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                  RETIREMENT PLAN FOR FIELD UNDERWRITERS OF
                         MONY LIFE INSURANCE COMPANY
                       As Amended and Restated through
                               January 1, 2000






                                                Effective Date January 1, 1941

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                    RETIREMENT PLAN FOR FIELD UNDERWRITERS OF
                       THE MONY LIFE INSURANCE COMPANY

                                Table of Contents

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SECTION 1. DEFINITIONS............................................................       3
    1.1   Account.................................................................       3
    1.2   Account Balance.........................................................       3
    1.3   Administrator...........................................................       3
    1.4   Administrative Committee................................................       3
    1.5   Affiliate...............................................................       3
    1.6   Allocable Income/Loss...................................................       4
    1.7   Average Contribution Percentage.........................................       4
    1.8   Beneficiary.............................................................       4
    1.9   Benefit Commencement Date...............................................       5
    1.10  Board of Directors......................................................       5
    1.11  Career Contract.........................................................       5
    1.12  Code....................................................................       5
    1.13  Company.................................................................       5
    1.14  Company Contribution....................................................       5
    1.15  Company Contribution Subaccount.........................................       5
    1.16  Compensation............................................................       5
    1.17  Contribution Percentage.................................................       7
    1.18  Defined Benefit Plan....................................................       7
    1.19  Defined Contribution Plan...............................................       7
    1.20  Disability..............................................................       7
    1.21  Early Retirement Age....................................................       8
    1.22  Early Retirement Date...................................................       8
    1.23  Effective Date..........................................................       8
    1.24  Eligible Field Underwriter..............................................       8
    1.25  Employee................................................................       8
    1.26  Employment..............................................................       9
    1.27  Employment Commencement Date............................................       9
    1.28  ERISA...................................................................       9
    1.29  Excess Aggregate Contributions..........................................       9
    1.30  Family Member...........................................................       9
    1.31  Field Underwriter.......................................................       9
    1.32  Field Underwriter After-Tax Contribution................................       9
    1.33  Field Underwriter After-Tax Contribution Subaccount.....................      10
    1.34  Highly Compensated Field Underwriter....................................      10
    1.35  Investment Fund.........................................................      10
    1.36  Investment Manager......................................................      10
    1.37  IRS.....................................................................      10
    1.38  Labor Department........................................................      10
    1.39  Leave of Absence........................................................      10
    1.40  Make-Up Contribution....................................................      11
    1.41  Non-Highly Compensated Field Underwriter................................      11
    1.42  Normal Retirement Age...................................................      11
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    1.43  Normal Retirement Date..................................................      11
    1.44  Participant.............................................................      11
    1.45  Participating Affiliate.................................................      11
    1.46  Period of Severance.....................................................      12
    1.47  Plan....................................................................      12
    1.48  Plan Sponsor............................................................      12
    1.49  Plan Year...............................................................      12
    1.50  Qualified Joint and Survivor Annuity....................................      12
    1.51  Qualified Preretirement Survivor Annuity................................      13
    1.52  Required Beginning Date.................................................      13
    1.53  Required Contribution...................................................      13
    1.54  Required Contribution Subaccount........................................      13
    1.55  RISPE...................................................................      13
    1.56  Salaried Employee.......................................................      13
    1.57  Salaried Employment.....................................................      13
    1.58  Separation from Service.................................................      13
    1.59  Service.................................................................      14
    1.60  Straight Life Annuity...................................................      15
    1.61  Spousal Consent.........................................................      15
    1.62  Spouse..................................................................      15
    1.63  Surviving Spouse........................................................      15
    1.64  Trust...................................................................      16
    1.65  Trust Agreement.........................................................      16
    1.66  Trustee.................................................................      16
    1.67  Valuation Date..........................................................      16
    1.68  Vested Interest.........................................................      16
    1.69  Year of Service.........................................................      16


SECTION 2. PARTICIPATION..........................................................      18
    2.1    Entry Date.............................................................      18
    2.1.1  General Rule...........................................................      18
    2.1.2  Special Interim Earnings Test..........................................      18
    2.2    Eligibility............................................................      19
    2.2.1  Elapsed Time...........................................................      19
    2.2.2  Break In Service.......................................................      19
    2.3    Establishment of Accounts..............................................      20


SECTION 3. CONTRIBUTIONS..........................................................      21
    3.1.1  Generally..............................................................      21
    3.1.2  Company Contributions..................................................      21
    3.2    Field Underwriter Contributions........................................      21
    3.2.1  Field Underwriter After-Tax Contributions..............................      21
    3.2.2  Make-Up Contributions..................................................      22
    3.2.3  Required Contributions.................................................      23
    3.2.4  Limitations on Field Underwriter Contributions.........................      23
    3.3    Timing of Contributions................................................      24
    3.4    Forfeitures............................................................      24
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    3.5    Contributions Conditioned on Deductibility.............................      25
    3.6    Contribution Percentage Test...........................................      25
    3.6.1  Test...................................................................      25
    3.6.2  Aggregation of Contributions...........................................      25
    3.6.3  Distribution of Excess Aggregate Contributions.........................      26
    3.7    Code Section 401(a)(4) Limit...........................................      26
    3.8    Return of Company Contributions Under Special
           Circumstances..........................................................      26


SECTION 4. CODE SECTION 415 LIMITATION ON ALLOCATIONS.............................      28


SECTION 5. ACCOUNTS, INVESTMENTS AND ALLOCATIONS..................................      29
    5.1  Establishment of Participant Accounts....................................      29
    5.2  Investment of Accounts...................................................      29
    5.3  Transfers Between Funds..................................................      30
    5.4  Allocations to a Participant's Account...................................      31
    5.5  Allocation Report........................................................      31
    5.6  Allocation Corrections...................................................      31


SECTION 6. ELIGIBILITY FOR DISTRIBUTIONS..........................................      33
    6.1  Distribution Upon Retirement.............................................      33
    6.2  Distribution Upon Death..................................................      33
    6.3  Distribution Upon Separation from Service................................      34
    6.4  Distribution Upon Disability.............................................      34
    6.5  Cash Out Provisions......................................................      34
    6.6  Distribution Pursuant to a QDRO..........................................      36

SECTION 7. VESTING PROVISIONS.....................................................      37
    7.1  Determination of Vesting.................................................      37
    7.2  Rules for Crediting Vesting Service......................................      37
    7.3  Forfeitures and Repayments...............................................      38


SECTION 8. TOP HEAVY PROVISIONS...................................................      41


SECTION 9. IN SERVICE WITHDRAWALS.................................................      47
    9.1  Field Underwriter Contributions..........................................      47
    9.2  Company Contributions....................................................      47
    9.3  Rules for Withdrawals....................................................      49


SECTION 10. METHOD OF PAYMENT OF BENEFITS.........................................      50
    10.1   Normal Form............................................................      50
    10.2   Optional Forms.........................................................      51
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    10.3   Limitations on Optional Forms..........................................      53
    10.4   Basis of Annuity Income................................................      54
    10.5   Mandatory Form of Distribution.........................................      54
    10.6   Qualified Preretirement Survivor Annuity...............................      54
    10.7   Required Beginning Date................................................      55
    10.8   Spousal Consent........................................................      57
    10.9   Order of Withdrawal....................................................      59
    10.10  Small Benefits.........................................................      60
    10.11  Suspension of Benefits.................................................      60
    10.12  Time of Distribution...................................................      60
    10.13  Direct Rollover........................................................      61
    10.14  Hardship Prior to Age 55 After Benefit Commencement
           Date....................................................................     61


SECTION 11. PARTICIPATION IN THE PLAN BY AN AFFILIATE.............................      64


SECTION 12. PLAN AMENDMENT OR TERMINATION.........................................      68
    12.1    Plan Amendment Procedure..............................................      68
    12.1.1  General...............................................................      68
    12.1.2  Procedure.............................................................      68
    12.1.3  Distinctions Allowed..................................................      68
    12.2    Complete or Partial Plan Termination..................................      69


SECTION 13. PLAN ADMINISTRATION...................................................      70
    13.1   Named Fiduciaries......................................................      70
    13.2   Administrative Committee...............................................      70
    13.2.1 Administrative Committee Powers and Duties.............................      71
    13.3   Authorization..........................................................      74
    13.4   Plan Administrator.....................................................      74
    13.5   Dual Capacity Fiduciaries..............................................      75
    13.6   Removal or Resignation of Named Fiduciaries............................      76
    13.7   Domestic Relations Orders..............................................      77
    13.8   Payment of Expenses....................................................      79
    13.9   Claims Procedure.......................................................      79
    13.9.1 Claims Denial Procedure................................................      79
    13.9.2 Claims Appeal Procedure................................................      80
    13.10  Designation of Beneficiaries...........................................      83
    13.11  Scope of Authority.....................................................      83


SECTION 14. TRUST FUND............................................................      84
    14.1  Establishment of Trust..................................................      84
    14.2  Investment Powers and Duties............................................      84
    14.3  Investment Funds........................................................      84
    14.4  Expenses................................................................      85
    14.5  Valuation of Accounts...................................................      85
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    14.6  Insurance Contracts.....................................................      86
    14.7  Investment Managers.....................................................      87
    14.8  Compensation............................................................      88


SECTION 15. MISCELLANEOUS PROVISIONS..............................................      89
    15.1   Indemnification........................................................      89
    15.2   Exclusive Benefit of Participants......................................      89
    15.3   Plan Not a Contract of Employment......................................      89
    15.4   Source of Funding and Benefits.........................................      90
    15.5   Benefits Not Assignable................................................      91
    15.6   Benefits Payable to Minors, Incompetents and Others....................      91
    15.7   Transfer to Salaried Employee..........................................      92
    15.8   Merger or Transfer of Assets...........................................      93
    15.9   Action by Company......................................................      94
    15.10  Provision of Information...............................................      94
    15.11  Controlling Law........................................................      94
    15.12  Place of Payment.......................................................      94
    15.13  Singular and Plural and Article and Section
           References.............................................................      95
    15.14  Notice.................................................................      95
    15.15  Required Information...................................................      96
    15.16  Validity of Provisions.................................................      96
    15.17  Mistake of Fact........................................................      96
    15.18  Lost Payees............................................................      97
    15.19  Legal Service..........................................................      97
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                                     PURPOSE

    The purpose of the Retirement Plan for Field Underwriters of The MONY Life
Insurance Company is to provide eligible Field Underwriters with retirement and
certain other benefits and thereby to encourage Field Underwriters to make and
continue careers with The MONY Life Insurance Company, all as set forth herein
and in the Trust Agreement adopted as part of this Plan. This Plan, as hereby
amended and restated, and the Trust established hereunder, are intended to
continue to qualify as a money purchase pension plan and trust which meet the
requirements of Sections 401(a) and 501(a), respectively, of the Internal
Revenue Code of 1986, as now in effect or as hereafter amended, or any other
applicable provisions of law including, without limitation, the Employee
Retirement Income Security Act of 1974, as now in effect or hereafter amended.

                  The Plan, as set forth herein, constitutes a restatement of
the Plan through January 1, 1994. Although this restatement is generally
effective January 1, 1994, the inclusion of amendments to conform with the Tax
Reform Act of 1986 and ERISA section 404(c). This amendment and restatement is
effective March 1, 2000, and other applicable laws necessitates different
effective dates for certain Plan provisions. Accordingly, notwithstanding the
general effective date of this restatement, the following Plan Sections as
amended, shall be effective as indicated below.

    Section                                                 Effective Date
    -------                                                 --------------
    8                                                       January 1, 1984
    1.5                                                     July 18, 1984
    2.1.2                                                   January 1, 1985
    4                                                       January 1, 1987
    1.41, 1.42                                              January 1, 1988
    1.14, 10.7                                              January 1, 1989
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    The rights of any person (including a Beneficiary) who terminated Service or
who retired on or before the effective date of the Plan, as amended and restated
herein, or of a particular amendment, including eligibility for benefits and the
time and form in which benefits, if any, will be paid, shall be determined
solely under the terms of the Plan as in effect on the date of termination of
Service or retirement, unless such person thereafter returns to Service and
again becomes a Participant, or the Plan is amended to be applicable to former
Field Underwriters.


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                             SECTION 1. DEFINITIONS

                  When used herein the following terms shall have the following
meanings:

1.1 Account means the collective account established and maintained on behalf
of a Participant pursuant to Section 2.3, consisting of such Participant's
Company Contribution Subaccount, Required Contribution Subaccount, (also known
as the Voluntary Contribution Subaccount), and Field Underwriter After-Tax
Contribution Subaccount.

1.2 Account Balance means the value of a Participant's Account determined as of
the applicable Valuation Date.

1.3 Administrator means the Benefit Plans Administration Committee as designated
by and as the recipient of authority delegated by the Administrative Committee.

1.4 Administrative Committee means the Benefits Committee of the Board of
Directors, as provided in Section 13. For purposes of ERISA, the Administrative
Committee shall be the administrator of the Plan and its members shall be named
fiduciaries with respect to matters for which they are responsible under the
Plan.

1.5 Affiliate means any corporation or unincorporated trade or business (other
than the Company), whether domestic or foreign, while it is:

      (a) a member of a controlled group of corporations (within the meaning of
      Code Section 414(b)) of which the Company is a member; provided, however,
      that for purposes of Sections 4 and 8, the phrase "more than 50%" shall be
      substituted for the phrase "at least 80%" wherever the latter phrase
      appears in Code Section 1563(a)(1);

      (b) a trade or business under "common control" (within the meaning of


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      Code Section 414(c)) with the Company; provided, however, that for
      purposes of Sections 4 and 8, the phrase "more than 50%" shall be
      substituted for the phrase "at least 80%" wherever the latter phrase
      appears in Code Section 1563(a)(1);

      (c) a member of an "affiliated service group" (within the meaning of Code
      Section 414(m));

      (d) any other entity required to be aggregated with the Company under Code
      Section 414(o).

1.6 Allocable Income/Loss means with respect to any Excess Aggregate
Contributions which must be returned to a Participant or forfeited under Section
3, the income or loss allocable to such contributions, determined in accordance
with applicable regulations, for (a) the year with respect to which the
applicable limitation applies (the "testing year"), and (b) the period between
the end of the testing year and the date returned to the Participant or
forfeited.

1.7 Average Contribution Percentage means for any group of Participants the
average (expressed as a percentage to the nearest 1/100th of 1%) of the
Contribution Percentage for each of the Participants in that group, including
those Participants who are not making Field Underwriter After-Tax Contributions.

1.8 Beneficiary means the person, persons, estate or trust most recently
designated by a Participant, in accordance with Section 13.10, to receive any
payment of benefits payable upon such Participant's death. If no Beneficiary has
been designated, a married Participant's Spouse shall be considered the
designated Beneficiary, and an unmarried Participant's estate shall be
considered the designated Beneficiary.


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1.9 Benefit Commencement Date means the date as of which a Participant receives
or begins to receive payment of his or her benefits under the Plan.

1.10  Board of Directors means the Board of Directors of The MONY Life
Insurance Company.

1.11 Career Contract means a benefits bearing contract between a natural person
and a Company under which the natural person performs services as a full time
life insurance sales person currently contract codes 17, 054 (CIP IV) and the
088.

1.12 Code means the Internal Revenue Code of 1986, as now in effect or as
amended from time to time, where applicable. A reference to a specific provision
of the Code shall include such provision and any applicable regulations
pertaining thereto.

1.13 Company means The MONY Life Insurance Company ("MONY"), and each
Participating Affiliate or any of them.

1.14 Company Contribution means any contribution to a Participant's Company
Contribution Subaccount in accordance with Section 3.

1.15 Company Contribution Subaccount means the Participant's Subaccount
established for the Participant pursuant to Section 2.3.

1.16 Compensation means a Field Underwriter's commissions actually paid during
the year pursuant to his or her Career Contract, including but not limited to
first year commissions, renewals, certain bonuses, any salary reduction amounts
contributed pursuant to a cafeteria plan established by a Company, and other
compensation designated as benefits bearing for Field Underwriters by the
Administrative Committee and net of any commission reversals. Compensation does
not include expense reimbursements, training


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and consulting fees, benefits paid under any deferred compensation plan whether
qualified or non-qualified, fringe benefits, any amounts earned as a Salaried
Employee, any amounts deferred under a deferred compensation program for Key
Field Underwriters, moving expenses, tuition reimbursements, prizes from
contests, hiring and referral bonuses, the value of any noncash incentive awards
(including any stock options, restricted stock or other stock-based
compensation), Company paid group life insurance premiums, disability or other
welfare benefits received under MONY's Insurance Plan for Field Underwriters or
the Introductory Insurance Plan for Field Underwriters and other extraordinary
compensation.

