Statement From Mercer CEO on Global Pension Funding Relief Measures
Mar 27, 2020
NEW YORK, March 27, 2020 — THE FOLLOWING IS STATEMENT FROM MARTINE FERLAND, PRESIDENT AND CEO, MERCER AND VICE CHAIR, MARSH & McLENNAN:
We applaud the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in the U.S. This federal aid package will be instrumental in delivering assistance that is broad, strategic and responsive to the needs of both employers and their employees.
As the coronavirus pandemic expands, my colleagues and I have been in close touch with countless companies helping them navigate the challenges this situation is presenting their businesses and their people. Additionally, in the past few weeks, we’ve been advocating on behalf of our clients with governments in Washington, London and capitals around the world. We have advocated for immediate legislative and policy relief to ease access to medical care as well as pension funding relief to cash-strapped organizations to help them meet the urgent needs of their businesses and employees and preserve jobs.
We are pleased to see that several of our policy recommendations were included in CARES, such as pension funding relief, which allows corporate plans to extend the date for all required pension contributions that would otherwise be due during calendar year 2020 until January 1, 2021; and a provision ensuring pre-deductible telemedicine services are HSA-compatible. These changes will help employers weather the immediate crisis, so that they can focus on supporting their employees today.
We continue to call on the UK Pensions Regulator (tPR) to clarify how it will exercise its powers to allow flexibility in relation to the payment of contributions to defined benefit pension schemes where companies face financial problems due to COVID-19. We believe this is the appropriate response, given the crisis facing the UK, its employers and their pension schemes.
Advocating for our clients on Capitol Hill and with governments across the world is one of the ways we deliver on our mission make a difference in people’s lives. We stand ready to continue assisting governments with the urgent policy responses they are pursuing to help working families, businesses and communities through this pandemic.
About Marsh & McLennan Companies
Marsh & McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s 76,000 colleagues advise clients in over 130 countries. With annual revenue of $17 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and wellbeing for a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit mmc.com, follow us on LinkedIn and Twitter @mmc_global or subscribe to BRINK.
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