Benefits Handbook

You can invest your account in any fund offered under the Plan (funds are selected by the Marsh McLennan Benefits Investment Committee) or the MMC Stock Fund.

The funds available as of March 27, 2023 are listed below by category of investment. Generally, stable value funds are considered to have the lowest risk and lowest potential returns. The remaining three categories of investment options are generally believed to have increasing risk and potential returns in the following order: bond funds, balanced funds (bonds and stocks) and stock funds. The list below is not meant to suggest any ranking within a particular category of investment. One important element of investment risk is diversification of investments. Concentrated investments, like the MMC Stock Fund, which are invested solely or primarily in one investment, are generally considered to carry greater risk. However, you should remember that investment risk reflects factors in addition to diversification, such as creditworthiness of the issuer and investment term.

To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio. Spreading your assets among different types of investments, can help you achieve a favorable rate of return, while minimizing your overall risk of losing money. This is because market or other economic conditions that cause one category of assets, or one particular security, to perform very well often cause another asset category, or another particular security, to perform poorly. If you invest more than 20% of your retirement savings in any one company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help you manage investment risk.

In deciding how to invest your retirement savings, you should take into account all of your assets, including any retirement savings outside of the Plan. No single approach is right for everyone because, among other factors, individuals have different financial goals, different time horizons for meeting their goals, and different tolerances for risk.

It is also important to periodically review your investment portfolio, your investment objectives, and the investment options under the Plan to help ensure that your retirement savings will meet your retirement goals.

For more information on individual investing and diversification, please see the Department of Labor website at https://www.dol.gov/agencies/ebsa/laws-and-regulations/laws/pension-protection-act/investing-and-diversification.

Investors should carefully consider the investment objective, risks, charges, and expenses of an investment option or fund before investing. For a prospectus and, if available a summary prospectus or offering statement, if applicable for the fund or investment option, or for a fund fact sheet containing this and other information about any investment option or fund in the Plan, call the Plan's toll-free number at +1 866 374 2662 or if you are an active employee, go to Colleague Connect (https://mmcglobal.sharepoint.com/sites/Home). Select Pay & Benefits and click My Pay & Benefits, select Transamerica under Savings & Financial Planning; then click Investments and select Fund and Fee Information. If you are a terminated employee, go to https://careers.marshmclennan.com/global/en/us-benefits and select Transamerica; then click Investments and select Fund and Fee Information.

Be sure to read the fund prospectus and, if available, summary prospectus, or offering statement, if applicable for a fund or investment option and fund fact sheet carefully before making your investment decision because you are responsible, under this type of plan, for gains and losses resulting from your investment direction elections. Investing involves risk, including the risk of loss.

The investment funds offered in the Plan can be classified a number of ways; the categories reflect the general composition of the funds. Alternative classification systems, such as by style (e.g., value, growth, blend) or market capitalization (e.g., large-cap, mid-cap, small-cap), can highlight different aspects of the funds. The following are investment categories and funds offered under the Plan. Each category has different risk and return characteristics. It is important that you read the fund prospectus and select the fund(s) that meet your investment goals before making your investment decision.

Keep in mind that Plan participation involves investment risk. If the value of the investment options you have elected for your contributions decreases, the value of your account will decrease.

Your investment direction elections under this Plan are independent from those you make under the Marsh & McLennan Companies 401(k) Savings & Investment Plan. The Plan may change the available choices from time to time.

Seeks a return, before the assessment of expenses, that closely approximates the return of Marsh & McLennan Companies common stock. The fund consists of shares of Marsh & McLennan Companies common stock and a small amount of cash-equivalent investments to allow daily transactions. Investing in a single-stock fund involves additional risk due to the fund's lack of diversification.

Seeks to provide long-term capital growth with income as a secondary objective. The fund invests primarily in common stocks of large blue chip companies that have the potential for above-average earnings growth and are well established in their respective industries. The fund may invest a portion of its assets in mid-size companies; such investments increase the risk of greater price fluctuations.

Seeks long-term growth of principal and income and, as a secondary objective, seeks to achieve a reasonable current income. The fund invests primarily in a diversified portfolio of U.S. equity securities. In selecting investments, the fund typically invests in companies that appear to be temporarily undervalued by the stock market, but have a favorable outlook for long-term growth.

Seeks capital growth and current income by investing mainly in value stocks that have the potential to consistently pay above-average dividends as well as the potential to grow in value over time. The fund favors dividend-paying companies and is broadly diversified across market sectors. The fund may invest a portion of its assets in midsize companies. Such investments increase the risk of greater price fluctuations.

Seeks a return, before the assessment of fees, that closely approximates the return of the S&P 500® Index. The fund invests primarily in publicly traded common stocks of the S&P 500 Index. The fund invests some of its assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations.

The S&P 500 Index is an unmanaged index of common stocks frequently used as a general measure of US stock market performance. S&P 500 is a registered trademark of the Dow Jones Trademark Holdings LLC ("Dow Jones").

Mercer Investment Management, Inc., as the Marsh McLennan Benefits Investment Committee's appointed investment manager of index funds for the Plan, has selected the State Street Global Advisors S&P 500 Index Fund to be the investment vehicle for this fund.