      Notwithstanding the foregoing, the Compensation taken into account for a
Participant for any Plan Year beginning on or after January 1, 1989 and through
December 31, 1993 shall not exceed $200,000 or such adjusted amount as may be
prescribed for such Plan Year pursuant to Code Section 401(a)(17) and the
related rulings and regulations. Compensation taken into account for a
Participant for any Plan Year beginning on or after January 1, 1994 shall not
exceed $150,000 or such adjusted amount as may be prescribed for such Plan Year
pursuant to Code Section 401(a)(17) and the related rulings and regulations. In
determining Compensation for purposes of this dollar limitation, the Family
Member rules of Code Section 414(q)(6) shall apply with respect to a Field
Underwriter who is a 5% owner or one of the ten Highly Compensated Field
Underwriters paid the greatest compensation during the Plan Year for purposes of
the adjusted Code Section 401(a)(17) limitation, except that in applying such
rules, the term "family" shall include only the Field Underwriter's Spouse and
any lineal descendants who have not attained age 19 before the close of the Plan
Year. If, as a


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result of the application of such Family Member rules, the adjusted Code Section
401(a)(17) limitation is exceeded, then the adjusted Code Section 401(a)(17)
limitation shall be prorated among the affected individuals in proportion to
each such individual's Compensation as determined under this definition prior to
the application of the adjusted Code Section 401(a)(17) limitation.

      If less than a full Plan Year of participation is taken into account, then
the annual compensation limit shall be multiplied by the ratio obtained by
dividing the number of full months in the period by 12. The determination of
Compensation will be made by the Administrative Committee in accordance with
records maintained by the Company and shall be conclusive.

1.17 Contribution Percentage means the ratio of the Field Underwriter After-Tax
Contributions, if any, made by a Participant for the Plan Year, to the
Participant's Compensation for the Plan Year. For purposes of determining the
Contribution Percentage, a Participant's Compensation for a Plan Year shall not
include Compensation paid during any period while he or she was not a
Participant.

1.18 Defined Benefit Plan means any plan of the type defined in Code Section
414(j) or 414(k) (as applicable) maintained by the Company or an Affiliate.

1.19 Defined Contribution Plan means any plan of the type defined in Code
Section 414(i) or 414(k) (as applicable) maintained by the Company or an
Affiliate.

1.20 Disability means the Participant's inability to perform the duties of
Employment with a Company as would constitute total disability under the


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<PAGE>   14

Insurance Plan for Field Underwriters of MONY, or the Introductory Disability
Plan for Field Underwriters, provided the Participant is approved for long term
disability benefits from the relevant plan.

1.21 Early Retirement Age means the date on which a Participant has attained age
55 and has completed at least five Years of Service.

1.22 Early Retirement Date means the first day of the month coincident with or
next following a Participant's retirement after attaining Early Retirement Age,
but prior to attaining Normal Retirement Age.

1.23 Effective Date means January 1, 1941.

1.24 Eligible Field Underwriter means any Field Underwriter under Career
Contract with the Company as a full-time life insurance sales person, and
excluding: (a) any Field Underwriter who is included in a unit of employees
covered by a collective bargaining agreement which does not provide for
participation in the Plan, and (b) any "Leased Employee", as defined in Section
414(n) of the Code. Notwithstanding the foregoing, if a plan is maintained for
Leased Employees of the Company which meets the requirements of Code Section
414(n)(5), the term Eligible Field Underwriter shall not include such Leased
Employee.

1.25 Employee means any person engaged in rendering personal services under the
direction or control of the Company or a Participating Affiliate or any person
receiving disability benefits under MONY's Security Plan for Employees 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 Company or a
Participating Affiliate which meets the requirements of Code Section 414(n)(5),
the term "Employee" shall


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<PAGE>   15

not include such leased employees.

1.26 Employer Stock means stock of The MONY Group Inc.

1.27 Employment means services performed as a full time life insurance sales
person for the Company as a Field Underwriter, pursuant to a Career Contract,
and exclusive of service performed as a Salaried Employee.

1.27 Employment Commencement Date means the first day a Career Contract is in
effect for a Field Underwriter.

1.28 ERISA means the Employee Retirement Income Security Act of 1974, as may be
amended from time to time. Reference to a specific provision of ERISA shall
include such provision and any applicable regulation pertaining thereto.

1.29 Excess Aggregate Contributions means, with respect to any Plan Year, the
amount of Field Underwriter After-Tax Contributions, if any, in excess of the
maximum amount permitted by the Contribution Percentage Test of Section 3
allocable to a Participant who is a Highly Compensated Field Underwriter or
Family Member.

1.30 Family Member means the Spouse or a lineal ascendant or descendant of a 5%
owner of the Company or one of the top-10 paid Highly Compensated Field
Underwriters, or the Spouse of any such lineal ascendant or descendant. The
determination of who is a Family Member will be made in accordance with Code
Section 414(q).

1.31 Field Underwriter means a natural person under a Career Contract with the
Company.

1.32  Field Underwriter After-Tax Contribution means any contribution
allocated to a Participant's Field Underwriter After-Tax Contribution Subaccount
in accordance with Section 3.


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<PAGE>   16

1.33 Field Underwriter After-Tax Contribution Subaccount means the separate
Subaccount established for a Participant pursuant to Section 2.3.

1.34 Highly Compensated Field Underwriter means with respect to any Plan Year, a
Field Underwriter or Salaried Employee who performs services for the Company
during the Plan Year, and during the Plan Year (1) is a 5% owner; (2) receives
compensation in excess of $75,000, as adjusted pursuant to Code Section 415(d);
(3) receives compensation in excess of $50,000, as adjusted pursuant to Code
Section 415(d) and is in the top-paid 20% of Field Underwriters or Salaried
Employees; or (4) is an officer of the Company and receives compensation during
such year in excess of 50% of the dollar limitation in effect under Code Section
415(b)(1)(A). The determination of who is a Highly Compensated Field
Underwriter, including the determination of who is an officer, the top-paid 20%
of Field Underwriters or Salaried Employees, and the compensation that is
considered will be made in accordance with Code Section 414(q). Effective
January 1, 1997 Highly-compensated employees are limited to those whose earnings
were over $80,000 in the PRIOR year AND were in the "top paid group" in the
PRIOR year.

1.35 Investment Fund shall mean an investment fund established by the
Administrative Committee pursuant to Section 14.

1.36 Investment Manager shall mean any person appointed pursuant to Section 14
having the power to direct the investment of assets in accordance with that
Section.

1.37  IRS means the United States Internal Revenue Service.

1.38  Labor Department means the United States Department of Labor.

1.39 Leave of Absence means a leave granted by the Company in accordance


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with standard personnel policies of the Company applied in a nondiscriminatory
manner to all Field Underwriters similarly situated.

1.40 Make-Up Contribution means any make up contribution allocated to a
Participant's Field Underwriter After-Tax Contribution Subaccount in
accordance with Section 3.

1.41 Non-Highly Compensated Field Underwriter means a Field Underwriter of the
Company who is neither a Highly Compensated Field Underwriter nor a Family
Member of a Highly Compensated Field Underwriter.

1.42 Normal Retirement Age means the date which is the later of (a) the
Participant's 65th birthday or (b) the date on which the Participant completes
five Years of Service. Upon attainment of Normal Retirement Age, the Participant
shall have a nonforfeitable right to his or her entire Account Balance.

1.43 Normal Retirement Date means the first day of the month coincident with or
next following a Participant's attainment of his or her Normal Retirement Age.

1.44 Participant means a current or former Field Underwriter who participates in
the Plan as provided in Section 2.

1.45 Participating Affiliate means an Affiliate of the Company, designated by
the Board of Directors as such, the board of directors or equivalent governing
body of which shall adopt the Plan and the Trust Agreement by appropriate action
and the Field Underwriters of which shall be eligible to participate in the Plan
in the manner and to the extent determined by the Board of Directors so long as
such Affiliate remains so designated. Any such Affiliate so designated and which
adopts the Plan shall be deemed thereby to appoint the Company, the
Administrative Committee, and the


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<PAGE>   18

Trustees its exclusive agents to exercise on its behalf all of the powers and
authority conferred hereby, or by the Trust Agreement, upon the Affiliate, and
shall make its allocable contributions to the Plan. The authority of the
Company, Administrative Committee and the Trustees to act as such agent shall
continue until the Plan has terminated as to such Affiliate and the relevant
Trust Fund assets have been distributed by the Trustees as provided in Section
14 hereof.

1.46  Period of Severance

      Period of Severance means a continuous twelve month period of time during
which the Field Underwriter has no Service with the Company. Such period begins
on the date the Field Underwriter's Career Contract is terminated whether
because of voluntary resignation or termination by the Company, or if earlier,
the 12 month anniversary of the date on which the Field Underwriter was
otherwise first absent from Service.

1.47 Plan means this Retirement Plan for Field Underwriters of The MONY Life
Insurance Company, a money purchase pension plan, as set forth herein and as the
same may be amended from time to time. The Plan is intended to be a money
purchase pension plan within the meaning of Section 401(a)(27) of the Code.

1.48  Plan Sponsor means MONY Life Insurance Company.

1.49 Plan Year means the calendar year.

1.50 Qualified Joint and Survivor Annuity means a benefit providing an annuity
for the life of a Participant, ending with the payment due on the last day of
the month coincident with or preceding the date of his or her death, and, if the
Participant dies leaving a Surviving Spouse, a survivor annuity for the life of
such Surviving Spouse equal to 50% of the annuity


                                       12
<PAGE>   19

payable for the life of the Participant under his or her Qualified Joint and
Survivor Annuity, commencing as soon as administratively practical, but not
later than 90 days following the date of the Participant's death and ending with
the payment due on the last day of the month coincident with or preceding the
date of such Surviving Spouse's death. However the Participant may elect,
without need for Spousal Consent, an annuity in the form of a joint and 75% or
joint and 100% survivor annuity.

1.51 Qualified Preretirement Survivor Annuity means a monthly annuity for the
life of a Participant's or former Participant's Surviving Spouse, if any, which
is the actuarial equivalent of the Participant's or former Participant's vested
Account Balance at the time the annuity commences.

1.52 Required Beginning Date means the April 1st following the year in which the
Participant attains or would have attained age 70 1/2.

1.53 Required Contribution means the mandatory Field Underwriter contributions
required prior to January 1, 1978.

1.54 Required Contribution Subaccount means the subaccount established and
maintained for the purpose of identifying Required Contributions, and earnings
thereon in accordance with Section 3.

1.55 RISPE means the Retirement Income Security Plan for Employees of MONY.

1.56 Salaried Employee means a common law Employee of the Company, excluding all
Field Underwriters.

1.57 Salaried Employment means employment as a common law Employee of the
Company on a non-commission basis, but not as a Field Underwriter.

1.58 Separation from Service means the termination of a Participant's Career
Contract. Separation from Service does not include transfer to


                                       13
<PAGE>   20

Salaried Employment.

1.59 Service means the period of time for which a Field Underwriter's Career
Contract is in effect with the Company, or as required by provisions of the
Uniformed Services Employment and Reemployment Rights Act of 1994, ("USERRA")
any Participating Affiliate or with any subsidiary of, or other corporation or
entity affiliated or associated with, the Company which is a member of the same
controlled group of corporations (within the meaning of Section 1563(a) of the
Code) provided; however, that Service does not include periods of Employment
rendered by an individual prior to January 1, 1985 if such periods would have
been disregarded under the provisions of the Plan as then in effect with respect
to Breaks in Service. To the extent and for the purposes determined by the
Administrative Committee under rules uniformly applicable to all Eligible Field
Underwriters similarly situated and in accordance with applicable regulations
(including Labor Regulation Section 2530.200b-2(b) and (c)), Service includes
(i) periods of absence authorized by the Company or a Participating Affiliate
for sickness, disability or personal reasons, (ii) periods of absence from
employment for military service in the Armed Forces of the United States, and
(iii) service as a Salaried Employee of the Company or an Affiliate. Service may
also include any period of a Participant's prior Employment by any organization
upon such terms and conditions as the Administrative Committee may approve,
subject to any required IRS approval.

      If the employer is a member of an affiliated service group (under Code
Section 414(m)), a controlled group of corporations (under Code Section 414(b)),
a group of trades or businesses under common control (under Code Section 414(c))
or any other entity required to be aggregated with the


                                       14
<PAGE>   21

employer pursuant to Code Section 414(o), service will be credited for any
Employment for any period of time for any other member of such group. Service
will also be credited for any individual required under Code Section 414(n) or
Code Section 414(o) to be considered a Field Underwriter of any employer
aggregated under Code Section 414(b), (c), or (m).

1.60 Straight Life Annuity means an annuity payable for the life of a
Participant or a former Participant.

1.61 Spousal Consent means the written consent of a Participant's Spouse to the
designation of anyone other than the Spouse as Beneficiary or waiver of a
Qualified Joint and Survivor Annuity or Preretirement Survivor Annuity, as
provided in Section 10.8. Such consent shall acknowledge the effect of the
waiver and be witnessed by a notary public. Spousal Consent shall not be
necessary if the Participant establishes to the satisfaction of the
Administrative Committee that:

      (1) he or she has no Spouse;

      (2) his or her Spouse has been judicially declared dead;

      (3) the Participant did not have any Service after August 23, 1984; or,

      (4) such other circumstances exist as the Administrative Committee may, in
      accordance with applicable regulations, deem appropriate to waive the
      requirement of Spousal Consent.

1.62 Spouse means the person married to a Participant.

1.63 Surviving Spouse means the survivor of a deceased Participant to whom such
deceased current Participant was legally married (as determined by the
Administrative Committee) throughout the one-year period ending on the earlier
of:


                                       15
<PAGE>   22

      (i)  the date of the Participant's death; or

      (ii)  the Participant's Benefit Commencement Date; or

      (iii) the date as may be specified pursuant to the terms of a qualified
domestic relations order ("QDRO").

      For purposes of Section 10, if a Participant marries within one year of
the date as of which payments commence under the Plan and was married to that
Spouse for at least a one-year period ending on or before the date of the
Participant's death, such Participant and his or her Spouse shall be treated as
having been married throughout the one-year period ending on the date as of
which payments commence.

1.64 Trust means the MONY Investment and Retirement Plans Trust or any successor
or predecessor Trust, established under the Plan and under which all Plan assets
are held.

1.65 Trust Agreement means the agreement between the Company and the Trustee
with respect to the Trust.

1.66  Trustee means the trustees of the Trust.

1.67 Valuation Date means any business day of the Company and where the NYSE is
open, of any month in a Plan Year and any other date as the Administrative
Committee in its discretion may determine from time to time.

1.68 Vested Interest means the portion of a Participant's Account which has
become nonforfeitable pursuant to Section 7 or Section 8.

1.69 Year of Service means each year of Employment as a full time Field
Underwriter pursuant to a Career Contract, measured from the Employment
Commencement Date and including time when approved to receive long term
disability benefits under the Insurance Plan for Field Underwriters or the
Introductory Disability Plan for Field Underwriters. For vesting purposes,


                                       16
<PAGE>   23

Service as a Salaried Employee shall also be included in determining Year of
Service.


                                       17
<PAGE>   24

                            SECTION 2. PARTICIPATION

2.1  Entry Date

2.1.1  General Rule

         (a) Each Field Underwriter who was a Participant in the Plan on
December 31, 1993 shall continue to be a Participant. An Eligible Field
Underwriter who was not a Participant in the Plan on that date shall become a
Participant in the Plan on the earliest of the first business day of the first
calendar month next following the date on which the Eligible Field Underwriter
has completed one Year of Service, or satisfies the Special Interim Earnings
Test, provided that such Eligible Field Underwriter is under Career Contract by
the Company on that date.

         (b) If a Participant who terminates Service shall again become an
Eligible Field Underwriter, he or she shall be eligible to participate in the
Plan as of the first business day he or she again becomes an Eligible Field
Underwriter.

2.1.2  Special Interim Earnings Test

         For Field Underwriters contracted on or after January 1, 1993, an
Eligible Field Underwriter who has completed six months of Service but has not
completed one Year of Service may be admitted as a Participant in the Plan upon
satisfaction of the Special Interim Earnings Test. The Special Interim Earnings
Test shall be established and reviewed on a periodic basis, by the
Administrative Committee and shall provide a threshold level of first year
commissions and/or total Career Contract commissions which upon attainment will
allow an otherwise Eligible Field Underwriter to begin Participation in the Plan
on the first business day of the month next following 30 days after satisfaction
of the Special Interim Earnings Test.


