Retirement insights from a Colorado PERA perspective

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

Colorado PERA Executive Director Ron Baker has been reelected to the Board of Directors for the <a href="https://www.cii.org/">Council of Institutional Investors</a> (CII). Baker was first elected to the CII Board in 2018.



CII is a nonprofit, nonpartisan association of pension funds, endowments and other financial entities. Its members manage approximately $4 trillion in assets on behalf of millions of workers and their families. CII is a leading voice for effective corporate governance and strong shareholder rights.



“I am honored to be reelected to the CII Board and continue PERA’s decades-long role in promoting fair, equitable markets that benefit long-term investors and the PERA membership,” Baker said.



As an institutional investor that manages funds on behalf of more than 630,000 current and former public employees, PERA has long been active in advocating for strong corporate governance policies that ensure transparency and ethical behavior.



Read more on PERA On The Issues:



<ul><li><a href="https://peraontheissues.com/issue-spotlight-responsible-investing/">Issue Spotlight: Responsible Investing</a></li><li><a href="https://peraontheissues.com/proxy-voting-keeping-policy-current/">Proxy Voting: Keeping Policy Current</a></li><li><a href="https://peraontheissues.com/evaluating-sustainability-in-peras-investment-portfolio/">Evaluating Sustainability in PERA’s Investment Portfolio</a></li><li><a href="https://peraontheissues.com/burritos-boardrooms-and-ballots-the-story-of-one-shareholder-proposal/">Burritos, Boardrooms, and Ballots: The Story of One Shareholder Proposal</a></li></ul>

PERA Executive Director Ron Baker Reelected to Board of Council of Institutional Investors

Colorado PERA’s <a href="https://www.facebook.com/ColoradoPERA/videos/156050059588686/" target="_blank" rel="noreferrer noopener">Facebook page</a> went live earlier this year. This launch was part of a broader effort to better adapt to member preferences, including how they want to communicate with PERA. The page has become a popular destination, garnering more than 10,000 likes in less than five months.



On December 2, PERA used this channel to host its inaugural Facebook Live event. Executive Director Ron Baker and Chief Investment Officer Amy C. McGarrity spent about 30 minutes taking member questions.



“PERA needs to be a partner with our members, stakeholders and employers,” Baker said. “We need to meet members where they are. This Facebook Live event is a step in that direction. We need to be the type of organization that provides service to our members when and how they’re looking for it.”



Find a summary of a few questions and responses below. You can watch the entire event <a href="https://www.facebook.com/ColoradoPERA/videos/156050059588686/" target="_blank" rel="noreferrer noopener">here</a>. Please note, some questions and answers are lightly edited for length and clarity.



Q: Will there be an <a href="https://www.peraontheissues.com/wp-content/uploads/2018/05/AutoAdjustment-FINAL.pdf" target="_blank" rel="noreferrer noopener" class="broken_link">automatic adjustment</a> this year?



There will not be an automatic adjustment in July. The 1.25% annual increase amount for eligible retirees will remain the same. (note: <a href="https://content.copera.org/inaugural-facebook-live-event-attracts-hundreds/" target="_blank" rel="noreferrer noopener">Member contribution rates</a> in most divisions will have a slight increase, completing the 2% increase that was part of SB 18-200. This planned increase, which is not due to the automatic adjustment, has been phased in incrementally since 2019.)



Q: Can I depend on PERA to manage my money well and to be there when I retire?



We are solely focused on investing your money for the long-term. Every dollar you contribute to PERA, by statute, will be returned to you with an interest and potentially a match, whether through benefit payments if you receive a pension or a refund of your account.



Q: Is PERA invested in cryptocurrency, like Bitcoin?



PERA does not hold cryptocurrency in our custody relationship, and we don’t have someone programming to obtain Bitcoin. But, broadly speaking, there is a way to gain access thematically to cryptocurrencies through public markets, like global equities and fixed income. We have a large exposure to global equities, so we likely have thematic exposure to companies that provide the backbone, the infrastructure, or have segments that participate in cryptocurrency.



Q: Why do PERACare costs continue to rise?



