Today the Pension Rights Center applauded Senator Tom Harkin, chairman of the Senate Health, Education, Labor, and Pensions Committee, for his new report, The Retirement Crisis and a Plan to Solve It.
“Senator Harkin’s bold report identifies the causes of the retirement crisis and proposes imaginative and realistic solutions to the address the crisis,” said Karen Friedman, the Center’s executive vice president and policy director. “The report makes a compelling case for a new private retirement system that would provide a meaningful supplement to Social Security for the millions of employees whose employers do not offer pensions or retirement savings plans. The report also makes common-sense recommendations for strengthening Social Security, the foundation of our nation’s retirement system. Together, these measures would help ensure that all Americans can retire with security and dignity.”
The report outlines four principles for reforming the private pension system: universality, security, shared responsibility, and professional management of pooled assets. These principles are consistent with the principles for a new retirement system developed by Retirement USA, an initiative for a new universal, secure and adequate retirement system on top of Social Security coordinated by the Pension Rights Center.
The Senator’s proposal for USA Retirement Funds, a new system of privately-run pension plans, requires that individuals who are not covered by an employer-sponsored retirement plan be automatically enrolled in regulated privately-run retirement funds, in which
The report also includes suggestions to strengthen Social Security in three key ways:
“The Pension Rights Center salutes Senator Harkin for his vision, creativity, and courage,” continued Friedman. “We urge the Senator’s colleagues on both sides of the aisle and in both Houses of Congress to read this report, join the discussion, and work with the Senator to solve the retirement crisis.”