At any rate, very many people opted to take the cash payout. That would be all very well if you invested it in some fund that would pay you at a rate that would not eat up your investment, and you would have a long-term income, as was intended. That's what its for.
But many people would take their $600,000 or whatever it was, and buy a motorhome, and a boat, and a new Range Rover, and live the high life for a while; then the stuff rusts away and it's gone, and they moan the rest of their life about having to live on their Social Security check, and how badly they were done by, etc etc .....
Some people, you just can't help.