Certainly on the pre-Medicare side in particular, costs are trending up. That’s a national trend. As an organization we do everything we can to drive down the costs and to get the best premiums we can. But we also face the realities of an older population and the rising cost of health care services. In 2021, we kick off a process where PERA reviews and selects vendors. In this process our goal is to get the best plan design—offering the best plan at the best cost for our members.



Q: Is PERA sustainable? Will additional changes need to be made by the legislature?



Yes, PERA is sustainable. The work done in SB 18-200 was designed to allow PERA to have flexibility to address periods of time where we fall behind in reaching full funding by 2047. Having that flexibility allows PERA to move forward quickly without additional legislation.

Inaugural Facebook Live Event Attracts Hundreds

In late February, global markets saw a dramatic increase in volatility. At the onset of this changed environment, PERA’s Chief Investment Officer, Amy C. McGarrity, <a rel="noreferrer noopener" href="https://peraontheissues.com/peras-chief-investment-officer-addresses-market-drop/" target="_blank">shared</a> how PERA&#8217;s long-term strategy accounts for such downturns. Ron Baker, PERA&#8217;s Executive Director, has <a rel="noreferrer noopener" href="https://peraontheissues.com/peras-response-to-covid-19/" target="_blank">explained</a> how the organization adapted to rapidly changing circumstances while continuing its operations.



Now, in the new video below, the two PERA leaders discuss the status of PERA&#8217;s investments, PERA&#8217;s funded status, and the outlook for the days ahead.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
https://www.youtube.com/watch?v=MtJI5yXMFDQ
</div></figure>

PERA Investment Update

The implications of the spread of COVID-19 now reach deep into
every corner of our lives, and these are difficult times for all of us. We are
all concerned about the health of our family and friends, and we also know that
many are also burdened by worries about jobs, bills, childcare, and so much
more. 



I wanted to take a moment to let you know how Colorado PERA
is adapting to this temporary new reality and what you can expect in the days and
weeks ahead.



<ul><li>PERA will continue to operate and benefit recipients will receive their benefit payments. Every month, we send out more than $400 million in retirement benefits to thousands of benefit recipients, most of whom live in Colorado, and we will continue to pay retirement benefits even though 90% of our staff will be working remotely. </li><li>We will continue to serve you. You can still call Customer Service, send in forms, update your information, and log in to your account. We thank you for your patience if you encounter a slightly increased wait time—we are working to improve our capabilities every day. Additionally, if you are currently retired and still receive your benefit check in the mail, we ask that you consider using <a href="https://content.copera.org/peras-response-to-covid-19/" target="_blank" rel="noreferrer noopener" label=" (opens in a new tab)">direct deposit </a>instead. It’s free and simple to set up. Making this switch will alleviate the need for staff to be in the office, and you don’t need to make a trip to the bank. </li><li>All in-person services have been moved to webinar and phone platforms. This includes group meetings with our Field Education staff and individual meetings with a benefit counselor. Use our online <a href="https://content.copera.org/are-public-sector-workers-satisfied/" target="_blank" rel="noreferrer noopener" label=" (opens in a new tab)">meetings and appointment scheduler</a> to sign up for these free services. </li><li>Our PERACare plans offer COVID-19 testing at no cost. If you use one of our PERACare plans, know that any test you receive for COVID-19 will be covered at no cost. </li><li>We continue to be a long-term investor. Some members have asked about PERA’s investments and financial health amid the recent global market. As PERA’s Chief Investment Officer, Amy C. McGarrity,&nbsp;<a href="https://peraontheissues.com/peras-chief-investment-officer-addresses-market-drop/">noted</a>&nbsp;a few weeks ago, we can’t predict what markets do, but we can—and do—incorporate risk into our investment decisions. In any given short-term period, the portfolio may perform better or worse than long-term expectations. However, we are confident that PERA is well positioned to continue to invest through the ups and downs of the market cycle, providing the opportunity to achieve our long-term goals. </li><li>We will continue to keep you updated. We will continue to share updates with our members via our <a href="https://www.copera.org/update-on-operations-from-peras-executive-director" target="_blank" rel="noreferrer noopener" label=" (opens in a new tab)" class="broken_link">website</a>.</li></ul>



We don’t know when this unwelcome chapter will end. But I
know that we already live among those who will help us get through it. In the
coming weeks, Coloradans will look to PERA members as we find our way through
to the other side. We will draw inspiration from the teachers who find
innovative ways to continue inspiring their students, from the CDOT employees who
work hard to keep our roads safe for the emergency workers and movement of goods
we all rely on, and from the public health professionals working tirelessly to
stop the spread of the virus. All of us at PERA thank these and countless others
who are at the forefront of this crisis. 



