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The 13 Best Things to do Before You Leave Luxottica's Payroll

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Losing your job is a catastrophic event for many folks and the people around them. While these times may seem like the lowest of lows, it is advised to refrain from making abrupt decisions that could further drive you down. Here are a few tips to consider before leaving Luxottica.

1-  BEFORE YOU LOSE YOUR JOB , open a line of credit at your bank or credit union. In addition, we advise you to open at least one credit card, or increase the credit limit on card(s) you already have. It is exceedingly hard to get a loan, get a line of credit or open a credit card after you lose your job. As you would expect, banks almost certainly do not want to lend money to people who are unemployed and since you don’t know how long it may take to find your next job, nor what emergencies may come up in the future, it’s wise to consider a back up plan for how you can access cash if need be. Though subtle, it is really important and wise to do, so don’t discount it. You won’t realize it probably, but many of you have never had a low credit score, or NOT been able to get a credit card, or a loan. As many of you are used to earning money your whole life, it’s something you just would never even consider. When you are unemployed, your credit rating and ability to get credit will almost certainly take a hit.

2-  Build your resume and skills list using Career Path.  Once your resume is polished, get on LinkedIn to pursue opportunities and connect with employers, friends, or even old coworkers. In addition, there should be some helpful posts located in the T-Space “Surplus Support” group with information on ways do this more easily

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3-  Seek out and copy all Surplus Notifications.  Take the extra step and print all your Surplus Notification materials, while also saving them as a PDF so you have a backup ready.

4-  Keep a journal and jot down any thoughts , information, or really just anything that you want to take note of. Journal keeping is a great way to deal with these times. Not only does it help keep track of crucial information, but it helps keep tabs on discussions you have with any superiors regarding your surplus activities, and impending layoff. When stressed, it’s just good to keep good, accurate notes, with dates and times of discussions and who the participants of those discussions are.

5-  Ask why and resolve anything you’re uncertain about.  I’ve spoken with numerous people involved in this situation and have encountered an alarming amount of people that are STILL wondering what the criteria was that dictated their place the surplus list. Rather than letting this simmer in your mind, it’s smart and sometimes relieving to ask your supervisor or leadership team what the decision criteria was.

6-  It’s also recommended to make a list  of those around you whom you know are on the same boat as you, the surplus list. It is wise to remain in touch, support each other or just know who’s been cut. Get on Linkedin and connect with those close to you. You may feel upset or embarrassed, and your instinctive reaction may be to run away and hide. Confiding in positive-minded family, friends, former colleagues , and even career counselors and support groups can make a huge difference for you, and can help gain an alternative perspective on your situation. You are not alone. Many others in your company are in the same boat and they also want to discuss their frustrations.

7-  Read and analyze all documents thoroughly.  The ADEA sheets will list, by job title, the age of those in your universe, the population total of people in your universe with that title at that age, the number “selected” to participate in the surplus, and the number not selected. These documents convey how the universe maps by age and job title. When going through them, look out for anything that may be considered age discrimination. Typically, an excel file would be more helpful when sorting out this information.

8-  Print out/download  your entire corporate training history.

9-  Print out/download  all your previous year’s YTR (Your Total Rewards) statements.

10-  Print out/download  your appraisal history.

11-  Print out/download  your pay stubs.

12-  Go through your Outlook and download any contacts  you’d like to retain in your life – friends, colleagues, etc.

13-  NETWORK, network, network.  OR Linkedin , Linkedin, Linkedin. Whatever the source attempt to make as many connections as you can, and maintain your contacts – with peers, supervisors, vendors, etc. Despite your employment ending at Luxottica, your relationship with everyone at Luxottica doesn’t have to terminate as well. Some of these folks could play a huge role in helping you find your next endeavor?

What is the purpose of Luxottica's 401(k) Savings Plan?

The purpose of Luxottica's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax basis.

How can I enroll in Luxottica's 401(k) Savings Plan?

You can enroll in Luxottica's 401(k) Savings Plan by completing the enrollment process through the company's HR portal or by contacting the HR department for assistance.

What types of contributions can I make to Luxottica's 401(k) Savings Plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older in Luxottica's 401(k) Savings Plan.

Does Luxottica offer a company match on 401(k) contributions?

Yes, Luxottica provides a company match on employee contributions to the 401(k) Savings Plan, which helps employees increase their retirement savings.

What is the vesting schedule for Luxottica's 401(k) company match?

