{"id":40643,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/supplemental-auxiliary-savings-and-investment-plan-metropolitan.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"supplemental-auxiliary-savings-and-investment-plan-metropolitan","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/supplemental-auxiliary-savings-and-investment-plan-metropolitan.html","title":{"rendered":"Supplemental Auxiliary Savings and Investment Plan &#8211; Metropolitan Life Insurance Co. and Texas Life Insurance Co."},"content":{"rendered":"<pre>\n                         METROPOLITAN LIFE SUPPLEMENTAL\n\n                      AUXILIARY SAVINGS AND INVESTMENT PLAN\n\n                (As Amended and Restated as of September 1, 1998)\n\n\n\n\n\n\n\n\n\n\n\n\n                         METROPOLITAN LIFE SUPPLEMENTAL\n                      AUXILIARY SAVINGS AND INVESTMENT PLAN\n\n\n         Metropolitan Life Insurance Company and Texas Life Insurance Company,\n(the Company) hereby establish the Metropolitan Life Supplemental Auxiliary\nSavings and Investment Plan (the Plan), effective January 1, 1996, as amended\nand restated as of September 1, 1998.\n\n                                   Article 1\n\n                                Purpose of Plan\n\n         The Company for many years has maintained a Savings and Investment Plan\nfor its employees. Said plan is qualified under section 401 of the Internal\nRevenue Code. The Company contributions provided under said Savings and\nInvestment Plan are and always have been reasonable in amount in relation to the\ncovered employees' compensation and services.\n\n         Under section 1.415-2(d)(2) of the Internal Revenue Regulations, the\nlimitation under section 415 of the Internal Revenue Code takes into account the\nannual compensation of an employee other than contributions made by the Employer\nto a deferred compensation plan to the extent that such contributions are not\nincludible in the employee's gross income for the taxable year in which\ncontributed. Pursuant to this regulation, the SIP must exclude deferred\ncompensation income in calculating the benefits payable to certain company\nemployees and their beneficiaries for all years, including those years prior to\nthe effective date of the Plan. Therefore, the Company is adopting this Plan to\nprovide benefits to its employees and beneficiaries of its employees whose\nbenefits under SIP are reduced because of the limitations in Section\n1.415-2(d)(2) of the Internal Revenue Regulations. Such benefits are subject to\nthe Plan's overall benefit limitations as set forth under Article 3.\n\n                                    Article 2\n\n                                 Participation\n\n         Each Participant under SIP whose compensation, as defined in SIP,\nexceeds the limitations of Section 401(a)(17) of the Internal Revenue Code and\nwhose Company contributions are reduced because of the application of section\n1.415-2(d)(2) of the Internal Revenue Regulations shall be a Participant in this\nPlan.\n\n\n\n\n                                    Article 3\n\n                        Vesting and Payment of Benefits\n\n         Benefits under this Plan shall vest in accordance with the vesting\nschedule applicable to Company contributions under the Savings and Investment\nPlan and shall be payable to a Participant or the beneficiary of a deceased\nParticipant in amounts equal to the difference between\n\n         (i)  the largest amount (together with interest thereon), that would\n    have been contributed by the Company under SIP, as amended, had SIP not been\n    subject to the deferred compensation income exclusion as provided under\n    section 1.4152(d)(2) of the Internal Revenue Regulations, less\n\n         (ii)  the amounts of benefits that are actually payable under SIP.\n\n         The benefits paid under this Plan shall take into account all periods\nof employee service performed by a Participant for the Company (including any\nperiod before the Plan's effective date) that count for the Participant's\nbenefit accrual under SIP.\n\n         Interest will be calculated on such amount at the same rates and over\nthe same period of time as if such amounts had been contributed to SIP and\ninvested in the Fixed Income Fund thereunder. Except as otherwise provided in\nthis Article, a Participant may elect, subject to the consent of the Company, to\nreceive benefits under this Plan in the form of a single sum, installments or an\nannuity subject to the same duration, terms and conditions under which such\nmethods of distribution are payable under the Savings and Investment Plan. Such\nelection shall be made on a form prescribed by the Company and shall require the\nParticipant to designate the mode of payment requested and the date on which\nbenefits