                                       18
<PAGE>   25

2.2  Eligibility

2.2.1  Elapsed Time

         For purposes of determining a Field Underwriter's initial or continued
eligibility to participate in the Plan or the vested interest in the
Participant's Account Balance derived from Company Contributions, a Field
Underwriter will receive credit for the aggregate of all time period(s)
commencing with the Field Underwriter's first day under Career Contract or being
recontracted under Career Contract (after January 1, 1976) and ending on the
date a Break in Service begins. The first day of Employment or reemployment is
the first day the Field Underwriter's Career Contract is in effect. A Field
Underwriter will also receive credit for any period of severance of less than 12
consecutive months. Fractional periods of a year will be expressed in terms of
months.

2.2.2  Break In Service

         Break in Service means a Period of Severance of at least 12 consecutive
months. In the case of an individual who is absent from work for maternity or
paternity reasons on or after January 1, 1985 or Leave of Absence, the
12-consecutive month period beginning on the first anniversary of the first date
of such absence shall not constitute a Break in Service. For purposes of this
paragraph, an absence from work for maternity or paternity reasons means an
absence (1) by reason of the pregnancy of the individual, (2) by reason of the
birth of a child of the individual, (3) by reason of the placement of a child
with the individual in connection with the adoption of such child by such
individual, or (4) for purposes of caring for such child for a period beginning
immediately following such birth or placement. This definition shall be
construed in accordance with


                                       19
<PAGE>   26

any applicable provisions of the Family and Medical Leave Act of 1993 and
USERRA.

2.3  Establishment of Accounts

         (a) The Administrative Committee shall establish and maintain or cause
to be established and maintained with respect to each Participant an Account
showing the Participant's interest under the Plan and in the Trust Fund
(including separate accounts showing the respective interests, if any, in each
of the Investment Funds) with respect to (i) Company Contributions and (ii)
Required and Field Underwriter After-Tax Contributions made pursuant to Section
3, and all other relevant data pertaining thereto. Each Participant shall be
furnished with a written statement of Account and the value of each such
separate interest at least annually. In maintaining the Accounts under the Plan
or causing them to be maintained, the Administrative Committee may conclusively
rely on the valuations of the Trust Fund made in accordance with the Plan and
the terms of the Trust Agreement.

         (b) The establishment and maintenance of, or allocations and credits
to, the Account of any Participant shall not vest in any Participant any right,
title or interest in and to any Plan assets or benefits except at the time or
times and upon the terms and conditions and to the extent expressly set forth in
the Plan and in accordance with the terms of the Trust.


                                       20
<PAGE>   27

                            SECTION 3. CONTRIBUTIONS

3.1.1  Generally

         Subject to the limitations set forth in this Section 3, for each Plan
Year where applicable, the Company shall contribute or cause to be contributed
to the Trust an amount equal to the sum of:

         (a) Company Contributions, in such amount as determined in
         accordance with Section 3.1.2;

         (b) Field Underwriter After-Tax Contributions in such amount as
         determined in accordance with Section 3.2.1;

         (c) Make-Up Contributions in such amount as determined in accordance
         with Section 3.2.2; and

         (d) Required Contributions in such amount as determined in accordance
         with Section 3.2.3.

3.1.2  Company Contributions

         Company Contributions shall be made by the Company to the Trust on
behalf of each Participant in an amount equal to 5% of the Participant's
Compensation up to the Old Age, Survivors and Disability Insurance ("OASDI")
portion of the Social Security wage base and 7% of Compensation in excess of the
OASDI portion of the Social Security wage base for each pay period.

3.2  Field Underwriter Contributions

3.2.1  Field Underwriter After-Tax Contributions

         (a) Participants may contribute, through payroll deduction, from 0% to
10% (effective 6/10/99 13%) of Compensation in Field Underwriter After-Tax
Contributions to their Field Underwriter After-Tax Contributions Subaccount.
Field Underwriter After-Tax Contributions shall be contributed


                                       21
<PAGE>   28

to the Trust as soon as administratively practical but in any case no later than
90 days after the end of the pay period for which such contributions were made.

        (b) The Field Underwriter After-Tax Contribution election shall be made
on a form provided by the Administrator. A Participant may, up to twelve times
each year, elect to change the percentage of his or her Field Underwriter
After-Tax Contribution effective with the following pay period (or as soon as
administratively practical) by filing the appropriate form or by telephone where
authorized, with the Administrator. A Participant's Field Underwriter After-Tax
Contribution election may be revoked if the Participant so elects by filing the
appropriate form with the Administrator, or if the Participant ceases to be an
Eligible Field Underwriter, and such revocation shall become effective as soon
as practicable after such event. A Participant whose Field Underwriter After-Tax
Contribution election is revoked may elect to resume Field Underwriter After-Tax
Contributions at any time following such revocation by filing a new Field
Underwriter After-Tax Contribution election form with the Administrator. Effect
6/10/99, there is no limit on the number of changes to the percentage of his or
her Elective 401(k) Deferral Contribution.

3.2.2  Make-Up Contributions

         Once each calendar year, a Participant may make a Make-Up Contribution
up to the amount of Field Underwriter After-Tax Contributions which the
Participant could have made but did not, subject to the following rules:


                                       22
<PAGE>   29

         (a) Make-Up Contributions must total at least $300 in any calendar
year;

         (b) Make-Up Contributions cannot exceed 10% of a Participant's
Compensation during the previous 10 years of Employment (or actual length of
Employment if less than 10 years), reduced by a Participant's actual Field
Underwriter After-Tax Contributions and Make-Up Contributions made during such
time.

         (c) After-Tax Makeup contribution shall not be allowed as of 5/31/1999.

3.2.3  Required Contributions

         Through December 1977 only, Required Contributions were made to the
Plan by each Participant through payroll deduction (on an after-tax basis) in an
amount of from 1%-3% of Compensation. Required Contributions with respect to any
Plan Year were allocated to the Required Contribution Subaccount of each
Eligible Field Underwriter who is a Field Underwriter of such Company.

3.2.4  Limitations on Field Underwriter Contributions

         (a) The Administrator may reduce the amount of any Field Underwriter
After-Tax Contributions, or make such other modifications as necessary, so that
the Plan complies with the provisions of the Code and all Company Contributions
are currently deductible under the Code. All contributions pursuant to a Field
Underwriter After-Tax Contribution election shall be made by deducting from the
Participant's Compensation (on an after-tax basis) for each payroll period the
amount determined pursuant to the Field Underwriter After-Tax Contribution
election. The Administrative Committee


                                       23
<PAGE>   30

may establish such additional rules and procedures with respect to the making,
changing and resumption of contributions pursuant to Field Underwriter After-Tax
Contribution elections (including suspension from contributions) as it shall
determine.

         (b) The sum of a Participant's Field Underwriter After-Tax
Contributions under this Plan plus Field Underwriter After-Tax Contributions
under the Investment Plan Supplement for Field Underwriters of MONY (after
6/10/99, the Investment Plan Supplement for Employees and Field Underwriters of
MONY) cannot exceed 12%, and after 6/10/99, 13% of the Participant's
Compensation for any Plan Year. Any necessary limitation on such contributions
shall be under this Plan.

3.3  Timing of Contributions

         The Company shall transfer Company Contributions to the Trust no later
than the last day prescribed by law for the filing of the Company's federal
income tax return (including extensions thereof) for the taxable year of the
Company which includes the last day of the applicable Plan Year.

3.4  Forfeitures

         Pursuant to Section 7.3.6, when amounts held in a Forfeiture Suspense
Account are no longer able to be restored, such forfeitures of Company
Contributions shall be applied in the same or following Plan Year(s) to reduce
Company Contributions for the Company to which such forfeitures are
attributable. If no such contributions are due because of termination of the
Plan, then such contributions shall be allocated on a pro rata basis to all
remaining Accounts, subject to Code Section 415 and any other regulatory
limitations.


                                       24
<PAGE>   31

3.5  Contributions Conditioned on Deductibility

         All Company Contributions made under the Plan are made on the condition
that they are currently deductible under Code Section 404; provided, however,
that no contributions shall be returned to the Company except as provided in
Section 3.8.

3.6  Contribution Percentage Test

3.6.1  Test

         For any Plan Year beginning on or after January 1, 1987, Field
Underwriter Contributions made by Highly Compensated Field Underwriters for each
Plan Year must satisfy one of the following tests:

         (a) The Average Contribution Percentage for Participants who are Highly
Compensated Field Underwriters for the Plan Year shall not exceed the Average
Contribution Percentage for Participants who are Non-Highly Compensated Field
Underwriters for the Plan Year multiplied by 1.25; or

         (b) The Average Contribution Percentage for Participants who are Highly
Compensated Field Underwriters for the Plan Year shall not exceed the Average
Contribution Percentage for Participants who are Non-Highly Compensated Field
Underwriters for the Plan Year multiplied by two, provided that the Average
Contribution Percentage for Participants who are Highly Compensated Field
Underwriters does not exceed the Average Contribution Percentage for
Participants who are Non-Highly Compensated Field Underwriters by more than two
percentage points.

3.6.2  Aggregation of Contributions

         (a) For purposes of this Section 3.6, the Contribution Percentage for
any Participant who is a Highly Compensated Field Underwriter for the Plan Year
and who is eligible to make contributions under one or more other


                                       25
<PAGE>   32

plans described in Code Section 401(a) that are maintained by the Company or an
Affiliate shall be determined as if all such contributions were made under a
single plan aggregated with this Plan.

         (b) For purposes of determining the Contribution Percentage of an
Participant who is a 5% owner or who is one of the ten most highly paid Highly
Compensated Field Underwriters, the contributions and Compensation of such
Participant shall include the contributions and Compensation of Family Members.
Such Family Members shall be disregarded in determining the Contribution
Percentage for eligible Participants who are Non-Highly Compensated Field
Underwriters.

3.6.3  Distribution of Excess Aggregate Contributions

         Notwithstanding any other provisions of the Plan, Excess Aggregate
Contributions, adjusted for Allocable Income/Loss, shall be distributed within
2-1/2 months following the Plan Year for which they were made, if possible, but
in any event no later than the last day of the Plan Year following the Plan Year
for which they were made to the Participants to whom such amounts are allocable.

3.7  Code Section 401(a)(4) Limit

         Notwithstanding anything in this Plan to the contrary, Field
Underwriter After-Tax Contributions of a Highly Compensated Field Underwriter,
shall be distributed from the Plan if the rate of Field Underwriter After-Tax
Contributions is discriminatory under Code Section 401(a)(4).

3.8  Return of Company Contributions Under Special Circumstances

         Notwithstanding any provision of this Plan to the contrary, upon timely
written demand by a Company to the Trustee:


                                       26
<PAGE>   33

         (a) Any Company Contribution made by mistake of fact shall be returned
to the Company within one year after the payment of the contribution; and

         (b) Any Company Contribution conditioned upon the deductibility of the
contribution under Code Section 404 shall be returned to the Company within one
year after a deduction for the contribution under Code Section 404 is disallowed
by the Internal Revenue Service, but only to the extent disallowed.


                                       27
<PAGE>   34

              SECTION 4. CODE SECTION 415 LIMITATION ON ALLOCATIONS

         The provisions of this Section 4 shall govern the benefits or
allocations to which it is applicable notwithstanding any other provision of the
Plan. Annual Additions (as defined in Section 415) on behalf of a Participant
may not exceed the limitations set forth in Section 415 of the Code, which are
incorporated herein by reference. For these purposes the Limitation Year (as
defined in Section 415) is the Plan Year, unless otherwise designated by the
Company.

         If there is an Excess Amount (as defined in Section 415) with respect
to the Participant for a Limitation Year, the Excess Amount shall be disposed of
as follows:

                    (A) Field Underwriter Contributions

                    (B) Company Contributions.

         For purposes of applying the limitations contained in this Section 4,
all Defined Contribution Plans (whether or not terminated) of the Employer shall
be treated as one Defined Contribution Plan. Excess Amounts shall be distributed
first from this Plan, and then from any other Defined Contribution plan.

         If a Participant is or has participated in any Defined Benefit Plan and
the sum of the Participant's Defined Benefit Fraction and Defined Contribution
Fraction otherwise would exceed 1.0, then the Participant's Defined Contribution
Fraction shall be reduced, to the extent necessary, by limiting benefits
provided under the RISPE or other Defined Benefit Plan until such sum equals
1.0. Effective January 1, 1994, the Participant's Defined Benefit Fraction shall
be reduced.


                                       28
<PAGE>   35

                SECTION 5. ACCOUNTS, INVESTMENTS AND ALLOCATIONS

5.1  Establishment of Participant Accounts

         The Administrative Committee shall establish and maintain an Account in
the name of each Participant and shall credit or cause to be credited all
amounts allocable to each such Participant to one or more of the following
subaccounts:

         (a) Required Contribution Subaccount.  Any Required Contributions
and the earnings and expenses attributable thereto.

         (b) Company Contribution Subaccount. Any Company Contributions and the
earnings and expenses attributable thereto.

         (c) Field Underwriter After-Tax Contribution Subaccount. Any Field
Underwriter After-Tax or Make-Up Contributions and the earnings and expenses
attributable thereto.

         The maintenance of separate subaccounts under this Section 5.1 is for
accounting purposes only and a segregation of the assets of the Trust to each
separate subaccount shall not be required. Any distribution to a Participant
shall be charged to the appropriate subaccount of the Participant as of the date
of such distribution.

5.2  Investment of Accounts

5.2.1 Participants shall be permitted to direct the investment of their Accounts
and future allocation of contributions (in increments of one-half of 1%) among
the Investment Funds up to twelve times each year, effective with the next pay
period after receipt of the direction by the


                                       29
<PAGE>   36

Administrator or as soon as administratively practical. Such instructions shall
be made in a form required for such purpose by the Administrator and shall be
subject to such rules and procedures as the Administrator may establish. A
Participant's investment directions shall remain in effect until changed by the
Participant or, where applicable, the Beneficiary.

5.2.2 In the event that a Participant for any reason fails to provide proper
initial investment instructions with respect to a subaccount over which he or
she has investment authority, such subaccount shall be 100% invested in an
investment option the primary objective of which is the preservation of capital,
as designated by the Administrative Committee.

5.2.3 The Administrative Committee may provide that any transactional costs or
charges imposed or incurred for an Investment Fund shall be charged to the
Accounts of Participants directing such investment in such fund. Transactional
costs and charges shall include, but shall not be limited to, charges for the
acquisition, sale or exchange of assets, brokerage commissions, service charges
and professional fees.

5.2.4 Voting of Employer Stock. Voting, tender and similar rights shall be
passed through to Participants and beneficiaries.

5.3  Transfers Between Funds

        Participants shall be permitted to transfer amounts between Investment
Funds up to 12 times each year, effective with the next pay period after receipt
of the direction by the Administrator or as soon as administratively practical.
Such instructions shall be made on a form provided for such purpose by the
Administrator, or where available, by telephone transaction and shall be subject
to such rules and procedures as the Administrator may establish. Effective
6/10/99, participants shall be


                                       30
<PAGE>   37

allowed unlimited transfers. Transfers to the MONY Stock Fund shall be limited
to 15% of the Participant's balance at the time the request is received by the
Administrator.

5.4  Allocations to a Participant's Account

         The Trustee shall allocate investment earnings or losses for any
valuation period in accordance with procedures uniformly and consistently
applied. Amounts credited to an Account for purposes of this Section 5.4 shall
also include Company Contributions, Required Contributions, Field Underwriter
After-Tax Contributions, and Make-Up Contributions. Amounts withdrawn from an
Account shall include benefit payments and withdrawals.

         All earnings or income received on any investment credited to a
Participant's Account under the Plan shall be reinvested in additional interests
in such investment and shall be credited to such subaccount.

5.5  Allocation Report

         The Administrator shall deliver to each Participant, at least annually,
a statement of the Account of such Participant which shows the activity since
the prior statement date and the value of the Account as of the current
statement date and any other information deemed appropriate by the
Administrator.

5.6  Allocation Corrections

         Any error or omission in the statement provided pursuant to Section 5.5
shall be corrected as necessary to remedy such error or omission. The
Administrator's records will be presumed to be correct.

5.7  MONY Stock Fund

The Administrator shall have the authority to prohibit certain officers of the
Employer from participation in the MONY stock fund. Such officers will


                                       31
<PAGE>   38

be notified of their inclusion or exclusion from participation in the MONY stock
fund. If a participant is promoted to officer, current contributions may remain
invested in MONY stock but new investments will be prohibited. The Administrator
shall review and update the list as necessary.


