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Marsh & McLennan Companies Employee Benefits Overview For US - - PowerPoint PPT Presentation
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
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Introduction
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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.
Introduction
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5 Marsh & McLennan Companies
Introduction
Marsh & 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.
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Marsh & McLennan Companies received 100% each year since 2009.
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CEI continues to “raise the bar” and we have kept pace with that, for example:
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establishing transgender medical benefits, increasing the amount payable for covered services up to a maximum of $75k.
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establishing Transgender Guidelines.
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implementing tax equalization for same-sex spouses and domestic partners.
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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:
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6 Marsh & McLennan Companies
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.
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7 Marsh & McLennan Companies
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.
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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.
Introduction
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9 Marsh & McLennan Companies
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.
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10 Marsh & McLennan Companies
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:
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You are both at least age 18.
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Neither of you are currently nor have been married or the Domestic Partner of any other person for at least the previous 12 months.
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You are not related by blood to a degree of closeness that would prohibit marriage under applicable US state law.
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You are in an exclusive, committed relationship that has existed for at least 12 months and is intended to be permanent.
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You have mutually agreed to be responsible for each other’s common welfare.
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You have resided together for at least the previous 12 months, and you intend to do so permanently.
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11 Marsh & McLennan Companies
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.
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Marsh & McLennan Companies Benefits
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13 Marsh & McLennan Companies
Marsh & McLennan Companies Benefits
The illustrations on the following slides are intended to provide an
- verview 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.
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14 Marsh & McLennan Companies
Marsh & McLennan Companies Benefits
Health Finances Work Life Balance
- Medical
- Dental
- Vision
- Spending Accounts
- Wellness
- EAP/Family
Resources
- Legal Assistance
- Transportation
Incentive Program
- Backup Care
Advantage Program
- Insurance
- Disability
- Voluntary
- Investment &
Retirement Marsh & McLennan Companies US Benefits Program helps eligible US employees tailor their benefits to meet their needs.
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15 Marsh & McLennan Companies
Medical Dental Vision Flexible Spending Accounts/ Health Savings Account Wellness
Marsh & McLennan Companies Benefits
Health
Finances Work Life Balance
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Coverages Employee & Eligible Children Spouse & Eligible Children Domestic Partner & Eligible 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 Benefits
Health
Finances Work Life Balance
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You are eligible to participate in the plan(s) if you are an employee classified
- n payroll as a US regular employee of:
– Marsh & McLennan Companies or any subsidiary or affiliate of Marsh & McLennan
Companies (other than Marsh & McLennan Agency LLC (MMA) and any of its subsidiaries) or
– Marsh & McLennan Agency – Corporate (MMA Corporate), Marsh & McLennan
Agency LLC – Alaska (MMA-Alaska), Marsh & McLennan Agency LLC – Southwest (including Prescott Pailet Benefits (collectively MMA-Southwest), Marsh & McLennan Agency LLC – Northeast (MMA – Northeast) or Security Insurance Services of Marsh & McLennan Agency. Temporary employees are not eligible to participate. Individuals compensated as independent contractors or contingent workers
are not eligible to participate.
Marsh & McLennan Companies Benefits
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18 Marsh & McLennan Companies
You may enroll the following Eligible Family Members
– Spouse. – An approved or registered Domestic Partner of the same or opposite sex. – Eligible Children of an enrolled: – Employee. – Spouse. – Domestic Partner. – Eligible Children include – biological children. – step-children. – legally adopted children or children placed with you for adoption. – Children for whom you or an enrolled spouse or enrolled partner is the legally
appointed guardian with full financial responsibility.
Marsh & McLennan Companies Benefits
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19 Marsh & McLennan Companies
You may enroll for coverage
– within 30 days of the date you become eligible to participate. – during Annual Enrollment. – within 30 days of a qualifying family status change that makes you eligible to
enroll.
– within 30 days of losing other coverage that you had relied upon when you waived
your opportunity to enroll in this plan.
– immediately upon satisfying the plans' criteria if you previously did not qualify.
