Form Of Excess Benefit Plan

EXCESS BENEFIT PLAN FOR MONY EMPLOYEES


Effective January 1, 1982
Amended to January 1, 1987


Restated as of January 1, 1997 2
EXCESS BENEFIT PLAN FOR MONY EMPLOYEES


1. Purpose


1.1 The purpose of this Plan is to provide to a select group of highly compensated and management employees of The Mutual Life Insurance Company of New York "MONY" with benefits to replace those benefits which may not be accrued under the Retirement Income Security Plan Employees ("RISPE") and/or the Investment Plan Supplement for Employees of MONY ("MIP") because of limitations imposed by Section 401(a)(17), 401(m), 402(g) 410(b) or other similar sections of the Internal Revenue Code of 1986 (the "Code") and the regulations thereunder. A separate part of this Plan provides, pursuant to Section 3(36) of the Employee Retirement Income Security Act of 1974, benefits for employees to replace those benefits which may not be accrued under RISPE and/or MIP because of limitations imposed by Section 415 of the Code (the "Excess Benefit Plan" portion of the Plan).


1.2 The substantive portion of RISPE and MIP are incorporated by reference into and are a part of this Plan as if set forth here. Any amendments made to the substantive provision shall also be incorporated by reference into the Plan effective as of the effective date of the amendments.


Article II Definitions


2.1 All terms with initial capital letters which are used in RISPE and/or MIP shall have the same definitions as under


2 3 RISPE and/or MIP as the case may be unless specified here or the context otherwise requires.


2.2 Employee means any person engaged in rendering personal services under the direction or control of the Employer or any person receiving disability benefits under the Security Plan for Employees of MONY and shall include leased employees within the meaning of Code Section 414(n)(2), but shall not include Field Underwriters in their capacity as such. Notwithstanding the foregoing, if a plan is maintained for leased employees of the Employer which meets the requirements of Code Section 414(n)(5), the term "Employee" shall not include such leased employees.


1. DEFINITIONS


1.5 Administrative Committee means the Benefits Committee of the Board of Trustees as provided in Section 11. For purposes of ERISA, the members of the Administrative Committee shall be the named fiduciaries (with respect to the matters for which they are made responsible under the Plan) of the Plan.


A. MONY means The Mutual Life Insurance Company of New York.


B. Excess Benefit Plan for MONY Employees means this Excess Benefit Plan for MONY Employees (the "Plan") maintained by MONY.


2.3 Excess Investment Plan Credit means a credit equal to the sum of the dollar amount, if any, of matching Company or


3 4 Employer, Profit Sharing, or Defined Contributions and the dollar amount, if any, of Employee contributions which would have been allocated or contributed under the RISPE or MIP, as the case may be, for a Plan Year, but for (I) the limitations of Code Section 415 the provisions of the paragraph entitled "Overall Limitations on Contributions to this Plan" contained in the Investment Plan, and/or (ii) the limitation of 401(a)(17), 402(g), 401(m), or 410(b) of the Internal Revenue Code, as amended, applicable to the amount of elective deferrals of any Employee for any taxable year; which exceed such contributions which are actually made to the Investment Plan, or allocated under RISPE, as the case may be. In no event, however, will an Employee receive credits under both clause (I) and clause (ii) of this Section 2.3 with respect to contributions that exceed both of said limitations.


An Employee shall only be entitled to have an Excess Investment Plan Credit attributable to Elective 401(k) Deferral Contributions credited to his account under Section 3 hereunder to the extent that he has previously authorized MONY, in a signed writing, to reduce his compensation. The percentage of such authorized reduction in compensation shall not be greater than the maximum aggregated percentage of Elective 401(k) Deferral Contributions then in effect with respect to the Employee under the Investment Plan. [The percentage of such authorized reduction in compensation must correspond to an amendment by the Employee in the amount of Elective 401(k) Deferral Contributions and (expressed as a percentage of compensation) authorized to be contributed with respect to the Employee under the Investment Plan.]


4 5 An Employee shall only be entitled to have an Excess Investment Plan Credit attributable to matching Company Contributions credited to his account under Section 3 hereunder to the extent that he has previously authorized MONY to reduce his compensation to preserve the unfunded status of this Plan, in no event will any contributions to this Plan actually be made by an Employee or by MONY.


2.4 Excess Retirement Plan Benefit means a benefit equal to the sum of : (I) the dollar amount, if any, of the benefits (including the preretirement annuity death benefit, if applicable) in excess of the benefits payable under the Retirement Plan, and which would have been payable under the Retirement Plan but for the provisions of the section entitled "Code Section 415 Limitations on Benefits" contained in the Retirement Plan, (ii) the dollar amount, if any, which would have been payable under the Retirement Plan, but for the Employee's authorized reduction in compensation pursuant to Subsection H above, and (iii) the dollar amount, if any, of the benefits in excess of the benefits payable under the Non-Qualified Retirement Plan and which would have been payable under the Non-Qualified Retirement Plan (respecting amounts of compensation deferred by an Employee pursuant to the Deferred Compensation Plan), but for the application of the provisions of the section entitled "Limitations of Benefits" contained in the Retirement Plan to the Non-Qualified Retirement Plan.


2.5 OTHER TERMS


Unless the context otherwise indicates, terms used in this Plan shall have the meaning assigned to them by MONY's Investment Plan and Retirement Plan.


5 6 3. ELIGIBILITY AND PARTICIPATION


An Employee shall become a Participant in this Plan only as provided in this Section 3. An Employee eligible to participate in this Plan and who is selected by the Administrative Committee to participate in the Plan shall become a Participant in the Plan at the earlier of:


(a) his or her election to defer portion of his or her Compensation;


(b) the first day of the Plan Year in which his or her benefit under the Investment Plan is affected either by the Compensation Limitation or the Contribution Limitation; or


(c) at such time any of the discretionary payments or matching allocations to be made by the Company or Participating Employer cannot be made to he Investment or Retirement Plan.


4. BOOKKEEPING ACCOUNT


4.1 Excess Investment Plan Credits shall be credited hereunder to a bookkeeping account established for each eligible Employee as of the same day or days during the Plan Year in which MONY would have made a matching Employer Contributions on behalf of the Employee and/or in which Elective 401(k) Deferral Contributions would have been made with respect to an Employee to the Investment Plan.


6 7 4.2 The Participant may defer any portion of his or her Compensation. Deferral is not limited to amounts that cannot be deferred under the Investment Plan.


4.3 Compensation deferred under the Plan, but will not duplicate contributions made under the Investment and/or Retirement Plan.


4.4 The Company or Participating Employer shall contribute any of the Elective 401(k) deferral contributions that a Participant is eligible to receive but which cannot be made to the Investment or Retirement Plan because of the application of Code Section 401(a)(17) or 401(m) or 410(b).


4.5 Notwithstanding any provision of the Plan to the contrary, the annual Plan Benefits set forth under Article IV shall be determined and coordinated by the Committee so as to prevent any duplication of Plan and Savings Plan benefits.


5. INVESTMENT RETURN ON EXCESS INVESTMENT PLAN CREDITS


Prior to and after the commencement of benefits hereunder, MONY shall credit or debit each Employee's Excess Investment Plan Credits in his bookkeeping account with the gains, losses and expenses, if any, which would have accrued had the dollar amount of such credits been invested in the funds then available under the Investment Plan in accordance with the Employee's effective election as to those funds at the time such debit or credit is made. The Employee may elect in writing that MONY shall credit each Excess Investment Plan Credit in his bookkeeping account with the generation interest rate applicable to group annuity


7 8 contracts issued by MONY to fund non-tax-qualified pension plans for the calendar year. The election of generation interest must be made in writing on the appropriate forms and may be made once for each calendar year for all Excess Investment Plan Credits in the Employee's Account during that calendar year (regardless of the year in which they were credited). The foregoing election shall be irrevocable during the calendar year for which it was made. The election of generation interest for any calendar year shall be completely irrevocable and shall effectively cause all future interest on this increment to be generation basis. In the absence of any election, a return paralleling the investment experience of the funds under the Investment Plan shall be credited, as described above. MONY reserves the right to change the manner of crediting interest or any other returns for all future Excess Investment Plan Credits. MONY has the right to limit the Excess Investment Plan Credits that can be subject to this election.


6. VESTING


Each Employee shall be vested in Excess Investment Plan Credits made by the Company to his account under this Plan, to the same extent and in the same manner as set forth in the applicable provisions of the Investment Plan. Each Employee shall be vested in Excess Retirement Plan Benefits under this Plan to the same extent and in the same manner as set forth in the applicable provisions of the Retirement Plan.


