Benefits Handbook

Participants who met certain age and service criteria on December 31, 2005 may be eligible for a transition benefit, which may increase your SRP benefit accrued as of December 31, 2005.

If you are eligible for a transition benefit as described in the Retirement Plan, the same transition benefit rules apply when calculating your benefit under the SRP.

Because benefit accruals were discontinued under both the Retirement Plan and the SRP effective December 31, 2016, the Final Average Salary used to calculate the transition benefit will be determined at the earlier of your first termination date and December 31, 2016.

For information on the transition benefit see the Marsh & McLennan Companies Retirement Plan section.

Example – Han, a participant eligible for the transition benefit

Han was born on March 15, 1944, was hired by the Company on January 1, 1969 and terminated employment with the Company on March 31, 2009. Han accrued benefits under the Retirement Plan, BEP and the SRP before 2006 and after 2005. Therefore, Han will ultimately receive a SRP benefit calculated with respect to each of those periods of accrued benefits.

Because of Han's age and service, he was also entitled to a Transition Benefit with respect to his Retirement Plan benefits accrued as of January 1, 2006. The Transition Benefit also applies to his SRP benefit accrued as of January 1, 2006. The example below shows how the Transition Benefit applies to this portion of Han's SRP benefit.

Han had 483 months (40 years and 3 months) of both Benefit Service and Vesting Service as of March 31, 2009. Therefore, he is vested in his accrued retirement benefit.

Han's Retirement Plan and BEP Transition Benefits as of March 31, 2009 (termination date) are as follows:

For information on how the Retirement Plan and BEP Transition Benefits are determined, see the Marsh & McLennan Companies Retirement Plan and Benefits Equalization Plan sections.