
<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.coloradopolitics.com/news/colorado-budget-cuts/article_21095d25-b442-45db-b75a-00bd4cd69f2e.html" target="_blank" rel="noreferrer noopener"><strong>$43.9 Billion Budget Bill Introduced in Colorado Senate | Colorado Politics</strong></a></h4>



<p>State lawmakers have been working to build out the budget for the next fiscal year while trying to fill a $1.2 billion funding hole, and they released their proposal this week. In total, the budget calls for $43.9 billion in spending with dozens of accompanying bills that cut or transfer funds to fill the budget shortfall.</p>



<h4 class="wp-block-heading"><a href="https://coloradosun.com/2025/04/01/amgen-enbrel-price-cap-lawsuit-dismissed/" target="_blank" rel="noreferrer noopener"><strong>Enbrel Maker&#8217;s Effort to Stop Colorado from Capping Drug Price Dismissed | The Colorado Sun</strong></a></h4>



<p>The Legislature created the Colorado Prescription Drug Affordability Board in 2021 with the goal of reviewing the affordability of prescription drugs and capping the prices of medications deemed to be too unaffordable. Drugmaker Amgen filed a lawsuit trying to prevent the Board from capping the price of its autoimmune drug Enbrel, but a judge dismissed the suit.</p>



<h4 class="wp-block-heading"><a href="https://www.npr.org/2025/03/26/nx-s1-5341780/social-security-administration-identity-requirements" target="_blank" rel="noreferrer noopener"><strong>Social Security Officials Partially Walk Back Plans for In-Person Verification | NPR</strong></a></h4>



<p>After previously announcing that some Social Security beneficiaries would need to verify their identities in-person at a Social Security office, the Social Security Administration is updating its policy and moving its deadline. The agency now says the in-person requirement will only apply to people who are trying to access retirement, survivor, or auxiliary benefits and who are unable to verify their identity online.</p>



<h4 class="wp-block-heading"><a href="https://www.marketplace.org/shows/marketplace-tech/the-sec-invites-cryptocurrency-supporters-and-skeptics-to-the-table/" target="_blank" rel="noreferrer noopener"><strong>The SEC Holds its First Cryptocurrency Roundtable | Marketplace</strong></a></h4>



<p>The Securities and Exchange Commission (SEC), which enforces regulations in financial markets, held its first roundtable meeting on cryptocurrencies last month. The question at the center of the agency’s discussion is whether the SEC should regulate cryptocurrencies the same way it regulates stocks and bonds.</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: State Lawmakers Introduce $43.9B Budget Proposal


<p>The Social Security Administration says it is speeding up implementation of the Social Security Fairness Act, issuing back payments and recalculating benefits for those previously affected by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) sooner than initially announced.</p>



<p>After President Joe Biden signed the Social Security Fairness Act into law, the Social Security Administration (SSA) said it was facing a shortage of staff and funding as it worked to recalculate benefits for the millions of Americans whose benefits had been reduced by WEP and GPO. At that time, SSA said implementation <a href="https://www.copera.org/pera-on-the-issues/social-security-fairness-act-rollout-could-take-a-year-or-more" target="_blank" rel="noreferrer noopener">could take a year or more</a> due to manual processing of accounts.</p>



<p>In late February, SSA said <a href="https://www.ssa.gov/news/press/releases/2025/#2025-02-25-a" target="_blank" rel="noreferrer noopener">it had set up an automated process</a> to handle most accounts, allowing the agency to speed up processing. The agency said it was “immediately” beginning to issue retroactive payments to reflect higher benefit amounts going back to January 2024.</p>



<p>Retirees and other beneficiaries can expect to see a lump sum payment deposited directly into the bank account on file with SSA by the end of March, SSA said. New monthly benefit amounts will go into effect with benefits paid in April.</p>



<p>It’s important to note the Social Security Fairness Act does not affect Colorado PERA retirement benefits. PERA members or retirees with questions about how the law affects them should contact the Social Security Administration directly.</p>



