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.
Eligible Base Pay
Eligible base pay is your base rate of pay (a combination of regular earnings, producer salary or sales salary), regular draw and earned commissions before all deductions, including deductions for taxes and your own Plan contributions (eligible base pay does NOT include overtime, bonuses and other extra compensation).
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 an MMA Company, if such individual is not an actual employee of an MMA Company, but nevertheless performs services for an MMA Company where such services are performed pursuant to any sort of formal or informal agreement between the MMA Company 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 MMA 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 or tribal domestic relations law (including a community property law). It is considered a qualified 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.
If you terminate employment with the Company or Marsh & McLennan Companies at or after age 55, you are considered a retired employee and you are eligible to receive payment of your vested account balance in any form of payment available under the Plan (rather than only a lump sum payment). If you terminate employment with the Company or Marsh & McLennan Companies at or after age 65, your account balance will automatically be 100% vested (regardless of your years of vesting service).
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, and (e) any dividends attributable to your interest in the MMC Stock Fund. You will also become fully vested in Company matching contributions and any MMC fixed company contributions transferred from the Marsh & McLennan Companies 401(k) Savings & Investment Plan on certain events, such as death, disability or termination of the plan.
Vesting Service
Vesting service generally includes your time of employment with the Company. Vesting service may also include:
  • service with non-participating companies in Marsh McLennan's or MMA's controlled group of companies (e.g., a foreign subsidiary).
  • credit for service if you were initially hired by MMA as a leased employee and you subsequently become an employee.
  • service with a predecessor employer if that employer's plan is merged into this Plan and you participated in that plan.
  • service performed for your employer before its acquisition by MMA as determined by Marsh McLennan's in accordance with the Plan document.