
<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.


<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.coloradopolitics.com/governor/colorado-budget-signing/article_76cb6ca7-535d-4261-bd04-7d9305c4e5f7.html" target="_blank" rel="noreferrer noopener">Colorado Gov. Polis Signs $44 Billion Budget into Law | Colorado Politics</a></h2>



<p>After months of debate and legislative work, the State of Colorado officially has a budget for the next fiscal year. Gov. Jared Polis signed the $44 billion budget bill into law this week. Lawmakers had to cut more than $1 billion in order to come up with a balanced budget.</p>



<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.kiplinger.com/retirement/despite-economic-uncertainty-americans-remain-confident-about-retirement" target="_blank" rel="noreferrer noopener">Despite Economic Uncertainty, Americans Remain Confident About Retirement, Survey Shows | Kiplinger</a></h2>



<p>Workers and retirees alike are confident they’ll have enough money in retirement even amid widespread uncertainty about the economy, according to a recent survey. The survey, from the Employee Benefit Research Institute and Greenwald Research, found that 67% of workers and 78% of retirees are confident about retirement. However, survey respondents did express concern about changes at the federal level, particularly around Medicare and Social Security.</p>



<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.nextavenue.org/possible-tariffs-on-prescription-drugs/" target="_blank" rel="noreferrer noopener">What Older Adults Need to Know About Possible Tariffs on Prescription Drugs | Next Avenue</a></h2>



<p>The federal government has proposed imposing tariffs on imported prescription medications, and that has the potential to affect many older Americans, who tend to take more medications than younger people. While there is still a lot of uncertainty about what the government will do, experts say drug manufacturers could face shortages and raise prices if tariffs do go into effect.</p>



<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.forbes.com/sites/carolynrosenblatt/2025/04/15/caught-in-the-middle-the-sandwich-generations-financial--fears-about-aging-parents/" target="_blank" rel="noreferrer noopener">Caught In The Middle: The Sandwich Generation’s Financial Fears About Aging Parents | Forbes</a></h2>



<p>Being a member of the sandwich generation—people who find themselves caring for children and aging parents at the same time—means potentially having to pay for a parent’s long-term medical needs while also putting kids through school. Here are some tips for finding resources that might help ease some of the caretaking burden.</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: Colo. Governor Signs $44 Billion Budget


<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.healthcaredive.com/news/medicare-telehealth-flexibilities-extended-six-months/742721/" target="_blank" rel="noreferrer noopener">Congress Extends Medicare Telehealth Flexibilities for 6 Months | Healthcare Dive</a></h2>



<p>Lawmakers in Congress passed a temporary extension for rules allowing more flexibility in telehealth coverage under traditional Medicare. The pandemic-era rules, which allow more people to receive care at home, now apply through the end of September. PERACare’s Medicare Advantage plans offer virtual doctor visits with no copay.</p>



<h2 class="wp-block-heading has-medium-font-size"><a href="https://knowledge.wharton.upenn.edu/article/how-to-teach-your-child-about-financial-literacy/" target="_blank" rel="noreferrer noopener">How to Teach Your Child About Financial Literacy | Knowledge at Wharton</a></h2>



<p>April is national financial literacy month, and a surprisingly large share of American adults struggle to correctly answer basic questions about personal finance. It can help to start young, and in this article, a co-creator of the “big three” financial literacy test offers tips for teaching children about money.</p>



<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.kiplinger.com/retirement/happy-retirement/the-rule-of-1-000-hours-in-retirement" target="_blank" rel="noreferrer noopener">The Rule of 1,000 Hours in Retirement | Kiplinger</a></h2>



<p>How much free time will you have in retirement? Not all time is equal, and experts say when you subtract low-effort leisure activities like watching TV or casually socializing, most people only have about 1,000 hours left each year (or just a few hours a day) for hobbies, travel, and other enjoyable activities. How you spend your time in retirement is just as important as how you spend your money, so here are some tips for making good use of those 1,000 hours.</p>



