MMC Benefits Handbook
Purchasing Shares
Shares of Marsh & McLennan Companies, Inc. common stock are bought:
  • on the purchase date. The purchase date is the last business day of the calendar quarter (except the purchase for the quarter ending December 31 will be made on the first business day of January). Generally, shares deposited on the purchase date are available on the second business day following the purchase date.
  • at a purchase price which is 95% of the average market price per share on the day the shares are purchased;
  • with your contributions that earn 2% per year compounded semi-monthly for regular employees. If you are classified as a temporary employee, interest is compounded weekly, as long as you receive eligible pay; and
  • up to an IRS-imposed maximum.
Do I have to purchase shares of common stock?
No. You can withdraw the balance of your payroll deduction account, including any accrued interest before the payroll processing date of the last payroll of the quarter (generally eight business days prior to the final pay date of the quarter). Your contributions plus interest 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.
What is the share minimum?
Fidelity Investments requires at least one share to be purchased. If your quarterly contribution/interest balance is less than one share, then the balance will not be used to purchase shares and will be refunded to you in the next available payroll.
How is the share purchase price determined?
The share purchase price is 95% of the average market price of Marsh & McLennan Companies, Inc. common stock on the purchase date.
What happens to my shares once I purchase them?
Shares purchased each quarter are placed in a stock plan account with Fidelity Investments, Marsh & McLennan Companies, Inc.'s default service provider. If you are a new participant, an account will be opened in your name. If you are an existing participant, shares will be placed in your current Fidelity Investments stock plan account according to the registration you have on file. Since you own the shares outright, you generally may hold, sell or transfer the shares to another service provider account. See "Share Ownership" for details.
Will I be notified when shares are purchased?
Yes. You will be sent a statement from Fidelity Investments after each quarterly purchase.
When are shares available after the purchase date?
Generally, shares deposited on the purchase date are available on the second business day following the purchase date. This allows Fidelity Investments, the default service provider, time to record the Plan discount price and number of shares your Plan balance has purchased (previously purchased shares, if any, remain available and can be transacted at any time).
How is the maximum number of shares determined?
Under the current Internal Revenue Code limit, you may buy up to $25,000 worth of shares during a plan year, based on the undiscounted fair market value of the shares at the start of the plan year.
What happens if I reach the Internal Revenue Code limit during the plan year?
Under Internal Revenue Code rules, plan participants may buy shares up to the Internal Revenue Code limit. 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 next following plan year if you remain eligible.
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 percent so that your contributions are level throughout 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.
Is there any other limitation on the number of shares that I can purchase?
Yes, the Plan has a limit on the total number of shares that are available for issuance to all Plan participants. (This limit is in addition to the annual limit that applies to each individual participant, as described above.) Each time shares are purchased under the Plan, the number of shares remaining available for issuance is reduced. (Adding shares for issuance under the Plan requires approval by Marsh & McLennan Companies, Inc. shareholders).
What happens if I reach the share limit?
If the share limit is reached and additional shares have not been approved for issuance under the Plan then Marsh & McLennan Companies, Inc. will:
  • equitably allocate the shares remaining available for issuance to Plan participants; and
  • consider making additional administrative accommodations, consistent with the terms of the Plan document, to allow participants to complete their intended purchases if and when approval for additional shares is received.
If Marsh & McLennan Companies, Inc. does not make any additional accommodations or does not receive approval for the additional shares, then Marsh & McLennan Companies, Inc. will refund any unused accumulated contribution and interest balance to each participant as soon as administratively practicable in a subsequent paycheck.
Do I receive a fixed discount on the shares I purchase?
Yes. You receive a 5% discount on the average market price of Marsh & McLennan Companies, Inc. common stock on the purchase date on all shares bought with your contributions to the Plan and interest thereon.
What is the history of share purchases?
Employee Stock Purchase Plan Price and Discount History
The current Employee Stock Purchase Plan Price and Discount History can be accessed via Career & Rewards on Colleague Connect (https://colleagueconnect.mmc.com). Under Find a Document click Employee Stock Purchase Plan.
Due to the timing of the Benefits Handbook updates, this Employee Stock Purchase Plan section may not reflect the current Employee Stock Purchase Plan Price and Discount History. As noted above, if you wish to see the current Employee Stock Purchase Plan Price and Discount History please access the current Employee Stock Purchase Plan Price and Discount History on Colleague Connect (https://colleagueconnect.mmc.com).
Plan Year
Actual Per Share Price at Start of Plan Year
Actual Per Share Price at End of Plan Year
Discounted Price*
1985-'86
$5.68
$10.75
$4.83
1986-'87
$11.00
$10.70
$9.10
1987-'88
$10.66
$9.44
$8.03
1988-'89
$9.38
$12.16
$7.97
1989-'90
$12.16
$10.14
$8.62
1990-'91
$10.38
$12.75
$8.82
1991-'92
$12.95
$14.89
$11.01
1992-'93
$15.19
$14.51
$12.34
1993-'94
$14.65
$13.07
$11.11
1994-'95
$13.04
$14.74
$11.08
1995-'96
$14.67
$16.22
$12.47
1996-'97
$16.03
$25.40
$13.63
1997-'98
$25.56
$25.03
$21.28
1998-'99
$23.80
$34.36
$20.23
1999-'00
$33.47
$66.92
$28.45
2000-'01
$65.52
$47.93
$40.74
2001-'02
$47.77
$41.37
$35.16
2002-'03
$42.11
$47.97
$35.79
2003-'04
$47.97
$45.68
$38.82
* 85% of the lower of the average market price on the first business day in October or the last business day in September.
Plan Year
Grant Date
Maximum Share Limit
Price on Grant Date
Purchase Date
Fair Market Value on Purchase Date
Discounted Purchase Price*
2004-2005
October 1, 2004
542
$46.06
January 3, 2005
$33.13
$28.16
       
