The U.S. Treasury Department will help expand the availability of annuities and lifetime income choices in retirement plans, the agency said today.

The department proposed two regulations to make it easier for those approaching retirement to fund an annuity through their company-sponsored pensions or 401(k) savings accounts. Annuities are insurance contracts that guarantee a lifetime stream of income in exchange for up-front payments.

"When American workers take the responsible step of saving for retirement, we should do all we can to provide them with sensible, accessible choices for managing their hard-earned savings," Treasury Secretary Timothy F. Geithner said in a statement today. "Having the ability to choose from expanded options will help retirees and their families achieve both greater value and security."