Earlier research from the LIMRA Secure Retirement Institute has found workers are unsurprisingly most worried about the possibility of running out of money during retirement, with 80 percent believing that employers should give them ways to convert savings into retirement income.

Among younger workers this belief is particularly prevalent, with 90 percent of those between the ages of 18–34 indicating they somewhat or strongly agree employers should provide ways to convert their savings into income at retirement.

The study found that small plans, those with less than $10 million in assets, are most likely to have to offer in-plan guarantees. In 2014, that was clearly evident, with 31,000 small plans, compared with just 1,900 midsized plans (those with $10–$199 million in assets) and only 80 large/mega plans (those with $200 million or more), offered in-plan guarantees to their workers.

Smaller plans, the study said, are more likely to offer in-plan income guarantees because the early in-plan guarantee products were developed by life insurers, which tend to be in the small and midsize markets.

The two types of in-plan guarantees sold are guaranteed lifetime withdrawal benefits and deferred income annuities. These let participants in retirement plans protect some of their savings while they’re still working and contributing to the plan.

In 2014, the study found that total assets covered by an in-plan guarantee reached $3.6 billion, with the average amount covered per participant totaling $50,000. That’s a 26 percent increase.