                                       32
<PAGE>   39

                    SECTION 6. ELIGIBILITY FOR DISTRIBUTIONS

6.1  Distribution Upon Retirement

         A Participant who elects a retirement distribution option on or after
attainment of Normal or Early Retirement Age is eligible to receive a
distribution of his or her entire Account Balance determined as of the first
Valuation Date coincident with or immediately preceding his or her retirement
date. Such distribution shall be made in accordance with Section 10 as soon as
practicable after such Valuation Date, unless the Participant has elected, in
accordance with Section 10.12, to defer receipt of his or her Account Balance.

6.2  Distribution Upon Death

         (a) Upon the death of a Participant while an active Field Underwriter,
benefits equal to the Vested Interest of the Participant's Account as of the
Valuation Date coincident with or next following 14 days after the date of his
or her death shall be payable to the Beneficiary of such Participant from the
Trust by a method of distribution described, and at the time specified, in
Section 10, provided that the Administrator has received and accepted all the
necessary forms from the Beneficiary.

         (b) Upon the death of a Participant who was a former Field Underwriter
before payment of the full value of his or her Account from the Trust Fund, the
unpaid portion thereof as of the Valuation Date coincident with or next
following the date of his or her death shall be paid to the Beneficiary of such
former Field Underwriter in accordance with a method of distribution described,
and at the time specified, in Section 10 provided that the Administrator has
received and accepted all necessary forms from the Beneficiary.


                                       33
<PAGE>   40

6.3  Distribution Upon Separation from Service

         Upon the Separation from Service of any Participant, and on or after
his or her Early Retirement Date, a benefit shall be payable equal to the value,
as of the Valuation Date coincident with or immediately following the first of
the month following the receipt request for a distribution, of the Participant's
Vested Interest in his or her Account, provided that the Administrator receives
all of the necessary forms from the Participant. Such payment shall be made to
the Participant by a method of distribution described, and no later than the
time specified, in Section 10. Any excess of the amount credited to such
Participant's Company Contribution Subaccount over his or her Vested Interest in
such subaccount shall be forfeited and used to reduce Company Contributions
pursuant to Section 3.4. Except as provided in Section 6.4 no distribution of
Company Contribution Account Funds shall be made prior to attaining age 55. A
distribution of Participant funds may be made within 90 days of a Separation
from Service, but otherwise not prior to age 55.

6.4  Distribution Upon Disability

         Upon approval for long term disability benefits under both the
Insurance Plan for Field Underwriters (or Introductory Disability Plan for Field
Underwriters) of MONY and Social Security, a Participant may receive either the
normal form of distribution or a lump sum distribution from the Plan as if he or
she had Separated from Service on or after Early Retirement Age.

6.5  Cash Out Provisions

6.5.1 Notwithstanding anything in this Plan to the contrary, if the vested
portion of a Participant's Account Balance as of the Valuation Date


                                       34
<PAGE>   41

coincident with or next following his or her Separation from Service does not
exceed $5,000, it shall be distributed to him or her as soon as practicable
following such Valuation Date. For this purpose, a Participant who does not have
a Vested Interest in his or her Company Contribution Subaccount (and thus is not
entitled to receive any portion of his or her Company Contribution Subaccount
Balance) shall be deemed to have received a complete distribution of his or her
Company Contribution Subaccount upon Separation from Service.

6.5.2 If the value of a Participant's vested Account Balance derived from
Company and Field Underwriter contributions exceeds (or at the time of any prior
distribution exceeded) $3,500, and the Account Balance is immediately
distributable, the Participant must consent to any distribution of such Account
Balance. The consent of the Participant shall be obtained in writing within the
90-day period ending on the Benefit Commencement Date. The Plan Administrator
shall notify the Participant of the right to defer any distribution. Such
notification shall include a general description of the material features, and
an explanation of the relative values of, the optional forms of benefit
available under the Plan in a manner that would satisfy the notice requirements
of section 417(a)(3) of the Code, and shall be provided no less than 30 days and
no more than 90 days prior to the Benefit Commencement Date. However,
distribution may commence less than 30 days after the notice described in the
preceding sentence is given, provided the distribution is one to which sections
401(a)(11) and 417 of the Internal Revenue Code do not apply, the Plan
Administrator clearly informs the Participant that the Participant has a right
to a period of at least 30 days after receiving the notice to consider the
decision of


                                       35
<PAGE>   42

whether or not to elect a distribution (and, if applicable, a particular
distribution option), and the Participant, after receiving the notice,
affirmatively elects a distribution.

6.6  Distribution Pursuant to a QDRO

         Notwithstanding anything in this Section to the contrary, in the case
of benefits required to be segregated for the benefit of an alternate payee,
such benefits may be immediately distributable pursuant to the alternate payee's
request, subject to the terms of the QDRO. Amounts invested in the MONY stock
fund by a beneficiary under a QDRO shall not be subject to any transfer
restrictions, and shall be available for payment in stock.


                                       36
<PAGE>   43

                          SECTION 7. VESTING PROVISIONS

7.1  Determination of Vesting

7.1.1 A Participant shall at all times have a vested percentage of 100% in the
balance of his or her Required Contribution Subaccount and Field Underwriter
After-Tax Contribution Subaccount.

7.1.2 A Participant who attains Normal Retirement Age or who retires from active
Service on or after attaining Early Retirement Age, shall have a vested
percentage of 100% in his or her Account.

7.1.3 A Participant eligible for long term disability benefits under the
Insurance Plan for Field Underwriters or the Introductory Insurance Plan for
Field Underwriters of MONY shall have the period of disability eligibility
credited for vesting Service.

7.1.4 A Participant shall have a vested percentage of 100% in the balance of his
or her Accounts upon termination of the Plan. In the event of partial
termination of the Plan, each Participant with respect to whom the partial
termination has occurred shall have a vested percentage of 100%.

7.1.5 The vested percentage of a Participant in his or her Company Contribution
Subaccount, whose Separation from Service is not due to death or on or after
attainment of Normal Retirement Age shall be determined in accordance with the
following schedule:

Completed Years of                                      Vested
Service                                               Percentage
-------                                               ----------
Less than 5 years                                          0%
5 or more years                                          100%

7.2      Rules for Crediting Vesting Service

7.2.1    Subject to Section 7.2.2, all years of vesting Service shall be
credited for purposes of determining a Participant's vesting Service.  This


                                       37
<PAGE>   44

shall be construed in according with USERRA.

7.2.2 For purposes of counting the number of years of vesting Service and Breaks
in Service for purposes of computing a Field Underwriter's vested percentage of
his or her Company Contribution Subaccount, the measuring period is each twelve
month period measured from the Participant's Employment Commencement Date. A
Participant must have a Career Contract in effect for the entire twelve month
period, except where otherwise provided by law, e.g. maternity or paternity
leave, or where the Participant is a Salaried Employee of a Company. For
purposes of this paragraph, an absence from work for maternity or paternity
reasons means an absence (1) by reason of the pregnancy of the individual, (2)
by reason of the birth of a child of the individual, (3) by reason of the
placement of a child with the individual in connection with the adoption of such
child by such individual, or (4) for purposes of caring for such child for a
period beginning immediately following such birth or placement. This Section
shall be construed in accordance with the Family and Medical Leave Act of 1993.

7.3  Forfeitures and Repayments

7.3.1 If a Participant was not vested in his or her Company Contribution Account
upon a Separation from Service, then a separate subaccount (the "Forfeiture
Suspense Account") shall be established to hold his or her non-vested Company
Contribution Subaccount balance. An amount equal to the actual dollar amount
(unadjusted by any subsequent gains or losses) of the cash value of any
non-vested shares in a former Participant's Account as of the second Valuation
Date next following his or her date of Separation from Service (prior to
retirement), shall be withdrawn from the Forfeiture


                                       38
<PAGE>   45

Suspense Account and restored to the credit of the former Participant in his or
her Account under this Plan upon the earlier of (A) or (B):

         (A) he or she resumes Service with a Company as a Field Underwriter
         before a Period of Severance occurs, or

         (B) he or she:

             (1) resumes Service with the Company as a Field Underwriter and

             (2) repays to this Plan (by remitting directly to the Trustees) the
             full distribution of any Plan benefits received in the form of a
             lump sum cash payment provided that such repayment must be made by
             the former Participant before the earlier of 5 years after the
             first date on which the former Participant is subsequently under
             Career Contract with the Company, or the close of the first period
             of 5 consecutive one year Breaks in Service commencing after the
             withdrawal. Any such repayment shall be allocated solely to the
             Participant's subaccounts from which the distribution was made.

7.3.2 Upon the occurrence of such a restoration pursuant to Section 7.3.1 (A) or
(B) above, the former Participant's Forfeiture Suspense Account shall be
eliminated.

7.3.3 If an amount in a Forfeiture Suspense Account has been restored to the
credit of a Participant then such restored amount shall be attributable to the
same Company contributions as on the Valuation Date on or next following his or
her Separation from Service.

7.3.4 The amount of any repayment shall constitute part of the Trust fund and
shall promptly be used by the Trustees to restore for the Participant, his or
her full Account Balance determined as of the Valuation Date on or


                                       39
<PAGE>   46

next following his or her Separation from Service. When the full Account Balance
is restored by the Trustees it shall be attributable to each Investment Fund in
a manner identical to the composition of his or her Account as of the Valuation
Date on or next following his or her Separation from Service. Thereafter, such
full Account Balance as so restored, shall be treated as if a withdrawal,
repayment and restoration as described in this section had never been made.

7.3.5 When any amount being held in a Forfeiture Suspense Account under the
Trust on behalf of a former Participant is no longer able to be restored for
that former Participant because the repayment period has expired, such amount
shall thereafter be treated as a forfeiture in accordance with the provisions of
Section 3.4, and the Forfeiture Suspense Account shall be eliminated.


                                       40
<PAGE>   47

                         SECTION 8. TOP HEAVY PROVISIONS

8.1 As used in this Section 8, each of the following terms shall have the
meanings for that term set forth in this Section:

         (a) Determination Date means, for any Plan Year subsequent to the first
Plan Year, the last day of the preceding Plan Year, and for the first Plan Year
of the Plan, the last day of such Plan Year.

         (b) Determination Period means the Plan Year containing the
Determination Date and the four preceding Plan Years.

         (c) Key Field Underwriter means any Field Underwriter or former Field
Underwriter (and the beneficiaries of such Field Underwriter) who at any time
during the Determination Period was:

               (i) an officer of the Company or an Affiliate having an annual
         Compensation greater than 50% of the Code Section 415(b)(1)(A) dollar
         limitation.

               (ii) an owner (or considered an owner under Code Section 318) of
         one of the ten largest interests in the Company or an Affiliate if such
         individual's compensation exceeds 100% of the Code Section 415(c)(1)(A)
         dollar limitation,

               (iii) a "5% owner" (as defined in Code Section 416(i)) of the
         Company or an Affiliate, or

               (iv) a "1% owner" (as defined in Code Section 416(i)) of the
         Company or an Affiliate who has an annual Compensation in excess of
         $150,000.

         (d) Limitation Compensation means an amount determined in accordance
with Section 4.

         (e) Non-Key Field Underwriter means any Field Underwriter who is


                                       41
<PAGE>   48

not a Key Field Underwriter.

         (f) Permissive Aggregation Group means the Required Aggregation Group
of plans plus any other plan or plans of the Company or an Affiliate which, when
considered as a group with the Required Aggregation Group, would continue to
satisfy the requirements of Code Section 401(a)(4) and Code Section 410.

         (g) Required Aggregation Group means (i) each Qualified Plan of the
Company or an Affiliate in which at least one Key Field Underwriter
participates, and (ii) any other Qualified Plan of the Company or an Affiliate
which enables a plan described in (i) to meet the requirements of Code Section
401(a)(4) and Code Section 410.

         (h) Super Top-Heavy Plan means the Plan, if the Top-Heavy Ratio, as
determined under the definition of Top-Heavy Plan, exceeds 90%.

         (i) Top-Heavy Plan means, for any Plan Year, beginning after December
31, 1983, the Plan if any of the following conditions exists:

               (i) If the Top-Heavy Ratio for the Plan exceeds 60% and the Plan
         is not part of any Required Aggregation Group or Permissive Aggregation
         Group of plans.

               (ii) If the Plan is a part of a Required Aggregation Group of
         plans but not part of a Permissive Aggregation Group and the Top-Heavy
         Ratio for the group of plans exceeds 60%.

               (iii) If the Plan is a part of a Required Aggregation Group and
         part of a Permissive Aggregation Group of plans and the Top-Heavy Ratio
         for the Permissive Aggregation Group exceeds 60%.

Solely for the purposes of determining whether the Plan, or any other Plan
included in a Required Aggregation Group, is a Top-Heavy Plan, the accrued


                                       42
<PAGE>   49

benefit of a Non-Key Field Underwriter shall be determined (a) under the method,
if any, that uniformly applies for accrual purposes under all plans maintained
by the Company or any Affiliate or (b) if there is no such method, as if such
benefit accrued not more rapidly than the slowest accrual rate permitted under
the fractional accrual rate set forth in Code Section 411(b)(1)(C).

         (j) Top-Heavy Ratio means, for the Plan alone, or for the Required or
Permissive Aggregation Group as appropriate, either (i) or (ii) below:

               (i) If the Company or any Affiliate maintains one or more Defined
         Contribution Plans (including any "simplified employee pension" within
         the meaning of Code Section 408(k)) and the Company or any Affiliate
         has never maintained any Defined Benefit Plan which during the five (5)
         year period ending on the Determination Date has or has had accrued
         benefits, the Top-Heavy Ratio is a fraction, the numerator of which is
         the sum of the account balances of all Key Field Underwriters as of the
         Determination Date (including any part of any account balance
         distributed in the five (5) year period ending on the Determination
         Date), and the denominator is the sum of all account balances
         (including any part of any account balance distributed in the five (5)
         year period ending on the Determination Date, in each case computed in
         accordance with Code Section 416; provided, however, that the numerator
         and denominator of the Top-Heavy Ratio shall be adjusted to reflect any
         contribution not actually made as of the Determination Date, but which
         is required to be taken into account on that date under Code Section
         416,


                                       43
<PAGE>   50

               (ii) If the Company or any Affiliate maintains one or more
         Defined Contribution Plans (including any "simplified employee pension"
         within the meaning of Code Section 408(k)) and the Company or any
         Affiliate maintains or has maintained one or more Defined Benefit Plans
         which during the five year period ending on the Determination Date has
         or has had any accrued benefits, the Top-Heavy Ratio is a fraction, the
         numerator of which is the sum of the account balances under the
         aggregated Defined Contribution Plans for all Key Field Underwriters,
         determined in accordance with (i) above, plus the present value of
         accrued benefits under the Defined Benefit Plans for all such
         Participants as of the Determination Date, all determined in accordance
         with Code Section 416; provided, however, that both the numerator and
         denominator of the Top-Heavy Ratio shall be adjusted for any
         distribution of any accrued benefit under a Defined Benefit Plan made
         in the five year period ending on the Determination Date,

               (iii) For purposes of determining the Top-Heavy Ratio, the value
         of account balances will be determined as of the most recent Top-Heavy
         Valuation Date that falls within or ends with the twelve (12) month
         period ending on the Determination Date, except as provided in Code
         Section 416 for the first and second plan years of a Defined Benefit
         Plan. The account balances of any Participant (a) who is a Non-Key
         Field Underwriter, but who was a Key Field Underwriter in a prior year
         or (b) who has not performed any Service with the Company or any
         Affiliate at any time during the five-year period ending on the
         Determination Date, will be


                                       44
<PAGE>   51

         disregarded. The calculation of the Top-Heavy Ratio, and the extent to
         which distributions, rollovers and transfers are taken into account
         will be made in accordance with Code Section 416. When aggregating
         plans, the value of account balances will be calculated with reference
         to the Determination Dates that fall within the same calendar year.

         (k) Top-Heavy Valuation Date means the date as of which account
balances, or accrued benefits, are valued to calculate the Top-Heavy Ratio.

8.2 If the Plan is determined to be a Top-Heavy Plan as of any Determination
Date after December 31, 1983, then notwithstanding any Plan provision to the
contrary, it shall be subject to the rules set forth in the balance of this
Section 8, beginning with the first Plan Year commencing after such
Determination Date.

