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I am 56 years of age and planning on retiring at the end of this year and will take a lump sum payment instead of yearly payments from my company's defined benefit retirement program. I am told that there is a formula that determines what the lump sum amount will be that is regulated by the govt and dependent on the prime rate. Can anyone give me some help about exactly how the computation is made and what it is dependent on? Are there potential advantages or disadvantages to waiting past the end of the year?

I appreciate your info,
J. Davis
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