Sincerely,



Ron Baker 
Executive Director, Colorado PERA

PERA’s Response to COVID-19

Editor&#8217;s note: The dates mentioned in this story were updated on April 21 to reflect the most current information.



The emergence of COVID-19 has disrupted daily life around the world, including here in Colorado. There is much we still don’t know about this still-emerging pandemic. In a matter of days, we have all experienced sudden, extensive changes, the likes of which most of us have never experienced. These changes can be difficult to process. Most importantly, the concern about our health and the health of our friends and family weighs heavily for so many people. 



The safety of our employees and our members is of upmost
importance to us here at PERA. To that end, I would like to share steps
Colorado PERA is taking to keep our employees and members safe and what you can
expect in the days ahead.



PERA Service Changes



Members will see some temporary changes in how we interact
with members. We plan to continue delivering a high level of service, answering
your questions and responding to your needs quickly. However, we are eliminating
in-person contact for a time as we do our part to stop the spread of this virus.
These PERA services will be available online and over the phone. Specifically:



<ul>
<li>In-person individual counseling session at our three office locations will be suspended until May 16. If you had an in-person counseling session already scheduled, a PERA Benefits Counselor will be reaching out to convert your appointment to either a telephone or online appointment. </li>



<li>PERA is suspending walk-in customer service. Members are still able to turn in forms at our office locations in Denver and Westminster. </li>



<li>PERA-hosted meetings occurring around the state have been canceled through May 16. <a rel="noreferrer noopener" aria-label=" (opens in a new tab)" href="https://www.copera.org/members/webinars" target="_blank">Webinars</a> that cover the same topics will continue to take place as scheduled. </li>



<li>Customer Service Representatives are available by calling 1-800-759-7372 Monday–Thursday, 7:00 a.m. to 5:30 p.m. and Friday, 7:00 a.m. to 4:30 p.m. (Mountain time). </li>



<li>Please note that benefit payments will not be disrupted.</li>
</ul>



Investment Operations



As PERA’s Chief Investment Officer, Amy C. McGarrity, <a rel="noreferrer noopener" aria-label=" (opens in a new tab)" href="https://peraontheissues.com/peras-chief-investment-officer-addresses-market-drop/" target="_blank">noted</a> a few weeks ago, we can’t predict what markets do, but we can—and do—incorporate risk into our investment decisions. In any given short-term period, the portfolio may perform better or worse than long-term expectations. However, we are confident that PERA is well positioned to continue to invest through the ups and downs of the market cycle, providing the opportunity to achieve our long-term goals.



Finally, we know that many PERA members are at the forefront of the fight against COVID-19. Instead of being asked to stay at home, thousands of public safety officers, health officials, and others will be asked to go into the storm. We’ve seen this before. Time and time again, we&#8217;ve seen those in public service rise to whatever challenge is placed before them. They go from being the unsung heroes of daily life to being a source of inspiration and strength that we all need right now. We are thankful for these, our fellow PERA members, and for all who are involved in responding to the challenges we now face. It will not be easy, but they will undoubtedly carry the day.



We appreciate your cooperation and patience during this emerging and evolving situation. We will continue to keep you <a rel="noreferrer noopener" label="informed (opens in a new tab)" href="https://www.copera.org/update-on-operations-from-peras-executive-director" target="_blank" class="broken_link">informed </a>about any additional PERA developments. I hope you and your family remain safe during these uncertain times.



-Ron Baker

Update on Operations from PERA’s Executive Director

What rights do you
have when you own shares of a company?



That’s the central question at the heart of a recent <a href="https://www.cii.org/files/issues_and_advocacy/correspondence/2019/201910015proxy_advisor_sign_on_final.pdf">letter</a> to the Securities and Exchange Commission (SEC) that Colorado PERA Executive Director Ron Baker cosigned as part of a coalition of investors and other organizations.



