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Talk about a golden parachute. When Pope Benedict XVI became the first pontiff to resign in more than 600 years back in 2013, there was no real precedent for the type of pension plan he should receive. Luckily for him, the Roman Catholic Church came up with a retirement package for the then-85-year-old that would have most people thanking heaven.
The pope emeritus, as he is now known, receives a monthly pension of 2,500 euros. Thats currently equivalent to around $2,800, though at the time of his retirement CNBC reported it was closer to $3,300 per month.
At the time of his retirement, that was essentially the same as the $3,350 maximum monthly amount Social Security could pay to retirees in 2013. This year the maximum benefit is $3,515, for those who wait until theyre 70 to claim, though very few people qualify for that.
Not that hell need to use his pension for many expenses. Benedict lives rent-free in the Mater Ecclesiae, a renovated former nunnery inside Vatican City that overlooks the Sistine Chapel, with his private secretary and four consecrated lay virgins who attend to household tasks. The residence features a garden, private chapel, and expanded library, and the Roman Catholic Church covers all of Benedicts living expenses.
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Worrying about whether you have enough money for retirement is common, and for good reason. A multitude of research shows that the typical American is woefully unprepared for financial stability in their twilight years.
Personal finance expert Suze Orman says this is partly the fault of people who dont realistically plan for their future financial needs. You may think youll get by on less when you retire, but thats probably not going to be the case.
Most likely you will spend more when youre retired, Orman told TODAY. The older you get the more [medications] youll likely need. On average, a person [over 65] takes 17 prescription drugs per year.
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Dont let a little thing like age keep you from doing what you want to do, especially when it comes to your lifes passion.
A career doesnt have to stop when reaching retirement age or even when youre residing at a retirement community.
In the article, Why seniors are on the job and staying, on www.nationaljournal.com, participation rate for people ages 75 and older in the workforce is projected to rise from 7.6 percent to 10.5 percent in the next 10 years. (http://www.nationaljournal.com/next-america/perspectives/why-seniors-are-on-the-job-and-staying-there-20140213)
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Wisconsin state employees would have to work two more years before they could qualify for early retirement, and their pensions would be calculated differently, under a pair of bills being circulated by Republicans in the Legislature.
One proposal, by Sen. Duey Stroebel of Saukville, would raise the minimum retirement age for most state workers from 55 to 57. For police and firefighters, it would rise from 50 to 52. Stroebels other measure would use a state workers highest five years of salary, rather than three, to set their pension payout.
Neither would affect people currently near retirement age. The higher retirement age requirement would only apply to workers younger than 40, and the pension calculation would not take effect for five years.
Most members of the Wisconsin Retirement System -- including state and local government employees and teachers -- have to work until they are 65 to receive full benefits, but they can retire at age 55 with reduced pensions.
Both bills, which are opposed by unions representing state workers, were introduced in the last session but didnt even receive a hearing in the Republican-controlled Legislature. Stroebel circulated them again last week for co-sponsors with a Sept. 25 deadline.
Republican Senate Majority Leader Scott Fitzgerald has not yet reviewed the proposals, spokeswoman Myranda Tanck said when asked if the bills would have a better shot at passing this session.
Opponents are already hearing rumblings from workers and retirees even though the bills havent even been officially introduced yet.
Rick Badger, executive director of the states largest public employee union, AFSCME, called the proposed changes ill-advised and a solution in search of a problem.
Politicizing the process unnecessarily harms participants and puts the entire system at risk, he said in a prepared statement.
Police officers are expressing grave concerns through online social media sites and emails to union leaders, said Jim Palmer, executive director of the Wisconsin Professional Police Association, which has about 10,000 members statewide.
Palmer said theres no reason to make a change and the proposals would actually cost the state more by having higher-salaried officers stay on the job longer rather than be replaced by cheaper, younger people. Older officers also are more likely to incur expensive workers compensation and disability costs, a further drain on the system, he said.
The state has made a legitimate public policy decision that there is value in having older officers retire, Palmer said. We dont want officers in their 50s and 60s chasing criminals down the street.
Stroebel argues in a memo seeking co-sponsors that the delay in qualifying for early retirement is justified because people are living and working longer and it would improve the solvency of the state retirement fund. Also, having pension benefits based on five, rather than three, years of the workers highest salary would make it more difficult to game the system by collecting large amounts of overtime in the final years on a job, he said in the memo.
