LensCrafters 2011 Annual Report Download - page 235

| 159 >CONSOLIDATED FINANCIAL STATEMENTS - NOTES
The following tables provide key information pertaining to the Lux Plan and SERPs.

Obligations and Funded Status
(thousands of Euro)
Pension Plan SERPs
2011 2010 2011 2010
Change in benefit obligations:
Benefit obligation – beginning
of period 409,316 334,015 11,339 11,299
Service cost 19,171 18,640 491 367
Interest cost 21,323 21,700 625 627
Actuarial (gain)/loss 29,051 26,417 896 455
Settlement loss – – – 81
Benefits paid (12,719) (14,152) (969) (23)
Settlements – – – (2,293)
Plan amendment (85) – (453) –
Translation difference 17,681 22,696 415 827
Benefit obligation – end of period 483,738 409,316 12,344 11,340

(thousands of Euro)
Pension Plan SERPs
2011 2010 2011 2010
Change in plan assets:
Fair value of plan assets – beginning
of period 314,502 238,168 – –
Expected return on plan assets 24,992 21,185 – –
Actuarial gain/(loss) on plan assets (28,762) 14,462 – –
Employer contribution 45,100 39,164 – –
Direct benefit payments made
by the Company – – 969 2,316
Benefits paid (12,719) (14,152) (969) (23)
Settlements – – – (2,293)
Translation difference 12,450 15,675 – –
Fair value of plan assets – end
of period 355,563 314,502 – –
Funded status – end of period 128,175 94,814 12,344 11,340
During 2010, the Lux SERP plan settled a portion of its benefit obligations through lump
sum cash payments to certain plan participants. As a result of this action, the projected
benefit obligation was re-measured as of July 1, 2010. US Holdings recognized an actuarial
loss of Euro 81 thousand in earnings at the time of re-measurement.