The Senate voted today by a huge margin to strip a provision from the budget bill that would have allowed companies to withdraw billions of dollars from their pension funds. The amendment by Sen. Edward Kennedy, D-Mass., to strip the reversion provision passed on a 94-5 vote. IBM Corp. and NYNEX Corp. reportedly are among the pension funds exploring a new concept global multiasset portfolios that is causing a stir in the pension investment community. ``It is something we have looked at,'' said an IBM spokesman. ``One should not give too much importance to it because we have looked at other things as well.'' IBM is further along than NYNEX in the exploratory process, sources added. A spokesman for NYNEX declined to comment. Both are studying a strategy GTE Corp. began using April 1 for one-third of its pension assets. Owens-Corning Fiberglas Corp., Toledo, Ohio, is restructuring its retirement programs for U.S. employees, part of a move toward a performance-based total compensation system. The company will convert an existing defined benefit plan to a cash balance plan, cut the company match to the employee savings plan, add a profit-sharing contribution tied to profitability and extend to all employees a stock purchase plan previously available only to officers. The changes will reduce the cash cost of the company's retirement benefits about 20%. Overall, employee compensation will be tied more closely to the company's annual performance, moving away from a program of fixed entitlements. The company is placing special emphasis on employee ownership and wealth building.