<p><strong>LEARN MORE:</strong> <a href="https://www.copera.org/retirees/benefit-basics-for-retirees/pera-and-social-security" target="_blank" rel="noreferrer noopener">PERA and Social Security</a></p>



<p>Affected beneficiaries will receive a letter from SSA explaining any change in benefits, but that letter may arrive after the lump sum for back payments, according to SSA.</p>



<p>The agency said it would have to manually process accounts that have a high level of complexity and those without a bank account on file, which will take additional time. That means not everyone will see their retroactive payments or new benefit amounts right away.</p>



<p>In addition to recalculating benefits, SSA is encouraging anyone who never applied for Social Security benefits due to WEP or GPO reductions to go ahead and apply now.</p>



<p>For more information, visit <a href="https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html?tl=2%2C6%2C10" target="_blank" rel="noreferrer noopener">ssa.gov</a>.</p>


Social Security Administration Expediting Benefit Processing for Those Affected by WEP/GPO


<h4 class="wp-block-heading"><a href="https://www.cpr.org/2025/02/12/financial-literacy-high-school-graduation-requirement-bill/" target="_blank" rel="noreferrer noopener"><strong>Bill Would Require Colorado Students Take One Semester of Financial Literacy to Graduate | Colorado Public Radio</strong></a></h4>



<p>State lawmakers are considering a bill that would require financial education for high school students. Currently, only about a quarter of the state’s school districts require personal finance education. This bill would expand that to all districts in the state, with students being required to complete one semester of financial literacy in order to graduate.</p>



<h4 class="wp-block-heading"><a href="https://www.newsweek.com/republican-pressures-trump-official-fast-track-social-security-payments-2030309" target="_blank" rel="noreferrer noopener"><strong>Lawmaker Pressures Officials to Fast Track Social Security Payments | Newsweek</strong></a></h4>



<p>After the Social Security Administration (SSA) said it could take a year or more to implement the Social Security Fairness Act, at least one member of Congress is urging officials to find ways to speed up the process. Rep. Clay Higgins (R-LA) sent a letter to the acting SSA commissioner calling the current timeline “unacceptable.” The agency says it is dealing with a shortage of staff and funding as it works to implement the new law.</p>



<h4 class="wp-block-heading"><a href="https://www.denverpost.com/2025/02/18/colorado-tax-returns-filing-department-revenue-delay/" target="_blank" rel="noreferrer noopener"><strong>Colorado Tax Return Delay: State to Begin Processing Individual Returns | The Denver Post</strong></a></h4>



<p>The Colorado Department of Revenue says it will begin processing tax returns this week following a delay. A spokesperson said the department had to delay accepting returns in order to implement a number of significant changes to tax law.</p>



<h4 class="wp-block-heading"><a href="https://www.cnbc.com/2025/02/11/fed-chair-powell-says-central-bank-doesnt-need-to-be-in-a-hurry-to-lower-interest-rates-further.html" target="_blank" rel="noreferrer noopener"><strong>Fed Chair Powell Says Central Bank Doesn&#8217;t &#8216;Need to be in a Hurry&#8217; to Lower Interest Rates Further | CNBC</strong></a></h4>



<p>In testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell told lawmakers the economy and job market are doing well and inflation remains above the Fed’s target of 2%. Because of those factors, he said he’s not in any hurry to lower interest rates further, as doing so too quickly could send inflation rising again.</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: Bill Would Require Financial Literacy Course for Colorado Students


<p>The 2025 legislative session is well underway with more than 400 bills introduced so far.</p>



<p>To hear the latest from the State Capitol, we caught up with PERA Director of Public &amp; Government Affairs Michael Steppat, who meets regularly with lawmakers throughout the legislative process.</p>



<h4 class="wp-block-heading"><strong>Let’s start with a quick recap of the PERA-related bills we’ve seen so far and where they stand.</strong></h4>



