It's under attack because it allows workers the freedom to choose to opt-out of saving for retirement in order to address current needs (see almost any article decrying the "lack of retirement savings").

It's even under attack because not every company (especially smaller ones) offers workers to participate in a 401(k).

Indeed, the 401(k) appears to have now been blamed for more of society's ills than even the Bush presidency. And that's a lot of blame.

So, what gives? How can something offering so much demonstrated good to so many people be castigated as if it were a worse bane on society than the Bubonic Plague?

In part, it's philosophy. It comes down to the question, "Who's responsible for providing my retirement?" In the 20th century alone we've seen the answer to that question swing like a pendulum, from "my family (hopefully I won't live that long)," to "my government (hopefully I'll live long enough)," to "my company (hopefully I'll work long enough to be vested)," to "my company (hopefully it'll last long enough for me to retire)," to "myself (finally, at least someone I could count on to always have my best interests in mind)."

Most recently, society has moved from the self-sufficient rugged-individualism of the 1980s to the patriarchal dependency of the 2000s. Once again, we face the question, "Who's responsible for my retirement?" Financial service professionals certainly have a firm grasp on their answer (see "Retirement Saving: How Responsible is the 401k Fiduciary?" But the debate that really matters is the one that has been occurring in Washington, D.C.

That's what makes Tuesday's election results so satisfying to those who worry the retirement plan industry might be headed in the same direction as the health benefit industry. (I don't know about you, but I got the Obamacare premium increase for my two employees: It's enough to hire a third employee! What's up with that?)

With the Republicans seizing the reins of the Senate and, having broadened their majority in the House, it looks like the electorate has repudiated not only the infamous Affordable Care Act, but also thwarted the efforts of those seeking to nationalize our country's retirement system.

Instead, expect to see the door opening for more competitive privately based solutions. Already, soon-to-be Senate Finance Committee Chair Orrin Hatch has bipartisan support for a retirement plan reform bill that includes a universal Multiple Employer Plan 401(k). This alone will go a long way to address the lack of 401(k) plans in smaller companies.

Now, if they can only do more to get rid of the expensive self-dealing currently permitted in retirement plans.