<h2 class="wp-block-heading has-medium-font-size"><a href="https://www.marketwatch.com/story/as-a-72-trillion-great-wealth-transfer-is-set-to-begin-here-are-4-estate-planning-rules-to-follow-19e637be" target="_blank" rel="noreferrer noopener">As a $72 trillion ‘Great Wealth Transfer’ is Set to Begin, Here are 4 Estate-Planning Rules to Follow | MarketWatch</a></h2>



<p>In the coming years, older generations are expected to pass down trillions of dollars to their children and grandchildren in a societal shift known as the “great wealth transfer.” Experts say planning is key to making sure that transfer goes well—and some simple steps now can help your loved ones avoid confusion down the road.</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: Congress Extends Telehealth Rules for Medicare


<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025" target="_blank" rel="noreferrer noopener">IRS Releases Tax Inflation Adjustments for Tax Year 2025 | Internal Revenue Service</a></h2>



<p>The new year is just two months away, and the Internal Revenue Service has announced some important tax-related updates. For tax year 2025, the IRS is making adjustments to various tax provisions based on inflation, including the standard deduction, marginal tax rates, earned income tax credits, and more.</p>



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://qz.com/medicare-2-drug-list-medicaid-1851668732" target="_blank" rel="noreferrer noopener">Medicare Wants to Make These Generic Drugs Available for Just $2 | Quartz</a></h2>



<p>The Centers for Medicare and Medicaid Services released a list of dozens of prescription medications that may be included in a pilot program to provide low-cost generic versions of drugs. The drugs—which include popular medications such as inhalers, antibiotics, blood thinners, and cholesterol pills—would be available for $2 beginning in 2027.</p>



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.uchealth.org/today/new-blood-tests-for-alzheimers-may-allow-for-earlier-detection/" target="_blank" rel="noreferrer noopener">New Blood Tests for Alzheimer’s May Allow for Earlier Detection | UCHealth Today</a></h2>



<p>Multiple companies have been rolling out new blood tests to help screen for Alzheimer’s disease, aiming to someday replace expensive and invasive procedures like spinal taps and imaging scans. Experts at UCHealth say that while the new tests are promising, there’s still more research that needs to be done before they can be made widely available, and the tests are not yet FDA-approved or covered by insurance or Medicare.</p>



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.kiplinger.com/retirement/how-to-step-confidently-into-your-life-after-retirement" target="_blank" rel="noreferrer noopener">How to Step Confidently Into Your Life After Retirement | Kiplinger</a></h2>



<p>Retiring is a major life change that goes beyond a change in employment status, and that move often involves a shift in identity. Here are some tips for handling the transition and embracing a new phase of life.</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 Releases Tax Adjustments for 2025


<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://civicscience.com/retirement-redefined-how-the-pandemic-and-economic-factors-are-shaping-retirement-plans-among-older-americans/" target="_blank" rel="noreferrer noopener">Retirement Redefined: How the Pandemic and Economic Factors Are Shaping Retirement Plans Among Older Americans | CivicScience</a></h2>



<p>More than four years after the start of the COVID-19 pandemic, we’re still seeing some of the effects of the public health crisis and new data attempt to shed some light on how the pandemic affected retirement planning. Survey data from CivicScience found most adults at or near retirement age said they did not leave the workforce during the pandemic, but older workers (65+) were more likely to say they left work and didn’t return. Of those who left the workforce and returned, more than half expect to work past the age of 65.</p>



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.investopedia.com/people-want-congress-to-fix-social-security-s-shortfall-8722073" target="_blank" rel="noreferrer noopener">Most Americans Want Congress To Fix Social Security and Medicare Shortfalls ASAP | Investopedia</a></h2>



<p>In a recent survey, respondents made it clear that shoring up Social Security and Medicare are top priorities for ensuring retirement security. The survey from the Transamerica Institute for Retirement Studies found over 60 percent of people think the government needs to prioritize filling Social Security’s funding shortfall and over 50 percent think Medicare’s funding should be a priority.</p>



