<PAGE>   1
INDIVIDUAL BUSINESS SPECIAL                                       Exhibit 10.5
DEFERRED COMPENSATION PLAN


The MetLife Individual Business Special Deferred Compensation Plan provides you
with the opportunity to defer receipt of a portion of your MetLife benefitable
compensation to a later date, reducing gross income in the year of the deferral
for purposes of federal and most state income taxes.


Eligibility

Any member of the MetLife Individual Business Field Force whose annual
compensation equaled or exceeded $240,000 during the period from October 1,
1997 through September 30, 1998 is eligible to participate for the 1999 Plan
year. In addition, to be eligible and in order for MetLife to comply with
federal law requirements, participants must also confirm that their income was
at least $200,000 in each of the last two years (1996 and 1997) and that they
reasonably expect to have income of at least $200,000 this year (1998).

Newly appointed members of the MetLife Individual Field Force will be eligible
to defer future compensation for the remainder of the Plan year, provided they
would have otherwise satisfied the eligibility criteria as a MetLife employee
and elect deferral within 30 days of appointment.


Eligible Compensation

Only benefitable compensation from MetLife will be taken into account in
determining compensation eligible to be deferred. Benefitable compensation is
compensation taken into account under the MetLife Insurance and Retirement
Programs. Deferrals may be made in 10% increments up to 70%.

FICA, Medicare, and any other taxes which are due in the year deferred amounts
would have otherwise been payable will be paid from your other compensation.
<PAGE>   2
MAKING A
DEFERRAL ELECTION



To designate a deferral, a Deferral Election Form must be completed and
submitted by the due date on the election form, indicating the deferred
amounts. This due date will be prior to the year in which the deferred amounts
would have been otherwise paid.

Deferral of eligible compensation will begin with the first January payroll
period and end with the last December payroll period in the year following the
deferral election.



IN ADDITION TO INDICATING THE AMOUNT TO BE DEFERRED, YOU MUST ALSO DECIDE:

*  THE INVESTMENT OPTION -- Deferred amounts will not be actually invested in
   the funds selected, but earnings (gains or losses) will be credited to
   participant's accounts in accordance with the performance of the fund
   selected. Investment choices may be changed up to six times per year,
   according to the instructions on page 4.

*  THE DISTRIBUTION DATE --  This can be your retirement date or a specific date
   not less than three years after the year of deferral. Once you have
   designated a distribution date, this decision cannot be changed, except as
   otherwise provided in the Plan.

*  THE DISTRIBUTION METHOD OR HOW THE DEFERRED AMOUNT IS TO BE PAID -- Payment
   may be in a single lump sum, or over five, ten or fifteen years in annual
   installments. Once you have designated a distribution method, this decision
   cannot be changed, except as otherwise provided in the Plan.
<PAGE>   3

DEFERRED COMPENSATION ACCOUNTS


An account will be established for each participant in the Deferred
Compensation Plan. These accounts are unfunded, meaning any amounts credited to
the accounts will be solely for record-keeping purposes and will not be
considered to be held in trust or in escrow or in any way vested to the
participant.


The maintenance of such account will not give you any right or security
interest in any asset of MetLife. All amounts in such account remain subject to
the claims of the general creditors of MetLife.


The amount deferred will be credited to the deferral account at the end of each
payroll period in which the funds would otherwise have been paid. The amounts
deferred will accrue earnings based on the performance of the particular
investment vehicle(s) of your choice.


Participants may choose among the following investment fund options:


* MetLife SIP Fixed Income Fund

* Loomis Sayles Bond Fund

* MetLife SIP Common Stock Index Fund

* Oakmark Fund

* MetLife SIP Small Company Stock Fund

* Oakmark International Portfolio


See page 5 for information about the investment options, including investment
objectives.


Investment choices may be changed by the participant up to six times each year,
by contacting Pauline King of MetLife Specialized Benefit Resources at (732)
602-4733. The changes will be made as of the business day your request is
received, if received before 5 p.m. EST or as of the next business day, if
received after 5 p.m. EST. You will receive a confirmation letter within two
weeks.
<PAGE>   4
FUND OBJECTIVES

Following are brief descriptions of the investment objectives of each of the
funds:

1. MetLife SIP Fixed Income Fund

   This portfolio seeks to achieve the highest possible current income
   consistent with the preservation of capital and predictable growth through a
   guaranteed interest rate by investing in Guaranteed Investment Contracts or
   similar contracts.


2. Loomis Sayles Bond Fund

   This portfolio seeks to achieve high total return through current income and
   capital appreciation, by investing primarily in debt securities including
   convertibles. At least 65% of its total assets will normally be invested in
   bonds. Up to 35% of its assets may be invested in securities of below
   investment-grade quality, and up to 20% of assets may be invested in
   preferred stocks.

