Kevin
you are right; I misread the quote. Mea culpa.
HOWEVER,
in that regard, I am not in favor of mere 401s of any kind;
they are not the only kind of defined contribution type plan, and they are not the best kind - in terms of the employers’ control (too much) and participation and for MOST people (who need to admit they cannot give bring enough knowledge, market analysis and financial analysis to make the best long term investment choices for a pension-savings account), there are better and still good-peforming defined constribution plan options that are possible.
Agreed, but folks may be stuck with whatever plan the employer offers, especially if the employer makes matching contributions.