Company: STAA
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024813
Chunk: 129

Company: STAAR SURGICAL CO
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 129
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 Company has a contract with Allianz Suisse Life Insurance Company’s BVG Collective Foundation (the “Foundation”) to manage its Swiss pension fund. Multiple employers contract with the Foundation to manage the employers’ respective pension plans. The Foundation manages the pension plans of its contracted employers as a collective entity. The investment strategy is determined by the Foundation and applies to all members of the collective Foundation. There are no separate financial statements for each employer contract. The pension plan assets of all the employers that contract with the Foundation are comingled. They are considered multiple-employer plans and therefore accounted for as single-employer plans.

F-29

STAAR SURGICAL COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 

Note 10 – Employee Benefit Plans (Continued)Defined Benefit Plan – Switzerland (Continued)As there are no separate financial statements for each employer contract, there are no individual investments that can be directly attributed to the Company’s pension plan assets. However, the funds contributed by an employer are specifically earmarked for its employees and the total assets of the plan allocable to Company’s employees are separately tracked by the Foundation. The lack of visibility into the specific investments of the plan assets and how they are valued is a significant unobservable input, therefore, the Company considers the plan assets collectively to be Level 3 assets under the fair value hierarchy.The table below sets forth the fair value of Plan assets at December 27, 2024 and December 29, 2023, and the related activity in years ended 2024 and 2023 (in thousands): 

        InsuranceContracts(Level 3)

        Ending balance at December 30, 2022
         
        $
        20,709

        Actual return on plan assets

        1,922

        Purchases, sales, and settlement

        (5,250
        )

        Ending balance at December 29, 2023
         
        $
        17,381

        Actual return on plan assets

        (942
        )

        Purchases, sales, and settlement

        1,251

        Ending balance at December 27, 2024
         
        $
        17,690

       During fiscal year 2025, the Company expects to make cash contributions totaling approximately $1,224,000 to the Swiss Plan.The estimated future benefit payments for the Swiss Plan are as follows (in thousands):