Harkin Unveils USA Retirement Funds Act

Senator Tom Harkin (D-IA) recently unveiled his plan to improve the private retirement system.  Senator Harkin’s proposal was the third recent proposal targeting retirement plan savings.  President Obama introduced his myRA program during the State of the Union address and Senator Susan Collins (R-ME) and Senator Bill Nelson (D-FL) introduced the Retirement Security Act of 2014 on January 29.

Senator Harkin’s bill, the Universal, Secure, and Adaptable (USA) Retirement Funds Act of 2014 (“USA Retirement Funds”), proposes to offer payroll deductions, particularly to workers who do not have access to employer-provided retirement plans.  Under Senator Harkin’s bill, workers would be automatically enrolled in the program at six percent of pay and could contribute up to $10,000 pre-tax per year.  Read More ›

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