So far this year, the average worker’s 401(k) account balance has dropped between 21% and 27%, depending on the worker’s age and time with his or her employer, according to the Employee Benefit Research Institute.

“The current 401(k) system has not turned out to be as secure as we want it to be,” said Rep. George Miller (D-Martinez), chairman of the House Education and Labor Committee. “It has not provided the returns that we want it to. And it’s not provided the level of savings that we want it to. It’s kind of failing on a number offronts.

“Should there be a serious reassessment? Absolutely,” he said."

Miller’s committee already has held two hearings on the effects of the financial crisis on retirement savings plans. At one, a professor from New York’s New School for Social Research called for creating government-backed retirement savings accounts that would offer a guaranteed, inflation-adjusted 3% return. The government would contribute to the accounts, using money gained by eliminating about $80 billion in annual tax breaks for 401(k)savings.