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Retirement Benefits
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
The Company maintains qualified and non-qualified defined benefit pension plans for its U.S. and non-U.S. eligible employees.
Combined U.S. and Non-U.S. Plans
The weighted average actuarial assumptions utilized for the U.S. and significant non-U.S. defined benefit plans and post-retirement benefit plans are as follows:
  
Pension 
Benefits		Post-retirement
Benefits
 2022202120222021
Weighted average assumptions:
Discount rate (for expense)2.28 %1.92 %2.36 %2.42 %
Expected return on plan assets4.57 %4.73 %— — 
Rate of compensation increase (for expense)*3.34 %1.85 %— — 
Discount rate (for benefit obligation)5.16 %2.28 %4.92 %2.36 %
Rate of compensation increase (for benefit obligation)*3.16 %2.16 %— — 
*There are no rate of compensation increase assumptions for the U.S. defined benefit plans since future benefit accruals were discontinued for those plans after December 31, 2016 and earned benefits are not subject to final salary level adjustments.
The target asset allocation for the U.S. plans is 50% equities and equity alternatives and 50% fixed income. At December 31, 2022, the actual allocation for the U.S. plans was 61% equities and equity alternatives and 39% fixed income. The target asset allocation for the U.K. plans, which comprise approximately 79% of non-U.S. plan assets, is 14% equities and equity alternatives and 86% fixed income. At December 31, 2022, the actual allocation for the U.K. plans was 16% equities and equity alternatives and 84% fixed income. The assets of the Company's defined benefit plans are diversified and are managed in accordance with applicable laws and with the goal of maximizing the plans' real return within acceptable risk parameters. The Company uses threshold-based portfolio re-balancing to ensure the actual portfolio remains consistent with target asset allocation ranges.
The net benefit (credit) or cost of the Company's defined benefit and other post-retirement plans is measured on an actuarial basis using various methods and assumptions. The components of the net benefit (credit) or cost for the years 2022, 2021 and 2020 are as follows:
Combined U.S. and significant non-U.S. PlansPensionPost-retirement
For the Years Ended December 31,BenefitsBenefits
(In millions)202220212020202220212020
Service cost$28 $38 $36 $— $1 $— 
Interest cost389 341 421 3 2 3 
Expected return on plan assets(778)(832)(844)— — — 
Amortization of prior service1 — — (2)(2)(2)
Recognized actuarial loss (gain)149 206 161 1 1 — 
Net periodic benefit (credit) cost(211)(247)(226)2 2 1 
Curtailment loss— 2 — — — — 
Plan termination — — 1 — — — 
Settlement loss2 5 3 — — — 
Net benefit (credit) cost$(209)$(240)$(222)$2 $2 $1 
The following table provides the amounts reported in the consolidated statements of income:
Combined U.S. and significant non-U.S. PlansPension
Benefits		Post-retirement
Benefits
For the Years Ended December 31,
(In millions)202220212020202220212020
Compensation and benefits expense $28 $38 $36 $— $1 $— 
Other net benefit (credit) cost(237)(278)(258)2 1 1 
Net benefit (credit) cost$(209)$(240)$(222)$2 $2 $1 
Plan Assets
For the U.S. plans, investment allocation decisions are made by a fiduciary committee composed of senior executives appointed by the Company’s Chief Executive Officer. For the non-U.S. plans, investment allocation decisions are made by local fiduciaries, in consultation with the Company for the larger plans. Plan assets are invested in a manner consistent with the fiduciary standards set forth in all relevant laws relating to pensions and trusts in each country. Primary investment objectives are (1) to achieve an investment return that, in combination with current and future contributions, will provide sufficient funds to pay benefits as they become due, and (2) to minimize the risk of large losses. The investment allocations are designed to meet these objectives by broadly diversifying plan assets among numerous asset classes with differing expected returns, volatilities, and correlations.
The major categories of plan assets include equity securities, equity alternative investments, and fixed income securities. For the U.S. plan, the category ranges are 46%-54% for both equities and equity alternatives, and for fixed income. For the U.K. plans, the category ranges are 11%-17% for equities and equity alternatives, and 83%-89% for fixed income. Asset allocation is frequently monitored and re-balancing actions are taken as appropriate.
Plan investments are exposed to stock market, interest rate, and credit risk. Concentrations of these risks are generally limited due to diversification by investment style within each asset class, diversification by investment manager, diversification by industry sectors and issuers, and the dispersion of investments across many geographic areas.
U.S. Plans
The following tables provide information concerning the Company’s U.S. defined benefit pension and post-retirement benefit plans:
U.S. Pension
Benefits		U.S. Post-retirement
Benefits
(In millions)2022202120222021
Change in benefit obligation:
Benefit obligation at beginning of year$6,594 $6,914 $28 $31 
Interest cost193 184 1 1 
Employee contributions— — 3 4 
Plan amendments— 1 — — 
Actuarial gain(1,625)(227)(3)(1)
Benefits paid(286)(278)(7)(7)
Benefit obligation, December 31$4,876 $6,594 $22 $28 
Change in plan assets:
Fair value of plan assets at beginning of year$5,537 $5,100 $2 $2 
Actual return on plan assets(1,005)680 — — 
Employer contributions30 35 4 3 
Employee contributions— — 3 4 
Benefits paid(286)(278)(7)(7)
Fair value of plan assets, December 31$4,276 $5,537 $2 $2 
Net funded status, December 31$(600)$(1,057)$(20)$(26)
Amounts recognized in the consolidated balance sheets:
Current liabilities$(31)$(31)$(1)$(1)
Non-current liabilities(569)(1,026)(19)(25)
Net liability recognized, December 31$(600)$(1,057)$(20)$(26)
Amounts recognized in other comprehensive income (loss):
Prior service cost$(1)$(1)$— $— 
Net actuarial (loss) gain(1,419)(1,777)8 3 
Total recognized accumulated other comprehensive (loss) income, December 31$(1,420)$(1,778)$8 $3 
Cumulative employer contributions in excess of (less than) net benefit (credit) cost820 721 (28)(29)
Net amount recognized in consolidated balance sheet$(600)$(1,057)$(20)$(26)
Accumulated benefit obligation at December 31$4,876 $6,594 $— $— 
U.S. Pension
Benefits		U.S. Post-retirement
Benefits
(In millions)2022202120222021
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss):
Beginning balance$(1,777)$(2,446)$3 $3 
Recognized as component of net benefit (credit) cost74 90 — (1)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Other— (1)2 — 
Liability experience1,625 227 3 1 
Asset experience(1,341)353 — — 
Total gain recognized as change in plan assets and benefit obligations284 579 5 1 
Net actuarial (loss) gain, December 31$(1,419)$(1,777)$8 $3 
For the Years Ended December 31,U.S. Pension
Benefits		U.S. Post-retirement
Benefits
(In millions)202220212020202220212020
Total recognized in net benefit (credit) cost and other comprehensive (income) loss $(427)$(722)$272 $(4)$— $2 
The weighted average actuarial assumptions utilized in determining expense during the year and benefit obligation at the end of the year for the U.S. defined benefit and other U.S. post-retirement plans are as follows:
U.S. Pension
Benefits		U.S. Post-retirement Benefits
2022202120222021
Weighted average assumptions:
Discount rate (for expense)3.00 %2.73 %2.56 %2.18 %
Expected return on plan assets6.88 %7.03 %— — 
Discount rate (for benefit obligation)5.53 %3.00 %5.31 %2.56 %
The accumulated benefit obligation and aggregate fair value of plan assets for U.S. pension plans with accumulated benefit obligations in excess of plan assets were $4.9 billion and $4.3 billion, respectively, as of December 31, 2022 and $6.6 billion and $5.5 billion, respectively, as of December 31, 2021. The decrease in the benefit obligation in 2022 compared to 2021 reflects the increase in discount rates used to measure plan liabilities.
The projected benefit obligation and fair value of plan assets for U.S. pension plans with projected benefit obligations in excess of plan assets was $4.9 billion and $4.3 billion, respectively, as of December 31, 2022 and $6.6 billion and $5.5 billion, respectively, as of December 31, 2021. The decrease in the benefit obligation in 2022 compared to 2021 reflects the increase in discount rates used to measure plan liabilities.
As of December 31, 2022, the U.S. qualified plan holds 2 million shares of the Company’s common stock which were contributed to the qualified plan by the Company in 2005. This represented approximately 7.8% of that plan's assets as of December 31, 2022.
The components of the net benefit (credit) cost for the U.S. defined benefit and other post-retirement benefit plans are as follows:
U.S. Plans onlyPension
Benefits		Post-retirement
Benefits
For the Years Ended December 31,
(In millions)202220212020202220212020
Interest cost$193 $184 $213 $1 $1 $1 
Expected return on plan assets(336)(327)(345)— — — 
Recognized actuarial loss (gain)74 90 72 — (1)— 
Net benefit (credit) cost$(69)$(53)$(60)$1 $— $1 
The assumed health care cost trend rate for Medicare eligibles and non-Medicare eligibles is approximately 6.4% in 2022, gradually declining to 4% in 2046. Assumed health care cost trend rates have a small effect on the amounts reported for the U.S. health care plans because the Company caps its share of health care trend at 5%.
Estimated Future Contributions
The Company expects to contribute approximately $31 million to its non-qualified U.S. plans in 2023. The Company’s policy for funding its tax-qualified defined benefit retirement plans is to contribute amounts at least sufficient to meet the funding requirements set forth in the U.S. and applicable foreign law. The Company was not required to and made no contributions to its U.S. qualified plans in 2022, and is not required to make any contributions in 2023.
Non-U.S. Plans
The following tables provide information concerning the Company’s non-U.S. defined benefit pension and post-retirement benefit plans:
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
(In millions)2022202120222021
Change in benefit obligation:
Benefit obligation at beginning of year$12,057 $12,998 $68 $73 
Service cost28 38 — 1 
Interest cost196 157 2 1 
Employee contributions3 2 — — 
Plan combination2 — — — 
Actuarial (gain) loss (3,953)(617)(14)(4)
Plan amendments— 7 — — 
Effect of settlement(22)(16)— — 
Effect of curtailment— (2)— — 
Benefits paid(342)(395)(2)(3)
Foreign currency changes(1,083)(115)(6)— 
Benefit obligation, December 31$6,886 $12,057 $48 $68 
Change in plan assets:
Fair value of plan assets at beginning of year$13,855 $14,028 $— $— 
Plan combination1 — — — 
Actual return on plan assets(3,609)306 — — 
Effect of settlement(22)(16)— — 
Company contributions139 95 2 3 
Employee contributions3 2 — — 
Benefits paid(342)(395)(2)(3)
Foreign currency changes(1,261)(165)— — 
Fair value of plan assets, December 31$8,764 $13,855 $— $— 
Net funded status, December 31$1,878 $1,798 $(48)$(68)
Amounts recognized in the consolidated balance sheets:
Non-current assets$2,127 $2,269 $— $— 
Current liabilities(6)(6)(3)(3)
Non-current liabilities(243)(465)(45)(65)
Net asset (liability) recognized, December 31$1,878 $1,798 $(48)$(68)
Amounts recognized in other comprehensive loss:
Prior service (credit) cost$(16)$(18)$5 $7 
Net actuarial loss(2,610)(2,904)6 (10)
Total recognized accumulated other comprehensive (loss) income, December 31$(2,626)$(2,922)$11 $(3)
Cumulative employer contributions in excess of (less than) net benefit (credit) cost4,504 4,720 (59)(65)
Net asset (liability) recognized in consolidated balance sheets, December 31$1,878 $1,798 $(48)$(68)
Accumulated benefit obligation, December 31$6,776 $11,830 $— $— 
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
(In millions)2022202120222021
Reconciliation of prior service (cost) credit recognized in accumulated other comprehensive income (loss):
Beginning balance$(18)$(13)$7 $9 
Recognized as component of net benefit (credit) cost:
Amortization of prior service credit— — (2)(2)
Effect of curtailment— 2 — — 
Total recognized as component of net benefit (credit) cost— 2 (2)(2)
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Plan amendments— (7)— — 
Exchange rate adjustments2 — — — 
Prior service (cost) credit, December 31$(16)$(18)$5 $7 
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
(In millions)2022202120222021
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income:
Beginning balance$(2,904)$(3,467)$(10)$(16)
Recognized as component of net benefit (credit) cost:
Amortization of net loss75 116 1 2 
Effect of settlement2 5 — — 
Total recognized as component of net benefit (credit) cost77 121 1 2 
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Liability experience3,953 617 14 4 
Asset experience(4,051)(199)— — 
Effect of curtailment— 2 — — 
Total amount recognized as change in plan assets and benefit obligations(98)420 14 4 
Exchange rate adjustments315 22 1 — 
Net actuarial (loss) gain, December 31$(2,610)$(2,904)$6 $(10)
For the Years Ended December 31,Non-U.S. Pension
Benefits		Non-U.S. Post-retirement
Benefits
(In millions)202220212020202220212020
Total recognized in net benefit (credit) cost and other comprehensive (income) loss$(436)$(745)$261 $(13)$(2)$13 
The weighted average actuarial assumptions utilized in determining expense during the year and benefit obligation at the end of the year for the non-U.S. defined benefit plans are as follows:
Non-U.S. Pension
Benefits		Non-U.S.
