Document:

<PAGE>   1
                                                                  Exhibit 10.24

                                                           EXECUTION COUNTERPART

                                 AMENDMENT NO. 1

                  AMENDMENT NO. 1 dated as of June 30, 2000, among METROPOLITAN
LIFE INSURANCE COMPANY (the "Company"), METLIFE FUNDING, INC. ("Funding" and
together with the Company, the "Borrowers"); each of the banks and financial
institutions that is a signatory hereto (individually, a "Lender" and,
collectively, the "Lenders"); and THE CHASE MANHATTAN BANK as administrative
agent for the Lenders (in such capacity, together with its successors in such
capacity, the "Administrative Agent").

                  The Borrowers, the Lenders and the Administrative Agent are
party to a 364-Day Credit Agreement dated as of September 29, 1999 (as
heretofore modified and supplemented and in effect on the date hereof, the
"Credit Agreement"), providing, subject to the terms and conditions thereof, for
the making of loans by the Lenders to the Borrowers in an aggregate principal
amount up to $1,000,000,000.

                  The Borrowers, the Lenders and the Administrative Agent wish
to amend the Credit Agreement in certain respects, and accordingly, the parties
hereto hereby agree as follows:

                  Section 1.  Definitions.  Except as otherwise defined in this
Amendment No. 1, terms defined in the Credit Agreement are used herein as
defined therein.

                  Section 2.  Amendments.  Subject to the satisfaction of the
conditions precedent specified in Section 3 below, but effective as of the date
hereof, the Credit Agreement shall be amended as follows:

                  2.01. General. References in the Credit Agreement (including
references to the Credit Agreement as amended hereby) to "this Agreement" (and
indirect references such as "hereunder", "hereby", "herein" and "hereof") shall
be deemed to be references to the Credit Agreement as amended hereby.

                  2.02.  Definitions.  Section 1.01 of the Credit Agreement
shall be amended by adding the following definitions:

                           "Adjusted Statutory Surplus" means, at any time, the
                  sum of (i) Statutory Surplus (calculated in accordance with
                  the NAIC Statements, page 3, column 1, line 38) plus (ii)
                  Asset Valuation Reserve (calculated in accordance with the
                  NAIC Statements, page 3, column 1, line 24.1).

                           "MetLife" means MetLife, Inc., a Delaware
                  corporation.

                  2.03.  Amendment of Section 5.01(a).  Section 5.01(a) of the
Credit Agreement shall be amended to read in its entirety as follows:

                           " (a) (i) as soon as available, but not later than
         120 days after the end of

                                 Amendment No. 1
                                 ---------------
<PAGE>   2
                                      -2-

         each fiscal year of MetLife, copies of MetLife's annual report on Form
         10-K as filed with the SEC for such fiscal year; and (ii) as soon as
         available, but not later than 45 days after the end of each of the
         first three fiscal quarters of each fiscal year of MetLife, copies of
         MetLife's quarterly report on Form 10-Q as filed with the SEC for such
         fiscal quarter, in each case certified by an appropriate Financial
         Officer as being the complete and correct copies of the statements on
         such forms furnished by MetLife to the SEC;"

                  2.04.  Amendment of Section 6.04.  Section 6.04 of the Credit
Agreement shall be amended to read in its entirety as follows:

                           "Section 6.04 Adjusted Statutory Surplus. The Company
                  will maintain Adjusted Statutory Surplus, calculated as of the
                  last day of each fiscal quarter of the Company, of not less
                  than $7,500,000,000."

                  Section 3.  Conditions Precedent.  The amendments to the
Credit Agreement set forth in Section 2 hereof shall become effective, as of the
date hereof, upon the execution and delivery of this Amendment No. 1 by the
Borrowers, the Required Lenders and the Administrative Agent.

                  Section 4.  Miscellaneous.  Except as herein provided, the
Credit Agreement shall remain unchanged and in full force and effect. This
Amendment No. 1 may be executed in any number of counterparts, all of which
taken together shall constitute one and the same amendatory instrument and any
of the parties hereto may execute this Amendment No. 1 by signing any such
counterpart. This Amendment No. 1 shall be governed by, and construed in
accordance with, the law of the State of New York.

