
<p>Retirement insights from a Colorado PERA perspective</p>



<p></p>


A distant view shows a mountainous landscape with sloping peaks, green trees in the foreground, and a cloudy sky above.


<h4 class="wp-block-heading"><a href="https://www.pbs.org/newshour/economy/how-the-stock-market-defied-expectations-in-2024-by-the-numbers" target="_blank" rel="noreferrer noopener"><strong>How the Stock Market Defied Expectations in 2024, by the Numbers | PBS News</strong></a></h4>



<p>2024 was a great year for the stock market. The S&amp;P 500, for example, notched dozens of all-time records as stocks soared throughout the year. Here are more notable numbers from the market’s performance. Note that PERA’s 2024 investment performance data won’t be available until the <em>Annual Comprehensive Financial Report</em> is released in June.</p>



<h4 class="wp-block-heading"><a href="https://finance.yahoo.com/personal-finance/banking/article/do-we-want-high-or-low-interest-rates-223031516.html" target="_blank" rel="noreferrer noopener"><strong>Understanding the Fed&#8217;s Rate Decisions: Do We Want High or Low Interest Rates​? | Yahoo Finance</strong></a></h4>



<p>The past several years have been notable for the Federal Reserve’s interest rate moves—the Fed began raising its key interest rate in 2022 and it remained high through much of 2024 before the Fed began lowering the rate in September. It’s not always easy to understand the implications of these decisions, so here are some pros and cons of high and low interest rates for various financial situations.</p>



<h4 class="wp-block-heading"><a href="https://www.cnbc.com/2025/01/05/how-to-maximize-your-401k-for-2025.html" target="_blank" rel="noreferrer noopener"><strong>Here&#8217;s How to Maximize Your 401(k) Plan for 2025 with Higher Limits, Bigger Catch-Up Contributions | CNBC</strong></a></h4>



<p>If you’re saving additional money for retirement in a PERAPlus 401(k) or 457 Plan, you have the opportunity to boost your savings even more this year. The amount of money you can contribute to those plans is going up in 2025, and there’s also a new, higher catch-up contribution limit for workers who are getting closer to retirement.</p>



<h4 class="wp-block-heading"><a href="https://www.investopedia.com/how-to-make-financial-resolutions-you-can-stick-to-in-2025-8762615" target="_blank" rel="noreferrer noopener"><strong>How To Make Financial Resolutions You Can Actually Stick To In 2025 | Investopedia</strong></a></h4>



<p>It’s that time of year when many of us are setting intentions and resolutions for the new year. If you’re making money goals, here are some tips for making sure they’re realistic and achievable so you’re set up for success.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: The 2024 Stock Market by the Numbers


<h4 class="wp-block-heading"><a href="https://thehill.com/homenews/5013493-social-security-bill-senate/" target="_blank" rel="noreferrer noopener" class="broken_link"><strong>Social Security Reform Bill Awaits Senate Vote Amid Uncertainty | The Hill</strong></a></h4>



<p>The Social Security Fairness Act, a federal bill that would repeal Social Security’s Windfall Elimination Provision and Government Pension Offset, passed the U.S. House in November. The bill is now awaiting action in the Senate, where its fate is increasingly uncertain with just days left for lawmakers to pass legislation before a new Congress begins.</p>



<h4 class="wp-block-heading"><a href="https://www.investopedia.com/lost-track-of-your-old-401-k-accounts-a-new-service-could-help-recover-the-money-8749171" target="_blank" rel="noreferrer noopener"><strong>Lost Track Of Your Old 401(k) Accounts? A New Service Could Help Recover The Money | Investopedia</strong></a></h4>



<p>The U.S. Department of Labor is getting ready to launch a database to help workers find old retirement accounts. The so-called retirement savings lost and found aims to make sure workers can find and access their 401(k) savings when they switch jobs rather than leaving that money behind. The database should be up and running by the end of the year.</p>



