Jessica Estepa

USA TODAY

There's been a bit of confusion about what President Trump's tax reform proposal would mean for your 401(k) plans, thanks to none other than the administration.

Let's see if we can make sense of it together.

At Wednesday's unveiling of the proposal, National Economic Council director Gary Cohn said that under the proposal to eliminate several tax breaks, retirement plans would be protected. Direct quote: "Homeownership, charitable giving and retirement savings will be protected. But other tax benefits will be eliminated."

Shortly thereafter, when taking questions, Treasury Secretary Steven Mnuchin said that tax deductions would go away for retirement plans. Direct quote: "We are going to eliminate on the personal side all tax deductions other than mortgage interest and charitable deductions."

Let the confusion begin.

On Thursday, Trump spokesman Sean Spicer entered the fray and backed up what Mnuchin said: "The current plan right now both protects charitable giving and mortgage interest, and that's it."

Except within an hour, the White House clarified what it meant for a fourth time, according to NBC News: 401(k) retirement plans would not be affected.

So, the final stance, as of Thursday afternoon: You don't have to worry as you contribute your pre-tax dollars to your 401(k) plans.

Tune in later to see if that's still true.