MMC Benefits Handbook
Account and Investment Management Fees
Participants pay the investment management fees relating to Plan investment options, and participants also pay certain administrative and transactional fees. The Company also pays some of the Plan's administrative fees.
Investment Fees
When you invest in a fund other than the MMC Stock Fund, there is a fee charged as a percentage of assets invested. That fee is reflected as an offset to the fund's investment returns. The fees charged by each fund are shown in the fund's Fund Fact Sheet. That fee covers the fund's investment management expenses. Since the fee offsets the investment returns you receive, this fee commensurately lowers your investment returns and thus your total account value.
Administrative Fees
Effective August 14, 2024, a monthly administrative fee is charged to all Plan participants in order to pay the expenses of the Plan's recordkeeper, Alight. For 2025, the amount of this fee is $1.63 per month and it is directly deducted from participant accounts. The amount is subject to change in the future.
Other Plan administrative expenses (such as trustee, consulting, auditing and legal fees) are generally paid by the Company.
Transactional Fees
In addition, certain expenses may be charged directly to your account based on certain account transactions. Below is a list of the Plan's transactional fees as of January 1, 2025; these fees are subject to change.
  • Payment fee: $25 per request
    • This fee applies to most types of in-service withdrawals, full or partial distributions, and the first payment in a series of installment payments.
    • The fee is deducted from your remaining account balance, so it will not impact the amount of your requested distribution. (Exception - if you take a lump sum distribution of your entire balance, the fee will be deducted from the distribution amount).
    • The fee does not apply to hardship withdrawals, dividend payments, recurring installments after the first payment, mandatory distributions under $1,000, QDRO payments, required minimum distributions, or refunds of excess contributions.
  • Loan fee: $50 initiation fee for each new loan requested
  • Overnight check fee: $25 (if an overnight check is requested by the participant)
General Fee Information
The Plan Administrator determines how to reasonably charge expenses to accounts, including accounts of terminated participants, beneficiaries and alternate payees. If the Company ceases to pay any Plan expenses that the Company is currently paying, such Plan expenses will be charged to Plan accounts in a reasonable manner to be determined by the Plan Administrator.
The Department of Labor advises participants in plans like this Plan to carefully review and assess the fees charged. In certain cases, the cumulative effect of fees and expenses for each investment option can substantially reduce the growth of your retirement savings. Visit the Department of Labor's website at https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/publications/understanding-your-retirement-plan-fees for an example showing the long-term effect of fees and expenses. Fees and expenses are only one of the many factors to consider when you decide to invest in a particular fund within the Plan. You may also want to think about whether an investment in a particular fund, along with your other investments, will help you achieve your financial goals.
Please refer to the Plan's fee disclosure document for additional information regarding Plan fees.