MMC Benefits Handbook
Automatic Enrollment Process
The Plan enrollment process for newly hired employees consists of three options. New hires have the option to:
- make an active election to participate in the Plan,
- make an active election to opt out of the Plan, or
- take no action and be automatically enrolled in the Plan following the 30-day opt out period from date of hire or date of rehire.
Contribution Rate and Investment Direction Election if Automatically Enrolled
The automatic enrollment rate under the Plan is a 6% before-tax contribution for those employees who are automatically enrolled in the Plan on or after August 1, 2016. If you were automatically enrolled prior to August 1, 2016, you were enrolled with a 3% before-tax contribution rate. Automatic contributions will be invested in one of the BlackRock LifePath Index Funds (the BlackRock LifePath Index Fund that most closely matches your retirement year – based on the Plan's normal retirement age of 65).
You can elect to change your contribution rate at any time. Changes can be processed online through HR Services. 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://mmcglobal.sharepoint.com/sites/Home). Select Pay & Benefits, and click My Pay & Benefits, select Transamerica under Savings & Financial Planning. Alternatively, you may change your contribution rate by calling HR Services 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. The deadlines that apply to you may be different if you are on a payroll system that is not managed by Marsh McLennan. Contact HR Services to determine if you are subject to different deadlines and if a holiday falls within the processing cycle to confirm the transaction submission deadline.
New Hires and Rehires
In general, if you are newly hired or rehired, you will be automatically enrolled in the Plan after 30 days from your date of hire or date or rehire, respectively.
If you are part of a special population (i.e., employee of an acquired company plan, etc.), you will receive an automatic enrollment date notification within your enrollment kit.
If your employment status changes to a US employee of MMA, you will be automatically enrolled in the Plan following the 30-day opt out period.
Contribution Deductions for Those Automatically Enrolled
Automatic enrollment contributions generally begin with the first or second paycheck following the 30-day opt out period. The actual timing of your first contribution to the Plan depends upon the payroll system of your employer.
Impact on Catch-up Contribution or After-tax Election Option
If you are automatically enrolled in before-tax contributions, you will also be subject to the Plan's procedures relating to the automatic commencement of catch-up contributions (if you are eligible for catch-up contributions) and traditional after-tax contributions.
If you are automatically enrolled and eligible for catch-up contributions, once the before-tax limit is reached catch-up contributions will begin. Once the before-tax (if you are ineligible for catch-up contributions) or catch-up contribution limit (if eligible) is reached, after-tax contributions will begin.
If you are automatically enrolled you can elect to change your before-tax contribution rate to zero, waive catch-up contributions or waive after-tax contributions at any time. See "Changing Contributions When You Reach the IRS Maximum Limits" for more information.