Post-retirement Benefits
2022202120222021
Weighted average assumptions:
Discount rate (for expense)1.89 %1.49 %2.28 %1.96 %
Expected return on plan assets3.64 %3.89 %— — 
Rate of compensation increase (for expense)3.34 %2.84 %— — 
Discount rate (for benefit obligation)4.89 %1.89 %4.73 %2.28 %
Rate of compensation increase (for benefit obligation)3.16 %3.34 %— — 
The accumulated benefit obligation and fair value of plan assets for the non-U.S. pension plans with accumulated benefit obligations in excess of plan assets were $935 million and $718 million, respectively, as of December 31, 2022 and $1.6 billion and $1.2 billion, respectively, as of December 31, 2021.
The projected benefit obligation and fair value of plan assets for non-U.S. pension plans with projected benefit obligations in excess of plan assets was $1.0 billion and $723 million, respectively, as of December 31, 2022 and $1.7 billion and $1.2 billion, respectively, as of December 31, 2021. The decrease in the benefit obligation in 2022 compared to 2021 reflects an actuarial gain primarily due to the increase in discount rates used to measure plan liabilities.
Components of Net Benefit (Credit) or Cost
The components of the net benefit (credit) or cost for the non-U.S. defined benefit and other post-retirement benefit plans and the curtailment, settlement and termination expenses are as follows:
For the Years Ended December 31,Non-U.S. Pension
Benefits		Non-U.S. Post-retirement
Benefits
(In millions)202220212020202220212020
Service cost$28 $38 $36 $— $1 $— 
Interest cost196 157 208 2 1 2 
Expected return on plan assets(442)(505)(499)— — — 
Amortization of prior service credit1 — — (2)(2)(2)
Recognized actuarial loss75 116 89 1 2 — 
Net periodic benefit (credit) cost(142)(194)(166)1 2 — 
Settlement loss2 5 3 — — — 
Curtailment loss— 2 — — — — 
Special termination benefits— — 1 — — — 
Net benefit (credit) cost$(140)$(187)$(162)$1 $2 $— 
The assumed health care cost trend rate was approximately 4.91% in 2022, gradually declining to 4.45% in 2040. Assumed health care cost trend rates can have a significant effect on the amounts reported for the non-U.S. health care plans.
Estimated Future Contributions
The Company expects to contribute approximately $76 million to its non-U.S. pension plans in 2023. Funding requirements for non-U.S. plans vary by country. Contribution rates are generally based on local funding practices and requirements, which may differ significantly from measurements under U.S. GAAP. Funding amounts may be influenced by future asset performance, the level of discount rates and other variables impacting the assets and/or liabilities of the plan. Discretionary contributions may also be affected by alternative uses of the Company’s cash flows, including dividends, investments and share repurchases.
In the U.K., the assumptions used to determine pension contributions are the result of legally prescribed negotiations between the Company and the plans' trustee that typically occurs every three years in conjunction with the actuarial valuation of the plans. Currently, this results in a lower funded status than under U.S. GAAP and may result in contributions irrespective of the U.S. GAAP funded status.
In 2021, the JLT Pension Scheme was merged into the MMC U.K. Pension Fund with a new segregated JLT section created. The Company made deficit contributions of $103 million to the JLT section in 2022 and is expected to make contributions totaling approximately $39 million in 2023.
For the MMC U.K. Pension Fund, excluding the JLT section, an agreement was reached with the trustee in the fourth quarter of 2022 based on the surplus funding position at December 31, 2021. In accordance with the agreement no deficit funding is required until 2026. The funding level will be re-assessed during 2025, as part of the December 31, 2024 actuarial valuation, to determine if contributions are required in 2026. In November 2022, as part of a long-term strategy to have greater influence over asset allocation and overall investment decisions, the Company renewed its agreement to support annual deficit contributions by the U.K. operating companies under certain circumstances, up to £450 million (or $541 million) over a 7 year period.
Estimated Future Benefit Payments
The estimated future benefit payments for the Company's pension and post-retirement benefit plans are as follows:
For the Years Ended December 31,Pension
Benefits		Post-retirement
Benefits
(In millions)U.S.Non-U.S.U.S.Non-U.S.
2023$312 $337 $3 $3 
2024$324 $344 $3 $3 
2025$337 $352 $3 $3 
2026$343 $360 $2 $3 
2027$347 $371 $2 $3 
2028-2032$1,760 $2,054 $8 $15 
Defined Benefit Plans Fair Value Disclosures
The U.S. and non-U.S. plan investments are classified into Level 1, which refers to investments valued using quoted prices from active markets for identical assets; Level 2, which refers to investments not traded on an active market but for which observable market inputs are readily available; Level 3, which refers to investments valued based on significant unobservable inputs; and investments valued using net asset value ("NAV") as a practical expedient. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Refer to Note 10, Fair Value Measurements, for further description of fair value hierarchy leveling.
The following table sets forth, by level within the fair value hierarchy, a summary of the U.S. and non-U.S. plans' investments measured at fair value on a recurring basis at December 31, 2022 and 2021:
Fair Value Measurements at December 31, 2022
Assets
(In millions)
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		NAVTotal
Common/collective trusts$43 $— $— $3,995 $4,038 
Corporate obligations— 2,402 — — 2,402 
Corporate stocks527 36 1 — 564 
Private equity/partnerships— — — 1,433 1,433 
Government securities15 4,662 — — 4,677 
Real estate— — — 261 261 
Short-term investment funds609 3 — — 612 
Company common stock331 — — — 331 
Other investments10 11 308 — 329 
Total investments$1,535 $7,114 $309 $5,689 $14,647 
Net derivative liabilities— (1,605)— — (1,605)
Net investments$1,535 $5,509 $309 $5,689 $13,042 
  
Fair Value Measurements at December 31, 2021
Assets
(In millions)
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		NAVTotal
Common/collective trusts$476 $— $— $5,221 $5,697 
Corporate obligations— 4,209 — — 4,209 
Corporate stocks2,368 44 1 — 2,413 
Private equity/partnerships— — — 1,531 1,531 
Government securities15 7,364 — — 7,379 
Real estate— — — 356 356 
Short-term investment funds681 — — — 681 
Company common stock348 — — — 348 
Other investments11 6 662 — 679 
Total investments$3,899 $11,623 $663 $7,108 $23,293 
Net derivative liabilities— (3,899)— — (3,899)
Net investments$3,899 $7,724 $663 $7,108 $19,394 
The tables below set forth a summary of changes in the fair value of the plans’ Level 3 assets for the years ended December 31, 2022 and December 31, 2021:
Assets
(In millions)
Fair Value,
January 1, 2022		PurchasesSalesUnrealized
Gain/
(Loss)		Realized
Gain/
(Loss)		Exchange
Rate
Impact		Transfers
in/(out)
and
Other		Fair
Value, December 31, 2022
Other investments$662 $18 $(19)$(302)$— $(51)$— $308 
Corporate stocks1 — — — — — — 1 
Total assets$663 $18 $(19)$(302)$— $(51)$— $309 
Assets
(In millions)
Fair Value,
January 1, 2021		PurchasesSalesUnrealized
Gain/
(Loss)		Realized
Gain/
(Loss)		Exchange
Rate
Impact		Transfers
in/(out)
and
Other 		Fair
Value, December 31, 2021
Other investments$773 $19 $(15)$(78)$1 $(36)$(2)$662 
Corporate stocks1 1 — (1)— — — 1 
Total assets$774 $20 $(15)$(79)$1 $(36)$(2)$663 
The following is a description of the valuation methodologies used for assets measured at fair value:
Company common stock: Valued at the closing price reported on the New York Stock Exchange.
Common stocks, preferred stocks, convertible equity securities, rights/warrants and real estate investment trusts (included in Corporate stocks): Valued at the closing price reported on the primary exchange.