<p>So far this session, legislators have introduced six bills that affect PERA or our members. <a href="https://leg.colorado.gov/bills/hb25-1052" target="_blank" rel="noreferrer noopener">One of those bills</a>—which reintroduced last year’s bill to create a temporary tax credit for retirees—has already been defeated in committee.</p>



<p>The five bills that remain under consideration touch on a variety of topics. For example, <a href="https://leg.colorado.gov/bills/sb25-136" target="_blank" rel="noreferrer noopener">SB25-136</a> would remove the state income tax deduction limit on pension income, and <a href="https://leg.colorado.gov/bills/hb25-1150" target="_blank" rel="noreferrer noopener">HB25-1150</a> would require a PERA member who’s convicted of a sex crime to forfeit part of their benefits.</p>



<p>Two of the bills—<a href="https://leg.colorado.gov/bills/sb25-028" target="_blank" rel="noreferrer noopener">SB25-028</a> and <a href="https://leg.colorado.gov/bills/sb25-147" target="_blank" rel="noreferrer noopener">SB25-147</a>—propose changes to state law that in many cases codify work PERA and the PERA Board are already doing. That includes things such as financial studies and reporting, video streaming Board meetings and posting meeting materials online. As a mission-driven organization, transparency is important to the work we do, and we appreciate working with the Legislature to ensure all stakeholders have the information they need.</p>



<p><strong>READ MORE:</strong> <a href="https://www.copera.org/pera-on-the-issues/2025-proposed-pera-related-legislation-status" target="_blank" rel="noreferrer noopener">2025 Proposed PERA-Related Legislation Status</a></p>



<h4 class="wp-block-heading"><strong>Writing the State’s budget is always an important part of the legislative session; how’s that process going this year?</strong></h4>



<p>Lawmakers began the session with a challenging budget situation—a shortfall of nearly $700 million. There have also been some questions about whether anything in Washington, DC will affect the hundreds of millions of dollars Colorado receives from the federal government. Throughout the budget writing process, lawmakers are keeping a close eye on any potential impacts to the state budget.</p>



<p>The Legislature will release its budget proposal, known as the “long bill,” in March and finalize it in April. While the state budget doesn’t determine PERA’s budget or the payment of benefits, we’ll keep an eye out for anything that might affect PERA or PERA employers down the line.</p>



<h4 class="wp-block-heading"><strong>Do any of the changes in the federal government, such as staffing reductions and spending freezes, affect PERA?</strong></h4>



<p>PERA does not receive federal funding and so far, none of the changes in the federal government have any direct impact on PERA. All of our funding comes from employee and employer contributions, investment returns, and an annual $225 million direct distribution from the state. PERA benefits are paid from the PERA trust funds and are not subject to federal funding or programs.</p>



<p>The Colorado General Assembly created PERA and remains in charge of things like benefit provisions and legislative oversight. While the federal government has limited jurisdiction over public retirement plans like PERA, it does oversee other benefits PERA members and retirees may receive, such as Medicare and Social Security.</p>



<h4 class="wp-block-heading"><strong>Speaking of Social Security, what’s the latest on the Social Security Fairness Act and the repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)?</strong></h4>



<p>Since the Social Security Fairness Act <a href="https://www.copera.org/pera-on-the-issues/president-biden-signs-wep-gpo-repeal-bill-into-law">became law in early January</a>, the Social Security Administration (SSA) has been working to figure out how it will implement all the necessary changes and recalculate retiree benefits. That could take some time under the best of circumstances, since it’s a complicated issue with millions of affected beneficiaries.</p>



<p>The SSA said it’s been under a hiring freeze since November so it’s working with limited staff, and that’s likely to cause a delay in implementing the law. If we see further reductions in the SSA workforce, it’s possible the delay could stretch even further. Only time will tell, and we’re keeping an eye out for any updates or developments from SSA.</p>



