LensCrafters 2004 Annual Report Download - page 129

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
128
NONQUALIFIED PENSION PLAN
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.
As of the Cole acquisition date, U.S. 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 U.S. Holdings’ pension plans and SERP. U.S.
Holdings uses a September 30 measurement date for
these plans.