Benefits Handbook

The Marsh & McLennan Companies Benefit Equalization Plan (BEP) is part of the Company's US Retirement Program. The Company discontinued benefit accruals under the US Retirement Program, including the BEP, effective December 31, 2016.

The US Retirement Program will provide income for your retirement provided you participated in the Program before January 1, 2017 and meet its vesting requirements before your final termination of employment with the Company. Benefits under the US Retirement Program (Program) may be payable from three sources: (i) the Marsh & McLennan Companies Retirement Plan, and for certain highly compensated employees, (ii) the Benefit Equalization Plan and (iii) the Supplemental Retirement Plan.

This section describes BEP provisions as of January 1, 2017. If you terminated employment before January 1, 2017, prior BEP provisions will determine your benefit. The provisions in this section have been updated to describe changes, effective June 3, 2022, to the Marsh & McLennan Companies Retirement Plan's payment rules that coordinate with certain aspects of your grandfathered BEP benefits, if any. However, no changes have been made to the BEP provisions.

The BEP is a non-qualified retirement plan intended to provide certain employees of the Company with a benefit substantially equal to the amounts that would otherwise be payable to such employees under the Marsh & McLennan Companies Retirement Plan but for the limitations imposed on such benefits by the Internal Revenue Code.

Defined terms are used throughout this section of the Benefits Handbook. These terms are defined by links to the "Glossary" . The terms "employee," "you" and "your" refer to a US employee (regular or temporary) of Marsh & McLennan Companies or any other participating company.

References in this section of the Benefits Handbook to "Company" means Marsh & McLennan Companies, Inc. and its subsidiaries and affiliates other than (i) Marsh ClearSight LLC (formerly CS STARS, LLC), (ii) Mercer Services (including: Mercer HR Services, LLC, Mercer Trust Company, and (except during the period from July 1, 2013 through February 29, 2016) Mercer Health and Benefits Administration, LLC), (iii) Mercer Systems Services, (iv) Mercer PeoplePro, (v) Marsh & McLennan Agency LLC, and (vi) Dovetail Insurance Corporation. References in this section to Marsh & McLennan Companies mean Marsh McLennan.