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EXHIBIT 10.30
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DEFERRED COMPENSATION PLAN ("PLAN") AGREEMENT
WITH ________________
THIS AGREEMENT made this ____ day of _________, 19 _____ by and between The
Mutual Life Insurance Company of New York ("MONY" or "Company") and
_______________ (the "Employee"):
WITNESSETH:
WHEREAS, the Employee occupies a position of key significance with MONY
and MONY desires to encourage the Employee to remain with the Company, to make
and to continue to make contributions to MONY's growth; and
WHEREAS, MONY's Board of Trustees adopted a "Deferred Compensation Plan
for Key Employees of The Mutual Life Insurance Company of New York", permitting
Key Employees to defer receipt of a portion of their "Compensation" (as defined
in the Retirement Income Security Plan for Employees ("RISPE") of The Mutual
Life Insurance Company of New York and as modified in Section 1 of this
Agreement), to be paid in the future in accordance with the terms and conditions
herein set forth;
THEREFORE, the parties hereto do agree as follows:
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1. Payment of Compensation
Beginning _______, 19 ____ and thereafter for all future calendar years
until the Employee provides MONY with written notice in advance of a calendar
year to discontinue the deferral of future Compensation hereunder, ____% of
$_____ annually and ___% of any Compensation in excess of that amount shall be
deferred and credited in accordance with paragraph 2 below. The beginning date
in the preceding sentence shall be the first day of a future calendar year,
unless the Employee executes this Agreement within thirty days of becoming
eligible for the Plan. In this case, the beginning date may be the first day of
any future month within the calendar year that the employee becomes eligible. In
no event shall the total amount deferred exceed 33-1/3% of total annual
Compensation. Any election to defer more than 33-1/3% shall be reduced in such
manner as MONY shall deem necessary. "Compensation" means Compensation as
defined under RISPE less any payments in order to satisfy tax levies, child
support orders, garnishments, debts owed MONY or any other income execution or
assignment. Compensation also includes any disability benefits payable under
MONY's Security Plan for Employees which would be paid at a rate equal to 100%
of Compensation. The remaining portion of the Employee's Compensation shall be
paid currently in accordance with MONY's normal payroll procedures. The
Employee's regular stipulated rate of pay from MONY for full-time service shall
not be affected by the deferral provided for herein and, therefore, none of
MONY's non-qualified welfare plans, the benefits of which are a function of the
regular stipulate rate of pay, shall be affected by such deferral.
The Employee can not elect to change the amount they wish to have
deferred any time during the calendar year. Any notice to discontinue deferral
shall not be effective
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unless given on forms provided by MONY. Deferrals can only be discontinued at
the end of the calendar year, with regard to Compensation for the next calendar
year.
2. Employee's Account: Credits and Interest
(a) An unfunded deferred compensation account (the "Account") will be
established by MONY for the Employee. This is a bookkeeping account only. The
only obligation of MONY with respect to the Account will be to make the payments
provided for under this Agreement when and as they become payable pursuant to
the terms hereof, and that any amount credited to such Account will be solely
for record-keeping purposes and shall not be considered to be held in trust or
escrow.
(b) MONY will credit to the Account each pay period any amount equal to
the percent of Compensation that is deferred as specified in paragraph 1.
(c) MONY presently maintains RISPE under which MONY matches up to 3% of
an Employee's contribution under MONY's Investment Plan and an additional 2% of
Compensation. MONY also maintains a Non-Qualified Benefit Plan for Employees for
the purpose of providing benefits which exceed certain limitations on qualified
plan contributions/benefits imposed by the Internal Revenue Code. While the
Employee's Compensation is being deferred under this plan, MONY will credit to
the Account an amount equal to the percentage of the amount deferred as it
otherwise would have contributed or credited to RISPE and/or the Non-Qualified
Benefit Plan for Employees as if no compensation had been deferred under this
Agreement.
(d) MONY shall credit or debit each Employee's Account with an interest
rate equivalent to the gains/losses, expenses, if any, which would have accrued
had the dollar
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amount of such credits been invested in the Investment funds then available
under the Investment Plan in accordance with the Employee's credit allocation
election at the time such debit or credit is made. This mirroring of funds
represents a hypothetical investment only, in order to determine the amount to
be paid at the payment date. The Employee does not have any rights in any
investments MONY might make in order to provide funds from which MONY may make
deferred compensation payments. MONY is not required to make any investments on
the Employee's behalf to provide funds from which MONY may make plan payments.
The Employee has the right to request both transfers of credits or
credit allocation changes up to 12 times each calendar year. MONY reserves the
right to change the manner of crediting interest or any further returns for all
future credits. MONY also has the right to limit the credits that can be subject
to this election.
3. Payments from Deferred Compensation Account
(a) The amount in the Employee's account will be paid out
as indicated below an in the manner prescribed
herein.
(i) In the event of the Employees death, payment
to the beneficiary will commence as soon as
administratively possible after the
Employee's death, provided that MONY has
received all of the necessary documents.
(ii) In the event of the Employee's becoming
eligible for Long-Term Disability benefits
under the Security Plan for Employees of The
Mutual Life Insurance Company of New York,
payment will commence on the first day of
the calendar month following the 30th day
after the Employee's eligibility date,
provided that MONY has received all of the
necessary documents.