<p><strong>READ MORE:</strong> <a href="https://www.copera.org/pera-on-the-issues/social-security-fairness-act-rollout-could-take-a-year-or-more" target="_blank" rel="noreferrer noopener">Social Security Fairness Act Rollout Could Take A Year or More</a></p>



<h4 class="wp-block-heading"><strong>What’s the best way to stay up to date throughout the session?</strong></h4>



<p>We post regular updates here on <em>PERA On The Issues</em>, so <a href="https://www.copera.org/pera-on-the-issues/subscribe" target="_blank" rel="noreferrer noopener">subscribing to the biweekly newsletter</a> is a great way to receive the latest news in your inbox. The legislative session will run through early May, and we’ll be sure to let everyone know about any new bills that come up between now and then.</p>


Checking in on the 2025 Legislative Session So Far


<h4 class="wp-block-heading"><a href="https://www.theguardian.com/business/2025/feb/04/sovereign-wealth-funds-donald-trump-what-is-it-why" target="_blank" rel="noreferrer noopener"><strong>What is a Sovereign Wealth Fund and Why is Trump Creating One Now? | The Guardian</strong></a></h4>



<p>President Donald Trump signed an executive order directing the Treasury and Commerce Departments to create a sovereign wealth fund. Common in oil-rich countries like Norway and Saudia Arabia, sovereign wealth funds often serve as a national pool into which countries can invest surplus funds for the greater good.</p>



<h4 class="wp-block-heading"><a href="https://www.aarp.org/retirement/social-security/info-2025/survey-raising-taxes.html" target="_blank" rel="noreferrer noopener"><strong>Survey Finds Support for Raising Taxes for Social Security | AARP</strong></a></h4>



<p>The country may be sharply divided politically, but Americans can agree on the value of Social Security. In a new survey from AARP and the National Academy of Social Insurance, 85% of respondents said Social Security benefits should be maintained or increased, even if that means paying higher taxes. That support is consistent across party lines, with strong majorities of Republicans, Democrats, and independents all supporting increasing revenue.</p>



<h4 class="wp-block-heading"><a href="https://fortune.com/article/personal-finance-classes-are-popular/" target="_blank" rel="noreferrer noopener"><strong>Personal Finance Classes are the New Hotness on Campus | Fortune</strong></a></h4>



<p>In school districts around the country, there’s a growing emphasis on the importance of teaching financial literacy, and that trend continues into college. In fact, students are so eager to sign up for personal finance classes that some colleges and universities have waitlists for those courses.</p>



<h4 class="wp-block-heading"><a href="https://www.mcknightsseniorliving.com/news/public-health-worker-shortage-could-mean-challenges-long-term-care-providers/" target="_blank" rel="noreferrer noopener"><strong>Public Health Worker Shortage Could Mean Challenges For Long-Term Care Providers | McKnights Senior Living</strong></a></h4>



<p>A new report from the U.S. Government Accountability Office found there’s a significant gap between the number of public health workers needed around the country and actual staffing levels. The report said public health emergencies such as the COVID-19 pandemic exacerbated the issue, but the Department of Health and Human Services has taken some steps to address the shortage.</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: Trump Moves to Establish U.S. Sovereign Wealth Fund


<p><em>Editor&#8217;s note (Feb. 27, 2025): Since this article was published, the Social Security Administration announced it is expediting processing for many cases and sending out retroactive benefit payments. View <a href="https://www.copera.org/pera-on-the-issues/social-security-administration-expediting-benefit-processing-for-those-affected-by-wep-gpo">our updated article</a> or visit <a href="https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html?tl=2%2C6%2C10" target="_blank" rel="noreferrer noopener">ssa.gov</a> for the latest information.</em></p>



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<p>Public employees hoping to see larger Social Security benefit payments following the repeal of the federal Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) may have a long wait.</p>



