Benefits Handbook

If the Present Value of your vested Accrued Benefit under the Marsh & McLennan Companies Retirement Plan does not exceed $1,000, your vested Accrued Benefit will be paid in a single lump sum. You will not receive monthly benefit payments.

If you are a former Sedgwick employee and the total present value of your accrued benefit under the former Sedgwick Retirement Plan is more than $1,000 and not more than $20,000, you have the option to elect payment of this benefit in the form of an immediate lump sum or an annuity, regardless of your age at termination of employment.

If you are not at least age 55 when you commence your benefit and you wish to elect an annuity, you may elect either a straight life annuity if you are single, or a 50% or 75% contingent annuity naming your spouse as your beneficiary if you are married. Your monthly benefit will be based on your benefit payable at age 65, actuarially reduced to reflect your age at commencement. The reduction will be as follows:

If you are at least age 55 when you commence your benefit and you wish to elect an annuity, you may elect from the range of optional forms of payment that are described elsewhere in the Benefits Handbook. The reduction factors that apply if you commence payment before age 65 will be those that applied under the Sedgwick Retirement Plan.