The pension reform bill which was turned into a law by President Bush encourages American people to save for their retirement.
Christopher Jones, CIO, Financial Engines Inc says:
One of the lasting influences of the Pension Protection Act is to begin laying a foundation for a transformation of the 401(k) as we know it today.
The most important change has been the provision which simplifies the path for employers to enroll their workers automatically in the 401(k) plans and increases their contribution so that when they retire they have enough money to pay their retirement needs. Financial experts are happy with this law because they believe that Americans don’t put in efforts in order to save for their retirement on their own.
Certainly President Bush has done the right thing in passing the law as this would certainly improve the future of the Americans.
