Benefits Handbook

A Required Minimum Distribution ("RMD") is a minimum annual distribution from the Plan. In general, the Internal Revenue Code requires that retired or terminated participants that attain age 73 (if you were born after December 31, 1950) or age 72 (if you were born after June 30, 1949 but before January 1, 1951) or age 70-1/2 (if you were born before July 1, 1949) must receive an RMD from the Plan each year. The first RMD must be received no later than the April 1st following the calendar year in which you attain age 73 (if you were born after December 31, 1950) or age 72 (if you were born after June 30, 1949 but before January 1, 1951) or age 70-1/2 (if you were born before July 1, 1949) or if later, the calendar year following your Retirement or termination of employment.

If you do not complete and return the Required Minimum Distributions Form and Benefit Distribution Form as instructed, the balance in your account under the Plan, including any amount invested in the MMC Stock Fund, will be distributed to you by check and taxes will be withheld.

Special Rule for Roth Account Balances: If you are a participant, effective beginning with the 2024 calendar year, your Roth account balances (Roth 401(k), Roth catchup, in plan Roth conversion and Roth rollover contributions, including earnings) are not subject to IRS RMD rules. However, under Plan terms, all amounts held in your accounts under the Plan, including Roth account balances, must still begin to be distributed no later than the applicable RMD date described above and in the forms required by the Plan's general distribution rules.

As a result, while RMDs of non-Roth contribution types (such as pre-tax contributions and Company contributions) are ineligible to be rolled over to an IRA or other employer's tax-qualified plan, the required distributions of Roth account balances for 2024 and later years (not including 2023 required minimum distributions required to be paid by April 1, 2024) are generally eligible to be rolled over by the participant. Therefore, if you are a participant, these required Roth account distribution amounts (including earnings) can generally be rolled over into your own Roth IRA or into another employer's tax-qualified plan that allows Roth 401(k) rollovers. This special rule applies only to Plan participants, not beneficiaries.