When do I become eligible to enroll in the Pension plan?
If you were hired or rehired prior to 1/1/14, you are eligible at age 21 following one year of service with at least 1000 hours worked.
If you were hired or rehired after 12/31/13, you are not eligible to enroll in this plan.
How much did I contribute to the Pension plan?
Nothing. This plan was 100% covered by the Company. At no time did you contribute to your pension balance.
Does the Company contribute to my pension?
The Company contributes to the plan based on your compensation and length of service:
When are my Pension benefits vested?
Vesting under the Luxottica Cash Balance Plan occurs after 3 Years of Service with the Company with 1,000 hours worked each year. If you have not met this requirement, you are not vested and your balance has been forfeited.
When is interest credited to my Pension account?
Interest for the Luxottica Cash Balance account is credited each quarter. Rate is determined annually, based on average of monthly 90-day Treasury Bills rates from prior year, plus one percentage point. The minimum annual interest credit rate is 4.01%.
Can I designate a beneficiary for my Pension plan?
No. Generally, the Luxottica Cash Balance Plan automatically designates your legally recognized spouse or domestic partner as your beneficiary. The benefit will be paid to your estate if you do not have a legally recognized spouse or domestic partner.
For participants in the Cole pension plan who do not have a surviving spouse or domestic partner, no benefit is payable upon death.
What are my Pension benefit payment options?
You can choose to have your account paid to you in one lump sum, or you can elect one of several annuity options.
How do I view my Pension balance?
Statements are updated and mailed annually for the Luxottica Cash Balance pension plan. You can view your current balance at benefits.luxottica.com and click on the Pension tile (you may need to click the “show more” button to view the pension tile).
Who do I contact with questions regarding my Pension plan?
You can email Pension@luxotticaretail.com or contact 866-431-8484 and follow the prompts for Pension.