[Eric in the Ozarks]

Wife works for an electric cooperative. They are getting rid of the open checkbook, lifetime pensions in favor of defined benefit. Fortunately, she has enough time in service to remain with the old plan.
Figuring what this might be worth, 25 or more years forward, boggles the mind. Her grandmother lived to be 105 years old, so it may be 35 or 40 years...

[businessprofessor]

I am not sure what you mean by getting rid of the open checkbook in favor of a defined benefit plan. Do you mean the organization is switching from defined benefit to defined contribution? The open checkbook problem is with the defined benefit plans.

It is not difficult to calculate the present value of a defined benefit at retirement. You need a mortality table and interest rate. The actual value can vary. If your family has long life, defined benefit provides a huge windfall.