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The Federal Reserve once again raised its key interest rate as it tries to fight inflation, bringing the rate to its highest point since 2007. Officials say rate hikes appear to be working and inflation is slowing, suggesting the Fed is taking more of a wait-and-see approach on interest rates going forward.
State-Run Retirement Programs Spurring More Private-Sector Plans | Pensions & Investments
A growing number of states — including Colorado — are now offering government-run IRA-style retirement plans for private-sector workers whose employers don’t offer a 401(k) or other plan. Rather than discouraging uptake of employer-based retirement plans, recent research finds the state-run plans seem to be encouraging more businesses to offer retirement plans of their own.
Medicare Will Cover Alzheimer’s Treatment Leqembi After FDA Approves | CNBC
Medicare has faced scrutiny over its decisions to cover or not cover certain new Alzheimer’s drugs. In a recent hearing before Congress, the administrator of the Centers for Medicare and Medicaid Services said Medicare will cover the new drug Leqembi for eligible patients if it’s granted full approval by the FDA this summer.
101 Bills Debated in the Colorado Legislature in 2023 That You Should Know About | Colorado Sun
The Colorado Sun combed through the 600-plus bills introduced at the Capitol this year to find the ones that will affect — or would have affected — your life. Spoiler: while several different tax credits were deliberated and some passed, HB23-1016 (Temp Tax Credit For Public Service Retirees) did not make it out of the House.
News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.
WHAT THE HECK IS PERA BOARD & STAFF (PERA BS) DOING??? !!!
Am I the only one who thinks the PERA BS needs to cut out posts that amount to little more than filler and explain what the executive director was fired, or what the Annual Comprehensive Financial Report (ACFR) portends, or why the heck retirees don’t get a COLA !
We would like to know why our leader was fired?
Hi Guy,
The decision to end the executive director’s employment was at the discretion of the Board of Trustees and has no impact on PERA’s ability to administer pension benefits for retirees or current members. PERA has a strong leadership team in place with no interruption in services to our membership during the transition.
The Board of Trustees will conduct a national search for an executive director, and we will continue to share important information about PERA, your benefits and leadership decisions in Member and Retiree newsletters and on copera.org.
As for the ACFR, that information will be available when the Board approves and releases the report in June, so stay tuned.
As we’ve stated previously, the Annual Increase paid to retirees in July will be 1%, as set in statute. We know the effects of inflation are challenging for our members and retirees, but the guardrails established in Senate Bill 200 in 2018 help ensure we can pay benefits to all who rely on them, now and for many decades to come.
You guys now try to blame the law and the legislature for our horrible state of affairs. True, but let’s not forget that PERA actively supported and applauded those efforts. As I said at the time, PERA is probably the only retirement organization in America that supports breaking monetary promises for its retirees.
Thanks for the response to my initial post, but it wasn’t very informative, except I felt it spoke volumes about how unresponsive PERA Board & Staff (PERA BS) are to its members. – Guy
P.S. – I wasn’t questioning the 1% “annual increase;” but complaining about the lack of an adjustment to benefits due to inflation, i.e. a COLA; and am quite aware that 2018 legislation eliminated a meager COLA (capped at 2%) in exchange for an “annual adjustment,” which fails to address inflation. I was expressing disbelief that most politicians, and PERA BS, think a 1% annual increase (that most likely will eventually go lower or be eliminated) is a viable benefit in light of high inflation. Indeed, PERA BS played an active role in 2010 to break a promise to provide 3.5% annual increases, and replace it with a paltry COLA, only to eliminate the COLA in 2018.
I do not see how a guy who made 400,000 a year and fought to break promises for retirees can just vanish and we don’t get an explanation. It is our money, our earned benefit and our future. Was he taking money? Was he an addict? Did he have an office romance? Worse? Not being given any news allows us to make up our own.