MMC Benefits Handbook
Contributions
When you enroll, you can elect to contribute, on an after-tax basis, from 1% up to 15% (in 1% increments) of eligible base pay per pay period.
After I enroll in the Plan, when do contributions begin?
Once you enroll in the Plan, contributions begin in the October 15 paycheck of the plan year for regular employees. If you are classified as a temporary employee, your contributions will begin with the first weekly paycheck after the end of the Annual Enrollment period.
Do I earn interest on contributions?
Yes. Your payroll deductions are held by Marsh & McLennan Companies, Inc. and earn an annual interest rate of 2% per year; the interest is compounded based on your pay frequency. As long as you receive eligible pay, your interest is compounded semi-monthly if you are regular employee; your interest is compounded weekly if you are classified as a temporary employee.
How do I learn the dollar amount I've contributed to the Plan for the plan year?
Check your pay-stub. In the "SPP Plan Year to Date" section, the amount listed is your total contribution amount (including interest accrued) since the beginning of the current quarterly purchase period. Your per-paycheck deduction appears in the "After-tax Deductions" section on your pay-stub.
To check how much you've contributed to the Plan, go to Career & Rewards on Colleague Connect (https://colleagueconnect.mmc.com) and under Employee Stock Purchase Plan click Edit My Contributions
Can I get my contributions back?
Yes. You can withdraw from participation in the Plan and receive a refund of your contributions and any interest accrued for any reason up until the payroll processing date of the last payroll of the quarter (generally eight business days prior to the final pay date of the quarter). The balance of your payroll deduction amount will be returned in the next available pay cycle, and your participation in the Plan will cease for the current plan year. You may enroll in the next plan year if you remain eligible.
To withdraw your contributions, go to Career & Rewards on Colleague Connect (https://colleagueconnect.mmc.com) and under Employee Stock Purchase Plan click Edit My Contributions.
Do I have to contribute a minimum amount?
If you choose to participate in the Plan, you have to contribute at least 1% of eligible base pay per pay period.
What is the maximum amount I can contribute to the Plan?
You can contribute up to 15% of eligible base pay per pay period during the plan year, up to the Internal Revenue Code limit.
What happens if I reach the Internal Revenue Code limit during the plan year?
If you reach the maximum share limit in any calendar quarter, the balance you accumulated (contributions and interest accrued) that exceeded the amount actually needed to purchase shares will be refunded to you in the next available pay cycle following the purchase date.
Your contributions to the Plan, and interest thereon, will cease on the last day of the calendar quarter in which you reach the maximum share limit. Once you reach the maximum share limit, you will not be able to participate in any purchases remaining in the plan year. Your contributions will automatically resume at the start of the new plan year, if you remain eligible and do not otherwise withdraw from participation in an offering.
If your goal is to maximize the number of purchases made during the plan year rather than have calendar quarters during which no purchases are made because you had reached the Internal Revenue Code limit, you may wish to adjust your contribution percentage so that your contributions are level throughout the plan year.
Can I change my contribution rate?
You may increase or decrease your base pay contribution rate twice during the plan year. Your change affects future base pay contributions only. No retroactive contribution rate changes are allowed.
Your change will be effective in the next available pay cycle.
To change your contribution rate, go to Career & Rewards on Colleague Connect (https://colleagueconnect.mmc.com) and under Employee Stock Purchase Plan click Edit My Contributions.
Can I stop my contributions at any time?
Yes. You may stop your contributions at any time during the plan year. Once you stop contributions, you may not resume contributions during the current plan year.
Your change will be effective in the next available pay cycle.
To stop your contributions, go to Career & Rewards on Colleague Connect (https://colleagueconnect.mmc.com) and under Employee Stock Purchase Plan click Edit My Contributions.
What happens when I elect to stop my contribution during the plan year?
If you stop your contributions during the plan year, you have the following options for the account balance you have accumulated:
  • you may choose to keep your balance in the Plan where it will continue to earn 2% interest annually, compounded semi-monthly. (If you are a temporary employee, interest is compounded weekly.) At the end of the calendar quarter in which you stopped your contributions, your account balance will be used to buy shares of Marsh & McLennan Companies, Inc. common stock.
  • you may withdraw your contributions, plus any interest accrued, any time after you withdraw from participation in the offering up until the payroll processing date of the last payroll of the quarter (generally eight business days prior to the final pay date of the quarter).
To stop your contributions, go to Career & Rewards on Colleague Connect (https://colleagueconnect.mmc.com) and under Employee Stock Purchase Plan click Edit My Contributions.
Once you stop contributions, you may not resume contributions during the current plan year.
Can I start contributing again at any time during the same plan year?
No. When you stop contributing, you may not resume contributions during the current plan year. You can enroll in the next plan year, provided you remain eligible.
Can I continue to make contributions during an unpaid leave of absence?
No. Contributions cease when you are on an unpaid leave of absence. You may keep your balance in the Plan where it will continue to earn 2% interest and will be used to buy shares of Marsh & McLennan Companies, Inc. common stock following the close of the current quarterly purchase period, even if you have not yet returned to active employment by then. You will not be able to participate in any purchases remaining in the plan year. Your contributions will automatically resume when you return to work as long as you receive eligible pay.
Can I continue to make contributions during a paid leave?
Yes. You may continue to make contributions if you are placed on a paid leave while you continue to receive base pay. You may keep your balance in the applicable plan where, if applicable, it will continue to earn 2% interest and will be used to buy Marsh & McLennan Companies, Inc. common stock following the close of the current quarterly purchase period, even if you have not yet returned to active employment by then.
Can I continue to make contributions during disability leave?
Yes. You may continue to make contributions if you are placed on short term disability while you continue to receive base pay. Contributions cease when you are on long term disability. You may keep your balance in the Plan where it will continue to earn 2% interest and will be used to buy shares of Marsh & McLennan Companies, Inc. common stock following the close of the current quarterly purchase period, even if you have not yet returned to active employment by then. You will not be able to participate in any purchases remaining in the plan year. Your contributions will automatically resume when you return to work as long as you receive eligible pay.