How to Save Money While Getting Your Prom Dress

Prom is a special time, but the dresses for it can be especially expensive. Here’s some ideas from a reader as to how to keep the costs down.

Prom night is usually very intense and emotional moments in a high school student’s life. It is that moment that they conclude basic education and step up to the real world as adults. For these, it is very important for this transition moment to be made


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Author: Penniless Parenting

Stowe guests: Armed forces pensions and divorce

In this instalment of Stowe guests, we are joined by Josh Richardson, a Chartered Financial Planner from Informed Financial Planning.

Informed Financial Planning is focused on helping their customers make the most of their money today, tomorrow and the future including pensions.

Today, Josh offers his expert advice on how divorce can potentially impact on armed forces pensions.

Public sector Defined Benefit (DB) schemes are complex and seemingly ever-changing beasts. These schemes form an essential, valuable asset for many individuals and they will provide an important element of income security for members in retirement. From the NHS Pension to the Local Government Pension Scheme rule changes have been common across the past four decades or more with each change being an elaborate cost reducing and financial stability providing exercise. As a direct result of this however, an entangled web of differing retirement ages, definitions of pensionable salary and accumulation rates has formed across schemes.

It is not surprising therefore, that members rarely comprehend how their pension schemes operate or how their benefits build up. More importantly, dissolution of a marriage or civil partnership often raises significant questions regarding how individuals’ pension benefits will be impacted. In this series of blog entries we aim to provide an overview of the main public sector DB schemes including the pension schemes for the Armed Forces, NHS and Teachers and the changes members may see if a divorce occurs.

These articles will provide a summary of the main rules applicable to the larger schemes but they will not necessarily cover individual circumstances. It is recommended that members speak to their respective scheme administrators, or an independent financial adviser, to identify which rules apply to their pension benefits.

The Armed Forces Pension Scheme

The Armed Forces Pension Scheme (AFPS) represents one of the more complex DB schemes in the public sector. It is made up of three separate rule books, with one or more of these being applied to members’ schemes depending on when they joined. In addition further benefits for members who leave after set periods of service and funds to help service members re-adjust into civilian life, are available and sit alongside individuals’ pensions.

Depending on the date on which an individual commenced their service, their benefits will be governed within one or more of the following sections of the AFPS:

  • Armed Forces Pension Scheme 1975;
  • Armed Forces Pension Scheme ’05; or
  • The Armed Forces Pension Scheme 2015.

Each of these follow different rules, which are summarised in the following sections. As written above, you should check with Veterans UK, who administer these schemes, to identify which rules apply to your membership.

Armed Forces Pension Scheme 1975 (AFPS 75)

Please note, only a minority of Armed Forces employees remain in this section. Most are members of AFPS ’05 or the AFPS 2015.

Full Career Maximum Pension

AFPS 75 provides members with a full career maximum pension, based on their final salary, at the age of 55 if members retire with:

  • 34 years of service from age 21 (for Officers); or
  • 37 years of service from age 18 (for other ranks)

The income received will increase each year in line with inflation. A tax free lump sum, of three times the member’s pension, will also be paid.

Immediate Pension

Members of the AFPS 75 are permitted to leave the Armed Forces before age 55. If chosen, an immediate pension will be paid based on their service plus a tax free lump sum. This is providing the member has completed at least:

  • 16 years of qualifying service from age 21 (Officers); or
  • 22 years of qualifying service from age 18 (other ranks)

The pension received will remain the same each year until the member gets to age 55 at which point they will receive the increases they have missed out on plus annual inflationary increases going forward. This is similar to the early departure payments discussed later.

Deferred Pension

If members do not qualify for an Immediate Pension, they may be entitled to a deferred pension. For pension benefits built up before 6th April 2006, members can receive their pension at age 60. Pension benefits built up after this date will be paid at age 65. This may lead to individuals receiving part of their income, which then increases after 5 years’ time. Members can request their benefits, which are payable at age 65, are paid early but an ‘early retirement’ reduction will apply.

Armed Forces Pension Scheme ’05 (AFPS 05)

You will be a member of the APFS 05 if you commenced employment with the Armed Forces between 6th April 2005 and 1st April 2015.

