"and earning 5-per-cent interest, snowballs to ..."

Hahahaha. In what universe can you earn 5% interest?

However, an enlightened employer may insist on having a default option of a target-date fund. Not ideal because of likely high costs, but it makes the "what to own" decision simple. Meanwhile, a cheap employer will make it difficult or complicated to join the pension plan, so it would not have to make its matching contributions.