<h4 class="wp-block-heading"><a href="https://www.fastcompany.com/91236800/retirement-saving-spending-psychology" target="_blank" rel="noreferrer noopener" class="broken_link"><strong>Retirement Saving and Spending Can Be Complicated. Here&#8217;s What Psychology Says | Fast Company</strong></a></h4>



<p>When making the transition from regular, full-time work into retirement, many people find themselves struggling to move from a saving mindset to a spending mindset. While every person’s situation is different, principles of psychology can help explain why that transition can be so difficult.</p>



<h4 class="wp-block-heading"><a href="https://www.kiplinger.com/personal-finance/ways-to-maximize-your-end-of-year-philanthropy" target="_blank" rel="noreferrer noopener"><strong>Five Ways to Maximize Your End-of-Year Philanthropy | Kiplinger</strong></a></h4>



<p>The end of the year is a popular time to give money to various causes. If you’re thinking of giving this holiday season, here are some things to keep in mind to ensure your donation makes an impact.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: WEP/GPO Bill’s Fate Uncertain in Final Days of Congress


<p>The new year is mere weeks away. To make sure taxpayers are informed and prepared, the IRS announced inflation adjustments for many tax provisions in 2025, including marginal tax brackets and retirement account contributions.</p>



<h4 class="wp-block-heading"><strong>Retirement plan contribution limits</strong></h4>



<p>The IRS announced higher contribution limits for 401(k), 403(b) and 457 plans next year.</p>



<p>The maximum amount a worker can contribute to those plans is $23,500 in tax year 2025, an increase of $500. The catch-up contribution limit for most plan participants age 50 and older remains unchanged at $7,500.</p>



<p>Beginning in 2025, some older workers can make additional catch-up contributions. As part of the SECURE 2.0 Act, plan participants who are between the ages of 60 and 63 can make catch-up contributions totaling up to $11,250 in tax year 2025.</p>



<p><a href="https://www.copera.org/retirees/peraplus-401-k-457-plans" target="_blank" rel="noreferrer noopener">Learn more about PERAPlus 401(k)/457 Plans</a></p>



<h4 class="wp-block-heading"><strong>HSA/FSA contribution limits</strong></h4>



<p>The amount of money workers can contribute to medical savings accounts also will increase in 2025.</p>



<ul>
<li><strong>HSA:</strong> Individuals enrolled in a high deductible health plan (HDHP) with a health savings account (HSA) will be able to contribute up to $4,300, and those with family coverage will be able to save a maximum of $8,550.</li>



<li><strong>FSA:</strong> For workers who don’t have an HDHP with an HSA and instead use a flexible spending account (FSA), the maximum contribution for 2025 is $3,300. For plans that allow unused balances to roll over, the maximum amount that can be rolled over will increase to $660.</li>
</ul>



<h4 class="wp-block-heading"><strong>2025 tax rates</strong></h4>



<p>Below are updated marginal tax rates for single taxpayers and married couples filing jointly. Visit <a href="https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025">the IRS website</a> for more tax tables and additional details.</p>



<p>Note that since these changes are for tax year 2025, they will generally apply to tax returns filed in 2026; <a href="https://www.copera.org/pera-on-the-issues/updated-tax-brackets-contribution-limits-other-changes-for-2024">2024 tax rates</a> will apply to returns filed in 2025.</p>



<ul>
<li><strong>37%</strong> for incomes over $626,350 ($751,600 for married couples filing jointly)</li>



<li><strong>35%</strong> for incomes over $250,525 ($501,050 for married couples filing jointly)</li>



<li><strong>32%</strong> for incomes over $197,300 ($394,600 for married couples filing jointly)</li>



<li><strong>24%</strong> for incomes over $103,350 ($206,700 for married couples filing jointly)</li>



<li><strong>22%</strong> for incomes over $48,475 ($96,950 for married couples filing jointly)</li>



<li><strong>12%</strong> for incomes over $11,925 ($23,850 for married couples filing jointly)</li>



<li><strong>10%</strong> for incomes $11,925 or less ($23,850 or less for married couples filing jointly)</li>
</ul>



<h4 class="wp-block-heading"><strong>Standard deduction</strong></h4>



<p>In addition to updated tax rates, the IRS announced increases to the standard deduction for tax year 2025:</p>