Normal Pension

Within this scheme you will be entitled to a guaranteed pension from age 65. The pension you receive is based on your ‘final salary’ and the years you have worked for the Armed Forces. For each year you work you will earn 1/70th of your final pensionable earnings. For example:

If your final salary is £30,000 after completing 25 years’ service your annual pension would be calculated as follows:

£30,000 x 25 x 1/70 = £10,714 per year of pension

In addition members will receive a tax free lump sum equivalent to three times their pension. In the above example this would equate to £32,142.

Members can request to take their pension early, before age 65, however there will be a reduction to the income they receive. This reduction reflects the fact that a member’s pension would be paid for longer than normally expected.

Early Departure Payments

To reflect the fact that members in the AFPS cannot receive pension benefits when they retire before 65, as they could in the AFPS 75, they are entitled to an Early Departure Payment (EDP).

To be entitled to this members must be aged between 40 and 55 and have served for a minimum of 18 years. A tax free lump sum equivalent to three times the member’s preserved pension and a taxable income worth not less than 50% of their annual preserved pension will be payable.

This pension will then increase to 75% of the preserved pension once the member reaches age 55 and will also be increased to take into account of inflationary rises from the date the EDP commenced.

Once the member reaches age 65, the EDP will cease and will be replaced by their full pension from the AFPS 05. This income will increase each year in line with inflation.

The Armed Forces Pension 2015 (AFPS 15)

For those in employment after 1st April 2015, members will hold benefits in AFPS 15. Whilst this remains a guaranteed Defined Benefit scheme, benefits are accrued under a different system, called Career Average Revalued Earnings (CARE).

Pension – Income

Each year the scheme adds an amount equal to 1/47th of your annual pensionable salary, to each member’s ‘pension pot’. This pot starts to accumulate from the member’s first day of paid service and is carried forward into each year where it grows slightly to ensure that it tracks inflation and maintains its value.

After two years’ service members will be entitled to a deferred pension. This pension will increase annually in line with the Consumer Price Index (CPI) and will be paid when the member reaches their State Pension age.

If however, the member works up until age 60 they will be able to claim their pension immediately.

Pension – Lump Sum

Under AFPS 15 members are not automatically entitled to a tax free lump sum.

In order to receive a lump sum members will need to create a lump sum by ‘surrendering’ part of their annual pension through a process called ‘commutation’. The commutation rate is fixed; for every £1 of pension income a member gives up, a lump sum of £12 will be provided.

Example

A member is entitled to a pension of £10,000 per annum. They have the option to surrender some of this income for a lump sum.

If the member wishes to receive a £10,000 lump sum, they would have to surrender £833.33 per annum. This would reduce their annual income payments to £9,166.67.

Early Departure Payments

AFPS 15 also provides for Early Departure Payments (EDP). Under AFPS 15 however, members must serve for a minimum of 20 years and be aged between 40 and 60. Under an EDP members will receive a lump sum of 2.25 times their deferred pension plus a monthly income of 34% of their annual deferred pension.

Once members reach age 55, their monthly payments will increase in line with CPI. The CPI increases will also be backdated to when the member left the Armed Forces. At State Pension age the member’s pension will increase to the full deferred pension they are entitled to.

Source: The Armed Forces Pension Scheme 2015, Your Pension Scheme Explained

Divorce Options

When it comes to your AFPS the courts have a number of options, including the following:

  • Making no order, deeming you and your spouse to be equal in your financial provision;
  • Allowing you to use offsetting, whereby you utilise other assets or property to ‘buy out’ your spouse from your AFPS benefits;
  • Granting an Attachment Order, whereby your spouse would receive payments from the AFPS, as a lump sum or income, when you receive your pension; or
  • Granting a Pension Sharing Order, whereby a share of your pension passes to your spouse and they become a member of the AFPS in their own right.

All of the above, except for an attachment order, would provide for a ‘clean break’ from your spouse, which is usually preferred.

Starting on Page 5 of the ‘AFP Guide on Divorce and Dissolution of Civil Partnerships’, frequently asked questions are answered regarding the benefits of each order.

