The dumb money in 401k, pension funds, passive investments isn't paying that much attention. As long as it keeps up with the market, and the government will print money to ensure it does, it's not possible to isolate and feel the effect of not having the backup plan. And you can't compare the performance of companies that did have a backup with those that didn't because the former never survived or existed, so it's a tough sell to think that far ahead.