Benefits Handbook

The portion of your BEP benefit, if any, that is grandfathered under prior tax rules and therefore is not subject to Section 409A is equal to the vested Accrued Benefit calculated as of December 31, 2004, as if you terminated employment on that date. This is the Grandfathered BEP Benefit and is not subject to Section 409A rules governing the time and form of payment. This amount will be reduced by applicable early retirement reduction factors to reflect your age at commencement to the extent that your Grandfathered BEP Benefit commences before you attain age 65. For more information about how the accrued benefit is reduced when commencement occurs before age 65 see "Early Commencement: If You Commence Before Age 65" in the Marsh & McLennan Companies Retirement Plan section.