I think both possibilities are accurate.
Older people do have more experience and can think with more subtlety than younger folks.
But I do see simple cautiousness, for fear of mistakes, as well. For the most part, 60 year olds are close to pension age. If they lose their job and their pensions, what are the odds of getting another job, with the same pay and benefits?
That's why I much prefer defined-contribution pension plans to defined-benefit plans. I came to see that defined-benefit plans are more shackle than benefit. They know that few people will leave after a certain number of years for fear of losing their pensions.
And...with a defined contribution plan you know what you have. Your future pension is not dependent on the future viability of the company.