January 30, 2014
Harkin Unveils Plan to Address Retirement Crisis, Reform Private Pension System
Today, Senator Tom Harkin—Chairman of the Senate Pensions Committee—unveiled bold new legislation to tackle the growing retirement crisis and rebuild the private pension system. Harkin’s legislation, the Universal, Secure, and Adaptable (USA) Retirement Funds Act of 2014, comes at a time when the retirement income deficit has reached at least $6.6 trillion, leaving many Americans vastly unprepared for retirement. Harkin’s legislation would create a new type of privately-run retirement plan that combines the advantages of traditional pensions—including lifetime income benefits and pooled, professional management—with the portability and ease for employers of a 401(k). Read more about the bill.