MMC Benefits Handbook
Into the Plan
The Marsh & McLennan Companies Retirement Plan does not accept rollovers of benefits from other plans.
Out of the Plan
You cannot roll over any monthly payment you receive from the Plan.
You can roll over a lump sum payment from the Plan into an Individual Retirement Account (IRA) (including a Roth IRA) or into another eligible employer plan that accepts rollovers. An eligible employer plan could be a Tax-Qualified Plan (e.g., 401(k) plan), or certain plans of government and tax-exempt organizations established under sections 403(a), 403(b) or section 457 of the Internal Revenue Code).
If you received a lump sum payment with a portion of the benefit attributable to service while in the Sedgwick Retirement Plan, the contributions you made to the Sedgwick Retirement Plan can be rolled over if the IRA or another eligible employer plan accepts after-tax contributions.
With the rollover check, there will be a letter for the receiving trustee stating that the distribution is from a Tax-Qualified Plan.
If the lump sum value of your accrued retirement benefit is $1,000 or less, you will automatically receive a lump sum payment of small benefits (which is eligible for rollover as described above) in lieu of a monthly benefit.
If you die and the lump sum value of the survivor benefit is $1,000 or less, your Spouse or Domestic Partner will automatically receive a lump sum distribution in lieu of a monthly benefit. Your surviving Spouse, or Domestic Partner is also eligible to roll over a lump sum distribution. See "Taxes on a Lump Sum" for details.
If the Present Value of your benefit is less than $200, it will automatically be paid to you in a lump sum and you will not be permitted to elect a direct rollover. However, after your receive payment, you can roll it over to another eligible employer plan or IRA that accepts rollovers provided you roll it over within 60 days after you receive the distribution.
Rolling Over a Lump Sum
Participants eligible for a lump sum payment will be sent a form to complete.
Where to Find Tax Information on Rollovers
Refer to the Special Tax Notice Regarding Plan Payments for tax information on rollovers out of the Plan. A copy of this notice will be provided to each recipient of a distribution eligible for rollover.
You should consult with a tax professional to find out exactly what taxes you will have to pay.