Breakingviews - COMMENTARY: BlackRock clumsily reverse-engineers retirement ↧ ↧ Breakingviews - COMMENTARY: BlackRock clumsily reverse-engineers r... The giant money manager ​wants to remake ​401(k) funds, which hold $11 trln, ⁠into yesteryear's defined ​benefit using annuities and ​private assets. Offloading risk to insurers would help make nest ​eggs last longer. ​More moving parts, however, complicate long-term ‌pension ⁠calculus.