LensCrafters 2015 Annual Report Download - page 142

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Notes to the consolidated financial statement as of December 31, 2015 Page 48 di 68
same actuarial methods and assumptions as those used for the qualified pension plan. This plan’s benefit provisions mirror
those of the Lux Pension Plan.
U.S. Holdings also sponsors the Cole National Group, Inc. Supplemental Pension Plan. This plan is a nonqualified unfunded
SERP for certain participants of the former 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.
All plans operate under the U.S. regulatory framework. The plans are subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”). The Luxottica Group ERISA Plans Compliance and Investment
Committee controls and manages the operation and administration of the plans. The plans expose the Company to actuarial
risks, such as longevity risk, currency risk, and interest rate risk. The Lux Pension Plan exposes the Company to market
(investment) risk.
The following tables provide key information pertaining to the Lux Pension Plan and SERPs (amounts in thousands of Euro).
(In thousands of Euro)
Lux Pension Plan
Benefit
Obligation
Plan
Assets
Total
At January 1, 2014 495,737
(479,297)
16,440
Service Cost 22,583
2,258
24,841
Interest expense/(income) 25,628
(26,199)
(571)
Remeasurement:
Return on plan assets —
(6,597)
(6,597)
(Gain)/loss from financial assumption changes 67,749
—
67,749
(Gain)/loss from demographic assumption changes 19,674
—
19,674
Experience (gains)/losses (3,851)
—
(3,851)
Employer contributions —
(50,351)
(50,351)
Benefit payment (21,528)
21,528
—
Translation difference 77,761
(70,731)
7,030
At December 31, 2014 683,753
(609,389)
74,364
(In thousands of Euro)
Lux Pension Plan
Benefit
Obligation
Plan
Assets
Total
At January 1, 2015 683,753
(609,389)
74,364
Service Cost 31,033
2,434
33,467
Interest expense/(income) 30,603
(28,334)
2,270
Remeasurement:
Return on plan assets —
36,190
36,190
(Gain)/loss from financial assumption changes (36,263)
—
(36,263)
(Gain)/loss from demographic assumption changes (3,865)
—
(3,865)
Experience (gains)/losses (6,967)
—
(6,967)
Employer contributions
(32,660)
(32,660)
Benefit payment (23,790)
23,790
-
Translation difference 78,580
(70,164)
8,416
At December 31, 2015 753,083
(678,133)
74,950