MMC Benefits Handbook
Deferrals and Credits
Employee Deferrals
You can defer at a rate of:
- 1% to 30% of eligible base pay you earn after you have reached applicable Compensation or Contribution limits under the Marsh & McLennan Companies 401(k) Savings & Investment Plan.
- Company Matching Credits on your combined contributions to the Marsh & McLennan Companies 401(k) Savings & Investment Plan and deferrals under the Supplemental Savings & Investment Plan of up to the first 6% of eligible base pay. You are not eligible for Company Matching Credits until you have completed one year of vesting service as described under the Marsh & McLennan Companies 401(k) Savings & Investment Plan. (For rehired employees, transferees and employees of acquired businesses, prior service may count toward the one year of vesting service.) There is no Company Matching Credit on your deferrals in excess of 6% of eligible base pay.
The Company will allocate a Company matching credit each pay period of 50% on the first 6% of your eligible base pay that you defer in a pay period to the Plan.
Fixed Company Credits
Once you have completed one year of vesting service, if you are employed by an eligible participating company, you will receive a fixed Company credit each pay period to the Plan equal to 4% of your eligible base pay for such pay period, whether or not you elect to make employee deferrals to the Plan. (For rehired employees, transferees and employees of acquired businesses, prior service may count toward the one year of vesting service.) These credits are referred to as "Fixed Company credits."
For purposes of fixed Company credits:
- Eligible base pay is limited to amounts over the IRS limit on compensation ($345,000 for 2024) that may be considered under the Marsh & McLennan Companies 401(k) Savings & Investment Plan.
- Eligible participating companies include all MMC companies except Marsh & McLennan Agency LLC.
Additional Information
Annual discretionary performance-based Company matching credits (paid in the first quarter of the following year) were also contributed for Plan years 2006, 2007 and 2008. Throughout this document "Company Matching Credits" refers collectively to the core Company matching credits and the discretionary performance-based Company matching credits. On and after January 1, 2009, core Company matching credits are referred to as Company matching credits.
On and after January 1, 2017, the Company matching credits and fixed Company credits are collectively referred to as "Company credits."