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HRM 599 Week 5 Homework, Pension Protection Act (PPA) and 401(K)

Many of us Americans don’t realize how our retirement plans are going to become a huge challenge in the future. If we look around us businesses are failing and unemployment they are both increasing rapidly. Something else that is being affected and many don’t realize it is the 401(k) which is being reduced or eliminated and that defined benefit pension plans are being stopped from growing for many and be replaced by better retirement plans. A study conducted by the Employee Benefit Research Institute state that many Americans are currently employed and are lucky to have a job now and they would continue to work because they cannot afford to retire. Americans are now relying on their Social Security as a source of income towards their retirement. It is said that it would only grow for the baby boomers in the future……………