Affidavit - To enroll a Spouse or Domestic Partner, you will need to complete
an Affidavit of Eligible Family Membership via Colleague Connect (www.colleagueconnect.mmc.com).
While you will not be required to provide documentary proof of your marriage
- r domestic partnership at enrollment, Marsh & McLennan Companies
reserves the right to require documentary proof at any time.
Marsh & McLennan Companies Benefits
Health
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Marsh & McLennan Companies Medical, Dental and Vision Care Plans; Flexible
Spending Account and Health Savings Account Plans are subject to the requirements
- f the Internal Revenue Code (IRC) Section 125 regulations which affects federal
taxation:
– Contributions to pay for coverage for your self, Spouse and eligible children may
be made on a before-tax basis.
– The Employer’s cost for providing coverage for your self, Spouse and eligible
children is not taxable income.
– You may use Flexible Spending Accounts and Health Savings Accounts to
reimburse eligible expenses for your self, Spouse and eligible children.
– You and your Spouse are subject to a combined limit when funding a Health
Savings Account.
Not all states and local tax jurisdictions follow federal tax rules with respect to the
taxation of employer provided health benefits, therefore application of state and local tax may vary from the application of federal tax.
Marsh & McLennan Companies Benefits
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Treatment of Employer provided health benefits under federal tax rules
Plan Feature Self & Eligible Children Spouse & Eligible Children* Domestic Partner & Eligible Children Employee Contributions Before-tax Before-tax After-tax Employer Cost No imputed income No imputed income Imputed income FSA/HSA reimbursement of expenses Yes Yes No HSA combined annual limit on funding Yes Yes No
Marsh & McLennan Companies Benefits
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Imputed Income
If the Company's cost for providing coverage results in "imputed income" to you; you must pay tax
- n this income.
– When covering a same-sex spouse in a state that recognizes same-sex marriage: there is
generally no imputed income for federal, state or local tax purposes.
– When covering a same-sex spouse in a state that does not recognize same-sex marriage:
there might be imputed income for the purpose of state and local income tax.
– When covering a domestic partner, there is generally imputed income for the purpose of
federal, state & local income tax and federal social security tax, except as described below for IRC Section 152 dependents.
The amount of imputed income equals the full cost to cover your partner (and/or your partner's
children) less your after-tax contributions to cover that person.
The dollar amount of imputed income is calculated every payroll cycle and is reflected on your
- paycheck. It is also reported on your year-end W-2 form as a component of taxable income from
the Company.
If your partner (and his or her child) qualifies as your dependent under IRC Section 152 as it
applies to employer provided health insurance, the cost of their coverage will not be treated as taxable income to you if you submit the "Declaration of Domestic Partner's Tax Status Form". You can get a ""Declaration of Domestic Partner's Tax Status Form" by going to Colleague Connect (www.colleagueconnect.mmc.com). Select Career & Rewards and click on Career & Rewards Forms/Documents under Resources.
Marsh & McLennan Companies Benefits
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Covered Persons Federal Income Tax State & Local Income Tax* Social Security Tax
Self & Eligible Children No Imputed Income No Imputed Income No Imputed Income Opposite-Sex Spouse & Eligible Children No Imputed Income No Imputed Income No Imputed Income Same-Sex Spouse & Eligible Children State of residence recognizes the marriage No Imputed Income No Imputed Income No Imputed Income Same-Sex Spouse & Eligible Children State of residence does not recognize the marriage No Imputed Income Yes No Imputed Income Domestic Partner & Eligible Children Yes Yes Yes
*not all States & Local municipalities tax employer health benefits and some states follow federal rules
Taxes paid on Medical & Dental coverage resulting from imputed income
Marsh & McLennan Companies Benefits
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Tax Equalization
Tax Equalization is a policy implemented by the Company in 2013 to offset the additional taxes paid
- n the medical, dental and vision plan benefits for a colleague who covers a same-sex spouse or
same-sex domestic partner and, if applicable, the spouse’s or partner’s eligible children.
