Sen. Proposes New Type Of Retirement Savings Plan

Law360, New York (July 27, 2012, 9:15 PM EDT) -- Sen. Tom Harkin, D-Iowa, on Friday proposed augmenting the existing system of employer-provided retirement plans with a new type of private retirement system that offers universal coverage through automatic payroll deductions and aims to reduce the burden on employers.

Harkin, who chairs the Senate Committee on Health, Education, Labor and Pensions, unveiled the proposal as part of a report offering solutions to what the senator termed “the retirement crisis in America,” saying the difference between the amount of savings working-age Americans have accumulated for retirement and...
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