March 31, 2005
$30.32
$25.77
       
June 30, 2005
$27.86
$23.68
       
September 30, 2005
$30.21
$25.67
* 85% of the average market price on purchase date.
Plan Year
Grant Date
Maximum Share Limit
Price on Grant Date
Purchase Date
Fair Market Value on Purchase Date*
Discounted Purchase Price**
2005-2006
October 3, 2005
834
$29.9750
January 3, 2006
$31.8550
$30.2623
       
March 31, 2006
$29.3550
$27.8873
       
June 30, 2006
$26.9950
$25.6453
       
September 29 2006
$28.2500
$26.8375
2006-2007
October 2, 2006
898
$27.8200
January 2, 2007
$31.2250
$29.6638
       
March 30, 2007
$29.3200
$27.8540
       
June 29, 2007
$30.6850
$29.1508
       
September 28, 2007
$25.4100
$24.1395
2007-2008
October 1, 2007
974
$25.6500
January 2, 2008
$26.8200
$25.4790
       
March 31, 2008
$24.2250
$23.0138
       
June 30, 2008
$26.5550
$25.2273
       
September 30, 2008
$31.8850
$30.2908
2008-2009
October 1, 2008
795
$31.4250
January 2, 2009
$24.6050
$23.3748
       
March 31, 2009
$24.0400
$19.0380
       
June 30, 2009
$20.1200
$19.1140
       
September 30, 2009
$24.7000
$23.4650
2009-2010
October 1, 2009
1005
$24.8550
January 4, 2010
$22.0050
$20.9048
       
March 31, 2010
$24.4250
$23.2038
       
June 30, 2010
$22.7500
$21.6125
       
September 30, 2010
$24.4150
$23.1943
2010-2011
October 1, 2010
1038
$24.0750
January 3, 2011
$27.4850
$26.1108
       
March 31, 2011
$29.8050
$28.3148
       
June 30, 2011
$31.1550
$29.5973
       
September 30, 2011
$26.7600
$25.4220
2011-2012
October 3, 2011
949
$26.3250
January 3, 2012
$32.0150
$30.4143
       
March 30, 2012
$32.7700
$31.1315
       
June 29, 2012
$31.9750
$30.3763
       
September 28, 2012
$33.8250
$32.1338
2012-2013
October 1, 2012
729
$34.2700
January 2, 2013
$35.1550
$33.3973
       
