Morgan Stanley plans to overhaul pay plans for its top executives, deferring more of their compensation over time and benchmarking pay against rival firms, the Wall Street Journal reported Monday, citing people familiar with the matter.

Senior executives may receive about one quarter of their 2009 pay in cash, with the rest coming as deferred stock, according to one person.

Morgan Stanley could not be immediately reached by Reuters outside regular office hours.

Citing a person familiar with the matter, the Journal said Morgan Stanley's compensation committee has met several times in recent weeks to discuss pay plans.

One proposal being considered would have most of the top 30 Morgan executives submit 65 percent or more of their pay to clawbacks, or the possibility of returning money in the event of future losses.