313-1451

APPLICANT’S MOTION AND COMBINED MEMORANDUM IN SUPPORT TO REQUEST FOR REMAND AND AMENDMENT

Equitable National Life Insurance Company, Inc. (“Applicant”) hereby requests that the

Trademark Trial and Appeal Board (the “Board”) remand the above-referenced application so

that the Examining Attorney may (i) consider new evidence being submitted as explained below

and as attached to this motion, and (ii) amend the disclaimers made to the above-referenced application.

Applicant filed an application for registration of the mark EQUITABLE NATIONAL

LIFE INSURANCE COMPANY (the “Mark”) on October 19, 2017, in Application Serial No.

87/652545 (the “Application”). The Examining Attorney refused registration of Applicant’s

Mark on the Principal Register because of an alleged likelihood of confusion with Application

Serial No. 87/408795, now Registration No. 5522225, for AXA AXA EQUITABLE

REDEFINING / STANDARDS and Design (the “Registered Mark”), under Trademark Act

Section 2(d).

On May 9, 2019, Applicant filed a request for reconsideration of the Examining

Attorney’s final refusal and also filed a notice of appeal to the Trademark Trial and Appeal

Board (the “Board”). The appellate proceedings were stayed and, upon the examining attorney’s denial of Applicant’s request for reconsideration, then resumed on June 6, 2019. On June 14,

2019, Applicant revoked the power of attorney of the Application’s then-attorney of record (the

“Initial Attorney of Record”), and appointed new counsel and a new law firm (namely, the undersigned attorney, Amanda W. Denton, of Mitchell, Williams, Selig, Gates & Woodyard,

PLLC) to serve as the attorney of record for the Application.

As Applicant has raised in previous submissions, “[c]onsumers are clearly accustomed to distinguishing marks which include the term EQUITABLE.” Response to First Office Action, p. 1, citing Juice Generation, Inc. v. GS Enters. LLC, 115 USPQ2d 1671 (Fed. Cir. 2015). In its responses to the Examining Attorney’s office actions and in its request for reconsideration,

Applicant, through the Initial Attorney of Record, submitted evidence of third party registrations with the United States Patent and Trademark Office (the “USPTO”) in support of its argument that the common term between Applicant’s Mark and the Registered Mark, “Equitable,” is not an inherently distinctive term for the identified goods and services of the Registered Mark but rather a descriptive term used frequently in the relevant industry sectors; therefore, there is no likelihood of confusion on the basis of the shared term “Equitable” alone, particularly in light of the marks taken in their entireties. Yet, the Examining Attorney determined that the evidence on

record was insufficient to refute his determination that the term “Equitable” is arbitrary, and he sustained his likelihood of confusion refusal.

The Initial Attorney of Record had been responsible for the filing of the Application and all other matters submitted for consideration of the Examining Attorney up to and including the request for reconsideration and notice of appeal that were filed on June 6, 2019. With the appointment of new counsel, Applicant wishes to supplement the evidence of record to further demonstrate that the common term “Equitable” is not distinctive enough to support a refusal on the basis of a likelihood of confusion. Specifically, Applicant wishes to show that (i) the shared term “Equitable” is descriptive because its definition conveys a meaning that is important to customers in the relevant insurance and financial sectors, and (ii) the term “Equitable” appears very frequently as an element included in the names and trademarks of numerous businesses operating in those sectors in the United States. Applicant seeks to supplement the record with evidence of additional third-party federal and state registrations and, furthermore, with a dictionary entry, third-party literature, and significant evidence of third-party use in the market, materials that were not submitted in prior evidence in connection with the Application. This new evidence is being submitted because “[e]vidence of third-party use of similar marks on similar goods is relevant to show that a mark is relatively weak and entitled to only a narrow scope of protection.” In re FabFitFun, Inc., 127 USPQ2d 1670, 1673-5 (TTAB 2018), quoting Palm Bay

Imps., Inc. v. Veuve Clicquot Ponsardin, 396 F.3d 1369, 73 USPQ2d 1689, 1693 (Fed. Cir.

2005). The evidence of third-party use demonstrates conclusively that the word “Equitable” is not arbitrary, but rather descriptive or, at worst, highly suggestive. See (TMEP) §

1207.01(b)(viii) (October 2017) and authorities cited therein (“If the common element of two marks is ‘weak’ in that it is generic, descriptive, or highly suggestive of the named goods or

services, it is unlikely that consumers will be confused unless the overall combinations have other commonality.”). Applicant therefore respectfully requests that the Board suspend the pending appeal and remand the application for further examination of this evidence under

Section 1207.02 of the Trademark Trial and Appeal Board Manual of Procedure.

Under TBMP Section 1207.02, the Board may remand an application for further examination for good cause shown at any point prior to the rendering of the Board’s final decision, including in the event that “[a] new attorney for the applicant . . . has taken over the case and wishes to supplement the evidence of record.” Further, under TBMP Section 1213, the

Board may suspend the appeal in an ex parte proceeding in the event of remand for “submission of additional evidence.”

Applicant submits that the change in representation less than two months ago, on June 14,

2019, constitutes good cause as expressly contemplated by the rule. Applicant’s new counsel wishes to supplement the evidence of record with new material, as described above, which it

believes could be dispositive in the review of the Application. Additionally, Applicant submits

that the Board has not rendered a final decision, that there was no unreasonable delay in filing

this request, and that it is still relatively early in the appeals process. The additional evidence

sought to be introduced is attached hereto and submitted herewith. Specifically, the attached

brief contains the following attachments which represent new evidence: Exhibit A, Exhibit B,

Exhibit C, Exhibit D, Exhibit E, Exhibit G, Exhibit H, and Exhibit I (Exhibit F consists of

material that was already before the Examiner). For these reasons, this request is timely and

supportable under TBMP Sections 1207.02 and 1213.

As an additional request for remand, Applicant seeks to amend its Application, and

believes that the Application should be returned to the Examining Attorney for further

4 consideration in light of the amendment sought. As it currently stands, Applicant disclaimed the words “National Life Insurance Company” as a complete phrase, at the request of the Examining

Attorney. Response to First Office Action, p. 1. Applicant now wishes to amend its Application to remove this disclaimer, and instead disclaim, as individual words, “National,” “Life,”

“Insurance,” and “Company.” The commercial impression of the phrase “Equitable National” taken together is more distinctive than each of the two words taken alone, and indeed is the phrase by which the Applicant is commonly known, as evidenced by its primary domain name and by its online logo. Exhibit 1-I. To disclaim the phrase “National Life Insurance Company” as a descriptive unit could weigh negatively against a consideration of whether the Mark as a whole is likely to cause confusion with the Registered Mark, because it ignores the distinctive nature of the combined phrase, “Equitable National.”

Such an amendment is proper under TBMP Sections 1205.01 and 1209.04. Good cause has been shown for this request for remand to amend the Application for the same reasons already detailed above. As such, on remand, Applicant requests that the Board direct the

Examining Attorney to reconsider the Application in light of this change.

For the reasons stated above, Applicant respectfully requests that this Motion be granted and that the Application be returned to the Examiner for action in light of the newly submitted evidence and in light of the newly submitted amendment to the Application.

Respectfully submitted,

Amanda Denton Clayborne S. Stone Devin R. Bates MITCHELL, WILLIAMS, SELIG, GATES & WOODYARD, P.L.L.C. 425 W. Capitol Ave., Ste. 1800 Little Rock, Arkansas 72201 (501) 688-8800 – Phone (501) 688-8807 – Facsimile [email protected] [email protected] [email protected]

/s/ Amanda Denton Attorneys for Applicant

EXHIBIT 1

IN THE UNITED STATES PATENT AND TRADEMARK OFFICE BEFORE THE TRADEMARK TRIAL AND APPEAL BOARD

UNITED STATES PATENT AND TRADEMARK OFFICE Trademark Trial and Appeal Board P.O. Box 1451 Alexandria, VA 22313-1451

APPEAL BRIEF OF APPLICANT

TABLE OF CONTENTS Page

TABLE OF CONTENTS ...... ii INDEX OF CASES...... iii DESCRIPTION OF THE RECORD ...... 1 STATEMENT OF THE ISSUES...... 2 PROCEDURAL AND FACTUAL BACKGROUND ...... 3 ARGUMENT ...... 5 I. No likelihood of confusion exists between Applicant’s Mark and the Cited Mark because the word “Equitable” is a descriptive, not arbitrary, term...... 5 A. The word “Equitable” has significant meaning...... 5 B. There is Extensive Third-Party Use of the Word “Equitable.” ...... 7 C. Other “EQUITABLE” and “EQUI” trademark registrations coexist...... 9 II. Even if the word “Equitable” is an arbitrary term, there is still no likelihood of confusion when the Cited Mark is viewed in its entirety...... 12 A. It was error to dissect Applicant’s Mark and engage in piecemeal analysis...... 13 B. Differences in overall appearance and commercial impression show no likelihood of confusion...... 14 SUMMARY ...... 16

EXHIBITS ...... Appendix A. Applicant’s 1938 name change B. Merriam Webster’s dictionary definition of “equitable” C. Academic and other literature examining the word “equitable” D. Evidence of third-party use of the word “equitable” (insurance companies) E. Evidence of third-party use of the word “equitable” (finance sector generally) F. Evidence of third-party registrations with USPTO using word “equitable” G. Evidence of third-party registrations at state level using word “equitable” (insurance companies) H. Evidence of third-party registrations at state level using word “equitable” (finance sector generally) I. Evidence of Equitable National’s use of the word “equitable”

INDEX OF CASES

Franklin Mint Corp. v. Master Mfg. Co., 667 F.2d 1005, 1007 (CCPA 1981) ...... 12 In re Bed & Breakfast Registry, 791 F.2d 157 (Fed. Cir. 1986) ...... 15 In re Boston Juicery, LLC, Serial No. 86877537 (August 21, 2018) ...... 9 In re FabFitFun, Inc., 127 USPQ2d 1670, 1673-75 (TTAB 2018) ...... 7 In re FabFitFun, Inc., 127 USPQ2d 1670, 1675 (TTAB 2018) ...... 5 In re JS ADL, LLC, No. 2018-2017, 2019 WL 3027099, at *3 (Fed. Cir. July 11, 2019) ...... 12 In re Morinaga Nyugyo Kabushiki Kaisha, 120 USPQ2d 1738, 1743-4 (TTAB 2016) ...... 10 In re Nat’l Data Corp., 753 F.2d 1056, 1058 (Fed. Cir. 1985) ...... 13 In re Nat’l Data Corp., 753 F.2d 1056, 1059 (Fed. Cir. 1985) ...... 13 In re SDI Petroleum, LLC, 12-13 (TTAB 2015) ...... 5 In re Viterra Inc., 671 F.3d 1358, 1362 (Fed. Cir. 2012) ...... 13 Info. Res., Inc. v. X*Press Info. Servs., 6 U.S.P.Q.2d 1034 (T.T.A.B. 1988) ...... 16 Juice Generation, Inc. v. GS Enters. LLC, 794 F.3d 1334, 1338-40, 115 USPQ2d 1671, 1674-75 (Fed. Cir. 2015) ...... 5 Juice Generation, Inc. v. GS Enters. LLC, 794 F.3d 1334, 1340-41 (Fed. Cir. 2015) ...... 15, 16 Lever Bros. Co. v. The Barcolene Co., 463 F.2d 1107, 174 U.S.P.Q. 392 (C.C.P.A. 1972) ...... 15 Nat’l Cable Television Ass’n, Inc. v. Am. Cinema Editors, Inc., 937 F.2d 1572, 1579 (C.A. Fed. 1991) ...... 9 Palm Bay Imps., Inc. v. Veuve Clicquot Ponsardin, 396 F.3d 1369, 73 USPQ2d 1689, 1693 (Fed. Cir. 2005) ...... 7 Rocket Trademarks Pty Ltd. v. Phard S.p.A., 98 USPQ2d 1066, 1072 (TTAB 2011) ...... 7 See Juice Generation, Inc. v. GS Enters. LLC, 115 USPQ2d at 1675-76 ...... 14 Sun Banks of Fla., Inc. v. Sun Fed. Sav. & Loan Ass’n, 651 F.2d 311, 319 (5th Cir. 1981) ...... 7 Zheng Cai v. Diamond Hong, Inc., 901 F.3d 1367, 1373 (Fed. Cir. 2018), cert. denied, 139 S. Ct. 1550, 203 L. Ed. 2d 713 (2019) ...... 14

iii

DESCRIPTION OF THE RECORD

Pursuant to a Notice of Appeal filed with the Trademark Trial and Appeal Board (the “Board”) on May 9, 2019, Equitable National Life Insurance Company (“Applicant”), hereby appeals from the Examining Attorney’s final refusal to register the word mark EQUITABLE NATIONAL LIFE INSURANCE COMPANY, Application Serial No. 87652545 (“Applicant’s Mark”) on the erroneous basis that Applicant’s Mark creates a likelihood of confusion with U.S. Registration No. 5522225 (“Cited Mark”) for the design mark:

Applicant respectfully requests that the Board reverse the Examining Attorney’s decision because Applicant’s Mark does not create a likelihood of confusion with the Cited Mark.

STATEMENT OF THE ISSUES

I. Whether a likelihood of confusion exists between Applicant’s Mark and the Cited Mark?

PROCEDURAL AND FACTUAL BACKGROUND

Applicant and the owner of the Cited Mark are respectively the subsidiary and the successor of parties that, along with many other insurance-related businesses, have used the word

“Equitable” in their corporate names and trademarks for the better part of the last century.

Today, the marketplaces for insurance and other financial products are replete with companies incorporating the word “Equitable” in their names and marks, a number of which are reflected in registrations filed in International Class 036 with the United States Patent and Trademark Office

(the “USPTO”).

In 1938, Applicant’s parent corporation began operating in the United States under the corporate name Equitable Life & Casualty Insurance Company (herein, “Equitable Life”).

Exhibit A. In adopting the name Equitable National Life Insurance Company, Inc. for its subsidiary in 2017, Equitable Life simply continued its long-time and uninterrupted use of the term “Equitable” in its brands in connection with financial services and related products including, without limitation, life insurance and annuities.

To be sure, Equitable Life has not been the only insurance-related business in the United

States to have a long history of use of the word “Equitable” in its name or its trademarks. The adjective “Equitable” is common among the names of existing insurance and other financial services businesses that use the term to appeal to a wide variety of consumers, connoting fairness and equal access to the products and services offered. These include: Cincinnati Equitable Life

Insurance Company, an Ohio corporation; Baltimore Equitable Insurance, a Maryland corporation; The United Equitable Insurance Agency, Inc, an Illinois corporation; North

American Equitable Life Assurance Company, an Ohio corporation; Equitable Management

Group, a Florida company; and Equitable Bank, a Nebraska state savings non-federally chartered

bank; to name an illustrative few, each of which are described in further detail below. One other

such business, The Equitable Life Assurance Society of the United States, a New York

corporation, was the record owner of a design mark of an image of a Greek figure incorporating

the stylized word “Equitable” in Registration No. 0765241, which was an active registration

from 1984 until 2004, when it abandoned that mark after being acquired by the owner of the

Cited Mark, AXA. The Cited Mark reflects AXA’s incorporation of the adjective “Equitable in

connection with its dominant brand, “AXA.” The USPTO issued a registration certificate to

AXA for the Cited Mark in 2018.

Following the application for Applicant’s Mark, EQUITABLE NATIONAL LIFE

INSURANCE COMPANY, that Applicant filed on October 19, 2017, the Examining Attorney

refused its registration because of an alleged likelihood of confusion with the Cited Mark. The

Examining Attorney improperly rejected Applicant’s arguments that (a) there is no likelihood of

confusion because the term “Equitable” is descriptive, not arbitrary, and (b) there is no likelihood of confusion because the commercial impressions of the marks, when properly viewed in their entirety, are distinct.

ARGUMENT

I. No likelihood of confusion exists between Applicant’s Mark and the Cited Mark because the word “Equitable” is a descriptive, not arbitrary, term.

The Examining Attorney’s opinion that Applicant’s Mark creates a likelihood of confusion with the Cited Mark should be reversed based upon the facts and well-settled law. As explained below, the Examining Attorney erred by determining that “Equitable” is an arbitrary term. Given the word’s independent meaning, its pervasive use by third-parties in the cited and related industries, and its presence in federal and state trademark registries, the term “Equitable” is descriptive of the goods and services cited in connection with the Cited Mark. The Board has considered analogous pairs of marks containing shared terms that are widely used in the market, and determined that “the shared term . . . is so weak that consumers will look to distinguishing features in the marks and there [will] be no likelihood of confusion.” In re SDI Petroleum, LLC,

Serial No. 86011946, 12-13 (TTAB 2015) [not precedential].

A. The word “Equitable” has significant meaning.

As stated in the Trademark Manual of Examining Procedure (“TMEP”), “[i]f the common element of two marks is ‘weak’ in that it is generic, descriptive, or highly suggestive of the named goods or services, it is unlikely that consumers will be confused unless the overall combinations have other commonality.” TMEP § 1207.01(b)(viii) (October 2018); see, e.g.,

Juice Generation, Inc. v. GS Enters. LLC, 794 F.3d 1334, 1338-40, 115 USPQ2d 1671, 1674-75

(Fed. Cir. 2015); In re FabFitFun, Inc., 127 USPQ2d 1670, 1675 (TTAB 2018).

In light of its history and frequent use among banks and insurance providers and policy makers in the fields of health care and pension reform, the term “Equitable” is descriptive (or, at a minimum, highly suggestive) of financial services that are offered by fair providers and are

available to all. Furthermore, it is the sole common element between Applicant’s Mark and the

Cited Mark, in each case surrounded by other distinctive elements that render the descriptive

element “Equitable” unlikely to confuse.

The adjective “Equitable” has a longstanding history and tradition of being used in the

names and trademarks for a wide array of insurance and finance related companies. Merriam-

Webster defines “equitable” as “having or exhibiting equity: dealing fairly and equally with all concerned,” and notes that in the English language the word first appeared in 1598. “equitable”

Merriam-Webster Online Dictionary, 2019 (accessed August 2, 2019 at http://www.merriam- webster.com). Exhibit B. Aristotle stated that “Equity is that idea of justice.” The Quotable

Lawyer 97 (David Shrager & Elizabeth Frost eds., 1986). This meaning appears regularly in a variety of literature discussing equal access to financial services such as health insurance and retirement funds. See e.g., Across the Chasm Aim 6: Health Care Must Be Equitable, INST. FOR

HEALTHCARE IMPROVEMENT, available at http://www.ihi.org/resources/Pages/ImprovementStories/HealthCareMustBeEquitable.aspx;

Romana Hasnain-Wynia, Anne C Beal, The Path to Equitable Health Care, NAT’L CTR. FOR

BIOTECHNOLOGY INFO., https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3401391/; Equitable

Access to Quality Services, WORLD HEALTH ORG., http://www.searo.who.int/entity/primary_health_care/en/; Christine Lagarde, Equitable and

Sustainable Pensions: Challenges and Experience, INT’L MONETARY FUND, https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true. Exhibit C. Indeed, the word “Equitable” is used in a wide variety of company names to appeal to potential consumers in a way that might appeal to their interest in equal access to services and fair treatment by service providers.

B. There is Extensive Third-Party Use of the Word “Equitable.”

Extensive third-party use of shared terms in connection with the same or similar goods

and services can be dispositive in likelihood of confusion determinations. Sun Banks of Fla.,

Inc. v. Sun Fed. Sav. & Loan Ass’n, 651 F.2d 311, 319 (5th Cir. 1981). As recently as 2018, the

Board found that third-party market use of a common term by just 10 websites was sufficient to

render the term in question weak in the context of trademark protection. In the FabFitFun case, the Applicant in an ex parte appeal demonstrated conceptual and commercial weakness of a term common to the cited and challenged mark in light of market evidence of use. In re FabFitFun,

Inc., 127 USPQ2d 1670, 1673-75 (TTAB 2018) (“‘Evidence of third-party use of similar marks

on similar goods is relevant to show that a mark is relatively weak and entitled to only a narrow

scope of protection.’”) (citing Palm Bay Imps., Inc. v. Veuve Clicquot Ponsardin, 396 F.3d 1369,

73 USPQ2d 1689, 1693 (Fed. Cir. 2005)). In explaining why the evidence mattered, the Board

stated, “[i]nternet printouts, such as those offered by Applicant, ‘on their face, show that the

public may have been exposed to those internet websites and therefore may be aware of the

advertisements contained therein.’” Id. (quoting Rocket Trademarks Pty Ltd. v. Phard S.p.A., 98

USPQ2d 1066, 1072 (TTAB 2011). Based on the evidence of third-party registrations and a

comparison of the marks, the Board concluded:

Because of the overall differences between the marks and the weakness of the term shared by them, we find that confusion is not likely between Applicant’s mark I’M SMOKING HOT and the mark SMOKIN’ HOT SHOW TIME in the cited registration.

Id.

Applying the FabFitFun decision to the instant case, in which there is significant

evidence of third-party use, the proper conclusion is that there is no likelihood of confusion

between the Cited Mark and the Applicant’s Mark merely on the basis of the single common

7 adjective “Equitable.” No fewer than twenty-two (22) insurance-related businesses in the United

States (not including the Applicant and the owner of the Cited Mark) have, or at one point had, a name containing the word “Equitable,” as shown by the chart below and further detailed in

Exhibit D:

Name Incorporation Primary Services Dates of Use Location Cincinnati Equitable Life Ohio Insurance carrier, Oct. 19, 1977- present Insurance Company manager of mutual funds Cincinnati Equitable Ohio Insurance carrier: fire, 1827 – present Insurance Company marine, casualty, property, health Baltimore Equitable Maryland Homeowner & renters Aug. 20, 2018 – present Insurance insurance Baltimore Equitable Society Maryland Insurance Agent/Broker 1794 – present for Insurance Homes Against Fire Equitable Casualty Vermont Casualty insurance April 3, 1986 – present Insurance Company North American Equitable Ohio Life, health & accident 1958 – 1992 Life Assurance Company insurance Equitable Casualty & New York 1929 – present Surety Co. United Equitable Group, Illinois Property & casualty Oct. 24, 1991 – present LTD. insurance Equitable Reserve Wisconsin Life insurance carrier 1994 – 2012 Association Corporation Agency, Inc. Equitable Co-Operative New York Fire insurance June 28, 1892 – present Fire Insurance Company of New York County Equitable Title Florida Title insurance April 14, 1996 – May 31, 2018 Equitable Insurance Maryland Insurance agent/broker July 2, 2018 – present Agency, Inc. Equitable Adjusters New York Insurance agent/broker 2001 – present Equitable Plan Services Oklahoma Insurance agent/broker 1985 – present Equitable Claims Adjusters Florida Insurance agent/broker 2006 – present Corp Equitable Appraisal & Florida Insurance agent/broker 2013 – present Adjustment Services, Inc. Equitable Financial Co. North Carolina Insurance agent/broker 1976 – present Equitable Leasing New York Insurance agent/broker – Dec. 31, 2009 – Feb. 8, Company, Inc. life insurance agents 2018 Equitable Housing, Inc. Vermont Insurance agent/broker 2009 – present Equitable Mortgage Nebraska Insurance and financial March 1, 2005 - present

Incorporated services Equitable Mortgage of Nebraska Insurance and financial Nov. 15, 2007 – present Nebraska services Equitable Reverse Illinois Insurance and financial Nov. 13, 2007 – present Mortgage Company services

A search for United States companies in financial services broadly produces an even

more staggering number of results in which the adjective “Equitable” appears in corporate names. Eliminating apparent duplicates, there are still 144 separate entities containing

“Equitable” in their name, as shown in Exhibit E.

To summarize, Applicant’s mark and the Cited Mark represent just a small fraction of financial services-related entities that use the adjective “Equitable” in their names or trademarks.

The term, in short, is not strong enough to justify a determination of likelihood of confusion on the basis of the shared adjective “Equitable” alone.

C. Other “EQUITABLE” and “EQUI” trademark registrations coexist.

“[A]ctive third-party registrations may be relevant to show that a mark or a portion of a mark is ... so commonly used that the public will look to other elements to distinguish the source of the goods or services.” TMEP 1207(d)(iii) (citations omitted). The “mere numerosity of third-party registrations using a term weakens its strength as a mark.” 2 J. Thomas McCarthy,

McCarthy on Trademarks and Unfair Competition, §11:89 (5th ed. 2019). Consumers are able to

“distinguish between sources of related products or services” where there is a crowded market within which similar marks coexist, because they are used to seeing the marks without assuming a similar mark denotes the same source. Nat’l Cable Television Ass’n, Inc. v. Am. Cinema

Editors, Inc., 937 F.2d 1572, 1579 (C.A. Fed. 1991); see also In re Boston Juicery, LLC, Serial

No. 86877537 (August 21, 2018) [not precedential] (finding that, in light of 12 third-party

registrations in connection with similar services, the term SQUEEZE “is so highly suggestive of

9 juice, smoothies, juice bars, and cafes that the public will look to other elements to distinguish the source of the goods and services”).

The Board has recognized that “third-party registrations are relevant evidence of the inherent or conceptual strength of a mark or term because they are probative of how terms are used in connection with the goods or services.” In re Morinaga Nyugyo Kabushiki Kaisha, 120

USPQ2d 1738, 1743-4 (TTAB 2016) (emphasis added). In In re Morinaga Nyugyo Kabushiki

Kaisha, the Board explained that “the strength of the cited mark is -- as always -- relevant to assessing the likelihood of confusion under the du Pont framework.” Id. (emphasis added).

However, contrary to the Board’s explanation of the law in Morinaga Nyugyo Kabushiki Kaisha, the Examining Attorney downplayed this evidence and concluded that “[t]hese third-party registrations are entitled to little weight on the issue of confusing similarity.” Third Office

Action, p. 1.

To show that no likelihood of confusion exists between the marks, Applicant submitted evidence of nearly 500 pending federal trademark applications in International Class 036 including a term which starts with “equit” (i.e., equitable, equity, equitably) and over 30 pending matters which include “equit”- formative terms as part of the mark in connection with insurance services. Exhibit F; Response to Second Office Action, pp. 8-84. In addition, the adjective

“Equitable” appears in the following active U.S. registrations:

• Registration No. 1538418 for E EQUITABLE THE COOPERATIVE BANK

(Stylized Design), in International Class 036;

• Registrations No. 4494452 and 4494445 for EQUITABLE REAL ESTATE and E

EQUITABLE REAL ESTATE (under the same owner), both in International

Class 036;

• Registration No. 2753645 for EQUITABLE HOMEWORKS for services

including “Providing energy efficiency auditing”; and

• Registration No. 5,797,054 for WE MAKE IT EASY TO BE EQUITABLE for

“Public policy, promotion of public awareness, and business organization

consulting services that develop people and organizations to produce health

through equitable policies, programs, and practices using the principles of equity,

diversity, and inclusion thereof through technical assistance and capacity-

building,” and other services.

More trademark registrations using the adjective “Equitable” for insurance and other financial services exist at the state level, including the following:

• EQUITABLE, registered in Nebraska since 1999 and owned by Equitable

Building and Loan Association;

• EQUITABLE BANK, registered in Nebraska since 2005 and owned by Equitable

Federal Savings Bank of Grand Island;

• EQUITABLE TITLE, registered in Florida since 2013 in “title insurance

services” and owned by Larry F. Josephy;

• EQUITABLE MORTGAGE INCORPORATED, registered in Iowa in “insurance

and financial services” since 2008, EQUITABLE MORTGAGE

INCORPORATED, registered in Nebraska in “insurance and financial services”

since 2008, and EQUITABLE MORTGAGE INCORPORATED, registered in

South Dakota in “financial and mortgage banking” since 2008, all three of which

marks are owned by Equitable Mortgage of Nebraska, Inc.; and

• THE EQUITABLE FINANCE COMPANY, registered in Arizona in “consumer

finance services” since 2015, owned by Finco Holding Company LLC.

Exhibit G. At least six more state trademarks are currently registered in real estate and mortgage- related services, each owned by a different entity. Exhibit H. Applicant urges the Board to follow the analysis recently articulated in the Morinaga Nyugyo Kabushiki Kaisha decision, and to reverse the Examining Attorney’s finding to give the third-party registrations the weight that they are due.

Together with the frequent occurrence of the adjective in current USPTO registrations for similar or related goods and services, the vast number of applications and former registrations with the USPTO, the overwhelming number of businesses in financial services (and specifically in insurance-related services) that use the adjective “Equitable,” and the meaning of the term itself as used in the context of access to financial and health-related services, these records demonstrate that the adjective “Equitable” is both conceptually and commercially weak as a trademark in the relevant market.

II. Even if the word “Equitable” is an arbitrary term, there is still no likelihood of confusion when the Cited Mark is viewed in its entirety.

“‘It is axiomatic that a mark should not be dissected and considered piecemeal; rather, it must be considered as a whole in determining likelihood of confusion.’” In re JS ADL, LLC, No.

2018-2017, 2019 WL 3027099, at *3 (Fed. Cir. July 11, 2019) quoting Franklin Mint Corp. v.

Master Mfg. Co., 667 F.2d 1005, 1007 (CCPA 1981). The Examining Attorney committed error by dissecting the marks and engaging in piecemeal analysis. Even if the word “Equitable” is entitled to greater protection as an arbitrary term, there is no likelihood of confusion with the

Cited Mark, where the term appears alongside distinctive design elements and other highly distinctive words. The Examining Attorney’s conclusion that Applicant’s Mark creates a

likelihood of confusion with the Cited Mark should be revisited based upon the facts and well- settled law. A comparison of Applicant’s Mark and the Cited Mark reveals that nothing about their respective connotations, appearances, sounds or the services with which they are used could

render Applicant’s Mark confusingly similar to the Cited Mark.

A. It was error to dissect Applicant’s Mark and engage in piecemeal analysis.

Notwithstanding the well-settled law on the issue, the Examining Attorney dissected

Applicant’s Mark in comparing it to the Cited Mark. Indeed, at least two of the cases cited by the Examining Attorney explained that marks should not be compared this way. See, e.g., In re

Nat’l Data Corp., 753 F.2d 1056, 1058 (Fed. Cir. 1985) (“[L]ikelihood of confusion cannot be

predicated on dissection of a mark, that is, on only part of a mark.”); In re Viterra Inc., 671 F.3d

1358, 1362 (Fed. Cir. 2012) (“marks must be viewed ‘in their entireties,’ and it is improper to

dissect a mark when engaging in [the likelihood of confusion] analysis, including when a mark

contains both words and a design.”). The Examining Attorney nevertheless dissected the marks,

finding a purported likelihood of confusion. The Examining Attorney only compared the term

“Equitable” at the beginning of Applicant’s Mark and “Equitable” in the middle of the Cited

Mark, setting aside all other elements of both marks.

As an attempt to justify dissecting “Equitable” from “EQUITABLE NATIONAL LIFE

INSURANCE COMPANY,” the Examining Attorney explained that “the term ‘National Life

Insurance Company’ is disclaimed in Applicant’s mark (making the term “Equitable” the

dominant feature of Applicant’s mark).” Third Office Action, p. 1. However, a disclaimer of

rights to a portion of a “mark has no legal effect on the issue of likelihood of confusion” because

“the public is unaware of what words have been disclaimed during prosecution of the mark.” In

re Nat’l Data Corp., 753 F.2d 1056, 1059 (Fed. Cir. 1985). The Examining Attorney erred in

dissecting Applicant’s mark, and erred in relying on disclaimed terms as a justification for doing

so. See Juice Generation, Inc. v. GS Enters. LLC, 115 USPQ2d at 1675-76 (remanding a Board decision to reconsider the mark as a whole including generic portion which was disclaimed).

