The reform President Bush signed into law could mean increased worker savings. But it won't stop the move away from pensions.
One of the most sweeping reforms of the retirement plan universe was signed into law by President Bush on Thursday afternoon, promising to bolster pension plan funding and increase workers' retirement savings.
Many provisions of the bill have received wide acclaim, notably those regarding 401(k)s. But critics say the legislation could accelerate the move away from traditional pension plans, that parts of the bill will benefit only high-income workers and that it does little to help the millions of workers whose companies don't offer retirement plans.
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The 900-page Pension Protection Act of 2006 comes as the number of people covered by a defined-benefit pension has steadily declined and awareness has grown about the lack of adequate savings among Americans.
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