One of the most important aspects to note on this guide is in relation to Early Departure Payments. These do not count as ‘pension income’ prior to members being entitled to their full pension. In light of this, these will not be included in any pension sharing or attachment orders. Please note, this is not the case for the Immediate Pension, which is payable under AFPS ’75.

Get in touch

To get in touch with Informed Financial planning, you can visit their website here

Note – Info gained from:

https://www.gov.uk/government/publications/armed-forces-and-reserve-forces-pension-schemes-guidance-booklets

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Author: Stowe Family Law

Report findings do not support roll out of Settlement Conferences in children cases

Back in July 2017 the Ministry of Justice (‘MoJ’) issued guidance in relation to the piloting of ‘settlement conferences’ in children cases. Settlement conferences are/were another idea to help resolve children disputes. As the guidance explained:

“In a settlement conference, a family judge adopts an inquisitorial approach in order to encourage cooperation between parties with a view to helping them identify solutions and reaching an agreement that is in their children’s best interests.”

It went on:

“Settlement conferences take place with the consent of all the parties. The judge hearing a settlement conference will be different to that of the judge that may hear the final hearing. They will be specially trained in facilitating settlement conferences.

“The judge will not impose any duress or pressure on any parties. Settlement implies that all parties will be in agreement to fully resolve some or all issues.”

A protocol in relation to the conferences explained that:

“The role of the Settlement Conference is to facilitate discussion of the issues, clarify information, analyse issues and promote understanding between the parties with a view to helping to identify solutions (including solutions which may be addressed by the consent of the parties and not necessarily within the Court process).

“It is the parties and not the Judge who determines whether there is agreement on any of the issues and whether an order will flow following such agreement.”

Settlement Conferences have been tried in both public law and private law disputes (as I understand it, far more in the former), but for the purpose of this post I will concentrate on the latter, i.e. child arrangements cases, as that is what most readers of this blog are likely to be interested in.

Before I go any further I should point out that the procedure for dealing with child arrangement cases already contains two steps that could be confused with settlement conferences. The first step is the First Hearing Dispute Resolution Appointment (‘FHDRA’), which “provides an opportunity for the parties to be helped to an understanding of the issues which divide them, and to reach agreement.” The second step is the Dispute Resolution Appointment (‘DRA’), which is essentially a last effort to see if the case can be resolved without the need for a final hearing. I will come back to these, or at least to the DRA, in a moment.

The Association of Lawyers for Children has just published a report looking at the views and experiences of advocates on practices in 61 settlement conferences in the initial five pilot areas identified by the MoJ. The report was by Dr Julia Brophy, an independent senior researcher in family justice issues. The report’s findings do not support a roll out of the settlement conference procedure in its current form. The reasons for this are complex, but included variations in approach by judges and courts, concerns as to whether the procedure was fair, pressure on lay parties to agree to a suggested order, and the power imbalance between lay parties and the judge, by virtue of the latter’s status and position.

Many of the advocates felt that a similar result could have been obtained by a properly conducted Issues Resolution Hearing (‘IRH’ – the public law equivalent of the DRA), but restrictions on the time allocated to the IRH mean it is now largely ‘administrative’ with little/no time for judicially led discussion, negotiation and party reflection. I suspect that something similar can be said for the DRA.

The report concludes by suggesting ways forward, for example to identify appropriate cases (e.g. private law disputes), and develop a procedure with safeguards suited to those cases. Another suggestion (if I read it correctly) is to enhance the IRH, to make it more like a settlement conference. Again, I suspect that the same idea could be applied to the DRA.

All in all, the report may not be a glowing endorsement for settlement conferences, but the pilot was clearly a useful exercise in the continuing search for new and better ways of resolving children disputes, and no doubt we will be seeing more of some of the ideas behind the conferences in the future.

You can read the full report here.

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Author: John Bolch

Deyrolle

Deyrolle in 2007

Taxidermy heaven in Paris

On a trip to Paris in 2003, a large number of transit and public utility workers were on strike. Strikes of this kind are extremely common in France; a week when no one is on strike would be considered strange. In any case, a lot of people weren’t showing up for work, either because the subways weren’t running or because they were participating in demonstrations on the streets. As a result, museums and other attractions were forced to scale back their hours of operation. After leaving the Musée d’Orsay early, we had some time to kill on the left bank, and we took the opportunity to look up a nearby shop Morgen had read about.