8.3 (a) Except as provided in Section 8.3(b), and except if any other Defined
Contribution Plan or Defined Benefit Plan provides such minimum benefit to the
Participant, for any Plan Year in or after which the Plan is a Top-Heavy Plan,
contributions and forfeitures allocated to the Company Contributions Subaccount
of any Participant who is a Non-Key Field Underwriter (whether or not such
Participant has completed a Year of Service in that Plan Year) in respect of
that Plan Year shall not be less than the smaller of:

               (i) 3% of such Participant's Limitation Compensation, or

               (ii) the largest percentage of contributions and forfeitures, as
         a percentage of the Key Field Underwriter's Compensation, allocated to
         the Company Contribution Subaccount of any Key Field Underwriter for
         that year.


                                       45
<PAGE>   52

         (b) The provision in (a) above shall not apply to any Participant who
was not employed by the Company or an Affiliate on the last day of the Plan
Year.

         (c) If the Plan is a Top-Heavy Plan, the Participant's Defined Benefit
         Fraction and Defined Contribution Fraction in Section 4 shall be
         determined by substituting "1.0" for "1.25" unless the Plan meets the
         requirements of Code Section 416(h)(2)(B) and the Company increases the
         minimum benefit provided in Section 8.3(a) by 1%.

8.4 For any Plan Year in which this Plan is a Top-Heavy Plan, any Field
Underwriter who has completed three years of Vesting Service will be 100%
vested. No reduction in vested Account Balances shall occur if the Plan ceases
to be a Top-Heavy Plan.

8.5 In the event that any provision of this Section 8 is no longer required to
qualify the Plan under the Code, then such provision shall thereupon be void
without the necessity of further amendment of the Plan.


                                       46
<PAGE>   53

                        SECTION 9. IN SERVICE WITHDRAWALS

9.1  Field Underwriter Contributions

         A Participant who is currently a Field Underwriter, or within 30 days
of Separation from Service or has attained age 55 may request, up to twelve
times each calendar year, a withdrawal of a specific dollar amount from his or
her Field Underwriter After-Tax or Required Contribution Subaccounts.

9.2  Company Contributions

         (i) A Participant who is a Field Underwriter under a Career Contract
may request once each year, a withdrawal of a specific dollar amount up to 10%,
at the time the request is received by the Administrator, of the vested portion
of his or her Company Contribution Subaccount. Such request shall be for at
least $500 and shall be made in accordance with uniform rules prescribed by the
Administrative Committee. A proportionate percentage of earnings must be
withdrawn with these contributions. In order to make such a withdrawal the Field
Underwriter must have attained age 59 1/2, withdrawn all Required and pre-1987
Field Underwriter After-Tax Contributions and for any post-1986 Field
Underwriter After-Tax Contributions withdrawn, the proportionate percentage of
gains thereon.

         (ii) A former Field Underwriter who attained age 55 or elected to
retire may request up to twelve times each calendar year, a withdrawal of a
specific amount.

         If not otherwise designated, withdrawals by a Participant who is a
Field Underwriter shall be made in the following order:

         1.    Field Underwriter Required Contributions, if any;

         2.    Pre-1987 Field Underwriter After-Tax Contributions, if any;


                                       47
<PAGE>   54

         3.    1987 and later Field Underwriter After-Tax Contributions, if
any, and earnings thereon;

         4.    Earnings on Field Underwriter Required Contributions;

         5.    Earnings on pre-1987 Field Underwriter After-Tax Contributions;

         6.    Repaid Company Contributions, with a proportionate amount of
earnings;

         7. Vested Company Contributions with a proportionate amount of
earnings.

         If not otherwise designated, funds will be withdrawn from the
Investment Funds in the following order:

         1. Non-Guaranteed Investment Contract ("GIC") or Guaranteed Fixed Fund
("GFF") funds valued between -$1 and +$1;

         2.    Proportionately among remaining non-GIC/GFF's;

         3.    Numbered GICs and GFFs valued between -$1 and +$1;

         4.    Proportionately among number GICs and GFFs with the lowest
Market Value Adjustment ("MVA");

         5.    Proportionately among number GICs and GFFs with the second
lowest MVA;

         6.    Proportionately among number GICs and GFFs with the third
lowest MVA;

         7.    Continue accessing numbered GICs and GFFs by increasing MVA
until they are exhausted;

         8.    Lettered GICs valued between -$1 and +$1;

        9. Proportionately among remaining letter designated GICs. Effective
6/10/1999, in service withdrawal amounts will be withdrawn from all funds pro
rata. Effective March 1, 2000, all other amounts must be


                                       48
<PAGE>   55

withdrawn before in service withdrawals will be allowed from the Common Stock
Fund. All in service withdrawals shall be made in cash only.

9.3  Rules for Withdrawals

         All withdrawals are subject to applicable limitations, penalties or
adjustments on withdrawals from various investment funds, such as the GIC or
GFF.


                                       49
<PAGE>   56

                    SECTION 10. METHOD OF PAYMENT OF BENEFITS

10.1  Normal Form

         The benefit to which an unmarried Participant or a Participant who has
not been legally married for at least one year ending on the Participant's
Benefit Commencement Date, is entitled under the Plan shall, except as otherwise
provided in this Section 10, be payable in the form of a Straight Life Annuity
beginning at the Participant's Normal Retirement Date. The benefit to which a
Participant who is married for at least one year ending on his or her Benefit
Commencement Date shall be entitled shall be a Qualified Joint and 50% Survivor
Annuity beginning at the Participant's Normal Retirement Date. Notwithstanding
the above however, for purposes of this Section, if a Participant marries within
one year of the date as of which payments commence under the Plan and was
married to that Spouse for at least a one-year period ending on or before the
date of the Participant's death, such Participant and his or her Spouse shall be
treated as having been married throughout the one-year period ending on the date
as of which payments commence.

Installment payments will be made in cash and will not be made in shares of The
MONY Group stock. Lump sum distributions will be made in cash; provided,
however, Participants who elect lump sum distributions and any part of whose
Accounts are invested in the MONY Stock Fund at the time distribution is to
commence may elect to receive cash or the number of shares equal to the value of
the MONY Stock Fund. However, distribution in shares shall only be made if the
value of the Participant's interest in such fund is at least $5,000 on the date
that the Plan Administrator


                                       50
<PAGE>   57

processes the Participant's request for distribution and in whole shares only;
the remaining value of the MONY Stock fund shall be made in cash. For purposes
of determining the number of shares to distribute, the shares shall be valued
based on the closing price as reported on the New York Stock Exchange Composite
Transactions Tape on the date that the administrator processes the Participant's
request for distribution.

10.2 Optional Forms

         Subject to the provisions of Sections 10.7 and 10.8, a Participant or
former Participant (with Spousal Consent) or Beneficiary (other than a
Beneficiary for whom an optional payout arrangement binding on such Beneficiary
has been elected by the Participant) may elect, in lieu of the normal form, one
of the optional forms below:

               (1) a joint and 50% survivor annuity (no Spousal Consent
               necessary if the Spouse is the Beneficiary);

               (2) a joint and 100% survivor annuity (no Spousal Consent
               necessary if the Spouse is the Beneficiary);

               (3) a ten year period certain straight life annuity;

               (4) a twenty year period certain straight life annuity where the
         period certain does not extend beyond the Participant's 85th birthday;

               (5) a fixed dollar refund annuity,

               (6) a fixed dollar straight life annuity,

               (7) an immediate or deferred lump sum payment;

               (8) an immediate or deferred lump sum payment of the value of


                                       51
<PAGE>   58

         a Participant's Company Contribution Subaccount, with Required and
         Field Underwriter Contributions paid out as an immediate or deferred
         fixed-dollar annuity under Settlement Option 1, 2, 3, 4, or 5;

               (9) an immediate or deferred lump sum payment of the value of a
         Participant's Required and Field Underwriter Contributions, with all
         Company Contributions paid out as an immediate or deferred annuity
         under Settlement Option 1, 2, 3, 4, or 5 and/or Settlement
         Option 10.

               (10) a variable annuity of from 0% to 100% of the value of the
         Company Contributions Subaccount as follows:

               (a) a variable joint and 50% survivorship annuity (where the
               joint annuitant is Participant's Spouse or another person);

               (b) a variable joint and 100% survivorship annuity (where the
               joint annuitant is Participant's Spouse or another person);

               (c) a variable life annuity with 10 years certain (the period
               certain cannot extend beyond life expectancy);

               (d) a variable life annuity with 20 years certain (the period
               certain cannot extend beyond the Participant's 85th birthday or
               beyond life expectancy); or

               (e) a variable straight life annuity.

         If the Participant elects to have less than 100% of the Company
Contributions paid out under Settlement Option 10, the Participant must elect
from one of the other Settlement Options for the payment of the balance of the
Company Contribution Subaccount.

         In addition, the Participant must make an election from one of the


                                       52
<PAGE>   59

other Settlement Options, for the payment of Field Underwriter After-Tax and
Required Contributions. Any option chosen is subject to the provision that
payments must commence not later than the Field Underwriter's Required Beginning
Date. Such election of an optional form must be received by the Administrator at
least 31 days before the Participant's Benefit Commencement Date. Unless a
Participant elects, upon retirement, to defer the commencement of benefits,
payment made under an optional payout arrangement must commence as of the date
on which the normal form of payment in a Qualified Joint and 50% Annuity would
otherwise be paid. Any optional payout arrangement which is selected may only be
made over one of the following periods (or a combination thereof):

         1.  the life of the Participant;

         2.  the life of the Participant and a designated Beneficiary;

         3.  a period certain not extending beyond the life expectancy of the
Participant; or

         4. a period certain not extending beyond the joint and last survivor
expectancy of the Participant and a designated Beneficiary.

10.3     Limitations on Optional Forms

         When an optional form includes a fixed annuity and a variable annuity,
the annuities must be of the same type and mode and have the same Benefit
Commencement Date.

         When an optional form includes a deferred cash payment and a deferred
annuity (or annuities), the lump sum payment date must correspond with the
Benefit Commencement Date of the annuity (or annuities). Additionally, an
immediate lump sum payment option is not allowed prior to retirement once Early
Retirement Age has been attained.


                                       53
<PAGE>   60

10.4  Basis of Annuity Income

         Each fixed-dollar annuity is computed on the basis of rates provided in
the group annuity contract in effect at the time the annuity is purchased. The
current group variable annuity purchase rates under the group annuity contract
in effect at the time the annuity is purchased will be used to compute variable
annuity income.

10.5  Mandatory Form of Distribution

         If a Participant has elected an installment option in accordance with
Section 10.2 and dies prior to the date payment of his or her benefit commences
(i) without leaving a Surviving Spouse, or (ii) leaving a Surviving Spouse that
has waived the right to a benefit, then such optional form of benefit shall
become payable to the Participant's Beneficiary in the same amount, if any, that
would have been payable to such Beneficiary if the payments hereunder had
commenced to the Participant on the last day of the month coincident with or
preceding the date of the Participant's death. If such a Participant dies prior
to the date payment of his or her benefit commences, leaving a Surviving Spouse
and without having made a valid election to waive the Preretirement Survivor
Annuity in accordance with Section 10.6, then the election of an optional form
of distribution under Section 10.2 shall be null and void, and the Surviving
Spouse shall receive the Preretirement Survivor Annuity in accordance with
Section 10.6 or one of the optional payment forms, upon providing instruction to
the Administrator within 60 days of the Participant's death.

10.6  Qualified Preretirement Survivor Annuity

         Subject to Sections 10.2 & 10.8, a Preretirement Survivor Annuity shall
be paid to the Surviving Spouse of a Participant or former


                                       54
<PAGE>   61

Participant who, after earning a nonforfeitable right to his or her Account
Balance, dies before the commencement of payment of his or her benefit. Payment
of a Preretirement Survivor Annuity may commence as soon as practicable
following the Participant's death; however, to the extent required by the Code
and IRS Regulations, if the value of a Preretirement Survivor Annuity is or was
at the time of any earlier distribution in excess of $3,500, it shall not
commence to be paid prior to the date which was or would have been the
Participant's Normal Retirement Date (had the Participant lived) without the
written consent of the Participant's Surviving Spouse. In the absence of such
consent, payment of the Preretirement Survivor Annuity shall not be made until
the date which would have been the Participant's Early Retirement Date (had the
Participant lived).

10.7  Required Beginning Date

         (a) Notwithstanding any other provision of the Plan, unless otherwise
provided by law, any benefit payable to a Participant shall commence no later
than the April 1st of the calendar year following the calendar year in which
such Participant attains age 70 1/2; provided, however, if a Participant
attained age 70 1/2 prior to January 1, 1988, except as otherwise provided in
Section 10.7(e), any benefit payable to such Participant shall commence no later
than April 1st of the calendar year following the later of (i) the calendar year
in which the Participant attains age 70 1/2 or (ii) the calendar year in which
the Participant retires. Such benefit shall be paid, in accordance with IRS
Regulations, over a period not extending beyond the life expectancy of such
Participant or the joint life expectancies of such Participant and his or her


                                       55
<PAGE>   62

Beneficiary. Life expectancy for purposes of this Section will be recalculated
annually in accordance with IRS Regulations.

         (b) If distribution of a Participant's benefit has commenced prior to a
Participant's death, and such Participant dies before his or her entire benefit
is distributed, distribution of the remaining portion of the Participant's
benefit to the Participant's Beneficiary shall be made at least as rapidly as
under the method of distribution in effect as of the date of the Participant's
death.

         (c) If a Participant dies before distribution of his or her benefit has
commenced, distributions to any non-Spouse Beneficiary shall be made on or
before the December 31st of the calendar year which contains the fifth
anniversary of the date of such Participant's death; provided, however, at the
non-Spouse Beneficiary's irrevocable election duly filed with the Administrator
before the applicable commencement date set forth in the following sentence, any
distribution to a non-Spouse Beneficiary may be made over the life of the
non-Spouse Beneficiary or a period not extending beyond the life expectancy of
the non-Spouse Beneficiary. Such distribution shall commence not later than the
December 31st of the calendar year immediately following the calendar year in
which the Participant died or, in the event such Beneficiary is the
Participant's Surviving Spouse, on or before the December 31st of the calendar
year in which such Participant would have attained age 70 1/2, if later (or, in
either case, on any later date prescribed by IRS Regulations). If such
Participant's Surviving Spouse dies after the Participant's death but before
distributions to the Surviving Spouse commence, this Section 10.7(c) shall be
applied to require payment of any further benefits as if the


                                       56
<PAGE>   63

Surviving Spouse were the Participant.

         (d) Pursuant to IRS Regulations, any benefit paid to a child shall be
treated as if paid to a Participant's Surviving Spouse if such amount will
become payable to such Surviving Spouse on the child's attaining majority, or
other designated event permitted by IRS Regulations.

         (e) If a Participant who is a five percent owner attained age 70 1/2
before January 1, 1988, any benefit payable to such Participant shall commence
no later than the April 1st of the calendar year following the later of (i) the
calendar year in which the Participant attains age 70 1/2 or (ii) the earlier of
(A) the calendar year within which the Participant becomes a five percent owner
or (B) the calendar year in which the Participant retires. For purposes of this
Section 10.7(e), a five percent owner shall mean a five percent owner of such
Participant's Company as defined in Section 416(i) of the Code at any time
during the Plan Year in which such owner attains age 66 1/2 or any subsequent
Plan Year.

         (f) Effective 1/1/00, Participants will be subject to the above rules
only at the later of separation from service or retirement.

10.8     Spousal Consent

         Any election to waive the Qualified Preretirement Survivor Annuity must
be made by the Participant in writing during the election period and be
consented to by the Participant's Spouse. If the Spouse is legally incompetent
to give consent, the Spouse's legal guardian, even if such guardian is the
Participant, may give consent. Such election shall designate a Beneficiary (or a
form of benefits) that may not be changed without spousal consent (unless the
consent of the Spouse expressly permits designation by the Participant without
the requirement of further consent


                                       57
<PAGE>   64

by the Spouse). Such Spouse's consent shall be irrevocable and must acknowledge
the effect of such election and be witnessed by a notary public. Such consent
shall not be required if it is established to the satisfaction of the
Administrative Committee that the required consent cannot be obtained because
there is no Spouse, the Spouse cannot be located, or other circumstances that
may be prescribed by law or regulations. The election made by the Participant
and consented to by a Spouse may be revoked by the Participant in writing with
the consent of the Spouse at any time during the election period. The number of
revocations shall not be limited. Any new election must comply with the
requirements of this Section 10.8. A former Spouse's waiver shall not be binding
on a new Spouse.

         The election period to waive the Qualified Preretirement Survivor
Annuity shall begin on the first day of the Plan Year in which the Participant
attains age 35 and end on the date of the Participant's death. An earlier waiver
(with Spousal Consent) may be made provided a written explanation of the
Qualified Preretirement Survivor Annuity is given to the Participant and such
waiver becomes invalid at the beginning the Plan Year in which the Participant
turns age 35. In the event a Participant Separates from Service prior to the
beginning of the election period, the election period shall begin on the date of
such Separation from Service.

         The Administrator shall provide each Participant, within the applicable
period, (and consistent with applicable law and regulations), a written
explanation of the Qualified Preretirement Survivor Annuity. For the purposes of
this paragraph, the term "applicable period" means whichever of the following
periods ends last:


                                       58
<PAGE>   65

         (1) The period beginning with the first day of the Plan Year in which
the Participant attains age 32 and ending with the close of the Plan Year
preceding the Plan Year in which the Participant attains age 35;

         (2) A reasonable period after the Field Underwriter becomes a
Participant. For this purpose, in the case of a Field Underwriter who becomes a
Participant after age 32, the explanation must be provided by the end of the
three-year period beginning with the first day of the first Plan Year for which
the Field Underwriter becomes a Participant;

         (3) A reasonable period ending after Code Section 401(a)(11) applies to
the Participant; or

         (4) A reasonable period after termination of Employment under a Career
Contract, in the case of a Participant who terminates before attaining age 35.
For this purpose, the Administrator must provide the explanation beginning one
year before the Separation from Service and ending one year after termination of
Employment under a Career Contract. Any election to waive the Qualified Joint
and Survivor Annuity must be received within 90 days preceding the Benefit
Commencement Date and must name the specific non-Spouse Beneficiary. An
explanation of the QJSA must be provided between 30 and 90 days prior to the
Benefit Commencement Date.

10.9  Order of Withdrawal

         Funds for partial withdrawals of Accounts shall be made withdrawn in
the following order:

         (1)   Required Contributions

         (2)   Pre-1987 Field Underwriter After Tax Contributions

         (3)   1987 and later Field Underwriter After Tax Contributions and
gains


                                       59
<PAGE>   66

         (4)   Gains on Required Contributions

         (5)   Gains on pre-1987 Field Underwriter After Tax Contributions

         (6)   Company Contributions and gains

Effective 6/10/1999, withdrawal amounts will be withdrawn from all funds pro
rata. Effective March 1, 2000, all other amounts must be withdrawn before
withdrawals will be allowed from the Common Stock Fund. All in service
withdrawals shall be made in cash only.

10.10  Small Benefits

         Notwithstanding the preceding provisions of this Section 10, any
annuity amounting to less than $50.00 per month may be paid in quarterly or
semi-annual installments, so that no check is less than $50.00, and payment of
any benefit with a value of $3,500 or less shall be made in a lump sum cash
payment in full settlement of the Plan's liability therefor.

10.11  Suspension of Benefits

         Except as may be otherwise required in any other provisions of this
Section 10, if a former Field Underwriter for any reason returns to Service,
payment of his or her benefit, if any, shall, to the extent permitted under IRS
Regulations, be suspended until his or her subsequent termination of Service or
retirement. To the extent that the application of this Section 10.11 constitutes
a suspension of benefits, such suspension shall be in accordance with ERISA and
the Code.

10.12  Time of Distribution

         Notwithstanding any other provision of the Plan, to the extent required
by the Code and IRS Regulations, if the value of a Participant's Account exceeds
or has ever exceeded $5,000, no distribution may be made to


                                       60
<PAGE>   67

such Participant prior to attainment of Normal Retirement Age without written
consent.

         Unless the Participant elects otherwise, the payment of benefits under
the Plan shall commence not later than the 60th day after the latest of the
close of the Plan year in which (i) the Participant attains age 65, (ii) occurs
the 10th anniversary of the year the Participant commenced participation under
the Plan, (iii) the Participant terminates employment with the Company or an
Affiliate, and (iv) the Participant elects payment of benefits to begin.

10.13  Direct Rollover

         Notwithstanding anything in this Plan to the contrary, effective
January 1, 1993, a Participant or the Participant's Beneficiary, if the
Beneficiary is the Participant's Surviving Spouse, may elect to have all or a
portion of any amount payable to him or her from the Plan transferred directly
to an "eligible retirement plan" within the meaning of Code Section 401(a)(31),
in lieu of having such amount paid to him or her. This option (a) shall not
apply to any portion of the amount payable to a Participant which (i) is not
eligible for direct rollover to an eligible retirement plan under either Code
Section 402(c) or Code Section 401(a)(31), or (ii) is required to be distributed
under Code Section 401(a)(9); and (b) shall be subject to such uniform rules and
procedures as the Administrative Committee may prescribe from time to time in
accordance with Code Section 401(a)(31) (including, but not limited to, any
minimum transfer amount).

10.14  Hardship Prior to Age 55 After Benefit Commencement Date

         Effective February 1, 1988 through December 31, 1988, for former


                                       61
<PAGE>   68

Participants who are determined by the Administrative Committee to have incurred
a hardship as described below, the Administrative Committee may authorize that
the former Participant to receive some or all of his or her Account Balance in a
single sum hardship distribution payment. A hardship distribution request shall
include such documentation in support of the Participant's request as the
Administrative Committee may require, and shall be granted only to the extent
that the Administrative Committee determines the requirements of Subsection (a)
and (b) below have been met:

         (a)   The distribution will be used for:

               (1) medical care described in Code Section 213(d) for the
         Participant, the Participant's Spouse, or any dependents of the
         Participant (as defined in Code Section 152);

               (2) costs directly related to the purchase of the principal
         residence for the Participant (excluding mortgage payments);

               (3) payment of tuition and related educational fees for the next
         12 months of post-secondary education for the Participant, his or her
         Spouse, children or dependents (as defined in Code Section 152);

               (4) payments necessary to prevent the eviction of the Participant
         from his or her principal residence or foreclosure on the mortgage of
         the Participant's principal residence;

               (5) the funeral expenses of a member of the Participant's family;
         or

               (b) The distribution is not in excess of the amount of the
         immediate and heavy financial need; provided, however, that the amount
         of the distribution shall be increased in accordance with


                                       62
<PAGE>   69

         Administrative Committee procedures to reflect the amount of income and
         penalty taxes payable by the Participant with respect to the
         distribution.

Hardship distributions shall be made in cash only.


                                       63

<PAGE>   70
             SECTION 11. PARTICIPATION IN THE PLAN BY AN AFFILIATE

11.1 Notwithstanding anything herein to the contrary, with the consent of the
Company and Trustee, an Affiliate may adopt this Plan and all of the provisions
hereof, and participate herein and be known as a Participating Affiliate, by a
properly executed document evidencing said intent and will of such Participating
Affiliate.

11.2 (a) Each such Participating Affiliate shall be required to use the same
Trustee as provided in this Plan.

     (b) The Trustees may, but shall not be required to, commingle, hold and
invest as one Trust Fund all contributions made by Participating Affiliates, as
well as all increments thereof. However, all assets of the Plan shall, on an
ongoing basis, be available to pay benefits to all Participants and
Beneficiaries under the Plan without regard to the Company who contributed such
assets.

     (c) The transfer of any Participant from or to an Affiliate participating
in this Plan, whether he or she be a Field Underwriter of the Company or a
Participating Affiliate, shall not affect such Participant's vesting Service
under the Plan, and all amounts credited to such Participant's Account Balance
as well as his or her accumulated Service time with the transferor or
predecessor, and his or her length of participation in the Plan, shall continue
to his or her credit.

     (d) All rights and values forfeited by a Separation from Service shall
inure only to the benefit of the Company by which the forfeiting Participant was
employed at time of Separation from Service.

     (e) Any expenses of the Plan which are to be paid by the Company or borne
by the Trust Fund may be paid by each Participating Affiliate in the

                                       64
<PAGE>   71
same proportion that the total amount standing to the credit of all Participants
employed by such Participating Affiliate bears to the total standing to the
credit of all Participants.

11.3 Each Participating Affiliate shall be deemed to be a party to this Plan;
provided, however, that with respect to all of its relations with the Trustees
and Administrator for the purpose of this Plan, each Participating Affiliate
shall be deemed to have designated irrevocably MONY as its agent.

11.4 If a Field Underwriter is transferred between Participating Affiliates
including the Company and in the event of any such transfer, the Field
Underwriter involved shall be credited with his or her accumulated Service and
eligibility. No such transfer shall effect a termination of employment
hereunder, and the Participating Affiliate to which the Field Underwriter is
transferred shall thereunder become obligated hereunder with respect to such
Field Underwriter in the same manner as was the Participating Affiliate from
whom the Field Underwriter was transferred.

11.5 All contributions made by the Company, or as provided for in this Plan,
shall be determined separately by the Company or each Participating Affiliate,
and shall be allocated only among the Participants of the Company or
Participating Affiliate making the contribution. The Administrator shall keep
separate books and records concerning the affairs of each Participating
Affiliate hereunder and as to the accounts and credits of the Field Underwriters
of each Participating Affiliate.

11.6 Any Participating Affiliate shall be permitted to discontinue or revoke its
participation in the Plan upon 60 days notice. At the time of any such
discontinuance or revocation, satisfactory evidence thereof and of any
conditions imposed shall be delivered to the Administrative Committee.


                                       65
<PAGE>   72
The Administrative Committee shall thereafter transfer, deliver and assign Fund
assets allocable to the Participants of such Participating Affiliate to such new
trustee or insurer as shall have been designated by such Participating Affiliate
in the event that it has established a separate pension benefit plan for its
Field Underwriters. If no successor is designated, the Trust shall retain such
assets for the Field Underwriters of said Participating Affiliate pursuant to
the provisions of the Plan. In no such event shall any part of the corpus or
income of the Plan as it relates to such Participating Affiliate be used for or
diverted to purposes other than for the exclusive benefit of the Field
Underwriters of such Participating Affiliate, except as may be permitted by law.

11.7 The Administrative Committee shall have authority to make any and all
necessary rules or regulations, binding upon all Participating Affiliates and
all Participants, to effectuate the purpose of this Section.

11.8 If any Participating Affiliate is prevented in whole or in part from making
a contribution to the Trust Fund which it would otherwise have made under the
Plan by reason of having no current or accumulated earnings or profits, or
because such earnings or profits are less than the contribution which it would
otherwise have made, then, pursuant to Code Section 404(a)(3)(B), so much of the
contribution which such Participating Affiliate was so prevented from making may
be made, for the benefit of the participating Field Underwriters of such
Participating Affiliate, by the other Participating Affiliates who are members
of the same affiliated group within the meaning of Code Section 1504 to the
extent of their current or accumulated earnings or profits, except that such
contribution by each such other Participating Affiliate shall be limited to the
proportion of its


                                       66
<PAGE>   73
total current and accumulated earnings or profits remaining after adjustment for
its contribution to the Plan made without regard to this paragraph which the
total prevented contribution bears to the total current and accumulated earnings
or profits of all the Participating Affiliates remaining after adjustment for
all contributions made to the Plan without regard to this paragraph.



                                       67
<PAGE>   74
                    SECTION 12. PLAN AMENDMENT OR TERMINATION

12.1  Plan Amendment Procedure

12.1.1  General

             The Administrative Committee, (including properly authorized
delegates of the Administrative Committee) shall have the exclusive right to
amend and/or terminate the Plan, at any time by an instrument in writing,
effective retroactively or otherwise, provided, however, that no amendment
shall:

             (a) authorize any part of the Trust to be used for, or diverted to,
purposes other than providing benefits to Participants or their Beneficiaries or
defraying the reasonable expenses of administering the Plan and Trust;

             (b)  reduce the Account Balance of any Participant; or

             (c) eliminate an optional form of benefit, except as permitted by
Code Section 411(d)(6), or other applicable law. In any case where a Plan
amendment changes the vesting schedule of Section 7, each Participant shall be
permitted to elect, within a reasonable time after the later of the date the
Plan amendment is adopted or becomes effective, to have the pre-amendment
vesting schedule apply to his or her Account Balance.

12.1.2 Procedure

             Any amendment shall be by formal vote of the appropriate Committee
or Board. The Plan may not be amended by any oral or written statement except as
adopted under these amendment procedures.

12.1.3 Distinctions Allowed

             Notwithstanding the above, Plan amendments may be made without
regard to affect on particular groups of Field Underwriters, Participants


                                       68
<PAGE>   75
or Beneficiaries.

12.2 Complete or Partial Plan Termination

12.2.1 The Company intends and expects that from year to year it will be able to
and will deem it advisable to continue this Plan in effect and to make
contributions as herein provided. The Company reserves the right, however, to
terminate the Plan at any time. Any termination of the Plan must be approved by
MONY's Board of Directors and shall be adopted by the Administrative Committee
on behalf of MONY by preparing a written instrument setting forth the provisions
effectuating the termination of the Plan and specifying the effective date of
the termination.

12.2.2 As of the date of a complete or partial termination of the Plan or a
complete discontinuance of contributions, each affected Field Underwriter shall
become 100% vested in his or her Account Balance.

12.2.3 Upon complete termination of the Plan, each Participant's vested Account
Balance shall be distributed to him or her (or, in the event of a Participant's
death, to his or her Beneficiary) in a distribution option as provided in
Section 10. No further contributions shall then be made to the Plan.



                                       69
<PAGE>   76
                         SECTION 13. PLAN ADMINISTRATION

13.1  Named Fiduciaries

     MONY's Board of Trustees has the exclusive responsibility and authority to
select, retain and remove Named Fiduciaries for this Plan. The Named Fiduciaries
of this Plan shall be selected and appointed by MONY's Board of Directors by
action taken by it from time to time. MONY's Board of Directors shall select and
appoint one or more Named Fiduciaries for this Plan each of whom shall jointly
have the exclusive responsibility and authority, respectively: (1) to establish
the level of benefits with respect to this Plan, (2) to control and manage the
operation of this Plan, (3) to control and manage the administration of this
Plan (including the performance of the function of the Plan Administrator of
this Plan, and the administration of the claims procedures as described in
Section 13.9 below), and (4) to control and manage the disposition of the assets
of this Plan which are invested in the Trust in accordance with the terms of the
Plan and of the Trust.

     Any person appointed by MONY's Board of Directors as a Named Fiduciary of
this Plan shall indicate, in writing, acceptance of the responsibilities thereby
appointed to him or her. Any person so appointed shall agree to perform the
duties required of him or her in accordance with the terms of the Plan and, if
applicable, of the Trust.

13.2 Administrative Committee

     The Benefits Committee of MONY's Board of Directors (the "Administrative
Committee") shall be the Named Fiduciary for the Plan with all fiduciary
responsibility concerning the operation of this Plan as well as the exclusive
responsibility and authority to control and manage the


                                       70
<PAGE>   77
operation of this Plan in accordance with the terms of the Plan and of the
Trust, which authority includes the power to delegate all or a portion of his or
her fiduciary duties to one or more officers of MONY, and includes the power:
(1) to determine the level of Company Contributions and Field Underwriter
contributions, if any; the level of benefit accrual and vesting, if any, for
Participants, and any other factor affecting the cost or the level of benefits
for Participants and others under this Plan, (2) to amend (and authorize Company
funding thereof) or, with the approval of MONY's Board of Directors, terminate
this Plan on behalf of MONY and (3) to determine the long-term investment policy
of the Plan and the overall manner in which the Plan should be funded in order
to carry out that investment policy.

