You need to evaluate if the lump sum payment could buy an immediate annuity equal to or greater than the monthly annuity offered by the company. Usually the lump sum is the inferior choice unless the company is trying to alleviate pension burden. Call Fidelity and see what $100k will buy you in a lifetime annuity, scale it by your company's offer and compare it with your pension offer.
The company stability risk is another matter that would probably drive you to accept a 5%, 10% or even more of a reduction in the lump sum amount based on your assessment of the company's stability. Although pensions are gauranteed by some federal law/insurance IIRC.
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