ANNUAL REPORT 2004 - Luxottica Group

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DEFINED CONTRIBUTION PLAN
U.S. Holdings sponsors a non-contributory profitsharing
plan for employees of its former women’s
apparel business. Contributions to this plan were
discontinued for plan years subsequent to January 28,
1995.
HEALTH BENEFIT PLANS
U.S. Holdings partially subsidizes health care benefits
for eligible retirees. Employees generally become
eligible for retiree health care benefits when they retire
from active service between the ages of 55 and 65.
In thousands of Euro
Service cost
Interest cost
Amortization of unrecognized net (gain)
Amortization of prior service cost
Net periodic pension cost
134
Health care benefits are discontinued when a
participant retiree attains the age of 65.
As of the Cole acquisition date, U.S. Holdings
through its wholly-owned subsidiary has a liability for
a post retirement benefit plan maintained by Cole in
connection with its acquisition of Pearle in 1996. This
plan was closed to new participants at the time of
Cole’s acquisition of Pearle. Under this plan, the
eligible former employees are provided life insurance
and certain health care benefits which are partially
subsidized by Cole.
Net periodic cost of these benefits for fiscal years
2004 and 2003 included the following components:
2003
166
75
(7)
(15)
219
2004
126
72
(3)
(23)
172