Can the lowly 401(k), the great white hope of the retirement world, be given a custom makeover to give it all the thrilling appeal of the once-prominent (and much more worker-friendly) pension plan?

A New York Times article relates the story of Hartford, Conn.-based United Technologies and its somewhat inventive use of annuities in its 401(k) plan to create that lifetime stream of income that employees most miss from the pension days.

While the 200,000-plus employees of the company once had a full-fledged pension plan which was closed a couple of years back, United Technologies has opted to supplement its defined contribution plan – which mostly uses target-date funds – with annuities, making it one of the first large employers to do so.

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