From what I've heard, that is one of the proposals - to seize all 401K's assets (your and my private property - with the carrot that they would value them at some August level), and fold them into the SS fund, and pay you the glorious return of 3% annually, with inflation (as defined by them) adjustment. (I wonder what would happen if you died?) And then dole out the funds as they see fit after you retired, after withholding taxes of course.
Want a revolution - go there you stinking commies.