Company: STAA
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024813
Chunk: 130

Company: STAAR SURGICAL CO
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 130
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        Year Ended
         
        Amount

        2025
         
        $
        80

        2026

        107

        2027

        131

        2028

        3,681

        2029

        334

        Thereafter

        2,022

        Total
         
        $
        6,355

       Defined Benefit Plan-JapanSTAAR Japan maintains a noncontributory defined benefit pension plan (“Japan Plan”) substantially covering all the employees of STAAR Japan. Benefits under the Japan Plan are earned, vested, and accumulated based on a point-system, primarily based on the combination of years of service, actual and expected future grades (management or non-management) and actual and future zone (performance) levels of the employees.  Each point earned is worth a fixed monetary value, 1,000 Yen per point, regardless of the level grade or zone of the employee.  Gross benefits are calculated based on the cumulative number of points earned over the service period multiplied by 1,000 Yen.  The mandatory retirement age limit is 60 years old.STAAR Japan administers the pension plan and funds the obligations of the Japan Plan from STAAR Japan’s operating cash flows. STAAR Japan is not required, and does not intend, to provide contributions to the Plan to meet benefit obligations and therefore does not have any plan assets. Benefit payments are made to beneficiaries as they become due.

F-30

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

Note 10 – Employee Benefit Plans (Continued)Defined Benefit Plan-Japan (Continued)The funded status of the benefit plan was as follows (in thousands):  

        2024

        2023

        Change in Projected Benefit Obligation:

        Projected benefit obligation, beginning of period
         
        $
        471

        $
        1,181

        Service cost

        56

        60

        Interest cost

        3

        3

        Actuarial (gain) loss

        (40
        )

        8

        Benefits paid

        (60
        )

        (705
        )

        Foreign exchange adjustment

        (48
        )

        (76
        )

        Projected benefit obligation, end of period
         
        $