MMC Benefits Handbook
Fixed Company Contributions
If you have at least one year of Vesting Service and you are employed by an eligible participating company, the Company will contribute a fixed Company contribution equal to 4% of your eligible base pay for each payroll period to the Plan, whether or not you make an employee contribution to the Plan for such payroll period. These contributions are referred to as "fixed Company contributions." Eligible participating companies include all MMC companies except Marsh & McLennan Agency LLC.
For purposes of determining eligibility to receive fixed Company contributions, a "year of vesting service" is a 12-month period of service beginning on the first of the month in which you began working at Marsh McLennan and the 12-month period beginning on each anniversary of that date. This twelve-month period is called your employment year. Generally, two or more periods of service together may add up to 12 months. Also, if you leave regular or temporary employment and are rehired as a regular or temporary employee within 12 months, you will receive credit for your period of absence.
Vesting service generally includes the years of service based on your regular or temporary employment with the Company. Vesting service may also include:
- service with non-participating companies in the Company's controlled group (e.g., a foreign subsidiary).
- credit for service if you were initially hired by Marsh McLennan as a Leased Employee and you subsequently become a regular or temporary employee.
- the vesting earned for a plan account from a predecessor employer that was merged into this Plan.
- credit for pre-acquisition service for certain purposes under the Plan, as determined by Marsh McLennan acting through its representative for employees of acquired businesses whose plans are not merged into this Plan.
On and after January 1, 2017 the Company matching contributions and fixed Company contributions are collectively referred to as "Company contributions."
If you are eligible for the fixed Company contribution in this Plan as well as the Supplemental Savings & Investment Plan, you will begin to receive a fixed Company credit under the Supplemental Savings & Investment Plan once your eligible base pay has exceeded the IRS limit on compensation ($330,000 in 2023) under this Plan.