This is getting weird.
I used modpicker, selected "play SE4 game". Was then presented with the main menu. Selected "load game". Eventually, I was presented with the menu of players and the request for the "password".
I entered the password and voila!!!! I am in the game.
Exited the game and tried loading the game normally, and double viola!!!! It accepted the password.
Anybody have an explanation for this?