MMC Benefits Handbook
What Pay Counts
The SRP takes into account your Eligible Monthly Pay in determining your Accrued Benefit amount. Eligible Monthly Pay is your monthly pay while employed by a participating company before any reductions for elective contributions. Eligible Monthly Pay does not include regular draw, overtime, bonus, commission, any other extra compensation.
However, Eligible Monthly Pay does include before-tax salary reduction amounts that you may contribute to other programs sponsored by Marsh & McLennan Companies, such as the Marsh & McLennan Companies 401(k) Savings & Investment Plan, or a Flexible Spending Account as well as any compensation you defer under the Supplemental Savings & Investment Plan.
The Eligible Monthly Pay used to calculate the SRP benefit is not subject to IRC limits that can potentially cap the amount of benefits that can be paid by the Retirement Plan. For example, the IRC limit on the amount of annual compensation that can be taken into account in calculating benefits payable from a tax-qualified plan is $265,000 for 2016. The SRP, a non-qualified plan, pays benefits in excess of these limits. See "What Pay Counts" in the Marsh & McLennan Companies Retirement Plan section for additional details.
Any pay attributable to your employment with Marsh & McLennan Companies after December 31, 2016 is not included in determining your SRP benefit.
See "What Pay Counts" and "Leave of Absence" in the Marsh & McLennan Companies Retirement Plan section for a description of how Eligible Monthly Pay is determined if you are paid on a salaried versus an hourly basis, or while you are on an approved disability or military leave.