Benefits Handbook

If you become eligible for the Mercer US Phased Retirement Program (PRP), you have the option to voluntarily elect to receive your Accrued Benefit for a period of up to 24 months while continuing to work. Depending on your circumstances and continuing eligibility, your participation may require changing to a PRP Reduced Work Schedule after which you are expected to fully retire, or it may simply allow you to collect your benefits under the Marsh & McLennan Companies Retirement Plan for 24 months while working your current schedule, which you can continue after payments are suspended.

Eligible participants have the flexibility to choose when to start phased retirement—as of any Benefit Commencement Date from September 1, 2022 to August 1, 2026. The latest date you can request a Benefits Package for the final August 1, 2026 Benefit Commencement Date in the PRP is July 1, 2026 at 6:00 pm Eastern Time. Prior to an extension to the PRP, the latest Benefit Commencement Date in the PRP was August 1, 2024. An extension to the PRP was announced in May of 2024, including that any additional extensions are not anticipated. If you are eligible for the PRP, but do not fulfill the participation requirements, your monthly benefit will commence pursuant to the standard provisions of the Marsh & McLennan Companies Retirement Plan. See "When Benefits Commence" for details.

Any participant who is expected to be able to meet the PRP eligibility requirements (see "Eligibility to Participate in the PRP") can find out more information about the program by visiting the PRP Resources page on Colleague Connect. In fact, the PRP Resources page has been accessible beginning in late May of 2022 to any participants who have not yet met all participation criteria (e.g., attaining age 62), provided that they eventually will be able to satisfy the requirements by the latest Benefit Commencement Date under the program, which was August 1, 2024 and is now August 1, 2026). The PRP Resources page grants access to the Phased Retirement Program ("PRP") Employee Brochure, which includes answers to many frequently asked questions, as well as other useful information. Go to Phased Retirement Program Resources.

Throughout this subsection of the Benefits Handbook describing the PRP, are terms that define its key features. Familiarizing yourself with these terms will allow for easier understanding of the program. Other capitalized terms are defined at the beginning of the section of the Benefits Handbook describing the Retirement Plan as a whole and in the "Glossary" .

Acknowledgement Form—The electronic form you must e-sign under the procedures described in the Phased Retirement Program ("PRP") Employee Brochure, which is available on the PRP Resources page (see above).

Benefit Commencement Date—The first day of the month in which your Retirement Plan benefits are scheduled to begin.

Company—Marsh & McLennan Companies, Inc., and its direct and indirect subsidiaries.

Full-Time Retirement—For the purposes of the PRP, you are considered to be in Full-Time Retirement when you terminate employment from the Company.

Highly Compensated Employee (HCE)—You are considered an HCE by the Internal Revenue Service (IRS) if, for the preceding year, you received total compensation from Mercer or any Marsh McLennan-controlled group company of more than a threshold set by the IRS and periodically adjusted for inflation (see the examples below illustrating how these rules impact the PRP). Your total compensation includes your base salary, incentive pay such as the Incentive Compensation Plan (ICP) award and any other payments you have received from Mercer or Marsh McLennan. You can check your compensation for this purpose by referencing the amount shown in box 5 of your W-2 for the appropriate year. For purposes of the PRP rules, your HCE status will be determined as of the date you submit your completed Acknowledgement Form.

Examples:

Normal Retirement Benefit—Your Retirement Plan benefit payable as a single life annuity on your normal retirement date, which is the first day of the month on or after the date you reach age 65.

Phased Retirement End Date—The date your participation in the PRP ends because any of the following has occurred: (1) you completed the maximum 24 months in the program (or such lesser period as you have elected as your PRP Benefit Period inclusive of any approved extensions), (2) you terminated employment during the PRP Benefit Period or (3) you became ineligible for the PRP prior to completing your PRP Benefit Period.

Phased Retirement Start Date—The Benefit Commencement Date as of which you commence your Retirement Plan benefits as a participant in the PRP. Your Phased Retirement Start Date can be the first of any month beginning September 1, 2022 (or, if later, the date you first become eligible), but not later than August 1, 2026. Prior to an extension to the PRP, the latest Phased Retirement Start Date was August 1, 2024. An extension to the PRP was announced in May of 2024, including that any additional extensions are not anticipated.

PRP Benefit Period—The period of up to 24 months of Retirement Plan payments that starts with your Benefit Commencement Date. If you are required to work a PRP Reduced Work Schedule, your agreed-upon PRP Benefit Period may be less than 24 months. Note that the extension to the PRP did not impact the PRP Benefit Period.

PRP Reduced Work Schedule—A schedule to work at least 40% (normally scheduled for at least 16 hours per week) and no more than 60% (normally scheduled for no more than 24 hours per week) of a Full-Time Employee schedule in order to participate in the PRP.

You are eligible to enter the PRP if, at any elected Phased Retirement Start Date (which can be no later than August 1, 2026), you meet all of the following criteria:

All of the above requirements apply for the duration of your PRP participation, except that you will remain eligible if you transfer from Mercer to another US Marsh McLennan company after your Phased Retirement Start Date.

Becoming Ineligible for the PRP

If at any time during the PRP Benefit Period you no longer meet the eligibility requirements, your participation and payment of your Retirement Plan benefit will be suspended. Examples of becoming ineligible include:

If you are not required to move to a PRP Reduced Work Schedule, your PRP Benefit Period is 24 months. Your participation in the PRP ends when you reach the end of this 24-month period, you terminate employment, or you become ineligible for the PRP, whichever occurs first. This is referred to as your Phased Retirement End Date.