3. MetLife SIP Common Stock Index Fund

   This portfolio seeks long-term growth of capital and income, with minimal
   transaction costs. The portfolio seeks to approximate the performance of the
   Standard & Poor's 500 Composite Stock Price Index by investing in the stocks
   of companies which are included in the index.

4. Oakmark Fund

   This portfolio seeks to achieve high total return through long-term growth of
   capital appreciation by investing primarily in equity securities. Up to 25%
   of its total assets may be invested in securities on non-U.S. issuers, but no
   more than 5% of assets are expected to be invested in emerging markets.

5. MetLife SIP Small Company Stock Fund

   This portfolio seeks to achieve high total return through long-term growth of
   capital appreciation by investing in the stocks of small U.S. companies with
   strong growth potential.

6. Oakmark International Portfolio

   This portfolio seeks to achieve high total return through long-term growth of
   capital appreciation by investing in the stocks of international equity
   securities of mature markets, less developed markets, and in selected
   emerging markets. There are no limits on the geographic asset distribution.
   At least 65% of its total assets will normally be invested in non-U.S.
   issuers.
<PAGE>   5
DISTRIBUTIONS

PAYMENT DESIGNATION

Payment will begin in January or July coincident or next following the date
specified at the time of your election. The form of payment will be made
according to the option elected for each year's deferred funds. Regardless of
the option elected, payment will be made in a single lump sum if employment
terminates prior to retirement eligibility under the MetLife Retirement Plan or
upon your death. No loans can be taken.

Payments are subject to such deductions as may be required in accordance with
all federal, state, and local tax laws and regulations.

In the event that you die while annual installments are in progress, the balance
of your Deferred Compensation Account will immediately become due and payable in
one lump sum to your designated beneficiary.

HARDSHIP EXCEPTIONS

In the case of extreme hardship, contributions to the Plan may be discontinued
and/or payments may be made from your account at the discretion of MetLife. If
contributions are to be discontinued or payment made, the amount involved cannot
exceed the funds required to satisfy the financial consequences of the hardship.

Extreme hardship includes any unforeseeable or extraordinary occurrence or event
caused by an event beyond the control of the participant or beneficiary, such as
illness, disability, accident, or family problems resulting in a participant's
financial need that cannot be met from other assets or normal sources of income.

ACCELERATED DISTRIBUTION EXCEPTIONS

You may elect to receive an immediate lump sum distribution without a hardship,
but you must withdraw the full account balance for all years in which you made
deferrals under the Plan and there will be a 10% penalty forfeited to the
Company. In addition, funds received pursuant to such distribution will be
deemed to be taxable income. Future deferrals under the Plan will not be
permitted until the Plan year commencing at least three years after the date of
the distribution.
<PAGE>   6
NONASSIGNABILITY AND
BENEFICIARY DESIGNATIONS


NONASSIGNABILITY

Neither the participant nor designated beneficiary shall have any right to
sell,  assign, transfer or commute any rights under this Plan.



BENEFICIARY DESIGNATIONS

You may designate an individual, a trustee or your estate as beneficiary and
you may change your beneficiary at any time. A beneficiary designation will be
valid as of the date the written request is received. If there is no valid
beneficiary designation, or if no designated beneficiary survives the
participant, the account balance at your death shall be paid as soon as
practicable to your surviving spouse, and in the event you are not married at
death, to your estate.

NOTE: MetLife may terminate or amend the Plan at any time, provided, however,
that no such amendment or termination shall impair any rights which have
accrued under the Plan.
<PAGE>   7
QUESTIONS AND ANSWERS

                       __________________________________


WHAT ARE THE DIFFERENCES BETWEEN THE DEFERRED COMPENSATION PLAN (DCP) AND A
401(K) PLAN SUCH AS THE SAVINGS AND INVESTMENT PLAN (SIP)?

A 401(k) plan is a "qualified plan" -- this means that it is qualified under the
Internal Revenue Code. Under a 401(k) plan, participants can defer income,
subject to certain limits. The chief limitations of 401(k) plans are the various
Internal Revenue Code-imposed caps on the amount that can be deferred.

     The chief advantages of the DCP are the substantially greater deferral
opportunities it can offer. The chief disadvantage is that it does not offer
the security of a qualified plan which is afforded full ERISA protection.

     Participation in the DCP does not affect your ability to participate in
SIP. If eligible, you can participate in either or both plans.