<p>While the Social Security Administration (SSA) hasn’t provided a timeline for when changes will take effect, officials are warning the process of recalculating and paying benefits for millions of beneficiaries will likely take a significant amount of time to complete—potentially a year or more.</p>



<h4 class="wp-block-heading"><strong>What we know so far</strong></h4>



<p>Congress passed H.R. 82, the Social Security Fairness Act, in late December and President Joe Biden <a href="https://www.copera.org/pera-on-the-issues/president-biden-signs-wep-gpo-repeal-bill-into-law" target="_blank" rel="noreferrer noopener">signed the bill in early January</a>. The bill repeals WEP and GPO, which for decades had reduced Social Security benefits for retirees who also received a pension for work not covered by Social Security.</p>



<p>As enacted, the bill applies to benefits payable after December 2023, meaning affected retirees who were already receiving Social Security benefits in 2024 will be owed back payments once their benefit is recalculated. So far, SSA hasn’t said whether those back payments for 2024 will come as a lump sum or be included in future benefit payments.</p>



<h4 class="wp-block-heading"><strong>Why the long timeline?</strong></h4>



<p>There are a couple reasons why implementation of the Social Security Fairness Act could have an extended timeline, with staffing and funding being two of the biggest challenges.</p>



<p>According to SSA, the agency is understaffed and has been under a hiring freeze since November 2024, meaning it is unable to bring on any additional staff to help with implementation or answering the phones. In addition, the Social Security Fairness Act did not include any funding to pay for any of the administrative costs associated with this significant change in federal law, SSA said.</p>



<p>Unless SSA receives additional funds or the staffing freeze is lifted, the agency will have to work within its current budget and staffing levels to complete all the changes required under the law.</p>



<h4 class="wp-block-heading"><strong>How to stay in the loop</strong></h4>



<p>The Social Security Administration will continue to provide updates <a href="https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html?tl=2%2C6%2C10">on its website</a>, and more information should be available in the weeks and months ahead.</p>



<p>We will be closely monitoring this issue and will post updates on <em>PERA On The Issues</em> when available. To stay in the know, be sure to subscribe to the <a href="https://www.copera.org/pera-on-the-issues/subscribe" target="_blank" rel="noreferrer noopener">biweekly newsletter</a>.</p>


Social Security Fairness Act Rollout Could Take A Year or More


<h4 class="wp-block-heading"><a href="https://www.nextavenue.org/new-congress-new-president-now-what/?utm_source=Next+Avenue+Email+Newsletter&amp;utm_campaign=5d5d6cc4e9-EMAIL_CAMPAIGN_2024_08_09_05_41_COPY_01&amp;utm_medium=email&amp;utm_term=0_-c30ea2364e-166628362&amp;mc_cid=5d5d6cc4e9&amp;mc_eid=d064809590" target="_blank" rel="noreferrer noopener"><strong>New Congress, New President: Now What for Older Americans?</strong></a></h4>



<p>A new Congress and a new presidential administration are underway, bringing with them the potential for a slew of potential policy changes at the federal level. Here’s a look at some of what we can expect on topics such as Social Security and Medicare.</p>



<h4 class="wp-block-heading"><a href="https://www.irs.gov/newsroom/irs-announces-jan-27-start-to-2025-tax-filing-season-agency-continues-historic-improvements-to-expand-enhance-tools-and-filing-options-to-help-taxpayers" target="_blank" rel="noreferrer noopener"><strong>IRS Announces Jan. 27 Start to 2025 Tax Filing Season | Internal Revenue Service</strong></a></h4>



<p>Ready or not, tax season is upon us. The Internal Revenue Service says it will begin accepting tax returns on Monday, Jan. 27. The IRS also announced its Direct File pilot program has been expanded to include more states (though taxpayers in Colorado are not yet eligible to participate). PERA retirees can access tax forms in their <a href="https://secure.copera.org/secure/User/SignIn.jsp">secure member account</a> and paper forms will be mailed at the end of January.</p>



