The pension reform act of 2006 WILL change the way lump sum payouts are figured starting in 2008, but doesn't do away with them. In the past, most lump sum payouts were keyed to the 30 year treasury bond, which has been very low for years. This made lump sum pension payouts higher, since the lower the interest rate, the higher the lump sum. Beginning in 2008, lump sums will be figured on a new rate that is a mix of three different bond rates, which WILL be higher than the 30 year treasury. thus, the lump sums will be less. This will be phased in over 5 years, with 20% of the new rate blended with 80% of the 30 year treasury rate used for 2008. 40-60 in 2009, 60-40 in 2010, 80-20 in 2011, and 100% of the new rate in 2012. Looks like that may change my RE date by a month or so...