In Paris to the Moon, Adam Gopnik describes the five years he spent living as an expatriate in Paris along with his wife and young son. (Hey! I did that too!) One of their favorite places to go on rainy days was a strange and fascinating shop called Deyrolle on the Rue du Bac. Deyrolle could be described as a taxidermy shop, but that doesn’t begin to do it justice, and besides, taxidermy shops are not exactly a dime a dozen—especially in Paris.

The Dead Zone

When we arrived at Deyrolle, we couldn’t determine if it was even open for business. At street level, there were large glass display cases on either side of the door; beyond that, a dark foyer. There was no sign saying “Ouvert,” no lights on, no people, no signs of life. In fact that last point should have been the tip-off that everything was normal. We tried the door; it opened. There was a creaky old staircase ahead of us, and we tentatively mounted the stairs. When we got to the top we were greeted by the reassuring glow of fluorescent lights, and the somewhat less reassuring sight of a moose staring at us.

I had always thought of taxidermy as a craft marketed rather narrowly to hunters wishing to display their prized trophies. At Deyrolle, no animal is too exotic, or too ordinary, to be stuffed. You’ll walk past lions, tigers, zebras, and a giraffe, not to mention a polar bear, a hyena, a badger, and a baboon. But you’ll also find every imaginable barnyard animal, as well as birds, deer, rabbits, and so on. The animals are scattered throughout the store as though they were customers, and they are for the most part extremely lifelike, sometimes eerily so. Some of the more exotic animals are for display only, but most are available for sale or for rent. That’s right: you can rent a dead zebra, elephant, or bear for your next party.

Take This Pet and Stuff It

The shop was founded in 1831 by Emile Deyrolle, and it moved to its current location—the former home of Louis XIV’s banker—in 1881. It is now owned by a company called Le Prince Jardinier that runs a number of specialty household goods stores. Most of the people who walk into Deyrolle are there mainly to browse, though the store does a fairly brisk business in mounted butterflies, beetles, and other insects, as well as rocks, fossils, and a variety of educational products. It is, however, a functioning taxidermy operation, and for a few hundred euros you can have your household pet stuffed when it expires. Deyrolle politely declines requests by humans to have their mortal remains stuffed and mounted; I heartily agree with the wisdom of this policy.

When we first visited Deyrolle, it looked as if it had changed little in the last hundred-plus years. Like its products, it seemed to be in a perpetually immobile yet lifelike state. But on February 1, 2008 (just months after we moved to Paris), a major fire tragically destroyed a significant portion of Deyrolle’s collection. With the help of numerous generous artists, the building and much of its contents were quickly restored, and the shop reopened in May of that year. It’s now a little bit…shiny for my tastes (you can see for yourself in a virtual tour on Deyrolle’s website), but still as weird and endearing as ever.

Current laws make it virtually impossible for a taxidermist to obtain the kinds of large, exotic animals that were once Deyrolle’s main trade (there are some exceptions, such as animals that died of old age at a zoo). That’s probably just as well; it’s a rather discomfiting notion given modern sensibilities about wildlife preservation. But the store is still well worth a visit for the sheer strangeness of it all.

Note: This is an updated version of an article that originally appeared on Interesting Thing of the Day on October 9, 2003, and again in a slightly revised form on September 28, 2004.

Image credit: saragoldsmith [CC BY 2.0], via Flickr


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Author: Joe Kissell

Eat Brussels Sprouts Day

Cabbage and Brussels sprouts

Brussels sprouts were high on my “yucky” list as a kid, although—as is usually the case—I hadn’t ever tried them. Indeed, I somehow managed never to consume a Brussels sprout until well into my 40s. When I finally found myself in a restaurant with Brussels sprouts on my plate, I decided reluctantly to take the plunge, and…oh wow. This is what I’ve been missing all these years? I was shocked. They didn’t taste anything like I expected them to. They were amazing. And I’ve been eating them ever since. (They’re especially good roasted, with a bit of olive oil, salt, and bacon crumbles.) Interestingly, I had almost exactly the same experience, around the same time, with sauerkraut—and cabbage, after all, is a close relative of Brussels sprouts (the former is essentially a miniature version of the latter). I will be eating more today!

