MMC Benefits Handbook
US Expatriates
If you are seconded from a US participating company to a non-participating company outside the United States, but your legal employer remains your US employer, you are considered a US expatriate. As a US expatriate, you are eligible for the Plan, provided you meet all participation requirements of the Plan.
Pay Used to Calculate the Retirement Benefit for a US Expatriate
Generally if you are a US expatriate and your pay is denominated in a currency other than US dollars, your non-US dollar base pay will be converted to US dollars using the current applicable exchange rate for purposes of benefit calculations. Effective for benefits accrued on or after July 1, 2009, your local currency base salary will be converted using the Global Mobility exchange rate policy. According to the Global Mobility exchange rate policy, non-US dollar denominated pay is converted to US dollars on each January 1 and July 1 using an exchange rate determined by the Marsh & McLennan Companies Treasury Department.
The applicable exchange rate for the January 1st through June 30th period is the prior November month-end rate and for the July 1st through December 31st period is the prior May month-end rate. The rate is based on published exchange rates. The converted base rate will be used to calculate your retirement benefit.
Prior to July 1, 2009, your local currency base pay was converted to US dollars using the OANDA Interbank ask rate on the date of a pay rate change, or on the anniversary of the last pay rate change if there was no pay rate change in the prior 12 months.