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This excerpt taken from the LUX 20-F filed Jun 28, 2006. Qualified
Pension Plan—During fiscal years 2004
and 2005, US Holdings continued to sponsor a qualified noncontributory defined
benefit pension plan which provides for the payment of benefits to eligible
past and present employees of US Holdings upon retirement. Pension benefits are
accrued based on length of service and annual compensation under a cash balance
formula.
This pension plan was amended effective January 1, 2006, granting eligibility to associates who work in the Cole Vision stores, field management, and the related labs and distribution centers. Additionally, the pension accrual formula was amended for the Cole associates as well as all new employees of the Company. The new formula has a more graded benefit accrual pattern than the previous formula. As of the effective date of the Cole acquisition, US Holdings, through its newly acquired subsidiary, sponsors the Cole National Group, Inc. Retirement Plan. This is a qualified noncontributory defined benefit pension plan that covers Cole employees who have met eligibility service requirements and are not members of certain collective bargaining units. The pension plan provides for benefits to be paid to eligible past and present employees at retirement based primarily upon years of service and the employees’ compensation levels at and around the time of retirement. In January 2002, this plan was frozen for all participants. The average pay for all participants was frozen as of March 31, 2002 and covered compensation was frozen on December 31, 2001. Benefit service was also frozen as of March 31, 2002 except for those individuals who were at least age 50 with at least ten years of benefit service as of that date, whose service will continue to increase as long as they remain employed by US Holdings or one of its subsidiaries. 121 This excerpt taken from the LUX 20-F filed Jun 29, 2005. Qualified Pension Plan —During fiscal years 2003 and 2004, U.S.
Holdings sponsors a qualified noncontributory defined benefit pension plan
which provides for the payment of benefits to eligible past and present
employees of U.S. Holdings upon retirement. Pension benefits are accrued based
on length of service and annual compensation under a cash balance formula. As
of December 31, 2004, associates that work for the acquired Cole
businesses and legal entities were not eligible to participate in the above
mentioned pension plan.
As of the effective date of the Cole acquisition, U.S. Holdings, through its newly acquired subsidiary sponsors the Cole National Group, Inc. Retirement Plan. This is a qualified noncontributory defined benefit pension plan that covers Cole employees who have met eligibility service requirements and are not members of certain collective bargaining units. The pension plan provides for benefits to be paid to eligible employees at retirement based primarily upon years of service and the employees’ compensation levels near retirement. In January 2002, this plan was frozen for all participants. The average pay for all participants was frozen as of March 31, 2002 and covered compensation was frozen on December 31, 2001. Benefit service was also frozen as of March 31, 2002 except for those individuals who were at least age 50 with at least ten years of benefit service as of that date, whose service will continue to increase as long as they remain employed by U.S. Holdings or one of its subsidiaries.
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