MMC Benefits Handbook
Glossary
Annual Enrollment
The period of time each year designated by the Company when you may generally enroll in plans and make changes to your benefit elections, if allowed by the plan.
Beneficiary
The person or entity you designate (or who, under the terms of the plan, will) receive your remaining account balance, if any, after you die.
Company Credits
On and after January 1, 2017, Company Credits refers collectively to Company matching credits and fixed Company credits.
Company Matching Credits
Company Matching Credits refers collectively to the core Company matching credits contributed each pay period and annual discretionary performance-based Company matching credits paid in the first quarter of the following year (that were contributed in Plan years 2006, 2007 and 2008). On and after January 1, 2009, core Company matching credits are referred to as Company matching credits.
Compensation or Contribution Limits
The applicable IRS compensation or contribution limits that can be reached under the Marsh & McLennan Companies 401(k) Savings & Investment Plan and can result in the commencement of deferrals and/or Company credits under this Plan are:
  • limit on before-tax and/or Roth 401(k) contributions: $19,000 plus $6,000 in catch-up and/or Roth catch-up contributions (total of $25,000) in the 2019 calendar year (Before-tax and/or Roth 401(k) contributions to a prior employer's plan in 2019 also count toward the IRS limit. You are responsible for coordinating your Marsh & McLennan Companies 401(k) Savings & Investment Plan contributions and taking into account any contributions made to a prior employer's plan in the same calendar year.)
  • covered compensation limit: for January 1, 2019 to December 31, 2019, the limit is $280,000.
  • In addition, IRS rules limit the total contributions (both yours and the Company's) to the Marsh & McLennan Companies 401(k) Savings & Investment Plan and any affiliated company defined contribution plans to the lesser of 100% of total compensation or $56,000 for the 2019 calendar year.
Compensation Limit
The Compensation Limit is the IRS limit on compensation eligible for consideration under plans like the Marsh & McLennan Companies 401(k) Savings & Investment Plan. The annual base pay that exceeds the annual Compensation Limit is eligible for deferral into the Supplemental Savings & Investment Plan. The 2019 Compensation Limit is base pay in excess of $280,000. The Compensation Limit will increase in future years as IRS limits increase.
Employee Service Center
Marsh & McLennan Companies Employee Service Center
Phone: +1 866 374 2662
Fixed Company Credits
Once you have completed one year of Vesting service, if you are employed by an eligible participating company, you will receive a fixed Company credit each pay period to the Plan equal to 4% of your eligible base pay for such pay period, whether or not you elect to make employee deferrals to the Plan. (For rehired employees, transferees and employees of acquired businesses, prior service may count toward the one year of vesting service.) These credits are referred to as "fixed Company credits."
For purposes of fixed Company credits:
  • Eligible base pay is limited to amounts over the IRS limit on compensation ($280,000 for 2019) that may be considered under the Marsh & McLennan Companies 401(k) Savings & Investment Plan.
Eligible participating companies include all MMC companies except Marsh & McLennan Agency LLC, and Dovetail Insurance Corporation.
Lump Sum Payment
Payment of your entire benefit.
Retirement
You are considered a retired employee when you terminate your employment with the Company if:
  • you are at least age 55 with 5 years of vested service.
  • you are age 65 or above.
Transfer Agent
EQ Shareowner Services
Phone: +1 800 457 8968
Vesting Service
Vesting service generally includes the years of service based on your regular or temporary employment with the Company. Vesting service is used to determine when you qualify for Company credits.