B. Differences in overall appearance and commercial impression show no likelihood of confusion.

In considering the two marks, “‘[t]he proper test is not a side-by-side comparison of the marks, but instead whether the marks are sufficiently similar in terms of their commercial impression such that persons who encounter the marks would be likely to assume a connection between the parties.’” Zheng Cai v. Diamond Hong, Inc., 901 F.3d 1367, 1373 (Fed. Cir.

2018), cert. denied, 139 S. Ct. 1550, 203 L. Ed. 2d 713 (2019) (citations omitted). Applying the test employed in Zheng Cai shows that there is no likelihood of confusion here.

The surrounding words in each mark belie any concern about confusion. The only similarity between the marks is the word “Equitable.” The surrounding words in each mark are neither the same nor synonymous. When viewed as a whole, Applicant’s EQUITABLE

NATIONAL LIFE INSURANCE COMPANY mark is substantially different in appearance,

sound, and connotation than the cited design mark. In particular, the commercial impression of the phrase “Equitable National” when viewed as a unit is more distinctive than each of the two words viewed alone, and indeed is the phrase by which the

Applicant is commonly known, as evidenced by its primary domain name and by its online logo.

Exhibit I. To disclaim the phrase “National Life Insurance Company” as a descriptive unit implies that the phrase should be considered as a whole, an analysis that would erroneously weigh negatively against a consideration of whether the Mark as a whole is likely to cause

14 confusion with the Registered Mark, because it ignores the distinctive nature of the combined phrase, “Equitable National.”

The commercial impression of each mark is distinct. This is because consumers tend to maintain a mental impression of the mark as a whole, not just one word. “National Life

Insurance Company” creates the impression of a life insurance company name, with the adjectives “Equitable” and “National” combining to form a distinctive trademark. By contrast,

the AXA EQUITABLE REDEFINING/STANDARDS design mark contains multiple unusual elements that are fanciful and arbitrary, in contrast to the descriptive or suggestive adjective “Equitable.” Of particular note is the fanciful term AXA, which appears twice – both within a stylized design element and in a non-design repeated form. The fanciful term AXA creates a commercial impression that minimizes the value of the adjective

“Equitable” to the strength of the mark as a whole. This different commercial impression alleviates any potential for confusion that Applicant’s Mark might present.

By way of example through illustration, the case law counsels that even sharing the word

“Equitable” does not render the marks as problematically confusing. See e.g., Juice Generation,

Inc. v. GS Enters. LLC, 794 F.3d 1334, 1340-41 (Fed. Cir. 2015) (reversing the Board’s decision that “PEACE LOVE AND JUICE” was likely to be confused with the mark “PEACE AND

LOVE” because the Board improperly dissected and then recombined the references); In re Bed

& Breakfast Registry, 791 F.2d 157 (Fed. Cir. 1986) (holding that “BED & BREAKFAST

REGISTRY” and “BED & BREAKFAST INTERNATIONAL” applied to similar services not confusingly similar merely because they share the words “bed and breakfast”); Lever Bros. Co. v. The Barcolene Co., 463 F.2d 1107, 174 U.S.P.Q. 392 (C.C.P.A. 1972) (finding that stylized

“ALL” used in connection with detergent products was not likely to be confused with stylized

“ALL CLEAR!” used in connection with household cleaner); Info. Res., Inc. v. X*Press Info.

Servs., 6 U.S.P.Q.2d 1034 (T.T.A.B. 1988) (holding that “EXPRESS” used with software and

“X*PRESS” for transmission of news and information to computers are not likely to result in confusion). The Examining Attorney’s finding of a likelihood of confusion merely because of the shared word “Equitable” goes against the grain of this extensive body of case law.

As well articulated by the Federal Circuit in Juice Generation, Inc., marks must be compared in their entirety because of “the common-sense fact that the message of a whole phrase may well not be adequately captured by a dissection and recombination.” Juice Generation, Inc. v. GS Enters. LLC, 794 F.3d 1334, 1340-41 (Fed. Cir. 2015). For all of the reasons argued above, the Examining Attorney’s purported likelihood of confusion is not supportable based on the facts of this case, and based on the controlling law.

SUMMARY

That the adjective “Equitable” is a descriptive term of weak trademark value in the

insurance and financial services sectors, not an arbitrary one, is clear in light of its independent

meaning and extensive third-party use both in the marketplace and as represented in federal and

state trademark registrations. However, even if the Board were to find “Equitable” to be an

arbitrary term, Applicant’s Mark still merits federal registration because “Equitable” cannot be

dissected from the remainder of Applicant’s Mark and evaluated in isolation. Rather, when the

adjective “Equitable” is properly considered as a part of the whole mark EQUITABLE

NATIONAL LIFE INSURANCE COMPANY, the overall impression of the entirety of the mark

demands a conclusion that there is no likelihood of confusion with the Cited Mark. For these

16 reasons, the Board should reverse the decision reached by the Examining Attorney and approve the Applicant’s Mark for registration on the Principal Register.

Respectfully submitted,

/s/ Amanda Denton Attorneys for Applicant

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I, William J. Korth, Clerk in and for the County of Salt Lake and Ex-Officio Clerk of the District Court of the Third Judicial District in and for Salt Lake County, State of Utah, do hereby certify that the foregoing is a full, true and correct copy of the original......

AMENDMENT TO THE ARTICLES OF INCORPORATION OF THE

EQUITABLE MUTUAL LIFE INSURANCE COMPANY OF UTAH

Number 15192

as appears of record in my office.

IN WITNESS WHEREOF, I have hereunto set my hand

and affixed my official seal, this 1st

day of...... May A. D. 19/...40

...... W.I.l.l.I.am. ..j;,.. .Ko.r.tb. Clerk

By.^ Deputy Clerk ^7 tf r.#

ENDORSED

NUMBER 13192

STATE OF UTAH SALT LAKE COUNTY CORPORATION AMENDMENT TO THE ARTICLES OF INCORPORATION OF

EQUITABLE MUTUAL LIFE INSURANCE COMPANY OF UTAH

Filed in the Clerk’s office, Salt Lake County, Utah.

May 1, 1940

WILLIAM J. KORTH COUNTY CLERK.

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equitable adjective eq-uita-ble | \'e-kwe-te-bel O \ Definition of equitable 1 : having or exhibiting equity : dealing fairly and equally with ail concerned II an equitable settlement of the dispute

2 : existing or valid in equity as distinguished from law II an equitable defense

Exhibit B © https.y/www.merriam-webster,com/dictionary/equitable#learn-more

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8/3/2019 World Health Organization, Equitable Access to Quality Services

Equitable Access to Quality Services

Equitable Access to Quality Services Universal Health Coverage Universal health Equitable Access to Quality coverage means Services that there is Financial Protection equitable access Measurement and Accountability for and use of quality Results services by all those that need it, Essential Medicines be it preventive, Health Services Management, curative or Quality and Safety palliative care. Attaining it may Health situation and trend assessment start with health sector policy Health Workforce dialogue or reform Intellectual Property Rights, Trade that can lead to a and Health robust and Traditional Medicine appropriate health Fellowships sector strategy, policy and plan. Resources

For universal health coverage to be full realized, all aspects of health services provision must be attended to. These include access to essential medicines and incorporation of traditional medicines into the health system. Human resources for health have to be not only adequate in number, but in the right combination of skills, and equitably distributed to where they are most needed. Intellectual property and trade issues also play a key part. Moreover, as countries strive to attain universal access to quality health services with financial protection, they must look beyond the health sector and address the wider issues of equity that affect public health, including gender, race, socio-economic status and location.

Sector Policy Dialogue and Planning Essential Medicines Traditional Medicine Systems Health Services Management, Quality and Safety Health workforce Intellectual Property and Trade

Exhibit C www.searo.who.int/entity/primary_health_care/en/ 1/1 8/3/2019 The Path to Equitable Health Care

Health Serv Res. 2012 Aug; 47(4): 1411–1417. PMCID: PMC3401391 Published online 2012 Jul 5. doi: 10.1111/j.1475-6773.2012.01450.x PMID: 22764756

The Path to Equitable Health Care

Romana Hasnain-Wynia, PhD and Anne C Beal, MD, MPH

The path to achieving equity for racial and ethnic underserved communities, which are at risk for experiencing health and health care disparities, has not been an easy one. The challenges of these disparities came to national attention in 1985 with the Report of the Secretary's Task Force on Black and Minority Health during President Reagan's administration (often referred to as the Heckler Report; Heckler 1985; Gamble and Stone 2006). In 1989, the American Medical Association (AMA) noted “unjustifiable” differences in treatments provided to African Americans that “must be eliminated” (AMA, 1990). And in 2003, the Institute of Medicine's landmark report, Unequal Treatment: Confronting Racial and Ethnic Disparities in Health Care comprehensively documented continuing, pervasive disparities in our health care system (Smedley et al. 2003).

During this time, we made some progress. We now have federal standards for collecting data on race and ethnicity that allow providers, health plans, and others to determine if there are disparities in their health systems (Affordable Care Act [ACA] 2010). We now also recognize that simply documenting the existence of racial/ethnic disparities is not sufficient; we need to move beyond studying the presence of disparities to studying what works to eliminate them. The research enterprise has refocused on trying to better understand the drivers of disparate care, and disparate outcomes, and has identified contributing factors such as geography, under-resourced providers, segregation, communication barriers, and the role of unconscious bias. This work has been motivated by the hope that by understanding the drivers of disparities, we might more effectively target interventions to eliminate them. However, we keep falling short.

The most recent National Healthcare Disparities Report (NHDR) released by the Agency for Healthcare Research and Quality (2012) found that although overall quality of care is slowly improving in the United States, most disparities experienced by racial/ethnic minorities are not decreasing. More specifically, 50 percent of the measures in the NHDR that track disparities in health care access show no improvement between the years 2002 and 2008, and 40 percent of those measures are getting worse. Latinos, American Indians, and Alaska Natives experience worse access to care than whites on more than 60 percent of the access measures, whereas African Americans experience worse access on slightly more than 30 percent of the access measures. Asian Americans experience worse access to care than non-Latino whites on 17 percent of the access measures. The report found that few disparities in quality of care related to race/ethnicity demonstrated significant improvement. These findings echo previous work by Mead et al. (2008) that examined measures of timeliness, safety, patient centeredness, and effectiveness in health care, and found consistent disparities experienced by these same groups.

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3401391/ 1/5 8/3/2019 The Path to Equitable Health Care Researchers, health care leaders, policy makers, and others have proposed several recommendations to reduce disparities over the last decade. These include increased training of providers to deliver more culturally competent care (Green et al. 2008), embedding disparities measurement into a quality of care framework (Fiscella et al. 2000; Chin and Chien 2006), or, as Massachusetts attempted to do, paying for performance with disparities reduction as a targeted goal (Blustein et al. 2011). Taking a bigger picture approach and stepping outside the health care system boundaries, Derose, Gresenz, and Ringel (2011) proposed a framework that “extends beyond individual factors such as demographics, health insurance status, and health beliefs and suggest addressing disparities through a public health framework to link people to services, ensure availability of health care and a competent public health and health care workforce, and use of the public health infrastructure to develop evidence to inform policies and practices.” They, as do others, assert that addressing health disparities requires the collective effort of both the public and private health care systems. While many of these recommendations have been implemented in health care organizations and there has been substantial effort at the state level (National Conference of State Legislators 2012), the sad reality remains— disparities persist.

Fortunately, the ACA holds promise as a policy lever to drive significant change, with provisions that may improve the health of all Americans and a meaningful promise to narrow disparities. As the single largest federal effort to expand health care coverage in the United States since the creation of Medicare and Medicaid in 1965, the ACA includes provisions to improve access and quality that could have both direct and indirect impact on populations at risk for experiencing disparities in care (Andrulis et al. 2010). Steps that directly address disparities include language in the legislation that calls for collection of race and ethnicity data to stratify quality measure reporting for all federally supported health programs, requirements for cultural competency training of providers, and training and funding to promote workforce diversity. Indirect impacts on disparities can be expected from language that expands Medicaid coverage by raising the national Medicaid minimum eligibility level to 133 percent of the federal poverty level, expansion of coverage offered by small employers through tax credits and penalties, and public health initiatives to address obesity and diabetes.

In the research arena, the legislation dramatically expands research in health disparities and interventions by elevating the National Center on Minority Health and Health Disparities to an Institute and creates the Patient-Centered Outcomes Research Institute (PCORI), which includes an emphasis on addressing disparities among its national priorities for research (http://www.pcori.org). Taken together, these legislative initiatives provide the health services research community with an unprecedented, coordinated set of opportunities to develop, test, and implement ways to advance health care equity. If we do not do this now, then when?

History provides lessons on the importance of timely interventions capturing confluent social, policy and funding streams to address inequities. Brown v. Board of Education of Topeka, a landmark decision of the United States Supreme Court (1954), declared that establishing separate public schools for black and white students was unconstitutional. With this decision, the Supreme Court put an end to the pretense that “separate” could be “equal.” This decision did not address health care specifically, but by calling public attention to issues of racial disparities in education it helped crystallize the larger idea that segregation in public services, including health, was legally indefensible. This was a major contribution to establishing a social milieu that could support larger desegregation efforts. However, 10 years after Brown v. Board of Education, formal segregation in health care was still common. Then came passage of the Civil Rights Act in 1964, Title VI, of which expressly prohibited the provision of federal funds to any organizations or programs that engaged in segregation by race. Although this did not end overt segregation in health care settings, which were mostly privately financed, it was soon followed by the creation of the Medicare and Medicaid programs in 1965, and with them the promise of significant federal dollars going to hospitals. To receive those federal dollars, hospitals could not be https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3401391/ 2/5 8/3/2019 The Path to Equitable Health Care segregated and, within a few months, hospitals across the United States integrated their medical staffs, waiting rooms, and patient floors (Smith 2005). To recap, as the social climate became more supportative, as reflected in the Brown v. Board of Education decision, reinforced by establishment of a policy with the Civil Rights Act, and finally the financial incentives brought to bear through the creation of Medicare and Medicaid, there was a major advance in reducing segregation in health care.

Passage of the ACA may turn out to be a similar timely step toward a more equitable health care system. The 1985 Heckler Report, the 1989 AMA report, and the 2003 IOM Reports each reflected, and contributed to, an evolving social milieu that recognizes health and health care disparities as unacceptable or even, to put it bluntly, immoral. Though not Supreme Court decisions, they drew attention to the need to address health disparities and sparked a prolonged period of foundational research and policy experimentation to promote health equity. The quarter century since the Heckler report might largely have been preparatory for a time like today, when the national climate, acknowledged crises in health care and changing realities would open a window of opportunity to make a giant leap toward improving access for everyone, and addressing disparities for communities of color (Kingdon 2010).

The opening of the policy window in the present time led to passage of the ACA, which, like Medicare, is not specifically aimed at reducing disparities, but is expected to have a substantial differential impact on populations at risk for racial/ethnic disparities. At this writing, the “game changing” provision of the ACA is that it will provide coverage to almost 32 million previously uninsured people, many of whom will be racial and ethnic minorities. This alone should have a substantial impact on reducing disparities. However, to fully capture the potential impact of the ACA, some of its many fundamentally experimental provisions (new models of financing, new methods of information discovery and dissemination, new types of care delivery organizations) must also be harnessed to address disparities. As disparities researchers, how do we best align our agendas with this opportunity?

One approach is to harness our improved understanding of the multifactorial nature of disparities to develop multifactorial intervention research projects aimed directly at eliminating disparities and advancing health equity. At this juncture, the health services research community can make important contributions. We need to take the rigor of health services research and apply it to the complex study of what works. For example, will early adopters of health care delivery innovations (e.g., communities that form ACOs) provide a roadmap and, more importantly, the “proof of concept” that comprehensive changes in financing and delivery that link better quality care and better outcomes with financial rewards can be an effective model for improving outcomes in minority populations?

Many of these challenges are associated with having a high proportion of the payer mix that includes Medicaid. As Medicaid payments rates are on average 66 percent of Medicare rates (Kaiser Family Foundation 2008) for primary care services, there is an institutionalized disparity that occurs among providers who care for large proportions of Medicaid patients. However, section 1202 of the ACA calls for parity in payment rates for primary care services between Medicaid and Medicare in 2013 and 2014. As a result, providers who care for large numbers of Medicaid patients will receive significant increases in their revenues. These changes in Medicaid reimbursement rates, coupled with the expansions in Medicaid eligibility mentioned above, may have profound impacts on access to care and quality of services for Medicaid recipients, many of whom are minorities. Health services researchers can provide the evidence base regarding the impact of these policies in alleviating disparities.

A number of studies have shown that disparities are driven, in part, by where individuals get their care highlighting that providers that serve a large number of racial and ethnic vulnerable populations face challenges in providing high-quality care (Reschovsky and O'Malley 2008; Hasnain-Wynia et al. 2010). Vulnerable racial and ethnic groups too often receive care in facilities that are overstretched and under-resourced, often because many of their patients are uninsured. Hopefully, those facilities will see https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3401391/ 3/5 8/3/2019 The Path to Equitable Health Care rising revenues with 2014, although there are reasons to worry about whether patients will flee these facilities once they have insurance, and/or that they will be penalized by performance incentive programs that do not account for their challenging circumstances. The potential impacts from these policy changes provide a unique opportunity for disparities researchers to learn more about what works and what does not for eliminating disparities.

Further underscoring the complexity of disparities research are studies that have also shown that where individuals get their care is not necessarily the primary driver of poor health care or poor outcomes. Trivedi, Sequist, and Ayanian (2006) found that although black and Hispanic patients were more likely to receive cardiovascular care in low-volume hospitals, hospital volume did not explain a large proportion of racial difference in postprocedure mortality. Likewise, another study examining variations among Medicare health plans in overall quality and racial disparities found that for each measure, more than 70 percent of a disparity was due to different outcomes for black and white enrollees in the same health plan rather than selection of black enrollees in to lower performing plans (Trivedi et al. 2006). Now that ACA provisions will lead to payment equity between Medicaid and Medicare, the potential impact on resources and quality for providers who care for large proportions of Medicaid patients can have implications for disparities.

Health services researchers can help to elucidate the multiple pathways that contribute to disparities and use this evidence to design multifaceted interventions that could more effectively reduce disparities in care and outcomes. One clear avenue of inquiry that could help propel improvement is by studying models of success to garner the evidence base that shows what works, why, and how best to disseminate this knowledge. The various health policy changes that result from the ACA provide an opportunity to learn more about what does and does not work, particularly for those who have historically not been well served by the health care system.

References

Affordable Care Act (ACA) 2010. Section 4302b. US Public Law 111. Patient Protection and Affordable Care Act. US Congress, Washington, DC. Agency for Healthcare Research and Quality (AHRQ) Rockville, MD: Agency for Healthcare Research and Quality; 2012. National Healthcare Disparities Report. Available at http://www.ahrq.gov/qual/qrdr10.htm. [Google Scholar] American Medical Association (AMA) “Black-White Disparities in Health Care” JAMA: Journal of the American Medical Association. 1990;263:2344–6. [PubMed] [Google Scholar] Andrulis DP, Siddiqui NJ, Purtle JP, Duchon L. Washington, DC: Joint Center for Political and Economic Studies; 2010. Patient Protection and Affordable Care Act of 2010: Advancing Health Equity for Racially and Ethnically Diverse Populations. [Google Scholar] Blustein J, Weissman JS, Ryan AM, Doran T, Hasnain-Wynia R. “Analysis Raises Questions on whether Pay-For-Performance in Medicaid Can Efficiently Reduce Racial and Ethnic Disparities” Health Affairs. 2011;30(6):1165–75. [PubMed] [Google Scholar] Chin M, Chien A. “Reducing Racial and Ethnic Disparities in Health Care: An Integral Part of Quality Improvement Scholarship” Quality and Safety in Health Care. 2006;15(2):79–80. [PMC free article] [PubMed] [Google Scholar] Derose KP, Gresenz CR, Ringel JS. “Understanding Disparities in Health Care Access—and Reducing Them—Through a Focus on Public Health” Health Affairs. 2011;30(10):1844–51. [PubMed] [Google Scholar] Fiscella K, Franks P, Gold MR, Clancy CM. “Inequality in Quality” JAMA: Journal of the American Medical Association. 2000;283(19):2579–84. [PubMed] [Google Scholar] Gamble VN, Stone D. “U.S. Policy on Health Inequities: The Interplay of Politics and Research” Journal of Health Politics, Policy and Law. 2006;93(122):99–108. [PubMed] [Google Scholar] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3401391/ 4/5 8/3/2019 The Path to Equitable Health Care Green AR, Betancourt JR, Park ER, Greer JA, Donahue EJ, Weissman JS. “Providing Culturally Competent Care: Residents in HRSA Title VII Funded Residency Programs Feel Better Prepared” Academic Medicine. 2008;83(11):1071. [PubMed] [Google Scholar] Hasnain-Wynia R, Kang R, Landrum MB, Vogeli C, Baker DW, Weissman JS. “Racial and Ethnic Disparities Within and Between Hospitals for Inpatient Quality of Care: An Examination of Patient-Level Hospital Quality Alliance Measures” Journal of Health Care for the Poor and Underserved. 2010;21(2):629–48. [PubMed] [Google Scholar] Heckler M. Report of the Secretary's Task Force on Black & Minority Health (Vol. 4) Washington, DC: US Department of Health and Human Services; 1985. [Google Scholar] Kaiser Family Foundation. 2008. statehealthfacts.org. [accessed on May 16, 2012]. Available at http://www.statehealthfacts.org/comparetable.jsp?ind=196&cat=4) for Medicaid-to-Medicare Fee Index. Kingdon JW. Agendas, Alternatives, and Public Policies, Update Edition, with an Epilogue on Health Care (Vol. 2) New York: Longman Classics in Political Science; 2010. [Google Scholar] Mead H, Cartwright-Smith L, Jones K, Ramos C, Woods K, Siegel B. Racial and Ethnic Disparities in US Health Care: A Chartbook. New York: The Commonwealth Fund; 2008. [Google Scholar] National Conference of State Legislators. State Profiles: Minority Health and Health Equity Offices. 2012. [accessed on May 16, 2012]. Available at http://www.ncsl.org/issues- research/health/disparities-state-profiles.aspx. Reschovsky JD, O'Malley AS. “Do Primary Care Physicians Treating Minority Patients Report Problems Delivering High-Quality Care?” Health Affairs. 2008;27(3):w222–31. [PubMed] [Google Scholar] Smedley B, Stith A, Nelson A. Unequal Treatment: Confronting Racial and Ethnic Disparities in Health Care. Washington, DC: Institute of Medicine (IOM); 2003. [Google Scholar] Smith DB. New York: The Commonwealth Fund; 2005. Eliminating Disparities in Treatment and the Struggle to End Segregation, pub. no. 775. [Google Scholar] Trivedi AN, Sequist TD, Ayanian JZ. “Impact of Hospital Volume on Racial Disparities in Cardiovascular Procedure Mortality” Journal of the American College of Cardiology. 2006;47(2):417–24. [PubMed] [Google Scholar] Trivedi AN, Zaslavsky AM, Schneider EC, Ayanian JZ. “Relationship between Quality of Care and Racial Disparities in Medicare Health Plans” JAMA: Journal of the American Medical Association. 2006;296(16):1998–2004. [PubMed] [Google Scholar]

Articles from Health Services Research are provided here courtesy of Health Research & Educational Trust

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3401391/ 5/5 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

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Foreword

Contents

Front Matter

Chapter 1

Foreword Sustainability and equity stand out as key considerations in the various pension reform debates that are currently underway around the world. For a long time, policymakers have been mindful of the impact of changing demographics, including the implications for the future of pensions. But the recent global economic and financial crisis has made pension reform an even greater priority for policymakers. Two particular factors stand out for me.

First, the crisis has contributed to large increases in public debt in many advanced economies. Pensions are often the largest single expenditure in the budget—in many cases they account for over 20 percent of noninterest government spending. The fiscal policy debate must thus address the sustainability of pension systems, including by containing the growth of pension benefits. Pension reforms can also provide room for other outlays that can boost growth over the longer term, such as public investment. Many governments are therefore working on measures to ensure that their pension system, and the social support it provides, is sustainable over the long run. Additionally, many emerging market economies are addressing the low level of pension coverage, and their main challenge is to expand it in a fiscally sustainable way.

A second important impact of the crisis is the heightened awareness of equity considerations. Citizens and their governments in many parts of the world have become more concerned about inequality and more mindful of fairness, including between different generations. Intergenerational equity—which has always been a key part of the pensions debate—has therefore assumed even greater prominence following the crisis.

Despite the growing interest in inequality, relatively little work has been done on the equity aspects of pension reform. I very much welcome this book because it helps fill this void by exploring the challenges and experience of countries in designing sustainable and equitable pension systems. It draws on work by the IMF’s Fiscal Affairs Department that was presented to the institution’s Executive Board in January 2012. It also includes several chapters that were prepared by experts outside the IMF for recent conferences held in Vienna and at the IMF’s Regional Office for Asia and the Pacific in Tokyo. The book addresses both general considerations in designing sustainable and equitable pension systems and the lessons from 12 country and regional studies.

Pension reform is complex, and often involves trade-offs between competing goals. There are also different views on what is meant by an “equitable” or a “fair” pension system. By providing a wide- ranging discussion of different perspectives on the sustainability and equity of pension reforms, this book contributes, I hope, to the debate and provides guidance on one of the most important fiscal policy challenges of our time.

Christine Lagarde

Managing Director Table of Contents

Foreword

PART I THE OUTLOOK FOR PUBLIC PENSION SPENDING AND KEY EQUITY ISSUES

1 Equitable and Sustainable Pension Systems https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 1/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

Benedict Clements, Frank Eich, and Sanjeev Gupta

2 Public Pension Spending in Advanced and Emerging Market Economies: Past Trends and Projected Outcomes

Frank Eich, Mauricio Soto, and Csaba Feher

PART II DESIGNING EQUITABLE AND SUSTAINABLE PENSION SYSTEMS

3 The Role of the Public and Private Sectors in Ensuring Adequate Pensions: Theoretical Considerations

Nicholas Barr

4 Pension Reform and Equity: The Impact on Poverty of Reducing Pension Benefits

Baoping Shang

5 Intergenerational Equity and the Gender Gap in Pension Issues

Noriyuki Takayama

6 Attitudes toward the Role of the Family, the Individual, and the State in Providing Retirement Income: Survey Evidence from Emerging East Asia

Richard Jackson

7 Who Will Pay? The Dynamics of Pension Reform and Intergenerational Equity

Kenichiro Kashiwase and Pietro Rizza

8 Is the Egg Basket Worth Its Price? The Fiscal Implications of Pension Privatization in Eastern Europe

Jan Drahokoupil and Stefan Domonkos

PART III COUNTRY EXPERIENCES AND CHALLENGES

9 Pension Reforms and Risks: Challenges for Pension Systems in Advanced European Economies

Anna Cristina D’Addio

10 Pension Reforms in Japan: Options for Fiscal Sustainability

Kenichiro Kashiwase, Masahiro Nozaki, and Kiichi Tokuoka

11 Providing Adequate Old-Age Pensions in the Republic of Korea

Seong Sook Kim

12 Singapore’s Pension System: Challenges and Reform Options

Mukul G. Asher and Azad Singh Bali

13 Australian Pensions: An Equitable and Sustainable Arrangement in a Postcrisis World?

Ross Clare

14 Emerging Asia’s Public Pension Systems: Challenges and Reform Efforts

Donghyun Park and Gemma Estrada

15 Reforming Pensions to Ensure Equitable and Adequate Retirement Incomes in China

Xuejin Zuo

16 India’s Pension Reform Initiative

Dhirendra Swarup

17 Pension Reform Experience in Indonesia

Iene Muliati and Mitchell Wiener

18 Latvia’s Multipillar Pension System: New Challenges in the Wake of the Economic Crisis

Edgars Volskis

19 Reforming the Public Pension System in the Russian Federation

Frank Eich, Charleen Gust, and Mauricio Soto

20 Macroeconomic Implications of Pension Reform in Brazil

Joana Pereira

Contributors

Index

Equitable and Sustainable Pensions Challenges and Experience

EDITORS https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 2/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

Benedict Clements, Frank Eich, and Sanjeev Gupta

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Equitable and sustainable pensions : challenges and experience / editors, Benedict Clements, Frank Eich, and Sanjeev Gupta. — Washington, D.C.: International Monetary Fund, 2014.

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Chapter 1 Equitable and Sustainable Pension Systems

Authors: Benedict Clements, Frank Eich, and Sanjeev Gupta Introduction

Pension reform is high on the agenda of many advanced and emerging market economies, for many reasons. First, public pensions often constitute a large share of government expenditure. In light of the substantial fiscal adjustment needs of many economies, a discussion of how much countries can afford to spend on pensions —and how important it is to preserve pension spending relative to other expenditures—is inevitable. Second, population aging means that reforms would be needed just to keep pension spending from rising in the future. Third, in many economies, low or falling pension coverage will leave large segments of the population without adequate income in old age and at risk of falling into poverty.

The Great Recession of 2009 weakened the fiscal positions of many advanced and emerging market economies and underscored the need for credible medium-term fiscal adjustment plans, including reforms of health and pension systems (IMF, 2010). The advanced economies and emerging Europe face the dual challenges of improving the sustainability of their pension systems while maintaining adequacy. In other emerging market economies with younger populations and smaller fiscal adjustment needs, the challenge is different: improving pension adequacy and coverage while maintaining sustainability. A number of economies also face the problem of strengthening their private, mandatory pension systems, which have failed to deliver the expected returns to contributors and left a legacy of high transition costs that has been borne by government budgets (World Bank, 2006).

Pension reforms involve trade-offs: providing adequate pensions to all may have substantial costs and weaken fiscal balances; using the pension system to redistribute income toward those with lower incomes (by giving a higher level of pensions relative to their wages) can have adverse labor market effects by weakening the incentives for high-income workers to contribute; reducing long-term public pension liabilities by shifting workers and their contributions to private pensions can increase budget deficits in the short and medium terms; and increasing reliance on private sector pensions may reduce fiscal burdens in the longer term but shift risks to workers. All of these trade-offs raise important issues of equity and fairness.

Since 1990, governments in both advanced and emerging market economies have made a number of reforms to pension systems that have improved their fiscal sustainability (European Commission, 2012) https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 3/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

and helped offset the adverse fiscal effects of aging populations. This contrasts with the approach to health care, where significant reforms have yet to be made in many countries (Clements, Coady, and Gupta, 2012). These pension reforms have sharply curtailed pension eligibility and benefits for future generations of retirees, and have brought to the fore equity concerns. Although a number of studies have assessed the effects of pension reforms on fiscal sustainability, a systematic analysis of equity issues in pension systems—and how countries have grappled with these issues—has yet to be undertaken. The purpose of this volume is to describe the equity effects of reforms induced by fiscal concerns and, likewise, to discuss the fiscal consequences of achieving different equity goals.

The remainder of this chapter first discusses pension reform challenges, then the effects of pension reform measures on both fiscal sustainability and equity. Finally, it briefly summarizes the main messages from various contributions to this volume. Pension Reform Challenges: an Overview

Pension systems in advanced and emerging market economies will need to adjust to evolving demographic developments to remain fiscally sustainable. They will also need to take account of changing socioeconomic circumstances and attitudes to ensure that they are perceived as equitable both within and across generations.

Demographic Trends

In advanced economies, life expectancy at age 65 is projected to increase from 18½ years in 2010 to 20 years in 2030, and 22 years by 2050 (United Nations, 2013). In emerging market economies, it is projected to increase from 15½ years to 17 years in 2030, and then 18½ years by midcentury. During the same period, total fertility rates (TFR; the total number of children per woman) are projected to remain below replacement levels in many advanced economies, with the average projected to increase from 1.7 in 2010 to 1.9 by 2050. In emerging market economies, TFR is projected to fall from 2.4 to 2.1 by midcentury.