                    _______________________________________


I AM CONSIDERING DEFERRING $10,000 UNDER THE DEFERRED COMPENSATION PLAN. WHAT
ARE THE ADVANTAGES OF THIS DEFERRAL VERSUS AFTER-TAX INVESTMENT?

Assume you defer $10,000 in 1999, requesting a distribution in 2004, combined
federal and state income tax rates remain level at 45% and the value of the
deferral increases at 10% per year. (For the purpose of this example, the 1.45%
Medicare tax withholding is ignored.)


<TABLE>
<CAPTION>
                              Deferred Compensation Plan      After-Tax Investment
                              _________________________________________________________

YEAR                          VALUE   TAXES   NET VALUE   VALUE      TAXES    NET VALUE
                              _________________________________________________________
                                                       |
<S>                         <C>        <C>     <C>     | <C>        <C>         <C>
1999 (Year of Deferral)      $10,000    $0     $10,000 | $10,000    $4,500      $5,500
_______________________________________________________|_______________________________
                                                       |
2000                         $11,000    $0     $11,000 | $6,050       $0        $6,050
_______________________________________________________|_______________________________
                                                       |
2001                         $12,100    $0     $12,100 | $6,655       $0        $6,655
_______________________________________________________|_______________________________
                                                       |
2002                         $13,310    $0     $13,310 | $7,321       $0        $7,321
_______________________________________________________|_______________________________
                                                       |
2003                         $14,641    $0     $14,641 | $8,053       $0        $8,053
_______________________________________________________|_______________________________
                                                       |
2004 (Year of Distribution)  $16,105  $7,247   $ 8,858 | $8,858     $1,511*     $7,347
_______________________________________________________|_______________________________

Tax rates may vary and are subject to change.                 *Assumes investment in
MetLife recommends that you speak to your                      a deferred annuity with
tax adviser before making an election under                    no penalty at withdrawal.
this Plan.
</TABLE>

               _________________________________________________


WHY DO I HAVE TO MAKE A DEFERRAL ELECTION BEFORE I KNOW WHAT I WILL BE PAID?

The Internal Revenue Service ("IRS") requires that an irrevocable election
to defer income be made before the income is actually earned. Since your
election will remain in effect for an entire plan year, you may want to be
conservative in your deferral amount.
<PAGE>   8
                    ________________________________________

WHAT WOULD HAPPEN TO MY DEFERRALS IN THE EVENT METLIFE BECOMES INSOLVENT?

In the unlikely event of MetLife's insolvency, Plan participants would be viewed
as general creditors and their claims for their deferrals would be treated in
the manner and sequence stipulated by New York State Insurance Law.
                    ________________________________________

WHEN AM I TAXED ON DEFERRED COMPENSATION OR EARNINGS THEREON?

Under current law, for federal (and most state) income tax purposes you will not
be taxed until you actually receive this money. Some states and localities do
not exclude deferred compensation from current taxation (check with your tax
advisor to find out if this is the case in your state). Note, however, that your
deferrals are subject to current Social Security (FICA) taxes.
                    ________________________________________

ARE DISTRIBUTIONS ELIGIBLE TO BE ROLLED OVER INTO AN IRA?

No. Because this is not a tax-qualified plan under the Internal Revenue Code,
you cannot roll your distributions over into an IRA or to another employer's
qualified plan when you leave MetLife. When electing a Plan distribution, we
encourage you to seek professional tax advice to determine the best course of
action for your financial circumstances.
                    ________________________________________

WILL PAYMENT TO MY BENEFICIARIES BE INCLUDED IN MY GROSS ESTATE FOR FEDERAL
ESTATE TAX PURPOSES?

Yes. The present value of your deferral accounts at the time of your death will
be included. If, however, your beneficiary is your spouse and the payments
qualify for the estate tax marital deduction, in effect these amounts will not
give rise to federal estate taxes.
                    ________________________________________

IS MY DEFERRAL INCLUDED IN THE SOCIAL SECURITY WAGE BASE?

Yes. Deferrals are subject to withholding for Social Security (FICA) taxes in
the year of the deferral until the annual taxable wage base under the Social
Security provision is reached. There is no maximum annual taxable wage base for
the hospital insurance tax provision of FICA (the "Medicare tax"). Required
withholdings for FICA shall be made from your other compensation.
                    ________________________________________

WILL I PAY SOCIAL SECURITY TAXES WHEN I TAKE MY DISTRIBUTION?

No. Because Social Security taxes were taken into account at the time the
deferrals were made, you owe no additional Social Security taxes when
distributions are made. Distributions of deferred amounts will not affect
receipt of Social Security benefits.
<PAGE>   9
QUESTIONS?

MetLife Specialized Benefit Resources

Pauline King

(732) 602-4733