The tone and subject of the letter—which addresses “proxy adviser interpretation and guidance” and “proxy adviser rulemaking”—is technical and measured. But that buttoned-up surface belies an important debate underneath.



Proxy voting: What it is, and why it
matters



When an individual
owns a share of a company, he or she owns a piece of that company. Institutional
investors, like Colorado PERA, also hold shares—lots of them. For example, at
the end of 2018, <a href="https://content.copera.org/proxy-voting-an-obscure-term-with-real-implications-for-pera/">PERA held</a> millions of shares of Microsoft.



When ownership of
a company is divided among multiple investors, important decisions are often made
using shareholder ballots. Owning a share means having the right and
responsibility to vote in important company decisions. Institutional investors
like PERA vote a lot. In 2018, PERA staff cast votes on 63,031 individual
proposals for 6,025 companies.



Voting allows
investors to hold companies accountable to shareholders and decide on important
issues such as executive pay and who sits on a company’s board of directors.
“We don’t want to promote excessive risk taking with executive compensation,”
said Luz Rodriguez, Colorado PERA’s Senior Corporate Governance Analyst. “We
think pay should be aligned with performance. Those decisions ultimately affect
profits, which can, in turn, affect PERA’s members.”



PERA takes voting
on issues like this seriously. For example, it voted against about 18 percent
of management proposals in 2018. <a href="https://content.copera.org/burritos-boardrooms-and-ballots-the-story-of-one-shareholder-proposal/">Encouraging strong corporate governance</a> is a concrete way to align board decisions
with shareholder interests.



Exercising that right to vote is an essential component of owning a company. However, it would take significant resources to research every one of the tens of thousands of votes institutional investors like Colorado PERA make every year. So, for more than three decades, large investors have employed “proxy advisers”—third-party firms that do the research necessary to inform the votes institutional shareholders cast. PERA’s investment staff can disagree with the research and advice they receive from proxy advisers, and, in the end, PERA&#8217;s investment staff are the ones who cast the votes in accordance with the PERA Board’s <a href="https://content.copera.org/pera-joins-a-lawsuit-to-defend-transparency-and-shareholder-rights/">Policy on Proxy Voting</a>. Proxy advisory services simply allow institutional investors to be better-informed voters at a fraction of the cost of performing all of the research in-house. “Being cost conscious protects the assets of the plan,” Rodriguez said.



The SEC issues new guidance



Earlier this year, the SEC issued <a href="https://content.copera.org/proxy-voting-an-obscure-term-with-real-implications-for-pera/">guidance</a> and <a href="https://www.copera.org/proxy-voting-an-obscure-term-with-real-implications-for-pera" class="broken_link">interpretation</a> statements that could add administrative layers and regulatory burdens to this process. Many institutional investors are concerned about the effects this potential regulation could have. For example, proxy advisers could be required to share their research with the very companies that are the subject of their research before the research is shared with the institutional investors who paid for the research. “Why should companies have the chance to influence the product we’re buying?” said Rodriguez. “It affects the independence of that research.”



The Council of Institutional Investors (CII) sent a letter to the SEC in response to this guidance (Ron Baker is a member of CII’s board of directors). In the letter, the group expressed disappointment that the SEC did not ask for public comment before issuing its new Proxy Adviser Interpretation and Guidance. They also expressed concern that the SEC issued the Interpretation and Guidance without a demonstrated need to do so. The letter asked the SEC to reconsider its position and the opportunity for CII to provide comment. In addition to cosigning CII’s letter, Baker sent a letter on behalf of Colorado PERA to the SEC. The SEC will address this topic next on <a href="https://content.copera.org/proxy-voting-an-obscure-term-with-real-implications-for-pera/">November 5</a>.