will commence to be paid. Benefits shall become payable on the date\nelected by the Participant in the election form which date shall not be earlier\nthan (i) twelve (12) months subsequent to the date on which the Participant\nfiles the election form with the Company; and (ii) the Participant's actual\nretirement date. If the Participant retired prior to attaining age 70 1\/2, and\nno benefit election form is received from a Participant by April 1st of the\ncalendar year following the calendar year in which the Participant attained age\n70 1\/2, such Participant will be deemed to have elected to receive his or her\naccount balance in the form of a single sum by April 1st of the calendar year\nfollowing the calendar year in which he or she attains age 71 1\/2. However, if a\nParticipant's vested account balance does not exceed $5,000, such Participant's\nvested account balance will be distributed in a single sum as soon as\npracticable following his or her death, disability, termination of employment or\nretirement. Notwithstanding the foregoing provisions of this Article 3, no\nbenefits under this Plan will be eligible for any in-service withdrawal by a\nParticipant.\n\n\n\n                                       2\n\n\n         If, at the time of the Participant's death, amounts remained\nundistributed to such Participant (unless such Participant was receiving benefit\npayments in the form of an annuity), then benefit payments shall continue to be\nmade to the Participant's beneficiary in accordance with the method by which\nbenefit payments were being made to the Participant. If, at the time of the\nParticipant's death, benefit payments had not commenced to be made to him or\nher, then, except as otherwise provided in this Article, the Participant's\ndesignated beneficiary may elect, subject to the consent of the Company, to\nreceive benefits in the form of a single sum, installments or an annuity subject\nto the same duration, terms and conditions under which such methods of\ndistribution are payable to beneficiaries under the Savings and Investment Plan.\nSuch election shall be made on a form prescribed by the Company and shall\nrequire the beneficiary to designate the mode of payment requested and the date\non which benefits will commence to be paid. If the election form is filed with\nthe Company by December 31 of the year in which the Participant died, benefits\npayable in the form of an annuity, in installments payable over more than five\nyears certain or in installments payable over the life expectancy of the\nbeneficiary must commence no earlier than the first day of the month which is\ntwelve months after the date the beneficiary files the form with the Company,\nbut no later than December 31 of the year following the year of the\nParticipant's death. Benefits payable in any form other than those forms\ndescribed in the preceding sentence shall become payable on the date elected by\nthe beneficiary in the election form which date shall not be earlier than twelve\n(12) months subsequent to the date on which the beneficiary files the election\nform with the Company; however, the benefit selected must require the entire\naccount balance to be paid to the beneficiary no later than the December 31 of\nthe year which is the fifth anniversary of the Participant's death.\n\n         The Participant's beneficiary shall be the beneficiary designated by\nthe Participant under the Savings and Investment Plan. However, if the\nParticipant filed a beneficiary designation under this Plan, upon the\nParticipant's death, benefits shall be payable to the primary beneficiary(ies)\ndesignated under this Plan. If there is more than one beneficiary under the\nSavings and Investment Plan or more than one primary beneficiary under this Plan\nand the beneficiary designation does not specify the percentage of the\nParticipant's benefit to be paid to each such beneficiary, each beneficiary\nshall share equally in the benefits under the Plan. If one or more beneficiaries\npredecease the Participant, the surviving beneficiary(ies) shall share equally\nin the deceased beneficiary's portion of the Plan benefits. If all primary\nbeneficiaries predecease the Participant, benefits shall be payable to the\ncontingent beneficiary(ies) upon the Participant's death. If there is more than\none contingent beneficiary(ies), and the contingent beneficiary designation does\nnot specify the percentage of the Participant's benefit to be paid to each such\nbeneficiary, each contingent beneficiary shall share equally in the benefits\nunder the Plan. If one or more contingent beneficiaries predecease the\nParticipant, the surviving contingent beneficiary(ies) shall share equally in\nthe deceased contingent beneficiary's portion of the Plan benefits. If all\ncontingent beneficiaries predecease the Participant, or if there is no\n\n\n\n\n                                       3\n\n\nbeneficiary designation in effect on the date of the Participant's death,\nbenefits will be payable to the Participant's surviving spouse or, in the\nabsence of such spouse, to the Participant's estate.