Benefits Handbook

The initial distribution election you make for your post-2004 account balance when you are first eligible (during your first Annual Enrollment period) will be effective immediately.

If you do not make an affirmative initial distribution election when you are first eligible (during your first Annual Enrollment period), your post-2004 account balance will be defaulted to the single lump sum payment distribution option and will be paid immediately following the date you die, become disabled (after you are approved for benefits under the Marsh & McLennan Companies Long Term Disability Plan in accordance with that plan's provisions and have received benefits under that plan and the Marsh & McLennan Companies Short Term Disability Benefits Policy for a total continuous period of 12 months for a single physical or mental condition) or separate from service on account of your retirement. Any change to your post-2004 distribution election you make thereafter will be considered a change that is subject to the special rules for changing elections for your post-2004 account balance.

You may change the method of payment for your post-2004 account balance (deferrals made in 2005 or later, related Company credits and related notional investment earnings, if any) in accordance with special rules described below.

If you are a specified employee (generally includes the 50 top-paid officers), you may not receive a distribution of post-2004 balance (deferrals made in 2005 or later, related company credits and related notional investment earnings, if any) earlier than six months after separation from service on account of retirement or termination of employment. The six month delay will not apply to distributions made in the event you die or become disabled (as defined in the Supplemental Savings & Investment Plan).

To change an election, complete the Supplemental Savings & Investment Plan Distribution Election Change Form – Post-2004 Account Balances as instructed. To obtain a form, go to Colleague Connect (https://mmcglobal.sharepoint.com/sites/Home). Select Pay & Benefits, and click My Pay & Benefits, select Transamerica under Savings & Financial Planning or call HR Services at +1 866 374 2662.

You cannot change your distribution election once you have terminated.

You may change the method and timing of your distribution election for your pre-2005 account balance (pre-2005 deferrals, related Company matching credits and related notional investment earnings, if any). Your election must be on file for at least 12 months before you are first eligible for a distribution.

If your most recent election was in effect less than 12 months before you retire or die, your pre-2005 account balance will be paid in accordance with any previous election that was on file for at least 12 months.

If no election has been on file for at least 12 months, your pre-2005 account balance will generally be paid in a single lump sum.

Go to Colleague Connect (https://mmcglobal.sharepoint.com/sites/Home). Select Pay & Benefits, and click My Pay & Benefits, select Transamerica under Savings & Financial Planning to change an election.

You cannot change your distribution election once you have terminated.

Annual installment elections that are made at the time of your initial eligibility become effective immediately.

You may choose annual installments if you, die, are eligible for long term disability, or retire as long as you affirmatively elect annual installments when you are first eligible or your election is on file at least 12 months before you are first eligible for a distribution. Under "How Benefits Are Paid", see "Distribution Elections/Changes" for important restrictions on your rights to change the method of payment for post-2004 account balance.

You may change the duration of annual installment payments as long as you have not separated from service or terminated. Your distribution election must be on file for 12 months to be effective.

Once your account is in payment status, your election is irrevocable.

Installments are processed annually in December.

If you elect to be paid out in annual installments, the unpaid balance in your account will continue to be notionally invested in notional shares of Marsh & McLennan Companies stock and any other available notional investment options that you have elected. The amount to be paid out each year will vary with the notional investment performance (including credited dividends and other earnings, gains or losses) of your account and will be determined by dividing the account value on the relevant date by the remaining years of unpaid installments. Accordingly, the amount to be paid out each year may be more or less than the amount paid out in prior years.

If you die before receiving all your annual installments, your beneficiary will receive the undistributed benefit in a single lump sum as soon as practicable following your death unless you have a valid distribution election on file indicating that your beneficiary should continue to receive annual installments.

Generally, your distribution will be paid by check and the portion of your account notionally invested in notional shares of Marsh & McLennan Companies stock will be paid in shares of Marsh & McLennan Companies stock (a book-entry account will be set up with the Company's transfer agent). Note: The amount distributed will generally be subject to federal, state and/or local taxes.

You may change the duration of your installment payments for your post-2004 account balance or change from installment payments to a single lump sum payment. The change to your post-2004 distribution election automatically dictates a change to the timing of your payment. Your first payment date under your changed distribution election must be at least five years after the first payment date under your previous distribution election. The five year delay will not apply in case of death or disability.

You may choose annual installment payments over a minimum of two years and up to a maximum of 15 years. A change in the method of payment automatically dictates a change to the timing of your payment. The timing of payment options are described below.

You may choose payments over a minimum of two years and up to a maximum of 15 years. The installments can begin: