Yeah Cain didn’t know what “defined benefit” is. I just learned the term two months ago when I wrote a piece on health policy. And I’m a 57 year old policy wonk.
Defined benefit isn’t really an obscure term. If you had to put together a pension plan for a business, you’d have to know the term, because it makes a big difference for your pension costs. I’m fortunate enough to have a defined benefit plan, my company switched to defined contribution for younger folks.