You are eligible for the following Company Tax Equalization Benefits if you are an active US
employee in a same-sex marriage or registered same-sex domestic partnership or civil union living in a state where same-sex marriage is not recognized:
– State* and Local* tax equalization if you are in a same-sex marriage. – Federal, State* and Local* tax equalization if you are In a registered same-sex domestic
partnership or civil union.
– *State and local tax is equalized if employer provided health benefits are subject to taxation.
- If you live in a state that recognizes same-sex marriage and you choose not to marry, you will not
be eligible for Company Tax Equalization Benefits
- If you are eligible for the Company Tax Equalization Benefits because you are in a registered
same-sex partnership or a civil union and you live in a state that newly recognizes same-sex marriage, you will continue to be eligible for Company Tax Equalization Benefits for a period of
- ne year following the effective date of the change in state law. If you are not married on the
anniversary of the date the state first recognized same-sex marriage the Company Tax Equalization Benefits will end.
- If you qualify for Company Tax Equalization Benefits, you will receive additional income to offset
the taxes paid on imputed income amounts in each pay cycle.
Marsh & McLennan Companies Benefits
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- EAP/Family Resources
- Legal Assistance Plan
- Transportation Reimbursement Incentive Program
- Backup Care Advantage Program
Marsh & McLennan Companies Benefits
Health Finances Work Life Balance
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Coverages Employee Spouse Domestic Partner Children
EAP/Family Resources
- Legal Assistance Plan
- Transportation Reimbursement
Incentive Program (TRIP)
- Backup Care Advantage
Program (for eligible children or parents)
- Marsh & McLennan Companies Benefits
Health Finances
Work Life Balance
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- Life & Accident Insurance
- Disability
- Voluntary Benefits
- Investment & Retirement
Marsh & McLennan Companies Benefits
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Coverage Employee Spouse Domestic Partner Children
Life & Accident Insurance
Basic Life
- Optional Life
- Spouse Life
- Child Life
- Personal Accident
- Business Travel Accident
- Marsh & McLennan Companies Benefits
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Coverage Coverage Coverage Coverage Employee Employee Employee Employee Spouse Spouse Spouse Spouse Domestic Domestic Domestic Domestic Partner Partner Partner Partner Children Children Children Children
Disability Disability Disability Disability
Short Term Disability
- Basic Long Term Disability
- Optional Long Term
Disability
- Long Term Disability Bonus
- Marsh & McLennan Companies Benefits
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Coverage Coverage Coverage Coverage Employee Employee Employee Employee Spouse Spouse Spouse Spouse Domestic Domestic Domestic Domestic Partner Partner Partner Partner Children Children Children Children
Voluntary Plans Voluntary Plans Voluntary Plans Voluntary Plans
Long Term Care Insurance
- Choice Auto & Home
Insurance
- Group Umbrella Liability
Insurance
- Personal Life Insurance
- Pet Insurance
- Identity Theft Program
- HelloWallet
- Financial Engines
- Ayco SurvivorSupport
- Marsh & McLennan Companies Benefits
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Marsh & McLennan Companies Benefits
Beneficiary Designations:
For Basic Life, Optional Life, Personal Accident, BTA: – You can name anyone as your beneficiary by filling out a Beneficiary Designation
Form naming your beneficiary.
For Spouse Life: – You are automatically the beneficiary for the Spouse Life Insurance coverage. If
your approved Spouse or Domestic Partner dies, you will receive the benefit.
For Child Life: – You are always the beneficiary for your covered children. For Health Savings Account: – You can name a beneficiary by filling out a Beneficiary Designation Form. If you
name a primary beneficiary who is not your spouse, you may need your spouse's
- consent. Some states require this. It is your responsibility to determine if you
need your spouse's consent. .