                                 Amendment No. 1
                                 ---------------
<PAGE>   3
                                      -3-

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 1 to be duly executed and delivered as of the day and year first
above written.

                                     METROPOLITAN LIFE INSURANCE COMPANY

                                    By:
                                         ---------------------------------------
                                       Name:
                                       Title:

                                     METLIFE FUNDING, INC.

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    THE CHASE MANHATTAN BANK,
                                      individually and as Administrative Agent,

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    CREDIT SUISSE FIRST BOSTON

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    CITIBANK, N.A.

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                 Amendment No. 1
                                 ---------------
<PAGE>   4
                                      -4-

                                    BANK ONE, N.A.

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    FIRST UNION NATIONAL BANK

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    FLEET NATIONAL BANK

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    MELLON BANK, N.A.

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                 Amendment No. 1
                                 ---------------
<PAGE>   5
                                      -5-

                                    COMMERZBANK AG, NEW YORK BRANCH

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    FIRST HAWAIIAN BANK

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    DEUTSCHE BANK, AG NEW YORK and/or
                                      CAYMAN ISLANDS BRANCHES

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    MORGAN GUARANTY TRUST COMPANY OF NEW YORK

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    STATE STREET BANK AND TRUST COMPANY

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                 Amendment No. 1
                                 ---------------
<PAGE>   6
                                      -6-

                                    SUNTRUST

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    WACHOVIA BANK

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    BARCLAYS BANK

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    NORTHERN TRUST COMPANY

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    MERCANTILE BANK OF ST. LOUIS

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                 Amendment No. 1
                                 ---------------
<PAGE>   7
                                      -7-

                                    BANQUE NATIONALE DE PARIS

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    ROYAL BANK OF CANADA

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    CREDIT LYONNAIS NEW YORK BRANCH

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    BANK OF AMERICA, N.A.

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    SOCIETE GENERALE

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                 Amendment No. 1
                                 ---------------
<PAGE>   8
                                      -8-

                                    SANWA BANK LTD.

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    ABN AMRO BANK, N.V.

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    THE BANK OF NOVA SCOTIA

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    U.S. BANK NATIONAL ASSOCIATION

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    WELLS FARGO BANK

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    WESTDEUTSCHE LANDESBANK GIROZENTRALE

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                 Amendment No. 1
                                 ---------------
<PAGE>   9
                                      -9-

                                    NATIONAL AUSTRALIA BANK LTD.

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    BANCA COMMERCIALE ITALIANA

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    CARIPLO - CASSA DI RISPARMIO DELLE
                                      PROVINCIE LOMBARDE S.P.A.

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    SANPAOLO IMI BANK, NEW YORK BRANCH

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                    THE BANK OF NEW YORK

                                    By:
                                        ----------------------------------------
                                       Name:
                                       Title:

                                 Amendment No. 1
                                 ---------------<PAGE>   1
                                                                   Exhibit 10.55

--------------------------------------------------------------------------------
                       METLIFE DEFERRED COMPENSATION PLAN
                                                                           2001
--------------------------------------------------------------------------------

                                  For Officers

                                   METLIFE(R)
<PAGE>   2
D E F E R R E D   C O M P E N S A T I O N
P L A N   F O R   O F F I C E R S

The MetLife Deferred Compensation Plan for Officers provides you with the
opportunity to defer receipt of a portion of your compensation to a later date,
reducing gross income in the year of the deferral for purposes of federal and
most state income taxes. The Deferred Compensation Plan is administered by a
Plan Committee composed of the Executive Vice President of Human Resources, the
Senior Vice President of Tax and the Senior Vice President of Compensation and
Benefits. This booklet will serve as the plan document.

QUESTIONS?

METLIFE SPECIALIZED BENEFIT RESOURCES

STEPHANIE GASPARINO

PHONE: (732) 602-4739

FAX: (732) 602-6455

E-MAIL: sgasparino@metlife.com

                                                                              1.
<PAGE>   3
E L I G I B I L I T Y

Officers (as defined by the Plan Committee) of MetLife and designated
subsidiaries are eligible to participate in the Deferred Compensation Plan for
Officers. Also eligible are certain former subsidiary employees (now MetLife
employees) who are grandfathered. Officers appointed during a Plan year will be
eligible to defer future base salary for the remainder of the Plan year,
provided they elect to do so within 30 days of appointment.