If you are required to move to a PRP Reduced Work Schedule, you will need to choose your PRP Benefit Period from 1 to 24 months, in whole month intervals only. Your participation in the PRP ends when you reach the end of your agreed-upon PRP Benefit Period inclusive of any approved extensions (up to 24 months), you terminate employment, or you become ineligible for the PRP, whichever occurs first. This is referred to as your Phased Retirement End Date. If you need to extend your PRP Benefit Period, you may request an extension, at least 30 days in advance of your Phased Retirement End Date on file, pursuant to procedures described in the Phased Retirement Program ("PRP") Employee Brochure, which is available on the PRP Resources page.

In all cases, your Phased Retirement End Date may not be later than 24 months after your Phased Retirement Start Date and, as noted earlier in this section of the Benefits Handbook, the latest permissible Phased Retirement Start Date is August 1, 2026.

The PRP imposes certain restrictions that apply to participants who are required to change to a PRP Reduced Work Schedule, depending upon the amount of their Normal Retirement Benefits and whether they are considered HCEs. The PRP Resources page on Colleague Connect describes the procedures for changing to a PRP Reduced Work Schedule.

Limit on Number of PRP Participants on PRP Reduced Work Schedule

The PRP is being offered to all colleagues who will meet the eligibility criteria during the period from September 1, 2022 through August 1, 2026. Prior to the PRP extension, colleagues were required to meet the eligibility criteria by August 1, 2024. Neither the Marsh & McLennan Companies Retirement Plan nor Marsh McLennan or Mercer will exercise any discretion in selecting participants who may elect to commence benefits under the PRP.

However, to meet certain business objectives during the PRP, the number of colleagues who would be required to move to a PRP Reduced Work Schedule in order to participate in the PRP will be limited to 100 individuals throughout the PRP offering based period on the process below. When the limit is reached, the PRP will no longer be available to colleagues who would be required to move to the PRP Reduced Work Schedule. The program administrator will communicate to eligible colleagues if and when this limit has been reached. There is no limit applicable to PRP participants who are not required to move to a PRP Reduced Work Schedule. Note that the extension to the PRP offering announced in 2024 did not impact this limit and it applies cumulatively to all PRP participants since the program's inception.

A spot is considered "taken" and counts toward the limit once both of the following take place:

With a limit on the number of PRP participants who move to the PRP Reduced Work Schedule, if you are in this group and wish to participate, it is recommended that you not wait until the deadline to elect. For more information on your role in completing these steps and the earliest and latest dates you can request a PRP Benefits Package based on your Benefit Commencement Date, see "Commencing Your PRP Retirement Plan Benefits" and the Phased Retirement Program ("PRP") Employee Brochure available by going to the PRP Resources page on Colleague Connect.

The chart below summarizes the impact of the restrictions on participants required to change to a PRP Reduced Work Schedule:

If you elect to participate in the PRP, you will receive your vested Plan benefit beginning on your Phased Retirement Start Date. You can choose from the available annuity options for receiving your benefit, which will be described in your PRP Benefits Package. Your Retirement Plan benefits are generally paid at the beginning of each month over your lifetime, or over the joint lifetimes of you and your spouse or other designated beneficiary.

If you are under age 65 when payments begin, your monthly Normal Retirement Benefit may be reduced for early payment. Your monthly benefit amount will also depend on whether the option you choose provides for survivor benefits that continue to a spouse or another designated beneficiary after your death, your age and the age of your beneficiary, if applicable.

Please see "When Benefits Commence" of this section of the Benefits Handbook for more detailed information about the reductions for early retirement and your available annuity options under the Retirement Plan. With many factors to consider when deciding when to begin payments and choosing an optional benefit payment form, you are encouraged to speak with a tax or financial advisor before electing a payment form. For Retirement Plan-specific questions, call HR Services at +1 866 374 2662 (select option 1, then option 3, then option 1).

To start benefits under the PRP, go to the PRP Resources page on Colleague Connect for access to the Phased Retirement Program ("PRP") Employee Brochure, which describes detailed procedures. Below is a brief summary:

Keep in mind that the payment option you choose for your Retirement Plan payments during the PRP will be the payment option you receive when you enter Full-Time Retirement. You will not have an opportunity to change your payment option when you transition to Full-Time Retirement.

As noted, certain participants are required to change to a PRP Reduced Work Schedule in order to join the PRP, but others may elect to reduce their work schedule. If you retain your current schedule, your PRP participation has no impact on your pay or benefits. If you move to the PRP Reduced Work Schedule, your base salary will be adjusted accordingly, which could impact your benefits under other plans, such as the 401(k) plans, the Supplemental Savings & Investment Plan (SSIP), the Employee Stock Purchase Plan (ESPP), and certain welfare plans with benefits tied to your base salary (or such other defined forms of compensation that are relevant under the applicable terms of each plan).

If you are required to work the PRP Reduced Work Schedule, you are expected to retire at the end of the agreed-upon PRP Benefit Period (inclusive of any approved extensions, but no longer than 24 months total under any circumstances), which will be considered a voluntary termination. If you wish to continue working but are unable to find an alternative role, the voluntary termination stands. You will not be eligible for severance, including if the Company involuntarily terminates your employment as a result.

For more information regarding how your PRP participation could impact your other plan benefits, visit the PRP Resources page on Colleague Connect for access to the Phased Retirement Program ("PRP") Employee Brochure. You may also review the relevant sections of this Benefits Handbook that describe other plans. If you have questions about the impact on your benefits, please call HR Services at +1 866 374 2662 (select option 2, or stay on the line, then option 1).