Since this is similar to the defined contribution plan, the amount your wife contributed to the plan is not taxable. Only the employer contributions and growth are taxable.
The amount of taxes paid to Columbia qualifies for Foreign Tax Credit, you use IRS Form 1116 to report the taxes paid to Colombia. They are not SALT (State and Local Tax), so no $10,000 limitation. You don't have to itemize your deductions when taking a foreign tax credit.
You report the income in the year the fund disburses the money under your wife's control, regardless when the funds are received in the U.S. If the funds so disbursed are deposited in the Columbia bank account, then, as suggested, you will be subject to the FinCEN FBAR (Foreign Bank Account Report) requirement. The FBAR must be filed electronically (FBAR_ONLINEEFILING.pdf). You won't be subject to the IRS Form 8938 reporting requirement since the amount received is only $25K, assuming you have no other foreign financial assets.
As to exchange rate, you may want to use the IRS average exchange rates schedule:
https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates
