<PAGE>   1
                                                                   Exhibit 10.41

                                Amendment to the
     Dime Bancorp, Inc. Voluntary Deffered Compensation Plan For Directors

                            Effective March 26, 1998

      The Dime Bancorp, Inc. Voluntary Deferred Compensation Plan for Directors
(the "Plan") is hereby amended, effective as of the date set forth above, as
follows:

      1. Clause (C) of Paragraph 13(a) of the Plan is amended to provide as
follows:

            "(C)  one or more forms of annuity providing a fixed quarterly or
                  monthly payment, which shall include, in addition to such
                  forms of annuity as shall be determined from time to time by
                  the Committee, the following:

                  (1)   Single Life Annuity;

                  (2)   Single Life Annuity With A Ten-Year Term Certain;

                  (3)   Single Life Annuity With A Fifteen-Year Term Certain;

                  (4)   Joint and 50% Survivor Annuity;

                  (5)   Joint and 100% Survivor Annuity;

                  (6)   Joint and 50% Survivor Annuity With A Ten-Year Term
                        Certain;

                  (7)   Joint and 100% Survivor Annuity With A Ten-Year Term
                        Certain;

                  (8)   Joint and 50% Survivor Annuity With A Fifteen-Year Term
                        Certain;

                  (9)   Joint and 100% Survivor Annuity With A Fifteen-Year Term
                        Certain

                  The forms of annuity described in options (4) through (9)
                  shall be available only if the Participant is married at the
                  time benefits commence. If a Participant is not married at the
                  time benefits commence, such Participant shall be permitted to
                  select only the form of annuity described in option (1), (2)
                  or (3); or"

      2. Clause (C) of Paragraph 13(b) of the Plan is amended to provide as
follows:

<PAGE>   2

                                                                               2

            "(C)  one or more forms of annuity providing a fixed quarterly or
                  monthly payment, which shall include, in addition to such
                  forms of annuity as shall be determined from time to time by
                  the Committee, the following:

                  (1)   Single Life Annuity;

                  (2)   Single Life Annuity With A Ten-Year Term Certain;

                  (3)   Single Life Annuity With A Fifteen-Year Term Certain;

                  (4)   Joint and 50% Survivor Annuity;

                  (5)   Joint and 100% Survivor Annuity;

                  (6)   Joint and 50% Survivor Annuity With A Ten-Year Term 
                        Certain;

                  (7)   Joint and 100% Survivor Annuity With A Ten-Year Term 
                       Certain;

                  (8)   Joint and 50% Survivor Annuity With A Fifteen-Year Term
                        Certain;

                  (9)   Joint and 100% Survivor Annuity With A Fifteen-Year Term
                        Certain

                  The forms of annuity described in options (4) through (9)
                  shall be available only if the Participant is married at the
                  time benefits commence. Accordingly, if a Participant is not
                  married at the time benefits commence, such Participant shall
                  be permitted to select only the form of annuity described in
                  option (1), (2) or (3); or"

      3. Paragraph 13(d) of the Plan is amended to provide as follows:

                  "(d) Payments Upon Death. To the extent permitted by the
            Committee, a Participant may elect that if the Participant dies
            before payments of a deferred amount have otherwise commenced under
            the Plan to the Participant, an amount based on the amount allocated
            to the Participant's Account and Benefit Transfer Account be
            distributed to the Participant's Beneficiary (as defined below) (i)
            in a single lump sum, in the form of a single life annuity payable
            over the life of the Participant's Beneficiary, or in the form of a
            single life annuity payable over the life of the Participant's
            Beneficiary with a five, ten or fifteen-year period certain feature
            providing for payments, if appropriate, after the death of the
            Participant's Beneficiary to a contingent beneficiary for the
            period, if any, remaining in the

                                                                      
<PAGE>   3

                                                                               3

            applicable five, ten or fifteen-year period measured from the date
            as of which annuity payments to the Beneficiary commenced, (ii)
            commencing either on the last day of the calendar quarter in which
            the Participant dies (or as soon as practicable thereafter) or on
            the last day of the first calendar quarter in the calendar year
            immediately following the date of the Participant's death; provided,
            however, that if no election is made with respect to the form of
            such benefit, payment shall be made in a single lump sum, and if no
            such election is made with respect to the timing of such benefit,
            payment shall be made or otherwise commence at the end of the
            calendar quarter in which the Participant died, or as soon as
            practicable thereafter. In the event that payment is to be made in
            the form of an annuity, the amount of each annuity payment shall be
            determined by the Committee or its designee in its sole discretion,
            which amount shall be based on the amounts that could be payable
            under one or more commercial annuity products that could be
            purchased with the amounts in a Participant's Account and Benefit
            Transfer Account that is to be paid in the form of an annuity at a
            date set by the Committee that is within 60 days of the starting
            date of the annuity, with the identity of the commercial annuity
            products to be used for this purpose to be determined in the sole
            discretion of the Committee, or by the Committee's designee in
            accordance with standards established by the Committee. Any such
            determination, and the determination by the Committee or its
            designee of the amount of any annuity payments to be made hereunder,
            shall be final and binding upon all Participants and beneficiaries.
            In the event that the Committee or its designee, in their sole and
            absolute discretion, shall direct that a commercial annuity be
            purchased in order to fund any payment obligations hereunder, such
            annuity contract, when purchased, shall be the property of the Bank
            or other purchasing entity, and the Beneficiary will continue to be
            no more than an unsecured creditor of the Bank or, as applicable,
            another subsidiary of the Company, as described above. If a
            Participant has named more than one Beneficiary to receive payments
            under this Paragraph 13(d) in the form of an annuity, the annuity
            payable to each such Beneficiary shall be payable based on the life
            of such Beneficiary alone, and shall be based on the portion of the
            Participant's Account and Benefit Transfer Account designated for
            payment to the particular Beneficiary in accordance with the
            Participant's beneficiary designation. Notwithstanding the
            foregoing, if a Participant names a Beneficiary who is not an
            individual, payment of any death benefit to such Beneficiary
            following the death of such Participant prior to the commencement of
            payments of a deferred amount under the Plan to the Participant
            shall be made in a single lump sum, notwithstanding any election of
            an annuity form to the contrary. If payments of a deferred amount in
            the form of installments or an annuity have already commenced to the
            Participant at the time of the Participant's death, they shall
            continue to be made after the Participant's death to the
            Participant's Benefi ciary (or Beneficiaries) in accordance with the
            form of benefit that had already commenced, and the Beneficiary (or
            Beneficiaries) shall otherwise be granted the same rights as were
            held by the Participant hereunder."