These averages mask significant variations across economies. For example, while TFR is projected to remain about 2.0 (and thus very close to the natural replacement rate of 2.1) in France and the United States, and just below that in Australia and the United Kingdom, it is projected to be much lower—about 1.6 to 1.7—in Germany and Japan. These differences, if they materialize, will have profound implications for the size of the total and working-age populations and age structure of the population. Migration is the third demographic trend that could affect the total size and age structure of the population, although it is likely to be a significant consideration in a limited number of economies (United Nations, 2013).

In advanced economies, the increase in life expectancy, combined with less-than-replacement fertility rates, is projected to lead to a doubling of the old-age dependency ratio (the number of people age 65 and older divided by the number of people between 16 and 64 years old) to about 48 percent by midcentury. In emerging market economies, where fertility rates are falling but projected to remain above the replacement rate, the ratio is also set to increase and reach 32 percent by 2050 (Figure 1.1).

Figure 1.1. Actual and Projected Old-Age Dependency Ratios, 2010–50

Source: United Nations (2013).

Socioeconomic and Attitudinal Changes

A number of socioeconomic developments and changes in societal attitudes are posing new challenges to pension systems. These challenges include evolving family structures, such as the shift from multigeneration families to single households in the context of rural-urban migration in emerging market economies, the rising share of couples who remain unmarried in advanced economies, and the changing role of women in the labor market. These developments have an important bearing on the equity of pension systems. These trends have gone hand-in-hand with changing attitudes about who should support the elderly in retirement and how pension systems should compensate women for missing contribution years as the result of motherhood or other caring activities (Istituto per la Ricerca Sociale and Fondazione Brodolini, 2011). In the coming years, public pension systems—indeed, the welfare state and tax system more generally—will also need to adapt to the emergence of civil partnerships or same-sex marriages in an increasing number of economies, as has already happened in the United Kingdom (Thurley, 2013) and the United States (United States v. Windsor, 570, U.S. 12–307 (2013)). https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 4/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

Box 1.1Typology of Different Pension Reforms

Pension reforms fall into two broad categories: parametric and structural. Parametric adjustments are the most common and aim to maintain the prevailing pension system but make changes in parameters in the system to (1) enhance its long-term fiscal viability or (2) change its distributional characteristics (both across beneficiaries and to benefits for pensioners relative to other population groups, such as current workers). Typical parametric changes include retirement age increases, adjustments to contribution rates and bases, amendments to benefit assessment periods and to the value of past earnings (changes in valorization), and revisions to indexation rules. Parametric changes may also be legislated in a way that ensures a level of automatism: eligibility and benefit assessment rules may be designed so that they naturally respond to changes in demographic and economic variables. Structural reforms involve changing the relative importance of defined-benefit versus defined- contribution benefit assessment, funding versus pay-as-you-go (PAYG) financing, or private versus public management. Since 1980, the most prominent structural reform has been the partial replacement of the traditional PAYG, publicly managed, defined-benefit system with fully funded, privately managed, defined-contribution schemes. Structural reforms introduce profound changes in the way risks are distributed across the government and individuals, and the manner in which the system’s components are financed and governed and pay benefits. Other structural reforms involve the introduction of new benefits that seek to achieve specific objectives, such as noncontributory, universal, social pensions aimed at reducing poverty in old age.

The changing nature of working careers will also have implications for pension systems. Young people stay at school longer and enter the labor market later. Consequently, parametric reforms (including retirement age increases) have to compensate not only for increases in longevity but shorter contribution histories. Pension arrangements could affect the efficiency of the labor market if they create disincentives for individuals to move between employers or sectors.1 They could also affect equity if individuals with similar characteristics accrue different pension benefits. Pension Reforms: Considerations in Choosing Objectives

Pension systems and their reforms should aim to provide adequate and fair pensions in a fiscally sustainable manner (Box 1.1). A contributory pension system’s viability also hinges on workers’ willingness to participate and contribute, which, in turn, is influenced by whether participants trust the government’s long-term commitment to these objectives and whether the system’s rules are stable and understandable to the public.

Sustainability

The most advanced approach to assessing sustainability draws on the concept of the intertemporal budget constraint (Buiter, 1983). For a contribution-based pension system that does not rely on any transfers from the central government budget, the present discounted value of future surpluses (contributions minus future accruals) must equal net pension liabilities.2

Sustainability can also be defined by the ability to pay benefits when they fall due. There is no single benchmark for this definition of sustainability, but a good proxy for this is the pension system balance as a share of GDP. If pension deficits are large because of rising expenditures and falling contributions, the level of expenditures may not be sustainable. This assessment should also take account of the general government’s aggregate fiscal sustainability and its capacity to finance (via transfers or issuance of debt) the pension system. For countries with large general government deficits and fiscal adjustment needs, even a small pension deficit may not be sustainable, even though the pension system is consistent with the intertemporal budget constraint in the longer term.

Finally, sustainability can also be assessed in relation to current and future public pension spending as a share of GDP or primary spending. Too high a share could be considered unsustainable because it crowds out more productive government spending such as education or capital expenditure, or results in an increase in taxation (including on wages) to a level that is counterproductive to growth.

Any assessment of pension reforms must take a long-term view of the effects of policy measures. Traditional deficit and debt indicators fail to capture the future impact of changes in fiscal policies on long-term fiscal balances. This weakness is evident in the treatment of structural pension reforms involving the shift of contributors from public to private pension systems. These reforms can potentially strengthen the fiscal outlook by reducing public pension payments, but only in the longer term. Meanwhile, they immediately reduce public sector revenue because contributions are diverted to the private sector, with adverse effects in the short and medium terms on fiscal balances and government debt. This asymmetry has raised concerns that assessments based on traditional indicators could create incentives to delay or even reverse pension reforms. Soto, Clements, and Eich (2011)provide a framework for measuring the fiscal health of pension schemes and propose a new indicator (the pension-adjusted budget balance) that can be used to assess the effect of pension reforms on long-term fiscal sustainability.

Equity

Beyond assessing the effect of net taxes paid by future generations—and thus measuring one aspect of intergenerational equity—relatively little literature considers equity in the design and reform of pension systems. The issue comes down to a seemingly simple question: how strong should the correlation be between contributions and benefits? Assuming that workers’ contribution histories are, in some way, a reflection of individuals’ different life-paths as influenced by family background, education, work history, gender, health status, and sheer luck, the question becomes, how well should welfare, late in life, correlate with what happened during an individual’s active years?

Equity is also about fairness and is derived from one’s concept of social justice. This approach can be thought to represent “a belief that there are some things which people should have, that there are basic needs that should be fulfilled … and that burdens and rewards should not be spread too divergently https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 5/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

across the community” (Falk, 1993, p. 2). The definition of equity is not straightforward, however—as Kaplow (2000, p. 22) observes, “equity should not be measured and new measures of social welfare should not be deployed until we know what we want to measure and why.” Furthermore, an equitable pension system does not necessarily entail rewarding equal inputs (work history, career earnings, and the like) with the same output (benefits)—one of the main reasons for the state’s involvement in providing pensions is to pool longevity risk and redistribute risk and income.

Intragenerational equity: Horizontal versus vertical aspects of equity

Broadly speaking, horizontal equity requires that individuals in similar circumstances should be treated similarly, whereas vertical equity requires treating individuals according to their needs (McDaniel and Repetti, 1993). In other words, horizontal equity does not require redistribution across individuals of differing means, while vertical equity may.

When considering pension systems, these notions may be best captured by a comparison of uniform internal rates of return on contributions (horizontal equity) against returns that are differentiated by recipient characteristics (vertical equity).3 The latter case applies when governments use the pension system to ensure an adequate income for low-wage earners, who would otherwise fall into poverty if they received the same income replacement ratio as the average worker. Pension rules that aim for horizontal equity will thus entail less redistribution than ones that are vertically equitable. The more heterogeneous individuals’ careers and economic positions are, the greater the redistribution difference becomes between systems striving for vertical rather than horizontal equity.

As noted earlier, under horizontal equity, individuals who have made similar contributions to a pension system would be entitled to similar pension benefits. Given longevity risks, this requirement would only hold before the fact—thus, pursuing the goal of horizontal equity would require actuarial calculations based on lifetime contributions and gender-specific mortality tables.4 One advantage of such an arrangement is that individuals might perceive an actuarially fair pension system to be more of a savings vehicle than a government transfer, which provides them with incentives to participate in the scheme and minimizes labor market distortions.

Pursuing the goal of vertical equity requires redistribution within the pension system, which may violate the concept of actuarial fairness and might be more distortional from a labor market perspective (Disney, 2004).5 Yet this could still be perceived as welfare maximizing because of the value society places on equity goals. One option countries can adopt to pursue these equity goals and avoid labor market distortions is to use the general government budget, for example, by offering tax-financed social pensions to ensure that low-income workers receive adequate pensions .

Intragenerational vertical equity is affected by numerous factors, the most important of which is coverage. Effective coverage determines access to pension benefits—thus, even if a pension system is internally equitable, it may exacerbate income inequality if coverage is limited to certain sectors. In most advanced economies, coverage is high, but in many emerging market economies it is not; often only public sector employees (e.g., civil servants, armed forces, and teachers) and some formal sector workers—who earn wages above the economy-wide average—benefit from the existence of such schemes. The first step toward greater equity would therefore be the achievement of near-universal coverage.

Gender, which influences lifetime labor market opportunities, remains a major source of differences in old-age welfare. Women’s age-specific labor force participation rates differ from those of men for a number of reasons, including because the traditional division of labor leads to long absences from work to raise children and care for the elderly. Shorter contribution histories result in lower benefits unless explicit compensatory measures are introduced (such as higher replacement rates, shorter minimum eligibility contribution histories, or the recognition of time spent caring for children). Gender-specific longevity differences exist in all societies and have the opposite effect: women live longer, so similar benefits based on the same active career will result in higher total pension wealth.

Differences in the sector of employment often introduce variations in job security, contribution periods, and pay levels, with consequences for pension benefits. The availability of part-time employment and other flexible arrangement also affects both coverage and contribution intensity: the more flexible labor regulations are, the fewer people need to make a choice between full-time formal employment, full-time informal employment, or withdrawal from the labor market. These decisions directly influence coverage, compliance, and the opportunity to accrue pension entitlements.

Intergenerational equity

One perspective on intergenerational equity is that the burden of financing the pension system, and the benefits paid, should be spread fairly across successive generations. This burden-sharing concept, however, may have different interpretations: on the one hand, it could be argued that it would be fair to shift a larger absolute burden onto successive generations because they will generally be better off as GDP per capita rises over time. On the other hand, fairness could be interpreted as meaning that all generations should face the same relative burden, such that the proportion of income to be transferred to the pension system remains stable.

Intergenerational equity considerations will likely matter most in societies with rapidly rising old-age dependency ratios. Conversely, in economies in which the financial burden of providing pension benefits can be distributed across a growing number of working-age individuals, the issue might not be as acute.

Pension Reform Measures and Their Impact on Sustainability and Equity

This section examines some of the most common reform measures implemented during the past three decades and their impact on sustainability and equity. The discussion first covers parametric reforms, typically designed to improve the fiscal sustainability of PAYG systems. It then examines structural reforms, focusing in particular on the introduction of defined-contribution systems and social pensions . Finally, it discusses governance aspects of pension systems that can have an impact on sustainability and equity. https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 6/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]: Parametric Reforms

Raising retirement ages

Increasing retirement ages remains an effective instrument for improving sustainability.6 First, higher retirement ages promote higher employment levels and economic growth. By increasing lifetime working periods and earnings, raising the retirement age also boosts the growth of real consumption, even in the short term (Karam and others, 2011). Second, raising the retirement age helps avoid even larger cuts in replacement rates (the ratio of the average pension to average wage) than those already legislated in many countries, thus reducing the negative impact of reforms on old-age poverty. Third, increases in the retirement age are easier to explain to the public in light of increasing life expectancy.

Many countries have room for more ambitious increases in retirement ages. As discussed above, in advanced economies, the number of years men are expected to live beyond age 60 is projected to increase by an average of five years between 1990 and 2030.7 In contrast, the average statutory retirement age is being increased by only one year during this period. To better address increases in longevity, statutory retirement ages in advanced economies could gradually be raised to 67 by 2030 (as already legislated in a number of countries) and indexed to life expectancy afterward. Automatic adjustment mechanisms appear to be attractive because they reduce the need for political action if and when circumstances change.

To translate increases in the statutory retirement age into higher effective retirement ages, steps would need to be taken to increase employment at older ages by limiting early retirement—for example, by decreasing (financial) incentives to do so (Queisser and Whitehouse, 2006) and by promoting lifelong learning and retraining. Early retirement can also be reduced by controlling alternative pathways to retirement, such as disability pensions (OECD, 2006), and by limiting special rules for early retirement granted to some occupations. Currently, individuals claim pensions about four years earlier, on average, than the statutory age in Organization for Economic Cooperation and Development (OECD) countries.

Increasing retirement ages raises important equity issues. Higher socioeconomic status—often approximated in the literature by years of education—is positively correlated with life expectancy and is an important determinant of career earnings, wealth, and financial literacy. Thus, the more educated and affluent tend to live longer and have more flexibility in electing their time of retirement from the labor market. Raising the statutory retirement age can have different impacts on the effective retirement age of people with different economic means: the less-well-off are more likely to need to keep working than the better-off. Also, given different life expectancies, pensioners of lower socioeconomic status will receive their pensions for a shorter period. Furthermore, recent improvements in life expectancy have been greater for the well off (National Research Council, 2011),8 that is, the life expectancy differential is growing in many countries—especially if large income inequalities exist.

Pension reforms should be accompanied by measures that protect the income of those who cannot continue to work. In the United States, for example, about a quarter of all workers in their sixties may find continued work difficult on account of disability or poor health (Munnell, Soto, and Golub-Sass, 2008). Consideration could be given to offsetting measures to maintain the progressivity of pensions , such as reducing replacement rates for upper-income households.

Increasing other eligibility criteria, typically the number of service years required for a full contributory pension, is expected to lengthen the time spent in formal employment and can complement measures to raise the retirement age. It is most attractive if a high share of the labor force is engaged in employment in the formal sector. In the longer term, increasing the time spent in employment can both reduce the number of retirees and boost the average pension that is earned, given that the pension would be based on a longer contribution history.

Reducing replacement rates

Another reform option is to reduce the replacement rate. This measure is most attractive for systems in which replacement rates are high and reductions would not jeopardize the objective of reducing old-age poverty. Replacement rates can be reduced by a number of methods, including the indexing of benefits to prices (rather than wages) or changing the base upon which pensions are determined (lifetime earnings versus earnings in the later working years).

Another option for effectively reducing pension replacement rates is to equalize the taxation of pensions and other forms of income—many advanced economies tax pensions at a lower rate (IMF, 2012). Similarly, countries that subsidize private pensions , either through tax relief or matching contributions, could consider scaling back these subsidies, which often have very little impact on national saving and benefit mostly higher-income households (European Commission, 2008). Changes in replacement rates give rise to a number of equity considerations and may involve trade-offs with other objectives. For example, cutting replacement rates may lead to an increase in poverty. This outcome can be avoided by ensuring that replacement rates for low-wage workers are adequate from the poverty-reduction perspective. If replacement rates do not rise with years of work, however, it may create an incentive for early retirement (Queisser and Whitehouse, 2006).

Raising contributions

Increasing revenues could also help offset increases in pension spending, so could play a role in consolidating the public finances in the future. This role is particularly likely in countries in which there may still be room to raise payroll contribution rates or introduce payroll taxation. However, higher contributions may have an adverse effect on employment, labor force participation rates, and competitiveness. The direct net impact of this measure depends on the extent to which higher contributions are reflected in higher pension entitlements and benefit expenditures, while the total net fiscal effect should also take into account the broader macroeconomic consequences. In some cases, it may be appropriate to raise the ceiling on earnings subject to contributions. Similarly, some countries should aim to increase the efficiency of contribution collections, perhaps under some conditions, by https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 7/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

unifying revenue administration for tax and social security collection (Barrand, Ross, and Harrison, 2004).

Structural Reforms

Introducing private defined-contribution pensions

Structural pension reforms generally change the relative importance of defined-benefit and defined- contribution pension systems. Defined-benefit arrangements are the most common in public pension systems. Under a defined-benefit scheme, the contributor earns a right to a benefit based on either the last year’s salary or lifetime earnings after a certain number of qualifying contribution periods. These schemes are highly flexible. Accrual rates may or may not be actuarially neutral and can vary according to a worker’s wage history and wage level, allowing for redistribution.9 Consequently, defined-benefit pension schemes are well suited to serving vertical equity goals.

Under a defined-contribution scheme, pension benefits are based on contributions (and the return on these contributions) and there is typically no redistribution toward low-income earners. Moving toward a defined-contribution arrangement can potentially reduce vertical equity but increase horizontal equity, because less redistribution occurs.

Social pensions

As mentioned above, social pensions (a universal, equal pension for the elderly) can be an effective option for expanding coverage and achieving vertical equity. A noncontributory, flat pension can ensure that all citizens, regardless of earnings or occupation, have an income in old age. By cutting the link between paid, formal employment and income in retirement, noncontributory pensions are helpful to women and to workers in the informal sector. For people in low-income, informal jobs, noncontributory pensions may be even better than attempting to enforce participation in earnings- related contributory schemes. The distributional effect of a flat pension depends on whether it includes any targeting mechanism (including a clawback through taxation).

The cost of social pensions can be significant at about ½ percent of GDP (Holzmann, Robalino, and Takayama, 2009). The expansion of noncontributory benefits can also weaken incentives for workers to participate in contributory pension systems and reinforce labor market informality (Levy, 2008; Levy and Schady, 2013). This suggests that the level of noncontributory pension benefits is an important consideration, and should be moderate to avoid both high fiscal costs and adverse effects on the labor market.

Improving the Effectiveness and Transparency of Pension Governance

Good governance is crucial to ensuring that the financial management of pension systems is consistent with the best interests of contributors and society as a whole and perceived as fair. Thus, publicly managed pension schemes with reserves (either defined benefit or defined contribution) and public sector pension schemes deserve particular attention. Governments have strong incentives to divert reserves into financing public debt or expenditures, which may lead to low rates of return on contributions.10 Principal-agent problems in the management of these funds are manifold: the decision- making bodies and management of universal social security pension schemes may favor the government’s fiscal interests more than scheme members’ vested rights. In many emerging market economies, dual standards arise: whereas civil service pension schemes are generous, legally well protected, and represent a significant draw on the public purse, general social insurance schemes are underresourced and poorly managed. Governance reform involves establishing clear rules of delegation or election of scheme trustees, accounting and reporting standards, and liability and appeals provisions.

Additional issues surface if public pension schemes operate with reserves: returns may not reflect actual investment performance but an administratively set long-term average that may be lower than the actual returns. Because the state’s capacity to regulate itself is questionable, the role of external trustees and board members is crucial, as is the publication of investment returns and other performance indicators. If the rule of law is strong and parliament can effectively control the executive, then high-level legal (potentially constitutional) restrictions on scheme governance, including investment strategies (such as limitations on domestic public debt holdings and bank deposits) may help prevent conflicts of interest and politically motivated investment decisions. Governance reforms need to focus on ensuring that the sole objective of public pension funds is to provide affordable and sustainable retirement income, trustees or governors should be independent from political power and fit and proper for their role, trustees or governors should be made accountable for the performance of the scheme, and independent performance evaluations (investment, audit, actuarial, and other) and outside experts should be called on regularly in the definition and implementation of fund policies and the review of their execution (Impavido, 2002).

An effective regulatory framework is important when private pensions are prevalent because it also affects equity aspects of pension systems. Regulatory agencies must exercise oversight of subordinated service providers to ensure efficient and transparent operation. It has been observed that total costs and charges for private pensions (administrative and collection fees, asset management related charges, and so forth) tend to be higher than in other investment services. Both the design of the pension system and regulations governing private schemes are crucial. Some practices—such as the use of blind accounts11 and centralized account management (as in Sweden)—help realize scale economies, reduce the room for marketing and related expenses, and promote greater individual responsibility for portfolio choice. Regulatory actions, such as placing ceilings on asset management fees; promoting common administrative platforms; and limiting the timing, content, and distributional channels of marketing, may also contribute to lower costs. Organization of this Book

This volume consists of three parts. The second chapter in Part I provides an analysis of historical trends in public pension spending and projections for these expenditures for advanced and emerging market economies. Part IIfocuses on the design of equitable and sustainable pension systems, including https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 8/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

the role of the private and public sectors. Part III comprises cross-country and country-specific case studies of pension systems, the challenges they face, and the reform options available to address these challenges.

Part I. The Outlook for Public Pension Spending and Key Equity Issues

Understanding past trends in public pension spending and the projected evolution under unchanged policies is critical for assessing the magnitude of the public pension reform challenge across countries. Chapter 2, by Eich, Soto, and Feher, presents these trends and projections in advanced and emerging market economies. It finds that public pension spending increased from 5 percent of GDP in 1970 to about 9 percent in 2010 in advanced countries, owing to population aging, increases in pension eligibility, higher replacement rates, and falling labor force participation rates. Projections for public pension spending out to both 2030 and 2050, incorporate the impact of recent pension reforms. Public pension spending is projected to increase by about 1½ and 1 percentage points of GDP during the two decades up to 2030 in advanced and emerging market economies, respectively. The projected public pension spending increases would be significantly higher had reforms not already been enacted over the past two decades in advanced economies.

Part II. Designing Equitable and Sustainable Pension Systems

In Chapter 3, Barr discusses the basic objectives of the pension system from the perspective of the individual—whose aims are consumption smoothing and insurance against the loss of earning capacity and outliving one’s savings—and from a public policy perspective of poverty alleviation and redistribution. The instruments for achieving these welfare objectives should be designed holistically, taking into consideration fiscal and institutional constraints, labor market and other externalities, the asymmetric and imperfect access to information available to individuals and to corporate and government entities, as well as the practical limitations on what economic theory views as rational behavior. Awareness of these constraints should inform policymakers in their choice of reform options. It should also help rule out solutions that may be theoretically appropriate but that, in practice, do not result in the expected outcomes. The funded reforms in most east European countries are an example of pension reforms underperforming because of both unrealistic expectations and suboptimal design and implementation. Of the theoretically available design characteristics, policymakers should choose the ones that best suit a country’s specific circumstances: no one single solution will fit all countries. A system with a significant private element, for example, individual accounts, could make sense in a country that gives poverty relief a relatively lower weight, and where individuals are not excessively risk averse but trust both financial market players and the government to regulate the accounts effectively. A system with stronger direct government involvement is suitable for countries that give social solidarity and risk sharing greater weight, and where government failure is perceived to be a smaller risk than the conduct of financial markets.

Barr also offers lessons learned in the course of pension reform. Once the appropriate pension paradigm and structure are selected, implementation determines whether the reform will be successful: financial and technical capacity to manage transition costs and the complexities of administering individual accounts is crucial. Regardless of the actual structure of the pension system, effective governance is critically important for operating and regulating pension schemes, even voluntary ones. He also cites promising new pension designs that have emerged in the recent past: introducing noncontributory basic pensions that strengthen poverty relief and make it simpler to separate the poverty-alleviation from the consumption-smoothing functions of the system; coupling higher retirement ages with flexibility, so that people can choose their own retirement age as long as they do so in a fiscally neutral manner; introducing regulatory changes into privately managed defined-contribution arrangements—such as automatic enrollment, keeping portfolio choice simple and aided by default options, keeping administrative costs low—that make them transparent and more efficient; and introducing notional defined contribution accounting into PAYG pension schemes.

Finally, based on both theoretical considerations and international practice, Barr enumerates mistakes to be avoided and factors to be considered. In the author’s view, pension reforms should not be introduced in a piecemeal fashion and in haste but in a strategic manner, taking into consideration implementation capacity; mandatory, earnings-related schemes should be introduced only if robust recordkeeping capacity is in place; individual funded accounts should only be introduced if the market and the regulatory capacity for investment, accumulation, and annuitization exist. Countries should also consider transition costs and their impact on fiscal sustainability. The two most important factors for successful reform, according to Barr, are good governance and economic growth. An effective government will be able to implement PAYG pensions responsibly and to maintain the macroeconomic stability and regulatory standards on which funded pensions depend. Output growth makes it easier to finance PAYG pensions by broadening the contribution base, and for funded pensions to deliver planned living standards in retirement by ensuring that output is sufficient for pensioners to buy without causing price inflation or asset market deflation.

Limited research is available to determine the potential impacts of declining public pension replacement rates on elderly poverty. Chapter 4, by Shang, uses a reduced-form panel data approach to estimate the relationship between public pension replacement rates and elderly poverty, and finds an elasticity of about −0.4. This elasticity implies that the projected declines in public pension replacement rates under recent pension reforms could have a sizable impact on elderly poverty, assuming future social protection systems remain similar to those of the past. In addition, the analysis indicates that the elderly poor are likely to be less educated, and that poverty rates tend to be higher for elderly women than for men.

The findings suggest that measures are needed to mitigate the future adverse impact of recent pension reforms on the financial well-being of the elderly. The most direct approach is to better target social protection benefits—pension benefits in particular—to the poor. Efforts could also be made to increase coverage of voluntary pensions and other private savings for the low skilled and less educated, for example, through automatic enrollment in voluntary pension plans. The incomes of the elderly poor could also be bolstered by increasing their labor force participation. A number of barriers to old-age employment will need to be overcome to increase the participation of the elderly in the workforce, including biases against older workers, limited employment and training opportunities, and high https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 9/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

employment costs. Measures that can help address high poverty among elderly women include increasing replacement rates for survivors’ pensions .

In Chapter 5, Takayama assesses how different types of pension arrangements—PAYG defined benefit, funded defined-benefit occupational, notional defined contribution, and funded defined contribution schemes—stack up with regard to intergenerational equity. Regardless of the type of pension system, Takayama argues that intergenerational equity might matter if younger cohorts are forced to shoulder excess burdens created by preceding generations. But he also asserts that the issue might not become acute as long as successive generations enjoy rising living standards. If their living standards do not increase, younger cohorts might withdraw their support for the system. This is a particular issue for a PAYG defined-benefit system, which relies on the intergenerational transfer from the working-age population to the elderly. Turning to the other types of pension arrangements, Takayama finds a number of intergenerational equity issues. For example, younger cohorts in occupational funded defined-benefit plans have been faced with wage cuts and increased redundancies at the same time that scheme sponsors have struggled to deal with unfunded liabilities resulting from disappointing investment performance.

Pension systems could be designed to reduce the gender gap, that is, to treat men and women more equitably. In many countries, women are disadvantaged in the wages and salaries they can earn. A public pension system can partially compensate for this disparity by offering relatively more generous pensions to low-income workers, financed by higher contributions from middle- to higher- income earners. Similarly, women who engage in childrearing or care for the elderly can expect to receive lower old-age pensions unless the pension system offers contribution credits for these activities, either financed from general taxation or from redistribution within the pension system itself.

In Chapter 6, Jackson explores attitudes toward the respective roles of the individual and the state in pension provision, based on a survey of six countries (China, Hong Kong SAR, Korea, Malaysia, Singapore, and Taiwan Province of China). The motivation of the chapter is the observation that policymakers often assume that the retirement needs and preferences of tomorrow’s retirees will be much the same as those of today’s. This assumption is faulty in all societies, because new generations always bring with them new expectations shaped by their life experiences. But the assumption is especially questionable for emerging East Asia, where the generation gap between 30-year-olds and 60-year-olds now yawns wider than anywhere else in the world. During the next several decades, retirement in East Asia will be transformed by socioeconomic changes and the erosion of traditional values: the role of informal family support networks will recede and the role of formal government or market substitutes will grow.

Although the survey reveals that the extended family continues to play a far more important role in retirement security in East Asia than it does in the West, it also suggests that the traditional “Confucian ethic” expectation that families should support their own elderly members is rapidly crumbling. Only a small minority of respondents in each country believe that grown children should have primary responsibility for providing income to retired people. Moreover, looking ahead to their own future retirement, current workers do not expect to receive the same level of support from the extended family that current retirees do. Current workers’ declining expectation of receiving income from the extended family is in line with their growing expectation of receiving alternative sources of retirement income. The survey also points to an expected increase of income from financial assets. With regard to retirement age, policymakers should consider abolishing the early mandatory retirement ages that are enforced in the formal sectors of most countries in emerging East Asia. As life expectancy increases, early retirement is becoming more and more expensive to finance. As workforces grow more slowly and begin to contract, economies may also face mounting labor shortages. At the same time, the higher educational attainment and accumulated human capital of today’s working generations renders later retirement ages feasible.

In Chapter 7, Kashiwase and Rizza examine the equity consequences of pension reforms in Italy, Japan, and the United States using generational accounts. All three countries introduced reforms in the past 30 years to address the financial imbalances of their public pension systems. The reforms, however, had different effects on intergenerational equity as measured by net taxes paid by subsequent cohorts.

In the United States, reforms leaned toward revenue-side measures and maintained the net tax position of current retirees relative to future retirees: generational inequity is minimal. In Italy, pension reforms, especially the measures implemented in the 1990s, introduced sizable intergenerational inequities, induced by the slow transition to the new rules and generous grandfathering arrangements. In Japan, similarly to Italy, the reforms of the first decade of the 2000s increased generational inequity given that current and future contributors will receive smaller benefits relative to their contributions than do current pensioners.

The authors show that parametric adjustments designed to address fiscal issues can have profound effects on intergenerational equity. The larger the intended reduction in net pension liabilities, the more difficult it is to introduce the adjustments in an equitable manner. The authors suggest that a possible instrument for reducing negative distributional consequences is to claw back a part of current retirees’ benefits, while protecting the economically vulnerable elderly. The authors argue that delaying reforms increases fiscal tensions, necessitating even larger adjustments in the future that will be all the more difficult to design in a manner that is consistent with intergenerational equity.

Drahokoupil and Domonkos, in Chapter 8, assess the fiscal implications of structural pension reforms in central and eastern Europe (CEE) and ask whether the effort has been worth it. CEE countries were among the pioneers in introducing mandatory privately funded schemes into their pension systems. Their approaches to pension privatization, however, diverged widely in the wake of the economic crisis: Hungary de facto nationalized its mandatory pension funds, while Poland, the Slovak Republic, and the Baltic countries either permanently or temporarily reduced contributions to their private schemes. By contrast, the Czech Republic implemented pension privatization during that period. The authors argue https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 10/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

that the crisis was only one factor contributing to this policy change; countries were also reassessing the costs and benefits of the initial reforms based on the lessons learned over a decade.

Studying the policy debates in the countries, Drahokoupil and Domonkos observe that the learning process has changed the rationale behind privatization of pensions , with the argument for diversification now taking prominence over the previously widely held view that the introduction of funded schemes could resolve the fiscal pressure of demographic aging. This change has taken place because the issue of financing the funding gap caused by the diversion of contributions from the public pension system to private schemes is now more accurately understood. In the initial reforms, the funding gap was underestimated on the basis of a mistaken argument that explicit debt can be ignored because it replaces implicit debt.

The authors contend that the importance of the “diversification argument” (that funded defined- contribution schemes are less sensitive to demographic risks) in the policy debate has been minimized. The authors point out that the argument for diversification is largely based on the myth that prefunding can hedge against the macroeconomic shock induced by demographic aging. Drahokoupil and Domonkos conclude that once this and other misunderstandings are put aside, the remaining rationale for pension privatization is not so much a positive-economics argument, but a mistrust of the state and its collective provision of social insurance.

Part III. Country Experiences and Challenges

Chapter 9, by d’Addio, presents an overview of the risks faced by advanced European economies. The author discusses demographic changes and their impact on public pension systems, then turns attention to societal developments and risks, including changing work patterns, women’s labor force participation rates, and new family arrangements, all of which have an effect on the risk of old-age poverty. With regard to the impact of the global financial crisis on the economic condition of the elderly, the author concludes that not all countries managed to introduce long-term adjustments to their pension systems, despite the effect of the crisis on future pensioners’ welfare.

