The biggest pension reform in 30 years is seen as big shot in the arm for 401(k) plans and just a big shot to tradition retirement plans, CNN reports. Under the Pension Protection Act of 2006, companies will be able to automatically enroll eligible employees into their 401(k) plans, which could result in a participation rate of more than 90%. The act also raises levels on 401(k) and individual retirement plan contributions. But critics say the new law is likely to benefit wealthier participants; the savings of a majority of employees age 45 and older is under $50,000.
