Benefits Handbook

These special rules apply to individuals with past Johnson & Higgins service who are actively employed with a company in the Marsh McLennan World-wide Controlled Group on or after January 1, 1998. In general, individuals employed by Marsh McLennan who were employed by Johnson & Higgins on the corporate merger date, March 27, 1997, were first eligible to participate in the Marsh & McLennan Companies Retirement Plan on January 1, 1998.

Effective as of January 1, 1998, the Johnson & Higgins Retirement Income Plan was merged into the Marsh & McLennan Companies Retirement Plan. Your Johnson & Higgins benefit as of December 31, 1997, if any, updated for Marsh McLennan pay history up to and including December 31, 2016, the date benefit accruals were discontinued under the Plan, will be added to any benefit you accrued starting January 1, 1998 under the Marsh & McLennan Companies Retirement Plan. The total combined benefit will be payable from the Marsh & McLennan Companies Retirement Plan if you are vested when you leave the Company.

Note: Your Johnson & Higgins service will count for vesting in the Marsh & McLennan Companies Retirement Plan to the extent it was recognized under the Johnson & Higgins Retirement Income Plan if you were employed on the corporate merger date and remained employed through December 31, 1997; it does not count as Benefit Service under the Marsh & McLennan Companies Retirement Plan. Your benefit and vesting service dates on record can be found via Colleague Connect (https://mmcglobal.sharepoint.com/sites/Home). Click Pay & Benefits, select My Pay & Benefits, under Savings & Financial Planning click Retirement Calculator and then go to Information About You.

Your previous eligibility service with a Johnson & Higgins company will generally count toward the one year of service eligibility requirement under the Marsh & McLennan Companies Retirement Plan.

The benefit that you earn after 1997 will be determined under the Marsh & McLennan Companies Retirement Plan formula using service with Marsh McLennan after 1997. Prior Johnson & Higgins benefit service is not counted as Benefit Service under the Marsh & McLennan Companies Retirement Plan formula.

The benefit formula for the Marsh & McLennan Companies Retirement Plan uses a higher accrual rate (i.e., 1.6%) for the first 30 years of Benefit Service than the rate (1.0%) used in later years. To determine which rate applies when your Marsh & McLennan Companies Retirement Plan benefit is calculated, your combined length of benefit service with both Johnson & Higgins and Marsh McLennan will be considered as applicable for determining the period to measure average monthly earnings. Prior Johnson & Higgins benefit service is counted only to determine how many years of service count toward the 30 years.

For example, say you had 25 years of Johnson & Higgins credited service as of December 31, 1997. You continue employment with Marsh McLennan for 15 years beginning in 1998, until you retire with a combined total of 40 years of service. Your Marsh & McLennan Companies Retirement Plan benefit for your post-1997 service would be calculated using the higher accrual rate for five years (because these five years, when added to your 25 years of Johnson & Higgins service, total 30), the lower accrual rate for the remaining 10 years, and your total base salary history with both Marsh McLennan and Johnson & Higgins.

If you were not an active employee participant in the Johnson & Higgins Retirement Income Plan on December 31, 1997, only your service and base salary with Marsh McLennan on or after January 1, 1998, will count toward the benefit accrual rates.

The base salary that you earned with Johnson & Higgins will count for the Marsh & McLennan Companies Retirement Plan's five-year pay average that is used to determine benefits accrued as of December 31, 2005, if your Johnson & Higgins benefit service is counted for the Marsh McLennan accrual rates under any of the situations described earlier. If your prior Johnson & Higgins base salary counts, then your Johnson & Higgins base salary and your Marsh McLennan base salary will be taken into account when determining your Marsh & McLennan Companies Retirement Plan frozen benefit accrued as of December 31, 2005 and any additional benefit earned before January 1, 2006.

Otherwise, only your base salary with Marsh McLennan on or after January 1, 1998, will count toward the Marsh & McLennan Companies Retirement Plan benefit calculations.

Generally, the US Retirement Program requires 60 months of service for full vesting. Your prior Johnson & Higgins vesting service generally counts for this purpose and includes all years of service prior to January 1, 1998 with Johnson & Higgins.

Your previous vesting service with a Johnson & Higgins company will count toward the Marsh & McLennan Companies Retirement Plan's 60 months of service vesting requirement if:

Otherwise, only your service with Marsh McLennan on or after March 27, 1997, will count toward the 60 months of service vesting requirement.

