There is a growing movement within the current administration in Washington to kick one of the legs out from under the retirement planning stool of savings, Social Security and retirement plans. But you probably haven't heard about it or read about it in the papers.

No, the brain-dead (or maybe just brainwashed) members of the Main Stream Media would much prefer reporting about Tiger Woods' bizarre 2:30 am car crash or gate crashers at the White House state dinner.

Meanwhile your 401(k) plans are coming under direct attack from lawmakers who want to make all of us beholden to the nanny state and kill one of your key retirement planning tools.

Soon after Barack Obama's election, we found a few mentions of a commission formed to discuss discontinuing employees' 401(k) plans. After all, the stock market debacle of 2008 reduced the value of most retirement plans by as much as 40 %. Why not "make hay while the sun shines," so to speak?

After big losses in retirement accounts the time was ripe to suggest ridding the system of tax deferred savings.

Now the market has turned up again. So that should have been the end of a fishy suggestion, right?

Not so much!

In 2006 under the Bush administration, blocks were put into place to help workers make better choices in their 401(k) plans by allowing the financial advisors who handle the plans to provide investment advice to enrollees. Firms like Fidelity and Vanguard who manage many company 401(k) plans as well as other fund companies began to offer help to confused employees.

That has now ended thanks to the group currently occupying desks in the Department of Labor aided and abetted by people like Tom Harkin (D) of Iowa and California's George Miller (D).

The thinking now is that allowing 401(k) plan administrators to offer help and investment insight has "opened the door to unscrupulous advisers to make recommendations based on their financial stake and not in the best interest of workers."

How does this blatantly stupid comment differ from the relationship of anyone with his stockbroker outside of a retirement plan? Stockbrokers ALSO have a financial stake in the recommendations that they make to clients everyday of the week?

Does that mean that your brokerage account will be next in their crosshairs?

What is their solution for the supposed "conflict of interest?" Do away with the cost effectiveness of allowing the plan administrator to provide help at no additional cost and force companies, who continue to want to help employees plan wisely for retirement, to hire outside independent advisers at a new cost to the company.

In the current economic climate, how many companies do you think will be willing to take on the added cost?

Most likely, employees will be set adrift again to bumble along on their own and maybe stop contributing altogether which would accomplish this commission's goal of ending 401(k) plan without their having to lift a finger.

Unless you believe Uncle Sam can provide for you the retirement you really want, we urge you to continue funding your 401(k) plans to the max and letting Senator Harkin know he needs to keep his hands off your 401(k).

More Retirement Planning Advice on 401(k) Plans:

• 401(k) Mistakes to Avoid
• Best Way to Handle a 401(k) Rollover
• 9 Secrets to a Million Dollar Retirement

Read More In: Retirement Center