If you choose to participate, deferral will begin on January 1 of each year.

ELIGIBLE COMPENSATION

Annual Cash Compensation (consisting of base salary, any annual incentive
compensation and Long Term Performance Compensation*) may be deferred. The
Company reserves the right to restrict the amount of deferral so that it does
not exceed any legal limits. The deferral of base salary may be expressed as
either a dollar amount or a percentage, but cannot exceed 75% of base salary.
The deferral of any incentive payment may be expressed only as a percentage up
to 100%. The minimum amount that may be deferred is 5% of Annual Cash
Compensation, but not less than $5,000.

FICA, Medicare, and any other taxes which are due in the year deferred amounts
would have otherwise been payable will be paid from your other compensation.

The amount you elect to defer may be limited to provide sufficient funds from
which FICA, Medicare and other required taxes as well as deductions for MetLife
Options and other benefit programs will be withheld.

*  Annual incentive compensation includes the Annual Variable Incentive Plan,
   Corporate Investments Incentive Plan, Real Estate Investments Incentive Plan,
   Agricultural Investments Incentive Plan, Individual Regional Executive Plan
   and Institutional Regional Executive Plan.

2.
<PAGE>   4
M A K I N G   A  D E F E R R A L   E L E C T I O N

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

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

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

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

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

-  THE DISTRIBUTION METHOD OR HOW THE DEFERRED AMOUNT IS TO BE PAID -
   Payment may be in a single lump sum, or over five, ten or fifteen years in
   annual installments. Each annual installment will be equal to the account
   balance on the last day of the month preceding the date a payment is made,
   divided by the number of installments remaining to be paid. Once you have
   designated a distribution method, this decision cannot be changed, except as
   otherwise provided in the Plan.

                                                                              3.
<PAGE>   5
D E F E R R E D C O M P E N S A T I O N
A C C O U N T S

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

The maintenance of such account will not give you any right or security interest
in any asset of MetLife. Any asset invested by MetLife in connection with this
plan shall at all times be subject to the claims of the general creditors of
MetLife. Your deferral amounts are also subject to the claims of the general
creditors of MetLife.

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

PARTICIPANTS MAY CHOOSE AMONG THE FOLLOWING INVESTMENT FUND OPTIONS:
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
ACTIVELY MANAGED FUNDS                    MARKET INDEX OPTIONS
<S>                                       <C>
MetLife SIP Fixed Income Fund             S&P 500

Loomis Sayles Bond Fund                   Russell 2000(R)

Oakmark Fund                              NASDAQ Composite

MetLife SIP Small Company Stock Fund      MSCI-EAFE(R)

Oakmark International Portfolio           Lehman-Brothers Aggregate

                                          Merrill Lynch US High Yield Master II

                                          MSCI Emerging Market Free Index
</TABLE>

See page 5 and 6 for information about the investment options, including
investment objectives.

Investment choices may be changed by the participant up to six times each year,
by contacting Stephanie Gasparino of MetLife Specialized Benefit Resources at
(732) 602-4739. The changes will be made as of the business day your written
request is received, if received before 4 p.m. ET or as of the next business
day, if received after 4 p.m. ET. You will receive a confirmation letter within
two weeks.

MetLife (or its successor) retains the discretion to change or eliminate any or
all of the available investment options and to unilaterally impose any other
measure of earnings which the Company deems to be appropriate. MetLife (or its
successor) also retains the discretion to amend or eliminate the procedure for
making investment elections.

4.
<PAGE>   6
F U N D   O B J E C T I V E S

ACTIVELY MANAGED FUNDS

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

      METLIFE SIP FIXED INCOME FUND

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

      LOOMIS SAYLES BOND FUND

      This portfolio seeks to achieve high total return through current income
      and capital appreciation, by investing primarily in debt securities
      including convertibles. At least 65% of its total assets will normally be
      invested in bonds. Up to 35% of its assets may be invested in securities
      of below investment-grade quality, and up to 20% of assets may be invested
      in preferred stocks. SEE NOTE 1, PAGE 6.