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.kiplinger.com/investing/farewell-paper-i-bonds-savings-bonds-going-online-only" target="_blank" rel="noreferrer noopener">Farewell Paper I-Bonds: Savings Bonds Are Going Online Only | Kiplinger</a></h2>



<p>The last remaining paper savings bond is about to go all digital. The U.S. Treasury announced taxpayers will no longer be able to buy paper Series I bonds with their tax returns starting January 1, 2025. Electronic versions of I and EE bonds have been available for purchase online through TreasuryDirect for about two decades, and banks stopped selling paper savings bonds in 2012.</p>



<h2 style="color:#000000;" class="wp-block-heading has-black-color has-text-color has-medium-font-size"><a href="https://www.thetravel.com/beautiful-towns-in-colorado-that-are-great-for-retirement/" target="_blank" rel="noreferrer noopener">Beautiful Towns In Colorado That Are Great For Retirement | The Travel</a></h2>



<p>While many people like to stay put in retirement and age at home, many others like to pack up in search of a change in scenery or a better way of life. This list aims to identify the best towns in Colorado for retirees with a focus on crime and cost of living.</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 the Pandemic Affected Retirement Planning


<p>When planning for retirement, it’s important to have a good sense of one’s income sources, expenses, and the various risks to one’s finances over the course of retirement, which could last for two or three decades.</p>



<p>Researchers have identified five major financial risks retirees face: Longevity risk (living longer than expected and running out of savings), market risk (ups and downs in the market affecting account balances), health risk (unexpected health care costs), family risk (financially supporting relatives), and policy risk (potential changes to benefits like Social Security).</p>



<p>Recent research from the Center for Retirement Research at Boston College finds many retirees have an inaccurate sense of which risks pose the biggest threats, which could leave them unprepared. In <a href="https://crr.bc.edu/briefs/how-well-do-retirees-assess-the-risks-they-face-in-retirement/" target="_blank" rel="noreferrer noopener">a survey of about 20,000 people over the age of 50</a>, retirees routinely underestimated their life expectancy and health care costs, while overestimating the effects of the stock market on their finances.</p>



<p>Survey respondents ranked market risk as the biggest risk they face, followed by longevity and health. In what the study author calls an “objective” ranking, longevity risk tops the list, followed by health and market risks.</p>



<p>As people increasingly rely on defined contribution plans like 401(k)s and IRAs for retirement savings, having an inaccurate understanding of these risks can have serious implications for a retiree’s finances.</p>



<p>Defined benefit retirement plans like the one offered by Colorado PERA use strategies that address these risks, particularly longevity risk, to provide retirement security throughout a member’s retired years.</p>



<h2 class="wp-block-heading">Longevity risk and PERA</h2>



<p>PERA’s defined benefit plan provides a retirement benefit that a retiree cannot outlive. That means when a member retires, PERA will continue to provide monthly income until the retiree dies, regardless of how long they live.</p>



<p>Defined benefit plans accomplish this by pooling funds and thereby sharing risk. All contributions, interest, investment gains and other dollars are held in a trust fund that is used to make benefit payments for members. Because all retirees are drawing income from the same source, they share longevity and market risk. For example, a retiree who lives longer than expected will draw more income from the fund while a retiree who dies sooner than expected will draw less – essentially balancing each other out.</p>



<p>To fund each member’s retirement, defined benefit plans like PERA only have to plan for the average life expectancy of the group, not each individual’s expected lifespan.</p>



<p>Ensuring the defined benefit trust funds have enough money to pay retirement benefits for decades to come means making sure PERA has an accurate picture of its membership and potential changes in the future. PERA must be able to estimate how long members will live, how much of a benefit they’ll earn, and other factors.</p>



<p>That’s where actuaries come in. These highly skilled mathematicians have the important task of calculating the plan’s liabilities (how much money is owed to benefit recipients) and determining how much money the plan will need on hand to meet those liabilities.</p>



<blockquote class="wp-block-quote">
<p><strong>Read more: </strong><a href="https://peraontheissues.com/explaining-the-role-of-actuaries-in-retirement-plans-like-pera/" target="_blank" rel="noreferrer noopener"><strong>Explaining the Role of Actuaries in Retirement Plans like PERA</strong></a></p>
</blockquote>



