Top hat is ok for those in the last few yrs with a good outlook that the company won't go under.
not a great deal for those who have 30 yrs left.

I'm all for profit sharing going into retirement. My third yr I got some back as cash. Most FO on 4th yr pay will max out their 401k and get some back.

I would, however, fully support the right to choose if we could swing it.