(There is no plan to take your 401k.)
Some rightwing bloggers are attempting to take a comments, out of context, from an early October house committee meeting on 401ks. One of the people who testified, Prof. Teresa Ghilarduccito, recommended giving workers the option of transferring 401k savings into a government guaranteed plan. Congressmen commented on it.
The context here is that this was a discussion, and many retirees have taken sizable hits in their 401k's.
Here's a quote, excerpted from a US News and World Report story.
Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, said that since "the savings rate isn't going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that's not generating what we now say it should."