<p>Among PERA retirees, the average age at which members retired in 2021 was 59, and the average age of death was 83, so PERA may have to pay a retiree benefits for more than 20 years, on average.</p>



<p>Those numbers won’t always be the same, however. Factors such as life expectancy change over time, so it’s important for plans like PERA to periodically review and adjust. PERA embarks on this process every four years with what is known as an experience study, which compares what actually happened in a given time frame against what PERA projected would happen.</p>



<p>PERA&nbsp;<a href="https://peraontheissues.com/2020-experience-study-preparing-for-a-secure-future/" target="_blank" rel="noreferrer noopener">last conducted an experience study</a>&nbsp;in 2020, and the Board of Trustees adopted several new assumptions as a result. This process will take place again in 2024.</p>



<p>In addition to longevity risk, PERA can help members plan for other types of financial risk, as well. The <a href="https://www.copera.org/peraplus-401-k-457-plans" target="_blank" rel="noreferrer noopener">PERAPlus 401(k) and 457 plans</a> provide low-cost options to set aside extra money for retirement. This can help with large or unexpected expenses, such as health care or rising costs of goods and services.</p>



<p>By pooling assets and regularly monitoring and adjusting as needed, PERA can help alleviate the stress associated with retirees’ biggest financial risk and continue to provide reliable monthly income they can’t outlive.</p>


How Retirement Systems Like PERA Plan for the Biggest Financial Risks Retirees Face


<p><em>This is the first in a series of articles for National Retirement Security Month exploring how Colorado PERA provides retirement security to public employees.</em> </p>



<p>October is National Retirement Security Month, and the events of the past year and a half have made clear the importance of planning for the future.</p>



<h2 class="wp-block-heading">The value of a defined benefit pension</h2>



<p>Retirement security is a major concern to many Americans right now. A recent survey by the National Institute on Retirement Security found Millennials and members of Generation X <a href="https://peraontheissues.com/survey-millennials-gen-x-especially-pessimistic-about-retirement-prospects/" target="_blank" rel="noreferrer noopener">are especially worried about saving for retirement</a> and are more likely to be concerned about how the COVID-19 pandemic might have affected their retirement plans.</p>



<p>According to the survey, members of all age groups agree that the average worker cannot save enough money for retirement on their own and it’s important to provide for retirees. To that end, the generations agree on the importance of defined benefit retirement plans — also known as pensions — like what Colorado PERA offers. With a pension, retirees receive a lifetime benefit they can’t outlive.</p>



<p>Earlier this year, we surveyed retired PERA On The Issues readers and asked them what the security of a PERA benefit means to them. Continue reading for their perspectives and their advice for preparing for the future.</p>



<h2 class="wp-block-heading">What does your PERA benefit mean to you?</h2>



<p>For many retirees, the value of a defined benefit is the reliable income.</p>



<p>Allen W., a PERA retiree now living in Wisconsin, said: “[PERA] provides regular monthly income along with Social Security, and my personal investments,” he said. “Without PERA I would have to reduce my standard of living.”</p>



<p>For Mike M., a retired educator from Westminster, quality of life is key: <strong>“</strong>A PERA retirement plan has allowed me to do the things I never had the time to do while working,” he said. “Travel and recreation and enjoying time with friends and family have been a big part of my life during retirement. A secure retirement plan provides me with the financial resources to do the things I always wanted to do.”</p>



<p>Walter R. of Colorado Springs said he appreciates the peace of mind that comes from knowing his loved ones will be taken care of: “The retirement plan truly helps us,” he said. “In addition, I elected Option 3 which will ensure my spouse continues to receive our retirement pension when I pass.”</p>



<h2 class="wp-block-heading">What advice would you give to others?</h2>



<p>PERA retirees said they’ve learned some important lessons on their journey toward retirement. Mark J., a retiree from Colorado Springs, said his advice for younger workers is to learn as much as they can about their benefits.</p>



