Overview
Starr offers a comprehensive compensation package, featuring financial protections and ways to save — whether planning for retirement or preparing for the unexpected happens.
C. V. Starr & Co., Inc. Incentive Savings Plan (“Plan”)
The Plan is a great way to save for retirement. You choose how much to contribute and the type of contributions, either pre-tax or Roth — both have tax-saving advantages. Plus, Starr matches a portion of your contributions. Money in your account grows on a tax-deferred basis, which can really add up over time.
Eligibility to Participate
If you are a regular employee of Starr scheduled to work at least 1,000 hours during the calendar year, you are eligible to join the Plan on your first day of work.
Before-tax vs. Roth after-tax: What’s the difference?
The Incentive Savings Plan gives you the flexibility to save for retirement with before-tax contributions or Roth after-tax contributions.
- With before-tax contributions – the money goes into your account before taxes are deducted, so you keep more of your take-home pay.
- With Roth after-tax contributions – the money goes into your account after taxes are withheld, but both your contributions and any associated earnings can be withdrawn tax-free in retirement.*
*In order for Roth earnings to be withdrawn tax-free, you must be at least 59½ (or the withdrawal follows death or total disability), and at least five years must have elapsed since your first Roth contribution.
Auto Enrollment/One Step Program
You are automatically enrolled in the Plan at a pre-tax contribution rate of 3% of base salary up to the permitted limit. The One Step Program increases your contribution rates each January by 1%, up to a cap of 6%.
If you decide not to participate or want to change how you participate: You can change your One Step elections whenever you choose. Simply visit Vanguard at any time, or contact a Vanguard Participant Services associate at 1-800-523-1188, Monday through Friday, from 8:30 a.m. to 9 p.m. (ET). The Plan number is 095592.
Employee Deferrals
You can make pre-tax or post-tax (Roth) deferrals to the Plan from your base salary, overtime, and eligible year end cash bonus. The limit on your employee elective deferral contributions is 75% of eligible pay, subject to IRS annual limits. The 2025 IRS limit is $23,500. If you are age 50 or older, you can also make an additional catch-up contribution of $7,500.
Vesting Schedule
You are always 100% vested in your employee pre-tax and Roth deferral contributions. Company matching contributions (see below) are subject to a vesting schedule. You are fully vested in your Company matching contributions after three years of service.
Company Match
The Company will match your contributions each pay period up to the first 6% of your eligible contribution. An annual true-up will be performed after the end of the Plan year to ensure your Company’s matching contribution is maximized. Under this schedule, the dollar amount for your matching contributions will be based on your length of service, as follows:
| YEARS OF VESTED SERVICE | COMPANY MATCHING CONTRIBUTION |
|---|---|
| New Hire to 8 Years of Service | 75% |
| Eight Years or More | 116.667% |