13.2.1 Administrative Committee Powers and Duties

     The Administrative Committee is allocated such duties and powers as may be
necessary to discharge its duties hereunder including, without limitation, the
exclusive authority to perform the following functions:

          (a) To make such rules and regulations as it shall deem necessary or
     proper for the efficient administration of the Plan;

          (b) To interpret and construe the Plan and to decide any and all
     matters arising thereunder including, without limitation, the right to
     remedy possible ambiguities, inconsistencies or omissions; provided,
     however, that all such interpretations and decisions shall be applied in a
     uniform and nondiscriminatory manner to all similarly situated persons and
     that any such interpretation shall be conclusively binding upon all persons
     interested in the Plan;

          (c) To decide all questions of eligibility to participate in


                                       71
<PAGE>   78
     the Plan, to determine all questions regarding entitlement to benefits and
     to determine the amount, manner and timing of any benefits under the Plan;

          (d) To determine the competence of a Participant or Beneficiary to
     receive benefits;

          (e) To monitor the Contribution Percentage Test under Section 3.6 each
     Plan Year and to take action to assure that such tests are satisfied for
     each Plan Year;

          (f) To transmit contributions to the Trustee and provide information
     to the Trustee concerning the allocation of such amounts;

          (g) To authorize disbursements from the Trust provided that any
     instruction of the Administrative Committee to the Trustee shall be
     evidenced in writing and signed by any member of the Administrative
     Committee who has been duly delegated the authority to sign documents on
     behalf of the Administrative Committee;

          (h) To prescribe procedures to be followed by Participants or
     Beneficiaries who file applications for benefits;

          (i) To approve the design of enrollment forms, Beneficiary designation
     forms and any other forms utilized in the administration of the Plan;

          (j) To review claims of any person to benefits under the Plan;

          (k) To prepare and distribute the information concerning the Plan;

          (l) To receive from the Company and from Participants such information
     as shall be necessary for the proper administration of


                                       72
<PAGE>   79
     the Plan;

          (m) To establish such written procedures as it shall deem necessary or
     proper to determine the qualified status, pursuant to Code Section 414(p)
     of any domestic relations order received by the Administrative Committee
     which affects the right of a Participant and any alternate payee to payment
     of benefits under the Plan and to administer distributions pursuant to any
     domestic relations order which the Administrative Committee determines to
     be a qualified domestic relations order within the meaning of Code Section
     414(p);

          (n) To delegate by written instrument to one or more administrative
     subcommittees with respect to each Company such of the powers and duties
     allocated herein to the Administrative Committee, as it deems advisable;
     any such subcommittee shall consist of persons appointed by the
     Administrative Committee, taking into consideration designations
     recommended by the principal executive officer of any Company; and

          (o) To make recommendations to the Board of Directors concerning
     amendments to the Plan.

     The Administrative Committee shall have the full power and authority
necessary or appropriate to carry out its responsibilities hereunder, and shall
have full discretion in interpreting the Plan and deciding all questions of fact
within the scope of its authority.

     No rule or other determination of the Administrative Committee shall be
discriminatory in favor of Field Underwriters who are Highly Compensated Field
Underwriters.


                                       73
<PAGE>   80
13.3 Authorization

     The Administrative Committee shall act by a vote at a meeting or in writing
without a meeting pursuant to its procedures. The Administrative Committee may
authorize any person to execute any document or documents on its behalf, and any
interested person, upon receipt of notice of such authorization directed to it,
may thereafter accept and rely upon any document executed by such authorized
person until the Administrative Committee shall deliver to such interested
person a written revocation of such authorization.

13.4 Plan Administrator

     The Plan Administrator of this Plan is the Benefit Plans Administration
Committee which has the exclusive responsibility and authority to control and
manage the administration of this Plan (including the administration of the
claims appeal procedure described in Section 13.9 below) in accordance with the
terms of the Plan and of the Trust, including the power and responsibility: to
file all requisite reporting and disclosure forms with governmental agencies, to
provide all requisite disclosure forms to Field Underwriters, Participants,
former Participants and Beneficiaries, to maintain requisite employment,
payroll, and other records for this Plan, and to determine all questions
involving eligibility, participation, coverage, employment status, compensation,
vesting, length of service, benefit accrual, rights and obligations of Field
Underwriters and others under this Plan, and all other questions arising in the
interpretation and administration of this Plan.

     The members of the Benefit Plan Administration Committee (the "BPAC") shall
be appointed by the Administrative Committee and may be


                                       74
<PAGE>   81
removed by the Administrative Committee at its discretion. Members of the BPAC
may, but need not be, Directors, officers, or Salaried Employees of MONY. Unless
the Company otherwise provides, any member of the BPAC who is a Salaried
Employee of the Company or an Affiliate at the time of his or her appointment
will be considered to have resigned from the BPAC when no longer a Salaried
Employee.

The Plan Administrator shall be responsible for supervising the implementation
of all investment directions by Participants and their Beneficiaries and the
actions necessary to permit the exercise by Participants and Beneficiaries of
voting and other rights with respect to any investment fund, including without
limitation, the MONY Common Stock Fund. Furthermore, the Plan Administrator
shall use his or her best efforts to ensure the confidentiality of all
information relating to Participants' investments and the exercise of voting and
other rights. In furtherance thereof, the Plan Administrator shall be permitted
to delegate all or any of the foregoing responsibilities to any other fiduciary
of the Plan whenever the Plan Administrator, in his or her sole judgment,
determines that such delegation is in the best interests of Participants and
their Beneficiaries.

13.5 Dual Capacity Fiduciaries

     Any person or group of persons may serve in more than one fiduciary
capacity with respect to the Plan (including, but not limited to, service on the
Administrative Committee, as a member of the Benefit Plans Administration
Committee and as a Trustee of the Trust).

     Nothing herein shall prohibit a Named Fiduciary or any other fiduciary of
this Plan from:


                                       75
<PAGE>   82
             (1) receiving any benefit to which he may be entitled as a
Participant, former Participant or Beneficiary of this Plan, so long as his or
her benefit is computed and paid on a basis which is consistent with the terms
of this Plan as applied to all other Participants, former Participants and
Beneficiaries,

             (2) serving as such in addition to being a Trustee, officer,
Employee, agent or other representative of the Company, or

             (3) receiving any reasonable compensation for services rendered, or
for the reimbursement of expenses properly and actually incurred, in the
performance of his or her duties with respect to the Plan, except that no one
may receive any additional compensation for services rendered as a Named
Fiduciary or other fiduciary of this Plan, if and while an officer or Salaried
Employee of the Company.

13.6 Removal or Resignation of Named Fiduciaries

     Any Named Fiduciary may be removed by MONY's Board of Directors at any time
upon written notice to such Named Fiduciary, the Administrative Committee, the
Benefit Plans Administration Committee and the Trustees of the Trust. Any Named
Fiduciary may resign at any time upon written notice to MONY, to the other
members of the Administrative Committee or the Benefit Plans Administration
Committee and to the other Trustees of the Trust.

     In the event of a vacancy in the office of a Named Fiduciary arising by
reason of the death, removal, resignation, refusal to act, or inability to act,
of any Named Fiduciary, MONY's Board of Directors shall appoint a successor
Named Fiduciary who upon acceptance of such appointment shall have the same
powers and duties as those conferred upon his or her

                                       76
<PAGE>   83
predecessor Named Fiduciary. Pending the appointment of a successor Named
Fiduciary and the acceptance of such appointment, the appropriate remaining
Named Fiduciaries of this Plan shall have the full power to take any action
hereunder.

13.7 Domestic Relations Orders

             Any other provision of the Plan to the contrary notwithstanding,
the Administrative Committee shall have all powers necessary with respect to the
Plan for the proper operation of Code Section 414(p) with respect to qualified
domestic relations orders, including, but not limited to, the power to establish
all necessary or appropriate procedures, to authorize the establishment of new
accounts with such assets and subject to such investment control by the
Administrative Committee as the Administrative Committee may deem appropriate,
and the Administrative Committee may decide upon and make direct appropriate
distributions therefrom. Anything in the preceding paragraph to the contrary
notwithstanding, in the case of a domestic relations order entered before
January 1, 1985, the Administrative Committee -

(1) shall treat such order as a qualified domestic relations order if the
Administrative Committee is paying benefits pursuant to such order on such date,
and

(2) may treat any other such order entered before such date as a qualified
domestic relations order even if such order does not meet the requirements of
the amendments made by section 104 and 204 of the Retirement Equity Act of 1984.

             The QDRO procedures as of the date of this restatement are as
follows:


                                       77
<PAGE>   84
1) Upon receipt of a domestic relations order, the Plan Administrator will
determine whether the order is a qualified domestic relations order under the
Code and ERISA.

2) The Plan Administrator, upon receipt of a domestic relations order, shall
notify the Participant and any existing alternate payees of such receipt. The
Plan Administrator shall furnish to the Participant and prospective alternate
payee(s) a copy of these procedures.

3) During any time for which the determination of the qualified status of a
domestic relations order is being made, the Plan Administrator must defer the
payment of any benefits in dispute. These benefits shall be separately accounted
for. The Plan Administrator may also limit Participant directed transactions
such as withdrawals if required to preserve the amount which would be payable to
the alternate payee. This transaction deferral, or segregation of benefits shall
continue if after the domestic relations order has been found not to be a QDRO,
the Plan Administrator has notice that any deficiencies in the order are being
rectified.

4) If, within the 18 month period of the segregation of funds or accounts, the
domestic relations order is not determined to be qualified, the amounts held for
the alternate payee shall revert back to the persons who would have been
entitled to them had there been no domestic relations order, and/or any accounts
which were segregated shall no longer be segregated.

5) If, after the 18 month period beginning on the date payments under the
domestic relations order would have to begin the order is not found to be
qualified, the order is to be applied prospectively only. Under these
circumstances the Plan is not liable for payments to an alternate payee for the
period before the order is determined to be qualified.


                                       78
<PAGE>   85
6) Once it is determined whether or not the order is a QDRO, the
Plan Administrator shall so notify the Participant and alternate payee(s).

13.8 Payment of Expenses

     The Administrative Committee may engage or employ such suitable actuaries,
agents, attorneys, clerks, or other advisors or assistants (who may also be
Directors, officers or Salaried Employees of the Company or an Affiliate), and
pay their reasonable expenses and compensation, as it may determine is necessary
for the expeditious and effective performance of its duties under this Plan or
they may be paid by the Company. However, any one so engaged or employed, and
any member of the Administrative Committee shall not receive any additional
compensation from the Trust for services rendered as a member of the
Administrative Committee (or on behalf of the Administrative Committee), if and
while a Trustee, officer or Salaried Employee of the Company or an Affiliate.
Any determination by the Company to pay all or part of any expense shall not in
any way limit the Company's right to determine to have similar or other expenses
paid out of the Trust assets at any other time.

13.9 Claims Procedure

     The claims procedure of this Plan shall be administered by the
Administrative Committee and shall include:

13.9.1  Claims Denial Procedure

     If a benefit request is wholly or partially denied, the written notice of
such decision shall be furnished to the claimant within 31 days after the
receipt of the claimant's benefit request by the Administrative Committee,
unless special circumstances require an extension of time to process the benefit
request. (If such an extension of time for processing


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<PAGE>   86
the benefit request exceeds 90 days following receipt of the claimant's benefit
request by the Administrative Committee, then written notice of the extension
shall be furnished to the claimant prior to the expiration of such 90-day
period, but in no event may such extension exceed 180 days following receipt of
the claimant's benefit request by the Administrative Committee. The extension
notice shall indicate the special circumstances requiring an extension of time
to process the claimant's benefit request, and the date by which the
Administrative Committee expects to render a final decision as to whether or not
that benefit request should be wholly or partially denied.) Any written notice
to the claimant denying such benefit request shall:

     (1) set forth the specific reason or reasons for denial of the claimant's
request for benefit;

     (2) make specific reference to pertinent provisions set forth in the Plan
and/or Trust on which the denial is based;

     (3) provide a description of any additional material or information
necessary for the claimant to perfect the benefit request;

     (4) provide an explanation of why such material or information is
necessary, and

     (5) provide appropriate information as to the steps to be taken if the
claimant wishes to submit his or her benefit request for further review under
the Plan's claims appeal procedure described in Section 13.9.2 below.

13.9.2 Claims Appeal Procedure

             The claimant or duly authorized representative shall have the right
to request a review by the Administrative Committee of the decision to deny such
benefit request as described in subsection 13.9.1 above. A written


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<PAGE>   87
request for a review must be sent by the claimant or duly authorized
representative to the Administrative Committee within 60 days after receipt by
the claimant of the written notice of the denial of the claimant's benefit
request. Along with a request for review, the claimant or duly authorized
representative may submit issues and comments in writing to the Administrative
Committee for review. Should the claimant or duly authorized representative deem
it necessary to review pertinent documents in order to prepare the issues and
comments for review, the claimant or representative may make a request to the
Administrative Committee to review such pertinent documents within the 60-day
period after receipt by the claimant of the written notice of denial of the
claimant's benefit request. Such a request for documents shall be honored by the
Administrative Committee, and a mutually agreeable time during normal business
hours of MONY for review of such documents shall be established.

     Should the 60-day period mentioned above be an insufficient amount of time
for the claimant or his or her representative to prepare the issues and comments
for review, the claimant or his or her representative may request a 30-day
extension by making a written request therefore to the Administrative Committee.
The Administrative Committee shall allow such an extension should the
complexities of the case warrant same. Such decision shall be made in a uniform
and nondiscriminatory manner with respect to all claimants similarly situated.

     The decision of the Administrative Committee shall be final in determining
the outcome of any claims appeal procedure described in this Section. Following
a full and fair review by the Administrative Committee, it shall promptly
provide a copy of its decision in writing to the claimant


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<PAGE>   88
not later than 60 days after its receipt of the written request from the
claimant (or duly authorized representative) to the Administrative Committee for
a review of the claimant's claim under such appeal procedure. However, in the
event of special circumstances (such as the need to hold a hearing, if the
Administrative Committee decides that such is necessary under the claims appeal
procedure), the Administrative Committee may require an extension of time for so
furnishing a copy of its decision to a date not later than 120 days after its
receipt of the written request from the claimant (or duly authorized
representative) to the Administrative Committee for a review of the claimant's
claim under such appeal procedure. If such an extension of time for the
Administrative Committee to furnish a copy of its decision is required because
of special circumstances, then the Administrative Committee shall furnish a
written notice of such extension to the claimant prior to the commencement of
the extension.

             The Administrative Committee's decision shall be in writing and
shall include specific reasons for the decision, written in a manner calculated
to be understood by the claimant, as well as specific references to the
pertinent provisions set forth in the Plan and/or Trust on which the decision is
based.

             The Administrative Committee shall have such powers as may be
necessary to discharge its duties under the Plan's claims appeal procedure as
described in this Section. It may adopt such rules, not inconsistent with the
provisions of this Plan, as it may deem necessary to efficiently administer such
claims appeal procedure. No rule or decision made by the Administrative
Committee in administering the Plan's claims appeal procedure shall be
discriminatory in favor of Field Underwriters who are


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<PAGE>   89
Highly Compensated Field Underwriters.

13.10 Designation of Beneficiaries

13.10.1 Subject to Section 10.8, a Participant may designate one or more persons
as his or her Beneficiary by filing a Beneficiary designation with the
Administrator. Such designation shall be made on the form prescribed for such
purpose by the Administrator and in accordance with rules established by the
Administrative Committee. In the event a Participant fails to make such a
designation, or in the event that no designated Beneficiary survives the
Participant, any amount due after the Participant's death shall be paid to the
Participant's Surviving Spouse, or if there is no Surviving Spouse, to the
Participant's estate. No Beneficiary shall have any right to benefits under the
Plan unless he or she shall survive the Participant. If a Participant and his or
her Beneficiary die under such circumstances that it is not possible to
determine who died first, it shall be presumed that the Participant survived the
Beneficiary.

13.10.2 If a Participant has a Surviving Spouse, the Surviving Spouse shall be
the Participant's Beneficiary unless the Participant has obtained Spousal
Consent to the Participant's designation of another person as Beneficiary.

13.11 Scope of Authority

     The Administrative Committee shall have the full power and authority
necessary or appropriate to carry out its responsibilities hereunder, and shall
have full discretion in interpreting the Plan and deciding all questions of fact
within the scope of its authority.



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<PAGE>   90
                             SECTION 14. TRUST FUND

14.1  Establishment of Trust

     MONY has created the Trust in order to provide for the funding of all
benefits provided under this Plan. Benefits provided under the Plan and expenses
of administration of the Plan shall be paid from the assets held in the Trust as
directed by the Administrative Committee.

14.2.1 Investment Powers and Duties

     The Administrative Committee shall be allocated exclusive authority to
perform the following functions:

     (a) To designate the Investment Funds;

     (b) To appoint one or more insurance companies;

     (c) To appoint one or more Investment Managers;

     (d) To establish and carry out a funding policy and method consistent with
         the objectives of the Plan and the requirements of ERISA.

14.2.2 The Administrative Committee shall, in the case of unvoted stock which
     does not fall into the 404(c) protected class, vote the shares at its
     discretion, the Administrative Committee will engage an independent
     third-party fiduciary for analyzing and recommending any voting issue in
     which a conflict of interest may arise between the Trustees of the benefit
     plans and the sponsoring employer.

14.3  Investment Funds

     The Administrative Committee shall from time to time designate, within the
Trust, at least three Investment Funds. Each Investment Fund


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shall consist of such assets as may be prescribed by the Administrative
Committee or consistent with investment guidelines or objectives prescribed by
the Administrative Committee (including, but not limited to, an interest or
interests in a group, common or collective trust maintained for the collective
investment of employee benefit plans qualified under Code Section 401(a), and
Employer Stock).

