MMC Benefits Handbook
How the Plan Works
Enrollment
Enrollment operates on a Plan year basis.
You can enroll in the Plan:
If you receive a mid-year salary change that increases your annual base pay above the Compensation Limit eligibility threshold, you must wait until the next Annual Enrollment for an invitation to participate.
You must make elections under both the Supplemental Savings & Investment Plan and the Marsh & McLennan Companies 401(k) Savings & Investment Plan to enroll in the employee deferral portion of the Plan.
If you remain eligible to participate in the Supplemental Savings & Investment Plan, you must make an election during Annual Enrollment to participate in the Plan for the upcoming year. If you do not make an election, your deferrals will end with the last payroll of the Plan year. The Plan year is defined as January – December within this document.
Generally, deferrals will start in the pay period in which you reach an IRS limit under the Marsh & McLennan Companies 401(k) Savings & Investment Plan.
Supplemental Savings & Investment Plan Annual Enrollment Elections
Each year that you are eligible (your annual base pay exceeds the IRS limit on compensation for tax qualified plans), you will be invited to participate in the Supplemental Savings & Investment Plan. At that time you must actively enroll in the Plan in order to make employee deferrals for such year.
If you choose to participate, you must make your deferral elections during the Supplemental Savings & Investment Plan's Annual Enrollment period. A new notional investment direction election is not required.
Please remember, you must make two separate elections to enroll in both the Supplemental Savings & Investment Plan and the Marsh & McLennan Companies 401(k) Savings & Investment Plan. Unless you have an active election in the Marsh & McLennan Companies 401(k) Savings & Investment Plan and make an active annual election in the Supplemental Savings & Investment Plan during Annual Enrollment, the election to participate in the employee deferral portion of the Supplemental Savings & Investment Plan will be considered incomplete and void. A Marsh & McLennan Companies 401(k) Savings & Investment Plan automatic enrollment is not considered a valid active enrollment election for your Supplemental Savings & Investment Plan enrollment. Your opportunity to participate in the employee deferral portion of the Supplemental Savings & Investment Plan for the upcoming Plan year will be considered forfeited.
If you choose not to participate in the employee deferral portion of the Plan, you will not be eligible to receive Company matching credits. However, you will still be eligible for fixed Company credits if you attain one year of vesting service and are employed by an eligible participating company (eligible participating companies include all MMC companies except Marsh & McLennan Agency LLC, and Dovetail Insurance Corporation). For this reason, you may make an initial distribution election under the Plan during the annual enrollment period preceding the commencement of your fixed Company credits. If you do not make an initial distribution election at such time, then your fixed Company credits will be subject to the Plan's default distribution rules for post-2004 account balances, and there are limits to your ability to make future changes to the timing and form of payment. See "Annual Enrollment Deferral Elections" for more information.
Annual Enrollment Deferral Elections
Under the Supplemental Savings & Investment Plan you may:
  • elect to defer 1% to 30% of eligible base pay on a before-tax basis.
Under the Marsh & McLennan Companies 401(k) Savings & Investment Plan you may:
  • elect to contribute 1% to 75% of eligible base pay on a before-tax basis.
  • elect to contribute 1% to 75% of eligible base pay on a Roth 401(k) basis (the sum of your before-tax and Roth 401(k) contribution rate cannot exceed 75%).
  • waive your catch-up contributions (catch-up contributions are automatic unless you opt to waive catch-up contributions) if eligible (includes Roth catch-up contributions).
You cannot make any traditional after-tax contributions to the Marsh & McLennan Companies 401(k) Savings & Investment Plan if you wish to make employee deferrals under the Supplemental Savings & Investment Plan for the year. Please note that Roth 401(k) contributions and Roth catch-up contributions to the Marsh & McLennan Companies 401(k) Savings & Investment Plan do not affect your ability to make employee deferrals under the Supplemental Savings & Investment Plan for the year.
If you make employee deferrals under the Supplemental Savings & Investment Plan for a Plan Year, you cannot make any changes to your deferral elections under the Supplemental Savings & Investment Plan and the Marsh & McLennan Companies 401(k) Savings & Investment Plan during the Plan year. A block will be placed on your contribution rate following Annual Enrollment.
Once you save your elections, you will receive a confirmation number under each plan. If you have a valid email address on file, you will receive a confirmation statement via email; otherwise, it will be mailed to your address on file generally within two business days of processing.
At the beginning of the next enrollment period, the block will be lifted and you can make changes to your deferral elections during Annual Enrollment under both the Marsh & McLennan Companies 401(k) Savings & Investment Plan and the Supplemental Savings & Investment Plan for the following year, if you remain eligible.
Deferral Elections
You may go to Colleague Connect (https://colleagueconnect.mmc.com), click Career & Rewards and select Transamerica under Tools or call the Employee Service Center at +1 866 374 2662 to elect or change your:
  • Supplemental Savings & Investment Plan deferral rate.