<p>“Learn all of the PERA plan details and attend all PERA briefings long before you plan to retire,” he said.</p>



<p>Rob W. of Salida said he learned the importance of saving additional money for retirement: “Enroll in the PERA Defined Benefit plan and start saving in a 401(k) or 457 plan the first month of your employment,” he said.</p>



<p>For others, the advice is simple: Stay the course.</p>



<p>“If you are a working PERA member, stay in PERA if you are in a job you enjoy doing,” Mike M. said. “A retirement plan such as PERA can provide you with retirement security at a time when you need it in later years.”</p>



<p>We’d love to hear from you — if you’d like to share your story about what your PERA benefit means to you, contact <a href="mailto:POTImail@copera.org" target="_blank" rel="noreferrer noopener">mailto:POTImail@copera.org</a>.</p>


What ‘Retirement Security’ Means to PERA Members


<p><em>In this story:</em></p>



<ul>
<li><em>Members of Generation X and Millennials are more concerned than other generations about their ability to save enough for retirement</em></li>



<li><em>Younger generations are also more likely to be worried about the effects of the pandemic on their retirement planning</em></li>



<li><em>Generations agree on the value of defined benefit plans like Colorado PERA</em></li>
</ul>



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<p>A <a href="https://www.nirsonline.org/reports/generations/" target="_blank" rel="noreferrer noopener">recent survey</a> by the National Institute on Retirement Security found that Americans who fall into the Generation X and Millennial categories are more pessimistic than older generations about their retirement prospects and are more likely to be concerned about how the COVID-19 pandemic might have affected their retirement plans.</p>



<p>The survey also found the various age groups have some important points of agreement, including the overall state of retirement security and the need for greater access to retirement plans like those offered by Colorado PERA.</p>



<h2 class="wp-block-heading">Where the generations differ in retirement outlooks</h2>



<p>The National Institute on Retirement Security surveyed 1,203 people in December 2020. For the purpose of the survey, Millennials were defined as those who were 25 to 43 years old, Generation X as 44 to 55 years old, Baby Boomers as 56 to 74, and the Silent Generation as anyone 75 and older.</p>



<p>NIRS found that while the generations agree that there’s a retirement crisis in the United States, Generation X and Millennials have generally more pessimistic views of the situation. Seventy-two percent of Millennials and 59 percent of Generation X said they’re concerned about achieving a financially secure retirement, versus 43 percent of Baby Boomers and 26 percent of the Silent Generation.</p>



<p>Additionally, 64 percent of Millennials and 54 percent of Generation X said they’re more concerned about their retirement in light of the COVID-19 pandemic, while 42 percent of Boomers and 25 percent of the Silent Generation said the same.</p>



<p>The younger generations were also far more likely to have dipped into their emergency or retirement savings during the pandemic, according to the survey.</p>



<h2 class="wp-block-heading">Where the generations agree</h2>



<p>The <a href="https://www.nirsonline.org/reports/generations/" target="_blank" rel="noreferrer noopener">NIRS survey</a> found broad agreement across the generations on the challenges workers face while saving for retirement, with large majorities of each group saying the average worker cannot save enough money for retirement on their own.</p>



<p>The four generations also agree that it’s important to provide for retirees. Majorities of each group support Social Security and would be in favor of increasing contributions. Each group also agreed on the importance of defined benefit retirement plans, also known as pensions, which provide retirees with a lifetime benefit they can’t outlive. Eighty-one percent of Millennials described their views of pensions as favorable, and 68 percent of the Silent Generation said the same. All four generations agreed that every American worker should have access to a pension plan.</p>



<h2 class="wp-block-heading">Where PERA factors in</h2>



<p>In Colorado, the state’s largest workforce — public employees like state workers, teachers, corrections officers, snow plow drivers and others who serve our state — has access to a pension through Colorado PERA.<ins></ins></p>



