MMC Benefits Handbook
The person or entity you designate or who, under the terms of the plan will receive your remaining account balance after you die.
Conduit IRA
An IRA that:
  • was established with a distribution from (i) another employer tax-qualified plan under Section 401(a) of the Internal Revenue Code, (ii) a retirement plan under Section 403(b) of the Internal Revenue Code or (iii) a governmental plan under Section 457(b) of the Internal Revenue Code; and
  • has no other IRA contributions commingled with it.
A loan will be considered to be in default if:
  • you breach a representation in the promissory note or make any false or misleading statement when you apply for the loan,
  • you file for bankruptcy or,
  • it is determined by the loan administrator that your ability to repay the loan is substantially impaired.
HR Services
Marsh McLennan HR Services
Phone: +1 866 374 2662
Monthly, quarterly, semi-annual or annual income that continues for a specified period of time, like for a number of years or number of payments.
Leased Employee
An individual is considered to be a Leased Employee of Marsh McLennan, if such individual is not an actual employee of Marsh McLennan, but nevertheless performs services for Marsh McLennan where such services are performed pursuant to any sort of formal or informal agreement between the Marsh McLennan and an unrelated agency or other unrelated employer.
Non-Individual Beneficiary
"Non-individual beneficiaries" include charities, estates, and trusts where individual beneficiaries are not identifiable under the trust document.
Normal Form
The Normal Forms of payment for distributions over $1,000 under the Marsh & McLennan Companies 401(k) Savings & Investment Plan are:
  • in-kind distribution of whole shares from the MMC Stock Fund.
  • check for the value of your investments in Investment Funds other than the MMC Stock Fund, along with the value of all fractional shares of Marsh & McLennan Companies stock.
Qualified Domestic Relations Order (QDRO)
A judgment, decree or order issued by a state or tribal court that relates to child support, alimony payments or marital property rights to a spouse, former spouse, child or other dependent and is made pursuant to a state domestic relations law (including a community property law). It is considered a qualified or tribal domestic relations order if it creates or recognizes the existence of an alternate payee's right—or assigns to an alternate payee the right—to receive all or a portion of the benefits payable to a participant under a plan, specifies required information, does not alter the amount or form of plan benefits and is approved by the plan.
You are considered a retired employee when you terminate your employment with the Company if:
  • you are at least age 55 with 5 years of vested service.
  • you are age 65 or above.
Rollover Contributions
Amounts received from certain other tax-favored plans that may be eligible for a tax-free transfer to another such plan.
Social Security Benefit
The retirement benefit you receive from the government when you retire, based on your age, the number of years you contributed to Social Security and your Social Security contributions during those years. In order to qualify for Social Security coverage, you must have 40 quarters of Social Security contributions.
Tax-Qualified Plan
A plan that satisfies the Internal Revenue Service requirements governing retirement plans and pays benefits within IRS limits and allows the Company to set aside assets in a tax-exempt trust to fund participant benefits, without subjecting participants to tax until they receive distributions from the plan.
The IRS imposes certain limits on tax-qualified plans, such as establishing a maximum amount of salary that can be used to calculate plan benefits, and the maximum benefit that a retirement plan can pay a participant at age 65 and other retirement ages. The government adjusts these limits from time to time. Lower limits applicable for prior years may affect your benefits.
Vested means nonforfeitability, that is, you have the nonforfeitable right to the value of the vested portion of your interest in the plan. You are always 100% vested in (a) the current value of your own before-tax and after-tax contributions to the plan, (b) any rollover contributions to the plan, (c) any in-plan Roth conversion accounts under the plan, (d) any MHRS Plan Account contributions to the plan, (e) any dividends attributable to your interest in the MMC Stock Fund, and (f) if you were a participant before January 1, 1998, in your Company Matching Contributions. You will also become fully vested in Company Matching Contributions and fixed Company contributions on certain events, such as death, disability or termination of the plan.
Vesting Service
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