A Supplemental Savings & Investment Plan deferral rate election is required each year. A new notional investment direction election is not required. You may want to review your notional investment direction elections at least annually.
Separately, you will also need to go to Colleague Connect (https://colleagueconnect.mmc.com), click Career & Rewards and select Transamerica under Tools or call the Employee Service Center at +1 866 374 2662 to make any changes to your:
  • Marsh & McLennan Companies 401(k) Savings & Investment Plan contribution rate (includes Roth).
  • Catch-up contribution election (includes Roth catch-up contribution), if eligible. (Catch-up contributions will automatically be made unless you have elected to waive them. If you waive catch-up contributions for a Plan year, you will need to change your election during the designated Supplemental Savings & Investment Plan Annual Enrollment period to elect catch-up contributions for the next Plan year.)
You cannot make any changes to your deferral elections under the Supplemental Savings & Investment Plan and the Marsh & McLennan Companies 401(k) Savings & Investment Plan during the Plan year. The deferral election on file at the end of the Annual Enrollment period will be the election processed.
Annual Enrollment Distribution Elections
Your initial distribution elections under the Supplemental Savings & Investment Plan include options to select:
  • a method of payment (single lump sum or annual installments) for your distribution.
  • the timing of payment(s) for the distribution.
  • your post-2004 account balance immediately following the date you die, become disabled or separate from service on account of retirement.
  • your post-2004 account balance in the first calendar quarter of the year following the date you die, become disabled or separate from service on account of retirement.
  • your post-2004 account balance a in the first calendar quarter of the fifth year following the date you die, become disabled or separate from service on account of retirement.
  • Your initial distribution election takes effect immediately. All subsequent method of payment changes to your distribution elections for your account balance are required to be on file for at least 12 months to be effective. If you change your method of payment for your post-2004 distribution election, your first payment under your changed distribution election must be at least five years after the first payment under your previous distribution election (five year delay not applicable in cases of death and disability). A change in your method of payment automatically dictates a change to the timing of your payment. Special rules apply if you do not make a distribution election when you are first eligible.
Special Rules for Post-2004 Balance
If you do not make an affirmative initial distribution election when you are first eligible, you will receive your post-2004 account balance in a single lump sum payment in the event you die or become disabled (after you are approved for benefits under the Marsh & McLennan Companies Long Term Disability Plan in accordance with that plan's provisions and have received benefits under that plan and the Marsh & McLennan Companies Short Term Disability Benefits Policy for a total continuous period of 12 months for a single physical or mental condition), or separate from service on account of retirement. If you change your distribution election for your post-2004 balance, your change cannot accelerate payment of your post-2004 balance. Changes to your distribution election for your post-2004 balance may only extend the duration of your payment term, not shorten it. For example, you may change the duration of your installment payments from five to ten years but not vice versa. The only exception is that you may change from annual installment payments to a single lump sum payment.
If you change your distribution election for your post-2004 balance, your first payment under your changed distribution election must be at least five years after the first payment date under your previous distribution election (disability and death are not subject to five year delay). A change in your method of payment automatically dictates a change to the timing of your payment.
Under "How Benefits Are Paid" see "Distribution Elections/Changes" for more details and important restrictions on changing distribution elections.
If you are changing your distribution elections for your post-2004 account balance in the Supplemental Savings & Investment Plan, the method of payment election options are:
  • a single lump sum; or
  • annual installments (from 2 to 15 years).
Remember: Your initial distribution election takes effect immediately. All subsequent method of payment changes to your distribution election for your post-2004 account balance are required to be on file for at least 12 months to be effective. If you change your method of payment for your post-2004 distribution election, your first payment under your changed distribution election must be at least five years after the first payment date under your previous distribution election (five year delay not applicable in cases of death and disability). A change in your method of payment automatically dictates a change to the timing of your payment.
Pre-2005 Account Balance Options
Your election must be on file for at least 12 months before you are first eligible for a distribution to be effective.
Your pre-2005 account balance distribution options include:
  • your pre-2005 account balances immediately following termination (including for reason of Retirement) or death (default option).
  • your pre-2005 account balances following the first calendar quarter of the year following termination (including for reason of Retirement) or death.
  • your pre-2005 account balances following the first calendar quarter of the fifth year following termination (including for reason of Retirement) or death.
Note: Your pre-2005 account balance cannot be paid upon the event of disability since disability does not trigger a termination event. Pre-2005 account balances can only be distributed following termination or death.
Post-2004 Account Balance Options
If you change your method of payment for your post-2004 distribution election, your first payment under your changed distribution election must be at least five years after the first payment date under your previous distribution election (disability and death are not subject to five year delay). Method of payment changes to your distribution elections for your post-2004 account balance are required to be on file for at least 12 months to be effective. A change in the method of payment automatically dictates a change to the timing of your payment.
