Spurred by Americans' investment losses this year, Rep. George Miller (D-Calif.) is calling for a re-examination of 401(k) plans that could lead to a radical overhaul of the popular tax-deferred savings vehicles, Pensions & Investments magazine reported last week.

One proposal under consideration would eliminate tax deferral for contributions to 401(k) plans and individual retirement accounts. Workers would instead receive a $600 tax credit for contributions to a new government-run mandatory guaranteed retirement plan. Another proposal would extend 401(k) plans to all workers.

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