I have warne you all about this possibility for the past four years. Obama floated this idea early in his first term. The idea as it was put then was that the Fed would take control of you 401K, administer it and decide were it would be used for an annuity and that in the event of the beneficiary dying then the residue would revert NOT to the estate of the deceased but to the Treasury. We have had this under Labour in the UK were they stole $7.5 billion per year from our private pensions - not to pay off debt or reduce the deficit but to fund ever expanding entitlements. Be warned that is what will happen to your 401K's.