You may extend the duration of your payment term for your post-2004 account balance, not shorten it, or change from annual installment payments to a single lump sum payment. You may choose annual installment payments over a minimum of two years and up to a maximum of 15 years.
The timing of payment options are described below.
  • If you previously elected to commence receiving a distribution immediately following the date you die, become disabled or separate from service on account of retirement or if you did not make any affirmative election, and you have not previously changed your election, then you may make a change in the method of payment:
(1) In the case that your death or becoming disabled triggers the payment of your Supplemental Savings & Investment Plan benefits, you will receive your distribution immediately following the date you die or become disabled.
(2) In the case that you separate from service on account of retirement, you will receive your distribution immediately following the fifth anniversary of the date you separate from service on account of your retirement. Important Reminder: If you have previously changed your distribution election, your distribution cannot be made until an additional five years later for each change. For example, second change tenth anniversary, third change fifteenth anniversary, etc.
  • If you previously elected to commence receiving your distribution in the first calendar quarter of the year following the date you die, become disabled or separate from service on account of retirement and you have not previously changed your election then if you make a change in the method of payment:
(1) In the case that your death or becoming disabled triggers the payment of your Supplemental Savings & Investment Plan benefits, you will receive your distribution in the first calendar quarter of the year following the date you die or become disabled.
(2) In the case that you separate from service on account of retirement, you will receive your distribution in the first calendar quarter of the year following the fifth anniversary of the date you separate from service on account of your retirement. Important Reminder: If you have previously changed your distribution election, you must add five years for each change. For example, second change first calendar quarter of the year following the tenth anniversary, third change first calendar quarter of the year following the fifteenth anniversary, etc.
  • If you previously elected to commence receiving your distribution in the first calendar quarter of the fifth year following the date you die, become disabled or separate from service on account of retirement and you have not previously changed your election then if you make a change in the method of payment:
(1) In the case that your death or becoming disabled triggers the payment of your Supplemental Savings & Investment Plan benefits, you will receive your distribution in the first calendar quarter of the fifth year following the date you die or become disabled.
(2) In the case that you separate from service on account of retirement, you will receive your distribution in the first calendar quarter of the year following the tenth anniversary of the date you separate from service on account of your retirement. Important Reminder: If you have previously changed your distribution election, you must add five years for each change. For example, second change first calendar quarter of the year following the fifteenth anniversary, third change first calendar quarter of the year following the twentieth anniversary, etc.
Special rules apply if you do not make a distribution election when you are first eligible or if you wish to change your distribution elections. Under "How Benefits Are Paid" see "Distribution Elections/Changes" for more details and important restrictions on changing distribution elections.
Post-2004 Account Balance
Your initial distribution election takes effect immediately. All subsequent changes to your distribution election for your post-2004 account balance are required to be on file for at least 12 months to be effective. If you change your method of payment for your post-2004 distribution election, your first payment under your changed distribution election must be at least five years after the first payment date under your previous distribution election (disability and death are not subject to five year delay). A change in your method of payment automatically dictates a change to the timing of your payment.
If you do not make an affirmative initial distribution election, your post-2004 account balance will default to the single lump sum option and will be paid immediately following the date you die, or become disabled or you separate from service on account of Retirement (as defined in the Supplemental Savings & Investment Plan).
If you decide to enroll in the employee deferral portion of the Plan, you may go to Colleague Connect (https://colleagueconnect.mmc.com), click Career & Rewards and select Transamerica under Tools to make an initial election.
If you decide not to enroll in the employee deferral portion of the Plan but are eligible to receive fixed Company credits, you may make a distribution election for your fixed Company credits. To do so, complete and submit the Supplemental Savings & Investment Plan Distribution Election Initial Form – Post-2004 Account Balance that was included with the Annual Enrollment materials.
To change an election, complete the Supplemental Savings & Investment Plan Distribution Election Change Form – Post-2004 Account Balance as instructed. To obtain a form, go to Colleague Connect (https://colleagueconnect.mmc.com) and click Career & Rewards. Under Find a Document select Supplemental Savings & Investment Plan or call the Employee Service Center at +1 866 374 2662.
You cannot change your distribution election once you have terminated.
Pre-2005 Account Balances
You may change the method and timing of your distribution election for your pre-2005 account balance (pre-2005 deferrals, related Company Matching Credits and related notional investment earnings, if any). Your election must be on file for at least 12 months before you are first eligible for a distribution to be effective.
If your most recent election was in effect less than 12 months before you retire or die, your pre-2005 account balance will be paid in accordance with any previous election that was on file for at least 12 months.
If no election has been on file for at least 12 months, your pre-2005 account balance will generally be paid in a single lump sum in the year that your employment ends.
To verify your elections, go to Colleague Connect (https://colleagueconnect.mmc.com), click Career & Rewards and select Transamerica under Tools. If you have completed a form and your election does not appear online, contact the Employee Service Center at +1 866 374 2662.
You cannot change your distribution election once you have terminated.