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Long Term Disability Bonus Income Plan
SPD and Plan Document
This section provides a summary of the Long Term Disability Bonus Income Plan (the "Plan") as of January 1, 2017.
This section, together with the Administrative Information section and the applicable section about participation, forms the Summary Plan Description and plan document of the Plan.
Marsh & McLennan Companies offers you the ability to purchase long term disability protection on eligible Company incentive bonus awards of $5,000 or greater under the Long Term Disability Bonus Income Plan.
If approved by the Claims Administrator, the Plan provides you with a monthly benefit of 60% of your covered benefit amount, up to $15,000 per month.
For the purpose of this Plan, an eligible bonus is an annual incentive bonus award granted through the Company's incentive compensation plans. The definition of eligible bonus includes amounts awarded for a performance year regardless of whether paid promptly following such award, or deferred to a future year, whether distributed in cash or shares of Marsh & McLennan Companies common stock, or whether denominated in cash, stock bonus units (SBUs), other equity-based awards or any combination thereof.
The definition of eligible bonus excludes amounts that are not awarded as part of an annual incentive bonus award, such as long term incentive compensation awards, sign-on bonuses, retention bonuses, non-recurring awards, one-time only special recognition awards, commission payments or commission-based incentive awards or awards based on Marsh & McLennan Companies common stock that are not a part of an annual incentive bonus award.
A Note about ERISA
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that governs many employer-sponsored plans including this one. Your ERISA rights in connection with this Plan are detailed in the Administrative Information section.