In an interview with <a href="https://content.copera.org/proxy-voting-an-obscure-term-with-real-implications-for-pera/">Pensions &amp; Investments</a>, Amy Borrus, Deputy Director of CII, summed up the issue when she said: “Many institutional investors rely on proxy advisory reports to help inform their voting decisions and they have a stake in ensuring these votes are independent and as objective as possible and timely. If rules make it more difficult for proxy advisers to get reports to investors in a timely fashion or make proxy advisers more inclined to tilt more toward companies they review, then that&#8217;s a problem.&#8221;

Proxy voting: An obscure term with real implications for PERA

As Ron Baker begins his new role as Colorado PERA’s seventh Executive Director, the 24-year veteran of the organization sat down with the Denver Business Journal to chat about what’s next for Colorado’s largest public pension fund. With the passage of Senate Bill 200 during the 2018 Colorado legislative session, PERA’s financial profile—as well as the state’s—is now on more stable long-term footing. But keeping the pension fund on its most productive path is an ongoing challenge, and Baker used his discussion with the DBJ to summarize what was accomplished with SB 200, what challenges lie ahead, and how he plans to lead the organization through its next phase.



Read Baker&#8217;s interview with the DBJ <a href="https://www.bizjournals.com/denver/news/2018/09/13/colorado-pera-stabilizes.html?b=1536847739%5E21339113" target="_blank" rel="noreferrer noopener">here</a>.

Denver Business Journal interview with Ron Baker

In late August, the PERA Board of Trustees <a href="https://content.copera.org/pera-board-names-ron-baker-sole-finalist-for-executive-director/" target="_blank" rel="noreferrer noopener">named Ron Baker</a> as the finalist for PERA’s Executive Director. Currently serving as the Interim Executive Director, Mr. Baker will officially be named to the position pending contract negotiations and final Board approval.



The process for selecting PERA’s new leader began in January when Board Chairman Timothy M. O’Brien created a special ad hoc committee. Trustee David Hall chaired the committee, with Trustees Amy Grant, Roger Johnson, Suzanne Kubec, Bill Parker, and Walker Stapleton serving as members. These trustees represented a cross-section of the PERA Board, bringing together trustees elected by members of the School, Denver Public Schools, and State Divisions, along with a governor-appointed trustee and the State Treasurer.



The Ad Hoc Committee worked with PERA Human Resources to create a list of priorities for the outside search firm that would assist in filling the position. From a group of three finalists, <a href="https://www.eflassociates.com/" target="_blank" rel="noreferrer noopener" class="broken_link">EFL Associates</a> was tapped to manage the search process.



The Committee, PERA HR, and EFL spent the next month finalizing the job description before posting the announcement in national and pension industry publications. In addition to receiving outside applications, EFL used its extensive recruiting database to create a pool of candidates. After a series of interviews, the Board invited four candidates for further discussions.



After these four interviews were conducted before the full Board, the Trustees announced that Ron Baker had been named the finalist.



“The Ad Hoc Committee was committed to reaching out nationally to find the very best candidates for the PERA Executive Director position,” said David Hall, Ad Hoc Committee Chairman. “It was important that we found candidates who reflected the values of PERA members and who were committed to working with PERA’s hard-working employees to ensure PERA continued to be a leader in the pension field.”



Mr. Baker has served as the Interim Executive Director since December. After joining PERA in 1994, he held several management positions overseeing information technology and was appointed Chief Administrative Officer in 2013.



“The Board embarked on a thorough and competitive process to ensure that the most qualified candidate would be installed to lead PERA,” said PERA Board of Trustees Chairman Timothy M. O’Brien. “Ron’s qualifications and commitment to PERA are unparalleled. In addition to his decades of tenure at PERA, he led the organization through a challenging time during the first part of this year that included a legislative session in which major changes were made to the retirement plan. He was the clear and unanimous choice for the Board.”



Mr. Baker is a graduate of the University of Northern Colorado with a degree in mathematics with a dual emphasis in computer science and mathematics. He is a graduate of the Executive Leadership Program at the Daniels College of Business at the University of Denver.



“I appreciate the confidence of the Board in me to continue to serve the PERA membership,” said Baker. “I look forward to helping guide PERA into this next chapter.”



In his new role, Mr. Baker becomes the seventh executive director of the $49 billion retirement system, which was established in 1931 by the Colorado General Assembly.



In late August, the PERA Board of Trustees <a href="https://content.copera.org/pera-board-names-ron-baker-sole-finalist-for-executive-director/" target="_blank" rel="noreferrer noopener">named Ron Baker</a> as the finalist for PERA’s Executive Director. Currently serving as the Interim Executive Director, Mr. Baker will officially be named to the position pending contract negotiations and final Board approval.



