LensCrafters 2007 Annual Report Download - page 152

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NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS | 151 <
using the same actuarial methods and assumptions as those used for the qualified pension plan.
Starting January 1, 2006, this plan’s benefit provisions were amended to mirror the changes made
to the Company’s qualified pension plan.
A subsidiary of the Company sponsors the Cole National Group, Inc. Supplemental Pension Plan.
This plan is a nonqualified unfunded supplemental executive retirement plan for certain participants
of the Cole pension plan who were designated by the Board of Directors of Cole on 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 the Company’s U.S. pension plans and
SERP. The Company uses a September 30 measurement date for these plans.
Obligations and Funded Status:
(Euro/000) Pension plans SERP
2007 2006 2007 2006
Change in benefit obligations:
Benefit obligation - beginning of period 272,248 278,947 8,320 6,530
Service cost 16,449 13,326 504 335
Interest cost 15,606 15,090 589 442
Actuarial (gain)/loss (1,690) 3,195 1,871 1,832
Plan amendments - 297 --
Benefits paid (8,573) (9,373) (219) (23)
Translation difference (27,254) (29,234) (970) (796)
Benefit obligation - end of period 266,786 272,248 10,095 8,320
Change in plan assets:
Fair value of plan assets - beginning
of period 216,792 206,316 --
Actual return on plan assets 24,203 14,514 --
Employer contribution 16,717 27,610 219 23
Benefits paid (8,573) (9,373) (219) (23)
Translation difference (22,564) (22,275) --
Fair value of plan assets - end of period 226,575 216,792 - -
Funded status (40,211) (55,456) (10,095) (8,320)