Document:

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                                                                   EXHIBIT 10.27

                      METROPOLITAN LIFE INSURANCE COMPANY
                    LONG TERM PERFORMANCE COMPENSATION PLAN
         (For performance periods starting on or after January 1, 1997)
                          (Revised as of July 1, 1997)

I.    PURPOSE OF THE PLAN

      -     Align management with policyholders' interests

      -     Provide competitive levels of total pay for senior executives for
            competitive levels of performance

      -     Encourage a long term strategic perspective

      -     Encourage/reward performance that supports the Company's long
            term performance results

      -     Attract and promote retention of key executives with long term
            business perspective

II.   PARTICIPATION

      The Board of Directors will determine the categories of Officers and
      others eligible to participate in the Plan for each performance period. An
      individual who becomes a participant in the Plan will participate PRORATA
      in any performance period then in progress from the effective date of
      participation. Upon the recommendation of the Chief Executive Officer, the
      Board of Directors may determine participation on a basis other than
      proration. Participants' incentive opportunities under the Plan shall not
      be vested or assignable in any respect.

III.  PERFORMANCE PERIODS

      The period over which long term performance shall be measured is three
      years. Each performance period will begin on January 1.

IV.   INCENTIVE OPPORTUNITIES AND TARGET DISTRIBUTABLE AMOUNT

      The Nominating and Compensation Committee (the "Committee") will establish
      the incentive opportunity for each category of Plan participant for each
      performance period.

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Long Term Performance Compensation Plan                              Page 2 of 3

The schedule of the incentive opportunity for the various categories of
participants for the performance period beginning January 1, 1997 is:

<TABLE>
<CAPTION>
                                                      Percent of Average Base Salary
                                                      ------------------------------
                      Title
                      -----
<S>                                                   <C>
            Chief Executive Officer                               250%
            Senior Executive Vice-President                       185%
            Executive Vice-President                              150%
            Senior Vice-President                                 95%
            Vice-President (Range 034)                            65-85%
                  (based on  market practice)

            Chief Executive Officer of
              Designated Subsidiary                               *
</TABLE>

            * The CEO of a participating subsidiary may be eligible at either
            the Executive Vice-President or Senior Vice-President level,
            depending on market considerations.

      The incentive opportunity ($) for each participant is determined by
      multiplying the applicable percentage for the individual by the
      individual's average base salary over the performance period. If the
      participant was not an employee of the Company or a subsidiary at the
      beginning of the performance period, the Committee, at the Chief Executive
      Officer's recommendation, will determine in its discretion, the
      appropriate incentive opportunity.

      For purposes of determining the amount of incentive for distribution, the
      target distributable amount for any performance period is equal to the
      total of the incentive opportunities of all individuals participating in
      that performance period.

      Where an individual changes participation categories during a performance
      period, incentive opportunities are prorated accordingly.

V.    GUIDELINES FOR DETERMINING CORPORATE PERFORMANCE

      At the beginning of each performance period, the Nominating and
      Compensation Committee will determine the measures and specific goals for
      that plan period. The measures for the Long Term Plan will include both
      financial and strategic business goals against which corporate performance
      will be measured.
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Long Term Performance Compensation Plan                              Page 3 of 3

      Performance assessment at the end of each period will consider achievement
      of established goals. In addition to performance as measured against these
      goals, the overall assessment will involve the broad discretion and
      judgment of the Committee and may take into account changes in corporate
      strategy and in the market, economic, tax and regulatory environment
      during the performance period. The Committee will determine a corporate
      performance percentage which may vary between 0% and 200%.

VI.   AWARDS

      Following the end of each performance period the Committee will determine
      the amount which may be awarded to the participants with respect to such
      period. Such amount will be the target distributable amount multiplied by
      the corporate performance percentage. The Committee will recommend
      individual awards to the Board. These awards will generally be equal to
      the participant's incentive opportunity multiplied by the corporate
      performance percentage. However, line of business performance, changes in
      an individual's responsibilities, or individual performance may be taken
      into account when determining individual awards. The Committee has
      discretion in determining the amount of any recommended award, may decline
      to recommend an award, and may modify the time of payment of any award.

      No amount shall become payable unless it is approved by the Board in its
      discretion and no award may be made unless the participant was an employee
      of the Company or a subsidiary at the end of the performance period or
      died, retired or became totally disabled during such period while such an
      employee.

      A participant who retires, dies or becomes totally disabled while such an
      employee during the course of a performance period may be granted for such
      performance period, at the discretion of the Board, a pro rata portion of
      the full award that would have been payable if such event had not
      occurred, or at the recommendation of the Chief Executive Officer, an
      award may be recommended on other than a prorata basis.

      Awards under the Plan will not be taken into account for purposes of
      determining the level of Insurance and Retirement benefits and
      contributions to the Savings and Investment Plan.

VII.  ROLE OF THE COMMITTEE

      The Committee exercises overall responsibility and has broad discretion
      with respect to all aspects of the Plan and for performance assessment.

                                      --o--<PAGE>   1
                                                                   EXHIBIT 10.28

       METROPOLITAN LIFE INSURANCE COMPANY ANNUAL VARIABLE INCENTIVE PLAN
        (FOR PERFORMANCE PERIODS STARTING ON OR AFTER JANUARY 1, 2000)

I.    PURPOSE OF THE PLAN

      -     Align total annual pay with the Company's annual financial business
            results.

      -     Provide competitive levels of pay for competitive levels of Company
            performance.