<ul>
<li><strong>Single taxpayers and married couples filing separately</strong>: $15,000 ($400 increase)</li>



<li><strong>Heads of household:</strong> $22,500 ($600 increase)</li>



<li><strong>Married couples filing jointly:</strong> $30,000 ($800 increase)</li>
</ul>



<p></p>



<p>Taxpayers who are 65 or older can take an additional standard deduction, which is also adjusted for inflation. For tax year 2025, that amount is $2,000 for single filers and $1,600 for others.</p>



<p>Visit <a href="https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025" target="_blank" rel="noreferrer noopener">the IRS website</a> for more adjustments to tax provisions in 2025.</p>



<h4 class="wp-block-heading"><strong>PERA benefits and taxes</strong></h4>



<p>Colorado PERA benefits are subject to federal income tax, as well as applicable state and local taxes. PERA retirees who would like to update their tax withholding can do so by&nbsp;<a href="https://www.copera.org/member-login-registration" target="_blank" rel="noreferrer noopener">logging in</a>&nbsp;to their secure member account or completing a paper Form W-4P.</p>



<p>Retirees and benefit recipients can expect to receive their 1099-R tax forms for tax year 2024 in January 2025.</p>



<p>Learn more at&nbsp;<a href="https://www.copera.org/taxes-on-benefits" target="_blank" rel="noreferrer noopener">copera.org/taxes-on-benefits</a>.</p>


Updated Tax Brackets, Contribution Limits and More to Know for 2025


<h4 class="wp-block-heading"><a href="https://www.nerdwallet.com/article/finance/why-financial-criminals-target-older-adults-and-how-to-protect-yourself" target="_blank" rel="noreferrer noopener"><strong>Why Finance Cons Target Older Adults, and How to Protect Yourself | NerdWallet</strong></a></h4>



<p>Fraudsters have been increasing their efforts to scam older Americans out of their money in recent years. The latest data from the FBI show losses of $3.4 billion last year from scams targeting people who are 60 and older, an 11% increase from the previous year. Here are some tips for spotting and avoiding some common scam techniques.</p>



<h4 class="wp-block-heading"><a href="https://coloradosun.com/2024/05/25/colorado-retirement-law-secure-savings-401k/" target="_blank" rel="noreferrer noopener"><strong>How 55,000 Coloradans Are Saving Up for Retirement | The Colorado Sun</strong></a></h4>



<p>Colorado SecureSavings, the state-facilitated retirement plan for private-sector workers without access to a plan through their employer, has enrolled more than 50,000 workers in its first year. In total, workers have saved more than $50 million, and the program is on track to nearly double its participants by the end of this year.</p>



<h4 class="wp-block-heading"><a href="https://www.cnbc.com/2024/05/22/irs-extends-free-file-tax-program.html" target="_blank" rel="noreferrer noopener"><strong>IRS Free File Tax Program Has Been Extended Through 2029 | CNBC</strong></a></h4>



<p>The IRS is continuing its Free File partnership with tax software companies while it determines the future of its own direct-file program. The Free File program, which allows some taxpayers to file their taxes using third-party software without paying fees, will continue through 2029. As for the agency’s plans for Direct File, which several states piloted this past tax filing season, the IRS expects to announce more soon.</p>



<h4 class="wp-block-heading"><a href="https://www.nextavenue.org/what-401k-creator-thinks-of-retirement-plan-now/" target="_blank" rel="noreferrer noopener"><strong>What the Creator of the 401(k) Thinks of the Retirement Plan Now | Next Avenue</strong></a></h4>



<p>Ted Benna is credited with creating the first 401(k) retirement plan by taking advantage of new legislation in the early 1980s. Today, he says the plans haven’t quite lived up to their potential and he’s on a mission to help lower-income workers save more money for retirement.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: Scammers Increasingly Targeting Older Adults