Wisconsin has a fully funded pension system, and has for years, unlike most states that are struggling to fulfill their obligations to retired public employees. Gov. Scott Walker frequently cites Wisconsins healthy system on the presidential campaign trail, even though the fund was solvent long before he became governor in 2011.
There are about 570,000 current employees and retirees in the system. At the end of 2012, of the currently working employees, about 31% were under the age of 40 and would have been affected by the higher minimum retirement age, based on an analysis of Stroebels 2013 bill.
State Sen. Jon Erpenbach said the bills are another attack on public workers, who lost nearly all their collective bargaining ability under the Act 10 law passed by the Legislature and signed by Walker in 2011.
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PEORIA, Ill., Sept. 22, 2015 /PRNewswire/ --Following a distinguished career in which he built and strengthened Caterpillars Global Mining business, Caterpillar Inc. (NYSE: CAT) today announced the retirement of Chris Curfman, vice president with responsibility for the Mining Sales amp; Support Division. Curfmans retirement will be effective December 31, 2015.
Chris leaves a lasting, customer-focused legacy at Caterpillar that is unrivaled and likely to be unmatched, said Ed Rapp, Caterpillar group president with responsibility for Resource Industries. Chris built incredibly close customer relationships and has been critical to our success in the mining industry. Under Chris leadership we have established a global leadership position.
As a young man, prior to joining Caterpillar, Curfman operated Caterpillar construction machinery. He then worked for several years as a sales coordinator for Wallace Machinery, a Cat dealer in California, before a 15-year career at Deere amp; Company. Curfman joined Caterpillar in 1994, serving as the rental and used equipment manager for North America. In 1999, Curfman became the managing director of Caterpillar of Australia Ltd., based in Melbourne. In 2001, he became managing director of marketing for Caterpillars Asia Pacific Division at its headquarters in Singapore. In 2004, Curfman became vice president of the Global Mining Division.
While Chris is primarily known for his role in leading our mining business, he also laid the foundation for our entry into rental services and integrated our sales and marketing organization during his time in Asia. With his retirement from Caterpillar, it will mark the end of a remarkable run of more than 60 years of values-based Curfman leadership at the company, as Chris father was a long-time and well respected leader with Caterpillar until his retirement in 1990 after more than 40 years with the company, Rapp added.
For 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2014 sales and revenues of $55.184 billion, Caterpillar is the worlds leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments - Construction Industries, Resource Industries and Energy amp; Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as believe, estimate, will be, will, would, expect, anticipate, plan, project, intend, could, should or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements.
Caterpillars actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) government monetary or fiscal policies and infrastructure spending; (iii) commodity price changes, component price increases, fluctuations in demand for our products or significant shortages of component products; (iv) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (v) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (vi) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (vii) our Financial Products segments risks associated with the financial services industry; (viii) changes in interest rates or market liquidity conditions; (ix) an increase in delinquencies, repossessions or net losses of Cat Financials customers; (x) new regulations or changes in financial services regulations; (xi) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xii) international trade policies and their impact on demand for our products and our competitive position; (xiii) our ability to develop, produce and market quality products that meet our customers needs; (xiv) the impact of the highly competitive environment in which we operate on our sales and pricing; (xv) failure to realize all of the anticipated benefits from initiatives to increase our productivity, efficiency and cash flow and to reduce costs; (xvi) additional restructuring costs or a failure to realize anticipated savings or benefits from past or future cost reduction actions; (xvii) inventory management decisions and sourcing practices of our dealers and our OEM customers; (xviii) compliance with environmental laws and regulations; (xix) alleged or actual violations of trade or anti-corruption laws and regulations; (xx) additional tax expense or exposure; (xxi) currency fluctuations; (xxii) our or Cat Financials compliance with financial covenants; (xxiii) increased pension plan funding obligations; (xxiv) union disputes or other employee relations issues; (xxv) significant legal proceedings, claims, lawsuits or government investigations; (xxvi) changes in accounting standards; (xxvii) failure or breach of IT security; (xxviii) adverse effects of unexpected events including natural disasters; and (xxix) other factors described in more detail under Item 1A. Risk Factors in our Form 10-K filed with the SEC on February 17, 2015, for the year ended December 31, 2014.
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SOURCE Caterpillar Inc.