In a bid to improve the retirement prospects of working Americans, U.S. Sen. Tom Harkin, D-Iowa, is set to renew his push for legislation to create a hybrid, privately run retirement system.

Harkin's plan, designed to eliminate a $6.6 trillion gap in savings compared to what is needed to live on in retirement, would combine elements of traditional pension plans with the portability and ease for employers that are part of 401(k) systems.

The senator, chairman of the Health, Education, Labor and Pensions Committee, will outline the plan at a press conference on Thursday at the National Press Club in Washington, D.C.

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