<p>PERA is a <a href="https://content.copera.org/survey-millennials-gen-x-especially-pessimistic-about-retirement-prospects/" target="_blank" rel="noreferrer noopener">hybrid defined benefit plan</a>, providing a defined benefit pension to most members and offering a choice between the defined benefit plan and defined contribution plan to others. Of those given the choice between the DB and DC plans, 9 out of 10 choose the DB option.</p>



<p>The average PERA member retires at approximately 59 years old and lives until their early 80s, receiving benefit payments from PERA every month while they’re retired. In 2020, PERA paid more than $4.2 billion in pension benefits to more than 107,000 retirees living in Colorado, with an average monthly benefit of $3,204. At a time when many workers are anxious about their ability to save enough for retirement, defined benefit plans like PERA not only provide peace of mind in retirement, they also serve as an effective recruiting tool for public employers looking to attract and retain employees.</p>


Survey: Millennials, Gen X Especially Pessimistic About Retirement Prospects


<p>April 2021 is Financial Literacy Month. Now in its eighteenth year, the month has kept its focus on the original goal, as stated in the original 2004 Senate Resolution: </p>



<blockquote class="wp-block-quote">
<p>“to raise public awareness about the importance of financial education in the United States and the serious consequences associated with a lack of understanding about personal finances.”</p>
</blockquote>



<p>President Biden has also <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2021/03/31/a-proclamation-on-national-financial-capability-month-2021/" target="_blank" rel="noreferrer noopener" class="broken_link">proclaimed</a> April to be National Financial Capability month, saying: </p>



<blockquote class="wp-block-quote">
<p>“High-quality financial education should build on and respond to people’s individual strengths, circumstances, and needs in order to help them work toward their own unique goals.”</p>
</blockquote>



<h2 class="wp-block-heading">What is “Financial Literacy”?</h2>



<p>There is no single measure for financial literacy. Google “financial literacy quiz”, and you could spend an entire day taking tests. </p>



<p>For example, the National Financial Educators Council has created a half-dozen quizzes that ask general awareness questions on a wide array of topics (including <a href="https://www.financialeducatorscouncil.org/national-financial-capability-test/" target="_blank" rel="noreferrer noopener">standard</a> and <a href="https://www.financialeducatorscouncil.org/advanced-financial-education-test/" target="_blank" rel="noreferrer noopener">advanced</a> versions).</p>



<p>About 59% of more than <a href="https://www.financialeducatorscouncil.org/national-financial-literacy-test/" target="_blank" rel="noreferrer noopener">60,000 test-takers</a> passed the standard test referenced above, and the average score was 68%.</p>



<p>But what makes a particular personal finance topic relevant — paying off debt, owning a home, planning for retirement, and more — depends on the circumstances each person faces and the tools they have at their disposal. These, of course, can vary.</p>



<p>So, while quizzes like these are a fun way to gauge general awareness about financial topics, they aren&#8217;t the best measure of literacy on an individual basis. What, then, does it mean to be “literate?”</p>



<h2 class="wp-block-heading">Bridging the Gap Between Knowledge and Action</h2>



<p>Financial knowledge can equip a person to make more informed decisions. But without action, knowing about personal finance adds nothing to a person’s net worth. A person who saves 3% of their salary in a 401(k) but who isn’t confident they know how a 401(k) works is probably better off than a person who knows every detail about 401(k) accounts but who has no savings and has no plan to start.</p>



<p>In a sense, a person achieves literacy when they implement financial knowledge into their life in a tangible way. It’s similar to learning a language: Memorizing vocabulary words on flash cards is an important step in learning, but it takes more than a vocabulary to have a conversation or become fluent.</p>



<p>PERA offers members a variety of tools and resources to bolster financial literacy. One way to help understand what’s available is to think about each resource as either education-oriented or action-oriented. A few examples are shown below:</p>