Parametric reforms—increases in the retirement age augmented by strong incentives against early retirement and, possibly, automatic adjustments in line with life expectancy—in these countries may help achieve benefit adequacy and financial sustainability at the same time. Generating demand for older workers’ labor is also critical. Individuals, firms, and the government have equally crucial roles to play: skill development, conscious reliance on older workers’ comparative advantages, and tax incentives all are important in increasing the participation rates of older workers. Finally, reducing political risks, increasing trust in the system, and treating pension policy in the broader context of labor, tax, and education policy considerations are all important.

In Chapter 10, Kashiwase, Nozaki, and Tokuoka discuss pension reforms in Japan that deal with the challenge of fiscal consolidation, preserve intragenerational equity, and avoid a further worsening of intergenerational equity. Japan is taking the global lead in population aging, with the old-age dependency ratio projected to rise to 57 percent by 2030. Despite this demographic aging, public pension spending increases based on current policies are, in fact, relatively moderate compared with other advanced economies. Still, the substantial fiscal deficit calls for rationalizing social security.

The authors consider three reform measures: an increase in the pension eligibility age, a reduction in the pension replacement ratio, and an increase in contributions. Increasing the eligibility age is the most attractive option in light of high and rising life expectancy. This option would have a positive effect on long-term economic growth and would apportion the fiscal burden relatively fairly between younger and older cohorts. Other equity-enhancing measures could include better targeting by clawing back a small portion of pension benefits from wealthy retirees, and reducing preferential tax treatment of pension benefit incomes.

Kim, in Chapter 11, focuses on the challenge of providing adequate old-age pensions in a rapidly developing Korea. The two most urgent issues are to extend coverage to various vulnerable groups and to raise the low level of benefits, while maintaining long-term solvency. The current multipillar pension system comprises a means-tested, basic old-age pension; the national pension; public and private occupational pensions ; and individual pensions . The national pension covers the most people, even though it was only introduced in 1988. As elsewhere, one of the main hurdles facing the pension system is the rapid aging of the population. The Korean pension system faces the additional challenge of having to adapt to dramatic changes in the population structure as a result of urbanization and the increase in the number of nuclear families. As Jackson finds in Chapter 6, these changes have gone hand-in-hand with evolving attitudes—children are no longer necessarily prepared to look after their parents as they had in the past. Old-age poverty has thus become much more prevalent. Kim argues that inadequate pension benefits could remain a major concern into the future because the planned reduction in the national pension’s replacement rate has not yet been offset by increased take-up of private pensions .

With respect to the fiscal sustainability of the Korean pension system, Kim shows that the national pension scheme is in a solid financial position into the foreseeable future (reflecting the scheme’s immaturity) and that it will not run out of funds until 2060. However, Kim questions whether the scheme’s funding arrangement is intergenerationally equitable: with the number of beneficiaries rising rapidly, the equilibrium contribution rate (the rate that equates benefit expenditures and contributions) would have to rise from 3 percent today to 22 percent by 2060, far higher than the actual current rate of 9 percent. Today’s pensioners receive benefits in excess of their contributions, but future pensioners will not, potentially creating conflicts between the generations and making it more difficult to encourage younger people to participate in the scheme. To address the issue of intragenerational equity and reduce old-age poverty, the basic old-age pension will necessarily be a part of any pension system for a long time. Increasing the contribution rate would be the preferred parametric reform to improve fiscal sustainability and spread the burden of financing the national pension more fairly across generations.

According to Asher and Bali in Chapter 12, designing an equitable and sustainable pension system remains a challenge in Singapore. Singapore’s pension system relies heavily on mandatory savings in a notional defined-contribution scheme, covering about 85 percent of the citizen labor force. One feature https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 11/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

of the system is that members can use their accumulated balances for purposes other than financing retirement, including to finance housing or to pay for health care. As a result, preretirement withdrawals are substantial, reducing the funds available for retirement. Another feature is that the interest credited to members in their notional accounts is administered by the authorities. Asher and Bali find that the interest rate credited to members has fallen far short of the growth in real GDP and real wages, which, in their view, amounts to a highly regressive, often substantial, and recurrent implicit tax on contributors. Current member balances appear to be inadequate to provide a reasonable income replacement rate during retirement.

Looking forward, Asher and Bali identify a number of challenges, some related to the country’s growth prospects, others to the pension system. As in most other countries, Singapore’s population is aging rapidly, with a shrinking citizen workforce acting as a drag on growth. Growth prospects are further dampened by a slowdown in the growth rate of the noncitizen (foreign) population from previously unsustainable levels. Policymakers will therefore need to find new sources of growth. Regarding the pension system, Asher and Bali believe that the existing arrangement will fail to deliver adequate pensions for a significant portion of the population and that the authorities’ expectation that individuals will work longer to boost retirement incomes might prove misguided. To address the issue of inadequate retirement incomes, they propose a noncontributory (tax-financed) social pension with benefits related to average wage income or per capita GDP. Other measures to improve the equity of the pension system would include making the tax treatment of contributions less regressive, and structuring the annuity managed by the system along social insurance (i.e., risk-pooling) lines so that preretirement income inequalities can be lessened in retirement rather than accentuated as they are today. Finally, the authors suggest treating foreign workers more equitably given that they contribute substantially to government revenue but are excluded from participating in the system.

Australia is unusual for an OECD country in the sense that its pension system is based on a tax- financed, means-tested basic pension (called the Age Pension) supplemented by both a mandatory, employer-based, defined-contribution scheme (called superannuation) and voluntary private contributions. In Chapter 13, Clare argues that the Australian pension system compares relatively well with those in many other countries as evaluated by fiscal sustainability and equity but that it has its shortcomings and would benefit from further refinements. With respect to sustainability, Clare argues that the aging pressures are less pronounced in Australia than in many other advanced economies and calculates that the total amount of government assistance to retirement incomes in the form of the Age Pension and tax concessions for private pensions is unlikely to exceed 6 percent of GDP by 2050, below the current share in many other advanced economies. The legislated increase in the contribution rate to the superannuation scheme to 12 percent from 9 percent of earnings by 2019 will further reduce the pressure on the means-tested Age Pension in the long term.

The coverage of the superannuation pension is very wide but some groups are excluded, chiefly those earning less than $A 450 a month and the self-employed. However, about one-third of the self-employed make contributions on a voluntary basis, partly driven by the availability of tax concessions. Clare identifies a number of equity-related issues with the superannuation pension, including that it is not yet mature enough to deliver a comfortable standard of living in retirement for most individuals and that members generally draw down a large part of their pension assets as a lump sum. Clare argues that the remaining pension fund assets might be insufficient to provide adequate income streams in retirement.

According to Clare, addressing this lack of adequate retirement income is also the main future policy challenge. Dealing with it could make the pension system more equitable. Clare proposes a number of measures to widen coverage. First, employers should also make superannuation contributions for those earning less than $A 450 per month, which would mainly benefit women and would only add modestly to business costs and to the Australian budget. Second, mandatory superannuation should be extended to the self-employed. Third, superannuation contributions should also be made while an individual is on paid parental leave, which currently does not occur. Again, this measure would mainly benefit women. Finally, current pension arrangements and administrative requirements should be adapted to the needs of the indigenous Australian population, which currently has a much lower coverage rate than the population at large.

Park and Estrada, in Chapter 14, review eight East and Southeast Asian countries’ pension systems. The expected demographic shift—caused by both longer life expectancy and declining fertility rates— and the changes in family-based old-age support will require a marked policy response from government. Currently, the pension systems of all eight countries are managed by the government— although the basic structures of the pension systems for formal-sector workers are far from uniform. The pension systems of China, Indonesia, Malaysia, and Singapore are defined-contribution or notional defined-contribution plans, whereas those of Korea, the Philippines, Thailand, and Vietnam are defined benefit. Defined-contribution systems are generally prefunded while defined-benefit systems are not. The structure of China’s pension system combines a defined-benefit pillar with another pillar consisting of defined-contribution and notional defined-contribution schemes. Among the eight countries, ignoring the broader social safety nets, the pension systems of only three countries explicitly redistribute income.

In the authors’ view, pension systems need to meet five requirements: reliable collection of contributions; timely and accurate benefit payments; high-quality investment of pension assets; accurate data and record-keeping mechanisms; and reliable financial statements and reports that promote better governance, fiduciary responsibility, transparency, and accountability. However, many Asian pension systems fail to perform well, partly as a result of design shortcomings—limitations of adequacy, affordability, robustness, sustainability, and equity—and partly because they do not effectively perform the five core functions of pension systems. This latter issue is attributable to high transaction costs and weak governance.

A major equity-related issue in the eight countries reviewed is coverage: access to pension systems tends to be skewed toward urban areas and the formal sector. For example, it is estimated that fewer than 10 percent of rural workers in China have pension coverage. Rural-to-urban migration is also aggravating the problem of low coverage because migrant workers tend to find informal employment. The limited coverage of rural and informal-sector workers reflects the high administrative costs of https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 12/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

reaching them and the limited institutional capacity of Asian pension systems. Pension coverage is also higher for government workers than for private sector workers throughout the region.

The pension-related needs and capacities of Asian countries vary greatly. Park and Estrada, however, identify common region-wide issues that need to be addressed in the course of pension reform. Strengthening institutional capacity is crucial, especially in poorer countries such as China, Indonesia, and Vietnam. Appropriate governance and regulation are needed for better accounting, more rigorous financial controls, and more effective disclosure to stakeholders. Current regulatory structures for pensions are weak in Asia. Expanding coverage should be a cornerstone of reform in the countries covered by the chapter: even in richer economies such as Korea and Malaysia, coverage is far from universal. Financial sustainability will only be maintained in countries with defined-benefit regimes if parametric adjustments are introduced (i.e., raising the retirement age, raising the contribution rate, or implementing benefit indexation and adjusting accrual factors). In countries with defined-contribution schemes, governments will need to liberalize investment rules and permit switching out of public debt instruments to increase returns on assets. Governments will also need to focus on protecting the elderly poor, given the large number of the lifetime poor—in some Asian countries reaching 30 percent of the labor force—who do not participate in formal pension systems. The resulting poverty and social and political tensions may lead to instability and hamper growth. Therefore, Park and Estrada argue, the case for urgent pension reform in Asia is as much social as economic.

According to Zuo in Chapter 15, one of the key challenges facing China, in light of increasing income disparity and rapid aging, is how to reform the country’s pension system to enhance its equity, efficiency (for example, dealing with labor market mobility), and financial sustainability. In the first section, Zuo describes how China’s public pension system has undergone a series of reforms since 1990, focusing first on pensions for urban workers between 1990 and the beginning of this century, and then more recently on pensions for rural and urban residents, many of whom had no access to pensions in the past. Zuo argues that the single biggest factor shaping the development of the pension system will be demographic change, with the country’s population set to decline and age rapidly. The pension system faces other challenges, too, including dealing with the high degree of fragmentation by locality and by social group, and the huge disparities in benefit generosity across the thousands of existing schemes. These issues raise concerns about the equity, efficiency, and sustainability of the system.

To achieve more equitable and adequate retirement incomes in the future, Zuo proposes a new, five- pillar pension system based on the existing three-pillar system. Crucially, the existing system should be complemented by a noncontributory or zero pillar pension for all elderly people (which would be universal rather than means tested). In addition, the existing first pillar should be organized nationally to eliminate the current fragmentation, and financed by a contribution rate that is lower than the current rate. This lower rate would increase compliance. Zuo also suggests that management of the existing individual savings accounts (the second and third pillars) should be transferred from local governments to licensed pension asset management firms. To address the current issue of low, or even negative, real returns on investment, these firms would be allowed to invest widely, both domestically and abroad. Management costs would be reduced through competition. The final pillar would be traditional familial support to the elderly.

Chapter 16 discusses India’s pension system. According to Swarup, more than 88 percent of India’s workforce currently is not covered by formal pension arrangements, while a large portion of the remaining 12 percent participate in unfunded defined-benefit schemes. The author identifies coverage, sustainability, adequacy, and social acceptance as the system’s greatest problems. The New Pension System is a significant step toward addressing the latter problem, but its expansion could help extend coverage. However, broadening coverage will encounter daunting challenges: low per capita income will require that workers, especially informal and rural workers, be offered strong incentives to contribute. The inclusion of women will also present difficulties given their low labor force participation rates and socioeconomic status. With regard to sustainability, financing the pension liability of the already underfunded or partially funded schemes is likely to cause fiscal stress for the next two or three decades. Parametric changes will, therefore, become necessary for effective and efficient discharge of this liability. Social acceptance, built on trust, will also be crucial if the expansion of the new pension scheme is to succeed.

Swarup offers advice on the most important issues that the reform process will need to address. First, he calls for a comprehensive, inclusive, and equitable reform strategy that clearly defines the pension system’s objectives, including the targeted coverage, average and minimum replacement ratios, the extent of the mandate, and the strategy for dealing with elderly people without pension savings or entitlements. Second, the author emphasizes the importance of extending the New Pension System and promoting portability across existing schemes to improve labor market flexibility. Third, the reform will also need to address governance issues in occupational pension schemes to improve their investment performance and the quality of administration, and to promote the use of financial products that provide coverage against longevity risk.

Indonesia, as described by Muliati and Wiener in Chapter 17, operates a fragmented pension system that only covers about 12 percent of the labor force. In addition to low coverage, the system’s adequacy is also questionable: civil service pensions are relatively low, especially for midlevel and high-ranking personnel, while benefits from the general social insurance system are often taken early and as lump- sum payments that do not provide protection against longevity risk. The authors discuss the current reform, which aims to provide higher coverage, unified administration, more transparent governance (including the clear separation of reserves and assets belonging to the newly established administrator), as well as modern administrative procedures ensuring better reporting and collection compliance. They also draw attention to shortcomings that may need to be addressed.

The authors identify two equity issues with the current reform proposal: First, it is unlikely that coverage can be significantly expanded in the informal sector unless proper incentives are provided to participate. Second, with regard to adequacy, the rules of the scheme—including targeted replacement rates and contributions that would support them—are not yet defined and will require policy decisions. The reformed system will also need to address women’s participation rates and benefit levels, recognizing https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 13/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

that defined-benefit arrangements are better suited to providing redistribution to improve women’s welfare in old age. The governance structure of the new system will also need further improvements to clarify regulatory and supervisory functions. Business processes, including contribution collection, will need to be modernized.

In Chapter 18, Volskis argues that the economic crisis has created new challenges for Latvia’s multipillar pension system. Following the collapse of the Soviet Union in the early 1990s and Latvia’s subsequent independence, the government embarked on a comprehensive pension reform process, culminating in the introduction of a first pillar PAYG (“solidarity”) pension system involving notional defined contributions in 1996—making Latvia the first country in the world to do so. Alongside this, a second pillar based on mandatory funded defined contributions was also introduced, with the total contribution rate of 20 percent initially split 18:2 between the two pillars. The new system was set up to deal flexibly with a number of growing demographic challenges and changes in the labor and capital markets.

Volskis argues that the system has generally been successful, with second pillar participation rates and contributions increasing steadily since 2000, the latter also the result of an increase in the contribution rate going to that pillar from 2 percent to 8 percent by 2008. But challenges remain and new ones have arisen as a result of the global economic and financial crisis. A key concern is that the existing pension system might not be sustainable after all. The sharp increase in the unemployment rate as a result of the crisis undermined the contribution base for the first pillar, while the second pillar has been plagued by unacceptably high administrative costs and the regulator’s restriction to invest pension funds in domestic long-term real economy projects, lowering potential returns. Another concern, expressed strongly by the pension fund industry, is that the decision during the crisis to cut the contribution rate for the second pillar back to 2 percent will make it much more difficult for the second pillar to generate the targeted replacement rates.

Volskis suggests a number of reform options for dealing with these challenges. First, he argues that investment restrictions should be lifted, which would help industry generate the long-term, stable returns it needs to deliver adequate replacement rates. Second, management fees ought to be reduced. Third, the authorities should help the unemployed re-enter the labor market rather than offer social support programs. In addition to helping reduce future income inequalities, labor market participation is crucial to building up long-term pension entitlements and assets in the first and second pillars, which, in turn, are fundamental to generating adequate retirement incomes in the future.

Eich, Gust, and Soto assess whether Russia’s pension system is sustainable and equitable in Chapter 19. The pension system is based on three pillars, comprising (1) a flat (basic) amount financed on a PAYG basis; (2) notional defined contributions, again financed on a PAYG basis; and (3) funded defined contributions. Coverage for the basic pension is almost universal. The system is funded by payroll contributions and transfers from the federal budget. A key characteristic of the Russian public pension system is the relatively low statutory and effective retirement age: men can claim a full old-age pension at age 60 and women at 55 (even though women have substantially higher life expectancy at age 60). In reality, many individuals retire even earlier, taking advantage of numerous early retirement options. For the authors, the existence of preferential retirement ages is the most prominent equity issue in the Russian pension system.

Looking forward, Eich, Gust, and Soto argue that the key challenges facing Russia’s pension system are how to ensure adequate incomes in retirement and reasonable funding burdens while maintaining long- term sustainability. As elsewhere, Russia’s population is aging. Assuming unchanged replacement rates, the authors project public pension spending to increase from about 9 percent of GDP today to 12.3 percent by 2030 and 16.3 percent by 2050. The authors consider three reform options for dealing with this increasing pension spending: reducing benefit generosity, curtailing eligibility, and increasing revenue. They find that curtailing eligibility—by increasing the statutory retirement age and by closing down early retirement options—could help to dampen future public spending growth. At a minimum, equalizing the male and female statutory retirement age should be considered, but further increases, for example, to 63 years by 2030 for both men and women, would be required to dampen future spending growth markedly. Raising the statutory retirement age further, to 65 years by 2050, would nearly stabilize spending at the 2010 level. Although a reduction in benefit generosity could also help brake future spending growth, the authors argue that the reduction or even elimination of preferential retirement ages would be the most equitable way for the pension system to play its role in returning Russian public finances to a long-term sustainable path.

In Chapter 20, Pereira discusses the current position of the Brazilian public pension system and the impact on savings, growth, and intergenerational equity of recent and planned reforms. Pension spending in Brazil is very high by international standards, considering the relative youth of the Brazilian population. As a consequence of fairly generous replacement ratios, low average retirement ages, and indexation rules, the public schemes run a combined deficit of approximately 3 percent of GDP. The pension system faces a funding gap of close to 25 percent of today’s GDP for the next 20 years, rising to 100 percent through 2050.

The 2012 reform introduced a defined-contribution pillar to the public sector pension scheme and set benefit and contribution rules for newly hired civil servants at the level of those in the private sector pension scheme. During the reform’s implementation, a transition deficit will be generated (of approximately 0.1 percent of GDP) because of the diversion of part of the PAYG revenues to individual funded accounts. The author argues that although the reform is welcome from a systemic point of view, its macroeconomic consequences will be determined by the manner in which the transition deficit is financed (incremental debt or government savings).

The author also points out the need for further parametric changes (such as increasing the effective retirement age, reducing average replacement rates for both old-age and survivor pensions , revising the indexation of the minimum pension, and adjusting benefits to life expectancy at retirement) to improve the system’s sustainability and promote private savings and labor supply.

References https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 14/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

Barr, Nicholas, and PeterDiamond,2008, Principles and Policy Choices (New York: Oxford University Press). Search Google Scholar Export citation Barrand, P., S. Ross, and G. Harrison,2004, “Integrating a Unified Revenue Administration for Tax and Social Contribution Collections: Experiences of Central and Eastern European Countries,” IMF Working Paper 04/237(Washington: International Monetary Fund). Search Google Scholar Export citation Buiter, Willem H.,1983, “Measurement of the Public Sector Deficit and Its Implications for Policy Evaluation and Design,” IMF Staff Papers, Vol. 30, pp. 306–49. Search Google Scholar Export citation Clements, Benedict, DavidCoady, and SanjeevGupta,eds., 2012, The Economics of Public Health Care Reform in Advanced and Emerging Economies (Washington: International Monetary Fund). Search Google Scholar Export citation Disney, Richard,2004, “Are Contributions to Public Pension Programmes a Tax on Employment?” Economic Policy, Vol. 19, No, 39, pp. 267–311. DOI: 10.1111/j.1468-0327.2004.00124.x Search Google Scholar Export citation Eich, Frank,2009, “Public Sector Pensions : Rationale and International Experiences” (London: Pension Corporation Research). Search Google Scholar Export citation European Commission, 2008, “Privately Managed Funded Pension Provision and Their Contribution to Adequate and Sustainable Pensions ” (Brussels). Search Google Scholar Export citation European Commission, 2012, The 2012 Ageing Report—Economic and Budgetary Projections for the 27 EU Member States (2010–2060) (Brussels). Search Google Scholar Export citation Falk, Jim,1993, Social Equity and the Urban Environment, Australian Government Pub. Service. Search Google Scholar Export citation Holzmann, Robert, DavidA. Robalino, and NoriyukiTakayama,eds., 2009, Closing the Coverage Gap: The Role of Social Pensions and Other Retirement Income Transfers (Washington: World Bank). DOI: 10.1596/978-0-8213-7971-4 Search Google Scholar Export citation Impavido, Gregorio,2002, “On the Governance of Public Pension Fund Management,” Policy Research Working Paper No. 2878 (Washington: World Bank). Search Google Scholar Export citation International Monetary Fund, 2010, Fiscal Monitor: Navigating Fiscal Challenges Ahead, May (Washington). Search Google Scholar Export citation International Monetary Fund, 2012, Fiscal Monitor: Taking Stock—A Progress Report on Fiscal Adjustment,October (Washington). Search Google Scholar Export citation Istituto per la Ricerca Sociale and Fondazione Brodolini, 2011, “The Socio-Economic Impact of Pension Systems on the Respective Situations of Women and Men and the Effects of Recent Trends in Pension Reforms,” Prepared for the European Commission (Milan, Istituto per la Ricerca Sociale, and Rome, Fondazione Brodolini). Search Google Scholar Export citation Kaplow, Louis,2000, “Horizontal Equity: New Measures, Unclear Principles,” NBER Working Paper No. 7649(Cambridge, Massachusetts: National Bureau of Economic Research). Search Google Scholar Export citation Karam, Phillip, DirkMuir, JoanaPereira, and AnitaTuladhar,2011, “Beyond Retirees,” Finance and Development, Vol. 48, No. 2. Search Google Scholar Export citation Leon, David A.,2011, “Trends in European Life Expectancy: A Salutary View,” International Journal of Epidemiology, Vol. 40, No. 2, pp. 271–77 (online only). DOI: 10.1093/ije/dyr061 Search Google Scholar Export citation Levy, Santiago,2008, Good Intentions, Bad Outcomes: Social Policy, Informality, and Economic Growth in Mexico(Washington: Brookings Institution). Search Google Scholar Export citation Levy, Santiago, and NorbertSchady,2013, “Latin America’s Social Policy Challenge: Education, Social Insurance, Redistribution,” Journal of Economic Perspectives, Vol. 27, No. 2, pp. 193– 218. DOI: 10.1257/jep.27.2.193 Search Google Scholar Export citation McDaniel, Paul R., and James R. Repetti,1993, “Horizontal and Vertical Equity: The Musgrave/Kaplow Exchange,” Florida Tax Review, Vol. 1, No. 10. Search Google Scholar Export citation Munnell, Alicia H., MauricioSoto, and AlexGolub-Sass,2008, “Will People Be Healthy Enough to Work Longer?”Working Papers, Center for Retirement Research at Boston College. https://www.elibrary.imf.org/page/equitable-pensions-excerpt?redirect=true 15/17 8/3/2019 Equitable and Sustainable Pensions : Challenges and Experience [excerpt]:

Search Google Scholar Export citation National Research Council, 2011, “Explaining Divergent Levels of Longevity in High-Income Countries,” in Panel on Understanding Divergent Trends in Longevity in High-Income Countries, ed. by E.M. Crimmins, S.H. Preston, and B. Cohen (Washington: National Academies Press). Search Google Scholar Export citation Organization for Economic Cooperation and Development (OECD), 2006, Live Longer, WorkLonger: A Synthesis Report (Paris). Search Google Scholar Export citation Palacios, Robert, and EdwardWhitehouse,2006, “Civil-Service Pension Schemes around the World,” World Bank Social Protection Discussion Paper No. 0602 (Washington: World Bank). Search Google Scholar Export citation Queisser, Monika, and EdwardWhitehouse,2006, “Neutral or Fair? Actuarial Concepts and Pension System Design,” OECD Social, Employment and Migration Working Paper No. 40 (Paris: Organization for Economic Cooperation and Development). DOI: 10.1787/351382456457 Search Google Scholar Export citation Soto, Mauricio, BenedictClements, and FrankEich,2011, “A Fiscal Indicator for Assessing First and Second Pillar Pension Reforms,” IMF Staff Discussion Note 11/09 (Washington: International Monetary Fund). Search Google Scholar Export citation Thurley, Djuna,2013, “ Pensions : Civil Partnerships and Same Sex Marriages,” Standard Note 03035 (London:House of Commons Library). www.parliament.uk/briefing-papers/SN03035.pdf. Search Google Scholar Export citation United Nations,2013, World Population Prospects (New York). Search Google Scholar Export citation Waldron, Hilary,2007, “Trends in Mortality Differentials and Life Expectancy for Male Social Security– Covered Workers, by Average Relative Earnings,” ORES Working Paper No. 108 (Washington: Office of Research, Evaluation, and Statistics, U.S. Social Security Administration). Search Google Scholar Export citation World Bank,2006, Pension Reform and the Development of Pension Systems—An Evaluation of World Bank Assistance (Washington: Independent Evaluation Group, World Bank).www.worldbank.org/ieg/ pensions /dpcuments/ pensions _evaluation.pdf. Search Google Scholar Export citation

1 Pension arrangements for public sector workers vary widely across countries, with different implications for labor market mobility across sectors (Palacios and Whitehouse, 2006; Eich, 2009). 2 Pension liabilities may be measured in different ways. All measures include the value of expected benefit payments to people who are already retired. Accrued-to-date liabilities also cover the expected value of pensions earned, that is, benefits based on service time already accumulated and contributions paid up to the time of measurement. If future benefits based on future contributions are included (but only for people already in the labor force), this measure is usually referred to as a closed-group liability, whereas the inclusion of new labor force entrants (and generations yet unborn) result in an open-group liability (Barr and Diamond, 2008). 3 The internal rate of return on contributions is the interest rate that equates the value of total contributions over the work life to total expected benefits at the time of retirement. 4 One example of a pension arrangement that would violate horizontal equity is a defined-benefit pension based on final salary. In such a system, two individuals with the same lifetime average earnings and hence lifetime contributions would be entitled to different benefits if their wage progressions followed different paths with one individual having a higher final salary than the other. 5 Actuarial fairness requires that the present value of lifetime contributions equals the present value of expected lifetime benefits. 6 The effectiveness of this measure is determined by how the retirement age increase affects lifetime contribution revenues and benefits. 7 Large regional differences exist across countries, not only for life expectancy at retirement but for the speed and even the direction of changes in life expectancy (Leon, 2011). In Russia, for instance, average life expectancy has declined since the 1990s. 8 In the United States, life expectancy at 65 increased by five years for people in the top half of the earnings distribution between 1982 and 2006, whereas the increase was only one year for those in the bottom half (Waldron, 2007). 9 Longer benefit assessment periods can also reduce the dispersion of benefits in a defined-benefit scheme that come from lifetime earning differentials: benefits based on lifetime average earnings are a fairer reflection of the lifetime earnings differential than final salary pension schemes. In general, the shorter and closer to retirement the assessment periods are, the more distortional the benefit assessment rules tend to be. 10 This is one way in which defined-benefit civil service pension schemes could become underfunded, if the government replaces reserves with explicit guarantees. 11 For blind accounts, service providers do not know their clients and cannot, therefore, target them with marketing campaigns or direct agents to particular groups of pension scheme members. In Sweden, individual accounts are administered centrally and asset managers compete for segments of the portfolio and not for individuals.

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How to Improve » Across the Chasm Aim 6: Health Care Must MORE ON THIS TOPIC Be Equitable A Six-Country Collaborative Quality Measures » Improvement Initiative to Improve Nutrition and Decrease Mother-to-Child Changes » Information for this feature story was obtained from the IHI Calls to Action series, Transmission of HIV » Implementing the Quality Chasm Report. The Answer to Culture Change: Everyday

Improvement Management Tactics » Stories One of the most painful weaknesses of the health care system is its failure to provide care of equal quality to everyone, regardless of race, age, gender, ethnicity, income, View All » Tools » geographic location, or any other demographic detail. That’s why equity is one of the “Aims for Improvement” in the Institute of Medicine’s 2001 report, Crossing the Quality Publications » FEATURED CONTENT Chasm: A New Health System for the 21st Century, which describes the immense IHI White Papers » divide between what we know to be good health care and the health care that people Across the Chasm Aim #1: Health Care actually receive. Must Be Safe » Case Studies » Across the Chasm Aim #2: Health Care If one measure of a society’s success is how it treats its members who are most in Must Be Effective » Audio and Video » need, many countries — including those considered to be “developed” — have Across the Chasm Aim #3: Health Care Must Be Patient-Centered » Presentations » achieved precious little success. In the United States, for instance, the life expectancy of a black child in Baltimore, Maryland, is seven years shorter than that of a white child Across the Chasm Aim #4: Health Care Posterboards » in the same city. “It’s not an overstatement to say that the health care delivery system Should Be Timely » doesn’t consistently provide high-quality care. Or said another way, many people simply Across the Chasm Aim 5: Health Care Must Other Websites » do not benefit from what medicine has to offer,” says William C. Richardson, PhD, chair Be Efficient » of the committee that produced the Chasm report. Monetary expense is often cited as Across the Chasm: Six Aims for Changing the primary barrier to equal care, perhaps in part because so many improvement the Health Care System » initiatives focus on high-tech changes (information technology, computerization of Crossing the Quality Chasm: A New Health processes, and the like). But very often, low-tech changes can do a lot to improve System for the 21st Century » access and care. Many of the concepts and methods to improve access, patient flow, and care management can be successfully adapted to all patient care settings, even those with the fewest material resources.

“Inequity is un-quality,” says Donald M. Berwick, MD, MPP, former President and Chief Executive Officer of the Institute for Healthcare Improvement and one of the Chasm report’s architects. “A system, such as ours today, which continues to house racial and ethnic gaps in health status cannot be called in its essence a high-quality system.” Equity is about consistency across all settings and all nations. It requires nothing less than a commitment to a single standard of quality and excellence for all patients, in all corners of the global health care system.

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Selected Entity Name: EQUITABLE CO-OPERATIVE FIRE INSURANCE COMPANY OF NEW YORK COUNTY Selected Entity Status Information EQUITABLE CO-OPERATIVE FIRE INSURANCE COMPANY OF NEW YORK Current Entity Name: COUNTY DOS ID #: 17377 Initial DOS Filing JUNE 28, 1892 Date: County: NEW YORK Jurisdiction: NEW YORK Entity Type: DOMESTIC COOPERATIVE CORPORATION Current Entity ACTIVE Status:

Selected Entity Address Information DOS Process (Address to which DOS will mail process if accepted on behalf of the entity) NONE Registered Agent NONE

This office does not record information regarding the names and addresses of officers, shareholders or directors of nonprofessional corporations except the chief executive officer, if provided, which would be listed above. Professional corporations must include the name(s) and address(es) of the initial officers, directors, and shareholders in the initial certificate of incorporation, however this information is not recorded and only available by viewing the certificate. https://appext20.dos.ny.gov/corp_public/CORPSEARCH.ENTITY_INFORMATION?p_token=FA4BE442DFB593F6C7DDC716FDDF0806739E8B3BD… 1/2 8/3/2019 Entity Information *Stock Information

# of Shares Type of Stock $ Value per Share No Information Available

*Stock information is applicable to domestic business corporations.