If you were employed by a Johnson & Higgins company on March 27, 1997 and before that you worked at Marsh McLennan, your Marsh McLennan service will count in determining your vesting status under the Johnson & Higgins Retirement Income Plan if you are employed by Marsh McLennan on or after January 1,1998 and if:

Otherwise, your prior Marsh McLennan service does not count for vesting in your Johnson & Higgins benefit.

If you previously worked at Johnson & Higgins, but terminated before becoming vested in your Johnson & Higgins Retirement Income Plan benefit, and you are employed by Marsh McLennan on or after January 1, 1998, your Marsh McLennan service beginning with the date of your employment with Marsh McLennan will be counted in determining your vested status in the Johnson & Higgins benefit if:

Periods of employment with Marsh McLennan do not count as benefit service in determining the amount of any benefit to which you may be entitled under the Johnson & Higgins Retirement Income Plan formula.

If you were employed by Johnson & Higgins on March 27, 1997 and remained continuously employed by Marsh McLennan through December 31, 1997 and have a Johnson & Higgins benefit that has not been previously forfeited or distributed in a lump sum that has not been repaid to the plan, your pay history after January 1, 1998 up to and including December 31, 2016, the date benefit accruals were discontinued under the Plan, will be used to update your December 31, 1997 accrued Johnson & Higgins benefit. Your benefit is multiplied by a factor that is determined by dividing your Final Average Salary calculated at the earlier of your employment termination date and December 31, 2016 by your final average salary as of December 31, 1997.

For example, if your Final Average Salary on December 31, 2016 is $125,000 and your final average salary as of December 31, 1999 was $100,000 your Johnson & Higgins benefit accrued as of December 31, 1999 will be multiplied by 1.25 ($125,000/$100,000.)

If you have a Johnson & Higgins Retirement Income Plan benefit and commence payments prior to age 65, your accrued benefit from the Johnson & Higgins Retirement Income Plan as of December 31, 1997 (as adjusted for any pay update applied to your benefit) are reduced by the early retirement factors that were in effect under the Johnson & Higgins Retirement Income Plan as of December 31, 1997.

If you leave employment on or after attaining age 55 and had five years of vesting service, your Johnson & Higgins Retirement Income Plan benefit and the applicable pay update will be subject to the following early retirement reduction factors:

If you leave employment prior to attaining age 55 and had five years of vesting service, your Johnson & Higgins Retirement Income Plan benefit and the applicable pay update will be subject to the following early retirement reduction factors:

The Marsh & McLennan Companies Retirement Plan early retirement factors will be applied to the benefit you accrue under the Marsh & McLennan Companies Retirement Plan to compensate for the longer projected payout period.

If you were employed by a Sedgwick company on November 3, 1998 and before that you worked at Johnson & Higgins, your Johnson & Higgins service will be counted in determining your vested status under the Sedgwick Plan if you are employed by Marsh McLennan on or after January 1, 2000 and if:

Otherwise, your prior Johnson & Higgins service does not count for vesting in your Sedgwick benefit.

Periods of employment with a Sedgwick or Johnson & Higgins company do not count as benefit service in determining the amount of any benefit to which you may be entitled under the Johnson & Higgins Retirement Income Plan or Sedgwick Retirement Plan, as applicable.

Pay with a Sedgwick company does not count as pay in the Johnson & Higgins Retirement Income Plan benefit formula. Pay with a Johnson & Higgins company does not count as pay in the Sedgwick benefit formula.

If you have prior Johnson & Higgins or Marsh McLennan service that you believe should be counted in determining your eligibility and vesting in the plans described, notify your Human Resources representative. Be sure to provide documentation supporting your assertion.

If you are employed by Marsh McLennan on or after January 1, 2000, your Sedgwick and Marsh McLennan vesting service that you earned after your date of hire by Sedgwick will count towards vesting in your Johnson & Higgins benefit if you were hired by Sedgwick before November 3, 1998 and left Johnson & Higgins on or after November 3, 1993 before becoming vested.

If you are employed by Marsh McLennan on or after January 1, 2000, your Johnson & Higgins and Marsh McLennan vesting service that you earned after your date of hire by Johnson & Higgins will count towards vesting in your Sedgwick benefit if you were hired by Johnson & Higgins before October 1, 1997, left Sedgwick on or after November 3, 1993 before becoming vested and repaid the employee contributions you made to the Sedgwick Plan.

Remember that Sedgwick vesting service includes all calendar years in which you earned 1,000 hours of service with Sedgwick.