It seems to me that the employer will fund it either way. Maybe I’m misremembering stories of pensions being mismanaged and lost. I think the most important thing is that the employer actually does something to fund a retirement, in my way of thinking the 401k approach puts me in control of the money so I don’t rely on someone else to not fail.
Whether it’s promised bonuses, stocks, or retirement funds, my motto is always “show me the money”, and I’ll believe it when it’s in my hands.
Bonuses always come with a catch. Stocks are just tricks to make you cover for the company, because if you turn whistleblower you’re going to want to protect your wallet, and selling your stock right before going whistleblower can be seen as market manipulation. That stuff is a nice bonus, but there’s no guarantee you’ll ever receive any value out of them.
As for 401ks, most people are financially illiterate. They either lack the knowledge or lack the time or energy to figure all that shit out.
To anyone with stock market experience, the American 401k system is probably much better than normal pensions because you get to be in control. However, most people are complete idiots when it comes to money, and are easily tricked into dumping their retirement funds into worthless schemes pumped by scammers.
With normal pensions, everything is taken care of and you can’t even touch your money without going through a maze of rules and protections. With 401ks, you’re on your own.
There’s also a responsibility component. Many pension plans have preset rates that the company pays into, while many 401k setups involve voluntary contributions. When you’re earning minimum wage, you can’t afford to put any money into a 401k, or maybe you could but you really want to eat out once a month, so you’re taking the extra money for your retirement and spending it right now.
If bonuses or stock payouts are even an option, a 401k may be the best solution for you. That’s a pretty privileged position to be in, though.