Health
Finances
Work Life Balance
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The Company offers a number of plans which allow employees to invest for
the future or which provide a source of income in Retirement…
– Marsh & McLennan Companies 401(k) Savings & Investment Plan – Marsh & McLennan Agency 401(k) Savings & Investment Plan
(Applicable to Marsh & McLennan Agency Only)
– Marsh & McLennan Companies Supplemental Savings & Investment Plan – Marsh & McLennan Companies Employee Stock Purchase Plan – Marsh & McLennan Companies US Retirement Program
Marsh & McLennan Companies Benefits
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Marsh & McLennan Companies 401(k) Savings & Investment Plan
– You are eligible to participate in the plan if you are at least 18 years of age and
classified as a US regular or temporary employee, as defined in the plan. Marsh & McLennan Agency 401(k) Savings & Investment Plan (Applicable to Marsh & McLennan Agency Only)
– You are eligible to participate in the plan if you are at least 18 years of age and
classified as a US regular or temporary employee, as defined in the plan. Supplemental Savings & Investment Plan
– You are eligible to participate in the plan if: – You are at least 18 years of age and are classified as a US regular or
temporary employee, as defined in the plan.
– You participate in the Marsh & McLennan Companies 401(k) Savings &
Investment Plan.
– Your annual base pay exceeds the compensation limit defined by the Internal
Revenue Service.
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You can designate a beneficiary to receive the proceeds of your account described on the prior slide in the event of your death.
If you participate in one or more of these plans, you should complete the required
Beneficiary Designation Form for the plan.
You can designate any individual(s) including your Spouse or Domestic Partner as
your beneficiary(ies).
If you have a Spouse and you want to designate a beneficiary other than your Spouse,
you must get the written notarized consent of your Spouse.
If you should die without having a valid beneficiary form on file, proceeds will be paid
as follows:
- If you have a federally recognized spouse, proceeds are automatically paid to your spouse.
- If you do not have a federally recognized spouse, proceeds will be paid to your estate.
If you want your Domestic Partner to receive the proceeds of your account in the event of your death, you must designate your Domestic Partner as your beneficiary under the plan.
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Employee Stock Purchase Plan
You are eligible on the first business day of October if you: – are classified as a US regular or temporary employee of Marsh & McLennan
Companies or any subsidiary or affiliate of Marsh & McLennan Companies; and
– began working for the Company on or before the preceding April 30th or were otherwise
credited with 6 months of vesting service and are scheduled to work at least 20 hours per week.
Once shares are purchased for you, you own these shares outright. Please correspond
with Morgan Stanley (or other broker to whom you have transferred your shares) regarding your personal account.
If you die during the Plan year – Prior shares purchased will be payable consistent with the rules applicable to the
account in which they were held at the time of your death.
– Contributions to your account during the calendar quarter, with interest to the date of
your death, are refunded to your estate.
You cannot name a beneficiary for your plan shares or for your current contribution balance.
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Marsh & McLennan Companies US Retirement Program
You are eligible to participate in the plan if you are employed by a participating
company, are classified as a US regular or temporary employee, you are at least age 21 and have completed one year of vesting service. Participation is automatic.
If you have a vested benefit and you die before you have commenced your retirement
benefit, the Program will pay a survivor benefit to:
– a spouse to whom you have been married for at least 12 months at the time of
your death.
– a Domestic Partner who satisfies Marsh & McLennan Companies’ criteria for at
least 12 months at the time of your death.
You can elect a form of benefit payment when you commence your retirement benefit
that provides for continued payment to a designated survivor (i.e., a Contingent Annuitant).
– The normal form of payment if you have a spouse is a 50% Joint & Survivor Option – You may designate anyone as your designated survivor under any of the payment
- ptions that provide for continued benefits to a survivor upon your death. However,
if you want to designate someone other than your spouse you must get their written, notarized consent.
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Application for a survivor benefit from the US Retirement Program must be
made at the time of death by contacting the Employee Service Center at +1 866 374 2662, any business day, from 8 a.m. to 8 p.m. Eastern time.
Documentation that will be required at the time of application:
– Marriage Certificate showing that you have been married for at least 12 months at the time of
death, or
– A copy of a government issued document showing that you and your Domestic Partner have been
registered with a government body as Domestic Partners for at least 12 months at the time of death, or
– Notarized Affidavit of Domestic Partnership substantiating that you and your partner satisfied
Marsh & McLennan Companies’ definition of Domestic Partner for at least 12 months, and
– Proof of age (both participant and Domestic Partner at least age 18, – Proof you and your Domestic Partner have been mutually responsible for each other’s
common welfare for at least the previous 12 month, and
– Proof that you and your Domestic Partner have resided together for at least the previous 12
months.
Marsh & McLennan Companies Benefits
Your eligible survivor must contact the Employee Service Center and provide required documentation in order to commence a survivor benefit.
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38 Marsh & McLennan Companies
The following documentation will be accepted as proof of the specified criteria for a Domestic Partner when applying for a survivor benefit from the US Retirement Program:
You and your Domestic Partner are at least age 18.
– Birth Certificate or US Passport.
You and your Domestic Partner are responsible for each other’s welfare:
– Joint Debt such as a mortgage, lease, loan showing both names entered into at least
12 months prior to date of death, or
– Joint Asset such as a monthly bank, brokerage statements showing both names for
the 12 months prior to the date of death, or;
– Designation of one by the other as beneficiary for life insurance and/or retirement
benefits in effect throughout the 12 months prior to the date of death. You and your Domestic Partner reside together and intend to do so
permanently.
– Driver’s license or other government identification issued at least 12 months prior to
the date of death showing the same address, or; correspondence such as a utility bill addressed to both persons at the same address.
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39 Marsh & McLennan Companies
More Information You can obtain more information about Marsh & McLennan Companies benefits, provisions, procedures, and providers.
– The Summary Plan Descriptions (SPDs) and other information about the
Company benefit plans can be found in the Benefits Handbook accessible via Colleague Connect (www.colleagueconnect.mmc.com).
– By contacting the Marsh & McLennan Companies Employee Service
Center at +1 866 374 2662, any business day, from 8 a.m. to 8 p.m. Eastern time.
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40 Marsh & McLennan Companies
Marsh & McLennan Companies Required Legal Notice
This presentation is intended to provide you with highlights of certain benefits offered under the Company’s plans
and programs. If any conflict arises between this communication and the official plan documents, then the official plan documents will always govern. Participation in a plan does not give rise to any right to participate in any other plan or program or to continued employment with the Company. More detailed information about the plan(s) and/or programs described in this presentation is available on Colleague Connect (www.colleagueconnect.mmc.com).
This presentation provides general information about plan provisions. It is not intended to provide tax, investment,
financial planning, or legal advice. You should consult with a professional tax, investment, financial planning and/or legal advisor for personalized advice.
Not all US employees of Marsh & McLennan Companies, Inc. and its direct and indirect subsidiaries (the Company)
are eligible for all of the Company’s benefit plans. For example: some subsidiaries are not participating employers in
- ne or more of the Company’s plans or programs; some plans require an otherwise eligible employee to attain
certain age, service, and/or compensation levels in order to participate; and certain rewards programs are maintained solely for the benefit of employees at one or more subsidiaries. Furthermore, certain voluntary programs are made available to US employees on a payroll deduction basis but are not sponsored or paid for by the Company.
While the Company generally intends to maintain the various plans and programs it currently offers, the Company
reserves the right to amend or terminate every plan or benefit in its sole discretion to the fullest extent allowed by law at any time, and for any reason it deems advisable, as to any or all of the employees, retirees, former employees, or other participants or beneficiaries who are or may become covered. In fact, as a matter of prudent business planning, the Company periodically re-evaluates its plans and programs. Proposed changes that are periodically considered, if finally approved and implemented, might be more or less advantageous to a particular employee than the provisions of the current programs, depending on that employee’s individual circumstances. Because of the need for confidentiality, such proposals generally are discussed and evaluated only at the appropriate levels of management. Unless and until these proposals are formally adopted and announced by the Company, they are not binding. The Company may establish the effective date for any changes that are formally adopted.