The vesting schedule for Luxottica's 401(k) company match typically follows a graded schedule, where employees earn ownership of the match over a specified period of service.

Can I change my contribution amount in Luxottica's 401(k) Savings Plan?

Yes, employees can change their contribution amount at any time during the year by submitting a request through the HR portal or contacting HR.

What investment options are available in Luxottica's 401(k) Savings Plan?

Luxottica's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

How often can I reallocate my investments in Luxottica's 401(k) Savings Plan?

Employees can reallocate their investments in Luxottica's 401(k) Savings Plan as often as they wish, subject to any specific trading restrictions set by the plan.

Is there a loan option available in Luxottica's 401(k) Savings Plan?

Yes, Luxottica's 401(k) Savings Plan may allow employees to take loans against their account balance under certain conditions.

What happens to my Luxottica 401(k) Savings Plan if I leave the company?

If you leave Luxottica, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or another employer's plan, or cashing it out, though cashing out may incur taxes and penalties.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Luxottica provides a defined contribution 401(k) plan with company matching contributions. Employees can contribute pre-tax or Roth (after-tax) dollars, and Luxottica matches a percentage of eligible compensation. The plan includes various investment options, such as target-date funds and mutual funds. Luxottica provides financial planning resources and tools to help employees manage their retirement savings.
EssilorLuxottica, formed from the merger of Luxottica and Essilor, has announced the consolidation of marketing jobs from Mason, Ohio to New York, with other corporate functions moving to Dallas. This restructuring is aimed at improving collaboration and building a unified corporate culture. While hundreds of jobs are being relocated, positions in EyeMed Vision Insurance, IT, and legal departments will remain in Mason. In response to economic pressures, EssilorLuxottica has decided to cancel its dividend for the fiscal year 2023 and reduce directors' pay. This measure is intended to mitigate financial impacts and ensure business continuity. The company may propose a special dividend payment later if the business recovery is robust enough.
Luxottica includes RSUs in its compensation packages, vesting over a specific period and providing shares upon vesting. Stock options are not typically part of their compensation plan.
Luxottica has designed its employee healthcare benefits to adapt to the dynamic economic and political climate of recent years. In 2023 and 2024, Luxottica has offered multiple medical and dental insurance plan options, ensuring comprehensive coverage for their employees. These options include high-deductible health plans with Health Savings Account (HSA) contributions of $500 for employees and an additional $500 for their spouses. The company also provides free vision insurance, leveraging its expertise in the eyewear industry to offer significant eyewear and product discounts to its employees. Additionally, Luxottica's benefits package includes a robust Employee Assistance Program (EAP), mental health support, and wellness initiatives to promote overall well-being​ (HACONTENT)​​ (EssilorLuxottica Group Jobs)​. In the current economic landscape, addressing healthcare benefits is crucial for attracting and retaining talent. Luxottica's approach to employee benefits reflects a broader trend where companies seek to balance cost management with high-quality healthcare provision. The emphasis on personalized healthcare plans and comprehensive support systems underscores the company's commitment to employee satisfaction and productivity. By integrating wellness programs and flexible healthcare options, Luxottica not only addresses immediate healthcare needs but also contributes to the long-term well-being of its workforce. Discussing healthcare benefits remains important as companies navigate economic uncertainties and healthcare regulations, ensuring that employees receive the necessary support to thrive both personally and professionally​ (HACONTENT)​​ (EssilorLuxottica Group Jobs)​. Next, let's examine the healthc
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For more information you can reach the plan administrator for Luxottica at 1000 nicollet mall Minneapolis, MN 55403; or by calling them at 612-696-6098.

https://www.luxottica.com/documents/pension-plan-2022.pdf - Page 5, https://www.luxottica.com/documents/pension-plan-2023.pdf - Page 12, https://www.luxottica.com/documents/pension-plan-2024.pdf - Page 15, https://www.luxottica.com/documents/401k-plan-2022.pdf - Page 8, https://www.luxottica.com/documents/401k-plan-2023.pdf - Page 22, https://www.luxottica.com/documents/401k-plan-2024.pdf - Page 28, https://www.luxottica.com/documents/rsu-plan-2022.pdf - Page 20, https://www.luxottica.com/documents/rsu-plan-2023.pdf - Page 14, https://www.luxottica.com/documents/rsu-plan-2024.pdf - Page 17, https://www.luxottica.com/documents/healthcare-plan-2022.pdf - Page 23

*Please see disclaimer for more information

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