The decision to annuitize your defined benefit plan or opt for a lump-sum payment hinges on the rules of your specific plan, a new study found.

More people annuitize if their plan rules restrict the ability to choose a partial or lump-sum distribution, according to new research by the Employee Benefit Research Institute.

"Annuity and Lump-Sum Decisions in Defined Benefit Plans: The Role of Plan Rules" explored both types of plans from 2005 to 2010 and found that workers who had no plan restrictions on a lump-sum distribution had an annuitization rate of only 27.3 percent.

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