Benefits Handbook

In addition to making before-tax and traditional after-tax contributions, you can also make Roth 401(k) contributions. Roth 401(k) contributions are contributions made with after-tax dollars. If you save on a Roth basis for at least five taxable years (the five-year period begins upon the earliest of the following: (i) your first Roth 401(k) contribution to the Plan, (ii) your first in-plan Roth conversion under the Plan, or (iii) your first Roth contribution to another employer's plan if you made a direct rollover of Roth contributions from the other plan to this Plan) and you're at least age 59-1/2 at the time you withdraw the money (or the withdrawal is on the account of death or total disability), you can withdraw your money and earnings without paying taxes.

Roth 401(k) contributions are held in a separate account from your before-tax and after-tax contributions. Since the account is separate, Roth 401(k) contributions may not be converted to before-tax contributions and vice versa. In addition, Roth 401(k) contributions may not be converted to after-tax contributions, although you can convert traditional after-tax contribution account balances to Roth status through an in-plan Roth conversion. See "In-Plan Roth Conversions" for more information.

You can alternate between making Roth 401(k) and before-tax contributions. Each change would apply only to future contributions since you cannot convert before tax contributions to Roth 401(k) balances or vice versa.

You are immediately eligible to make Roth 401(k) contributions.

If you will be age 50-59 or 64 or older by the end of the calendar year, you can make Roth catch-up contributions up to the IRS annual catch-up contribution limit of $7,500 for 2025. If you are between the ages of 60-63 by the end of the calendar year, you can make Roth catch-up contributions up to the IRS annual catch-up contribution limit of $11,250 for 2025.

Your Roth 401(k) contributions will be conveniently deducted from your paycheck.

When you make Roth 401(k) contributions, you pay your taxes immediately. This will leave you with less take-home pay but you'll have a source of non-taxable income in retirement.

The total of your before-tax and/or Roth 401(k) contributions will be subject to the same IRS contribution limit. After you reach the IRS annual limit on before-tax and/or Roth 401(k) contributions, your before-tax and/or Roth 401(k) contributions automatically will be made as traditional after-tax contributions for the remainder of the calendar year, subject to the plan maximum of 15% of eligible pay for after-tax contributions, unless you opt out. See "Changing Contributions When You Reach the IRS Maximum Limits" for more information.

Marsh McLennan matches your Roth 401(k) contributions according to the Plan's provisions:

The decision to make Roth 401(k) contributions should be based on your personal situation. We encourage you to review your savings goals, financial priorities and all resources available to you before you decide if Roth 401(k) contributions are appropriate for you.

Both Roth 401(k) contributions and traditional after-tax contributions allow you to invest money in the Plan after you've paid the taxes on your contributions. However, you can withdraw any earnings on Roth 401(k) contributions without taxes if you've saved for at least five taxable years (the five-year period begins upon the earliest of the following: (i) your first Roth 401(k) contribution to the Plan, (ii) your first in-plan Roth conversion under the Plan, or (iii) your first Roth contribution to another employer's plan if you made a direct rollover of Roth contributions from the other plan to this Plan) and you're at least 59-1/2 when you withdraw the money (or the withdrawal is on the account of death or total disability). When you withdraw traditional after-tax contributions, you must pay taxes on any earnings. Roth 401(k) and traditional after-tax contributions are subject to different limits.

Your Roth 401(k) account is separate from your before-tax and/or traditional after-tax account. (Roth 401(k) contributions may not be converted to before tax contributions and vice versa. In addition, Roth 401(k) contributions may not be converted to after-tax contributions, although you can convert traditional after-tax contribution account balances to Roth status through an in-plan Roth conversion.) However, the combined total of all your Roth 401(k), before-tax and traditional after-tax contributions cannot exceed 75% of your eligible base pay. Roth 401(k) and before-tax contributions are subject to the IRS contribution limit, which is $23,500 for 2025 or $31,000 if you're age 50-59 or 64 or older. If you are between the ages of 60-63, the maximum combined total of all your Roth 401(k) and before-tax contributions plus catch-up and/or Roth catch-up contributions for 2025 is $34,750.

You may invest your Roth 401(k) contributions in any of the investments available in the Plan. If you contribute on a before-tax, traditional after-tax and/or Roth 401(k) basis, your contributions will be invested in the same investment options and in the same allocation percentages. Although all employee contributions you make to the Plan will be invested the same way, you may choose different investment allocations for any Company contributions made to your account.

In-service withdrawals of Roth 401(k) contributions (i.e., elective deferrals) are available under the Roth Withdrawal, provided that you are at least age 59-1/2 or disabled. If your account includes in-plan Roth conversion amounts that were converted from traditional after-tax funds, such in-plan Roth conversion amounts may be withdrawn at any time through an In-Plan Roth Conversion Account Withdrawal. See "In-Plan Roth Conversions" for more information.

Note that Roth rollover contributions are also eligible to be withdrawn at any time under the Roth Withdrawal.

Roth sources are not included in the Financial Hardship Withdrawal.

Loans are not permitted from any Roth 401(k) portion of your account. However, your entire Vested account balance (including any Roth 401(k) contributions) will be used to determine the total amount you can borrow from your account. In other words, you can take up to 50% (up to a maximum of $50,000) of your entire vested account balance as a loan.

In general, beginning in 2024, there are no required distributions of Roth balances (Roth 401(k), Roth catchup, in plan Roth conversion and Roth rollover contributions, including earnings) during the participant's lifetime. Participants can voluntarily elect to receive these amounts in accordance with normal Plan rules. This special rule applies only to Plan participants, not beneficiaries.

