Pension Protection Act of 2006

The Pension Protection Act of 2006 is a law that aimed to strengthen retirement savings plans in the U.S. by encouraging greater participation, improving funding standards, and increasing transparency. It made it easier for small businesses to offer retirement plans, enhanced rules to protect workers’ savings, and promoted automatic enrollment in retirement accounts. The Act also introduced measures to reduce fraud and mismanagement in pension plans, ensuring they remain financially sound and reliable for employees' future needs. Overall, it seeks to improve the security and effectiveness of retirement savings for American workers.