LensCrafters 2009 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2009 LensCrafters annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

> 88 | ANNUAL REPORT 2009
Year ending December 31 Pension Plans Supplemental Plans
2010 11,001 627
2011 12,173 627
2012 14,145 1,003
2013 16,498 1,244
2014 18,694 961
2015-2019 136,840 7,024
Contributions - The Company expects to contribute Euro 27.0 million to its pension plan and Euro 0.6
million to the SERP in 2010.
Other Benefi ts - The Company provides certain postemployment medical, disability, and life insurance
benefi ts. The Company’s accrued liability related to this obligation as of December 31, 2009 and 2008, was
Euro 1.4 million and Euro 1.6 million, respectively, and is included in "other long term liabilities" on the
consolidated balance sheets.
The Company sponsors a tax incentive savings plan covering all full-time employees. The Company makes
quarterly contributions in cash to the plan based on a percentage of employees’ contributions. Addition-
ally, the Company may make an annual discretionary contribution to the plan, which may be made in the
parent company’s ADRs or cash. Aggregate contributions made to the tax incentive savings plan by the
Company were Euro 0.0 million and Euro 8.8 million for fi scal 2009 and 2008, respectively. For fi scal 2009
and 2008, these contributions did not include a discretionary match.
Upon the acquisition of Oakley, effective November 14, 2007, the Company also sponsors a tax incentive
savings plan for all United States Oakley associates with at least six months of service. This plan is funded
by employee contributions with the Company matching a portion of the employee contribution. Company
contributions to the plan for fi scal 2009 and 2008 were Euro 1.3 million and Euro 1.2 million, respectively.
The Company sponsors the following additional benefi t plans, which cover certain present and past em-
ployees of certain US entities:
• certain US entities provide, under individual agreements, postemployment benefits for continuation of
health care benefits and life insurance coverage to former employees after employment. As of Decem-
ber 31, 2009 and 2008, the accrued liability, related to these benefits, was Euro 0.6 million and Euro 0.7
million, respectively, and is included in "other long term liabilities" on the consolidated balance sheet.
• certain US entities established and maintains the Cole National Group, Inc. Supplemental Retirement
Benefit Plan, which provides supplemental retirement benefits for certain highly compensated and
management employees who were previously designated by the former Board of Directors of Cole as
participants. This is an unfunded noncontributory defined contribution plan. Each participant’s account
is credited with interest earned on the average balance during the year. This plan was frozen as to future
salary credits on the effective date of the Cole acquisition in 2004. The plan liability of Euro 0.9 million
and Euro 1.0 million at December 31, 2009 and 2008, respectively, is included in "other long term li-
abilities" on the consolidated balance sheets.
Other Defi ned Contribution Plan - The Company continues to participate in superannuation plans in
Australia and Hong Kong. The plans provide benefi ts on a defi ned contribution basis for employees on
retirement, resignation, disability or death. Contributions to defi ned contribution superannuation plans are
recognized as an expense as the contributions are paid or become payable to the fund. Contributions are
accrued based on legislated rates and annual compensation.