"Why do some retiring workers with a pension choose to take a stream of lifetime income, while others cash out their entire benefit in a lump-sum distribution? Amidst growing concerns about workers outliving their retirement savings, this has emerged as a key issue -- and it depends to a large extent on whether the individual pension plan allows or restricts lump-sum distributions ... A better understanding of these decisions stands to shed light not only on the outcomes for traditional pensions, but also for defined contribution plans, where [lump-sum distributions] are the rule rather than the exception."