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<div class="wp-block-group is-layout-flow"><div class="wp-block-group__inner-container">
<figure class="wp-block-table alignleft"><table class="has-white-color has-text-color has-background" style="background-color:#e9fbe5 color:#ffffff;"><thead><tr><th><strong>Education</strong></th><th><strong>Action</strong></th></tr></thead><tbody><tr><td><br>PERA partners with employers by offering free workshops about how to make sense of investing.</td><td>PERA members can enroll in a PERAPlus 401(k) with their employer or in PERAPlus 457 directly online.</td></tr><tr><td>PERA offers webinars about planning for retirement.</td><td><br>Refine your own individual retirement plan. <a href="https://content.copera.org/are-public-sector-workers-satisfied/" target="_blank" rel="noreferrer noopener" class="broken_link">Meet</a> with a PERA representative if you have additional questions about your PERA benefit.<br></td></tr></tbody></table></figure>



<p></p>



<p></p>



<hr class="wp-block-separator has-css-opacity"/>
</div></div>



<h4 class="wp-block-heading"><strong>The Importance of a Plan</strong></h4>



<p>Financial literacy is important. While it takes more than simply memorizing financial principles to reap the rewards, having a baseline of knowledge is an invaluable part of becoming financially secure. Not surprisingly, a lack of financial knowledge is a <a href="https://www.thebalance.com/overcome-excuses-and-save-money-4129534" target="_blank" rel="noreferrer noopener">common</a> <a href="https://www.thesimpledollar.com/save-money/not-saving-enough-the-reasons-why-might-surprise-you/" target="_blank" rel="noreferrer noopener" class="broken_link">barrier</a> to getting started.&nbsp;</p>



<p>So in recognition of Financial Literacy Month, go ahead – take an online quiz. Test your knowledge against others. But when you’re done, go a step farther. Strive for true literacy. Keep learning, and find ways to apply what you know.</p>


Making Sense of Financial Literacy


<p>October is National Retirement Security Month. The aim: to increase understanding and emphasize the importance of planning for retirement, particularly for public employees. </p>



<p>Learn about the history behind this campaign, details and resources available this year, and more below.</p>



<ul><li>The National Association of Government Defined Contribution Administrators (NAGDCA) has been raising awareness of retirement preparedness since 2006. Originally conceived of as National Retirement Security Week, the campaign grew this year and now spans the entire month of October.</li><li>The United States Senate unanimously approved a <a href="https://www.nagdca.org/wp-content/uploads/2020/10/SRes743-NRSM-2020.pdf" target="_blank" rel="noreferrer noopener">resolution</a> acknowledging National Retirement Security Month. The resolution comes “with the goal of increasing the retirement savings and personal financial literacy of all people in the United States and enhancing the retirement security of the people of the United States.”</li><li>Anyone can register for <a href="https://icmarc.secure.force.com/events?SiteId=a0l3a00000Hw8XhAAJ" target="_blank" rel="noreferrer noopener" class="broken_link">webinars</a> covering a variety of retirement-planning topics. ICMA-RC, an organization founded in 1972 to help public sector employees build retirement security, is hosting.</li><li>In addition to webinars, ICMA-RC created some of the most visually interesting <a href="https://www.icmarc.org/retirementmonth/for-participants/interactive-calculators.html" target="_blank" rel="noreferrer noopener">retirement calculators</a> you’re likely to come across.</li></ul>



<p>Retirement planning is a year-round activity at PERA, as these stats from 2019 show.</p>



<ul><li>The number of times PERA members logged into their <a href="https://www.copera.org/how-to-balance-saving-for-retirement-with-other-savings-goals" target="_blank" rel="noreferrer noopener">PERA account </a>topped 1.6 million.</li><li>Members were busy projecting future income as they planned their retirement budget. They ran more than 323,000 calculations using the monthly retirement benefit calculator on copera.org.</li><li>More than 29,000 attended a <a href="https://www.copera.org/members/webinars" target="_blank" rel="noreferrer noopener">presentation</a> led by PERA’s Field Education team.</li><li>PERA’s benefit counsellors held 4,560 <a href="https://content.copera.org/are-public-sector-workers-satisfied/" target="_blank" rel="noreferrer noopener" class="broken_link">individual appointments</a> with members, most of whom are nearing retirement.</li></ul>


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