Defined Benefit Pension plans are often incredibly rich but possess dangerous pitfalls. 

For example:

Mrs. Henderson, a teacher in California, decides to take a joint and survivor annuity through their pension whereby her husband will continue to receive her pension even if she passes away.  In exchange for this luxury, Mrs. Henderson receives $500 less per month in her pension.  Unfortunately, in this case, