Does Anyone Know What is Up With this Pension vote?

From the WS Journal:

Pension-law changes: Voting 93 for and five against, the Senate sent President Bush a Republican-drafted bill Thursday to shore up defined-benefit pension plans by requiring about 30,000 companies to fund their pension liabilities fully over seven years, with certain airlines granted more time. The bill also requires companies to pay higher premiums to the Pension Benefit Guaranty Corp., the federal agency that insures pensions but which reports a $22.8 billion deficit against obligations.

The bill contains incentives to make defined-contribution plans, such as 401(k) plans, a more attractive alternative to traditional defined-benefit plans, and gives employers legal protections to spur conversions of defined-benefit plans to less traditional "hybrid" plans.

A yes vote was to pass the bill.

Burr voted no.

Dole voted yes.

Does anyone know why Burr would be in this distinct minority? 93-5

Comments

I have no idea.

I did hear this was bad for truck drivers? I'll have to ask my Dad and brother-in-law to find out why.

Jesus Swept ticked me off. Too short. I loved the characters and then POOF it was over.
-me

401(k) or 401 K St?

There was an excellent PBS Frontline story Can You Afford to Retire? that delved into the fact that 401(k) was only ever intended to supplement retirement benefits, not replace them but with numerous defaults of company plans 401(k)s are becoming The New Retirement Plan: For Better or Worse

In general, not enough money is going into 401(k)s to provide for retirement, risk is shifted to employee, fees eat into returns, many people do not diversify or invest in their employer's stock which becomes worthless when the company fails (like Nortel employees) and there is a strange phenomenon called yield disparity:

The top 20 percent [of plan participants] always did anywhere between five and six times the annual investment rate of return of the bottom 20 percent