The report noted that the ability to roll over annuities would be attractive to younger workers who are more likely to change jobs early in their careers, and who, unlike some older workers, are solely reliant on 401(k) plan assets for their retirement income.
More annuity options would also open the door for workers to purchase a deferred annuity at retirement to ensure a lifetime income, the report said.
"When deployed intelligently, annuities have the potential to help retirees deal with their primary concerns about retirement—outliving their assets, managing health-care expenses and dealing with poor investment performance," the report said.