Call me skeptical, but why is the employer offering all of these complicated options? You are leaving the company forever, so why does the employer care what you do with the money that you have earned? If you give all employees the maximum amount of money as a lump sum, they can make their own choices. If they want an annuity, they can buy one from an insurance company, or they can invest it themselves. What am I missing? To me, it sounds like the employer is trying to reduce or delay their pension costs at the expense of their employees.
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