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August 10, 2017 at 09:32 PM
Few 401(k) plan sponsors help retirees convert their assets into a lifetime stream of income, according to analysts at the Transamerica Center for Health Statistics.
Center analysts found that only 17% of the participating employers, and just 16% of the employers with five to 99 employees, offer retirees access to income annuity payout options.
(Related: Prudential Aims to Improve Retirement Saving Hygiene)
The center analysts included those figures in a summary of results from an online survey of 1,802 U.S. employers conducted in late 2016.
The center is a Los Angeles-based research organization that gets much of its funding from Transamerica Life Insurance Company and other affiliates of Aegon N.V.