      OAKMARK FUND

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

      METLIFE SIP SMALL COMPANY  STOCK FUND

      This portfolio seeks to achieve high total return through long-term growth
      of capital appreciation by investing in the stocks of small U.S. companies
      with strong growth potential. SEE NOTE 2, PAGE 6.

      OAKMARK INTERNATIONAL PORTFOLIO

      This portfolio seeks to achieve high total return through long-term growth
      of capital appreciation by investing in the stocks of international equity
      securities of mature markets, less developed markets, and in selected
      emerging markets. There are no limits on the geographic asset
      distribution. At least 65% of its total assets will normally be invested
      in non-U.S. issuers. SEE NOTE 3, PAGE 6.

                                                                              5.
<PAGE>   7
MARKET INDEX OPTIONS

The investment objective of each of these funds is to seek to match the
performance of its index.

S&P 500 INDEX

      An index of the 500 largest capitalized stocks in the United States
      that is widely recognized as a guide to the overall health of the U. S.
      stock market.

RUSSELL 2000(R)

      This Index measures stock performance of 2000 smaller U.S. companies
      with market capitalization under $1.5 billion. SEE NOTE 2.

NASDAQ COMPOSITE INDEX

      A market capitalization-weighted index that is designed to represent the
      performance of the National Market System which includes over 5,000 stocks
      traded only over-the-counter and not on an exchange.

MSCI-EAFE INDEX (R)

      The Morgan Stanley Capital International Europe, Australasia, Far East
      Index; a widely recognized benchmark of the world's stock markets
      (excluding the United States). SEE NOTE 3.

LEHMAN-BROTHERS   AGGREGATE BOND INDEX

      A benchmark index made up of the Lehman Brothers Government/Corporate Bond
      Index, Mortgage-Backed Securities Index, and Asset-Backed Securities
      Index, including securities that are investment-grade quality or higher,
      have at least one year to maturity, and have an outstanding par value of
      at least $100 million.

MERRILL  LYNCH US HIGH YIELD  MASTER II

      This Index is composed of below grade debt securities, including
      convertibles. SEE NOTE 1.

MSCI EMERGING MARKET FREE  INDEX

      The MSCI Emerging Markets Free Index measures the performance of stocks
      of companies in emerging countries in four major regions: Asia, Latin
      America, Eastern Europe and the Middle East/Africa. SEE NOTE 3.

There is no guarantee that any Fund will achieve its objective.

      Note 1 - Lower rated high yield, high-risk securities generally involve
               more credit risk. These securities may also be subject to
               greater market price fluctuations than lower yielding higher
               rated debt.

      Note  2 - Investments in small capitalization and emerging growth
                companies involve greater than average risk. Such securities
                may have limited marketability and the issues may have limited
                products lines, markets and financial resources. The value of
                such investments may fluctuate more widely than investments in
                larger more established companies.

      Note  3 - International stocks contain additional risks that are not
                associated with U.S. domestic issues, such as changes in
                currency exchange rates, different governmental regulations,
                economic conditions and accounting standards.

6.
<PAGE>   8
D I S T R I B U T I O N S

PAYMENT DESIGNATION

Payment will begin in January or July coincident with or next following the date
specified at the time of your election. The form of payment will be made
according to the option elected for each year's deferred funds. In the event
that you die prior to the commencement or completion of distributions under the
plan, the balance of your deferred compensation account will immediately become
due and payable in one lump sum to your designated beneficiary (see page 8). No
loans can be taken.

Generally, when you leave the company's employ for any reason, voluntarily or
involuntarily, your entire account will be paid to you shortly after your
termination date. However, if you leave the company's employ and immediately
become a retiree, or if your employment is terminated pursuant to the terms of a
signed separation agreement under a severance plan, your account balance will be
distributed to you beginning on the date and under the method selected by you
when you made your deferral elections. For the purposes of this deferred
compensation plan, you will be regarded as a retiree only at the time that you
actually begin receiving pension payments under the MetLife Retirement Plan or
subsidiary retirement plan.

