Benefits Handbook

Effective as of December 31, 2024, the JLT (USA) Employees' Retirement Plan ("JLT Plan") merged into the Marsh & McLennan Companies Retirement Plan. The benefit formulas and other special rules summarized in this subsection apply only to individuals with accrued benefits under the JLT Plan that were merged into the Marsh & McLennan Companies Retirement Plan. Participants with benefits accrued under both the JLT Plan and Marsh & McLennan Companies Retirement Plan who have not commenced payment prior to the merger will receive a total combined benefit from the Marsh & McLennan Companies Retirement Plan in the same payment form and at the same time, as further described in this section of the Handbook.

The merger did not impact eligibility to participate nor benefit accruals under either the JLT Plan or the Marsh & McLennan Companies Retirement Plan because the plans have been frozen since July 31, 2005, and December 31, 2016, respectively. Moreover, your accrued benefit, if any, under each plan component will be determined separately, solely with respect to your employment history while eligible to accrue benefits under either plan prior to the applicable freeze date.

Note: Your accrued benefit and 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.

JLT Plan benefits accrued under the two-part formula set forth below.

Benefits Accrued Through 12/31/1988 (Formula I)

plus

Benefits Accrued After 12/31/1988 and before 8/1/2005 (Formula II)

equals

Your Annual Benefit, subject to a minimum benefit of $1,500

Your JLT Plan Normal Retirement Date, benefit formulas, and the terms used to define their components are explained below:

FORMULA I:

1% of your Average Final Compensation (as of 12/31/1988), times
your years of Credited Service through 12/31/1988

plus

1/2% of the sum of the amount by which your Average Final Compensation (as of 12/31/1988) exceeds the Social Security Taxable Wage Base during each year of your Credited Service through 12/31/1988

Average Final Compensation under Formula I means the average of the annual Compensation you received during the last 60 months of Credited Service prior to 1/1/1989; or, if greater, the average of the annual Compensation you received during the five highest paid consecutive calendar years in the last ten years of your Credited Service prior to 1/1/1989. If you had fewer than five years of Credited Service as of 12/31/1988, your Average Final Compensation under Formula I will be based on the average of the annual Compensation you received during all of your years of Credited Service prior to 1/1/1989. Compensation received after 12/31/1988 is not taken into account for purposes of calculating Average Final Compensation under Formula I.

Social Security Taxable Wage Base means the maximum amount of your earnings that is subject to Social Security taxes each year.

FORMULA II

1% of your Average Final Compensation (after 12/31/1988),

times

your years of Credited Service after 12/31/1988 and before 8/1/2005

plus

1/2% of the amount by which your Average Final Compensation (after 12/31/88) exceeds Covered Compensation times your years of Credited Service after 12/31/88.

Average Final Compensation under Formula II means the average of the annual Compensation you received during the last 60 months of your Credited Service after 12/31/88 and before 8/1/2005; or, if greater, the average of the annual Compensation you received during the five highest paid consecutive calendar years in the ten years of your Credited Service after 12/31/88 and before 8/1/2005. If you have fewer than five years of Credited Service after 12/31/88 and before 8/1/2005, your Average Final Compensation under Formula II will be based on the average of the annual Compensation you received during all your years of Credited Service after 12/31/88 and before 8/1/2005. Compensation received prior to 1/1/89 is not taken into account for purposes of calculating Average Final Compensation under Formula II.

Compensation means your compensation from a prior JLT company for the year, reduced by any reimbursements and other expense allowances, cash and noncash fringe benefits, moving expenses, deferred compensation and welfare benefits, and increased by any pre-tax contributions you may have made to a JLT 401(k) plan and/ or Section 125 cafeteria plan. Compensation used to determine your JLT Plan accruals up until 7/31/2005, the freeze date, was subject to an annual limit under Federal tax law that was adjusted for cost-of-living increases.

Covered Compensation means the average (without indexing) of the Social Security Taxable Wage Bases in effect for each calendar year during the 35-year period ending with the last day of the calendar year in which you reach (or will reach) Social Security Age.

Credited Service means, generally, all of your years (and fractional portions of a year) of employment with a prior JLT company after you became a participant in the JLT Plan through 7/31/2005, the freeze date. A year of Credited Service included each 12 "months of service," and you received credit for a "month of service" for each calendar month in which you worked at least 15 days.