Your eligibility to receive tax credits is based on your annual taxable income. Saving on a before-tax basis reduces your taxable income, which could help you remain or become eligible for an Earned Income Tax Credit and an Additional Child Tax Credit. However, contributing on a Roth 401(k) basis may not reduce your taxable income, which could potentially reduce or eliminate your tax credits. Please consult a tax and/or financial planning advisor for assistance with making the best decision based on your financial situation.

In the case of a distribution under the Plan to an alternate payee or Beneficiary, the age, death or disability of the participant are used to determine whether the distribution is qualified. The five taxable year period required for a qualified distribution under the Plan is based on the earliest of the following: (i) the participant's first Roth 401(k) contribution to the Plan, (ii) the participant's first in-plan Roth conversion under the Plan, or (iii) the participant's first Roth contribution to another employer's 401(k), section 403(b) or governmental section 457(b) plan if the participant made a direct rollover of Roth contributions from the other plan to this Plan. This five taxable year period is not recalculated if the participant dies or if a domestic relations order divides the participant's account.

If an alternate payee or beneficiary directly rolls over a distribution from a participant's account to a tax-qualified retirement plan maintained by the alternate payee or beneficiary's own employer (the "recipient plan"), the five year period for a qualified distribution from the alternate payee or beneficiary's account under the recipient plan begins on the earlier of (i) the date of the participant's first Roth contribution or conversion (as described above) or (ii) the date otherwise applicable to the beneficiary or alternate payee's Roth account under the recipient plan.

A qualified distribution from your Roth account is fully excludable from gross income. To be a qualified distribution, the distribution must be made after you reach age 59-1/2 or on account of disability or death and you must have satisfied the required five taxable year period for a qualified distribution. The five-year period begins upon the earliest of the following: (i) your first Roth 401(k) contribution to the Plan, (ii) your first in-plan Roth conversion under the Plan, or (iii) your first Roth contribution to another employer's 401(k), section 403(b) or governmental section 457(b) plan if you made a direct rollover of Roth contributions from the other plan to this Plan.

If you leave the Company,

If the distribution of your Roth 401(k) contributions is not a "qualified distribution" and is not directly rolled over into another employer's tax-qualified plan or into your own Roth IRA, earnings attributed to your Roth 401(k) contributions are subject to mandatory 20% Federal income tax withholding. Furthermore, distributions made before age 59-1/2 may trigger an additional 10% Federal early withdrawal tax on those earnings. Please consult your tax advisor for further details.

To avoid taxation of your Roth 401(k) earnings and possible early withdrawal taxes upon distribution:

All Company Matching Contributions are subject to the same tax treatment as before-tax contributions. So, whether you are contributing on a Roth 401(k) or a before-tax or traditional after-tax basis, the Company Matching Contributions and all associated earnings are taxed as ordinary income upon withdrawal.

The five-year period required for qualified distributions begins upon the earliest of the following: (i) your first Roth 401(k) contribution to the Plan, (ii) your first in-plan Roth conversion under the Plan, or (iii) your first Roth contribution to another employer's 401(k), section 403(b) or governmental section 457(b) plan if you made a direct rollover of Roth contributions from the other plan to this Plan.

If you were on a military or other uniformed leave of absence and such leave is covered by the Uniformed Services Employment and Reemployment Rights Act (USERRA), your Roth 401(k) contributions are generally treated as made in the year of qualified military service in which the contributions relate regardless of whether the contribution was made upon your return to full-time employment with the Company. The period for which you are choosing for making contributions for the purposes of the Company match will also be designated as determining the first year of your five year period for a qualified distribution (unless the five year period had previously commenced on account of earlier Roth 401(k) contributions or an in-plan Roth conversion, or the direct rollover of Roth contributions from another employer's 401(k), section 403(b) or governmental section 457(b) plan).

If you do not designate a year, by default the Roth 401(k) contribution is treated as though it was made in the first year of military service for which you could have made the contribution, or, if later, the first taxable year in which Roth 401(k) contributions could have been made under the Plan.

If you have made Roth 401(k), Roth rollover and/or Roth catch-up contributions to the Plan, your tax basis for qualified Roth 401(k), Roth rollover and/or Roth catch-up distributions that include Marsh & McLennan Companies Stock is the fair market value of the distributed shares at the time of the distribution. In the case of a non-qualified Roth 401(k), Roth rollover and/or Roth catch-up distribution that includes Marsh & McLennan Companies Stock, the net unrealized appreciation (NUA) is not included in the tax basis of the distributed shares and is treated as a capital gain to the extent realized in a later sale of the stock. The NUA is excludable from your income at the time of the distribution.

A distribution from a designated Roth account may only be rolled over to another Roth 401(k) or 403(b) account or to a Roth IRA. Amounts held in a Roth IRA cannot be rolled over to a Roth account in a 401(k) plan or 403(b) plan. This Plan accepts direct rollovers of Roth contributions and earnings from other 401(k) plans, section 403(b) plans and governmental section 457(b) plans.

If you roll over your Roth 401(k) account from this Plan to another employer's tax-qualified section 401(k) plan or section 403(b) plan (the recipient plan) by a trustee-to-trustee transfer, you will receive credit from the other tax-qualified plan for your period of participation (five taxable year period) in this Plan.

If you do not authorize a direct rollover of your Roth 401(k) account balance to another tax-qualified plan but decide to roll over your distribution within 60-days to another tax-qualified plan, you do not receive credit for the period you participated in this Plan. Instead you will be given a new start date for the five taxable year period.

If you would like to make Roth 401(k) contributions, you can do so at any time. Go to Colleague Connect (https://mmcglobal.sharepoint.com/sites/Home). Select Pay & Benefits, and click My Pay & Benefits, select Alight under Savings & Financial Planning or call +1 866 374 2662. Your election will take effect with the next available payroll.