<h4 class="wp-block-heading"><a href="https://www.aarp.org/pri/topics/health/prescription-drugs/prices-top-medicare-part-d-drugs-entering-market/" target="_blank" rel="noreferrer noopener"><strong>Prices for Top Medicare Part D Drugs Have Nearly Doubled Since Entering the Market | AARP</strong></a></h4>



<p>A new analysis by AARP found that prices for the prescription medications that account for the most spending in Medicare Part D have risen by an average of 98 percent since entering the market. Note that PERACare plans protect against drug price increases by offering no deductibles for prescriptions, flat copays, and a cap on out-of-pocket costs.</p>



<h4 class="wp-block-heading"><a href="https://www.kiplinger.com/retirement/more-secure-2-act-retirement-enhancements-kick-in-this-year" target="_blank" rel="noreferrer noopener"><strong>More SECURE 2.0 Retirement Enhancements Kick in This Year | Kiplinger</strong></a></h4>



<p>Congress passed the large package of retirement-related provisions known as the SECURE Act 2.0 several years ago, but many aspects of the bill are still going into effect. This year, changes taking effect include automatic enrollment in 401(k) and 403(b) plans, expanded access for part-time workers, and a retirement savings lost and found.</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: What a New Administration, Congress Mean for Older Americans


<p>Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) will soon be no more.</p>



<p>After legislators took historic action to pass the <a href="https://www.congress.gov/bill/118th-congress/house-bill/82" target="_blank" rel="noreferrer noopener" class="broken_link">Social Security Fairness Act</a> in the final hours of Congress in late December, President Joe Biden signed the bill into law on Sunday, Jan. 5.</p>



<p>It’s now up to the Social Security Administration to begin implementing the changes.</p>



<h4 class="wp-block-heading"><strong>Why it matters</strong></h4>



<p>The bill removes from federal law Social Security’s WEP and GPO, two provisions that can significantly reduce Social Security benefits for retirees who also receive retirement income from work that wasn’t covered by Social Security. In Colorado, most public employees do not contribute to Social Security and therefore faced reductions to any earned Social Security benefits under WEP and GPO if they or their spouse contributed to Social Security before or after their public sector employment.</p>



<p>Lawmakers had been trying for decades to remove or modify WEP and GPO, but those bills never made it to the floor of the House or Senate for a vote. The passage of the Social Security Fairness Act in 2024 marks a historic change; removing those two provisions means the public employees affected by them will no longer receive reduced Social Security benefits.</p>



<p>As written, the bill’s changes are effective for Social Security benefits payable starting in 2024 and beyond.</p>



<h4 class="wp-block-heading"><strong>What does repeal mean for PERA members?</strong></h4>



<p>At this early stage, there are still a lot of questions about how the bill will be implemented. The Social Security Administration has not yet released any details on when or how any changes might take place. Visit <a href="https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html">ssa.gov</a> for the latest information from the Social Security Administration.</p>



<p>It’s important to note the repeal of WEP and GPO does not affect a PERA retiree’s PERA benefit; the changes only apply to Social Security benefits. Any questions about Social Security benefits should be directed to the Social Security Administration.</p>



<p>Throughout the legislative process, much of the debate on the bill had to do with its cost—the Congressional Budget Office <a href="https://www.cbo.gov/publication/60690" target="_blank" rel="noreferrer noopener">estimates</a> it will require nearly $200 billion in additional spending over the next decade to provide larger Social Security benefits to those affected by WEP and GPO. That additional cost could also accelerate the depletion of the Social Security trust funds, which may add urgency to legislative efforts to shore up the program.</p>



