Sen. Tom Harkin, D-Iowa, unveiled new legislation this week that would help tackle the retirement crisis in America and shore up the private pension system. Industry reaction to the bill was mixed; some cheered while others thought it too complex.
Called the Universal, Secure and Adaptable (USA) Retirement Funds Act of 2014, the legislation, if passed, would give the 75 million individuals in the country who don't have access to a retirement plan at work a way to earn a safe, portable and secure pension benefit for life.
His 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).
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