<h2 class="wp-block-heading" style="font-size:28px"><a href="https://content.copera.org/news-you-should-know-lawmakers-reintroduce-federal-auto-ira-bill/" target="_blank" rel="noreferrer noopener"><strong>Federal Automatic IRA Bill Introduced in the House | TheStreet</strong></a></h2>



<p>Lawmakers in Congress have reintroduced a bill that aims to boost retirement savings for the millions of Americans who don’t have access to a retirement plan at work. The Automatic IRA Act of 2024 would create a system for automatically enrolling workers in individual retirement accounts (IRAs) similar to the auto-enrollment plans that several states, including Colorado, have set up in recent years.</p>



<h2 class="wp-block-heading" style="font-size:28px"><a href="https://www.cnbc.com/2024/02/09/limiting-retirement-plan-tax-perks-may-help-social-security-experts-say.html" target="_blank" rel="noreferrer noopener"><strong>Limiting Retirement Plan Tax Perks May Help Social Security, Experts Say | CNBC</strong></a></h2>



<p>A new research paper from the Center for Retirement Research at Boston College is making a splash for its controversial proposal for shoring up Social Security’s finances. The paper promotes the idea of eliminating tax incentives for defined contribution plans like 401(k)s. That means workers would pay tax on their retirement plan contributions, and that tax revenue could be put toward improving Social Security’s funding. The paper has received pushback from those who argue workers will be less likely to save for retirement without tax incentives.</p>



<h2 class="wp-block-heading" style="font-size:28px"><a href="https://finance.yahoo.com/news/why-the-1960s-can-help-us-understand-our-confusing-economic-mood-163052769.html" target="_blank" rel="noreferrer noopener"><strong>Why the 1960s Can Help Us Understand Our Confusing Economic Mood | Yahoo! Finance</strong></a></h2>



<p>Despite a growing economy, public sentiment remains stubbornly low, baffling some economists and political experts. In some ways, our current economic mood mirrors the 1960s, a decade marked by a booming economy but also social upheaval and, toward the end of the decade, rising inflation.</p>



<h2 class="wp-block-heading" style="font-size:28px"><a href="https://www.kiplinger.com/retirement/guide-to-caring-for-your-aging-parents" target="_blank" rel="noreferrer noopener"><strong>Caring for Your Aging Parents: A Seven-Step Guide | Kiplinger</strong></a></h2>



<p>Finding yourself responsible for the care of people who used to care for you can be an overwhelming experience. Here are a few key considerations and tips for tackling them, from finances and logistics to remembering your own needs and capabilities.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: Lawmakers Reintroduce Federal Auto-IRA Bill


<h4 class="wp-block-heading"><a href="https://money.com/irs-free-file-2024-eligibility/" target="_blank" rel="noreferrer noopener"><strong>IRS Launches Free File for 2024 Tax Season With Major Eligibility Expansion | Money</strong></a></h4>



<p>Tax season is nearly upon us — the IRS says it will begin accepting tax returns on January 29. In addition, the IRS has raised the maximum income for using the online Free File system. Taxpayers with adjusted gross income up to $79,000 can now take advantage of the free guided tax prep program.</p>



<h4 class="wp-block-heading"><a href="https://www.reuters.com/markets/us/us-consumer-sentiment-rises-solidly-january-2024-01-19/" target="_blank" rel="noreferrer noopener"><strong>US Consumer Sentiment Races to 2-1/2-Year High; Inflation Expectations Ease | Reuters</strong></a></h4>



<p>Many economists are expressing increased optimism about the U.S. economy as the new year gets underway, and it appears many consumers agree. A major index that measures consumer sentiment jumped significantly this month, hitting its highest level in more than two years.</p>



<h4 class="wp-block-heading"><strong><a href="https://content.copera.org/news-you-should-know-irs-expands-free-file-program-ahead-of-tax-season/" target="_blank" rel="noreferrer noopener">401(k) Experiment Has Failed, Fueled U.S. Retirement Crisis, Labor Economist Says</a></strong></h4>



<p>The transition from widely available defined benefit pension plans to defined contribution plans like 401(k)s has led to generations of private-sector workers being unprepared for retirement, according to labor economist and author Teresa Ghilarducci. She argues that there’s enough data to show the change has been a failure and many workers are now forced to retire earlier than expected, exacerbating the problem.</p>