<p><em>PERA On The Issues</em> will continue to closely monitor this issue and provide updates when available. Be sure to <a href="https://www.copera.org/pera-on-the-issues/subscribe" target="_blank" rel="noreferrer noopener">subscribe</a> to our biweekly newsletter and follow Colorado PERA on social media (we’re on <a href="https://www.facebook.com/ColoradoPERA/" target="_blank" rel="noreferrer noopener" class="broken_link">Facebook</a>, <a href="https://www.instagram.com/coloradopera/?hl=en" target="_blank" rel="noreferrer noopener">Instagram</a>, and <a href="https://www.linkedin.com/company/colorado-pera" target="_blank" rel="noreferrer noopener">LinkedIn</a>) for the latest information.</p>


President Biden Signs WEP/GPO Repeal Bill into Law


<p>As 2024 comes to a close, we’re taking a look back at the articles that resonated most with <em>PERA On The Issues </em>readers. Here are our most-read articles of the year.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/2024-proposed-legislation-status"><strong>2024 Proposed Legislation Status</strong></a></h4>



<p>Legislation is always a popular topic on <em>PERA On The Issues</em>, and 2024 was no exception—our article tracking PERA-related bills throughout the session was our most-visited page of the year. State lawmakers introduced nine PERA-related bills during the legislative session, ultimately passing six of them, though one was amended to remove the provision related to PERA.</p>



<p>Continue reading to find out what we expect to see in the 2025 legislative session.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/what-to-expect-for-medicare-advantage-in-2025-blog"><strong>What to Expect for Medicare Advantage in 2025</strong></a></h4>



<p>The open enrollment period for PERACare—PERA’s health benefits program—happens every fall for coverage beginning the following January. While premiums for PERACare’s Medicare Advantage plans had been stable for three years, that rate freeze expired and various regulatory changes led to carriers announcing this fall that Medicare Advantage premiums would be higher for plan year 2025.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/updated-tax-brackets-contribution-limits-and-more-to-know-for-2025"><strong>Updated Tax Brackets, Contribution Limits and More to Know for 2025</strong></a></h4>



<p>If you’re already thinking about your tax situation for 2025, you’re not alone. Our roundup of various tax-related inflation adjustments was one of our most-read articles of the year. The article includes details on updated retirement plan contribution limits, HSA/FSA contribution limits, new marginal tax brackets, and more.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/u-s-house-passes-wep-gpo-repeal-bill-heads-to-senate" target="_blank" rel="noreferrer noopener"><strong>U.S. House Passes WEP/GPO Bill, Heads to Senate</strong></a></h4>



<p>We frequently hear from PERA members who are frustrated with the way the Windfall Elimination Provision (WEP) and/or Government Pension Offset (GPO) reduce their Social Security benefit, so it was no surprise to see a high level of interest in the topic again this year.</p>



<p>Lawmakers have been introducing bills to modify or repeal WEP and/or GPO for years, and in 2024 the House of Representatives brought one such bill, the Social Security Fairness Act, up for a vote and passed it. With the bill awaiting action in the Senate, PERA and the Fire &amp; Police Pension Association of Colorado teamed up to <a href="https://content.copera.org/wp-content/uploads/2024/12/COPERA-and-FPPA_Please-Support-Repeal-of-Provisions-in-Social-Security-WEP-and-GPO_12.13.24.pdf">send a letter to Colorado’s senators</a> encouraging them to support the bill. The bill has since passed the Senate and is awaiting President Biden&#8217;s signature.</p>



<h4 class="wp-block-heading"><a href="https://www.copera.org/pera-on-the-issues/state-lawmakers-pursuing-two-pera-related-bills-in-2025" target="_blank" rel="noreferrer noopener"><strong>State Lawmakers Pursuing Two PERA-Related Bills in 2025</strong></a></h4>



<p>Back here in Colorado, state lawmakers are getting ready for the start of another legislative session in January. We expect to see some PERA-related legislation introduced in the new session, including two bills that lawmakers on the Pension Review Commission drafted during this year’s interim period between sessions.</p>



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<p>We want to thank everyone who subscribes and reads <em>PERA On The Issues</em>. We appreciate your readership and we look forward to helping you stay informed in the new year.</p>



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Year in Review: Our Top Articles of 2024


<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>


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