| Caterpillar chairman's compensation includes stock options, pension
PEORIA - Caterpillar Inc. Chairman Jim Owens received total compensation of $14.8 million in 2006, which includes stock options and increased pension value, according to the company's proxy statement filed Tuesday with the Securities and Exchange Commission. Owens, 61, received a base salary of $1.35 million, a $300,000 discretionary bonus and $3.7 million in nonequity incentive plan money, the proxy said. Those are the elements that made up his take-home pay for the year, the company said. Stock options awarded were $7.03 million, which was the value of the shares when they were awarded in February 2006; his pension value grew by $2.17 million during the year; and all other compensation was $243,077. The latter includes contributions to retirement plans totalling $164,076, company paid life insurance premiums, home security system and use of the corporate aircraft, the proxy said.
Board in closed session on disability pension bids
The county retirement board will meet behind closed doors Friday to consider disability pension applications filed by five county employees. Disability pensions are sought by Mark Euless, county fire department; Lee Richardson, sheriff's office; Anne Wooliever, probation department; and Ermita Atkins and Hettie Partridge, health and human services department. The board also will discuss whether to increase to 15 percent the small cap international portion of the retirement fund's international stock allocation. The pension board meets at 11:30 a.m. in the Board of Supervisors' chambers at the Civic Center. .
IRS lets you turn tax refund into savings
More than three-quarters of Americans say they're always looking for ways to save money, but they may not be looking hard enough: More than two-thirds of Americans, it turns out, also admit they're not saving enough, according to a Pew Research Center survey. And more than a third say they often spend more than they can afford. Saving is difficult, even for those with the best intentions. But one method that's effective is to put your savings on autopilot. Millions of workers, for example, have a portion of their pay whisked into a 401(k) account. Now, the IRS is offering a similar option for folks who can't resist the temptation to spend their refunds. For the first time, taxpayers can arrange to have their refunds deposited in up to three accounts, including an individual retirement account.
This robbery at the ministry reveals a low level of security
The recent robbery at the Ministry of Human Services, Social Security and Labour shows how little the government and their advisers know about protection from that type of crime. Are these security guards considered unskilled workers or trained professionals? Where was the second guard? Pickup and delivery of such amounts should be accompanied by stricter controls in the building during these times. One guard should be positioned to prevent being overpowered so easily. He must be ready (cell phone required) to call police at the first sign of trouble. In a similar vein, a recent letter to the editor suggested that people should make a full description of any car and persons that looked suspicious so they can help the police if anything happened. People should also call their neighbours to report and help monitor such activities.
Pension review to begin
The Blue Ribbon Commission on Public Employees Retirement Systems will meet on Monday for the first time. The commission, appointed by Gov. Ernie Fletcher, will study methods of addressing the current unfunded liability accrued by the Kentucky Teachers Retirement System and the Kentucky Retirement Systems, which includes state employees, state police and county employees. The commission will develop a plan to fulfill the retirement obligations to current retirees and report the findings to Fletcher no later than Dec. 1. "When our state employees, county employees, state police and teachers began their careers in public service, they were promised a level of benefits upon which they have based their retirement plans and those promises will be kept," Fletcher said in a statement. "The committees charge is to focus on meeting those commitments and responsibly planning for the future." Finance and Administration Secretary John Farris will chair the 24-person committee, which also includes Personnel Secretary Brian Crall, Health and Family Services Secretary Mark Birdwhistell, State Budget Director Brad Cowgill, Kentucky State Police Commissioner Jack Adams, Sen.
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