diff --git a/DESCRIPTION b/DESCRIPTION
index f03a84b..b3cda18 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,6 +1,6 @@
 Package: RDHonest
 Title: Honest Inference in Regression Discontinuity Designs
-Version: 1.0.0.9000
+Version: 1.0.1
 Authors@R:
     c(person(given = "Michal",
             family = "Kolesár",
diff --git a/NEWS.md b/NEWS.md
index 3cc3f08..35809c9 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,3 +1,11 @@
+# RDHonest 1.0.1
+
+## Minor improvements and fixes
+
+- Use covariate-adjusted outcome to compute nearest-neighbor variance estimator
+- Drop collinear covariates automatically instead of throwing an error
+
+
 # RDHonest 1.0.0
 
 ## New Features