If you’re ok with them having fun on your dime (ultimately), ..oh well.
If you worked for a company for 40 years, getting a salary and health benefits for that time, what really do you expect? All they have is a 401K? And? That likely means the company was contributing a percentage to the person’s own retirement savings (which everyone should so anyway).
Don’t you think it’s better to give pensions? When did people decide it was ok for companies to screw their workers? It used to be you work 40 years and the company gave you an earned pension. Now companies keep that money or give it to the CEOs.