Marsh & McLennan Companies Employee Benefits Overview For US - PowerPoint PPT Presentation

Marsh & McLennan Companies Employee Benefits Overview For US Eligible Employees with a Same-Sex Spouse or Domestic Partner Date: June 11, 2014

Agenda � Introduction � Marsh & McLennan Companies Benefits – Health – Work/Life – Finances � More Information Marsh & McLennan Companies 2

Introduction Marsh & McLennan Companies 3

Introduction People power our business. We value the individuality of each of our colleagues and believe that our differences make us stronger as we drive for innovation and excellence in all of our businesses globally. We are committed to fostering an inclusive culture that supports world class talent and a work environment of mutual respect: one where all colleagues know they have an opportunity to contribute, grow and succeed. Our leadership will be accountable to execute on this commitment. We believe this is the right thing to do for our colleagues, for our clients, and for our business overall. Marsh & McLennan Companies 4

Introduction � M arsh & McLennan Companies’ has included a firm-wide Lesbian, Gay, Bisexual & Transgender (LGBT) focus since the inception of the Companies’ firm-wide Diversity & Inclusion Strategy. � Human Rights Campaign’s (HRC’s) Corporate Equality Index (CEI) has provided corporations with a benchmark to track their corporate inclusiveness of LGBT constituents. Marsh & McLennan Companies received 100% each year since – 2009. CEI continues to “raise the bar” and we have kept pace with that, – for example: establishing transgender medical benefits, increasing the amount payable for – covered services up to a maximum of $75k. establishing Transgender Guidelines. – implementing tax equalization for same-sex spouses and domestic partners. – The Company is also signatory to HRC’s Business Coalition for Workplace – Fairness (Employment Non-Discrimination Act) and Business Coalition for Benefit Tax Change. � The Company supports the LGBT community through partnerships with: Marsh & McLennan Companies 5

Introduction � Some cities require that equal benefits coverage be offered to Domestic Partners as a condition of doing business with them. – City of Seattle - In September 2008, Marsh & McLennan Companies provided a signed declaration and proof of equal benefits compliance regarding the equal benefits coverage of Same Sex Spouses and Domestic Partners. – City of Los Angeles - In June 2009, Marsh & McLennan Companies was deemed to be in full compliance with the City of Los Angeles' equal benefits ordinance. – City of San Francisco - In August 2009, Marsh & McLennan Companies was deemed to be in full compliance with the City of San Francisco's equal benefits ordinance. Marsh & McLennan Companies 6

Introduction � Certain aspects of the US Benefits Program must conform to federal law including the federal definition of a spouse. � On June 26, 2013 the Supreme Court ruled in US v Windsor that the definition of a spouse under Defense of Marriage Act (DOMA) was unconstitutional. Guidance issued by the IRS since then has clarified that – A spouse under federal law is a person of same or opposite sex to whom you are legally married under the laws of a state, district, US territory or protectorate, or foreign country where the celebration of marriage took place. – For the purpose of federal taxation of health benefits offered to a same-sex spouse, a spouse of same-sex must be treated the same as a spouse of opposite- sex. Tax payers can file for a refund of overpaid tax for any open tax year. – For the purpose of determining spousal rights in qualified retirement plans such as a 401(k) Savings Plan or Pension Plan, a same-sex spouse will be treated the same as an opposite-sex spouse starting September 16, 2013. The Company has elected to treat a same-sex spouse the same as an opposite-sex spouse starting June 26, 2013, whether or not living in a state that recognizes same-sex marriage. Marsh & McLennan Companies 7

Introduction � Marsh & McLennan Companies has taken action over the years to minimize the impact of DOMA on its US colleagues: – Same-sex spouses and domestic partners have been eligible dependents under Marsh & McLennan Companies Health and Benefits plans since July 2000. – Starting in 2013, the Company took further steps to provide Federal, State and Local tax equalization for health benefits for same-sex couples who had taken steps to legally recognize their union in their state of residence. – The US Retirement Program was amended effective January 1, 2009 to extend the Program's spouse survivor benefit to same-sex spouses and domestic partners on substantially the same basis as an opposite-sex spouse . Marsh & McLennan Companies 8

Introduction � Our goal is to treat eligible employees consistently under the Marsh & McLennan Companies’ US benefits program to the extent permitted by federal and state law. – 19 states (including DC) currently allow same-sex couples to marry in that state (CA, CT, DE, DC, HI, IA, IL (6/1/2014), MA, MD, ME, MN, NH, NJ, NM, NY, PA, RI, VT, WA). – Numerous states, counties and local municipalities provide for registration of domestic partnership. Not all registries allow registration for opposite-sex Domestic Partners. – Employees who do not live in a state, county or local municipality that provides for recognition of a partnership, may be eligible for the Company’s benefits as a Domestic Partner if they satisfy the Company’s criteria. Marsh & McLennan Companies 9

Introduction Marsh & McLennan Companies defines a Domestic Partner as someone of the same or opposite sex with whom you are: � Registered with a US state or local authority or party to a civil union. � Not Registered with a US state or local authority but with whom you satisfy all the following criteria: You are both at least age 18. – Neither of you are currently nor have been married or the Domestic Partner of – any other person for at least the previous 12 months. You are not related by blood to a degree of closeness that would prohibit – marriage under applicable US state law. You are in an exclusive, committed relationship that has existed for at least 12 – months and is intended to be permanent. You have mutually agreed to be responsible for each other’s common welfare. – You have resided together for at least the previous 12 months, and you intend to – do so permanently. Marsh & McLennan Companies 10

Introduction A note about terms currently used in this presentation: – A Spouse is a person of the same or opposite sex to whom you are married as evidenced by a marriage license from a US state or local authority, including a foreign jurisdiction. – A Domestic Partner is a same or opposite sex person who meets the criteria specified by Marsh & McLennan Companies . Marsh & McLennan Companies 11

Marsh & McLennan Companies Benefits Marsh & McLennan Companies 12

Marsh & McLennan Companies Benefits � The illustrations on the following slides are intended to provide an overview of how the benefits offered to Marsh & McLennan Companies US employees provide coverage for Spouses and Domestic Partners. � The information contained in this presentation does not cover all US benefits, policies or programs, such as Adoption Benefits, Leave Policy or Paternity/Maternity Leave. � This presentation is not exhaustive and does not address any individual circumstances or offer tax or legal advice. � Please consult the Benefits Handbook available on Colleague Connect (www.colleagueconnect.mmc.com) for details regarding eligibility and provisions . Marsh & McLennan Companies 13

Marsh & McLennan Companies Benefits Health Work Life Balance Finances • Medical • EAP/Family • Insurance Resources • Dental • Disability • Legal Assistance • Vision • Voluntary • Transportation • Spending Accounts • Investment & Incentive Program Retirement • Wellness • Backup Care Advantage Program Marsh & McLennan Companies US Benefits Program helps eligible US employees tailor their benefits to meet their needs. Marsh & McLennan Companies 14

Marsh & McLennan Companies Benefits Health Work Life Balance Finances � Medical � Dental � Vision � Flexible Spending Accounts/ Health Savings Account � Wellness Marsh & McLennan Companies 15

Marsh & McLennan Companies Benefits Health Work Life Balance Finances Domestic Employee & Spouse & Partner & Eligible Eligible Eligible Coverages Children Children Children � � � Medical � � � Dental Vision Care Plan / � � � Vision Discount Program Health Care FSA � � Limited Purpose Health Care � � FSA Health Savings Account � � Dependent Care FSA � � � � � Wellness Marsh & McLennan Companies 16