Getting rid of a retirement plan’s lifetime-income investments

If a § 401(k), § 403(b), or governmental § 457(b) plan’s sponsor or administrator removes from the plan’s investment alternatives a lifetime-income investment (which might include an annuity contract with guaranteed-lifetime-withdrawal-benefit provisions), an exception from the usual restrictions against a distribution before severance-from-employment or age 59½ allows a limited distribution to remove from the plan the annuity contracts. This could include delivering to a participant a qualified plan distribution annuity contract.

Internal Revenue Code §§ 401(a)(38), 401(k)(2)(B)(i)(VI), 403(b)(11)(D), 457(d)(1)(A)(iv).

Has anyone done this?

Did you have a good experience, or a bad time?

Did the insurance company cooperate?

What difficulties did you encounter?

What cautions and pointers would you suggest to someone now planning a project?

(Please don’t misunderstand my query as suggesting any view for or against any insurance or investment product. Rather, I seek help about how a practitioner might guide a plan sponsor that has already decided to remove lifetime-income investments.)

In 2019, the pitch for adding SECURE’s portability provision was that plans’ sponsors and fiduciaries might be less fearful of trying a lifetime-income investment alternative if one knew there is a way out.

Now, almost three years later, has anyone tested whether the out practically works?