Vaughn said he's afraid that delayed rules will make it easier for companies to find new ways to hide their fees. "It gave insurance companies time to reconfigure things so they could look like they have a clean slate."

The other biggie coming up in 2012 is the reproposal of the definition of fiduciary as it applies to ERISA plans and IRAs.

"It can have a dramatic impact on the 401(k) marketplace, not just in terms of the 401(k) plans themselves, but how service providers and advisors work with potential rollover options. There could be provisions in the regulation that would inhibit the ability of service providers working with a 401(k) plan participant, with respect to them talking to a participant about rollover options as they get closer to retirement. If they do have fiduciary status, there are restrictions on compensation differences that make it impossible for them to have a conversation," Graff said.

Tax reform will be another big issue next year.

"I think legislatively, it's hard to imagine that, given the political rancor that currently exists in Congress, that they will be able to enact tax reform in an election year," he said.

Graff expects tax reform proposals from both the Republicans and Democrats. "Even if these bills won't be enacted, they may be a baseline for what will be real tax reform after the election. There is still a lot of work to be done to make sure that any attacks on retirement savings incentives are stopped or minimized as much as possible," he said.

The retirement industry as a whole needs to do a better job of educating investors. David Wray, president of the Plan Sponsor Council of America, said that his wish for 2012 is that everyone with a 401(k) or other retirement plan will sit down and take a good look at their plan.

"People need to review plans once a year. They don't need to change much. That is one thing. Pick a day when you sit down and think about your plan; all the things that go into it. Give it a hard review, true it up and rebalance," he said.

Individuals who are five years out from retirement should make a retirement budget, Wray added. They should think about what expenses they are going to have when they retire. That is their target. If they are on track, they can keep saving as they are, but if they aren't on track, they can review their portfolios to make changes that will help them meet their goal, he said.

"Everybody needs to think about their future. It is always good at the beginning of a new year to think about the future," he said.  "What you have to think about is you are going to live to 95 years old and managing your money with a lifetime recognized plan makes a big difference. If you can get 30-year-olds to avoid credit card debt, their life has changed. Decisions made when they are 30 are going to impact them at 90."

Wray added that, "managing money wisely with a lifetime plan puts people in such a better position than people who manage day-to-day and don't thing about long-term. … Small appropriate decisions in your early working career can have an enormous impact in the long-term. We are only now beginning to get that understanding."