Name History

Name Filing Date Entity Name Type JUN 28, EQUITABLE CO-OPERATIVE FIRE INSURANCE COMPANY OF NEW YORK Actual 1892 COUNTY

A Fictitious name must be used when the Actual name of a foreign entity is unavailable for use in New York State. The entity must use the fictitious name when conducting its activities or business in New York State.

NOTE: New York State does not issue organizational identification numbers.

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8/3/2019 Register Your Business Online | Maryland.gov

 Maryland Business Express

 Home  Log In / Create Account EQUITABLE INSURANCE AGENCY, INC.: D18939165

General Information Filing History Annual Report/Personal Property

Filing History

The items listed below are associated with this business.  – Click to view/print PDF (note: some items may not be available to view)  – Click to view comment associated with this item

Item Date/Time Filed Film Folio Pages

 ARTICLES OF INCORPORATION 7/2/2018 1:37:00 PM 7

 New Search Order Documents

Privacy and Security Policy || Accessibility Policy

FOR FILING AND BUSINESS RELATED QUESTIONS Maryland Department of Assessments & Taxation 410-767-1184 | Outside the Baltimore Metro Area: 888-246-5941 Maryland Relay: 800-735-2258

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 Maryland Business Express

 Home  Log In / Create Account EQUITABLE INSURANCE AGENCY: F00010967

General Information Filing History Annual Report/Personal Property

Filing History

The items listed below are associated with this business.  – Click to view/print PDF (note: some items may not be available to view)  – Click to view comment associated with this item

Item Date/Time Filed Film Folio Pages

 TERMINATION APPLICATION 7/2/2018 1:37:00 PM 2

REGISTRATION 3/22/1960 8:30:00 AM 0

 New Search Order Documents

Privacy and Security Policy || Accessibility Policy

FOR FILING AND BUSINESS RELATED QUESTIONS Maryland Department of Assessments & Taxation 410-767-1184 | Outside the Baltimore Metro Area: 888-246-5941 Maryland Relay: 800-735-2258

FOR TECHNICAL QUESTIONS AND SUPPORT NIC Maryland,, eGoveGov ServicesServices PartnerPartner ofof thethe Department of Information Technology (DoIT) andand

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NYS Department of State

Division of Corporations

Entity Information

The information contained in this database is current through August 2, 2019.

Selected Entity Name: EQUITABLE ADJUSTERS L.L.C. Selected Entity Status Information Current Entity Name: EQUITABLE ADJUSTERS L.L.C. DOS ID #: 2679848 Initial DOS Filing Date: SEPTEMBER 12, 2001 County: NASSAU Jurisdiction: NEW YORK Entity Type: DOMESTIC LIMITED LIABILITY COMPANY Current Entity Status: ACTIVE

Selected Entity Address Information DOS Process (Address to which DOS will mail process if accepted on behalf of the entity) EQUITABLE ADJUSTERS L.L.C. POST OFFICE BOX 277 ROSLYN, NEW YORK, 11576 Registered Agent NONE

This office does not require or maintain information regarding the names and addresses of members or managers of nonprofessional limited liability companies. Professional limited liability companies must include the name(s) and address(es) of the original members, however this information is not recorded and only available by viewing the certificate.

*Stock Information

# of Shares Type of Stock $ Value per Share https://appext20.dos.ny.gov/corp_public/CORPSEARCH.ENTITY_INFORMATION?p_token=FA4BE442DFB593F6C7DDC716FDDF0806739E8B3BD… 1/2 8/3/2019 Entity Information No Information Available

*Stock information is applicable to domestic business corporations.

Name History

Filing Date Name Type Entity Name SEP 12, 2001 Actual EQUITABLE ADJUSTERS L.L.C.

NOTE: New York State does not issue organizational identification numbers.

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Entity Summary Information

Select the buttons below to file or place an order.

To view Entity Details there will be a $5.00 EQUITABLE PLAN SERVICES, INC. charge and you will need to click on VIEW ENTITY DETAILS button at the bottom of the page. Details

If you are ordering documents such as a "Certificate of Good Standing" or "copies" you Filing Number: 1900433122 will need to click on the ORDER DOCUMENTS button at the bottom of the page. Name Type: Legal Name

If you are filing a legal document such as a Status: trade name, amendment, annual certificate, etc., OTC Suspension you will need to click on FILE A DOCUMENT button at the bottom of the page. Corp type: Domestic For Profit Business Corporation

Jurisdiction: Oklahoma

Formation Date: 28 May 1985

Registered Agent Information

Name: MICHAEL J. LISSAU

Effective: 7 Feb 2013

Address: 320 S. BOSTON AVENUE, SUITE 200

City, State , ZipCode: TULSA OK 74103 3708

View Entity Detail File a Document Order Documents New Search

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8/3/2019 Detail by Entity Name

Florida Department of State DIVISION OF CORPORATIONS

Department of State / Division of Corporations / Search Records / Detail By Document Number /

Detail by Entity Name Florida Profit Corporation EQUITABLE CLAIMS ADJUSTERS, CORP Filing Information Document Number P06000074427 FEI/EIN Number 65-1283974 Date Filed 05/30/2006 Effective Date 05/28/2006 State FL Status ACTIVE Principal Address ROBERT ORTEGA 8360 SW 45 STREET MIAMI, FL 33155 Mailing Address ROBERT ORTEGA 8360 SW 45 STREET MIAMI, FL 33155 Registered Agent Name & Address ORTEGA, ROBERT 8360 SW 45 ST MIAMI, FL 33155

Address Changed: 05/17/2007 Officer/Director Detail Name & Address

Title P

ORTEGA, ROBERT 8360 SW 45 ST MIAMI, FL 33155

Annual Reports

Report Year Filed Date 2017 04/21/2017 2018 03/07/2018 2019 02/07/2019 search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=Initial&searchNameOrder=EQUITABLECLA… 1/2 8/3/2019 Detail by Entity Name

Document Images

02/07/2019 -- ANNUAL REPORT View image in PDF format

03/07/2018 -- ANNUAL REPORT View image in PDF format

04/21/2017 -- ANNUAL REPORT View image in PDF format

02/16/2016 -- ANNUAL REPORT View image in PDF format

03/19/2015 -- ANNUAL REPORT View image in PDF format

04/29/2014 -- ANNUAL REPORT View image in PDF format

04/24/2013 -- ANNUAL REPORT View image in PDF format

03/30/2012 -- ANNUAL REPORT View image in PDF format

04/20/2011 -- ANNUAL REPORT View image in PDF format

02/17/2010 -- ANNUAL REPORT View image in PDF format

01/29/2009 -- ANNUAL REPORT View image in PDF format

03/21/2008 -- ANNUAL REPORT View image in PDF format

05/17/2007 -- ANNUAL REPORT View image in PDF format

05/30/2006 -- Domestic Profit View image in PDF format

Florida Department of State, Division of Corporations

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Florida Department of State DIVISION OF CORPORATIONS

Department of State / Division of Corporations / Search Records / Detail By Document Number /

Detail by Entity Name Florida Profit Corporation EQUITABLE APPRAISAL & ADJUSTMENT SERVICES, INC. Filing Information Document Number P04000147414 FEI/EIN Number 51-0527893 Date Filed 10/27/2004 State FL Status ACTIVE Last Event REINSTATEMENT Event Date Filed 01/17/2011 Principal Address 4530 Pine Tree Drive Boynton Beach, FL 33436

Changed: 01/10/2014 Mailing Address 4530 Pine Tree Drive Boynton Beach, FL 33436

Changed: 01/10/2014 Registered Agent Name & Address PISCIOTTO, LEONARD JR 4530 Pine Tree Drive Boynton Beach, FL 33436

Name Changed: 07/13/2012

Address Changed: 01/10/2014 Officer/Director Detail Name & Address

Title PSTD

PISCIOTTO, LEONARD JR 4530 Pine Tree Drive Boynton Beach, FL 33436

search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=Initial&searchNameOrder=EQUITABLEAPP… 1/2 8/3/2019 Detail by Entity Name Annual Reports

Report Year Filed Date 2017 02/01/2017 2018 02/04/2018 2019 02/07/2019

Document Images

02/07/2019 -- ANNUAL REPORT View image in PDF format

02/04/2018 -- ANNUAL REPORT View image in PDF format

02/01/2017 -- ANNUAL REPORT View image in PDF format

01/21/2016 -- ANNUAL REPORT View image in PDF format

01/11/2015 -- ANNUAL REPORT View image in PDF format

01/10/2014 -- ANNUAL REPORT View image in PDF format

01/27/2013 -- ANNUAL REPORT View image in PDF format

07/13/2012 -- ANNUAL REPORT View image in PDF format

01/06/2012 -- ANNUAL REPORT View image in PDF format

01/17/2011 -- REINSTATEMENT View image in PDF format

01/06/2009 -- ANNUAL REPORT View image in PDF format

01/09/2008 -- ANNUAL REPORT View image in PDF format

01/10/2007 -- ANNUAL REPORT View image in PDF format

03/06/2006 -- ANNUAL REPORT View image in PDF format

07/29/2005 -- ANNUAL REPORT View image in PDF format

10/27/2004 -- Domestic Profit View image in PDF format

Florida Department of State, Division of Corporations

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8/3/2019 North Carolina Secretary of State Search Results

• Upload a PDF Filing • Order a Document Online • Add Entity to My Email Notification List • View Filings • Print a Pre-Populated Annual Report form

Business Corporation

Legal Name Equitable Financial Corporation

Information

SosId: 0048761 Status: Multiple Annual Report Status: Not Applicable Citizenship: Foreign Date Formed: 12/8/1976 State of Incorporation: MD Registered Agent: Not Listed

Addresses

Mailing 101 S. Tryon St. NC1-002 Charlotte, NC 28255

Officers

Stock

Class: 99 SEE CERT Shares: 0 Par Value 0

https://www.sosnc.gov/online_services/Search/Business_Registration_profile?Id=4785444 1/1 8/3/2019 Entity Information

NYS Department of State

Division of Corporations

Entity Information

The information contained in this database is current through August 2, 2019.

Selected Entity Name: EQUITABLE LEASING COMPANY INC. Selected Entity Status Information Current Entity Name: EQUITABLE LEASING COMPANY INC. DOS ID #: 3894052 Initial DOS Filing Date: DECEMBER 31, 2009 County: NEW YORK Jurisdiction: DELAWARE Entity Type: FOREIGN BUSINESS CORPORATION Current Entity Status: INACTIVE - Surrender of Authority (Feb 08, 2018)

Selected Entity Address Information DOS Process (Address to which DOS will mail process if accepted on behalf of the entity) EQUITABLE LEASING COMPANY INC. 8670 WEST CHEYENNE AVE SUITE 120 LAS VEGAS, NEVADA, 89129 Chief Executive Officer JOEL MALLIN 160 GREENTREE DRIVE STE 101 DOVER, DELAWARE, 19904 Principal Executive Office EQUITABLE LEASING COMPANY INC. 160 GREENTREE DRIVE STE 101 DOVER, DELAWARE, 19904 Registered Agent NONE

https://appext20.dos.ny.gov/corp_public/CORPSEARCH.ENTITY_INFORMATION?p_token=5E326C31E35731B5D88EB70B99B87A48021872DEB2B… 1/2 8/3/2019 Entity Information This office does not record information regarding the names and addresses of officers, shareholders or directors of nonprofessional corporations except the chief executive officer, if provided, which would be listed above. Professional corporations must include the name(s) and address(es) of the initial officers, directors, and shareholders in the initial certificate of incorporation, however this information is not recorded and only available by viewing the certificate.

*Stock Information

# of Shares Type of Stock $ Value per Share No Information Available

*Stock information is applicable to domestic business corporations.

Name History

Filing Date Name Type Entity Name DEC 31, 2009 Actual EQUITABLE LEASING COMPANY INC.

NOTE: New York State does not issue organizational identification numbers.

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Back

Business Information

Business Details Business Name: EQUITABLE HOUSING, INC. Business ID: 0110286 File #: V52511 Business Type: Domestic Profit Corporation Business Status: Active

Date of Incorporation / 06/14/1993 Registration Date: Business Description: REAL ESTATE DEVELOPMENT Fiscal Year Month: 9 Principal Office Business 13-1 PEACHTREE LANE, Principal Office Mailing 13-1 PEACHTREE LANE, Address: COLCHESTER, VT, 05446, Address: COLCHESTER, VT, 05446, USA USA Citizenship / Domestic Domestic/VT Last Annual Report Year: 2018 Jurisdiction: Last Report Filed: 10/23/2018 Next Filing Due Date: 10/01/2019

Principals Information

Name/Title: Physical Address:

BRUCE VENNER /President 13-1 PEACHTREE LANE, COLCHESTER, VT, 05446, USA LILLIAN VENNER /Vice President 13-1 PEACHTREE LANE, COLCHESTER, VT, 05446, USA Patrick G. Kearney/Secretary 13-1 Peachtree Lane, Colchester, VT, 05446, USA View All Principals(4)

Registered Agent Information

Name: BRUCE T VENNER

Physical Address: 13-1 PEACHTREE LANE, COLCHESTER, VT, 05446, USA

Mailing Address: 13-1 PEACHTREE LANE, COLCHESTER, VT, 05446, USA

Agent Type: Individual Person

Trade Name Information No Trade Name(s) associated to this business.

Back Filing History Name History Shares Return to Search

https://www.vtsosonline.com/online/BusinessInquire/BusinessInformation?businessID=110286 1/1

Order Details

Order Details Mark Searched EQUITABLE

Goods INSURANCE SERVICES; FINANCIAL SERVICES

Order Date 02-AUG-2019

Order Nr 342831611

Exhibit E Full Text Record(s)

EQUITABLE CENTER LLC Business Names BUS-239

Citation EQUITABLE CENTER LLC

Source Business Names

Name EQUITABLE CENTER LLC

Address 4554 CALIFORNIA AVE SW SEATTLE, WA 98116-4111

Phone 206-382-2909

Sales Volume $451,238 ESTIMATE

Year Started 1975

Employees Total 5

Employees Here 2

Legal Status Proprietorship

D-U-N-S® Number 083363739-D&B

URL http://www.equitablecenter.com

Line Of Business NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 65120100 COMMERCIAL AND INDUSTRIAL BUILDING OPERATION

Page 2 EQUITABLE CENTER LLC Business Names BUS-240

Citation EQUITABLE CENTER LLC

Source Business Names

Name EQUITABLE CENTER LLC

Address 530 CENTER ST NE STE 110 SALEM, OR 97301-3761

Phone 503-399-1191

Employees Here 3

D-U-N-S® Number 092892090-D&B

URL http://www.equitablecenter.com

Line Of Business NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 65120100 COMMERCIAL AND INDUSTRIAL BUILDING OPERATION

Page 3 EQUITABLE SERVICE CORPORATION Business Names BUS-241

Citation EQUITABLE SERVICE CORPORATION

Source Business Names

Name EQUITABLE SERVICE CORPORATION

Address 130 MELROSE PL SAN ANTONIO, TX 78212-1972

Phone 210-824-5131

Sales Volume $1,206,269 ESTIMATE

Year Started 1961

Employees Total 20

Employees Here 20

Legal Status Corporation

D-U-N-S® Number 074600529-D&B

URL http://www.equitableservices.com

Line Of Business PROPERTY MANAGEMENT

SIC Code/Description 65310200 REAL ESTATE MANAGERS

Page 4 EQUITABLE EQUITIES, INC. Business Names BUS-242

Citation EQUITABLE EQUITIES, INC.

Source Business Names

Name EQUITABLE EQUITIES, INC.

Address 123 S BROAD ST PHILADELPHIA, PA 19109-1029

Phone 215-564-7800

Sales Volume $113,978 ESTIMATE

Year Started 2014

Employees Total 2

Employees Here 2

D-U-N-S® Number 079519022-D&B

Line Of Business OPEN-END MANAGEMENT INVESTMENT

SIC Code/Description 67220000 MANAGEMENT INVESTMENT, OPEN-END

Page 5 EQUITABLE EQUITIES INCORPORATED Business Names BUS-243

Citation EQUITABLE EQUITIES INCORPORATED

Source Business Names

Name EQUITABLE EQUITIES INCORPORATED

Address 199 LAKEVIEW AVE LYNBROOK, NY 11563-1923

Phone 516-887-3114

Sales Volume $118,784 ESTIMATE

Year Started 2014

Employees Total 2

Employees Here 2

D-U-N-S® Number 048365892-D&B

Line Of Business OPEN-END MANAGEMENT INVESTMENT

SIC Code/Description 67220000 MANAGEMENT INVESTMENT, OPEN-END

Page 6 EQUITABLE APPRAISING; and EQUITABLE APPRAISING Business Names BUS-244

Citation EQUITABLE APPRAISING; and EQUITABLE APPRAISING

Source Business Names

Name EQUITABLE APPRAISING

Secondary Name EQUITABLE APPRAISING

Address 115 PONY CT CIRCLE PINES, MN 55014-9402

Phone 651-784-2542

Sales Volume $375,180 ESTIMATE

Year Started 2004

Employees Total 5

Employees Here 5

Legal Status Corporation

D-U-N-S® Number 192758394-D&B

URL http://www.facebook.com/equitableappraisinginc/

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65319901 APPRAISER, REAL ESTATE

Page 7 EQUITABLE BANK Business Names BUS-245

Citation EQUITABLE BANK

Source Business Names

Name EQUITABLE BANK

Address 113 N LOCUST ST GRAND ISLAND, NE 68801-6003

Phone 308-382-3136

Mailing Address P O BOX 160 GRAND ISLAND, NE 68802-0160

Sales Volume $12,860,000 ACTUAL

Year Started 1882

Employees Total 58

Employees Here 24

Legal Status Corporation

D-U-N-S® Number 078028354-D&B

URL http://www.equitableonline.com

Line Of Business SAVINGS INSTITUTION

SIC Code/Description 60369902 STATE SAVINGS BANKS, NOT FEDERALLY CHARTERED

Page 8 EQUITABLE BANK Business Names BUS-246

Citation EQUITABLE BANK

Source Business Names

Name EQUITABLE BANK

Address 2040 NE 163RD ST NORTH MIAMI B, FL 33162-4951

Phone 305-940-4050

Employees Here 3

D-U-N-S® Number 791730252-D&B

Line Of Business STATE COMMERCIAL BANK

SIC Code/Description 60220000 STATE COMMERCIAL BANKS

Page 9 EQUITABLE BANK Business Names BUS-248

Citation EQUITABLE BANK

Source Business Names

Name EQUITABLE BANK

Address 10855 W DODGE RD STE 110 OMAHA, NE 68154-2666

Phone 402-827-8100

Employees Here 6

D-U-N-S® Number 616266883-D&B

URL http://www.equitableonline.com

Line Of Business FEDERAL SAVINGS INSTITUTION

SIC Code/Description 60359901 FEDERAL SAVINGS AND LOAN ASSOCIATIONS

Page 10 EQUITABLE ESCROW Business Names BUS-251

Citation EQUITABLE ESCROW

Source Business Names

Name EQUITABLE ESCROW

Address 8388 E HARTFORD DR SCOTTSDALE, AZ 85255-7806

Phone 480-889-7000

Sales Volume $68,304 ESTIMATE

Year Started 2018

Employees Total 2

Employees Here 2

D-U-N-S® Number 097410530-D&B

URL http://www.equitableescrow.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310000 REAL ESTATE AGENTS AND MANAGERS

Page 11 EQUITABLE FINANCE Business Names BUS-252

Citation EQUITABLE FINANCE

Source Business Names

Name EQUITABLE FINANCE

Address 436 W ANTLER AVE REDMOND, OR 97756-1812

Phone 541-548-9117

Sales Volume $146,123 ESTIMATE

Year Started 2015

Employees Total 2

Employees Here 2

D-U-N-S® Number 091012578-D&B

URL http://www.equitablefinco.com

Line Of Business PERSONAL CREDIT INSTITUTION

SIC Code/Description 61410100 AUTOMOBILE AND CONSUMER FINANCE COMPANIES

Page 12 EQUITABLE MORTGAGE Business Names BUS-253

Citation EQUITABLE MORTGAGE

Source Business Names

Name EQUITABLE MORTGAGE

Address 209 MAIN ST FESTUS, MO 63028-1906

Phone 636-931-5773

Sales Volume $156,850 ESTIMATE

Year Started 2006

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 785519922-D&B

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61620000 MORTGAGE BANKERS AND LOAN CORRESPONDENTS

Page 13 EQUITABLE MORTGAGE Business Names BUS-254

Citation EQUITABLE MORTGAGE

Source Business Names

Name EQUITABLE MORTGAGE

Address 4326 MESAVIEW LN FORT COLLINS, CO 80526-3377

Phone 970-419-3313

Sales Volume $119,840 ESTIMATE

Year Started 2018

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 024046536-D&B

Line Of Business LOAN BROKER

SIC Code/Description 61630000 LOAN BROKERS

Page 14 EQUITABLE PROPERTY Business Names BUS-255

Citation EQUITABLE PROPERTY

Source Business Names

Name EQUITABLE PROPERTY

Address 700 N SACRAMENTO BLVD CHICAGO, IL 60612-1046

Phone 773-722-9200

Sales Volume $133,555 ESTIMATE

Year Started 2010

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 018645425-D&B

Line Of Business NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 65120000 NONRESIDENTIAL BUILDING OPERATORS

Page 15 EQUITABLE REALTY Business Names BUS-256

Citation EQUITABLE REALTY

Source Business Names

Name EQUITABLE REALTY

Address 11840 ENTERPRISE DR AUBURN, CA 95603-3735

Phone 530-886-1414

Mailing Address P O BOX 432 AUBURN, CA 95604-0432

Sales Volume $622,204 ESTIMATE

Year Started 2007

Employees Total 5

Employees Here 5

D-U-N-S® Number 005106755-D&B

URL http://www.equitablepm.com

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61620000 MORTGAGE BANKERS AND LOAN CORRESPONDENTS

Page 16 EQUITABLE SOLUTIONS Business Names BUS-257

Citation EQUITABLE SOLUTIONS

Source Business Names

Name EQUITABLE SOLUTIONS

Address 4550 POST OAK PLACE DR HOUSTON, TX 77027-3142

Phone 713-599-1226

Sales Volume $121,273 ESTIMATE

Year Started 1997

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 100415210-D&B

Line Of Business MISC PERSONAL SERVICES LEGAL SERVICES OFFICE

SIC Code/Description 72991000 PERSONAL FINANCIAL SERVICES 81110000 LEGAL SERVICES

Page 17 EQUITABLE ACQUISITIONS Business Names BUS-258

Citation EQUITABLE ACQUISITIONS

Source Business Names

Name ROBERTA SCHLICHER

Secondary Name EQUITABLE ACQUISITIONS

Address 1234 E YALE AVE SALT LAKE CIT, UT 84105

Phone 801-230-9474

Sales Volume $59,620 ESTIMATE

Year Started 2014

Employees Total 1

Employees Here 1

Legal Status Proprietorship

D-U-N-S® Number 079397437-D&B

Line Of Business MANAGEMENT SERVICES, NSK

SIC Code/Description 87410100 BUSINESS MANAGEMENT 87419902 CONSTRUCTION MANAGEMENT 87420000 MANAGEMENT CONSULTING SERVICES 87110101 POLLUTION CONTROL ENGINEERING 87110400 CONSTRUCTION AND CIVIL ENGINEERING

Page 18 EQUITABLE BUILDING Business Names BUS-259

Citation EQUITABLE BUILDING

Source Business Names

Name EIB ACQUISITION, LLC

Secondary Name EQUITABLE BUILDING

Address 604 LOCUST ST STE 600 DES MOINES, IA 50309-3705

Phone 515-282-4020

Sales Volume $3,303,000 ESTIMATE

Year Started 1924

Employees Total 7

Employees Here 7

Legal Status Partnership

D-U-N-S® Number 859546145-D&B

Line Of Business NONRESIDENTIAL BUILDING OPERATOR REAL ESTATE AGENT/MANAGER

SIC Code/Description 65120100 COMMERCIAL AND INDUSTRIAL BUILDING OPERATION 65310000 REAL ESTATE AGENTS AND MANAGERS

Page 19 EQUITABLE MORTGAGE Business Names BUS-260

Citation EQUITABLE MORTGAGE

Source Business Names

Name RAE COLLEEN HILL

Secondary Name EQUITABLE MORTGAGE

Address 112 12TH ST BLACK EAGLE, MT 59414-1034

Phone 406-590-0820

Mailing Address P O BOX 55 BLACK EAGLE, MT 59414-0055

Sales Volume $182,601 ESTIMATE

Year Started 1996

Employees Total 1

Employees Here 1

Legal Status Proprietorship

D-U-N-S® Number 069262553-D&B

Line Of Business MORTGAGE BROKER

SIC Code/Description 61639904 MORTGAGE BROKERS ARRANGING FOR LOANS, USING MONEY OF OTHERS

Page 20 EQUITABLE CREATIONS LLC Business Names BUS-261

Citation EQUITABLE CREATIONS LLC

Source Business Names

Name EQUITABLE CREATIONS LLC

Address 3825 SILINA DR VIRGINIA BEAC, VA 23452-2207

Phone 757-770-3003

Sales Volume $750,000 ACTUAL

Year Started 2015

Employees Total 1

Employees Here 1

Legal Status Corporation

D-U-N-S® Number 079828312-D&B

Line Of Business CLOSED-END INVESTMENT OFFICE

SIC Code/Description 67260000 INVESTMENT OFFICES, NEC

Page 21 EQUITABLE MEXICO LLC Business Names BUS-262

Citation EQUITABLE MEXICO LLC

Source Business Names

Name EQUITABLE MEXICO LLC

Address 6239 E BROWN RD STE 105 MESA, AZ 85205-4933

Phone 480-861-9740

Sales Volume $186,527 ESTIMATE

Year Started 2012

Employees Total 2

Employees Here 2

D-U-N-S® Number 054297765-D&B

Line Of Business NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 65120000 NONRESIDENTIAL BUILDING OPERATORS

Page 22 EQUITABLE MORTGAGE & REALTY Business Names BUS-263

Citation EQUITABLE MORTGAGE & REALTY

Source Business Names

Name EQUITABLE MORTGAGE & REALTY

Address 3255 WILSHIRE BLVD LOS ANGELES, CA 90010-1421

Phone 213-344-4883

Sales Volume $119,840 ESTIMATE

Year Started 2018

Employees Total 2

Employees Here 2

D-U-N-S® Number 945662372-D&B

Line Of Business LOAN BROKER

SIC Code/Description 61630000 LOAN BROKERS

Page 23 EQUITABLE MORTGAGE ASSOC Business Names BUS-264

Citation EQUITABLE MORTGAGE ASSOC

Source Business Names

Name EQUITABLE MORTGAGE ASSOC

Address 1717 K ST NW WASHINGTON, DC 20006-5343

Phone 202-508-3688

Sales Volume $175,824 ESTIMATE

Year Started 2005

Employees Total 2

Employees Here 2

D-U-N-S® Number 193338840-D&B

Line Of Business SECURITY BROKER/DEALER

SIC Code/Description 62119901 MORTGAGES, BUYING AND SELLING

Page 24 EQUITABLE MORTGAGE CO. Business Names BUS-265

Citation EQUITABLE MORTGAGE CO.

Source Business Names

Name EQUITABLE MORTGAGE CO.

Address 6727 SYLMAR AVE VAN NUYS, CA 91405-4771

Phone 818-780-7761

Sales Volume $102,520 ESTIMATE

Year Started 2014

Employees Total 2

Employees Here 2

D-U-N-S® Number 053899032-D&B

Line Of Business SECURITY BROKER/DEALER MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 62119901 MORTGAGES, BUYING AND SELLING 61620000 MORTGAGE BANKERS AND LOAN CORRESPONDENTS

Page 25 EQUITABLE MORTGAGE CORP Business Names BUS-266

Citation EQUITABLE MORTGAGE CORP

Source Business Names

Name EQUITABLE MORTGAGE CORP

Address 909 E REPUB RD STE B200 SPRINGFIELD, MO 65807

Phone 417-887-6688

Sales Volume $3,656,305 ESTIMATE

Year Started 1996

Employees Total 30

Employees Here 14

Legal Status Corporation

D-U-N-S® Number 962583464-D&B

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61629903 MORTGAGE BANKERS

Page 26 EQUITABLE MORTGAGE CORP Business Names BUS-267

Citation EQUITABLE MORTGAGE CORP

Source Business Names

Name EQUITABLE MORTGAGE CORP

Address 1076 LYONS LN MARION, IA 52302-3134

Phone 319-377-1177

Employees Here 1

D-U-N-S® Number 004503921-D&B

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61629903 MORTGAGE BANKERS

Page 27 EQUITABLE MORTGAGE CORP. Business Names BUS-268

Citation EQUITABLE MORTGAGE CORP.

Source Business Names

Name EQUITABLE MORTGAGE CORP.

Address 2021 POLARIS PKWY COLUMBUS, OH 43240-2000

Phone 614-310-0863

Sales Volume $117,306 ESTIMATE

Year Started 2018

Employees Total 2

Employees Here 2

D-U-N-S® Number 073486275-D&B

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61620000 MORTGAGE BANKERS AND LOAN CORRESPONDENTS

Page 28 EQUITABLE ORIGIN LLC; and EQUITABLE ORIGIN Business Names BUS-269

Citation EQUITABLE ORIGIN LLC; and EQUITABLE ORIGIN

Source Business Names

Name EQUITABLE ORIGIN LLC

Secondary Name EQUITABLE ORIGIN

Address 1271 BROADWAY FRNT 5 NEW YORK, NY 10001-3508

Phone 917-677-7671

Sales Volume $759,641 ACTUAL

Year Started 2011

Employees Total 5

Employees Here 5

Legal Status Partnership

D-U-N-S® Number 079375156-D&B

URL http://www.equitableorigin.org

Line Of Business BUSINESS ASSOCIATION MANAGEMENT CONSULTING SERVICES

SIC Code/Description 86110303 INDUSTRIAL STANDARDS COMMITTEE 87420400 INDUSTRY SPECIALIST CONSULTANTS

Page 29 EQUITABLE APPRAISAL CORP Business Names BUS-270

Citation EQUITABLE APPRAISAL CORP

Source Business Names

Name EQUITABLE APPRAISAL CORP

Address 13825 5TH ST DADE CITY, FL 33525-4909

Phone 813-785-9878

Sales Volume $228,525 ESTIMATE

Year Started 2004

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 166376306-D&B

URL http://www.jamescosentino.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310000 REAL ESTATE AGENTS AND MANAGERS

Page 30 EQUITABLE PLAZA, LLC Business Names BUS-271

Citation EQUITABLE PLAZA, LLC

Source Business Names

Name EQUITABLE PLAZA, LLC

Address 3424 WILSHIRE BLVD LOS ANGELES, CA 90010-2263

Phone 213-365-5000

Sales Volume $227,473 ESTIMATE

Year Started 2012

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 078367413-D&B

URL http://www.jamisonservices.com

Line Of Business NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 65120100 COMMERCIAL AND INDUSTRIAL BUILDING OPERATION

Page 31 EQUITABLE PORTFOLIO CORP Business Names BUS-272

Citation EQUITABLE PORTFOLIO CORP

Source Business Names

Name EQUITABLE PORTFOLIO CORP

Address 1559 S SEPULVEDA BLVD LOS ANGELES, CA 90025-3311

Phone 310-229-9850

Sales Volume $1,377,902 ESTIMATE

Year Started 2004

Employees Total 14

Employees Here 14

Legal Status Corporation

D-U-N-S® Number 171536738-D&B

URL http://www.hrpropertygroup.com

Line Of Business MANAGEMENT SERVICES

SIC Code/Description 87410100 BUSINESS MANAGEMENT

Page 32 EQUITABLE PROPERTIES LLC Business Names BUS-273

Citation EQUITABLE PROPERTIES LLC

Source Business Names

Name EQUITABLE PROPERTIES LLC

Address 6837 CRESTON RD MINNEAPOLIS, MN 55435-1638

Phone 952-926-3810

Sales Volume $114,601 ESTIMATE

Year Started 2016

Employees Total 2

Employees Here 2

D-U-N-S® Number 043935916-D&B

Line Of Business NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 65120000 NONRESIDENTIAL BUILDING OPERATORS

Page 33 EQUITABLE PROPERTY MANAGEMENT Business Names BUS-274

Citation EQUITABLE PROPERTY MANAGEMENT

Source Business Names

Name EQUITABLE PROPERTY MANAGEMENT

Address 158 WHITCOMB AVE COLFAX, CA 95713-9047

Phone 530-346-9164

Sales Volume $63,855 ESTIMATE

Year Started 2017

Employees Total 2

Employees Here 2

D-U-N-S® Number 100422691-D&B

Line Of Business MANAGEMENT SERVICES

SIC Code/Description 87410000 MANAGEMENT SERVICES

Page 34 EQUITABLE PROPERTY MANAGEMENT Business Names BUS-275

Citation EQUITABLE PROPERTY MANAGEMENT

Source Business Names

Name EQUITABLE PROPERTY MANAGEMENT

Address 22 BOW CIR STE B HILTON HEAD I, SC 29928-3299

Phone 843-341-6008

Sales Volume $58,050 ESTIMATE

Year Started 2018

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 098653493-D&B

URL http://www.equitablehhi.com

Line Of Business MANAGEMENT SERVICES

SIC Code/Description 87410000 MANAGEMENT SERVICES

Page 35 EQUITABLE REAL ESTATE Business Names BUS-276

Citation EQUITABLE REAL ESTATE

Source Business Names

Name EQUITABLE REAL ESTATE

Address 868 DELTA DR NE KEIZER, OR 97303-4321

Phone 503-393-2629

Mailing Address P O BOX 21432 KEIZER, OR 97307-1432

Sales Volume $153,495 ESTIMATE

Year Started 2007

Employees Total 2

Employees Here 2

D-U-N-S® Number 013089106-D&B

URL http://www.equitablerealestate.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310104 REAL ESTATE AGENT, COMMERCIAL

Page 36 EQUITABLE REALTY INC. Business Names BUS-277

Citation EQUITABLE REALTY INC.

