Last year I suggested PERA-related legislation that eventually turned into HB26-1026 and became law. I am now reaching out to my Colorado representative and the other two co-sponsors of that bill with a new PERA-related proposal. Here is the email I sent to those legislators. If you think this is a good idea, please consider … Continue reading New Proposal for Colorado Legislation: PERA 457b Auto-Enroll and Auto-Escalate
Tag: 457
Some Notable Retirement Account Changes
Last week Congress passed - and the President signed - the Consolidated Appropriations Act of 2023 (pdf). This is the huge omnibus spending bill that funds the government, but also includes many changes to retirement accounts that were originally knows as the Secure Act 2.0. Jeffrey Levine does his usual wonderful, incredibly in-depth job of … Continue reading Some Notable Retirement Account Changes
401ks and 403bs and 457bs, Oh My!
The Individual Retirement Account (IRA) is well-named. (Technically, the 'A' actually stands for "arrangement", not account, but everyone just says account.) It describes really well what the account is for (although the details around it can still be confusing), and people quickly grasp the concept. The same can't be said, unfortunately, about employer-sponsored retirement plans. … Continue reading 401ks and 403bs and 457bs, Oh My!
Three Things Colorado School Districts Should Do ASAP
Here are three simple, easy, and no-cost (or at least very, very low cost) things I think every Colorado school district should do as soon as possible that will instantly improve the lives of their employees as well as make them even better teachers, administrators, paraprofessionals, bus drivers, or whatever job function they perform. Go … Continue reading Three Things Colorado School Districts Should Do ASAP
Illinois TRS SSP: A Good (but not great) 457 Plan
The Teachers' Retirement System of Illinois (TRS) is rolling out a new 457b plan in January of 2022 called the Supplemental Savings Plan (SSP). This does not change anything with the TRS pension, but is simply an optional additional tax-advantaged savings vehicle. This post will look at the pros - and cons - of this … Continue reading Illinois TRS SSP: A Good (but not great) 457 Plan
Some 2022 Tax Changes
Each year at about this time the IRS announces various changes to the upcoming tax year, which are based on formulas that typically revolve around inflation. To be clear, these are not changes to tax policy, Congress passes those, and there are certainly many of them in the Build Back Better Act that may end … Continue reading Some 2022 Tax Changes