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This excerpt taken from the LUX 20-F filed Jun 28, 2006. Nonqualified
Pension Plan and Agreements—U.S.
Holdings also maintains a nonqualified, unfunded supplemental executive
retirement plan (“SERP”) for participants in its qualified pension plan to
provide benefits in excess of amounts permitted under the provisions of
prevailing tax law. The pension liability and expense associated with this plan
are accrued using the same actuarial methods and assumptions as those used for
the qualified pension plan.
Starting January 1, 2006, this plan’s benefit provisions are amended to reflect the changes made to the Company’s qualified pension plan. As of the Cole acquisition date, US Holdings through its newly acquired subsidiary, sponsors the Cole National Group, Inc. Supplemental Pension Plan. This plan is a nonqualified unfunded SERP for certain participants of the Cole pension plan who were designated by the Board of Directors of Cole at the recommendation of Cole’s Chief Executive Officer at such time. This plan provides benefits in excess of amounts permitted under the provisions of the prevailing tax law. The pension liability and expense associated with this plan are accrued using the same actuarial methods and assumptions as those used for the qualified pension plan. The following tables provide key information pertaining to US Holdings’ pension plans and SERP. US Holdings uses a September 30 measurement date for these plans. |
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