      -     Make a competitive portion of total compensation variable based on
            Company, business unit and individual performance.

II.   PARTICIPATION

      All associates in salary grade 29 and above and equivalent grades who have
      signed the "Agreement to Protect Corporate Property", other than those
      participating in incentive plans which are alternatives to, and not
      supplementary to, the Annual Variable Incentive Plan.

      In addition, the Officers may impose such other reasonable conditions for
      participation in the Annual Variable Incentive Plan as they deem necessary
      or appropriate.

III.  DETERMINATION OF THE INCENTIVE POOL FOR DISTRIBUTION

      The Board determines at the beginning of the performance year financial
      objectives consistent with the Company's Annual Business Plan that will
      provide the basis for determining the maximum aggregate incentive pool for
      distribution. The pool will be determined using a formula approved by the
      Board, which will be expressed in terms of percentages of operating
      earnings and return on equity ("ROE"). The formula will be reviewed each
      year by the Board to determine its appropriateness in connection with the
      Company's Business Plan, and may be revised by the Board as a result of
      such review. The maximum pool may also be increased by the Nominating and
      Compensation Committee ("Committee") based on the recommendation of the
      Chief Executive Officer ("CEO").

      For purposes of this Plan: (a) "Operating earnings" means earnings net of
      all taxes (other than the surplus tax), and excludes the impact of
      demutualization costs; and (b) "Return on Equity" means operating earnings
      divided by GAAP equity, where GAAP equity excludes unrealized investment
      gains.
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      A portion of the aggregate incentive pool will be allocated by the CEO
      among the various business units based on their performance relative to
      certain agreed upon objectives set at the beginning of the performance
      year by the CEO. Following the performance year, business unit performance
      will be evaluated by the CEO. All or a portion of the aggregate incentive
      pool allocated to a particular business unit may be distributed to Plan
      participants in that business unit, depending on the performance of that
      business unit. A portion of the pool will be applied to the Company's
      Performance Incentive Plan, as determined by the CEO.

IV.   TARGET INCENTIVE OPPORTUNITIES

      A.    Incentive opportunity percentages for the various grades are
            determined based on competitive total compensation market factors
            and take into account incentive compensation opportunities for
            comparable positions at our comparator companies, including major
            insurance companies, banks and diversified financial services
            companies.

      B.    The schedule of incentive opportunity percentages for the various
            grades is as follows:

<TABLE>
<CAPTION>
                                                          TARGET INCENTIVE
       GRADE (CURRENT TITLE)                              OPPORTUNITY PERCENTAGE
       ---------------------                              ----------------------
<S>                                                       <C>
       41 (Chief Executive Officer)                               150%
       40 (President)                                             90%
       39 (Senior Executive Vice President)                       80%
       38 (Executive Vice President)                              70%
       37 (Senior Vice President)                                 50%
       36 (Vice President/Senior Vice President)                  50%
       35 (Vice President)                                        45%
       34 (Vice President)                                        40%
       33 (Vice President)                                        40%
       32 (Assistant Vice President)                              25%
       29-31 (Various Non- Officer Titles)                        5%-15%
</TABLE>

V.    CALCULATION OF INDIVIDUAL AWARDS

      Annual incentive awards are discretionary and significant weight is given
      to individual performance and relative contributions among Plan
      participants. It is anticipated that there will be significant
      differentiation of annual incentive awards based on individual
      performance. Where performance indicates, individuals may receive no award
      at all.

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      The total of all individual awards under the Plan may not exceed the
      maximum aggregate incentive pool.

VI.   ADMINISTRATION OF AWARDS

      A.    Incentive awards for any performance year shall be made as soon as
            possible during the following calendar year in the form of lump sum
            payments.

      B.    Participants who voluntarily terminate their employment or whose
            employment is discontinued for cause after the performance year, but
            before the payout, or during the performance year are not eligible
            to receive an award.

      C.    Participants terminating employment during or after the performance
            year due to death, disability, or retirement may be eligible to
            receive awards on a pro rata basis, at the Company's discretion.
            Participants whose employment is terminated during the performance
            year and who are eligible to receive a severance payment from the
            Company may receive a pro rata award at the Company's discretion, in
            exchange for their valid release.

      D.    Incentive awards paid prior to retirement or discontinuance of
            employment will be taken into account for purposes of determining
            the level of Insurance and Retirement benefits and contributions to
            the Savings and Investment Plan, subject to any regulatory
            limitations or approvals. Incentive awards paid subsequent to
            retirement or discontinuance of employment will not be taken into
            account for purposes of determining the level of Insurance and
            Retirement benefits or contributions to the Savings and Investment
            Plan, except as may be provided otherwise in any other Company plan
            or program.

VII.  ROLE OF THE NOMINATING AND COMPENSATION COMMITTEE

      The Committee exercises overall responsibility and has broad discretion in
      the administration of the Plan.

      With respect to corporate performance, inasmuch as other unforeseen
      matters have an impact on overall performance during the year, the
      Committee, at its discretion, may adjust the maximum pool either
      positively or negatively. The Committee may use its discretion to adjust
      for unusual events that are beyond the control of management and obviously
      influence performance results unduly, such as material

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      changes in accounting policy, tax and other government regulations, and
      the acquisition or sale of a business.

      With respect to individual awards, the Committee will report its
      recommendations for individual incentive awards for Officers of the rank
      of Executive Vice President and above, or such other group of officers as
      the Committee may from time to time select, to the Board following the
      performance year. Following the determination of awards, the Committee
      will receive a summary report of all incentive award payments.

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