Benefits Handbook

This is the amount of benefit you have been credited with as of a measurement date under the Plan's benefit formula, taking into account your Eligible Monthly Pay and Benefit Service. Your Accrued Benefit is expressed as a monthly payment in the form of a single life annuity commencing once you attain age 65.

A participant in the Plan who is also an active employee.

The date your benefit is deemed to commence. Your Benefit Commencement Date can be the first of any month following your termination date, but it cannot be earlier than your 55th birthday or later than the April 1st following the calendar year in which you attain age 70-1/2.

For Service on or after January 1, 2010 and prior to January 1, 2017

Generally, you will earn Benefit Service under the Plan for each month that you are an eligible employee (See "Eligibility – General Rules" for details) and have Eligible Monthly Pay. Benefit Service is used to determine your Plan benefit accrual percentage. See "Plan Benefit Formula for Benefit Accrued on or after January 1, 2006" for details.

For Benefit Service Prior to January 1, 2010

Generally, you were credited Benefit Service under the Plan for each month that you were an eligible employee (See "Eligibility – General Rules" for details) and had monthly eligible salaried pay.

If you were classified as an hourly employee, you did not earn Benefit Service before January 1, 2010.

Covered Compensation is the average Social Security Taxable Wage Bases for each year during the 35 year period ending with the year in which you attain your Social Security normal retirement age. The Social Security Taxable Wage Base is the maximum amount of annual earnings subject to the Social Security in any year. Currently, Social Security normal retirement age is 65 if you were born before 1938; 66 if you were born in 1938 through 1954; and 67 if you were born in 1955 or later. The Internal Revenue Service publishes updated covered compensation tables each year. A copy of the table can be found on the IRS website at www​.irs​.gov.

At the time of reference, a partner of the same or opposite sex with whom you are registered as a Domestic Partner (or a term of similar meaning for example, civil union) in accordance with the requirements of a city, state, or municipality that recognizes domestic partnerships, if you have been registered as Domestic Partners for 12 months or longer.

If you are not registered as Domestic Partners or have been registered for fewer than 12 consecutive months, your partner will qualify as a Domestic Partner for the purposes of this Plan if you and your Domestic Partner satisfy all of the following criteria:

If you terminate your employment on or after attaining age 55 and have not yet attained age 65, you qualify for early retirement provided you have at least 60 months (5 years) of Vesting Service. In this case, you can commence monthly benefit payments as of the first day of any month after you terminate employment.

For service on or after January 1, 2010, and before January 1, 2017, Eligible Monthly Pay is your monthly base earnings paid during periods when you were employed as a US regular or temporary employee by a participating company. If you are paid on a salaried basis, your Eligible Monthly Pay is based upon the highest annual base salary rate in effect during the month (one-twelfth of your annual base salary rate). If you are paid on an hourly basis, your Eligible Monthly Pay is the base pay paid from a Plan-participating employer during the month.

If you are on an approved disability or qualified military leave, your Eligible Monthly Pay will be deemed to be the highest Eligible Monthly Pay you received during your last six months of active service with a participating company prior to the commencement of your approved disability or qualified military leave.

Eligible Monthly Pay does not include regular draw, overtime, bonuses, commissions and other extra compensation but does include before-tax salary reduction amounts that you may contribute to other programs sponsored by Marsh McLennan in which you were eligible to participate, such as the Marsh & McLennan Companies 401(k) Savings & Investment Plan or a Flexible Spending Account, but excluding pay you defer under the Supplemental Savings & Investment Plan. Eligible Monthly Pay will not exceed one-twelfth of the IRS limit on annual compensation in effect in which your Eligible Monthly Pay is credited. See "IRS Limit on Pay" for details.

For service prior to January 1, 2010, Eligible Monthly Salary is your monthly base salary paid during periods when you were employed as a salaried employee by a participating company. Salary does not include overtime, bonuses, commissions and other extra compensation but does include before-tax salary reduction amounts that you may contribute to other programs sponsored by Marsh McLennan in which you were eligible to participate, such as the Marsh & McLennan Companies 401(k) Savings & Investment Plan or a Flexible Spending Account, but excluding compensation you defer under the Supplemental Savings & Investment Plan. The amount of your salary that can be used in determining your Eligible Monthly Salary under the Plan is subject to the IRS limit on annual compensation. The annual limit is pro-rated so that your Eligible Monthly Pay cannot exceed one-twelfth of the IRS limit on annual compensation in effect for the applicable calendar year. See "IRS Limit on Pay" for details.

An Employment Year is the twelve-month period generally beginning with the first day of the month an employee performs an hour of service or an anniversary of that date.

Final Average Salary is the highest consecutive 60-month average of your Eligible Monthly Salary paid during periods when you were employed as an eligible employee by a participating employer prior to January 1, 2017. Note that Final Average Salary is the highest consecutive 60-month average of Eligible Monthly Salary while an eligible employee, which may occur prior to the end of your employment in certain cases.

An Hourly Employee (also known as a Contingent Employee from January 1, 2010 through December 31, 2010 and a Temporary Employee on and after January 1, 2011) is an employee hired directly by the Company, full-time or part-time, to perform various short term projects or special programs of a temporary nature whose employment will be terminated upon completion of their assignments, as well as those hired to work on an occasional or irregular basis.

Address For Regular Mail:

Marsh McLennan HR Services Team
P.O. Box 9920
Providence, RI 02940-4020

Address For Overnight Mail:

Marsh McLennan HR Services Team

250 Royall Street Suite 210W

Canton MA 02021

Phone: +1 866 374 2662 Monday through Friday, 8:00 a.m. to 8:00 p.m. Eastern time.

Your Normal Retirement Date is the first day of the month on or after attaining age 65.

The Present Value is the current Actuarially Equivalent value of your Accrued Benefit, expressed as a lump sum amount. This value is determined using legally specified interest rates and actuarial life expectancy assumptions.

A participant in the Plan who had a vested Accrued Benefit and terminated employment on or after attaining age 55.

Retiree online at www.myplansconnect.com.

A Salaried Employee (also known as a Regular Employee on and after January 1, 2011) is an employee who performs service on a regular basis with an indefinite employment period.

A Spouse is an individual who is married to a participant in the United States or in any foreign jurisdiction provided that the marriage would be recognized by any state, possession, or territory of the United States.

A plan that satisfies the Internal Revenue Service requirements governing retirement plans. Having Tax-Qualified Plan status allows an employer to set aside assets in a tax-exempt trust to fund participant benefits, without subjecting such participants to federal income tax until their benefits are actually distributed to them.

The Marsh & McLennan Companies Retirement Plan is a Tax-Qualified Plan. The predecessor Marsh & McLennan Companies Retirement Plan was last approved by the IRS on June 24, 2014.

A participant in the Plan who had a vested Accrued Benefit and terminated employment before attaining age 55.

Vesting Service is your employment with the Company and its World-wide Controlled Group. Vesting Service is used to determine when you are eligible for the Plan and when you are entitled to a non-forfeitable right to a benefit under the Plan.

The definition of World-wide Controlled Group derives from the Internal Revenue Code and is complex. Very generally, the term World-wide Controlled Group refers to a group of corporations related by a common ownership interest, most often when one business (or a chain of businesses) owns 80% or more of one or more subsidiaries.