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With the gradual disappearance of the guaranteed-for-life payouts from defined benefit pensions, plan sponsors have been searching for investments that would help their participants make sure their 401(k) savings don’t expire before they do. Until recently, the hunt yielded few solutions aside from variations of traditional annuities. But don’t give up hope. A new breed of guaranteed minimum withdrawal benefit (GMWB) plans is emerging that ties the guaranteed lifetime withdrawal benefits of an annuity to the popular target fund approach and produces an investment option for older workers.

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