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Sen. Tom Harkin’s retirement plan proposal – released Jan. 30 — has some flaws, not the least of which is that employers who offer 401(k) plans would have to change their current plans to be more like defined benefit plans if they didn’t want to be forced to adopt Harkin’s USA Retirement Fund, according to the National Association of Plan Advisors.

Just offering any 401(k) is not enough to keep employers from having to provide a USA Retirement Fund account. Under the legislation, an employer-provided 401(k) must include automatic enrollment and a lifetime income option. If it does not, it must change its plan to do so.

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