"[Senator Tom] Harkin's legislation would create a new type of privately-run retirement plan that combines the advantages of traditional pensions -- including lifetime income benefits and pooled, professional management -- with the portability and ease for employers of a 401(k). The key features of USA Retirement Funds include: [1] Universal Coverage: USA Retirement Funds would be available to everyone, including the more than 61 million people without access to a workplace retirement plan and the 14.5 million people who are self-employed; [2] Automatic Enrollment: Employees would be automatically enrolled at a rate of 6 percent per year, but could choose to raise, lower, or stop their contributions; [3] Secure Lifetime Income: Benefits would be paid monthly for life, and participants would be shielded from market volatility and other risks; [4] Lower Costs: Pooled, professional management and risk sharing will reduce the cost of retirement by up to 50 percent; [5] Portability: People would be able to take their benefit with them as they change employers [and] [6] Simple and Easy for Businesses: Small businesses can easily participate and would not have to take on risk or undue administrative burden."