Universal private retirement system within two years, Harkin pledges

Tom Harkin
Sen. Tom Harkin, D-Iowa

Sen. Tom Harkin, D-Iowa, vowed to have legislation creating a universal private retirement system enacted before he retires from the Senate at the end of 2014.

Speaking at the Center for American Progress Tuesday, Mr. Harkin, chairman of the Senate Health, Education, Labor and Pensions Committee, said he is building bipartisan support in Congress for his USA Retirement Funds proposal, which calls for independent managers of the new plans and their assets.

“I will get this done somehow in the next two years,” Mr. Harkin said at a news conference. “It would give people access to a lot of the benefits of traditional pensions while also being attractive to employers. It is truly a win-win for everyone involved.”