March 28, 2013
$37.8800
$35.9860
       
June 28, 2013
$39.9650
$37.9668
       
September 30, 2013
$43.4400
$41.2680
* The Fair Market Value on Purchase Date and the Discounted Purchase Price for the 2012-2013 plan year offering will not be known until each day's close of business.
** 95% of the average market price on the purchase date.
Plan Year
Grant Date
Maximum Share Limit
Price on Grant Date
Purchase Date
Fair Market Value on Purchase Date*
Discounted Purchase Price**
2013-2014
October 1, 2013
572
$43.6400
January 2, 2014
$47.8800
$45.4860
       
March 31, 2014
$49.1150
$46.6593
       
June 30, 2014
$51.8150
$49.2243
       
September 30, 2014
$52.4850
$49.8608
* The Fair Market Value on Purchase Date and the Discounted Purchase Price for the 2013-2014 plan year offering will not be known until each day's close of business.
** 95% of the average market price on the purchase date.
Plan Year
Grant Date
Maximum Share Limit
Price on Grant Date
Purchase Date
Fair Market Value on Purchase Date*
Discounted Purchase Price**
2014-2015
October 1, 2014
481
$51.9750
January 2, 2015
$57.1550
$54.2973
       
March 31, 2015
$56.1400
$53.3330
       
June 30, 2015
$56.9500
$54.1025
       
September 30, 2015
$51.9750
$49.3763
* The Fair Market Value on Purchase Date and the Discounted Purchase Price for the 2014-2015 plan year offering will not be known until each day's close of business.
** 95% of the average market price on the purchase date.
Plan Year
Grant Date
Maximum Share Limit
Price on Grant Date
Purchase Date
Fair Market Value on Purchase Date*
Discounted Purchase Price**
2015-2016
October 1, 2015
480
$52.0200
January 4, 2016
$54.1800
$51.4710
       
March 31, 2016
$60.6650
$57.6318
       
June 30, 2016
$67.7250
$64.3388
       
September 30, 2016
$67.0250
$63.6738
* The Fair Market Value on Purchase Date and the Discounted Purchase Price for the 2015-2016 plan year offering will not be known until each day's close of business.
** 95% of the average market price on the purchase date.
Plan Year
Grant Date
Maximum Share Limit
Price on Grant Date
Purchase Date
Fair Market Value on Purchase Date*
Discounted Purchase Price**
2016-2017
October 3, 2016
373
$66.8700
January 3, 2017
$67.6750
$64.2910
       
March 31, 2017
$73.945
$70.248
       
June 30, 2017
$78.06
$74.157
       
September 29, 2017
$83.555
$79.377
* The Fair Market Value on Purchase Date and the Discounted Purchase Price for the 2016-2017 plan year offering will not be known until each day's close of business.
** 95% of the average market price on the purchase date.
Plan Year
Grant Date
Maximum Share Limit
Price on Grant Date
Purchase Date
Fair Market Value on Purchase Date*
Discounted Purchase Price**
2017-2018
October 2, 2017
297.3182
$84.085
January 2, 2018
$81.08
$77.026
       
March 29, 2018
$82.725
$78.589
       
June 29, 2018
$81.805
$77.715
       
September 28, 2018
$82.885
$78.741
* The Fair Market Value on Purchase Date and the Discounted Purchase Price for the 2017-2018 plan year offering will not be known until each day's close of business.
** 95% of the average market price on the purchase date.
Plan Year
Grant Date
Maximum Share Limit
Price on Grant Date
Purchase Date
Fair Market Value on Purchase Date*
Discounted Purchase Price**
2018-2019
October 1, 2018
300.7700
$83.120
January 2, 2019
*,**
*,**
       
March 29, 2019
*,**
*,**
       
June 28, 2019
*,**
*,**
       
September 30, 2019
*,**
*,**
* The Fair Market Value on Purchase Date and the Discounted Purchase Price for the 2018-2019 plan year offering will not be known until each day's close of business.
** 95% of the average market price on the purchase date.
Prices in the table reflect all stock splits to date.