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Pension Reform Gives Lift To Many Investors Over-50 boomers who max out 401(k) could see some big benefits.(MAKING MONEY IN MUTUALS)(INVESTMENT TRENDS)
Byline: Claire Mencke
The pension reform bill that the Senate passed on May 26 has drawn criticismfrom many sides. Still, the plan seems to be a net win for just about everyoneinvolved: highly and low-paid workers, employers and investment firms.
When the bill's provisions are in place, it could raise contributions to 401(k) and other pension plans more than 50%, says David Wray, head of the advocacy group Profit Sharing/401(k) Council of America.
That increase will come from several areas, he says. One is small firms' newplans. The bill encourages them to form such plans. A second is drawing more people to existing plans.
"The current 80% participation rate could go to 90% in four to five years," Wray said.
A third is bigger plan contributions by higher paid employees.
The main issue many have with the bill is that it favors those people who already max out contributions.
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