Retirement Plan

Starr helps you prepare for retirement with the easy-to-use, tax-advantaged Starr Retirement Savings Plan.

C. V. Starr & Co., Inc. Retirement Plan (“Retirement Plan”)

Starr provides eligible salaried U.S. employees with a defined benefit plan that can provide them with a monthly income at retirement.

Participation

If you are an eligible* employee, you will become a participant in the Retirement Plan on the first day of the month coincident with or following the date you complete one year of service, or when you reach age 21 (if later).

Vesting

Participants are fully vested (earn the right to a benefit from the plan) after five years of continuous service. Participants who terminate from the Company before reaching five years of continuous service are not eligible for a retirement benefit from the Retirement Plan.

Retirement

Participants can retire and receive a full vested benefit beginning at their Normal Retirement Date (generally age 65, unless hired after age 59). Participants with at least 10 years of Credited Service can also retire as early as age 55 and receive a reduced benefit.

How the Accrued Benefit Is Calculated

Generally, the amount of the benefit is based on Average Final Compensation, Considered Compensation and years of Credited Service.

• Average Final Compensation for participants hired prior to January 1, 2015, is based on “pensionable compensation” in the 36 consecutive months (within the last 120 months of Credited Service) that produce the highest average. Pensionable compensation generally will include base pay, bonuses and commissions; however, deferrals under any non-qualified deferred compensation plan maintained by the Employer or any of its affiliates, equity-based compensation and certain other bonuses are excluded. Annual pensionable compensation included in determining the Plan benefit is subject to a compensation limit imposed by the Internal Revenue Code.
• Average Final Compensation for participants hired on or after January 1, 2015, is based on “pensionable compensation” in the last 120 months of Credited Service prior to termination of employment, or during all years of Credited Service if less than 120 months (the “Ten-Year Average”).
• Considered Compensation is equal to the lesser of (i) 150% of the average of the Social Security taxable wage bases in effect for each calendar year during the 35-year period ending with the last day of the calendar year in which a participant attains or will attain Social Security retirement age, or (ii) the Social Security taxable wage base for the calendar year in which termination of employment occurs.
• Credited Service is the period of service after becoming a participant in the Plan plus six months.

Annual Retirement Statements

Eligible participants will receive an annual benefits statement that includes an estimated retirement summary at Normal Retirement Date and accrued benefits as of December 31 of the prior year.

*Employees of Assist Card are not eligible to participate in the Plan.

Specific rights and/or benefits, if any, will be contingent upon terms and conditions of the laws and legal documents on which the Plan is based. The information formulated in this summary is subject to these legal documents, including, but not limited to, the Plan document, which will govern in case of difference or error. This does not constitute a promise or guarantee of future benefits. Starr Insurance reserves the right to modify, amend or terminate the Plan at any time and at its sole discretion.