More participants in employer-sponsored retirement plans hadaccess to in-plan income guarantees in 2014, and more ofthem chose such an option.

Those are the findings from the LIMRA Secure Retirement Institute, whichcalculated that those who had access to such guarantees amounted to3 million participants last year, a 32 percent increase over2013.

In addition, there was a 24 percent increase in the number ofthose who availed themselves of that option — 71,300altogether.

The number of plans that offered some kind of income guaranteerose an impressive 41 percent in 2014 to 33,500. Altogether, suchplans hold more than $132 billion in assets—a number that also isup 27 percent, compared with 2013.

Earlier research from the LIMRA Secure Retirement Institute hasfound workers are unsurprisingly most worried about the possibilityof running out of money during retirement, with 80 percentbelieving that employers should give them ways to convert savingsinto retirement income.

Among younger workers this belief is particularly prevalent,with 90 percent of those between the ages of 18–34 indicating theysomewhat or strongly agree employers should provide ways to converttheir savings into income at retirement.

The study found that small plans, those with less than $10million in assets, are most likely to have to offer in-planguarantees. In 2014, that was clearly evident, with 31,000 smallplans, compared with just 1,900 midsized plans (those with $10–$199million in assets) and only 80 large/mega plans (those with $200million or more), offered in-plan guarantees to their workers.

Smaller plans, the study said, are more likely to offer in-planincome guarantees because the early in-plan guarantee products weredeveloped by life insurers, which tend to be in the small andmidsize markets.

The two types of in-plan guarantees sold are guaranteed lifetimewithdrawal benefits and deferred income annuities. These letparticipants in retirement plans protect some of their savingswhile they’re still working and contributing to the plan.

In 2014, the study found that total assets covered by an in-planguarantee reached $3.6 billion, with the average amount covered perparticipant totaling $50,000. That’s a 26 percent increase.