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News You Should Know

News You Should Know: Drug Manufacturers Agree to Medicare Price Negotiations

Various pills on top of a pile of 100 dollar bills
Photo credit: Taizhan Sakimbayev/Getty Images

Drugmakers Will Negotiate with Medicare on Price. But They’re Suing, Too | NPR

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

Colorado Cracks Down on AI Discrimination in Life Insurance | Insider Intelligence

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

Auto Workers Aren’t Striking Only For Higher Wages. They Want Their Pensions Back, Too | Bloomberg via Yahoo! Finance

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

401(k)-to-IRA rollovers: Government likely to raise saver protections |CNBC

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

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

Defined benefitAlso known as a pension, this is a type of pooled retirement plan in which the plan promises to pay a lifetime benefit to the employee at retirement. The plan manages investments on behalf of members, and the retirement benefit is based on factors such as age at retirement, years of employment and salary history.

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