Seeks the potential to achieve long-term capital growth through its investments in the underlying commingled T. Rowe Price Trusts, which have exposure to small- and mid-cap stocks. The Trust seeks to maintain an allocation of 45% mid-cap and 55% small-cap stocks, neutral to its benchmark of Russell 2500 Index. Small- and mid-cap companies may offer greater return potential than those of larger firms because they may be able to more quickly respond to competitive challenges and industry changes. Small- and mid-cap stocks may be more volatile because companies of this size often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies.

Seeks a return, before the assessment of fees, that closely approximates the return of the Russell Small Cap Completeness Index. This index measures the performance of the Russell 3000 Index excluding S&P 500 constituents. The Russell 3000 Index is an index maintained by the Russell Investment Group that seeks to capture the entire US stock market and encompasses the 3,000 largest US-traded stocks of companies incorporated in the US.

Mercer Investment Management, Inc., as the Marsh McLennan Benefits Investment Committee's appointed investment manager of index funds for the Plan, has selected the State Street Global Advisors US Extended Market Equity Index Fund to be the investment vehicle for this fund.

Seeks capital appreciation by investing in common stocks of issuers in Europe and the Pacific Basin that are believed to have the potential for growth. The fund may invest a portion of its assets in common stocks and other securities of companies in emerging markets. The fund may also hold cash or cash equivalents. The percentage of the fund invested in such holdings varies and depends on various factors, including market conditions and purchases and redemptions of fund units. For temporary defensive purposes, the fund may invest without limitation in such instruments. A larger percentage of such holdings could moderate the fund's investment results in a period of rising market prices. Alternatively, a larger percentage of such holdings could reduce the magnitude of the fund's loss in a period of falling market prices and provide liquidity to make additional investments or to meet redemptions.

Seeks a return, before the assessment of fees, that closely approximates the return of the MSCI All Country World (ACWI) ex-US Index. The MSCI ACWI ex-US Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging and developed markets, excluding the United States. The index includes large and mid-cap companies in 22 developed markets countries and 23 emerging markets countries. The index covers approximately 85% of the global equity opportunity set outside the US.

Mercer Investment Management, Inc., as the Marsh McLennan Benefits Investment Committee's appointed investment manager of index funds for the Plan, has selected the State Street Global Advisors Non-US Equity Index Fund to be the investment vehicle for this fund.

Seeks high total investment return through a combination of current income and capital appreciation. Investment universe typically includes US Treasuries, agencies, mortgage-backed securities (MBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), investment grade corporate bonds, Yankee bonds, high yield corporate bonds, emerging markets debt and non-US dollar bonds. Top-down macroeconomic analysis combined with bottom-up security selection drives portfolio construction. Duration is managed in a narrow range to the benchmark. Note that lower-rated bonds may offer higher yields in return for more risk. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks, including illiquidity and greater volatility, may be associated with emerging market securities. Agency securities are not explicitly guaranteed. Mortgage-backed securities are subject to prepayment risk. The fund may invest in derivatives, which can increase performance volatility.

Seeks a return, before the assessment of fees, that closely approximates the return of the Bloomberg Barclays Capital US Aggregate Bond Index. Investments typically include US Government and agency securities, investment-grade corporate and Yankee bonds, and mortgage-backed and asset-backed securities.

The Bloomberg Barclays Capital US Aggregate Bond Index is an indicator of US investment-grade bond market performance. Bloomberg is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license by Bloomberg. Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") or Bloomberg's licensors own all proprietary rights in the Bloomberg Barclays Capital US Aggregate Bond Index.

Mercer Investment Management, Inc., as the Marsh McLennan Benefits Investment Committee's appointed investment manager of index funds for the Plan, has selected the State Street Global Advisors US Bond Index Fund to be the investment vehicle for this fund.

Seeks stability of principal (capital preservation) and interest income by investing in a diversified portfolio of marketable fixed income securities that are insulated from interest rate volatility by contracts (wraps) from banks and insurance companies. Also holds contracts issued by insurance companies, banks, or other financial institutions. The contract issuers agree to repay the amount invested plus interest at a specified rate. To provide liquidity, a small portion of the fund's assets is invested in high-quality money market instruments.

Seeks capital growth and current income by investing in a well-diversified portfolio composed mostly of stocks and bonds. The fund invests 60-70% of its assets in dividend-paying common stocks of established large companies. The manager seeks stocks that appear to be undervalued but have prospects for improvement, commonly referred to as value stocks. The remaining 30-40% of the fund's assets are invested mainly in fixed-income securities, including investment-grade corporate bonds, with some exposure to US Treasury and government agency bonds, and mortgage-backed securities. Agency securities are not explicitly guaranteed. Mortgage-backed securities are subject to prepayment risk. Bond investing is subject to risks such as interest rate, credit, and inflation risk.

Invest in various investment strategies (stocks, bonds, money market instruments, and other asset classes), and link the strategy mix to a target retirement year. Each BlackRock LifePath Index Fund's objective is to maximize total return with a risk level considered appropriate for the particular BlackRock LifePath Index Fund's time horizon. The fund's investment manager changes the strategy mix, making it more conservative, as the target retirement year approaches. Each BlackRock LifePath Index Fund has a different level of risk.