7. PAYMENT OF BENEFITS


A. Excess Retirement Plan Benefits


8 9
Excess Retirement Plan Benefits shall be paid to each such Employee or other applicable payee validly designated by or for such Employee under the Retirement Plan, in accordance with an automatic payout provision of the Retirement Plan, or where applicable, in accordance with any effective election made by the Employee or other applicable payee under the Retirement Plan with respect to benefits under the Retirement Plan. Excess Retirement Plan Benefits can only be paid on account of events permitting payment from the Retirement Plan, that is, on account of death, retirement, or termination of service. Excess Retirement Plan Benefits shall commence on the same date and shall be in the same form as the benefits under the Retirement Plan, unless a different payout option is elected by such Employee or other applicable payee; however, the different payout option must be one that is available under the Retirement Plan.


B. Excess Investment Plan Credits


Excess Investment Plan Credits accumulated hereunder shall be paid to each Employee or other applicable beneficiary or payee validly designated by or for such Employee under the Investment Plan, only on account of total and permanent disability, death, termination of service, or retirement in accordance with the automatic payout provision (i.e. a lump sum cash distribution) of the Investment Plan or where applicable, in accordance with any effective election under the Investment Plan with respect to benefits under the Investment Plan. Loans and active service withdrawals of Excess Investment Plan credits are not permitted. Benefits hereunder attributable to Excess


9 10 Investment Plan Credits shall commence on the same date and shall be in the same form as the benefits under the Investment Plan unless a different payout option is elected by such Employee or other applicable payee; however, the different payout option must be one that is available under the Investment Plan.


C. Notwithstanding any Plan provision to the contrary, no Company or Participating Employer contributions made under this Plan and interest earnings credited on Participant accounts shall be paid with respect to a Participant (or beneficiary) who is terminated for "Cause". For purposes of the Plan, Cause means (a) action by the Participant involving willful and wanton malfeasance and including any wrongful and unlawful act, or (b) the Participant being convicted of a felony directly or indirectly involving the Company. Nothing contained here shall prevent the payment of benefits to a vested Participant who is involuntarily terminated for reasons other than Cause.


8. ADMINISTRATION


No provision contained in this Plan shall be deemed to create more than an unfunded and unsecured promise to pay benefits under the Plan from the general funds of MONY. Any amount credited to the account of any Employee will be for bookkeeping purposes only and shall not be considered held in trust or in escrow. To the extent that any person acquires a right to receive payments from MONY under the Plan, such right shall be no greater than the right of any unsecured general creditor or MONY. No trust or fiduciary


10 11 relationship shall be deemed to have been created hereunder for the Employee or his beneficiary.


9. MISCELLANEOUS


A. No Assignment


No credit or benefit payable under this Plan shall be assignable, transferable or subject to alienation, surrender or anticipation, or to the debts of any person or to legal process, except as may be otherwise provided in the Plan or by law. Notwithstanding the above, however, where the Administrative Committee has received an order, analogous to a qualified domestic relations order, benefits will be payable in a lump sum only for Investment Plan credits or Retirement Plan allocations, or in an annuity form for Retirement Plan defined benefit payments.


B. No Employee Rights


Nothing contained herein shall in any way obligate MONY to retain any Employee in its employment for any period of time, nor in any way affect MONY's right to change at any time any Employee's rate of salary, the method or conditions for payment thereof, or any other aspect of any Employee's employment.


C. 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 benefits been paid from the Retirement Plan or the Investment Plan without


11 12 regard to any limitations imposed by ERISA, 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.


D. Interpretation of Plan


MONY shall have the exclusive right to interpret this Plan and to decide any matters arising hereunder in the administration of the Plan.


E. Governing Law


This 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 the Plan shall be held illegal or invalid for any reason, it shall not affect the remaining provisions of the Plan, but the Plan shall be construed and enforced as if such illegal or invalid provision had not been included therein.


F. 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.


12 13
Any amendment or termination of the Plan shall be effected by the Chairman of the Board of MONY by preparing a written instrument setting forth the provisions of the Plan as revised by the amendment and specifying the effective date(s) of the amendment or setting forth the provisions effectuating the termination of the Plan and specifying the effective date of termination.


10. PARTICIPATION IN THE PLAN BY AN AFFILIATE


10.1 Notwithstanding anything herein to the contrary, with the consent of the Company, an Affiliate may adopt this Plan and all of the provisions hereof, and participate herein and be known as a Participating Affiliate, by ...