http://www.reuters.com/article/companyNews/idUSN2440922220090224?rpc=11 I don't usually start threads or post articles, but this one pertains directly to my line of work. How in the world can someone be the chairman of the House Education and Labor Committee and know jack crap about Defined Contribution plans? (see the bolded part). Let me go ahead and say that before this turns into a "its because he's a (D)"-fest, Republicans when they were chairing committees seemed to be equally clueless....wouldn't it be great if they actually appointed individuals to these committees based on expertise and merit, and not seniority or as some kind of reward? "If you didnt take your money out of the market" - yeah, that's a great idea. In the middle of bad economic times, why don't I take my money out, take the 20% (more if you count state taxes too) tax hit, and then get back in when things are better and the market has gone up! Great strategy! "take years to recoup your losses, if ever" - hey genius, 401ks are long-term investments. This ain't day trading. "high stakes crap-shoot" - only if you are an idiot. There's always stable value, Bond, or Money Market Funds you can go to avoid volatility. "root out hidden fees that are eating up much of worker's savings" - in a 401k plan? What evil hidden fee is he talking about? The optional fees, such as the oh-so debilitating Loan Fee (typically 50 dollars), the Insane 2% Redemption fee, or the QDRO (divorce) fee? Avoidable fees that are typically very low? Or does he mean the plan administration fees that are charged against the entire plan pool? What an idiot. "we need a new mandatory investment vehicle" - Yeah, what he means is the government needs another way of getting your money. Now, I'm not against paying taxes like some of our other more, uhm, angry posters on this board but I don't need you taking more of my retirement savings. It's bad enough I can only put away 16500 before-tax in a year in my 401k. Now you want to create a new, mandatory investment vehicle that you can tax, and will cripple participation in DC plans? Americans already don't save enough for retirement as it is. If George Miller is your representative in the House, please vote him out. Also, times are bad. The dow is down to 6700, and everything has nose-dived. If you have a 401k, id max that thing out, baby. Contribute as much as you can. Right now, everything is basically on sale. It's like Black Friday for your 401(k).