Corporate bonds (included in Corporate obligations): The fair value of corporate bonds is estimated using recently executed transactions, market price quotations (where observable) and bond spreads. The spread data used are for the same maturity as the bond. If the spread data does not reference the issuer, then data that references a comparable issuer are used. When observable price quotations are not available, fair value is determined based on cash flow models.
Commercial mortgage-backed and asset-backed securities (included in Corporate obligations): Fair value is determined using discounted cash flow models. Observable inputs are based on trade and quote activity of bonds with similar features including issuer vintage, purpose of underlying loan (first or second lien), prepayment speeds and credit ratings. The discount rate is the combination of the appropriate rate from the benchmark yield curve and the discount margin based on quoted prices.
Common/Collective trusts: Trust assets include mutual funds that are valued based on readily determinable market values and other assets valued at the net asset value of units of a bank collective trust. The net asset value as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported net asset value.
U.S. government bonds (included in Government securities): The fair value of U.S. government bonds is estimated by pricing models that utilize observable market data including quotes, spreads and data points for yield curves.
U.S. agency securities (included in Government securities): U.S. agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Agency issued debt securities are valued by benchmarking market-derived prices to quoted market prices and trade data for identical or comparable securities. Mortgage pass-throughs include certain "To-be-announced" (TBA) securities and mortgage pass-through pools. TBA securities are generally valued using quoted market prices or are benchmarked thereto. Fair value of mortgage pass-through pools are model driven with respect to spreads of the comparable TBA security.
Private equity and real estate partnerships: Investments in private equity and real estate partnerships are valued based on the fair value reported by the manager of the corresponding partnership and reported on
a one quarter lag. The managers provide unaudited quarterly financial statements and audited annual financial statements which set forth the value of the fund. The valuations obtained from the managers are based on various analyses on the underlying holdings in each partnership, including financial valuation models and projections, comparable valuations from the public markets, and precedent private market transactions. Investments are valued in the accompanying financial statements based on the Plan’s beneficial interest in the underlying net assets of the partnership as determined by the partnership agreement.
Insurance group annuity contracts: The fair values for these investments are based on the current market value of the aggregate accumulated contributions plus interest earned.
Net derivative liabilities: Includes interest rate swaps, inflation swaps, total return swaps, repurchase agreements and equity based derivatives, primarily related to the U.K. plans. These derivatives are structured to hedge interest rate, inflation and equity exposure in the U.K. plans. Fair values for interest rate, inflation and equity based derivatives are calculated using a discounted cash flow pricing model. These models use observable market data such as contractual fixed rate, spot equity price or index value and dividend data.
Short-term investment funds: Primarily high-grade money market instruments valued at a readily determinable price.
Registered investment companies: Valued at the closing price reported on the primary exchange.
Defined Contribution Plans
The Company maintains certain defined contribution plans for its employees, including the Marsh & McLennan Companies 401(k) Savings & Investment Plan ("MMC 401(k) Plan") and the Marsh & McLennan Agency Savings and Investment Plan (collectively, the "401(k) Plans"), that are qualified under U.S. tax laws. For the 401(k) Plans, eligible employees may contribute a percentage of their base salary, subject to certain limitations, and the Company matches a fixed portion of the employees’ contributions. In addition, the Company also amended the MMC 401(k) Plan for most of its U.S. employees to add an automatic Company contribution equal to 4% of eligible base pay beginning on January 1, 2017. The 401(k) Plans contain an Employee Stock Ownership Plan feature under U.S. tax law. Approximately $677 million of the 401(k) Plans' assets at December 31, 2022 and $742 million at December 31, 2021 were invested in the Company’s common stock. If a participant does not choose an investment direction for their future contributions, they are automatically invested in a BlackRock LifePath Portfolio that most closely matches the participant’s expected retirement year. The cost of these defined contribution plans was $161 million in 2022, $150 million in 2021 and $145 million in 2020. In addition, the Company has significant defined contribution plans in the U.K. Effective August 1, 2014, a newly formed defined contribution plan replaced the existing defined contribution and defined benefit plans with regard to future service. In addition, the Company assumed responsibility for the defined contribution section of the JLT U.K. plan. Members of the JLT U.K. plan defined contribution section transferred to the MMC U.K. Pension Fund defined contribution section in 2021. The cost of the U.K. defined contribution plan was $140 million, $141 million and $121 million in 2022, 2021 and 2020, respectively.