JLT Plan Normal Retirement Date means the first day of the month coinciding with or next following the date you reach age 60 (age 65 if you are not employed with a prior JLT company on or after April 1, 2000). As described elsewhere in this section of the Handbook, benefit payments that begin before or after your JLT Plan Normal Retirement Date are adjusted to reflect differences in the expected payment period, as described later in this section of the Handbook.

Generally, five years of service was required for vesting in benefits under the JLT Plan. All participants with benefits under the JLT Plan as of the Merger Date were fully vested in such benefits. If you terminate employment prior to Early Retirement (described below), you must wait until you attain age 55 before you can start payment. Moreover, if you start payment before your JLT Plan Normal Retirement Date, the Early Retirement Factors described in this section of the Handbook will apply to your benefit merged in from the JLT Plan.

You are eligible for Early Retirement if you terminate employment after you attain age 55. If you wish to start payment after your Early Retirement, but prior to your JLT Normal Retirement Date, your monthly benefit determined under the plan formulas set forth in this subsection of the Handbook will be reduced as follows, depending upon whether your JLT Plan Normal Retirement Date ("JLT NRD") is age 65 or 60:

The Marsh & McLennan Companies Retirement Plan early retirement factors will be separately applied to the benefit (if any) you accrued under the Marsh & McLennan Companies Retirement Plan.

If you remain an employee of Marsh & McLennan Companies, Inc. or an affiliate after your JLT Normal Retirement Date, your benefit that would have started at your JLT Plan Normal Retirement Date will be postponed until you terminate employment or, if earlier, the April 1st of the calendar year following the year in which you attain age 70-1/2. Your JLT Plan benefit will be actuarially increased to reflect the delay in payment. Different rules may apply to other benefits you have accrued under the Marsh & McLennan Companies Retirement Plan.

If you die prior to starting payment of your benefit merged in from the JLT Plan, your spouse to whom you have been married for at least one year or a qualifying domestic partner will be entitled to the same survivor form of benefits that would be provided with respect to benefits accrued under the Marsh & McLennan Companies Retirement Plan (see the "Death Benefits" section in this Handbook). Benefits payable to a Domestic Partner are equivalent to benefits payable to a spouse, but they are payable as soon as practicable after your death. Please review the provisions in the Handbook that describe how to substantiate a domestic partnership and keep the Plan updated regarding the name and contact information for your spouse or domestic partner, as applicable.

After the merger, if your survivor is also entitled to a pre-retirement survivor benefit payable with respect to benefits accrued under the Marsh & McLennan Companies Retirement Plan, the survivor benefit for each benefit component (i.e., your JLT Plan benefit and your Marsh & McLennan Companies Retirement Plan benefit) will be determined separately and then be combined and payable to your survivor (who must be the same person with respect to both components) at the same time.

Survivor benefits in case of pre-retirement death in service or after Early Retirement. Your surviving spouse or domestic partner is entitled to enhanced survivor benefits with respect to benefit merged in from the JLT Plan if you die during employment with Marsh & McLennan Companies, Inc. or an affiliate or if you terminated employment after Early Retirement. This enhanced survivor benefit is equal to approximately the amount that your survivor would have received under a 50% joint and survivor annuity based on your JLT Normal Retirement benefit, unreduced for payment commencement prior to your JLT Normal Retirement Date. The manner in which the 50% joint and survivor annuity amount is converted from the life annuity form is also subsidized.

If you are rehired before your JLT Normal Retirement Date, your benefit payments will stop. Later, when you again terminate employment, you will have the right to elect the same or a different form of payment, and your payment amount will be recalculated to reflect the new payment form and your age (and joint annuitant's age, if applicable), and the value of prior distributions received.

If you are rehired on or after your JLT Normal Retirement Date, your previously elected benefit payments will stop. When you again terminate employment, your JLT Plan benefit will be actuarially increased to reflect the value of the benefits you did not receive during your employment after your JLT Normal Retirement Date. Payments will resume in your previously elected payment form. If you die during employment, any survivor benefit payable will depend upon your previously elected payment form.

Note that the above rules requiring stoppage of your payments upon rehire will apply only if you are rehired to a company that was a participating employer in the Marsh & McLennan Companies Retirement Plan. For example, these rules will not apply if you are rehired by Marsh & McLennan Agency. In that case, your benefit payments will continue after your reemployment. Also, different rules discussed elsewhere in this Handbook may apply to other benefits you have accrued under the Marsh & McLennan Companies Retirement Plan.