Critics feel that by meddling with the 401(k) system as it stands, it would be shooting everyone in the foot, particularly middle class Americans.

Oregon Treasurer Ted Wheeler is being honored for his efforts to increase access to low-cost, high-quality retirement plans in his state and encourage people in Oregon to save more for retirement.

One-third (33 percent) of respondents to a survey who havent retired believe they will need only 25 to 50 percent of pre-retirement income, and another third (33 percent) believe they will need 50 to 75 percent.

Those under age 30 and over age 50 were responsible for the majority of positive retirement actions in the quarter of 2013, according to a survey.

The organization said that when tax reform was all the rage, the topic of retirement savings was at the forefront of the national conversation, but lately it has dropped off the radar.

Giving plan sponsors an additional 45 days, it says, allows them and service providers the additional time and flexibility they need to furnish required materials without accelerating the deadline for subsequent years.

In December, the cost of purchasing annuities from an insurer increased from 108.4 percent to 108.5 percent of the balance sheet liability. The cost of maintaining the pension rose from 108.2 percent to 108.6 percent.

The big upside is that the employer and the employees split the investment risk between them so neither side shoulders all of it.