<h4 class="wp-block-heading"><a href="https://www.cnbc.com/2024/01/10/62percent-of-adults-age-50-and-older-have-not-used-an-advisor-for-retirement.html" target="_blank" rel="noreferrer noopener"><strong>62% of Adults Age 50 and Older Have Not Used an Advisor for Retirement | CNBC</strong></a></h4>



<p>If you’re planning for retirement, enlisting the help of a professional can provide peace of mind, but a recent survey found that more than 60% of Americans in the 50-plus age group have never consulted with a finance pro. And while 30 percent of those survey respondents said they haven’t done so because they can’t afford to, an even larger share said they prefer to handle their finances on their own. &nbsp;</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: IRS Expands Free File Program Ahead of Tax Season


<p>The Internal Revenue Service (IRS) announced inflation adjustments for many tax provisions in 2024, including higher contribution limits for various types of accounts and updated tax brackets.</p>



<h4 class="wp-block-heading"><strong>Retirement account contribution limits</strong></h4>



<p>The IRS <a href="https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000" target="_blank" rel="noreferrer noopener">increased contribution limits</a> for individual retirement accounts (IRAs), as well as 401(k), 403(b), and most 457 plans.</p>



<p>The maximum amount a worker can contribute to 401(k)/403(b)/457 plans is $23,000 in 2024, an increase of $500. The IRA contribution limit also increased $500 to $7,000. Catch-up contribution limits remain unchanged in 2024.</p>



<h4 class="wp-block-heading"><strong>HSA &amp; FSA contribution limits</strong></h4>



<p>The amount workers can contribute to medical savings accounts will also increase in 2024.</p>



<p>Individuals enrolled in a high deductible health plan (HDHP) with a health savings account (HSA) will be able to contribute up to $4,150 and those with family coverage will be able to save a maximum of $8,300.</p>



<p>For workers who don’t have an HDHP with an HSA and instead use a flexible spending account (FSA), the maximum contribution for 2024 is $3,200. For plans that allow unused balances to roll over, the maximum amount that can be rolled over will increase to $640.</p>



<h4 class="wp-block-heading"><strong>2024 tax rates</strong></h4>



<p>Below are <a href="https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024" target="_blank" rel="noreferrer noopener">updated marginal tax rates</a> for single taxpayers and married couples filing jointly. See the <a href="https://www.irs.gov/irb/2023-48_IRB#REV-PROC-2023-34" target="_blank" rel="noreferrer noopener">IRS website</a> for more tax tables and additional details. Since these changes will take effect for tax year 2024, they will generally apply to tax returns filed in 2025.</p>



<ul>
<li><strong>10%</strong> for incomes of $11,600 or less ($23,200 for married couples filing jointly)</li>



<li><strong>12%</strong> for incomes over $11,600 ($23,200 for married couples filing jointly)</li>



<li><strong>22%</strong> for incomes over $47,150 ($94,300 for married couples filing jointly)</li>



<li><strong>24%</strong> for incomes over $100,525 ($201,050 for married couples filing jointly)</li>



<li><strong>32%</strong> for incomes over $191,950 ($383,900 for married couples filing jointly)</li>



<li><strong>35%</strong> for incomes over $243,725 ($487,450 for married couples filing jointly)</li>



<li><strong>37%</strong> for incomes over $609,350 ($731,200 for married couples filing jointly)</li>
</ul>



<p>In addition to updated tax rates, the IRS announced increases to the standard deduction for tax year 2024:</p>



<ul>
<li><strong>Single taxpayers and married couples filing separately:</strong> $14,600 ($750 increase)</li>



<li><strong>Heads of household:</strong> $21,900 ($1,100 increase)</li>



<li><strong>Married couples filing jointly:</strong> $29,200 ($1,500 increase)</li>
</ul>



<p>Visit the <a href="https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024" target="_blank" rel="noreferrer noopener">IRS website</a> for more adjustments and tax changes for 2024.</p>



