More people are saving for retirement, but average account balances are smaller.
Those are among the findings in in the 15th anniversary edition of “How America Saves,” Vanguard Group’s annual defined contribution report, released in tandem with the 10th anniversary of the Pension Protection Act.
“The Pension Protection Act codified many of the ‘auto pilot’ features that Vanguard and others in the industry had been advocating for in retirement plans for years,” Martha King, managing director of the Malvern, Pa.-based Vanguard’s Institutional Investor Group, says in a statement. “The improvements brought on by the industry, amplified by the PPA, has continued to bolster our defined contribution system and cements our view that 401(k) plans are a critical component to helping ensure the retirement security of millions of Americans," she said.
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