MMC Benefits Handbook
Catch-up Contributions
Catch-up contributions allow participants nearing retirement to make additional before-tax contributions and/or Roth catch-up contributions which are made on an after-tax basis to a tax-qualified savings plan. Federal law authorizes employers and other plan sponsors to allow Plan participants who will be age 50 or older during the calendar year to contribute more than the regular savings limits imposed by the Internal Revenue Service (IRS) on deferrals to tax-qualified plans like the Marsh & McLennan Companies 401(k) Savings & Investment Plan.
When Catch-up Contributions Begin
Unless you waive them, catch-up contributions or Roth catch-up contributions begin automatically in the pay period when you reach one of the IRS limits (before tax contribution limit, limit on compensation eligible for consideration under a tax-qualified plan, limit on combined employer and employee contributions that can be made to a tax-qualified plan) if you are eligible for catch-up contributions.
You do not need to make a separate Marsh & McLennan Companies 401(k) Savings & Investment Plan contribution rate election for catch-up contributions or Roth catch-up contributions. You will continue to contribute to the Marsh & McLennan Companies 401(k) Savings & Investment Plan at the same rate as your before-tax and/or Roth 401(k) contribution rate election in effect at the time catch-up contributions or Roth Catch-up contributions begin, until you reach the IRS annual limit on catch-up contributions or until the end of the Plan year.
Catch-up Contributions Receive Company Matching Contributions
Provided you meet the one year of vesting service requirement to receive Company matching contributions and you have not reached certain IRS limits, catch-up contributions or Roth catch-up contribution will be matched at the same rate as other match-eligible contributions up to the first 6% of eligible base pay.
Catch-up contributions cannot be matched if your year-to-date eligible base pay has exceeded the IRS limit on compensation ($280,000 in 2019), or if the sum of your year-to-date before-tax, Roth 401(k), traditional after-tax, Company matching and fixed Company contributions exceeds the IRS limit on combined employer and employee contributions ($56,000 in 2019).
How Catch-up Contributions Are Invested
Your catch-up contributions or Roth catch-up contributions will be invested in the same manner your employee contributions are invested.
Changing/Waiving Catch-up Contributions
You can waive catch-up contributions and Roth catch-up contributions before they begin. You can also increase or decrease your before-tax and/or Roth 401(k) rate for making catch-up or Roth catch-up contributions, or stop your catch-up or Roth catch-up contributions after they begin.
If you change your before-tax and/or Roth 401(k) contribution rate after catch-up or Roth catch-up contributions begin, to adjust the amount of catch-up contributions you make to the Plan, you may want to reset your before-tax and/or Roth 401(k) contribution rate before the next calendar Plan year begins. Your before-tax and/or Roth 401(k) contribution rate will remain in effect until you make an active election to change it.
If you have elected to make deferrals to the Supplemental Savings & Investment Plan for the upcoming Plan year, you cannot make traditional after-tax contributions and you cannot change your before-tax and/or Roth 401(k) contribution rate or waive or change your catch-up and/or Roth catch-up contribution election in the Marsh & McLennan Companies 401(k) Savings & Investment Plan. You can make changes to your elections under both the Marsh & McLennan Companies 401(k) Savings & Investment Plan and the Supplemental Savings & Investment Plan for the following Plan year during the next Supplemental Savings & Investment Plan Annual Enrollment period.
Process to Change Catch-up Contributions
Visit the Marsh & McLennan Companies 401(k) Savings & Investment Plan's website or call the Employee Service Center to initiate transactions for your Marsh & McLennan Companies 401(k) Savings & Investment Plan.
Changes can be processed online or through the Employee Service Center. The transaction submission deadline for online changes is 1 a.m. Eastern time on the Monday that is at least 11 business days (if you are on the semi-monthly payroll) or 5 business days (if you are on the weekly payroll) before the next pay date. To make changes online, go to Colleague Connect (https://colleagueconnect.mmc.com), click Career & Rewards and select Transamerica under Tools. Alternatively, you may change your contribution rate by calling the Employee Service Center at +1 866 374 2662 no later than 8 p.m. Eastern time on the Friday that is at least 11 business days (if you are on the semi-monthly payroll) or 5 business days (if you are on the weekly payroll) before the next pay date. If you do not meet the applicable deadline (as described above), your change will be effective the first day of the second pay period following your notice. Contact the Employee Service Center if a holiday falls within the processing cycle to confirm the transaction submission deadline.
A confirmation number for the transaction will only be provided online or over the phone.