<h4 class="wp-block-heading"><strong>PERA benefits and taxes</strong></h4>



<p>Colorado PERA benefits are subject to federal income tax, as well as applicable state and local taxes. PERA retirees who would like to update their tax withholding can do so by <a href="https://www.copera.org/member-login-registration" target="_blank" rel="noreferrer noopener">logging in</a> to their secure member account or completing a paper Form W-4P. Learn more information at <a href="https://www.copera.org/taxes-on-benefits" target="_blank" rel="noreferrer noopener">copera.org/taxes-on-benefits</a>.</p>


Updated Tax Brackets, Contribution Limits, Other Changes for 2024


<h4 class="wp-block-heading"><a href="https://coloradosun.com/2023/11/20/colorado-special-session-bills-passed-2023/" target="_blank" rel="noreferrer noopener"><strong>What the Colorado Legislature Passed During the Special Session and How It Will Affect Your Wallet | The Colorado Sun</strong></a></h4>



<p>After voters rejected Proposition HH, state lawmakers convened for a special session focused on property tax relief. In all, lawmakers passed seven bills aimed at providing financial relief and assistance, including property tax relief and increased TABOR refunds for lower earners.</p>



<h4 class="wp-block-heading"><a href="https://news.bloomberglaw.com/daily-labor-report/federal-lawmakers-seek-401k-plans-for-teen-savers-in-new-bill" target="_blank" rel="noreferrer noopener"><strong>Federal Lawmakers Seek 401(k) Plans for Teen Savers in New Bill | Bloomberg Law</strong></a></h4>



<p>Lawmakers introduced a bill that would change federal law to make it easier for 18-to-20-year-olds to save for retirement in employer-sponsored plans. The bill, known as the Helping Young Americans Save for Retirement Act, would lower the minimum participation age in plans like 401(k)s from 21 to 18.</p>



<h4 class="wp-block-heading"><a href="https://www.cbsnews.com/news/unnecessary-medical-care-treatments-costs/" target="_blank" rel="noreferrer noopener"><strong>Why It&#8217;s So Tough to Reduce Unnecessary Medical Care | CBS News</strong></a></h4>



<p>A recent report shows that despite efforts to reduce unnecessary health care spending in Colorado, spending on so-called “low-value” care — such as unneeded testing — has barely changed. Despite financial incentives and patient demands to provide more care than is necessary, one Colorado hospital has found some innovative ways to cut waste.</p>



<h4 class="wp-block-heading"><strong><a href="https://finance.yahoo.com/news/the-irs-makes-tax-filing-simpler-for-next-year-with-long-awaited-improvements-180235101.html" target="_blank" rel="noreferrer noopener">The IRS Makes Tax Filing Simpler for Next Year With Long-Awaited Improvements | Yahoo! Finance</a></strong></h4>



<p>Thanks to a boost in funding, the IRS is rolling out a number of changes that should make tax filing season a little easier. Updates include better customer service staffing, expanded electronic communication options and a more user-friendly tax refund tracker, with more changes on the way.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: How Colorado’s Special Session Will Affect Your Finances


<h4 class="wp-block-heading"><a href="https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000" target="_blank" rel="noreferrer noopener"><strong>401(k) Limit Increases to $23,000 for 2024, IRA Limit Rises to $7,000 | Internal Revenue Service</strong></a></h4>



<p>The IRS announced new, higher contribution limits for retirement accounts in 2024. The limit for contributing to a 401(k) or 457 plan next year will be $23,000 (up from $22,500 in 2023) and the IRA limit will rise to $7,000 (up from $6,500). The catch-up contribution limit for 401(k)/457 plans remains unchanged at $7,500.</p>



<h4 class="wp-block-heading"><a href="https://coloradosun.com/2023/11/02/jared-polis-school-funding-budget-2024-2025/" target="_blank" rel="noreferrer noopener"><strong>Jared Polis Pushes to Pay Off Colorado&#8217;s School Funding Shortfall | The Colorado Sun</strong></a></h4>



<p>Colorado Gov. Jared Polis released his 2024-2025 budget proposal, and it calls for fully funding K-12 education in the state for the first time since 2009. The budget proposal also calls for increases in teacher pay and additional investments in Colorado’s workforce. The state legislature is ultimately responsible for setting the state’s budget, and that process will take place during next year’s General Assembly.</p>



<h4 class="wp-block-heading"><a href="https://www.marketplace.org/2023/11/07/how-the-u-s-retirement-system-stacks-up-against-the-rest-of-the-world/" target="_blank" rel="noreferrer noopener"><strong>How the U.S. Retirement System Stacks Up Against the Rest of the World | Marketplace</strong></a></h4>



<p>A new ranking of retirement systems around the world puts the United States in the middle of the pack — 22<sup>nd</sup> out of 47 systems. Here’s a look at the factors that went into the rankings and what’s keeping the U.S. from being ranked among the best in the world.</p>



<h4 class="wp-block-heading"><a href="https://www.kiplinger.com/personal-finance/financial-moves-to-make-for-end-of-year" target="_blank" rel="noreferrer noopener"><strong>Five Financial Moves to Make as Year&#8217;s End Approaches | Kiplinger</strong></a></h4>



<p>The end of the year is fast approaching, and it’s a great time to take stock of your finances and any goals you set for the year — and start thinking about next year. Here are a few important items to consider in your year-end review.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


News You Should Know: IRS Updates 401(k)/IRA Contribution Limits for 2024


<h4 class="wp-block-heading"><strong><a href="https://www.npr.org/sections/health-shots/2023/10/04/1203417818/medicare-drug-price-negotiations-begin" target="_blank" rel="noreferrer noopener">Drugmakers Will Negotiate with Medicare on Price. But They&#8217;re Suing, Too | NPR</a></strong></h4>



<p>Major drug manufacturers say they will participate in Medicare’s new drug price negotiation program. The government has identified the first 10 drugs for which it aims to lower prices under the program. At the same time, drugmakers are fighting the program, arguing that lowering prices will cut into their research and development budgets.</p>



<h4 class="wp-block-heading"><a href="https://www.insiderintelligence.com/content/colorado-passes-law-regulating-ai-in-insurance" target="_blank" rel="noreferrer noopener"><strong>Colorado Cracks Down on AI Discrimination in Life Insurance | Insider Intelligence</strong></a></h4>



<p>Beginning next month, life insurance companies in Colorado will be prohibited from using artificial intelligence (AI) and other technologies in a way that leads to discrimination based on protected characteristics such as race and gender. Colorado is the first state to enact such a law specific to the use of emerging technologies in insurance underwriting.</p>



<h4 class="wp-block-heading"><a href="https://content.copera.org/news-you-should-know-drug-manufacturers-agree-to-medicare-drug-negotiations/" target="_blank" rel="noreferrer noopener"><strong>Auto Workers Aren&#8217;t Striking Only For Higher Wages. They Want Their Pensions Back, Too | Bloomberg via Yahoo! Finance</strong></a></h4>



<p>Members of the United Auto Workers union are on strike across the country, asking for higher wages but also the return of defined benefit pensions. While workers hired before the Great Recession have access to a pension, newer workers don’t. Automakers say the costs of reopening their pension plans are too high, but unions argue the companies can afford to once again offer the valuable benefit.</p>



<h4 class="wp-block-heading"><a href="https://www.cnbc.com/2023/10/06/401k-to-ira-rollovers-new-labor-department-rule-likely-to-raise-investor-protections.html" target="_blank" rel="noreferrer noopener"><strong>401(k)-to-IRA rollovers: Government likely to raise saver protections |CNBC</strong></a></h4>



<p>It’s common for workers who leave a job to take their 401(k) account balance with them and roll it over into another account such as an IRA. But workers who seek out advice on rollovers might not always get the best advice. That’s because rollover advice can fall outside the legal guidelines for fiduciaries, who are required to act in their clients’ best interests. Experts expect the federal government to issue a new rule soon to close those loopholes.</p>



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<p><em>News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.</em></p>


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