Source Business Names

Name EQUITABLE REALTY INC.

Address 2601 MADELINE AVE WINTER PARK, FL 32789-6308

Phone 407-760-3651

Sales Volume $160,429 ESTIMATE

Year Started 2010

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 029497664-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 37 EQUITABLE REALTY, LLC Business Names BUS-278

Citation EQUITABLE REALTY, LLC

Source Business Names

Name EQUITABLE REALTY, LLC

Address 834 MADISON ST NW WASHINGTON, DC 20011-8211

Phone 516-545-1863

Sales Volume $93,868 ESTIMATE

Year Started 2018

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 116993725-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 38 EQUITABLE RESERVE ASSOCIATION Business Names BUS-279

Citation EQUITABLE RESERVE ASSOCIATION

Source Business Names

Name EQUITABLE RESERVE ASSOCIATION

Address 600 S MAIN ST STE 302 OSHKOSH, WI 54902-6074

Phone 920-231-8526

Mailing Address P O BOX 2963 OSHKOSH, WI 54903-2963

Sales Volume $114,076 ESTIMATE

Year Started 2004

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 164800075-D&B

Line Of Business BUSINESS ASSOCIATION

SIC Code/Description 86110300 REGULATORY ASSOCIATIONS

Page 39 EQUITABLE APPRAISAL LLC Business Names BUS-280

Citation EQUITABLE APPRAISAL LLC

Source Business Names

Name EQUITABLE APPRAISAL LLC

Address 1102 ROYAL RIDGE RD MIDLOTHIAN, VA 23114-4432

Phone 804-897-1208

Sales Volume $125,000 ACTUAL

Year Started 1995

Employees Total 3

Employees Here 3

Legal Status Partnership

D-U-N-S® Number 799804047-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65319901 APPRAISER, REAL ESTATE

Page 40 EQUITABLE APPRAISAL SERVICES Business Names BUS-281

Citation EQUITABLE APPRAISAL SERVICES

Source Business Names

Name EQUITABLE APPRAISAL SERVICES

Address 2611 LIBAL ST GREEN BAY, WI 54301-2865

Phone 920-438-7150

Sales Volume $721,453 ESTIMATE

Year Started 1998

Employees Total 10

Employees Here 10

Legal Status Proprietorship

D-U-N-S® Number 129449778-D&B

URL http://www.equitableappraisalgb.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65319901 APPRAISER, REAL ESTATE

Page 41 EQUITABLE ROYALTY CORPORATION Business Names BUS-282

Citation EQUITABLE ROYALTY CORPORATION

Source Business Names

Name EQUITABLE ROYALTY CORPORATION

Secondary Name WARING DANIEL K

Address 204 N ROBINSON AVE OKLAHOMA CITY, OK 73102-6890

Phone 405-232-9089

Sales Volume $381,605 ESTIMATE

Year Started 1927

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 072173123-D&B

Line Of Business OIL ROYALTY TRADER

SIC Code/Description 67920000 OIL ROYALTY TRADERS

Page 42 EQUITABLE SERVICES, INC Business Names BUS-283

Citation EQUITABLE SERVICES, INC

Source Business Names

Name EQUITABLE SERVICES, INC

Address 7475 N ROGERS AVE CHICAGO, IL 60626-9808

Phone 773-262-8400

Mailing Address P O BOX 687 SKOKIE, IL 60076-0687

Sales Volume $3,362,417 ESTIMATE

Year Started 1970

Employees Total 20

Employees Here 20

Legal Status Corporation

D-U-N-S® Number 068600303-D&B

URL http://www.equitableservices.com

Line Of Business ADJUSTMENT/COLLECTION SERVICES

SIC Code/Description 73229902 COLLECTION AGENCY, EXCEPT REAL ESTATE

Page 43 EQUITABLE SERVICES, LLC Business Names BUS-284

Citation EQUITABLE SERVICES, LLC

Source Business Names

Name EQUITABLE SERVICES, LLC

Address 10151 UNIVERSITY BLVD ORLANDO, FL 32817-1904

Phone 407-341-8447

Sales Volume $193,450 ESTIMATE

Year Started 2008

Employees Total 1

Employees Here 1

Legal Status Corporation

D-U-N-S® Number 926252755-D&B

URL http://www.equitable-savings.com

Line Of Business FEDERAL SAVINGS INSTITUTION

SIC Code/Description 60359901 FEDERAL SAVINGS AND LOAN ASSOCIATIONS

Page 44 EQUITABLE SOTHEBYS INTL. Business Names BUS-285

Citation EQUITABLE SOTHEBYS INTL.

Source Business Names

Name EQUITABLE SOTHEBYS INTL.

Address 3950 E MCLELLAN RD MESA, AZ 85205-3814

Phone 480-325-1000

Sales Volume $136,399 ESTIMATE

Year Started 2011

Employees Total 2

Employees Here 2

D-U-N-S® Number 068308743-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 45 EQUITABLE TITLE AGENCY Business Names BUS-286

Citation EQUITABLE TITLE AGENCY

Source Business Names

Name EQUITABLE TITLE AGENCY

Address 7575 DR PHILLIPS BLVD ORLANDO, FL 32819-7216

Phone 407-370-6664

Sales Volume $86,349 ESTIMATE

Year Started 2012

Employees Total 2

Employees Here 2

Legal Status Proprietorship

D-U-N-S® Number 069190686-D&B

URL http://www.equitabletitlegroup.net

Line Of Business TITLE ABSTRACT OFFICE

SIC Code/Description 65419901 TITLE AND TRUST COMPANIES

Page 46 EQUITABLE TRANSITIONS, INC. Business Names BUS-287

Citation EQUITABLE TRANSITIONS, INC.

Source Business Names

Name EQUITABLE TRANSITIONS, INC.

Address 444 W OCEAN BLVD STE 1400 LONG BEACH, CA 90802-4522

Phone 562-435-0800

Sales Volume $823,788 ESTIMATE

Year Started 2003

Employees Total 8

Employees Here 8

Legal Status Corporation

D-U-N-S® Number 128871642-D&B

URL http://www.etinsolvency.com

Line Of Business BUSINESS ASSOCIATION

SIC Code/Description 86110000 BUSINESS ASSOCIATIONS

Page 47 EQUITABLE TRUST COMPANY Business Names BUS-288

Citation EQUITABLE TRUST COMPANY

Source Business Names

Name EQUITABLE TRUST COMPANY

Address 4400 HARDING PIKE STE 310 NASHVILLE, TN 37205-2314

Phone 615-460-9240

Sales Volume $2,337,725 ESTIMATE

Year Started 1991

Employees Total 23

Employees Here 23

Legal Status Corporation

D-U-N-S® Number 790064369-D&B

URL http://www.equitableco.com

Line Of Business TRUST MANAGEMENT

SIC Code/Description 67330000 TRUSTS, NEC

Page 48 EQUITABLE VENTURES, LLC Business Names BUS-289

Citation EQUITABLE VENTURES, LLC

Source Business Names

Name EQUITABLE VENTURES, LLC

Address 17454 SW 79TH CT PALMETTO BAY, FL 33157-6204

Phone 305-238-6393

Sales Volume $184,901 ESTIMATE

Year Started 2012

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 066519378-D&B

URL http://www.gilbertestime.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 49 EQUITABLE WEALTH MANAGEMENT Business Names BUS-290

Citation EQUITABLE WEALTH MANAGEMENT

Source Business Names

Name EQUITABLE WEALTH MANAGEMENT

Address 3012 S LOCUST ST GRAND ISLAND, NE 68801-8866

Phone 308-398-1216

Sales Volume $325,041 ESTIMATE

Year Started 2005

Employees Total 4

Employees Here 4

Legal Status Corporation

D-U-N-S® Number 600990340-D&B

URL http://www.equitableonline.com

Line Of Business CLOSED-END INVESTMENT OFFICE

SIC Code/Description 67260000 INVESTMENT OFFICES, NEC

Page 50 EQUITABLE GROUP INC; and EQUITABLE REALTY Business Names BUS-291

Citation EQUITABLE GROUP INC; and EQUITABLE REALTY

Source Business Names

Name EQUITABLE GROUP INC

Secondary Name EQUITABLE REALTY

Address 26776 W 12 MILE RD SOUTHFIELD, MI 48034-7807

Phone 248-354-9119

Mailing Address P O BOX 51 ROYAL OAK, MI 48068-0051

Sales Volume $1,755,999 ESTIMATE

Year Started 1953

Employees Total 12

Employees Here 11

Legal Status Corporation

D-U-N-S® Number 104774260-D&B

Line Of Business NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 65120100 COMMERCIAL AND INDUSTRIAL BUILDING OPERATION 65120201 SHOPPING CENTER, PROPERTY OPERATION ONLY

Page 51 EQUITABLE GROUP INC Business Names BUS-292

Citation EQUITABLE GROUP INC

Source Business Names

Name EQUITABLE GROUP INC

Secondary Name BIRCHWOOD MALL ASSOCIATES

Address 610 S CARPENTER AVE SIDE IRON MOUNTAIN, MI 49802-5569

Phone 248-354-9119

Employees Here 3

D-U-N-S® Number 787935600-D&B

Line Of Business NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 65120200 PROPERTY OPERATION, RETAIL ESTABLISHMENT

Page 52 EQUITABLE HOLDING CORPORATION Business Names BUS-293

Citation EQUITABLE HOLDING CORPORATION

Source Business Names

Name EQUITABLE HOLDING CORPORATION

Address 2 CLEREMONT AVE NORTH BRUNSWI, NJ 08902-2304

Phone 732-249-3678

Year Started 2008

D-U-N-S® Number 009601867-D&B

Line Of Business HOLDING COMPANY

SIC Code/Description 67190000 HOLDING COMPANIES, NEC

Page 53 EQUITABLE HOLDINGS LLC Business Names BUS-294

Citation EQUITABLE HOLDINGS LLC

Source Business Names

Name EQUITABLE HOLDINGS LLC

Address 10612 ELGIN AVE CLEVELAND, OH 44108-2714

Phone 216-249-9490

Year Started 2016

D-U-N-S® Number 029308180-D&B

Line Of Business HOLDING COMPANY

SIC Code/Description 67190000 HOLDING COMPANIES, NEC

Page 54 EQUITABLE ADVISORS INCORPORATED Business Names BUS-295

Citation EQUITABLE ADVISORS INCORPORATED

Source Business Names

Name EQUITABLE ADVISORS INCORPORATED

Address 4400 HARDING PIKE STE 310 NASHVILLE, TN 37205-2314

Phone 615-460-1160

Sales Volume $339,993 ESTIMATE

Year Started 2001

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 112585760-D&B

URL http://www.equitableco.com

Line Of Business SECURITY BROKER/DEALER

SIC Code/Description 62110204 INVESTMENT FIRM, GENERAL BROKERAGE

Page 55 EQUITABLE EVANSTON LLC Business Names BUS-296

Citation EQUITABLE EVANSTON LLC

Source Business Names

Name EQUITABLE EVANSTON LLC

Address 400 SKOKIE BLVD STE 245 NORTHBROOK, IL 60062-7932

Phone 847-564-9943

Sales Volume $320,781 ESTIMATE

Year Started 2010

Employees Total 5

Employees Here 5

Legal Status Partnership

D-U-N-S® Number 047427387-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310401 RENTAL AGENT, REAL ESTATE

Page 56 EQUITABLE INVESTMENTS GROUP Business Names BUS-297

Citation EQUITABLE INVESTMENTS GROUP

Source Business Names

Name EQUITABLE INVESTMENTS GROUP

Address 3225 N ARIZONA AVE STE 2 CHANDLER, AZ 85225-7327

Phone 702-983-3644

Sales Volume $80,125 ESTIMATE

Year Started 2017

Employees Total 2

Employees Here 2

D-U-N-S® Number 035427282-D&B

Line Of Business INVESTOR

SIC Code/Description 67990000 INVESTORS, NEC

Page 57 EQUITABLE INVESTMENTS LLC Business Names BUS-298

Citation EQUITABLE INVESTMENTS LLC

Source Business Names

Name EQUITABLE INVESTMENTS LLC

Address 79 MAGNOLIA AVE NORTHFIELD, OH 44067-1332

Phone 216-832-6145

Sales Volume $102,824 ESTIMATE

Year Started 2012

Employees Total 2

Employees Here 2

D-U-N-S® Number 049265620-D&B

Line Of Business INVESTOR

SIC Code/Description 67990000 INVESTORS, NEC

Page 58 EQUITABLE INVESTMENTS, INC. Business Names BUS-299

Citation EQUITABLE INVESTMENTS, INC.

Source Business Names

Name EQUITABLE INVESTMENTS, INC.

Address 1978 LOWN FARM TRL LITHONIA, GA 30058-8923

Phone 404-247-5779

Sales Volume $137,718 ESTIMATE

Year Started 2009

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 020660609-D&B

Line Of Business INVESTOR

SIC Code/Description 67990000 INVESTORS, NEC

Page 59 EQUITABLE INVESTMENTS, LLC Business Names BUS-300

Citation EQUITABLE INVESTMENTS, LLC

Source Business Names

Name EQUITABLE INVESTMENTS, LLC

Address 3334 BRUINGTON RD BRUINGTON, VA 23023-4139

Phone 804-513-2999

Sales Volume $135,870 ESTIMATE

Year Started 2009

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 020777431-D&B

Line Of Business INVESTOR

SIC Code/Description 67990000 INVESTORS, NEC

Page 60 EQUITABLE INVESTMENTS, LLC Business Names BUS-301

Citation EQUITABLE INVESTMENTS, LLC

Source Business Names

Name EQUITABLE INVESTMENTS, LLC

Address 49 MANCHESTER ST HARTFORD, CT 06112-1438

Phone 860-286-0051

Sales Volume $96,958 ESTIMATE

Year Started 2010

Employees Total 2

Employees Here 2

D-U-N-S® Number 032621263-D&B

Line Of Business INVESTOR

SIC Code/Description 67990000 INVESTORS, NEC

Page 61 EQUITABLE INVESTMENTS, LTD; and EQUITABLE REALTY Business Names BUS-302

Citation EQUITABLE INVESTMENTS, LTD; and EQUITABLE REALTY

Source Business Names

Name EQUITABLE INVESTMENTS, LTD

Secondary Name EQUITABLE REALTY

Address 9668 WESTHEIMER RD HOUSTON, TX 77063-3241

Phone 832-554-9941

Sales Volume $80,056 ESTIMATE

Year Started 2011

Employees Total 1

Employees Here 1

Legal Status Corporation

D-U-N-S® Number 078317255-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 62 EQUITABLE ACCEPTANCE CORPORATION Business Names BUS-303

Citation EQUITABLE ACCEPTANCE CORPORATION

Source Business Names

Name EQUITABLE ACCEPTANCE CORPORATION

Address 1200 FORD RD HOPKINS, MN 55305-1616

Phone 763-797-0241

Mailing Address P O BOX 27007 MINNEAPOLIS, MN 55427-0007

Sales Volume $3,232,211 ESTIMATE

Year Started 1966

Employees Total 12

Employees Here 12

Legal Status Corporation

D-U-N-S® Number 082370388-D&B

URL http://www.equitableacceptance.com

Line Of Business FACTORS OF COMMERCIAL PAPER & WHOL COOKWARE

SIC Code/Description 61530201 FACTORS OF COMMERCIAL PAPER 50230100 KITCHENWARE

Page 63 EQUITABLE FINANCIAL CORP. Business Names BUS-304

Citation EQUITABLE FINANCIAL CORP.

Source Business Names

Name EQUITABLE FINANCIAL CORP.

Address 113 N LOCUST ST GRAND ISLAND, NE 68801-6003

Phone 308-382-3136

Sales Volume $11,940,925 ACTUAL

Year Started 2015

Employees Total 72

Employees Here 72

Legal Status Corporation

D-U-N-S® Number 079996433-D&B

URL http://www.equitableonline.com

Line Of Business STATE COMMERCIAL BANK

SIC Code/Description 60220000 STATE COMMERCIAL BANKS

Page 64 EQUITABLE FINANCIAL LC Business Names BUS-305

Citation EQUITABLE FINANCIAL LC

Source Business Names

Name EQUITABLE FINANCIAL LC

Address 3219 RAMONA AVE BALTIMORE, MD 21213-1756

Phone 410-916-7512

Sales Volume $75,287 ESTIMATE

Year Started 2017

Employees Total 1

Employees Here 1

Legal Status Corporation

D-U-N-S® Number 080800062-D&B

Line Of Business SECURITY BROKER/DEALER

SIC Code/Description 62119901 MORTGAGES, BUYING AND SELLING

Page 65 EQUITABLE DEVELOPMENT LLC Business Names BUS-307

Citation EQUITABLE DEVELOPMENT LLC

Source Business Names

Name EQUITABLE DEVELOPMENT LLC

Address 10016 59TH AVE S SEATTLE, WA 98178-2325

Phone 206-354-3204

Mailing Address P O BOX 18968 SEATTLE, WA 98118-0968

Sales Volume $79,867 ESTIMATE

Year Started 2019

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 117036117-D&B

Line Of Business MANAGEMENT SERVICES

SIC Code/Description 87410000 MANAGEMENT SERVICES

Page 66 EQUITABLE FINANCIAL SOLUTIONS Business Names BUS-308

Citation EQUITABLE FINANCIAL SOLUTIONS

Source Business Names

Name EQUITABLE FINANCIAL SOLUTIONS

Secondary Name ALPERT & ASSOCIATES

Address 808 S SWEETWATER BLVD LONGWOOD, FL 32779-3429

Phone 407-788-7882

Sales Volume $253,736 ESTIMATE

Year Started 1996

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 145998360-D&B

Line Of Business INVESTMENT ADVISORY SERVICE

SIC Code/Description 62820000 INVESTMENT ADVICE

Page 67 EQUITABLE ACCOUNTING SERVICES, INC. Business Names BUS-309

Citation EQUITABLE ACCOUNTING SERVICES, INC.

Source Business Names

Name EQUITABLE ACCOUNTING SERVICES, INC.

Address 18814 STONE CANYON LN CANYON COUNTR, CA 91351-5026

Phone 661-993-4084

Sales Volume $146,115 ESTIMATE

Year Started 2012

Employees Total 4

Employees Here 4

Legal Status Corporation

D-U-N-S® Number 014447950-D&B

Line Of Business ACCOUNTING/AUDITING/BOOKKEEPING

SIC Code/Description 87210000 ACCOUNTING, AUDITING, AND BOOKKEEPING

Page 68 EQUITABLE APPRAISAL - SHEBOYGAN CORP. Business Names BUS-310

Citation EQUITABLE APPRAISAL - SHEBOYGAN CORP.

Source Business Names

Name EQUITABLE APPRAISAL - SHEBOYGAN CORP.

Address 194 N MAIN ST SHEBOYGAN FAL, WI 53085-2515

Phone 920-467-1588

Sales Volume $436,799 ESTIMATE

Year Started 2003

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 143777550-D&B

URL http://www.easheboygan.com

Line Of Business REAL ESTATE AGENT/MANAGER BUSINESS SERVICES

SIC Code/Description 65319901 APPRAISER, REAL ESTATE 73891400 AUCTION, APPRAISAL, AND EXCHANGE SERVICES

Page 69 EQUITABLE APPRAISAL SERVICES, INC Business Names BUS-311

Citation EQUITABLE APPRAISAL SERVICES, INC

Source Business Names

Name EQUITABLE APPRAISAL SERVICES, INC

Address 18543 DEVONSHIRE ST 369 NORTHRIDGE, CA 91324-1308

Phone 818-259-4946

Sales Volume $205,988 ESTIMATE

Year Started 2008

Employees Total 3

Employees Here 3

D-U-N-S® Number 020628204-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65319901 APPRAISER, REAL ESTATE

Page 70 EQUITABLE ASSET MANAGEMENT INC. Business Names BUS-312

Citation EQUITABLE ASSET MANAGEMENT INC.

Source Business Names

Name EQUITABLE ASSET MANAGEMENT INC.

Address 3535 PEACHTREE RD NE ATLANTA, GA 30326-3287

Phone 678-548-2353

Sales Volume $58,050 ESTIMATE

Year Started 2015

Employees Total 2

Employees Here 2

D-U-N-S® Number 051680784-D&B

Line Of Business MANAGEMENT SERVICES

SIC Code/Description 87410102 FINANCIAL MANAGEMENT FOR BUSINESS

Page 71 EQUITABLE ASSET MANAGEMENT, INC Business Names BUS-313

Citation EQUITABLE ASSET MANAGEMENT, INC

Source Business Names

Name EQUITABLE ASSET MANAGEMENT, INC

Address 1026 LIMEKILN PIKE AMBLER, PA 19002-1606

Phone 215-783-7258

Sales Volume $380,000 ESTIMATE

Year Started 2011

Employees Total 6

Employees Here 6

Legal Status Corporation

D-U-N-S® Number 078340574-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310000 REAL ESTATE AGENTS AND MANAGERS

Page 72 EQUITABLE CAPITAL GROUP INC Business Names BUS-314

Citation EQUITABLE CAPITAL GROUP INC

Source Business Names

Name EQUITABLE CAPITAL GROUP INC

Address 19550 INTERNATIONAL BLVD SEATAC, WA 98188-5426

Phone 206-824-3160

Sales Volume $361,216 ESTIMATE

Year Started 1989

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 616858213-D&B

Line Of Business SUBDIVIDER/DEVELOPER INVESTOR

SIC Code/Description 65520000 SUBDIVIDERS AND DEVELOPERS, NEC 67999905 REAL ESTATE INVESTORS, EXCEPT PROPERTY OPERATORS

Page 73 EQUITABLE APPRAISAL SERVICES Business Names BUS-315

Citation EQUITABLE APPRAISAL SERVICES

Source Business Names

Name EQUITABLE APPRAISAL SERVICES

Address 3847 COMET DR LAKE HAVASU C, AZ 86406-4440

Phone 928-733-0070

Sales Volume $128,881 ESTIMATE

Year Started 2017

Employees Total 2

Employees Here 2

D-U-N-S® Number 015982920-D&B

URL http://www.realfastvalue.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65319901 APPRAISER, REAL ESTATE

Page 74 EQUITABLE COMMERCE & LAND COMPANY Business Names BUS-316

Citation EQUITABLE COMMERCE & LAND COMPANY

Source Business Names

Name EQUITABLE COMMERCE & LAND COMPANY

Address 6740 E HAMPDEN AVE DENVER, CO 80224-3016

Phone 303-623-5001

Sales Volume $99,101 ESTIMATE

Year Started 2010

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 012482702-D&B

URL http://www.equitablecommercial.com

Line Of Business BUSINESS ASSOCIATION

SIC Code/Description 86110000 BUSINESS ASSOCIATIONS

Page 75 EQUITABLE FEDERAL CREDIT UNION Business Names BUS-317

Citation EQUITABLE FEDERAL CREDIT UNION

Source Business Names

Name EQUITABLE FEDERAL CREDIT UNION

Address 1889 BRITTAIN RD AKRON, OH 44310-1843

Phone 330-633-7307

Sales Volume $238,013 ACTUAL

Year Started 1936

Employees Total 10

Employees Here 10

Legal Status Corporation

D-U-N-S® Number 010834463-D&B

URL http://www.eqfcu.org

Line Of Business FEDERAL CREDIT UNION

SIC Code/Description 60610000 FEDERAL CREDIT UNIONS

Page 76 EQUITABLE FINANCIAL NETWORK INC Business Names BUS-318

Citation EQUITABLE FINANCIAL NETWORK INC

Source Business Names

Name EQUITABLE FINANCIAL NETWORK INC

Address 23525 WINDOM ST CANOGA PARK, CA 91304-5359

Phone 818-348-8600

Sales Volume $127,431 ESTIMATE

Year Started 2009

Employees Total 2

Employees Here 2

D-U-N-S® Number 022677722-D&B

Line Of Business INVESTMENT ADVISORY SERVICE

SIC Code/Description 62820000 INVESTMENT ADVICE

Page 77 EQUITABLE MANAGEMENT CORPORATION Business Names BUS-319

Citation EQUITABLE MANAGEMENT CORPORATION

Source Business Names

Name EQUITABLE MANAGEMENT CORPORATION

Address 1215 HIGHTOWER TRL ATLANTA, GA 30350-6252

Phone 770-579-6777

Sales Volume $1,190,906 ESTIMATE

Year Started 1989

Employees Total 8

Employees Here 8

Legal Status Corporation

D-U-N-S® Number 787470046-D&B

URL http://www.emcatlanta.com

Line Of Business COMMERCIAL REAL ESTATE BROKERAGE MANAGEMENT LEASING AND ACQUISITIONS

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS 65310200 REAL ESTATE MANAGERS

Page 78 EQUITABLE MANAGEMENT GROUP Business Names BUS-320

Citation EQUITABLE MANAGEMENT GROUP

Source Business Names

Name EQUITABLE MANAGEMENT GROUP

Address 7901 KINGSPOINTE PKWY ORLANDO, FL 32819-6522

Phone 407-288-8041

Sales Volume $208,682 ESTIMATE

Year Started 2014

Employees Total 2

Employees Here 2

D-U-N-S® Number 071259285-D&B

Line Of Business MANAGEMENT SERVICES REAL ESTATE AGENT/MANAGER

SIC Code/Description 87410100 BUSINESS MANAGEMENT 65310200 REAL ESTATE MANAGERS

Page 79 EQUITABLE METROPOLITAN REALTORS Business Names BUS-321

Citation EQUITABLE METROPOLITAN REALTORS

Source Business Names

Name EQUITABLE METROPOLITAN REALTORS

Address 110 HILLSIDE AVE STE 102 SPRINGFIELD, NJ 07081-3007

Phone 973-263-0002

Sales Volume $68,304 ESTIMATE

Year Started 2018

Employees Total 2

Employees Here 2

D-U-N-S® Number 019339434-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 80 EQUITABLE FINANCIAL SYSTEMS LLC Business Names BUS-322

Citation EQUITABLE FINANCIAL SYSTEMS LLC

Source Business Names

Name EQUITABLE FINANCIAL SYSTEMS LLC

Address 3131 CAMPBELLTON RD SW ATLANTA, GA 30311-5301

Phone 404-549-2880

Sales Volume $122,132 ESTIMATE

Year Started 2014

Employees Total 1

Employees Here 1

Legal Status Proprietorship

D-U-N-S® Number 017236596-D&B

Line Of Business INVESTMENT ADVISORY SERVICE

SIC Code/Description 62820000 INVESTMENT ADVICE

Page 81 EQUITABLE HOLDINGS VA, LLC Business Names BUS-323

Citation EQUITABLE HOLDINGS VA, LLC

Source Business Names

Name EQUITABLE HOLDINGS VA, LLC

Address 1401 N MESA ST EL PASO, TX 79902-4016

Phone 915-771-0777

Year Started 2015

Legal Status Corporation

D-U-N-S® Number 076408083-D&B

Line Of Business HOLDING COMPANY

SIC Code/Description 67190000 HOLDING COMPANIES, NEC

Page 82 EQUITABLE HOME BUYERS, LLC Business Names BUS-324

Citation EQUITABLE HOME BUYERS, LLC

Source Business Names

Name EQUITABLE HOME BUYERS, LLC

Address 11265 HAVENWOOD DR DULUTH, GA 30097-1868

Phone 404-285-4219

Sales Volume $118,874 ESTIMATE

Year Started 2010

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 014669255-D&B

URL http://www.davideads.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310106 SELLING AGENT, REAL ESTATE

Page 83 EQUITABLE HOME MORTGAGE, INC Business Names BUS-325

Citation EQUITABLE HOME MORTGAGE, INC

Source Business Names

Name EQUITABLE HOME MORTGAGE, INC

Address 6831 E 5TH AVE SCOTTSDALE, AZ 85251-3811

Phone 480-429-2100

Sales Volume $711,304 ESTIMATE

Year Started 2005

Employees Total 5

Employees Here 5

D-U-N-S® Number 601622090-D&B

URL http://www.equitablehomemtg.com

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61629904 MORTGAGE BROKERS, USING OWN MONEY

Page 84 EQUITABLE HOME PROPERTIES, INC. Business Names BUS-326

Citation EQUITABLE HOME PROPERTIES, INC.

Source Business Names

Name EQUITABLE HOME PROPERTIES, INC.

Address 14622 VENTURA BLVD SHERMAN OAKS, CA 91403-3600

Phone 818-667-7039

Sales Volume $100,000 ACTUAL

Year Started 2017

Employees Total 1

Employees Here 1

Legal Status Corporation

D-U-N-S® Number 080945424-D&B

Line Of Business INVESTOR

SIC Code/Description 67999905 REAL ESTATE INVESTORS, EXCEPT PROPERTY OPERATORS

Page 85 EQUITABLE INDEPENDENT APPRAISAL CO Business Names BUS-327

Citation EQUITABLE INDEPENDENT APPRAISAL CO

Source Business Names

Name EQUITABLE INDEPENDENT APPRAISAL CO

Address 374 INDIGO TRL RIVER FALLS, WI 54022-8046

Phone 715-425-2901

Sales Volume $106,770 ESTIMATE

Year Started 1984

Employees Total 1

Employees Here 1

Legal Status Proprietorship

D-U-N-S® Number 859700739-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65319901 APPRAISER, REAL ESTATE

Page 86 EQUITABLE BANCORP MHC Business Names BUS-328

Citation EQUITABLE BANCORP MHC

Source Business Names

Name EQUITABLE BANCORP MHC

Address 400 BROADWAY LYNN, MA 01904-2644

Phone 781-599-5600

Year Started 2014

D-U-N-S® Number 079484760-D&B

Line Of Business BANK HOLDING COMPANY

SIC Code/Description 67120000 BANK HOLDING COMPANIES

Page 87 EQUITABLE BANCORP, INC. Business Names BUS-330

Citation EQUITABLE BANCORP, INC.

