Hehehe I happen to know just a little about 401ks and mutual funds, my father is an investment broker and I helped him study for his tests. Generally you have a choice if you wish to participate in a 401k. Often companies match funds up to a certian % but sometimes they don't. A 401k has the potential to make money or lose money. It is still a gamble, just generally a safer one depending on how you have your risks setup... Never invest money you aren't willing to lose.

btw if your company goes under, your money is protected. Your company cannot touch your 401k money according to the Employee Retirement Income Security Act (ERISA) of 1974.