How much should the commuted value be for Frank's defined benefit pension plan? Frank is leaving his job and pension at age 64 and has 26 years in the defined benefit pension plan which provides 2% per year of service based on the average best five years of income. His best average five years earnings were $56,000. The pension plan assumes life expectancy is age 91 and the rate of return of 1.7%. What should the commuted value of the pension be if he decides to transfer the funds into a LIRA or LIF?