Month: March 2024

News You Should Know: Retirees Are Being More ‘Intentional’ About Retirement

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Americans Living ‘More Intentionally’ in Retirement Post-Pandemic | National Association of Plan Advisors

In a recent survey by Fidelity Investments, two-thirds of American retirees said they’re being more “intentional” about their retirement and focusing on their passions in the years since the COVID-19 pandemic began. The survey also found that across generations, people are looking for a less traditional path to retirement. A majority said they want a “phased” retirement in which they continue to work while transitioning toward full retirement.

Credit Scores Decrease for the First Time in a Decade, FICO Reports | CNBC

Increases in credit card balances and other debt have led to the first decrease in the national average credit score, according to credit score agency FICO. The average had been steadily increasing since the Great Recession, but fell to 717 in late 2023. FICO found late payments and credit utilization were also up compared to prior years.

What Retirees Can Do Right Now to Reduce Next Year’s Taxes | Yahoo! Finance

If you’re retired, making sense of required minimum distributions (RMDs) and other tax implications can be confusing and overwhelming. Even if you haven’t started on your 2023 tax return yet, here are some factors to consider that could make your 2024 taxes a breeze.

How Caregivers Are Using Smart Tech to Help Aging Parents | The Verge

Older folks can sometimes be hesitant to embrace new technology, but smart home tech is proving to be useful for those aging at home. Smart devices can help loved ones and other caregivers check in more frequently and even help manage medication and other routine tasks. Here are some real-world examples of how caregivers are using modern technology to help make aging at home a little bit easier.

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

Recap of PERA Board’s March 2024 Meeting

Posted on by planeteria

The Colorado PERA Board of Trustees met virtually on Friday, March 15 for its second regularly scheduled meeting of the year.

Below is a summary of key actions and discussions that took place during the meeting.

New Executive Director

At the beginning of the meeting, the Board announced it has selected PERA’s next Executive Director following an eight-month nationwide search.

Andrew Roth will fill that role beginning May 13. He comes to PERA from the Teacher Retirement System of Texas, and previously worked at the California State Teachers’ Retirement System and in various departments within the State of California.

READ MORE: PERA Board Names Andrew Roth as New Executive Director

Board election update

The Board announced in January that four Trustee seats would be up for election in May. At the March meeting, Trustees voted to move forward with elections for three of those seats—one in the School Division and two in the State Division.

The Denver Public School Division seat, currently held by Amy Grant, is uncontested. The Board voted to reappoint Grant to another four-year term beginning in July.

Members in the School and State divisions will receive ballots in May, and the Board will announce election results at its June meeting.

Legislative update

State lawmakers are halfway through the 2024 legislative session, and Public and Government Affairs Manager Michael Steppat joined Interim Executive Director/Chief Investment Officer Amy C. McGarrity to provide an update on PERA-related legislation.

So far this session, legislators have introduced more than 500 bills, seven of which pertain to PERA.

Of those seven proposed bills, one—HB24-1169, which would have repealed a 2016 law that requires PERA to divest all direct holdings from companies that have economic prohibitions against Israel—has died in committee. The other six remain under consideration at the State Capitol.

Steppat said it’s likely there will be some additional PERA-related legislation before the session is over. PERA On The Issues will continue to track all PERA bills and post updates when they’re available.

RELATED: An Update on 2023 WEP/GPO Legislation

Asset/liability study continues

The Board also received an update on its ongoing asset/liability study. That study, which is an in-depth analysis of PERA’s investment portfolio and strategy, will help the Trustees determine if any changes are needed to PERA’s asset allocation, or mix of investments.

The Board’s consultants, Aon, modeled several different asset allocation—some with more risk than the current portfolio and some with less—across thousands of different economic scenarios to project how each option might affect PERA’s investment returns and progress toward its funding goals.

Overall, PERA’s current portfolio is within a reasonable range, Aon said, but there may be some opportunities to further diversify in a way that increases the potential for higher returns without adding unnecessary risk.

Consultants and PERA staff will continue to work on a recommendation and will present more information at the next Board meeting.

The Board’s next regular meeting, which will also include the release of PERA’s 2023 Annual Comprehensive Financial Report and Investment Stewardship Report, is scheduled for June 21.

PERA Board Names Andrew Roth as New Executive Director

Posted on by planeteria

After an extensive nationwide search, the Colorado PERA Board of Trustees announced it has selected PERA’s next Executive Director.

The Board named Andrew Roth, Deputy Director of the Teacher Retirement System of Texas, as PERA’s eighth Chief Executive Officer/Executive Director. The Board announced Roth’s appointment at its March 15 meeting.

“The Board conducted an extremely thorough process with highly qualified candidates from across the country,” said Board Chair Marcus Pennell. “Mr. Roth stood out among these leaders because of his experience managing complex pension organizations, a commitment to PERA’s fiduciary obligations and as someone who has demonstrated a dedication to public service.”

Prior to his role at the Teacher Retirement System of Texas, Roth served in high-level positions at the California State Teachers’ Retirement System and in various departments within the State of California.

“PERA is one of the nation’s premier pension funds and it is an honor to serve the members and retirees who have dedicated their careers to public service in the great state of Colorado,” Roth said. “PERA has contributed to a secure retirement for Colorado’s public workforce for nearly 100 years, and I appreciate the Board’s confidence in me to carry this vital mission into the future. I look forward to working closely with the Board, our employees, and every member to ensure PERA remains steadfastly focused on meeting the retirement needs of hundreds of thousands of Coloradans.”

Roth will begin his new role as Chief Executive Officer/Executive Director on May 13.