Republican Senator Olympia Snowe continues to push for provisions to make the establishment of defined benefit 401(k)s easier for small employers. She was able to get her proposal in the Senate's original pension bill, and is said to be working to include it in the final bill, which is currently in conference.

Maine's senior Senator says current tax laws and operational costs put traditional pension plans out of the reach of many small employers and their workers. She says her bill will remedy that and give those companies and their employees a better shot at a secure retirement.

"Many small business choose to create 401(k) plans that do not require employer contributions and offer their employees no guaranteed retirement benefits," she says.

Snow introduced a new bill calling for changes to retirement regulations late last month. S. 3715 would simplify current laws governing DB and DC plans. Employees would still be able to make pre-tax contributions and employers would still be able to offer matching funds. Both pools of money would be covered by the same trust, according to Snowe, they just would have to be clearly allocated within the trust.

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