Originally Posted by FinancialDave
Don't forget if you take the lump sum the employer is going to withhold 20% for taxes, or $5600.
Not necessarily. It's likely the lump sum pension can be rolled into an IRA. Taxes will still have to be paid eventually, but maybe the money can be left there and some after tax dollars can pay for the trips.
Personally, I'd take the pension. $150/month will pay for a couple of nice dinners out each month. And in 10 -15 years it will still probably buy a couple of six-packs of decent beer.