{"id":38538,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/auxiliary-retirement-benefits-plan-metropolitan-life-insurance.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"auxiliary-retirement-benefits-plan-metropolitan-life-insurance","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/auxiliary-retirement-benefits-plan-metropolitan-life-insurance.html","title":{"rendered":"Auxiliary Retirement Benefits Plan &#8211; Metropolitan Life Insurance Co."},"content":{"rendered":"<pre>      THE NEW METROPOLITAN LIFE AUXILIARY RETIREMENT BENEFITS PLAN\n\n\n         Metropolitan Life Insurance Company (the Company) hereby continues in\nforce and effect, as amended and restated by this instrument, effective January\n1, 1996, The New Metropolitan Life Auxiliary Retirement Benefits Plan (the\nPlan), which was first established effective January 1, 1995.\n\n\n                                   Article 1.\n\n                                Purpose of Plan\n\n         The purpose of the Plan is to provide to participants and their\nbeneficiaries under the Metropolitan Life Retirement Plan for United States\nEmployees ('the Retirement Plan') the excess amount that would have been payable\nunder the Retirement Plan in the absence of the limitations under (i) section\n415 of the Internal Revenue Code of 1986 (as amended) ('the Internal Revenue\nCode'), and (ii) section 401(a)(17) of the Internal Revenue Code.\n\n                                   Article 2.\n\n                                 Participation\n\n         (A) Except as provided in Paragraph (B) below, a Participant under the\nPlan is any Company employee participating in the Retirement Plan (a) whose\nbenefits are reduced because of the application of (i) section 415 of the\nInternal Revenue Code, or (ii) section 401(a)(17) of the Internal Revenue Code.\n\n\n         (B) (1) No individual shall be a Participant if on or after January 1,\n1995 he or she is either (i) a member of the Executive Council participating in\nthe Company's Long Term Performance Compensation Plan or (ii) a member of the\nPresident's Council for 3-consecutive years participating in the MetLife\nExecutive Life Insurance Program.\n\n\n         (2) If on or after January 1, 1995 a Participant under the Plan becomes\neither (i) a member of the Executive Council participating in the Company's Long\nTerm Compensation Plan or (ii) a member of the President's Council for\n3-consecutive years participating in the MetLife Executive Life Insurance\nProgram, his or her Participation in the Plan shall cease on that date and all\nthe benefits under the Plan that accrued through that date shall be forfeited\nunder this Plan; instead, such accruals shall be part of such individual's\nbenefits under the Metropolitan Life Supplemental Retirement Plan in which he or\nshe will be a participant.\n\n\n\n                                   Article 3.\n\n                              Payment of Benefits\n\n         (A) Benefits under this Plan shall be payable to a Participant in an\namount equal to the difference between\n\n         (i) the largest amount (without duplication of amount) that would have\n     been payable to the Participant under the Retirement Plan, under one or \n     more of the following:\n\n                  (a) had the Retirement Plan not been subject to the\n         limitations of section 415 of the Internal Revenue Code; and\n\n                  (b) had the Retirement Plan not been subject to the\n         limitations of section 401(a)(17) of the Internal Revenue Code; less\n\n         (ii) the amounts of benefits payable under the Retirement Plan and the\n     Metropolitan Life Auxiliary Retirement Benefits Plan (i.e., the predecessor\n     plan to this Plan).\n\n         (B) Benefits payable under this Plan shall be payable in the same form\nand at the same times as the benefits under the Retirement Plan, and shall not\nin combination with the benefits earned under the Retirement Plan, the\nMetropolitan Life Auxiliary Retirement Benefits Plan and the New Metropolitan\nLife Supplemental Auxiliary Retirement Benefits Plan exceed the limitations on\nbenefits established by regulations of the New York Insurance Department.\n\n                                   Article 4.\n\n                                 Unfunded Plan\n\n         The Plan is completely unfunded, and payment of benefits is supported\nonly by the general assets of the Company. This Plan is entirely separate from\nthe Retirement Plan, the Metropolitan Life Auxiliary Retirement Benefits Plan,\nthe New Metropolitan Life Supplemental Auxiliary Retirement Benefits Plan, and\nthe Metropolitan Supplemental Retirement Benefits Plan, and Participation in\nthis Plan gives a Participant no right to any funds or assets of the Retirement\nPlan, the Metropolitan Life Auxiliary Retirement Benefits Plan, the New\nMetropolitan Life Supplemental Auxiliary Retirement Benefits Plan, or the\nMetropolitan Life Supplemental Retirement Benefits Plan. The fact that contracts\nor certificates of the Company may be distributed to recipients of benefits\nunder the Retirement Plan in discharge of the Company's obligations thereunder\nshall in no way\n\n\n                                       2\n\n\nentitle a Participant in this Plan to receive any such contract or certificate\nin discharge of the Company's obligations hereunder. \n\n                                   Article 5.\n\n                 Non-transferability of Participant's Interest.\n\n         No Participant shall have any power or right to transfer, assign,\nmortgage, commute or otherwise encumber any of the benefits payable hereunder,\nnor shall such benefits be subject to seizure for the payment of any debts or\njudgments, or be transferable by operation of law in the event of bankruptcy,\ninsolvency or otherwise. \n\n                                   Article 6.\n\n                                Effect of Taxes\n\n         In making payments under this Plan, the Company shall withhold any\nFederal, state or local income or other taxes it determines that it is legally\nobligated to withhold. In the event the payments received by the Participant\nincur greater tax burdens (whether income, estate or other tax burdens) than\nwould such payments if they had been able to be received under the Retirement\nPlan, the Company shall have no obligation to reimburse the Participant for such\ngreater tax burdens.\n\n                                   Article 7.\n\n                         Company Interpretation Binding\n\n\n         In the event of a difference of opinion between a Participant and the\nCompany with respect to the meaning or application of the provisions of the\nPlan, the Company's final interpretation shall be set forth in writing to the\nParticipant and shall be binding and conclusive. \n\n                                   Article 8.\n\n                                 Governing Law\n\n         To the extent not inconsistent with Federal law, the validity of the\nPlan and its provisions shall be construed according to the laws of the State of\nNew York.\n\n\n                                       3\n\n\n                                   Article 9.\n\n                       Amendment and Termination of Plan\n\n         The Company through the Nominating and Compensation Committee of the\nBoard of Directors of the Company reserves the right to amend or terminate this\nPlan hereunder at any time without the consent of any Participant or of any\nother person. However, any such amendment or termination will not affect\nadversely the entitlement to benefits hereunder of any Participant receiving\nbenefits under the Plan at or prior to the time of such amendment or termination\nor of an employee who is a Participant in the Retirement Plan at or prior to the\ntime of such amendment or termination to the extent such benefits are\nattributable to Company service prior to the date of such amendment or\ntermination.\n\n\n_____________________________            METROPOLITAN LIFE INSURANCE COMPANY\nDate\n\n\n                                         By  _______________________________\n\n\n\n_____________________________\nWitness\n\n\n                                       4<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8205],"corporate_contracts_industries":[9445],"corporate_contracts_types":[9539,9550],"class_list":["post-38538","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-metlife-inc","corporate_contracts_industries-insurance__life","corporate_contracts_types-compensation","corporate_contracts_types-compensation__retirement"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38538"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38538"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38538"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}