Source Business Names

Name EQUITABLE BANCORP, INC.

Address 400 BROADWAY LYNN, MA 01904-2644

Phone 781-599-5600

Year Started 2014

Legal Status Corporation

D-U-N-S® Number 079484756-D&B

URL http://www.equitablebank.com

Line Of Business BANK HOLDING COMPANY

SIC Code/Description 67120000 BANK HOLDING COMPANIES

Page 88 EQUITABLE METROPOLITAN REALTORS Business Names BUS-331

Citation EQUITABLE METROPOLITAN REALTORS

Source Business Names

Name EQUITABLE METROPOLITAN REALTORS

Address 659 EAGLE ROCK AVE WEST ORANGE, NJ 07052-2138

Phone 862-520-4683

Sales Volume $111,467 ESTIMATE

Year Started 2011

Employees Total 2

Employees Here 2

D-U-N-S® Number 043515169-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310000 REAL ESTATE AGENTS AND MANAGERS

Page 89 EQUITABLE MANAGEMENT CO LLC Business Names BUS-332

Citation EQUITABLE MANAGEMENT CO LLC

Source Business Names

Name EQUITABLE MANAGEMENT CO LLC

Address 8410 34TH AVE JACKSON HEIGH, NY 11372-3135

Phone 347-424-2425

Mailing Address P O BOX 20254 BROOKLYN, NY 11202-0254

Sales Volume $206,935 ESTIMATE

Year Started 2013

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 063110614-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310105 REAL ESTATE AGENT, RESIDENTIAL

Page 90 EQUITABLE BOOKKEEPING LLC Business Names BUS-333

Citation EQUITABLE BOOKKEEPING LLC

Source Business Names

Name EQUITABLE BOOKKEEPING LLC

Address 2201 CENTRAL AVE INDIANAPOLIS, IN 46205-4324

Phone 317-721-3313

Sales Volume $26,393 ESTIMATE

Year Started 2018

Employees Total 1

Employees Here 1

D-U-N-S® Number 112420007-D&B

Line Of Business ACCOUNTING/AUDITING/BOOKKEEPING

SIC Code/Description 87210000 ACCOUNTING, AUDITING, AND BOOKKEEPING

Page 91 EQUITABLE MORTGAGE & INVESTORS INC. Business Names BUS-334

Citation EQUITABLE MORTGAGE & INVESTORS INC.

Source Business Names

Name EQUITABLE MORTGAGE & INVESTORS INC.

Address 5600 SW 135TH AVE STE 204 MIAMI, FL 33183-5101

Phone 305-408-8045

Sales Volume $207,485 ESTIMATE

Year Started 2003

Employees Total 1

Employees Here 1

Legal Status Corporation

D-U-N-S® Number 144957532-D&B

URL http://www.emilending.com

Line Of Business MORTGAGE BROKERS

SIC Code/Description 61639904 MORTGAGE BROKERS ARRANGING FOR LOANS, USING MONEY OF OTHERS

Page 92 EQUITABLE MORTGAGE & INVESTORS INC. Business Names BUS-335

Citation EQUITABLE MORTGAGE & INVESTORS INC.

Source Business Names

Name EQUITABLE MORTGAGE & INVESTORS INC.

Address 4161 SW 104TH AVE MIAMI, FL 33165-4940

Phone 786-208-5627

Sales Volume $189,131 ESTIMATE

Year Started 2011

Employees Total 2

Employees Here 2

D-U-N-S® Number 029687227-D&B

Line Of Business INVESTOR

SIC Code/Description 67990000 INVESTORS, NEC

Page 93 EQUITABLE MORTGAGE COMPANY, INC Business Names BUS-336

Citation EQUITABLE MORTGAGE COMPANY, INC

Source Business Names

Name EQUITABLE MORTGAGE COMPANY, INC

Address 250 NEWPRT CTR M106 NEWPORT BEACH, CA 92660

Phone 949-376-8476

Sales Volume $998,645 ESTIMATE

Year Started 1995

Employees Total 7

Employees Here 5

Legal Status Corporation

D-U-N-S® Number 929042596-D&B

Line Of Business LOAN BROKER MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61639904 MORTGAGE BROKERS ARRANGING FOR LOANS, USING MONEY OF OTHERS 61620000 MORTGAGE BANKERS AND LOAN CORRESPONDENTS

Page 94 EQUITABLE MORTGAGE COMPANY, INC. Business Names BUS-337

Citation EQUITABLE MORTGAGE COMPANY, INC.

Source Business Names

Name EQUITABLE MORTGAGE COMPANY, INC.

Address 8202 E SAN LUIS DR ORANGE, CA 92869-5659

Phone 714-349-0310

Mailing Address P O BOX 456 NEWPORT BEACH, CA 92662-0456

Sales Volume $224,406 ESTIMATE

Year Started 2011

Employees Total 2

Employees Here 2

D-U-N-S® Number 067815739-D&B

URL http://www.equitablehomemtg.com

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61629903 MORTGAGE BANKERS

Page 95 EQUITABLE PAPERWORK SUPPORT LLC Business Names BUS-338

Citation EQUITABLE PAPERWORK SUPPORT LLC

Source Business Names

Name EQUITABLE PAPERWORK SUPPORT LLC

Address 250 CONCORD DR RIVER EDGE, NJ 07661-1318

Phone 201-638-8662

Sales Volume $118,526 ESTIMATE

Year Started 2012

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 019380949-D&B

URL http://www.equitablepaperworksupport.com

Line Of Business ACCOUNTING/AUDITING/BOOKKEEPING

SIC Code/Description 87219901 BILLING AND BOOKKEEPING SERVICE

Page 96 EQUITABLE PM REALTY LLC Business Names BUS-339

Citation EQUITABLE PM REALTY LLC

Source Business Names

Name EQUITABLE PM REALTY LLC

Address 2006 BROWN RD SW ALBUQUERQUE, NM 87105-6703

Phone 505-410-5965

Sales Volume $81,242 ESTIMATE

Year Started 2017

Employees Total 2

Employees Here 2

D-U-N-S® Number 104899883-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 97 EQUITABLE PROPERTIES GROUP INC Business Names BUS-340

Citation EQUITABLE PROPERTIES GROUP INC

Source Business Names

Name EQUITABLE PROPERTIES GROUP INC

Address 460 DOT DR ATLANTA, GA 30349-2704

Phone 404-358-2597

Sales Volume $111,085 ESTIMATE

Year Started 2019

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 116974672-D&B

Line Of Business REAL ESTATE INVESTMENT TRUST REAL ESTATE AGENT/MANAGER

SIC Code/Description 67989902 REALTY INVESTMENT TRUSTS 65310200 REAL ESTATE MANAGERS

Page 98 EQUITABLE PROPERTY COMPANY LLC Business Names BUS-341

Citation EQUITABLE PROPERTY COMPANY LLC

Source Business Names

Name EQUITABLE PROPERTY COMPANY LLC

Address 3201 TREVOR ST STE 200 NASHVILLE, TN 37209-1569

Phone 615-669-5480

Sales Volume $4,500,000 ACTUAL

Year Started 2012

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 029314720-D&B

URL http://www.equitabletn.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310104 REAL ESTATE AGENT, COMMERCIAL

Page 99 EQUITABLE PROPERTY GROUP, LLC Business Names BUS-342

Citation EQUITABLE PROPERTY GROUP, LLC

Source Business Names

Name EQUITABLE PROPERTY GROUP, LLC

Address 18 EAGLETON DR JACOBUS, PA 17407-1203

Phone 717-814-8240

Sales Volume $144,875 ESTIMATE

Year Started 2012

Employees Total 3

Employees Here 3

D-U-N-S® Number 037824342-D&B

URL http://www.equitablepropertygroup.com

Line Of Business NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 65120000 NONRESIDENTIAL BUILDING OPERATORS

Page 100 EQUITABLE PROPERTY REALTY LLC Business Names BUS-343

Citation EQUITABLE PROPERTY REALTY LLC

Source Business Names

Name EQUITABLE PROPERTY REALTY LLC

Secondary Name NEXTHOME ROYAL LION REALTY

Address 401 MORRIS AVE 2 SPRINGFIELD, NJ 07081-1107

Phone 973-250-6636

Sales Volume $75,134 ESTIMATE

Year Started 2017

Employees Total 2

Employees Here 2

Legal Status Proprietorship

D-U-N-S® Number 008428987-D&B

URL http://www.nexthomeroyallionrealty.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 101 EQUITABLE REAL ESTATE LLC Business Names BUS-344

Citation EQUITABLE REAL ESTATE LLC

Source Business Names

Name EQUITABLE REAL ESTATE LLC

Address 1339 FRANKFORT ST SAN DIEGO, CA 92110-3701

Phone 619-908-9661

Sales Volume $100,003 ESTIMATE

Year Started 2015

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 087984955-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 102 EQUITABLE REAL ESTATE SERVICES Business Names BUS-345

Citation EQUITABLE REAL ESTATE SERVICES

Source Business Names

Name EQUITABLE REAL ESTATE SERVICES

Address 1083 3RD AVENUE DR NW HICKORY, NC 28601-4854

Phone 828-327-4400

Sales Volume $147,612 ESTIMATE

Year Started 1999

Employees Total 2

Employees Here 2

Legal Status Proprietorship

D-U-N-S® Number 196561778-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 103 EQUITABLE REAL ESTATE SOLUTION Business Names BUS-346

Citation EQUITABLE REAL ESTATE SOLUTION

Source Business Names

Name EQUITABLE REAL ESTATE SOLUTION

Address 54 CLIFF AVE WINTHROP, MA 02152-1504

Phone 617-846-5988

Sales Volume $64,708 ESTIMATE

Year Started 2005

Employees Total 1

Employees Here 1

Legal Status Corporation

D-U-N-S® Number 182779236-D&B

URL http://www.equitablerealestate.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 104 EQUITABLE REALTY & MORTGAGE INC Business Names BUS-347

Citation EQUITABLE REALTY & MORTGAGE INC

Source Business Names

Name EQUITABLE REALTY & MORTGAGE INC

Address 1551 MOCKINGBIRD LN CHARLOTTE, NC 28209

Phone 704-525-1783

Sales Volume $403,215 ESTIMATE

Year Started 1967

Employees Total 4

Employees Here 4

Legal Status Corporation

D-U-N-S® Number 085074755-D&B

Line Of Business MORTGAGE BANKER/CORRESPONDENT REAL ESTATE AGENT/MANAGER

SIC Code/Description 61629904 MORTGAGE BROKERS, USING OWN MONEY 65310101 BROKER OF MANUFACTURED HOMES, ON SITE

Page 105 EQUITABLE CITY CENTER Business Names BUS-348

Citation EQUITABLE CITY CENTER

Source Business Names

Name EQUITABLE CITY CENTER

Address 3500 W 6TH ST STE 123 LOS ANGELES, CA 90020-5801

Phone 213-381-1453

Sales Volume $226,432 ESTIMATE

Year Started 2011

Employees Total 3

Employees Here 3

D-U-N-S® Number 040592365-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310104 REAL ESTATE AGENT, COMMERCIAL

Page 106 EQUITABLE SAVINGS & LOAN ASSOCIATION; and EQUITABLE Business Names BUS-349 SAVINGS & LOAN

Citation EQUITABLE SAVINGS & LOAN ASSOCIATION; and EQUITABLE SAVINGS & LOAN

Source Business Names

Name EQUITABLE SAVINGS & LOAN ASSOCIATION

Secondary Name EQUITABLE SAVINGS & LOAN

Address 300 CLAYTON ST BRUSH, CO 80723-2106

Phone 970-842-5196

Mailing Address P O BOX 583 BRUSH, CO 80723-0583

Employees Here 3

D-U-N-S® Number 182456012-D&B

URL http://www.equitable-savings.com

Line Of Business FEDERAL SAVINGS INSTITUTION

SIC Code/Description 60359901 FEDERAL SAVINGS AND LOAN ASSOCIATIONS

Page 107 EQUITABLE SAVINGS & LOAN ASSOCIATION Business Names BUS-350

Citation EQUITABLE SAVINGS & LOAN ASSOCIATION

Source Business Names

Name EQUITABLE SAVINGS & LOAN ASSOCIATION

Address 221 N 3RD ST STERLING, CO 80751-4301

Phone 970-522-6522

Mailing Address P O BOX 1726 STERLING, CO 80751-1726

Sales Volume $7,069,000 ACTUAL

Year Started 1954

Employees Total 57

Employees Here 16

Legal Status Corporation

D-U-N-S® Number 040725699-D&B

URL http://www.equitable-savings.com

Line Of Business FEDERAL SAVINGS INSTITUTION

SIC Code/Description 60359901 FEDERAL SAVINGS AND LOAN ASSOCIATIONS

Page 108 EQUITABLE WEALTH MANAGEMENT SI Business Names BUS-359

Citation EQUITABLE WEALTH MANAGEMENT SI

Source Business Names

Name EQUITABLE WEALTH MANAGEMENT SI

Address 920 S JEFFERS ST NORTH PLATTE, NE 69101-6029

Phone 308-532-3648

Sales Volume $104,108 ESTIMATE

Year Started 2007

Employees Total 2

Employees Here 2

D-U-N-S® Number 800579398-D&B

URL http://www.equitableonline.com

Line Of Business MANAGEMENT SERVICES

SIC Code/Description 87410000 MANAGEMENT SERVICES

Page 109 THE EQUITABLE FUNDS LLC; and EQUITABLE GROUP Business Names BUS-360

Citation THE EQUITABLE FUNDS LLC; and EQUITABLE GROUP

Source Business Names

Name THE EQUITABLE FUNDS LLC

Secondary Name EQUITABLE GROUP

Address 350 W HUBBARD ST STE 222 CHICAGO, IL 60654-6977

Phone 312-822-9100

Sales Volume $200,000 ACTUAL

Year Started 2005

Employees Total 4

Employees Here 4

Legal Status Partnership

D-U-N-S® Number 829946495-D&B

Line Of Business OPEN-END MANAGEMENT INVESTMENT

SIC Code/Description 67229901 MONEY MARKET MUTUAL FUNDS

Page 110 THE EQUITABLE MORTGAGE CORPORATION; and EQUITABLE Business Names BUS-361 MORTGAGE

Citation THE EQUITABLE MORTGAGE CORPORATION; and EQUITABLE MORTGAGE

Source Business Names

Name THE EQUITABLE MORTGAGE CORPORATION

Secondary Name EQUITABLE MORTGAGE

Address 3530 SNOUFFER RD STE 100 COLUMBUS, OH 43235-2702

Phone 614-764-1232

Sales Volume $5,569,290 ACTUAL

Year Started 1995

Employees Total 28

Employees Here 25

Legal Status Corporation

D-U-N-S® Number 884635145-D&B

URL http://www.eqfin.com

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61620000 MORTGAGE BANKERS AND LOAN CORRESPONDENTS

Page 111 EQUITABLE MANAGEMENT AND INVESTMENT COMPANY, INC Business Names BUS-362

Citation EQUITABLE MANAGEMENT AND INVESTMENT COMPANY, INC

Source Business Names

Name EQUITABLE MANAGEMENT AND INVESTMENT COMPANY, INC

Address 5516 RIVER RD NEW PORT RICH, FL 34652-3743

Phone 727-845-4000

Sales Volume $800,000 ACTUAL

Year Started 1988

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 789989506-D&B

URL http://www.crittendenonline.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310200 REAL ESTATE MANAGERS

Page 112 EQUITABLE TITLE OF DR PHILLIPS LLC Business Names BUS-363

Citation EQUITABLE TITLE OF DR PHILLIPS LLC

Source Business Names

Name EQUITABLE TITLE OF DR PHILLIPS LLC

Address 6985 WALLACE RD ORLANDO, FL 32819-5238

Phone 407-370-6664

Sales Volume $14,041,773 ESTIMATE

Year Started 1996

Employees Total 55

Employees Here 8

Legal Status Corporation

D-U-N-S® Number 964720437-D&B

URL http://www.equitabletitlegroup.net

Line Of Business TITLE ABSTRACT OFFICE

SIC Code/Description 65419901 TITLE AND TRUST COMPANIES

Page 113 EQUITABLE TITLE OF WEST ORLANDO LLC Business Names BUS-366

Citation EQUITABLE TITLE OF WEST ORLANDO LLC

Source Business Names

Name EQUITABLE TITLE OF WEST ORLANDO LLC

Address 12200 W COLONIAL DR WINTER GARDEN, FL 34787-4125

Phone 407-654-7235

Sales Volume $66,894 ESTIMATE

Year Started 2012

Employees Total 2

Employees Here 2

D-U-N-S® Number 034008787-D&B

URL http://www.equitabletitlegroup.net

Line Of Business TITLE ABSTRACT OFFICE

SIC Code/Description 65410000 TITLE ABSTRACT OFFICES

Page 114 EQUITABLE PROPERTY SOLUTIONS GROUP, LLC Business Names BUS-368

Citation EQUITABLE PROPERTY SOLUTIONS GROUP, LLC

Source Business Names

Name EQUITABLE PROPERTY SOLUTIONS GROUP, LLC

Address 9401 BATTLE ST MANASSAS, VA 20110-5427

Phone 703-479-2821

Sales Volume $330,000 ACTUAL

Year Started 2016

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 090032537-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310000 REAL ESTATE AGENTS AND MANAGERS

Page 115 EQUITABLE HOLDINGS, L.L.C. Business Names BUS-369

Citation EQUITABLE HOLDINGS, L.L.C.

Source Business Names

Name EQUITABLE HOLDINGS, L.L.C.

Address 1290 AVENUE OF THE AMERIC NEW YORK, NY 10104-0105

Phone 212-554-1234

Year Started 2007

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 791365310-D&B

Line Of Business HOLDING COMPANY

SIC Code/Description 67190000 HOLDING COMPANIES, NEC

Page 116 EQUITABLE RESOURCES CAPITAL TRUST I Business Names BUS-370

Citation EQUITABLE RESOURCES CAPITAL TRUST I

Source Business Names

Name EQUITABLE RESOURCES CAPITAL TRUST I

Address 420 BLVD OF THE ALLIES PITTSBURGH, PA 15219-1301

Phone 412-553-5733

Sales Volume $115,224 ESTIMATE

Year Started 2007

Employees Total 2

Employees Here 2

D-U-N-S® Number 807868190-D&B

Line Of Business TRUSTS, NEC

SIC Code/Description 67330000 TRUSTS, NEC

Page 117 EQUITABLE SOTHEBY'S INTERNATIONAL REALTY Business Names BUS-371

Citation EQUITABLE SOTHEBY'S INTERNATIONAL REALTY

Source Business Names

Name EQUITABLE SOTHEBY'S INTERNATIONAL REALTY

Address 7135 E CAMELBACK RD SCOTTSDALE, AZ 85251-1262

Phone 480-287-5200

Sales Volume $298,366 ESTIMATE

Year Started 2008

Employees Total 3

Employees Here 3

D-U-N-S® Number 014323688-D&B

URL http://www.sothebysrealty.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310105 REAL ESTATE AGENT, RESIDENTIAL 65310100 REAL ESTATE BROKERS AND AGENTS

Page 118 EQUITABLE TITLE OF OCALA LLC Business Names BUS-372

Citation EQUITABLE TITLE OF OCALA LLC

Source Business Names

Name EQUITABLE TITLE OF OCALA LLC

Address 109 SE 1ST AVE OCALA, FL 34471-2163

Phone 352-236-6999

Sales Volume $54,616 ESTIMATE

Year Started 2018

Employees Total 2

Employees Here 2

D-U-N-S® Number 093487763-D&B

URL http://www.equitabletitlegroup.net

Line Of Business TITLE ABSTRACT OFFICE

SIC Code/Description 65410000 TITLE ABSTRACT OFFICES

Page 119 EQUITABLE LAND TITLE GROUP LLC Business Names BUS-373

Citation EQUITABLE LAND TITLE GROUP LLC

Source Business Names

Name EQUITABLE LAND TITLE GROUP LLC

Address 921 E FORT AVE STE 215 BALTIMORE, MD 21230-5136

Phone 443-451-8800

Sales Volume $49,350 ESTIMATE

Year Started 2017

Employees Total 2

Employees Here 2

D-U-N-S® Number 023006621-D&B

Line Of Business TITLE ABSTRACT OFFICE

SIC Code/Description 65410000 TITLE ABSTRACT OFFICES

Page 120 EQUITABLE MORTGAGE SOLUTIONS, L.L.C. Business Names BUS-374

Citation EQUITABLE MORTGAGE SOLUTIONS, L.L.C.

Source Business Names

Name EQUITABLE MORTGAGE SOLUTIONS, L.L.C.

Address 1835 PEARL ST CARROLLTON, TX 75006-6123

Phone 972-242-5000

Sales Volume $690,709 ESTIMATE

Year Started 2012

Employees Total 6

Employees Here 6

Legal Status Corporation

D-U-N-S® Number 927841101-D&B

URL http://www.eqmgso.com

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61629903 MORTGAGE BANKERS

Page 121 EQUITABLE PROPERTY AND ACCOUNT MANAGEMEN Business Names BUS-375

Citation EQUITABLE PROPERTY AND ACCOUNT MANAGEMEN

Source Business Names

Name EQUITABLE PROPERTY AND ACCOUNT MANAGEMEN

Address 87 S PORT ROYAL DR HILTON HEAD I, SC 29928-5538

Phone 843-785-8898

Sales Volume $26,393 ESTIMATE

Year Started 2018

Employees Total 1

Employees Here 1

D-U-N-S® Number 036379930-D&B

Line Of Business ACCOUNTING/AUDITING/BOOKKEEPING

SIC Code/Description 87210000 ACCOUNTING, AUDITING, AND BOOKKEEPING

Page 122 THE EQUITABLE BANK SSB Business Names BUS-376

Citation THE EQUITABLE BANK SSB

Source Business Names

Name THE EQUITABLE BANK SSB

Address 2290 N MAYFAIR RD MILWAUKEE, WI 53226-2208

Phone 262-781-9472

Employees Here 7

D-U-N-S® Number 073839581-D&B

URL http://www.theequitablebank.com

Line Of Business SAVINGS INSTITUTION STATE COMMERCIAL BANK

SIC Code/Description 60369902 STATE SAVINGS BANKS, NOT FEDERALLY CHARTERED 60229901 STATE TRUST COMPANIES ACCEPTING DEPOSITS, COMMERCIAL

Page 123 THE EQUITABLE BANK SSB Business Names BUS-378

Citation THE EQUITABLE BANK SSB

Source Business Names

Name THE EQUITABLE BANK SSB

Secondary Name NATIONAL AVE BRANCH

Address 2290 N MAYFAIR RD MILWAUKEE, WI 53226-2208

Phone 414-476-6434

Employees Here 4

D-U-N-S® Number 156368508-D&B

URL http://www.theequitablebank.com

Line Of Business SAVINGS INSTITUTION FEDERAL SAVINGS INSTITUTION

SIC Code/Description 60369902 STATE SAVINGS BANKS, NOT FEDERALLY CHARTERED 60359902 FEDERAL SAVINGS BANKS

Page 124 YOUNGER EQUITABLE SOLUTIONS, LLC. Business Names BUS-379

Citation YOUNGER EQUITABLE SOLUTIONS, LLC.

Source Business Names

Name YOUNGER EQUITABLE SOLUTIONS, LLC.

Address 259 BUFORD PL MACON, GA 31204-2423

Phone 478-742-9569

Sales Volume $209,288 ESTIMATE

Year Started 2014

Employees Total 2

Employees Here 2

D-U-N-S® Number 055384587-D&B

Line Of Business OPEN-END MANAGEMENT INVESTMENT

SIC Code/Description 67220000 MANAGEMENT INVESTMENT, OPEN-END

Page 125 THE EQUITABLE BANK SSB Business Names BUS-380

Citation THE EQUITABLE BANK SSB

Source Business Names

Name THE EQUITABLE BANK SSB

Address 2290 N MAYFAIR RD MILWAUKEE, WI 53226-2208

Phone 262-785-0600

Employees Here 7

D-U-N-S® Number 152763181-D&B

URL http://www.theequitablebank.com

Line Of Business SAVINGS INSTITUTION STATE COMMERCIAL BANK

SIC Code/Description 60369902 STATE SAVINGS BANKS, NOT FEDERALLY CHARTERED 60229901 STATE TRUST COMPANIES ACCEPTING DEPOSITS, COMMERCIAL

Page 126 1ST EQUITABLE Business Names BUS-381

Citation 1ST EQUITABLE

Source Business Names

Name 1ST EQUITABLE

Address 24 BODDINGTON CT ASHEVILLE, NC 28803-3149

Phone 828-216-1035

Sales Volume $137,603 ESTIMATE

Year Started 2010

Employees Total 2

Employees Here 2

D-U-N-S® Number 049543998-D&B

Line Of Business OPEN-END MANAGEMENT INVESTMENT

SIC Code/Description 67220000 MANAGEMENT INVESTMENT, OPEN-END

Page 127 URBAN EQUITABLE Business Names BUS-382

Citation URBAN EQUITABLE

Source Business Names

Name URBAN CAPITAL INC

Secondary Name URBAN EQUITABLE

Address 27 N 3RD ST PHILADELPHIA, PA 19106-4507

Phone 215-592-8880

Sales Volume $152,244 ESTIMATE

Year Started 1984

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 157302159-D&B

Line Of Business SECURITY BROKER/DEALER

SIC Code/Description 62110204 INVESTMENT FIRM, GENERAL BROKERAGE

Page 128 THE EQUITABLE MORTGAGE CORPORATION Business Names BUS-384

Citation THE EQUITABLE MORTGAGE CORPORATION

Source Business Names

Name THE EQUITABLE MORTGAGE CORPORATION

Secondary Name THE AFFORDABLE MORTGAGE

Address 33565 BAINBRIDGE RD STE 1 SOLON, OH 44139-2952

Phone 440-989-2000

Employees Here 2

D-U-N-S® Number 839677015-D&B

URL http://www.eqfin.com

Line Of Business LOAN BROKER MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61639904 MORTGAGE BROKERS ARRANGING FOR LOANS, USING MONEY OF OTHERS 61620000 MORTGAGE BANKERS AND LOAN CORRESPONDENTS

Page 129 CA EQUITABLE Business Names BUS-386

Citation CA EQUITABLE

Source Business Names

Name CA EQUITABLE

Address 408 E PALMER ST B COMPTON, CA 90221-2612

Phone 310-422-4238

Sales Volume $68,304 ESTIMATE

Year Started 2017

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 080716059-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 130 NORTHEAST EQUITABLE MORTGAGE Business Names BUS-387

Citation NORTHEAST EQUITABLE MORTGAGE

Source Business Names

Name NORTHEAST EQUITABLE MORTGAGE

Address 100 BRANDYWINE BLVD NEWTOWN, PA 18940-4002

Phone 267-544-4000

Sales Volume $68,304 ESTIMATE

Year Started 2017

Employees Total 2

Employees Here 2

Legal Status Proprietorship

D-U-N-S® Number 031550665-D&B

URL http://www.northeastequitable.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310000 REAL ESTATE AGENTS AND MANAGERS

Page 131 DIVI EQUITABLE PARTNERS INC. Business Names BUS-388

Citation DIVI EQUITABLE PARTNERS INC.

Source Business Names

Name DIVI EQUITABLE PARTNERS INC.

Secondary Name MAXIM REALTY

Address 15942 LOS SERRANOS CNTRY CHINO HILLS, CA 91709-4531

Phone 909-762-8082

Sales Volume $100,000 ACTUAL

Year Started 2009

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 831710327-D&B

URL http://www.maxim-realty.com

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 132 DREAMVIEW EQUITABLE HOLDING COMPANY Business Names BUS-389

Citation DREAMVIEW EQUITABLE HOLDING COMPANY

Source Business Names

Name DREAMVIEW EQUITABLE HOLDING COMPANY

Address 4885 RONSON CT STE L SAN DIEGO, CA 92111-1813

Phone 866-422-6199

Year Started 2013

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 040402552-D&B

Line Of Business HOLDING COMPANY

SIC Code/Description 67190000 HOLDING COMPANIES, NEC

Page 133 NORTHEAST EQUITABLE MORTGAGE Business Names BUS-390

Citation NORTHEAST EQUITABLE MORTGAGE

Source Business Names

Name NORTHEAST EQUITABLE MORTGAGE

Address 1094 2ND STREET PIKE RICHBORO, PA 18954-1860

Phone 215-290-6200

Employees Here 1

D-U-N-S® Number 054671497-D&B

URL http://www.northeastequitable.com

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61620000 MORTGAGE BANKERS AND LOAN CORRESPONDENTS

Page 134 MB EQUITABLE HOLDINGS LLC Business Names BUS-391

Citation MB EQUITABLE HOLDINGS LLC

Source Business Names

Name MB EQUITABLE HOLDINGS LLC

Address 2311 AVENUE M BROOKLYN, NY 11210-4540

Phone 917-613-9335

Year Started 2015

D-U-N-S® Number 076906286-D&B

Line Of Business HOLDING COMPANY

SIC Code/Description 67190000 HOLDING COMPANIES, NEC

Page 135 PACIFIC EQUITABLE PARTNERS, INC. Business Names BUS-392

Citation PACIFIC EQUITABLE PARTNERS, INC.

Source Business Names

Name PACIFIC EQUITABLE PARTNERS, INC.

Secondary Name KELLER WILLIAMS CHINO HILLS

Address 4200 CHINO HILLS PKWY CHINO HILLS, CA 91709-5824

Phone 909-287-7200

Sales Volume $1,600,000 ACTUAL

Year Started 2006

Employees Total 6

Employees Here 6

Legal Status Corporation

D-U-N-S® Number 806720608-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310105 REAL ESTATE AGENT, RESIDENTIAL

Page 136 THE EQUITABLE BANK SSB Business Names BUS-394

Citation THE EQUITABLE BANK SSB

Source Business Names

Name THE EQUITABLE BANK SSB

Address 705 E SILVER SPRING DR MILWAUKEE, WI 53217-5214

Phone 414-961-2553

Employees Here 6

D-U-N-S® Number 156327538-D&B

URL http://www.theequitablebank.com

Line Of Business SAVINGS INSTITUTION

SIC Code/Description 60369902 STATE SAVINGS BANKS, NOT FEDERALLY CHARTERED

Page 137 FIRST EQUITABLE REALTY III, INC Business Names BUS-399

Citation FIRST EQUITABLE REALTY III, INC

Source Business Names

Name FIRST EQUITABLE REALTY III, INC

Secondary Name NORTH BAY LANDING APARTMENTS

Address 7601 E TREASURE DR NORTH BAY VIL, FL 33141-4391

Phone 305-861-6000

Sales Volume $3,978,236 ESTIMATE

Year Started 1992

Employees Total 42

Employees Here 42

Legal Status Corporation

D-U-N-S® Number 135322857-D&B

URL http://www.grandviewpalace.net

Line Of Business OPERATIVE BUILDERS MARINA OPERATION NONRESIDENTIAL BUILDING OPERATOR

SIC Code/Description 15319901 CONDOMINIUM DEVELOPERS 44930000 MARINAS 65120100 COMMERCIAL AND INDUSTRIAL BUILDING OPERATION

Page 138 THE EQUITABLE REAL ESTATE COMP Business Names BUS-400

Citation THE EQUITABLE REAL ESTATE COMP

Source Business Names

Name THE EQUITABLE REAL ESTATE COMP

Address 3620 N 3RD AVE PHOENIX, AZ 85013-3904

Phone 602-224-3962

Sales Volume $396,922 ESTIMATE

Year Started 2007

Employees Total 3

Employees Here 3

D-U-N-S® Number 790424068-D&B

Line Of Business MORTGAGE BANKER/CORRESPONDENT

SIC Code/Description 61620000 MORTGAGE BANKERS AND LOAN CORRESPONDENTS

Page 139 THE EQUITABLE SAVINGS & LN CO Business Names BUS-401

Citation THE EQUITABLE SAVINGS & LN CO

Source Business Names

Name THE EQUITABLE SAVINGS & LN CO

Address 114 S MAIN ST CADIZ, OH 43907-1128

Phone 740-942-2092

Mailing Address P O BOX 267 CADIZ, OH 43907-0267

Sales Volume $507,000 ACTUAL

Year Started 1873

Employees Total 5

Employees Here 5

Legal Status Corporation

D-U-N-S® Number 039094214-D&B

URL http://www.equitablesavings.com

Line Of Business SAVINGS INSTITUTION

SIC Code/Description 60369901 SAVINGS AND LOAN ASSOCIATIONS, NOT FEDERALLY CHARTERED 61630000 LOAN BROKERS

Page 140 N J EQUITABLE REALTY Business Names BUS-403

Citation N J EQUITABLE REALTY

Source Business Names

Name N J EQUITABLE REALTY

Address 121 BRIGHTON AVE EAST ORANGE, NJ 07017-1706

Phone 973-677-2020

Sales Volume $88,771 ESTIMATE

Year Started 2002

Employees Total 2

Employees Here 2

D-U-N-S® Number 110070252-D&B

Line Of Business REAL ESTATE AGENT/MANAGER

SIC Code/Description 65310100 REAL ESTATE BROKERS AND AGENTS

Page 141 BRENDEN'S EQUITABLE INVESTMENTS LLC Business Names BUS-404

Citation BRENDEN'S EQUITABLE INVESTMENTS LLC

Source Business Names

Name BRENDEN'S EQUITABLE INVESTMENTS LLC

Address 4500 PEAR RIDGE DR DALLAS, TX 75287-5228

Phone 214-489-9933

Sales Volume $80,125 ESTIMATE

Year Started 2018

Employees Total 2

Employees Here 2

D-U-N-S® Number 053967040-D&B

Line Of Business INVESTOR

SIC Code/Description 67990000 INVESTORS, NEC

Page 142 SOUTHERN CALIFORNIA FIRST EQUITABLE FINANCIAL, INC; and Business Names BUS-405 FIRST EQUITABLE FINANCIAL

Citation SOUTHERN CALIFORNIA FIRST EQUITABLE FINANCIAL, INC; and FIRST EQUITABLE FINANCIAL

Source Business Names

Name SOUTHERN CALIFORNIA FIRST EQUITABLE FINANCIAL, INC

Secondary Name FIRST EQUITABLE FINANCIAL

Address 25401 CABOT RD STE 122 LAGUNA HILLS, CA 92653-5530

Phone 949-305-2404

Sales Volume $260,000 ESTIMATE

Year Started 1984

Employees Total 3

Employees Here 3

Legal Status Corporation

D-U-N-S® Number 157335241-D&B

Line Of Business MORTGAGE BROKER

SIC Code/Description 61639904 MORTGAGE BROKERS ARRANGING FOR LOANS, USING MONEY OF OTHERS

Page 143 WASHINGTON CENTER FOR EQUITABLE GROWTH I Business Names BUS-406

Citation WASHINGTON CENTER FOR EQUITABLE GROWTH I

Source Business Names

Name WASHINGTON CENTER FOR EQUITABLE GROWTH I

Address 1156 15TH ST NW STE 700 WASHINGTON, DC 20005-1744

Phone 202-986-6539

Sales Volume $5,853,456 ACTUAL

Year Started 2016

Employees Total 4

Employees Here 4

Legal Status Corporation

D-U-N-S® Number 041614237-D&B

URL http://www.equitablegrowth.org

Line Of Business OPEN-END MANAGEMENT INVESTMENT

SIC Code/Description 67220000 MANAGEMENT INVESTMENT, OPEN-END

Page 144 BASMADJIAN & JACKSON INVESTMENT, ADVISORY, EQUITABLE Business Names BUS-407 PARTNERSHIP, LLC

Citation BASMADJIAN & JACKSON INVESTMENT, ADVISORY, EQUITABLE PARTNERSHIP, LLC

Source Business Names

Name BASMADJIAN & JACKSON INVESTMENT, ADVISORY, EQUITABLE PARTNERSHIP, LLC

Address 11810 PIERCE ST STE 200 RIVERSIDE, CA 92505-5173

Phone 714-743-5833

Sales Volume $106,647 ESTIMATE

Year Started 2015

Employees Total 2

Employees Here 2

Legal Status Corporation

D-U-N-S® Number 080049726-D&B

URL http://www.basmadjianandjackson.com

Line Of Business INVESTOR

SIC Code/Description 67999905 REAL ESTATE INVESTORS, EXCEPT PROPERTY OPERATORS

Page 145 Record List Display 7/27/18, 1:40 PM

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Serial Reg. Check Word Mark Live/Dead Number Number Status 1 88048021 DIAMOND EQUITY RESEARCH TSDR LIVE 2 88046506 EQUITABLE HOLDINGS TSDR LIVE 3 88046389 EQUITABLE FINANCIAL TSDR LIVE 4 88046259 THE EQUITABLE TSDR LIVE 5 88046136 EQUITABLE TSDR LIVE NAESD (NATIONAL ASSOCIATION OF EQUITY SHARING 6 88041893 TSDR LIVE DEARLERS) 7 88035695 COMMITTING ASSETS & RESOURCES EQUITABLY TSDR LIVE 8 88031123 BAY EQUITY HOME LOANS TSDR LIVE 9 87263367 TOPS HEDGED EQUITY TSDR LIVE 10 87632162 HARVEST EDGE EQUITY FUND TSDR LIVE 11 87408795 5522225 AXA AXA EQUITABLE REDEFINING / STANDARDS TSDR LIVE 12 87070714 MIDDLE EQUITY TSDR LIVE 13 87857045 SOCIAL EQUITY TSDR LIVE 14 87804240 PALLADIUM EQUITY TSDR LIVE 15 87849370 TIDEWATER EQUITY PARTNERS TSDR LIVE 16 87849243 TIDEWATER EQUITY PARTNERS TSDR LIVE 17 87829013 PLAY EQUITY TSDR LIVE 18 87181576 5520205 GET GLOBAL EQUITY TIMING TSDR LIVE 19 87532197 NEWDAY EQUITY LOAN TSDR LIVE 20 87759872 AXA EQUITABLE HOLDINGS TSDR LIVE 21 87777730 GOLDMAN SACHS CLIMATE AWARE US EQUITY TSDR LIVE I I http://tmsearch.uspto.gov/bin/gate.exe Page 1 of 4

Exhibit F Record List Display 7/27/18, 1:40 PM

22 87725106 PE PETROLEUM EQUITY TSDR LIVE 23 87881753 HOME EQUITY PLUS TSDR LIVE 24 87367336 EUREKA EQUITY PARTNERS TSDR LIVE 25 87367292 EUREKA EQUITY PARTNERS TSDR LIVE 26 87832122 HOME EQUITY LINE4ME TSDR LIVE 27 87887224 SWEAT EQUITY TSDR LIVE 28 87960759 EQUITY TRADING LAB TSDR LIVE 29 87863724 NEUBERGER BERMAN SUSTAINABLE EQUITY FUND TSDR LIVE 30 87550932 5495779 GUIDEPOST GROWTH EQUITY TSDR LIVE 31 87476813 Ml AX EQUITIES TSDR LIVE 32 87018173 VALOR EQUITY PARTNERS TSDR LIVE 33 87817644 LEE EQUITY TSDR LIVE 34 87556058 UOB GLOBAL EQUITY SALES TSDR LIVE 35 87948613 WILLIAMS EQUITIES TSDR LIVE THE HEALTHCARE ENTERPRISE SOFTWARE PRIVATE EQUITY 36 87947629 TSDR LIVE FIRM. 37 87803820 EQUITY EDGE REVERSE MORTGAGE TSDR LIVE 38 87939302 PROVARIANT EQUITY PARTNERS TSDR LIVE 39 87936130 EQUITY247 TSDR LIVE 40 87816807 FALSE EQUITY TSDR LIVE 41 87656967 AEEX ASIAN EQUITY EXCHANGE TSDR LIVE 42 87791535 ACTIVE PRIVATE EQUITY ASSET MANAGEMENT TSDR LIVE 43 87248370 BUYERS EARNED EQUITY EXCHANGE (BEEE) TSDR LIVE 44 87921944 EQUITY ADVISOR TSDR LIVE 45 87580265 EXPERTISE EQUITY TSDR LIVE 46 87608207 5467750 WATERVALE EQUITY PARTNERS TSDR LIVE 47 87906563 CHESS CALL HARVESTING EQUITY STOCK STRATEGY TSDR LIVE 48 87023437 Ml AX EQUITIES MIAMI INTERNATIONAL SECURITIES EXCHANGE TSDR LIVE 49 87899986 VISTA EQUITY PARTNERS TSDR LIVE 50 87770150 INTECH EQUITY MARKET STRESS MONITOR TSDR LIVE 51 87704747 EQUITYTREE TSDR LIVE 52 87883730 TREE EQUITY TSDR LIVE 53 87621634 5453224 $AVE YOUR EQUITY REAL ESTATE TEAM MAKES MORE $ENSE TSDR LIVE 54 87333324 5454632 HOME EQUITY 360 TSDR LIVE 55 87103894 5454212 BLUE BANYAN EQUITY TSDR LIVE 56 87042851 HOME EQUITY NAVIGATOR TSDR LIVE 57 87738606 IP DRIVEN EQUITY INVESTMENT TSDR LIVE 58 87668267 RED DOG EQUITY TSDR LIVE 59 87668262 RED DOG EQUITY TSDR LIVE 60 87359844 5444679 DT FULCRUM EQUITIES TSDR LIVE 61 87326451 5444512 PORCHLIGHT EQUITY TSDR LIVE http://tmsearch.uspto.gov/bin/gate.exe Page 2 of 4 Record List Display 7/27/18, 1:40 PM

62 87261756 5444309 DIAMOND EQUITY INVESTMENTS TSDR LIVE 63 87737217 A HOME EQUITY LOAN MADE PERSONAL TSDR LIVE 64 87357429 CLEARVISION EQUITY PARTNERS TSDR LIVE 65 87405570 RETIREMENT HOME EQUITY LINE TSDR LIVE 66 87119318 5420062 EQUITY GLIDE PATH TSDR LIVE 67 87468648 EQUITY CONNECT TSDR LIVE 68 87506305 5395087 HUMAN EQUITY LINE OF CREDIT TSDR LIVE 69 87384488 5394529 YORKSHIRE EQUITY TSDR LIVE 70 87369432 5394505 EQUITY QUALITY RETURN (EQR) TSDR LIVE 71 87163465 5397342 SILVER WAVE EQUITIES TSDR LIVE 72 87652545 EQUITABLE NATIONAL LIFE INSURANCE COMPANY TSDR LIVE 73 87359144 5383992 BE. BRILLIANCE EQUITY TSDR LIVE 74 87643601 EQUITY HOME REALTY TSDR LIVE 75 87643565 EQUITY HOME REALTY TSDR LIVE 76 87548349 GOT EQUITY? TSDR LIVE 77 87369422 5368370 EQUITY QUALITY RETURN TSDR LIVE LSE LANDSTAR EQUITIES LAND OF THE PEOPLE.HOME OF THE 87167704 5371083 TSDR LIVE 78 YOUR DREAMS. RPC RENDE PROGRESS CAPITAL FARE LENDING. FINANCING 79 87341080 TSDR LIVE APPROVAL THROUGH RACIAL EQUITY. 80 87556713 BORN WITH EQUITY TSDR LIVE 81 87376871 5353976 PATRIARCH EQUITIES TSDR LIVE 82 87194573 5353265 EQUITEQ EDGE TSDR LIVE 83 87127299 5353134 FRAMEWORK PRIVATE EQUITY INVESTMENT DATA MANAGEMENT TSDR LIVE 84 87194554 5338179 EQUITEQ TSDR LIVE 85 87046818 5341675 SAKORUM LONG SHORT EQUITY FUND TSDR LIVE 86 87376877 5333849 PATRIARCH EQUITIES TSDR LIVE 87 87008945 5332579 EDA EQUITY DEALERS OF AMERICA TSDR LIVE 88 87316074 5331460 HURON PRIVATE EQUITY TSDR LIVE 89 87410765 5323538 RASTEGAR EQUITY PARTNERS TSDR LIVE 90 87180091 5320738 PERIODIC TABLE OF EQUITIES TSDR LIVE 91 87117156 5325068 COMMERCIAL EQUITY PARTNERS TSDR LIVE 92 87117142 5325067 COMMERCIAL EQUITY PARTNERS TSDR LIVE 93 87204877 5299496 V FIVE CROWNS CAPITAL PRIVATE EQUITY TSDR LIVE 94 87227161 5294447 INVESTORS PRIVATE EQUITY TSDR LIVE 95 87290032 EQUITON CAPITAL TSDR LIVE 96 87436607 PURE EQUITY TSDR LIVE 97 87049885 5282291 TRU EQUITY LISTING TSDR LIVE 98 87008942 5278301 EQUITY DEALERS OF AMERICA TSDR LIVE 99 87270812 5260395 EQUITY X TSDR LIVE 100 87075952 5258939 FARM EQUITY AG VANTAGE TSDR LIVE http://tmsearch.uspto.gov/bin/gate.exe Page 3 of 4 Record List Display 7/27/18, 1:40 PM

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http://tmsearch.uspto.gov/bin/gate.exe Page 4 of 4 Nebraska Secretary of State - Corporation and Business Entity Searches Page 1 of 1

EQUITABLE

Mon Aug 5 11:54:04 2019

SOS Account Number 1698835 Status Active

Contact EQUITABLE FINANCIAL CORPORATION 113 NORTH LOCUST GRAND ISLAND, NE 68801

Entity Type Service Mark Date Filed Jan 14 1999

Filed Documents Filed documents for EQUITABLE may be available for purchase and downloading by selecting the checkbox. If no checkbox and price appears, contact Secretary of State's office to request document(s).

Document Date Filed Price

Service Mark Jan 14 1999 $0.90 = 2 page(s) @ $0.45 per page

Renewal Nov 06 2008 $0.90 = 2 page(s) @ $0.45 per page

Renewal Jul 19 2018 $0.90 = 2 page(s) @ $0.45 per page

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Exhibit G https://www.nebraska.gov/sos/corp/corpsearch.cgi 8/5/2019 Public Search - Arizona Secretary of State Page 1 of 2

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File ID:

624021

Name:

THE EQUITABLE FINANCE COMPANY

Mailing Address: 7050 SW NYBERG ST TUALATIN, Oregon 97062-

Phone:

503-563-6107

Nature of Business:

CONSUMER FINANCE

Date of First Use:

May 07, 2015

Date Registered:

June 02, 2015

https://apps.azsos.gov/apps/tntp/se.html 8/5/2019 Public Search - Arizona Secretary of State Page 2 of 2

Expiration Date:

June 02, 2020

Applicants:

FINCO HOLDING COMPANY LLC Foreign LLC

Registration Information:

Registration June 02, 2015 Expires: June 02, 2020 Received:

Correspondence History:

Trade Name Filed: February 14, Amendment: 2017

Trade Name Application: Filed: June 02, 2015

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v0.2019.0722.5313

Website Policies (https://www.azsos.gov/website-policies) | Contact Us (https://www.azsos.gov/about- office/contact-us)

https://apps.azsos.gov/apps/tntp/se.html 8/5/2019 Detail by Trademark Name Page 1 of 1

Florida Department of State DIVISION OF CORPORATIONS

Department of State / Division of Corporations / Search Records / Detail By Document Number /

Detail by Trademark Name Trademark EQUITABLE TITLE Filing Information Document Number T13000000559 Date Filed 05/31/2013 Expiration Date 05/31/2018 First Used in Florida 04/14/1996 First Used Anywhere 04/14/1996 Status INACTIVE

Mark Used In Connection With TITLE INSURANCE SERVICES Disclaimer For "TITLE" Owners Name & Address

JOSEPH, F. LARRY 6985 WALLACE ROAD ORLANDO, FL 32819

Type/Class SM-00360000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000 00000000000

Cross Reference No Cross Reference

Document Images

05/31/2013 -- Trademark View image in PDF format

Florida Department of State, Division of Corporations

http://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=Trade... 8/5/2019 Nebraska Secretary of State - Corporation and Business Entity Searches Page 1 of 1

EQUITABLE MORTGAGE INCORPORATED

Mon Aug 5 11:49:49 2019

SOS Account Number 10107866 Status Inactive

Contact EQUITABLE MORTGAGE OF NEBRASKA, INC. 1569 WASHINGTON ST. BLAIR, NE 68008

Entity Type Service Mark Date Filed Feb 15 2008

Filed Documents Filed documents for EQUITABLE MORTGAGE INCORPORATED may be available for purchase and downloading by selecting the checkbox. If no checkbox and price appears, contact Secretary of State's office to request document(s).

Document Date Filed Price

Service Mark Feb 15 2008 $0.90 = 2 page(s) @ $0.45 per page

Expiration Feb 21 2018

Good Standing Documents Not Available for Service Marks

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https://www.nebraska.gov/sos/corp/corpsearch.cgi?acct-number=10107866 8/5/2019 Business Entity Filings Page 1 of 2

Home Business Services Search Databases Online Filing Elections Notaries Nonprofits Youth

Home » Search Databases » Business Entities » Results » Filings FEATURED RESOURCES

Business Entity Filings print QUICK LINKS ONLINE SERVICES SEARCH UCC Online Demo Summary Address Agent Filings Names Officers Stock Search Again File a Biennial Report Find Your Precinct/Polling Place Am I Registered to Vote in Iowa? EQUITABLE MORTGAGE INCORPORATED & DESIGN (358272) Register to Vote Request an Absentee Ballot Cert. No. Pages Filing Date Effective Date Type Track Your Absentee Ballot W00557659 4 1/31/2008 3/1/2005 REGISTRATION OF TRADEMARK Business Resources

Please Note: The Secretary of State's office has reviewed its privacy and public information policy and has determined that social security numbers will be redacted from business entity document images prior to making them available on our web site.

ADDRESS CONFIDENTIALITY PROGRAM

https://sos.iowa.gov/search/business/filings.aspx?q=OUHOX99Gr8jpm98_33OXW2TczfB... 8/5/2019 Business Entity Filings Page 2 of 2

HOW CAN THE SECRETARY HELP YOU?

PUT YOUR BUSINESS ON GOOGLE

CONSTITUENT SERVICES

STAY CONNECTED

JOIN OUR MAILING LIST

Email Address SIGN UP

https://sos.iowa.gov/search/business/filings.aspx?q=OUHOX99Gr8jpm98_33OXW2TczfB... 8/5/2019 Business Entity Summary Page 1 of 2

Home Business Services Search Databases Online Filing Elections Notaries Nonprofits Youth

Home » Search Databases » Business Entities » Results » Summary FEATURED RESOURCES

Business Entity Summary print QUICK LINKS ONLINE SERVICES SEARCH UCC Online Demo Summary Address Agent Filings Names Officers Stock Search Again File a Biennial Report Find Your Precinct/Polling Place Am I Registered to Vote in Iowa? Certificates of Standing are not printed for this chapter. Register to Vote Request an Absentee Ballot Searched: equitable mortgage incorporated Track Your Absentee Ballot Business No. Legal Name Status Business Resources 358272 EQUITABLE MORTGAGE INCORPORATED & DESIGN Inactive Type State of Inc. Modified Legal NE No Expiration Date Effective Date Filing Date 1/31/2013 3/1/2005 1/31/2008 Chapter CODE 548 TRADEMARK OR SERVICE MARK

Names (Viewing 1 of 1)

Type Status Modified Name Legal Active No EQUITABLE MORTGAGE INCORPORATED & DESIGN

Registered Agent or Reserving Party

Full Name EQUITABLE MORTGAGE OF NEBRASKA, INC. Address Address 2 1569 WASHINGTON ST City, State, Zip BLAIR, NE, 68008

Home Office

Full Name

Address Address 2

City, State, Zip

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ADDRESS CONFIDENTIALITY PROGRAM

https://sos.iowa.gov/search/business/summary.aspx?q=OUHOX99Gr8jpm98_33OXW2Tczf... 8/5/2019 Business Entity Summary Page 2 of 2

HOW CAN THE SECRETARY HELP YOU?

PUT YOUR BUSINESS ON GOOGLE

CONSTITUENT SERVICES

STAY CONNECTED

JOIN OUR MAILING LIST

Email Address SIGN UP

https://sos.iowa.gov/search/business/summary.aspx?q=OUHOX99Gr8jpm98_33OXW2Tczf... 8/5/2019 Nebraska Secretary of State - Corporation and Business Entity Searches Page 1 of 1

EQUITABLE BANK

Mon Aug 5 11:52:44 2019

SOS Account Number 10073578 Status Inactive

Contact EQUITABLE FEDERAL SAVINGS BANK OF GRAND ISLAND 113 NORTH LOCUST STREET GRAND ISLAND, NE 68801-6003

Entity Type Trade Name Date Filed Jul 11 2005

Filed Documents Filed documents for EQUITABLE BANK may be available for purchase and downloading by selecting the checkbox. If no checkbox and price appears, contact Secretary of State's office to request document(s).

Document Date Filed Price

Trade Name Jul 11 2005 $0.45 = 1 page(s) @ $0.45 per page

Proof of Publication Jul 29 2005 $0.45 = 1 page(s) @ $0.45 per page

Renewal Jan 23 2015 $0.45 = 1 page(s) @ $0.45 per page

Cancellation Mar 29 2019 $0.45 = 1 page(s) @ $0.45 per page

Good Standing Documents Not Available for Trade Names

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https://www.nebraska.gov/sos/corp/corpsearch.cgi 8/5/2019 STATE TRADEMARK REGISTRATIONS – LIVE RECORDS ONLY

Order Details Mark Searched EQUITABLE

Goods INSURANCE SERVICES; FINANCIAL SERVICES

Order Date 02-AUG-2019

Order Nr 342831611

Page 1 Exhibit H Full Text Record(s)

EQUITABLE State ST-1

Citation EQUITABLE

Source State

State (US) NEBRASKA

Registration Number 1698835

Status Registered

Registration Date 14-JAN-1999

Chronology Registered: 14-JAN-1999

International Class(es) 36 (Insurance and financial services)

Goods and Services Goods/services not listed

Registrant EQUITABLE BUILDING AND LOAN ASSOCIATION 113-115 NORTH LOCUST GRAND ISLAND, NEBRASKA 68801

Page 2 EQUITABLE BANK State ST-3

Citation EQUITABLE BANK

Source State

State (US) NEBRASKA

Registration Number 10073578

Status Registered

Registration Date 11-JUL-2005

Chronology Registered: 11-JUL-2005

International Class(es) 36 (Insurance and financial services)

Goods and Services Goods/services not listed

Registrant EQUITABLE FEDERAL SAVINGS BANK OF GRAND ISLAND FEDERAL SAVINGS BANK 113 NORTH LOCUST STREET GRAND ISLAND, NEBRASKA 68801-6003

Mark Type TRADENAME

Page 3 EQUITABLE TITLE State ST-4

Citation EQUITABLE TITLE

Source State

State (US) FLORIDA

Registration Number T13000000559

Status Registered

Registration Date 31-MAY-2013

Chronology Registered: 31-MAY-2013

International Class(es) 36 (Insurance and financial services)

Goods and Services Title insurance services

State Class(es): 36

First Use in State 14-APR-1996

First Use Anywhere 14-APR-1996

Registrant LARRY F. JOSEPHY INDIVIDUAL 6985 WALLACE ROAD ORLANDO, FLORIDA 32819

Disclaims TITLE

Page 4 EQUITABLE MORTGAGE INCORPORATED State ST-5

Citation EQUITABLE MORTGAGE INCORPORATED

Source State

State (US) SOUTH DAKOTA

Status Registered

Registration Date 31-JAN-2008

Chronology Registered: 31-JAN-2008

International Class(es) 36 (Insurance and financial services)

Goods and Services Financial and mortgage banking

First Use in State 01-MAR-2005

First Use Anywhere 01-MAR-2005

Registrant EQUITABLE MORTGAGE OF NEBRASKA, INC. NEBRASKA CORPORATION 1569 WASHINGTON STREET BLAIR, NEBRASKA 68008 Tel.: (402) 426-3537

Design Phrase “MORTGAGE" BELOW “UITABLE" IN “EQUITABLE", WITH “INCORPORATED" BELOW “MORT" IN “MORTGAGE", WITH A FEATHER PEN ON THE RIGHT SIDE OF A PAPER BELOW

Page 5 EQUITABLE MORTGAGE INCORPORATED State ST-6

Citation EQUITABLE MORTGAGE INCORPORATED

Source State

State (US) IOWA

Registration Number 358272

Status Registered

Registration Date 31-JAN-2008

Chronology Registered: 31-JAN-2008

International Class(es) 36 (Insurance and financial services)

Goods and Services Insurance and financial services

State Class(es): 102

First Use in State 01-MAR-2005

Registrant EQUITABLE MORTGAGE OF NEBRASKA, INC. 1569 WASHINGTON ST BLAIR, NEBRASKA 68008

Design Phrase THE WORDS “EQUITABLE MORTGAGE" “INCORPORATED" APPEAR ABOVE A PICTURE OF A “QUILL AND POPER"

Page 6 EQUITABLE MORTGAGE INCORPORATED State ST-7

Citation EQUITABLE MORTGAGE INCORPORATED

Source State

State (US) NEBRASKA

Registration Number 10107866

Status Registered

Registration Date 15-FEB-2008

Chronology Registered: 15-FEB-2008

International Class(es) 36 (Insurance and financial services)

Goods and Services Insurance and financial services

Registrant EQUITABLE MORTGAGE OF NEBRASKA, INC. CORPORATION 1569 WASHINGTON ST. BLAIR, NEBRASKA 68008

Page 7 EQUITABLE MORTGAGE OF NEBRASKA State ST-8

Citation EQUITABLE MORTGAGE OF NEBRASKA

Source State

State (US) NEBRASKA

Registration Number 10104529

Status Registered

Registration Date 15-NOV-2007

Chronology Registered: 15-NOV-2007

International Class(es) 36 (Insurance and financial services)

Goods and Services Insurance and financial services

Registrant FIRST MORTGAGE COMPANY, LLC LIMITED LIABILITY COMPANY / LLC SUITE 250, 6501 NORTH BROADWAY OKLAHOMA CITY, OKLAHOMA 73116

Mark Type TRADENAME

Page 8 EQUITABLE REVERSE MORTGAGE COMPANY State ST-9

Citation EQUITABLE REVERSE MORTGAGE COMPANY

Source State

State (US) NEBRASKA

Registration Number 10104421

Status Registered

Registration Date 13-NOV-2007

Chronology Registered: 13-NOV-2007

International Class(es) 36 (Insurance and financial services)

Goods and Services Insurance and financial services

Registrant REVERSE MORTGAGE GRP, INC. CORPORATION 1504 N. WELLS ST. #3 CHICAGO, ILLINOIS 60610

Mark Type TRADENAME

Page 9 THE EQUITABLE FINANCE COMPANY State ST-10

Citation THE EQUITABLE FINANCE COMPANY

Source State

State (US) ARIZONA

Registration Number 624021

Status Registered

Registration Date 02-JUN-2015

Chronology Registered: 02-JUN-2015

International Class(es) 36 (Insurance and financial services)

Goods and Services Consumer finance services

First Use Anywhere 07-MAY-2015

Registrant FINCO HOLDING COMPANY LLC FOREIGN LIMITED LIABILITY COMPANY 7050 SW NYBERG ST TUALATIN, OREGON 97062 Tel.: 503-563-6107

Mark Type TRADENAME

Page 10 EQUITABLE ASSET SOLUTIONS State ST-11

Citation EQUITABLE ASSET SOLUTIONS

Source State

State (US) ARIZONA

Registration Number 560501

Status Registered

Registration Date 26-NOV-2012

Chronology Registered: 26-NOV-2012

International Class(es) 36 (Insurance and financial services)

Goods and Services Real estate

First Use in State 26-NOV-2012

Registrant IWC, LLC LIMITED LIABILITY COMPANY 9524 W CAMELBACK RD #130-333 GLENDALE, ARIZONA 85305

Mark Type TRADENAME

Page 11 EQUITABLE PROPERTY INVESTMENTS State ST-12

Citation EQUITABLE PROPERTY INVESTMENTS

Source State

State (US) ARIZONA

Registration Number 622611

Status Registered

Registration Date 20-MAY-2015

Chronology Registered: 20-MAY-2015

International Class(es) 35 (Advertising and business services) 36 (Insurance and financial services)

Goods and Services Real estate

First Use Anywhere 15-APR-2015

Registrant EQUITABLE HOMES INC. CORPORATION 5024 S ASH AVE #101 TEMPE, ARIZONA 85282 Tel.: 480-820-7100

Mark Type TRADENAME

Page 12 EQUITABLE REALTY, INC. State ST-13

Citation EQUITABLE REALTY, INC.

Source State

State (US) OREGON

Registration Number 23772

Status Registered

Registration Date 19-OCT-1989

Chronology Registered: 19-OCT-1989

International Class(es) 36 (Insurance and financial services)

Goods and Services Real estate

State Class(es): 135,136,137

First Use in State 01-JUN-1989

First Use Anywhere 01-JUN-1989

Registrant FRANK D MICHAEL DBA EQUITABLE REALTY INC. WASHINGTON CORPORATION 10700 MERIDIAN AVE N #107 SEATTLE, WASHINGTON 98133

Design Phrase THE WORDS “EQUITABLE REALTY, INC." AND THE “Q" HAS A WORLD GLOBE IN IT.

Manner Of Display USED ON LETTER HEADS & PROSPECTUS, ADVERTISING

Page 13 EQUITABLE REAL ESTATE COMPANY State ST-14

Citation EQUITABLE REAL ESTATE COMPANY

Source State

State (US) ARIZONA

Registration Number 354083

Status Registered

Registration Date 21-SEP-2005

Chronology Registered: 21-SEP-2005

International Class(es) 36 (Insurance and financial services)

Goods and Services Real estate

First Use in State 20-SEP-2005

Registrant SOAP & DINGDONGS, LLC LIMITED LIABILITY COMPANY 6828 E CAMELBACK RD SCOTTSDALE, ARIZONA 85251

Mark Type TRADENAME

Page 14 EQUITABLE REAL ESTATE INVESTMENTS State ST-15

Citation EQUITABLE REAL ESTATE INVESTMENTS

Source State

State (US) ARIZONA

Registration Number 622902

Status Registered

Registration Date 27-MAY-2015

Chronology Registered: 27-MAY-2015

International Class(es) 35 (Advertising and business services) 36 (Insurance and financial services)

Goods and Services Real estate

First Use Anywhere 15-MAY-2015

Registrant EQUITABLE HOMES INC. CORPORATION 5024 S ASH AVE SUITE 101 TEMPE, ARIZONA 85282 Tel.: 480-820-7100

Mark Type TRADENAME

Page 15 EQUITABLE TRUST MORTGAGE CORP. State ST-16

Citation EQUITABLE TRUST MORTGAGE CORP.

Source State

State (US) MARYLAND

Registration Number 2001-01214

Status Registered

Registration Date 22-MAR-2001

Chronology Registered: 22-MAR-2001

International Class(es) 36 (Insurance and financial services)

Goods and Services Mortgage lending services

First Use in State 15-MAR-2000

First Use Anywhere 15-MAR-2000

Registrant EQUITABLE TRUST MORTGAGE CORPORATION CORPORATION 5022 CAMPBELL BLVD., SUITE D BALTIMORE, MARYLAND 21236-4969 Tel.: (410) 933-8600

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