Defined-contribution plan sponsors are being offered strategies aimed at assuring retirees' income for life, including annuities and managed accounts, but many aren't adopting them because they're worried about increased fiduciary liability. Lori Lucas, executive vice president and defined-contribution practice leader in the Chicago office of Callan Associates, says plan sponsors want a "specific safe harbor" protecting them from lawsuits if the entity providing the lifetime-income product fails to fulfill its responsibilities or goes out of business.

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