MMC Benefits Handbook
Vesting
Your account is held in trust for your benefit, and your rights depend on whether you have a vested interest in your account.
If your account is 100% vested, you have the right to receive the full account balance when you satisfy the conditions for withdrawal or distribution (such as termination of employment with the Company and all affiliated employers).
If your account is partially vested, you have the right to receive only the vested portion of the Company matching contribution account balance when you satisfy the conditions for withdrawal or distribution. For example, if you are 33-1/3% vested and your Company matching contribution account balance is $100, you have a nonforfeitable right to $33.33.
Vested Interest in Your Contributions
You are always fully vested in the value of your own contributions. This includes the portion of your account attributable to your Roth 401(k), before-tax, traditional after-tax, rollover, catch-up and Roth catch-up contributions (if applicable), as well as any in-plan Roth conversion amounts. You are also fully vested in any Special Company Contributions made to the Plan.
Vested Interest in Company Matching Contributions
As an active employee you are subject to the following vesting schedule:
Years of vesting service
Vested percentage
Less than 2
0%
After you complete 2 years of vesting service
33-1/3%
After you complete 3 years of vesting service
66-2/3%
After you complete 4 years of vesting service
100%
For example, if you have three years of vesting service, you have the non-forfeitable right to 66-2/3% of the value of your account attributable to Company matching contributions.
Regardless of your years of vesting service, you are 100% vested in Company matching contributions when:
  • you attain age 65 (normal retirement age) while employed by the Company or Marsh & McLennan Companies.
  • you are disabled as determined under MMA's procedures.
  • you die (while employed by the Company or Marsh & McLennan Companies).
  • the Plan is terminated in full or there is a partial termination that affects you. (You will be notified if this occurs.)
  • The MMC fixed company contribution account that pertains to employees that transferred along with their Marsh & McLennan Companies 401(k) Savings & Investment Plan accounts from Marsh & McLennan Companies to MMA will be subject to the same vesting schedule and vesting rules described above, as well as the forfeiture rules described below.
When You Are Rehired
If you terminate employment before your Company matching contribution account (and, if applicable, MMC fixed company contribution account) is fully vested, the non-vested portion is forfeited if:
  • You receive a distribution of your vested interest or
  • You are not re-hired by the fifth anniversary of your termination date.
Forfeited amounts will be restored to your account (without earnings or losses from the date of forfeiture) if you are re-employed within a five-year period and you repay to the Plan the full value of any distribution that you previously received. This is known as a buyback. Any buyback must generally be made by the earlier of the fifth anniversary of reemployment or the fifth anniversary of your termination date following the distribution.
Upon returning to employment with the Company or Marsh & McLennan Companies, you will resume the vesting service you had when your employment terminated. The vesting schedule in place at the time of rehire will be your applicable vesting schedule. If you are re-hired within 12 months, you will receive vesting credit for your absence.
Vesting Service
Vesting service is used to determine when you have a vested interest in your account. Most employees are fully vested after completing four years of vesting service.
What is vesting service?
Vesting service generally includes your time of employment with the Company. Vesting service may also include:
  • service with non-participating companies in Marsh & McLennan Companies' or MMA's controlled group of companies (e.g., a foreign subsidiary).
  • credit for service if you were initially hired by MMA as a leased employee and you subsequently become an employee.
  • service with a predecessor employer if that employer's plan is merged into this Plan and you participated in that plan.
  • service performed for your employer before its acquisition by MMA as determined by Marsh & McLennan Companies in accordance with the Plan document.
How is vesting service used?
Vesting service is used to determine:
  • when you are eligible for Company matching contributions.
  • when you are entitled to a non-forfeitable right to a benefit under the Plan.