MMC Benefits Handbook
Financial Hardship Withdrawals
If you have already made or applied for the maximum in-service withdrawals, you may request a financial hardship withdrawal, subject to the conditions described below:
Type of withdrawal
Reason for withdrawal
How to request/documentation required
If you have already withdrawn all amounts available from all plans within the Marsh & McLennan Companies controlled group, you may apply to withdraw your before-tax contributions transferred elective deferral contributions and associated earnings.
The Internal Revenue Code requires that all other available withdrawals from tax-qualified plans of the Marsh & McLennan Companies controlled group be taken first.
You must meet one of the conditions below:
Complete the Financial Hardship Withdrawal Form and attach one of the items listed below as appropriate. As instructed on the form, you must complete the "Reason for Withdrawal" section of the request form, showing that you cannot obtain the money you are requesting from other sources, including dividends as cash.
The Financial Hardship withdrawal will be limited to the amount you need to alleviate the hardship, plus Federal and state income tax withholding.
The Financial Hardship withdrawal may not exceed the portion of your Vested account balance which is not being used as security for a loan.
You cannot use a Financial Hardship Withdrawal to repay a loan or purchase luxury items.
The hierarchy of money types for Financial Hardship Withdrawals is as follows:
- pre-87 after-tax contributions.
- post-86 after-tax contributions.
- rollover contributions (excluding rollover Roth 401(k) contributions and earnings).
- MHRS Plan Account.
- prior plan company matching contributions.
- profit sharing prior plan contributions.
- Company matching contributions.
- performance-based Company matching contributions.
- Additional Company Matching Contributions*.
- Special Company Contributions.
- CSI ER ESOP Merge.
- before-tax contributions.
* Additional Company Matching Contributions are the 28-1/3% match made prior to January 1, 2006 on certain contributions made by participants who met certain age and plan participation requirements.
Effective January 1, 2019, the amounts available for your Financial Hardship Withdrawal will include any earnings on your pre-tax contributions, including post-1988 earnings. In contrast, for any Financial Hardship Withdrawals obtained prior to January 1, 2019, the amounts available for the withdrawal did not include any post-1988 earnings on your pre-tax contributions.
To obtain the vested amounts available for Financial Hardship Withdrawals go to Colleague Connect (https://colleagueconnect.mmc.com), click Career & Rewards and select Transamerica under Tools or call the Employee Service Center at +1 866 374 2662 to hear the amount available for withdrawal.
Within each in-service withdrawal category, withdrawals will be paid from the various investment funds on a pro-rata basis.