Sen. Tom Harkin, D-Iowa, will unveil his legislative proposal for creating a privately run retirement system Thursday.
Mr. Harkin, who chairs the Senate Health, Education, Labor and Pensions Committee, said in a statement Monday that his Universal, Secure and Adaptable Retirement Funds plan combines defined benefits features like professional money management and lifetime income with the portability and administrative ease of defined contribution plans.
Mr. Harkin, who is retiring at the end of this congressional session, said the USA Retirement Funds legislation is needed to address a $6.6 trillion retirement income deficit, due in part to small businesses' lack of access to affordable retirement plans.
