They are going to confiscate your 401K threads have been going on for ~4 years now. There is very little serious discussion of the topic. Most of the time it is the format of XYZ said something at a congressional hearing, so cash out your 401K.
I have been involved in this topic for most of the last four years.
But it needs to be considered in the context that terminating the plan (not only 401(k) plans but also IRA's; regular defined contribution 401's and others) could cost up to $400,000 for every $1,000,000 in the account (depending on state tax, applicability of the AMT; other issues--it might even cost more; in the $500k range)--it isn't something someone would do absent an imminent threat.
I agree with Rusty's earlier comment--it is something the Liberals would do; it wouldn't surprise me as a longer term threat; I would be surprised if the Dem's got to it in the next two or even four years.
But I am also in a unique position to do something about it if there is an imminent threat.
In order to act, I need to be able to show and quote some credible source indicating some commitment to action by the Administration or the Liberals in Congress. Nothing you say rises to that level.
If you have some current information, let me know.