Americans’ Retirement Savings Rise for Second Straight Quarter | Investopedia
There’s some good news in the retirement savings world: workers’ 401(k), 403(b), and IRA balances are on the rise, and it’s not just because of market performance. An analysis by Fidelity found that employer contributions to retirement accounts hit a record high of 4.8% earlier this year. In case you weren’t aware, PERA offers optional PERAPlus 401(k) and 457 Plans to members who want to save additional money for retirement.
Social Security Proposes Making Virtual Benefit Hearings Permanent | Federal Times
The Social Security Administration found success with remote hearings during the COVID-19 pandemic, so the agency is looking to make phone and video appearances a permanent option. The SSA says that in addition to being more convenient for claimants, allowing remote hearings going forward will save money and allow the agency to be more efficient as it works through a large backlog of cases.
Colorado Gov. Jared Polis Signs 68 New Bills Into Law | Colorado Politics
Gov. Jared Polis has signed dozens of bills into law following the conclusion of the 2023 legislative session, including SB23-056, which aims to recompense PERA for the cancellation of the previously scheduled July 2020 direct distribution of $225 million.
Your Most Valuable Retirement Asset Could Be Your Home | Kiplinger
If you own your home, you could be sitting on an important chunk of retirement income. Recent research found that about 80% of older Americans own a home, which accounts for a significant portion of their net worth. While many people focus on their retirement plan(s) and savings for retirement income, that home equity can be an important part of the picture.
News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.
RETIREMENT SAVINGS AREN’T ON THE RISE (especially after inflation or market declines are taken into consideration)!
Sure, PERA offers a 401 (k), it’s part of a “Hybrid plan,” to further reduce the integrity and number of workers contributing to the Defined Benefit (DB) plan, and of course the state never made an actuarial sufficient contribution to account for the shrinking pool of contributing DB plan participants. Likewise, 401(k) & 457 plans are worth less due to inflation, so that neither earlier participation nor higher nominal contributions result in being able to meaningfully say, “Retirement Savings Rise…”. As for PERA’s DB plan, we know the legislature and governors Ritter and Hickenlooper raided the pension fund by eliminating retirees’ COLAs or any increase that keeps up with inflation!
The other three blurbs in this story are at best filler… but that’s what I have come to expect from PERA Board & Staff (PERA B.S.)
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