"Powerful House Democrats are eyeing proposals to overhaul the nation's $3
trillion 401(k) system, including the elimination of most of the $80 billion
in annual tax breaks that 401(k) investors receive.
House Education and Labor Committee Chairman George Miller, D-Calif., and
Rep. Jim McDermott, D-Wash., chairman of the House Ways and Means Committee's
Subcommittee on Income Security and Family Support, are looking at
redirecting those tax breaks to a new system of guaranteed retirement
accounts to which all workers would be obliged to contribute. "