Image credit: Marco Verch [CC BY 2.0], via Flickr


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Author: Joe Kissell

Gluten Free Vegan Oreo’s or Chocolate Sandwich Cookies Recipe — Easy and Frugal

A little while back my family was gifted with a bunch of free Oreo’s.
Only they’re gluten, and 4 out of 5 members of my family don’t eat gluten, so my eldest, Lee, got them all to himself. My other kids were envious, and I told them that I’d make them gluten free Oreo’s instead. To be honest, when I told them I’d do that, I wasn’t quite sure how I’d do it, but had confidence that I’d figure


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Author: Penniless Parenting

3 Ways Parents Can Find Extra Cash

We all know what it’s like to be tight on cash. But how can you bring in extra cash if you’re a busy parent? Here’s some good suggestions from a reader. Hope they help!

Image via Flickr by Homedust

Are you looking to add a little extra income to your household? Bringing in more money can ease some of the financial burden of covering expenses for your family. You might even be able to use the


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Author: Penniless Parenting

Stowe At The London Legal Walk Launch Reception

In 2018 13,000 people walked 10k and raised a record breaking £830,000 for supporting legal advice charities in London and the South East.

Last night, Stowe Family Law’s Graham Coy and Alice Wightman attended the formal launch reception for the London Legal Walk 2019 at the Royal Courts of Justice. Sue James of the Hammersmith & Fulham Law Centre and Pamela Fitzpatrick of Harrow Law Centre spoke of the crucial nature of these funds in maintaining the law centres and gave several inspiring case studies demonstrating the significant impact of pro bono legal advice for individuals who are unable to fund a route to access to justice. Finally, Lord Burnett of Maldon, Lord Chief Justice of England & Wales and President of the London Legal Support Trust gave an excellent speech reiterating the importance of fundraising events such as the London Legal Walk and expressed the Trust’s hope of raising £1,000,000 through 2019’s walk.

In 2013, Ministry of Justice statistics confirmed there were 870 not-for-profit legal aid providers. By 2014, this had fallen by 90% to just 95. The impact of local Government spending cuts together with legal aid cuts has resulted in there being little funding available for many issues significantly affecting people’s lives such as conditions at work, homelessness, immigration issues and employment disputes.

The funds raised by the walk support charities that provide or host free legal services to numerous charities. Legal advice services within the community are vital as they assist vulnerable individuals and families to be treated fairly since up to two-thirds of the population are uninformed as to where to seek legal services when in need. Receiving sound advice early on can save £10 for every £1 invested and ensure people remain in work, education and keep families together in their homes.

The walk will take place on Monday 17th June 2019. While Stowe Family Law is unable to offer Legal Aid, we will be gathering a team to walk one of the two routes (Parks or River) to support those in need of legal assistance. There is no entry fee but if every registered walker aims to raise £75, we could raise £1,000,000 to support access to justice in the community.

For anyone interested in supporting the event or if you would like to take part, visit the London Legal Support Trust website.

 

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Author: Alice Wightman

The Oak Island Mystery

Digs and Buildings, Oak Island, Nova Scotia, Canada, August 1931

Nova Scotia’s notorious money pit

Canada’s maritime provinces may not be the first place you think of when you hear the words “buried treasure,” but for over 200 years, treasure hunters have had their eyes on tiny Oak Island in Mahone Bay, Nova Scotia. Over the years, millions of dollars have been spent—and at least six lives lost—in repeated attempts to excavate one of the world’s most infamous alleged treasure sites. What could be worth so much effort? Possibly an enormous cache of gold and silver, ancient manuscripts, or…nothing at all.

Can You Dig It?

The story begins in 1795, when a boy was wandering around on the island and found a curious depression in the ground. Right above this depression was an old tackle block hanging from the limb of a large oak tree, as though someone had used it to lower something heavy into a hole. Having heard stories about pirates frequenting the area in centuries past, the boy immediately suspected buried treasure. He returned the following day with two friends and began digging. A few feet down, the boys found a layer of flagstones; 10 feet below that was a wooden platform. Both of these markers strongly suggested the hole was man-made. They kept going, but by the time they reached 30 feet, they realized there was no end in sight and called it quits.