\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 each Company. This Plan is entirely separate from\nthe Savings and Investment Plan and participation in this Plan gives a\nParticipant no right to any funds or assets of the Savings and Investment Plan\nor of the Company. The fact that contracts or certificates of the Company may be\ndistributed to recipients of benefits under the Savings and Investment Plan in\ndischarge of the Company's obligations thereunder shall in no way entitle a\nParticipant in this Plan to receive any such contract or certificate in\ndischarge of the Company's obligations hereunder.\n\n                                    Article 5\n\n                  Nontransferability 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\nresult in greater tax burdens (whether income, estate or other tax burdens) than\nthey would if such payments had been able to be received under the Savings and\nInvestment Plan, the Company shall have no obligation to reimburse the\nParticipant for such greater tax burdens.\n\n\n\n                                       4\n\n\n                                    Article 7\n\n                         Company Interpretation Binding\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                                    Article 9\n\n                       Amendment and Termination of Plan\n\n         The Company reserves the right to amend or terminate this Plan\nhereunder at any time without the consent of any Participant or of any other\nperson. However, any such amendment or termination will not affect adversely the\nentitlement to benefits hereunder of any Participant or Participant receiving\nbenefits under the Plan or any successor plan at or prior to the time of such\namendment or termination or of an employee who is a Participant in the Savings\nand Investment Plan at or prior to the time of such amendment or termination to\nthe extent such benefits are attributable to Company service prior to the date\nof such amendment or termination.\n\n\n____________________________________      METROPOLITAN LIFE INSURANCE COMPANY\nDate\n\n____________________________________      ____________________________________\nWitness\n\n\n____________________________________      TEXAS LIFE INSURANCE COMPANY\nDate\n\n____________________________________      ____________________________________\nWitness\n\n\n                                       5\n\n                                AMENDMENT TO THE\n\n                         METROPOLITAN LIFE SUPPLEMENTAL\n\n                      AUXILIARY SAVINGS AND INVESTMENT PLAN\n\n\n         The METROPOLITAN LIFE SUPPLEMENTAL AUXILIARY SAVINGS AND INVESTMENT\nPLAN (the 'Plan') is hereby amended as follows:\n\n\n         1. Article 3 is hereby amended by adding at the end thereof, the\nfollowing:\n\n         'Notwithstanding any provision in this Plan to the contrary, no benefit\n         shall be payable under this Plan with respect to any year in which a\n         Participant defers compensation under the MetLife Deferred Compensation\n         Plan for Officers, or any other plan under which employer matching\n         contributions are made on account of deferred compensation. Except as\n         provided in the preceding sentence, no similar benefit that is paid\n         under this Plan shall be paid under any other deferred compensation\n         plan(s) created by the Company or any of its affiliates,\n         notwithstanding any provision in this Plan to the contrary.' \n\n         2. This Amendment shall become effective on January 1, 1998.\n\n\n_________________________________    METROPOLITAN LIFE INSURANCE COMPANY\nDate\n\n\n_________________________________    ____________________________________\nWitness\n\n\n\n\n\n\n\n___________________________________  METLIFE CAPITAL CORPORATION\nDate\n\n\n___________________________________   ____________________________________\nWitness\n\n\n\n_________________________________    TEXAS LIFE INSURANCE COMPANY\nDate\n\n\n__________________________________   ____________________________________ \nWitness\n\n\n\n\n                                       2\n\n\n<\/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-40643","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\/40643","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=40643"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40643"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40643"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}