Democrat Floats Retirement Reform Ideas

"We need to broaden the debate on privatization of Social Security into a discussion of retirement security," Emanuel said.

President Reagan took privatization off the table and secured Social Security for 75 years, Emanuel said.

"If you take privatization off the table today you can secure Social Security for another 75 years, and we can make progress on 401(k)s, employer-based retirement, defined benefit pensions as well as personal savings," he said.

Emanuel said enrolling workers in 401(k) plans automatically might be one way to increase participation dramatically. He cited the example of a Fortune 500 company in Chicago that increased enrollment 92% by using an automatic enrollment method.

"Also, you would have automatic step up, so that when you stay longer and your pay goes up, the participation in your plan increases," Emanuel said.

Other ideas that Emanuel offered include direct deposits from tax refunds into savings accounts and a new tax credit for retirement savers who earn less than $60,000 per year.