Harkin Retirement Bill Sorely Needed for Retirement Security for All Americans

WASHINGTON, DC - After Senator Tom Harkin (D-IA) introduced the USA Retirement Funds Act," Mary Kay Henry, President of the Service Employees International Union (SEIU), issued the following statement:

"As a nation, we've reached a point where we can no longer ignore the retirement security crisis looming over our country. There is a $6.6 trillion retirement savings gap _etween what Americans have saved for retirement and what they need to maintain their standard of living once they stop working _hat's being fueled by our lack of accessible, affordable and secure retirement plans.

"SEIU firmly believes that all Americans should be able to enjoy a dignified retirement after a lifetime of hard work and playing by the rules. We think Senator Harkin's bill will fill a critical need for the half of the working population who have no access to a retirement plan at work. Ensuring that every American has access to a retirement plan through automatic payroll deduction at work will go a long way at a time when the median retirement account balance for all American workers is just $3,000. This bill takes a strong step toward creating a universal system that, together with strengthening Social Security by improving benefits for the most vulnerable beneficiaries, will help solve the retirement income crisis.

"We fully support Senator Harkin in taking on the challenge of providing for workers' retirement security, just as he has been a champion for so many issues crucial to workers' well-being during his distinguished career in the U.S. Senate."

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