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Now that I've become an quasi-expert on this issue, I've learned that ERISA requires ALL lump-sum payouts to include COLA (cost of living increases).

With the information I've obtained by you good people, coupled with what I've recently learned from my own research and consult with an expert, the employer by law must provide for cost of living increases, whether it's a lum-sum payout or annuity. If anyone is interested in the authority, drop...

Thanks for the insight. It seems to me that the periodic payments will increase over time with inflation and cost of living, that isn;t accounted for in the lump-sum payment. Am I missing something here?

Is there any preference out there of you pension beneficiaries in taking a lump sum distribution as opposed to ongoing payments?