With Sen. Tom Harkin (D-Iowa) announcing his intent to retire when his term expires next year, will his proposals to reform the nation’s retirement system be more likely to pass as he works hard on his legacy, or will they have less force behind them? As chairman of the powerful Health, Education, Labor and Pensions Committee, Harkin certainly has the platform. But will he get the support he needs to fund and pass a bill? Harkin intends to propose legislation soon based on a report he published last year.
Along with increasing Social Security benefits by $65 per month, Harkin’s plan included “Universal, Secure and Adaptable (USA) Retirement Funds” — new retirement funds that would be run by the government but funded privately. Essentially they appear to be a government-sponsored IRA intended to provide pension-like lifetime income benefits. Expect to hear more about Harkin and his plan.
