Changes in legislation, technologies, and attitudes are all playing a role in the growing popularity of annuity products, according to a webinar sponsored by LIMRA. Bryan Hodgens, head of distribution research, life and annuity research at LIMRA gave the online presentation, called "In-plan annuities at a tipping point?" last month.

Hodgens noted that interest in in-plan annuities has been rising, and that a range of products are coming on to the market or have been introduced in recent years. The interest is not just among industry players in the field; rank-and-file workers are also interested in this option. A LIMRA 2023 Retirement Investors Study found nearly 70% of non-retired workers said they would be somewhat or very likely to select an in-plan annuity option, in order to create a guaranteed income stream in retirement.

"Since the SECURE 2.0 Act passed in 2020, there's been a lot of new, innovative products that have been coming into the market," he said. "The idea of a guaranteed income product in a defined contribution plan is actually nothing new; it's been around for years, but really up until recently, plan sponsors have been a little reluctant to put annuities inside of a 401(a) plan."