A bill now awaiting the president's signature has bought a little time for the nation's ailing pension system, which will mean at least some of the baby-boomer generation will have the benefit promised by their companies.

However, the overwhelming majority of employees — those not nearing retirement — had better face up to the stark reality that the burden for providing their retirement income rests squarely on their own shoulders.

The costs of doing business, covering everything from healthcare to skyrocketing energy bills, are rapidly making defined benefits such as pensions too expensive. The days of pensions are numbered, despite massive reform efforts.

To some extent, the 900-page bill that passed last week includes provisions to hold companies accountable for their pension commitment. Many private plans are underfunded; the shortfall totals $450 billion nationally, and the government's Pension Benefit Guaranty Corp., which insures the plans, reported a $22.8 billion deficit this year.

All plans will have to move toward solvency, although — as is usual with a legislative package of this kind — certain companies have been given special allowances. For example, major defense contractors have a three-year grace period before new pension funding rules kick in. Airlines are given more time to meet their funding requirements, too — both carriers that have frozen their plans during bankruptcy proceedings and those with active pensions.

Such caveats are unfortunate and unfair — but probably unavoidable.

The smartest part of this bill is that it clears the way for automatic employee enrollment in 401(k) retirement savings programs. Even if the traditional pension benefit is doomed to extinction, employers should actively help their workers save for retirement with such automatic plans, supplemented with investment support and advice.

Surely companies will increasingly opt out of offering fixed benefits to employees. Under the new law, pensions are more expensive than ever as elements of employee compensation packages.

Shoring up pension funding now is preferable to a more massive bailout down the road. But the workers should view this as merely life support for the system, not a cure. Looking ahead, employees feathering their retirement bed will have to increasingly rely solely on themselves.