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

HARDSHIP EXCEPTIONS

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

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

ACCELERATED DISTRIBUTION EXCEPTIONS

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

                                                                              7.
<PAGE>   9
N O N A S S I G N A B I L I T Y   A N D
B E N E F I C I A R Y  D E S I G N A T I O N S

NONASSIGNABILITY

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

BENEFICIARY DESIGNATIONS

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

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

8.
<PAGE>   10
Q U E S T I O N S   A N D  A N S WE R S

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

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

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

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

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

Assume you defer $10,000 in 2001, requesting a distribution in 2006, combined
federal and state income tax rates remain level at 45% and the value of the
deferral increases at 10% per year. (For the purpose of this example, the 1.45%
Medicare tax withholding is ignored.)

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                             DEFERRED COMPENSATION PLAN                       AFTER-TAX INVESTMENT
-------------------------------------------------------------------------------------------------------------------------------
YEAR                                    VALUE          TAXES         NET VALUE         VALUE          TAXES          NET VALUE
-------------------------------------------------------------------------------------------------------------------------------
<S>                                    <C>             <C>           <C>              <C>             <C>            <C>
2001 (Year of Deferral)                $10,000         $    0         $10,000         $10,000         $4,500          $5,500
-------------------------------------------------------------------------------------------------------------------------------
2002                                   $11,000         $    0         $11,000         $ 6,050         $    0          $6,050
-------------------------------------------------------------------------------------------------------------------------------
2003                                   $12,100         $    0         $12,100         $ 6,655         $    0          $6,655
-------------------------------------------------------------------------------------------------------------------------------
2004                                   $13,310         $    0         $13,310         $ 7,321         $    0          $7,321
-------------------------------------------------------------------------------------------------------------------------------
2005                                   $14,641         $    0         $14,641         $ 8,053         $    0          $8,053
-------------------------------------------------------------------------------------------------------------------------------
2006 (Year of Distribution)            $16,105         $7,247         $ 8,858         $ 8,858         $1,511*         $7,347
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Tax rates may vary and are subject to change. MetLife recommends that you speak
to your tax advisor before making an election under this Plan.

*Assumes investment in a deferred annuity with no penalty at withdrawal.

WHY DO I HAVE TO MAKE A DEFERRAL ELECTION IN THE YEAR PRIOR TO THE YEAR SUCH
PAYMENTS WOULD OTHERWISE BE MADE?

In order for your deferral to be valid from a tax perspective, you must submit
your election form prior to the year in which you would otherwise have a right
to the compensation. If you pay your income taxes based on a fiscal year instead
of a calendar year, you must elect to defer compensation in the fiscal year
prior to the fiscal year in which the payment would otherwise be made.

                                                                              9.
<PAGE>   11
WHAT WOULD HAPPEN TO MY DEFERRALS IN THE EVENT METLIFE BECOMES INSOLVENT?

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

WHEN AM I TAXED ON DEFERRED COMPENSATION OR EARNINGS THEREON?

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

ARE DISTRIBUTIONS ELIGIBLE TO BE ROLLED OVER INTO AN IRA?

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

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

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

IS MY DEFERRAL INCLUDED IN THE SOCIAL SECURITY WAGE BASE?

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

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

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

10.
<PAGE>   12
HOW WILL MY DEFERRALS AFFECT MY OTHER BENEFITS?

Life Insurance for You, Survivor Benefit, Short Term Disability and Long Term
Disability Your pay used to calculate benefits for these Plans will be
calculated based on pre-deferral amounts.

COMPENSATION CONTINUANCE PLAN

Deferrals will continue to be taken from your pay during periods of short
illness absence in which you are paid under the Company's Compensation
Continuance Plan.

PENSION BENEFITS

Your final average pay will be based on annual base compensation and incentive
payments, not receipts. That is, the calculation will be based on the
pre-deferral amounts. However, to the extent your pension benefit is
attributable to deferred amounts, your benefit will be paid from the auxiliary
pension plan and not the qualified retirement plan. Your Long Term Performance
Compensation and certain other bonuses are not taken into account when
determining your pension benefit.

SAVINGS AND INVESTMENT PLAN (SIP)

If you are participating in the Savings and Investment Plan (SIP), the
Company's 4% match will be allocated as follows:

<TABLE>
<CAPTION>

COMPENSATION                     SIP (QUALIFIED PLAN)    AUXILIARY SIP    AUXILIARY SIP FOR DEFERRALS
<S>                              <C>                     <C>              <C>
NON-DEFERRED COMPENSATION:                X
UP TO $170,000 *
NON-DEFERRED COMPENSATION                                      X
IN EXCESS OF $170,000 *
DEFERRED
COMPENSATION                                                                            X
</TABLE>

FOR EXAMPLE:

<TABLE>
<S>                                 <C>
Annual Cash Compensation            $300,000
Amount of Deferral                  $ 60,000
                                    --------
Non-Deferred Compensation           $240,000
</TABLE>

The 4% SIP match would be allocated to the participant's accounts as follows:

<TABLE>
<CAPTION>
COMPENSATION                      SIP (QUALIFIED) PLAN           AUXILIARY SIP              AUXILIARY SIP FOR DEFERRALS
<S>                               <C>                     <C>                               <C>
NON-DEFERRED COMPENSATION:             $6,800
UP TO $170,000 *                   4% of $170,000

NON-DEFERRED COMPENSATION                                           $2,800
IN EXCESS OF $170,000 *                                   4% of ($240,000 - $170,000)

DEFERRED                                                                                                $2,400
COMPENSATION                                                                                         4% of $60,000
</TABLE>

*     Maximum compensation limit under the Internal Revenue Code (IRC) for
      Qualified Plans, indexed from time to time, is currently $170,000. Note
      that the Company matching contribution for Auxiliary SIP is subject to
      FICA tax as well.

                                                                             11.
<PAGE>   13
HOW ARE PLAN PAYMENTS TO MEMORY BENEFICIARIES TREATED FOR INCOME TAX PURPOSES?

For federal tax purposes, generally, payments are taxed as ordinary income when
received and are subject to income tax withholding at the rate applicable in the
year received. For deferrals that are excluded from state and local taxable
income at the time the deferrals are made, payments are taxed as ordinary income
when received.

For deferral payments made while you are an active employee, MetLife uses a flat
income tax withholding rate.

HOW DOES METLIFE FUND THE DEFERRED COMPENSATION ACCOUNTS?

The deferred compensation accounts established for each participant are
unfunded. The accounts are solely for record-keeping purposes. MetLife has
established a Rabbi Trust designed to support the deferred compensation and
certain other programs with assets and change of control protection. The
existence of the trust in no way guarantees payment to any participant. It is
important to understand that, at all times, the Trust assets remain subject to
the claims of MetLife's general creditors and are not secured against all
contingencies, including the Company becoming insolvent.

HOW WILL EARNINGS BE CREDITED TO MY ACCOUNT?

The investment options you select are used solely as a device for crediting
investment returns to your account; your deferrals will not actually be invested
in the investment options. Your investment returns will "mirror" the actual
performance of the investment options you choose and performance will be
measured on a daily basis. Your deferrals are subject to investment risk. As
with any investment, if the returns on the funds you choose are positive, your
account balance will grow. If the returns are negative, your account balance
will diminish.

CAN I HAVE MY DEFERRALS UNDER EXISTING INDIVIDUAL DEFERRED COMPENSATION
AGREEMENTS WITH METLIFE CREDITED WITH THE INVESTMENT PERFORMANCE OF THE FUNDS
OFFERED IN THE DEFERRED COMPENSATION PLAN FOR OFFICERS?

If you want to have some or all of your existing individual deferrals credited
with the investment performance of the funds offered in the Deferred
Compensation Plan for Officers, you must contact Stephanie Gasparino of
MetLife's Specialized Benefit Resources at (732) 602-4739 to obtain an
Investment Preference Form. The changes will be made as of the business day your
written request is received, if received before 4p.m. ET or as of the next
business day if received after 4p.m. ET. You will receive a confirmation letter
within two weeks.

12.

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