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In the latest attempt to improve defined-contribution plans, annuities are being touted as a way to turn employees’ 401(k) savings into an income stream that will last retirees the rest of their lives. Interest in providing annuities to 401(k) participants seems to be picking up steam, with the Obama administration recently signaling its support for making annuities available. But it’s not clear that any changes the government makes to promote the use of annuities within defined-contribution plans will have much effect. Plain and simple, participants don’t seem interested in using their 401(k) savings to buy annuities, and it’s not clear what companies can do to change their minds.

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