MMC Benefits Handbook
How the BEP Works
The BEP is designed to restore the benefits you cannot accrue under the Retirement Plan due to limits imposed by the IRC. As such, the BEP pays the difference between your Accrued Benefit determined under the Retirement Plan when the IRC limitations are applied and the benefit that you would have accrued under the Retirement Plan if the IRC limits were not applied.
Because benefit accruals were discontinued December 31, 2016 under both the Retirement Plan and the BEP, you cannot accrue additional benefits under the BEP on or after January 1, 2017.
The following three illustrations demonstrate the calculation of the BEP benefit under three different participant categories. Generally, you will be in only one of these three categories as follows: