Although the Pension Protection Act of 2006 has gone a long way toward addressing many of the issues plaguing the defined contribution system, a report from State Street Corp. said that more has to be done to ensure participants adequately save for retirement.

Because the shift to defined contribution plans as the dominant retirement savings model is a fairly recent development, it would be safe to say that the program is still undergoing some growing pains. In other words, many of the improvements made by the passage of the Pension Protection Act are works in progress.

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