“Individuals have a realistic chance at a secure retirement when they augment Social Security with appropriate savings behavior. 401(k) and similar types of plans (“401(k) plans”) are the most promising vehicles to foster good savings behavior, particularly when plans have automatic features that can help individuals make the right savings decisions. The Pension Protection Act of 2006 (PPA) significantly improved the effectiveness of 401(k) plans by facilitating the adoption of features such as automatic enrollment and automatic contribution escalation, which help to increase participation and improve savings adequacy.”
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