(iii) In the event of the Employee's retirement,
payment will commence on the retirement date
as soon as administratively possible after
the Employee's retirement
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date, provided that MONY has received all of
the necessary documents.
(iv) In the event of the Employee's termination
of employment, other than by death,
disability or retirement, payment will
commence (initial one):
-- on the first day of the calendar
month following the 30th day after
the Employee's termination of
employment.
-- on the first day of the calendar
month following the month in which
the Employee attains age 65.
Election of form of payment (initial one):
-- Single Sum.
-- Monthly installments over a period
of ______ (cannot exceed 240
months) months.
-- Annual installments over a period
of ______ (cannot exceed 20 years)
years.
-- Installments based on an annual
redetermination of the Employee's
(and his/her spouse's, if
applicable) life expectancy(ies).
-- Settlement Option 2 (Fixed Period
Option) as contained in policies of
life insurance currently issued by
MONY.
-- Settlement Option 4 (Fixed Amount
Option) as contained in policies of
life insurance currently issued by
MONY.
(v) Credits can be withdrawn on a hardship basis
as prescribed in the IRS Regulations
pertaining to Section 457 of the Internal
Revenue Code. To qualify, the Employee (or
his/her eligible dependent[s]) must be faced
with an unforeseeable emergency, such as a
severe financial hardship caused by a sudden
and unexpected illness or accident; a loss
of the Employee's property due to casualty;
or other similar extraordinary and
unforeseeable circumstances caused by events
beyond the control of the Employee. In any
case, payment may not be made in the event
that such hardship is or may be relieved
through reimbursement or compensation by
insurance or otherwise;
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or by liquidation of the employee's assets,
to the extent that liquidation of such
assets would not itself cause severe
financial hardship.
The withdrawal request cannot exceed the
amount needed to satisfy the hardship
(including any applicable taxes on the
withdrawal) and the hardship must not be
able to be satisfied from any other
reasonably available sources. The Employee
must provide MONY, in care of Corporate
Compensation, with acceptable documentation
of the financial hardship.
(b) Credits accumulated hereunder shall be paid
to each Employee or validly designated
beneficiary by or for such Employee only on
account of death, termination of service,
long-term disability or retirement in
accordance with any settlement option
available under the Investment Plan. Any
payment due during the Employee's life time
shall be made payable to the Employee. Any
right to receive payments from MONY under
the Plan shall be no greater than the right
of any unsecured general creditor of MONY.
No trust or fiduciary relationship shall be
deemed to have been created hereunder for
the Employee or his/her beneficiary(ies).
(c) The beneficiary may be designated or changed
by the Employee, without the consent of any
former beneficiary, on the form provided by
the Company and received by Corporate
Compensation before his or her death. If no
such designation is in effect at the time
any benefit is payable, the benefit shall be
paid to the Employee's estate. Such
designation and any subsequent change(s)
shall effect as of the date the completed
form is received and accepted by Corporate
Compensation, and shall be subject to any
payment made by MONY or action taken by MONY
before receipt of the form.
4. Benefits May Not be Assigned or Attached
No credit or benefit hereunder may be assigned, transferred or subject
to alienation, surrender or anticipation, or subject to the debts of any person
or to legal process, except as may otherwise be provided by law.
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5. No Obligations to Continue Employment
It is understood and agreed that nothing contained in this Agreement
shall in any way obligate MONY to retain the Employee's employment for any
period of time, nor in any way affect MONY's right to change at any time the
Employee's compensation, the method or conditions for payment thereof, or any
other aspect of the Employee's contractual relationship with MONY.
6. Duration of Agreement
This Agreement shall remain effective and continue in force until such
time as the Agreement is amended or terminated by the parties hereto.
7. Relation to Other Plans
This agreement shall not be deemed to supersede the terms or provisions
of any other plan or agreement relating to deferred compensation in effect on or
before the date of this Agreement.
8. No Additional Tax Liability to MONY
If, as a result of receiving benefits from this Plan, any person is
subject to a higher rate or different form of taxation than would have been the
case had the Employee elected not to participate, MONY shall in no way be liable
for any portion of the additional tax burden, and such person shall have no
recourse whatsoever against MONY.
9. Interpretation of Plan
MONY has have the exclusive right to interpret the Plan and to decide
any matters arising hereunder in the administration of the Plan.
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10. Governing Law
This Agreement and the Plan shall be construed, enforced and
administered according to the laws of the State of New York and any federal law
or regulation governing the provisions or administration of this Plan. In case
any provision of this Agreement or the Plan shall be held illegal, this
Agreement and the Plan shall be construed and enforced as if such illegal or
invalid provision had not been included therein.
11. Amendment and Termination
MONY reserves the right, at any time and from time to time, to amend or
terminate this Plan in whole or in part subject to the approval of the
Superintendent of Insurance of the State of New York, if required. No such
amendment or termination will reduce any benefits or credits under this Plan as
in effect on the day before the effective date of such Plan amendment or
termination.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
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(RECEIVED AND RECORDED BY)
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(EMPLOYEE)
NOVEMBER 1996
