MMC Benefits Handbook
Company Matching Contributions
The Company makes matching contributions on before-tax, Roth 401(k), traditional after-tax, and catch-up contributions if you have at least one year of vesting service. For this purpose, a "year of vesting service" is a 12-month period of service beginning on the first of the month in which you began working at Marsh & McLennan Companies and the 12-month period beginning on each anniversary of that date. This twelve-month period is called your employment year. Generally, two or more periods of service together may add up to 12 months. Also, if you leave regular or temporary employment and are rehired as a regular or temporary employee within 12 months, you will receive credit for your period of absence.
Vesting service generally includes the years of service based on your regular or temporary employment with the Company. Vesting service may also include:
- service with non-participating companies in the Company's controlled group (e.g., a foreign subsidiary).
- credit for service if you were initially hired by Marsh & McLennan Companies as a leased employee and you subsequently become a regular or temporary employee.
- the vesting earned for a plan account from a predecessor employer that was merged into this Plan.
- credit for pre-acquisition service for certain purposes under the Plan, as determined by Marsh & McLennan Companies acting through its representative for employees of acquired businesses whose plans are not merged into this Plan.
After you complete one year of vesting service:
- the Company will contribute a Company matching contribution each pay period of 50% on the first 6% of eligible base pay that you contribute to the Plan in a pay period.
Note: The Company contributed core Company matching contributions and annual discretionary performance-based Company matching contributions (paid in the first quarter of the following year) for Plan years 2006, 2007 and 2008. Throughout this document "Company Matching Contributions" refers collectively to the core Company matching contributions and the discretionary performance-based Company matching contributions. On and after January 1, 2009 core Company matching contributions are referred to as Company matching contributions.
On and after January 1, 2017 the Company matching contributions and fixed Company contributions are collectively referred to as "Company contributions."
You can maximize the amount of Company matching contributions received by contributing at least 6% of your eligible base pay to your account.
If you contribute to this Plan as well as the Supplemental Savings & Investment Plan, during the period (if applicable) in which you make deferrals to both Plans concurrently, only up to 6% in combined salary contributions may be matched.
The Company in its sole discretion may authorize additional contributions in any year if necessary to pass IRS tests. These contributions are sometimes called qualified nonelective contributions ("QNECs") and qualified matching contributions ("QMACs"), but they are also referred to in this description as "Special Company Contributions". You will be fully Vested in any Special Company Contributions that are allocated to your account and you may invest them in any of the available investment options. However, withdrawal of Special Company Contributions is restricted, as required by law.