When deciding between a taking a lump sum or annuitizing their pensions, about one-fourth of workers took an annuity, a study by the Employee Benefit Research Institute found. The study, which covered 118,730 payout decisions from 2005 to 2010, found that younger workers were more likely to take a lump-sum distribution, while those in cash-balance plans were more likely to take a lump sum than were those in defined-benefit plans.

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