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Benefits will be paid to you after you separate from the Company and meet the conditions below.
If you are 100% vested and your total account balance is UNDER $5000, Luxottica will contact you within 6 months following your separation with your distribution options.
If your balance is 100% vested balance and over $5,000, you must wait until age 55 or 65 to receive your pension benefits. If you have 10 or more Years of Service (defined by the plan as a calendar year with at least 1,000 hours worked) with Luxottica, you are eligible to request a distribution from the Pension Plan at any time after reaching age 55. If you have less than 10 Years of Service with Luxottica, you are eligible to request a distribution of your vested balance from the Pension Plan when you reach age 65. Prior service with Cole National does not count towards the 10 Years of Service required for early distribution at age 55.
The pension process is a three month processing time. You can choose to have your account paid to you in one lump sum, or you can elect one of several annuity options.
Questions? email Pension@luxotticaretail.com.