The process for selecting PERA’s new leader began in January when Board Chairman Timothy M. O’Brien created a special ad hoc committee. Trustee David Hall chaired the committee, with Trustees Amy Grant, Roger Johnson, Suzanne Kubec, Bill Parker, and Walker Stapleton serving as members. These trustees represented a cross-section of the PERA Board, bringing together trustees elected by members of the School, Denver Public Schools, and State Divisions, along with a governor-appointed trustee and the State Treasurer.



The Ad Hoc Committee worked with PERA Human Resources to create a list of priorities for the outside search firm that would assist in filling the position. From a group of three finalists, <a href="https://www.eflassociates.com/" target="_blank" rel="noreferrer noopener" class="broken_link">EFL Associates</a> was tapped to manage the search process.



The Committee, PERA HR, and EFL spent the next month finalizing the job description before posting the announcement in national and pension industry publications. In addition to receiving outside applications, EFL used its extensive recruiting database to create a pool of candidates. After a series of interviews, the Board invited four candidates for further discussions.



After these four interviews were conducted before the full Board, the Trustees announced that Ron Baker had been named the finalist.



“The Ad Hoc Committee was committed to reaching out nationally to find the very best candidates for the PERA Executive Director position,” said David Hall, Ad Hoc Committee Chairman. “It was important that we found candidates who reflected the values of PERA members and who were committed to working with PERA’s hard-working employees to ensure PERA continued to be a leader in the pension field.”



Mr. Baker has served as the Interim Executive Director since December. After joining PERA in 1994, he held several management positions overseeing information technology and was appointed Chief Administrative Officer in 2013.



“The Board embarked on a thorough and competitive process to ensure that the most qualified candidate would be installed to lead PERA,” said PERA Board of Trustees Chairman Timothy M. O’Brien. “Ron’s qualifications and commitment to PERA are unparalleled. In addition to his decades of tenure at PERA, he led the organization through a challenging time during the first part of this year that included a legislative session in which major changes were made to the retirement plan. He was the clear and unanimous choice for the Board.”



Mr. Baker is a graduate of the University of Northern Colorado with a degree in mathematics with a dual emphasis in computer science and mathematics. He is a graduate of the Executive Leadership Program at the Daniels College of Business at the University of Denver.



“I appreciate the confidence of the Board in me to continue to serve the PERA membership,” said Baker. “I look forward to helping guide PERA into this next chapter.”



In his new role, Mr. Baker becomes the seventh executive director of the $49 billion retirement system, which was established in 1931 by the Colorado General Assembly.

PERA Board names Ron Baker sole finalist for Executive Director

A digest of timely information and insight about finance, investing, and retirement.



<a href="https://content.copera.org/retirement-roundup-baker-named-interim-pera-executive-director/" target="_blank" rel="noreferrer noopener">Colorado PERA Board of Trustees Names Interim Executive Director</a> |&nbsp;<a href="https://www.copera.org/" target="_blank" rel="noreferrer noopener">Colorado PERA</a>The Board of Trustees of Colorado PERA named Ron Baker as Interim Executive Director effective December 15, 2017. Mr. Baker joined PERA in 1994 and was appointed to his current position as Chief Administrative Officer in 2013. “I want to thank the Board for their confidence in me–it’s truly humbling to assume this role at this difficult time,” Mr. Baker said. “We will continue to work guided by the example set by Greg in serving the 560,000 current and former Colorado public employees who rely on PERA,” he concluded.



<a href="https://www.plansponsor.com/lack-of-financial-literacy-remains-historic-american-challenge/" target="_blank" rel="noreferrer noopener">Lack of Financial Literacy Remains Historic American Challenge</a> |<a href="https://www.plansponsor.com" target="_blank" rel="noreferrer noopener">PLANSPONSOR</a>A new analysis published by Martha Brown Menard, who conducts financial-services user experience research for Questis, dissects both successful and unsuccessful financial education programs, with an aim at discovering what approaches work best in what circumstances. Setting the stage for her recommendations, Menard suggests financial stress among U.S. employees is reaching “epidemic proportions.” She cites survey data to the effect that 75 percent or more live paycheck to paycheck, personal savings rates are at their lowest since 2007, and <a href="https://www.plansponsor.com/americans-debt-serious-impediment-retirement-savings/" target="_blank" rel="noreferrer noopener">non-mortgage debt levels are higher now than during the Great Recession</a>.