Several years later, having secured some financing and additional help, they returned, this time digging to more than 90 feet—hitting several additional wooden platforms on the way down. At 90 feet they found a stone inscribed with strange symbols they could not decipher. (Later, some would claim that the symbols were a cipher for “Forty feet below two million pounds are buried,” but that stone was soon, conveniently, lost.) Just below that was a layer of mud. Probing down into the mud with a crowbar, they hit another solid surface—perhaps another wooden platform, or perhaps a treasure vault. But when they returned the next day, the shaft had filled with 60 feet of water, which foiled all attempts at bailing. Shortly thereafter, they tried to dig a parallel shaft, thinking they’d get below the treasure and tunnel in horizontally—but this second shaft filled with water as well. The first crew of treasure hunters abandoned their dig.

In 1849, a second group attempted an excavation. Then another, and another, and another. Each time, treasure hunters made some intriguing discovery, but each time, their attempts to go deeper were frustrated—by flooding, cave-ins, accidental deaths, and other misfortunes. On several occasions, workers attempted to drill into the earth beneath the water that filled the pit, and the drills brought up some interesting fragments—a piece of gold chain here, some wood there…and a small scrap of parchment that had one or two letters written on it. The evidence suggested that below more layers of earth and wood was an empty space—a vault containing chests, perhaps with gold coins inside. But these were just educated guesses, because no one could actually get down to them. Some attempts to widen or deepen the hole—or to get at the treasure indirectly through other holes—caused whatever the drill bits had hit to sink even farther down. The diggers eventually realized that the flooding was due to two or more horizontal tunnels that ran to the shore, and had seemingly been dug as booby traps. Unfortunately, repeated attempts to block those tunnels also failed. By the early 20th century, so many large holes had been created that the original location of the so-called money pit was no longer certain.

Excavations using modern equipment in the 1930s enlarged the main hole greatly, but still nothing of value was found. In the decades since, various groups have made additional attempts to unearth the treasure, digging ever larger and deeper holes, and although more intriguing objects have been uncovered, there’s still no definitive proof that there is, or was, a treasure there. Following years of legal disputes about the ownership of the land and the rights to any treasure that may be buried there, agreements were finally reached among various parties with a financial stake in the site and the provincial government. Excavation work is ongoing, and has been documented on the History Channel’s series The Curse of Oak Island since 2014.

Getting to the Bottom of It

Over the centuries, dozens of theories have been advanced as to what the Oak Island treasure really is. One popular theory holds that it’s Captain Kidd’s fortune—or that of some other pirate. Another says it’s the lost treasure of the Knights Templar. Some say (based apparently on that one tiny piece of parchment) that it’s Shakespeare’s original manuscripts. Others say it must be the Holy Grail. Although proponents of each of these theories make persuasive arguments as to why they must be correct, a recurring theme is that any treasure hidden so carefully and protected so elaborately as to defy two centuries’ worth of determined treasure hunters must be unfathomably important.

Except that it apparently wasn’t important enough for whoever hid it to come back for it—or pass on information of its whereabouts to anyone else.

And that assumes there’s something hidden there in the first place. There might not be. There is some evidence to suggest that the original “pit,” as well as the tunnels that fed water into it, were actually natural formations, and that the wooden “platforms” found at various points were nothing more than dead trees that had fallen into a hole once upon a time. What of the tackle block? And the gold chain? And the parchment? And the stone with the mysterious message? Well, all these artifacts have disappeared, and even if someone produced them, it would be impossible to prove they came from the pit. They could have been planted; they could also have been imagined. At no point in the last 200 years was work on the site controlled or documented carefully as an archeological dig would have been. All we truly have are the reports of people who wanted desperately to believe they were about to find a fabulous treasure.

Perhaps some day, when the best technology has been brought to bear on the problem (or there’s nothing left of the island but a gigantic hole), the Oak Island Mystery will be resolved once and for all. But we may ultimately find that the only real money on Oak Island came from a TV show.

Note: This is an updated version of an article that originally appeared on Interesting Thing of the Day on March 23, 2005.

Image credit: Richard McCully [Public domain], via Wikimedia Commons


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Author: Joe Kissell