Changes in Retirement Plan - KTRE.com | Lufkin and Nacogdoches, Texas

08/21/06 - East Texas

Changes in Retirement Plan

by Jessica Cervantez

You could see changes if you take part in a 401K retirement plan.

New legislation will allow 401K's to be friendlier to workers. 

A major goal is to encourage employers to help Americans save for their retirement. Typically, businesses offer 401K plans as a voluntary benefit.

But, the new plan calls for employees to be automatically enrolled after one year on the job.

Robert Telford, the president of the Advanced Financial Group, said, "You will automatically become a part of that plan. Now, it is whatever the employer has set-up.  They have to give you notice, but it could be anywhere from one to three percent."

The changes are expected to be in place by 2008.

 
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