<a href="https://www.marketwatch.com/story/5-ways-the-tax-bill-will-affect-your-retirement-2017-12-20" target="_blank" rel="noreferrer noopener">5 ways the tax bill will affect your retirement</a> |<a href="https://www.marketwatch.com/" target="_blank" rel="noreferrer noopener">MarketWatch</a>The $1.2 trillion tax overhaul that passed on Wednesday will affect your retirement in a number of ways. The tax plan no longer includes lowering contribution limits on retirement accounts or nixing traditional individual retirement accounts in lieu of Roth individual retirement accounts (which would have shifted when retirement savers pay taxes on their savings), but it does address individual retirement accounts and increases the standard deduction (by almost double), which could affect the way people itemize their charitable donations. These changes would be for next year’s taxes, to be filed in 2019 — 2017 tax returns are due on April 17.



<a href="https://www.nytimes.com/2017/12/16/business/asked-about-retiring-they-have-a-simple-answer-why.html?smid=tw-share" target="_blank" rel="noreferrer noopener">Asked About Retiring, They Have a Simple Answer: Why?</a> |<a href="https://www.nytimes.com" target="_blank" rel="noreferrer noopener">The New York Times</a> On most mornings, Jack B. Weinstein rises at 5:30 to exercise. At 7:00, a car takes him from his home in Great Neck to Cadman Plaza in Brooklyn, where he is a senior Federal District Court judge for the Eastern District of New York. Once at the courthouse, Judge Weinstein has coffee and gossips with colleagues. By 9:00, he’s at work hearing motions, reviewing filings and &nbsp;sentencing defendants. In the afternoon, he tries cases. None of that is so unusual. But Judge Weinstein is 96 — decades past the age when most Americans choose to stop working. “Retire? I’ve never thought of retiring,” he declares. Judge Weinstein was first appointed to the bench more than 50 years ago and is still in the thick of hot-button issues in the courts. “I’m a better judge, in some respects, than when I was younger. I don’t remember names. But I listen more. And I’m more compassionate. I see things from more angles. If you are doing interesting work, you want to continue.”



<a href="https://www.marketwatch.com/story/four-ways-to-change-401k-plans-for-the-better-2017-10-25" target="_blank" rel="noreferrer noopener">Four ways to change 401(k) plans for the better</a> |<a href="https://www.marketwatch.com" target="_blank" rel="noreferrer noopener">MarketWatch</a>Over the past few months, 401(k) plans have been in the news a lot. At one point, Republicans floated the idea of drastically lowering the maximum that employees could contribute. And this week, President Trump asked once again how everyone’s 401(k) plans are doing as a result of the rising stock market. But what these plans need even more than a bull market is a way to get more people to participate in them, some experts suggest. Yes — 401(k) account balances and stock market performance are tied to one another, but not everyone has access to these defined contribution plans, and few who do invest in them.



<a href="http://www.houstonchronicle.com/news/politics/houston/article/Lawsuit-claims-Houston-misled-voters-on-1B-12440008.php" target="_blank" rel="noreferrer noopener">Lawsuit claims Houston misled voters on $1B pension bonds</a>&nbsp;|&nbsp;<a href="http://www.houstonchronicle.com" target="_blank" rel="noreferrer noopener">Houston Chronicle</a> Mayor Sylvester Turner misled voters into approving a $1 billion pension bond referendum last month, a new lawsuit alleges, claiming that city officials plan to use the bonds’ passage to sidestep a voter-approved limit on the property tax revenue Houston can collect. Turner’s office flatly denied that reading of the Proposition A ballot language, calling the wording “boilerplate” and saying the city has not and will not sidestep the revenue cap as a result of the vote on the mayor’s landmark pension reform package or any of the prior bond issuances that included the same phrasing. A local businessman and former Houston housing department director, James Noteware, sued the city Friday in state district court, contesting the Nov. 7 election on the grounds that the ballot language was “materially misleading.”

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