New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Marsh & McLennan Employees: Unlock the Benefits of the Federal Student Grant Program for Your Family's Education

Healthcare Provider Update: Healthcare Provider Information: Marsh & McLennan Marsh & McLennan is a global professional services firm offering a wide range of services primarily through its subsidiaries. They do not provide healthcare in the traditional sense but are known for their consulting services related to risk management, insurance, and employee benefits, including health benefits consulting. They work with various healthcare providers and insurance companies to manage and strategize healthcare costs on behalf of their clients. Potential Healthcare Cost Increases in 2026 As we approach 2026, significant healthcare cost increases loom on the horizon, primarily driven by the expected sharp rise in Affordable Care Act (ACA) premiums. States could see premium hikes ranging from 18% to over 60%, attributable to the potential expiration of enhanced federal subsidies and ongoing medical cost inflation. Without these subsidies, many enrollees might face out-of-pocket premium increases exceeding 75%, exacerbating the financial strain on households. This perfect storm of factors underscores the urgency for individuals and employers to prepare for the rising costs and reassess their healthcare strategy in the impending year. Click here to learn more

Most Marsh & McLennan employees have already heard of the Free Application for Federal Student Aid, or FAFSA, if they or someone they know has plans to attend a college, career school, or university. Last year, around 70% of families submitted a FAFSA to the Department of Education to secure financial assistance. But what many prospective and current students may overlook are the various federal grants awarded to students in need each year.

Granted value

Most federal grants, unlike loans, function as sources of funding. There are some exceptions, though. For example, if a student is awarded a grant, but withdraws from the program in which they’re enrolled, they may be required to pay back all or a portion of that grant.

Know your grants

The Department of Education offers multiple aid packages as part of the Federal Student Grant Program and all Marsh & McLennan employees should be aware of them. The following four are granted most often, and each has different requirements for eligibility. The information below applies to the 2023-2024 academic year:

Federal Pell Grants - With a maximum award of $6,895, Pell Grants are reserved for undergraduate students who have exceptional financial need and have not earned a bachelor’s, graduate, or professional degree yet.
Federal Supplemental Educational Opportunity Grants (FSEO) - FSEO Grants award a maximum of $4,000 to those who demonstrate exceptional need and have not yet earned a bachelor’s or graduate degree. FSEO Grants also give priority to Pell Grant recipients over other applicants.
Iraq and Afghanistan Service Grants - These grants award a maximum of $6,895, and they’re only for students whose parent or guardian served in a branch of the U.S. Armed Forces and died while serving in Iraq or Afghanistan after the events of 9/11.
Teacher Education Assistance for College and Higher Education (TEACH) Grants - TEACH Grants award a maximum of $4,000, and they’re reserved for students who are enrolled in teaching preparation programs and agree to teach for a minimum of 4 years at the elementary or secondary school level in a high-need field.

FAFSA Required

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No matter who you are or your financial situation, you may want to consider submitting a FAFSA. After all, the grants listed above do require recipients to have an application on file with the Department of Education. And who knows? The potential financial benefit that you as a Marsh & McLennan employee could secure may surprise you.

Finder.com, 2019

StudentAid.gov, 2020

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Name of Pension Plan: Marsh & McLennan does not typically offer a traditional defined benefit pension plan. Instead, it offers a defined contribution plan. Years of Service and Age Qualification: The detailed eligibility criteria can be found in the Summary Plan Description (SPD) or 10-K filings. Pension Formula: As Marsh & McLennan primarily offers defined contribution plans, a pension formula might not be applicable Name of 401(k) Plan: Marsh & McLennan 401(k) Savings Plan. Eligibility Criteria: Generally available to full-time employees. Eligibility may require a waiting period.

Restructuring and Layoffs: Marsh & McLennan announced a restructuring plan in late 2023 to streamline operations and integrate their various business units more effectively. This restructuring involved the consolidation of certain departments and led to a reduction in workforce by approximately 5%. The move aimed to improve operational efficiency and align with the company’s strategic objectives for growth and innovation. Given the current economic climate, it's crucial for employees and investors to stay informed about these changes, as they impact job security and company performance. Benefit and Pension Changes: In 2024, Marsh & McLennan also updated its benefits package and pension plans. The company introduced enhanced retirement savings options, including increased 401(k) match contributions and expanded investment choices. These changes were made to attract and retain top talent amid a competitive labor market. Additionally, adjustments to the pension plan were implemented to ensure long-term financial stability and compliance with new regulations. These updates are significant in the context of current investment and tax environments, making it essential for stakeholders to review these changes carefully.

Marsh & McLennan (MMC) offers stock options primarily to senior executives and key employees. For 2022 and 2023, stock options were granted based on performance targets and individual roles. Marsh & McLennan (MMC) provides RSUs to a broader range of employees, including mid-level managers and above. In 2023, RSU grants were made as part of a broader incentive plan to align employee interests with shareholder value.

Healthcare Plans: Marsh & McLennan offers comprehensive healthcare plans, including medical, dental, and vision coverage. They provide various plan options to suit different needs, including PPO and HMO plans. Wellness Programs: The company emphasizes wellness programs and preventive care, with resources such as wellness coaching and fitness incentives.