             Assets and investment experience of each Investment Fund will be
accounted for separately by the Trustees. All contributions by or on behalf of a
Participant shall be delivered to the Trustees to purchase for the Participant's
Account shares, including fractional shares, in any of the Investment Funds as
designated in writing by the Participant, or pursuant to telephone transaction
where available. The date of such purchase shall be the first Valuation Date
concurrent with or next following the date the contribution is so delivered to
the Trustees.

14.4 Expenses

             All costs and expenses in connection with the purchase or sale of
separate account contracts, securities and other investments may be paid out of
the Trust Fund and debited to the appropriate Investment Fund. The Trustees
shall deduct all expenses for which the Trustees have not obtained reimbursement
from the Company or from the Investment Funds. The Plan may provide certain
Investment Funds which may impose "market value adjustments" or penalties for
withdrawals from the Investment Fund prior to the date of maturity of the
underlying Investment Fund instruments, such as the Guaranteed Investment
Contract Fund and the Government Fixed Fund. All other expenses may be paid by
the Company.

14.5 Valuation of Accounts


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<PAGE>   92
     A Participant's Accounts shall be revalued on each Valuation Date, which
shall not be less often than once each calendar month. On such date, the
earnings and losses of the Trust shall be allocated to each Participant's
Accounts in the ratio that the Participant's Account Balance bears to all
Account Balances; provided, however, in the event that Investment Funds are
established pursuant to Section 14.3 hereof the earnings and losses of the
particular Investment Funds shall be allocated in the ratio that the portion of
the Account Balance of a Participant invested in a particular Investment Fund
bears to the total amount invested in such Investment Fund. Such valuation shall
not include any contribution made since the preceding valuation date and not yet
applied to purchase shares in the Investment Funds. In determining the value of
any Forfeiture Suspense Account held by the Trustees separate and apart from the
Investment Funds as of such Valuation Date, the assets of such account shall be
valued by the Trustees at fair market value.

     All valuation procedures shall follow generally accepted accounting
practices. The value of a share in any Investment Fund on each Valuation Date
shall be the total value of the Investment Fund divided by the total number of
shares in that Investment Fund. A new valuation base for any of the Investment
Funds may be adopted by the Trustees at any time, in which event the shares
within the Investment Fund shall be revalued and the number of shares in the
Account of each Participant shall be proportionately increased or decreased to
correspond with the newly adopted valuation base.

14.6 Insurance Contracts

     The Administrative Committee may appoint one or more insurance


                                       86
<PAGE>   93
companies, including the Company or any Participating Affiliate to hold assets
of the Plan, and may purchase insurance contracts or policies from one or more
insurance companies with assets of the Plan. Neither the Trustees nor the
Administrative Committee shall be liable for any act or omission of an insurance
company with respect to any duties delegated to any insurance company.

14.7 Investment Managers

14.7.1 The Administrative Committee may, by an instrument in writing, appoint
one or more persons as an Investment Manager. Each person so appointed shall be
(a) an Investment Adviser registered under the Investment Advisers Act of 1940,
(b) a bank, as defined in that Act, or (c) an insurance company qualified to
manage, acquire or dispose of any asset of the Plan under the laws of more than
one state.

14.7.2 Each Investment Manager shall acknowledge in writing that it is a
fiduciary (as defined in ERISA Section 3(21)) with respect to the Plan. The
Company, Trustee, or the Administrative Committee shall enter into an agreement
with each Investment Manager specifying the duties and compensation of such
Investment Manager and the other terms and conditions under which such
Investment Manager shall be retained. Neither the Trustees nor the
Administrative Committee shall be liable for any act or omission of any
Investment Manager and shall not be liable for following the advice of any
Investment Manager, with respect to any duties delegated to any Investment
Manager.

14.7.3 The Administrative Committee shall have the power to determine the Trust
assets to be invested pursuant to the direction of a designated Investment
Manager and to set investment objectives and guidelines for the


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<PAGE>   94
Investment Manager.

14.8 Compensation

     Each insurance company, Investment Manager and Trustee, including the
Company and any Participating Affiliate, shall be paid such reasonable
compensation, in addition to their expenses, as shall from time to time be
agreed to by the Company or other person making such appointment; provided,
however, that no such compensation shall be paid from the Trust to any person
who is a Salaried Employee or a Field Underwriter, and payment of such
compensation shall comply with all provisions of ERISA, the Code, and related
regulatory rulings.



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                      SECTION 15. MISCELLANEOUS PROVISIONS

15.1  Indemnification

     To the extent not prohibited by state or federal law, each Company, jointly
and severally, agrees to, and shall, indemnify and save harmless any member of
the Administrative Committee or any Salaried Employee, officer or director of a
Company or an Affiliate from all claims for liability, loss, damage or expense
(including payment of reasonable expense in connection with defense against any
such claim) which result from any exercise or failure to exercise any of the
indemnified person's responsibilities with respect to the Plan, other than by
reason of willful misconduct or a willful failure to act.

15.2 Exclusive Benefit of Participants

     The Trust shall be maintained for the exclusive benefit of Participants or
their Beneficiaries and shall be used to pay benefits provided hereunder or to
pay expenses of administration of the Plan and the Trust to the extent not paid
by the Company or individual Account Balances. It shall be prohibited at any
time for any part of the Trust (other than such part as is required to pay
expenses) to be used for, or diverted to, purposes other than for the exclusive
benefit of Participants or their Beneficiaries.

15.3 Plan Not a Contract of Employment

     The Plan is not a contract of Employment, and the terms of Service of any
Field Underwriter shall not be affected in any way by the Plan or related
instruments except as specifically provided herein. This Plan shall not be
construed as giving any Field Underwriter a right to be retained in service.
Participation in the Plan shall not vest in a


                                       89
<PAGE>   96
Participant any employment rights or other rights aside from those expressly
provided in the Plan. Upon retirement or upon termination of employment, the
only rights that shall accrue to any Field Underwriter are those specifically
provided for the Field Underwriter under this Plan.

15.4 Source of Funding and Benefits

     The Company has entered into the Trust Agreement with the Trustee providing
for the funding, administration and management of the Plan and Trust Fund. The
Trustee shall have responsibility under the Plan for the management and control
of the assets of the Plan, subject to direction by the Administrative Committee.
All benefits and other amounts payable hereunder shall be paid exclusively from
the Trust Fund, and neither the Company, any Affiliate, any Trustee, nor any
director, officer, Salaried Employee or agent of the Company assumes any
responsibility or liability therefore. The Trust Fund may be commingled for
investment purposes with like separate trust funds of any other plans and trusts
of the Company or any Affiliate which meet the requirements of Section 401(a)
and 501(a) of the Code and may be invested in any appropriate investment
vehicle, including those established or maintained by the Company or
Participating Affiliate. Each Participant, each Beneficiary or each other person
who shall claim the right to any payment under the Plan shall look exclusively
to the Trust Fund therefore and shall not have any right or claim therefore
against the Company, any Participating Affiliate, any Trustee, or any director,
officer, Salaried Employee or agent of the Company. Except as otherwise required
by the Act, neither the Company, nor any member of either Committee, any
director, officer, Field Underwriter or agent of the Company shall be required
to inquire into or be responsible for any act or


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<PAGE>   97
failure to act of any Trustee or any Participant. To the maximum extent
permitted by ERISA and applicable state law, each Trustee, each member of either
of the Committees, each trustee and officer of the Company, any Participating
Affiliate and each Salaried Employee or Field Underwriter who performs service
on behalf of the Plan or the Trust, shall be indemnified and saved harmless by
the Company and by the Participating Affiliate out of their own assets
(including the proceeds of any insurance policy the premiums of which are paid
by the Company) from and against any and all losses, costs and expense
(including any amounts paid in settlement of a claim with the Company's or
Administrative Committee's approval) to which any of them may be subjected by
reason of any act done or omitted to be done in good faith in their official
capacities with respect to the Plan or the Trust Agreement, including all
expenses reasonable incurred in the defense.

15.5 Benefits Not Assignable

15.5.1 Benefits provided under the Plan may not be assigned or alienated, either
voluntarily or involuntarily, except as may be required pursuant to a qualified
domestic relations order within the meaning of Code Section 414(p) or as may
otherwise be required by law. To the extent provided in a qualified domestic
relations order ("QDRO"), within the meaning of Code Section 414(p), segregation
of any portion of a Participant's vested Account Balance allocated to an
alternate payee may be made whether or not the Participant has terminated
Employment or is otherwise eligible to receive a distribution.

15.6 Benefits Payable to Minors, Incompetents and Others

     If, in the sole discretion of the Administrative Committee, the


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Administrative Committee shall find that any person to whom any amount is
payable under the Plan is found by a court of competent jurisdiction to be
unable to care for his or her affairs because of illness or accident, or is a
minor, or has died, then any payment due him or her or the estate (unless a
prior claim therefor has been made by a duly appointed legal representative)
may, in the sole discretion of the Administrative Committee, be paid to his or
her Spouse, the child, relative or parent of such person, the guardian,
committee, conservator or other legal representative, wherever appointed, of
such person, an institution maintaining or having custody of such person, or to
any other person having the care and control of such person deemed by the
Administrative Committee to be a proper recipient, under the terms of the Plan
and applicable law, on behalf of such person otherwise entitled to payment. Any
such payment shall be a complete discharge of the liability of the Plan and the
Trust therefor.

15.7 Transfer to Salaried Employee

     If a Field Underwriter who has been a Participant under this Plan
discontinues his or her Career Contract with MONY to become a Salaried Employee
for MONY his or her participation in this Plan (subject to the remaining
provisions of this subsection) will then terminate so that no further
contributions will be made with respect to him or her so long as such former
Field Underwriter remains a Salaried Employee. His or her participation in this
Plan, however, shall be continued on a basis as a former Field Underwriter, but
his or her employment shall not be considered to have been terminated. As long
as such former Field Underwriter continues to be covered under the Retirement
Income Security Plan for


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Employees, contributions previously made by him or on his or her behalf under
this Plan will be held under the provisions of this Plan as if his or her
participation had continued in full force and effect. In the event the Field
Underwriter retires under the terms of the Plan and transfers to a Salaried
Employee position, participation shall be as a former Field Underwriter. If a
former Field Underwriter's Salaried Employment with a Company terminates, and he
or she does not again become a Field Underwriter of a Company, distribution
shall be made under Section 10 as if Separation from Service became effective on
the date of termination of his or her Salaried Employment with a Company.

     An individual who is both a Field Underwriter of the Company and a Salaried
Employee of a Company, may continue his or her active participation in this Plan
as well as the RISPE. The continuance of such an individual's active
participation in the RISPE is subject to the terms of that plan as it applies to
his or her status as a Salaried Employee of a Company, and the continuance of
such an individual's active participation in this Plan is subject to the terms
of this Plan as it applies to his or her status as a Field Underwriter of a
Company. The Administrative Committee is authorized to issue such
nondiscriminatory rules as may be necessary to effectuate the purposes of this
subsection.

15.8 Merger or Transfer of Assets

15.8.1 Subject to Section 15.8.2, the Board of Directors or the Administrative
Committee may direct that the Plan be merged or consolidated with, or transfer
all or a portion of its assets and liabilities to, another plan or receive
assets and liabilities from another plan. Any optional forms of benefit or other
special provisions applicable to a


                                       93
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Participant for whom an account balance has been transferred to this Plan from
another plan shall be set forth in an appendix.

15.8.2 The Plan may not merge or consolidate with, or transfer any assets or
liabilities to, any other plan, unless each Participant would (if the Plan then
terminated) receive a benefit immediately after the merger, consolidation or
transfer which is equal to or greater than the benefit he or she would have been
entitled to receive immediately before the merger, consolidation or transfer (if
the Plan had then terminated).

15.9 Action by Company

     Any action required to be taken by an Company pursuant to the terms of the
Plan shall be taken by the Board of Directors of the Company or any person or
persons duly empowered to exercise the powers of the Company with respect to the
Plan.

15.10 Provision of Information

     For purposes of the Plan, each Field Underwriter shall execute such forms
as may be reasonably required by the Administrative Committee and the Field
Underwriter shall make available to the Administrative Committee any information
they may reasonably request in this regard.

15.11 Controlling Law

     The Plan is intended to qualify under Code Section 401(a) and to comply
with ERISA, and its terms shall be interpreted accordingly. Otherwise, to the
extent not preempted by ERISA, the laws of the State of New York shall control
the interpretation and performance of the terms of the Plan.

15.12 Place of Payment

     All sums payable hereunder are payable at the office of MONY in the State


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of New York, following any reasonable periods of notice and processing as MONY
may establish.

15.13 Singular and Plural and Article and Section References

             As used in the Plan, the singular includes the plural, and the
plural includes the singular, unless qualified by the context. Titles of
Sections of the Plan are for convenience of reference only and are to be
disregarded in applying the provisions of the Plan. Any reference in this Plan
to a Section is to the Article or Section so specified of the Plan.

15.14 Notice

             Any notice, election, application, instruction, designation or
other form of communication required to be given or submitted by any
Participant, other Field Underwriter or Beneficiary shall be in such form as is
prescribed from time to time by the Administrative Committees, sent by first
class mail or delivered in person, and shall be deemed to be duly given only
upon actual receipt thereof by such Administrative Committee. Any notice,
statement, report and other communication from the Company or Administrative
Committee to any Participant, Field Underwriter or Beneficiary required or
permitted by the Plan shall be deemed to have been duly given when delivered to
such person or mailed to such person at the address last appearing on the
records of the Company or the Administrator. Each person entitled to receive a
payment under the Plan shall file with the Administrator his or her complete
mailing address and each change therein. A check or communication mailed to any
person at the address on file with the Company or the Administrator shall be
deemed to have been received by such person for all purposes of the Plan, and no
Field Underwriter or agent of the Company, of a Participating Affiliate or
member of the


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Administrative Committee shall be obliged to search for or ascertain the
location of any such person except as required by ERISA. If the Administrative
Committee shall be in doubt as to whether payments are being received by the
person entitled thereto, it may, by registered mail addressed to such person at
the address last known to the Administrative Committee notify such person that
all future payments will be withheld until such person submits to the
Administrative Committee the proper mailing address and such other information
as the Administrative Committee may reasonably request.

15.15 Required Information

     Each Participant shall file with the Administrative Committee such
pertinent information concerning him or her and each Beneficiary, and each
Beneficiary shall file with the Administrative Committee such information
concerning him or her as the Administrative Committee may specify, and in such
manner and form as the Administrative Committee may specify or provide, and no
Participant or Beneficiary shall have any right or be entitled to any benefits
or further benefits under the Plan unless such information is filed by him or
her on his or her behalf.

15.16 Validity of Provisions

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

15.17 Mistake of Fact

     (a) In the case of a contribution that is made by a Company by a mistake of
fact, nothing shall prohibit the return to the Company at the

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direction of the Company or the Administrative Committee, in accordance with
ERISA and the Code, of such contribution within one year after the payment of
the contribution.

     (b) All contributions by a Company are expressly conditioned upon the
deductibility of the contribution under Section 404(a) of the Code. To the
extent the deduction is disallowed, nothing shall prohibit the return to the
Company at the direction of the Company or the Administrative Committee of such
contribution (to the extent disallowed) within one year after the disallowance
of the deduction.

15.18 Lost Payees

     If the Administrator mails by registered or certified mail to the last
known address of a Participant or Beneficiary, a notification that the
Participant or Beneficiary is entitled to a distribution and if (a) the
notification is returned by the post office because the addressee cannot be
located at such address and if neither the Company, the Plan Administrator nor
the Trustee shall have any knowledge of the whereabouts of such Participant or
Beneficiary within three (3) years from the date such notification was mailed,
or (b) within three (3) years after such notification was mailed to such
Participant or Beneficiary, he or she does not respond thereto by informing the
Trustee of his or her whereabouts, the ultimate disposition of the then
undistributed balance of the benefit of such Participant or Beneficiary shall be
determined in accordance with the then applicable federal laws, rules and
regulations.

15.19 Legal Service

     The agent for the service of legal process of the Plan shall be the
Secretary of the Administrative Committee or such other person as may from


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time to time be designated by the Administrative Committee or the Board of
Directors.



                                       98
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IN WITNESS WHEREOF, MONY pursuant to resolution of its Board of Directors has
caused this instrument to be executed by its duly authorized officer, effective
as of March 1, 2000.

             MONY LIFE INSURANCE COMPANY

             By:  s/s  ROBERT BEECROFT
                  -----------------------------
             On behalf of the Benefit Plans Administration Committee

                                       99