The Internal Revenue Service has published model amendments for use in calculating payments owed to pension plan participants who elect to receive distributions partly as an annuity and partly as a lump sum.  These model amendments come after regulations were amended to encourage plan sponsors that include single sum distribution options to also offer the option of bifurcating their benefits to receive a portion in annuity form and a portion as a lump sum.  The distribution of payments in the form of an annuity assists pension plan participants by providing financial protection during unexpected longevity, while lump sum payments increase liquidity during a participant’s retirement.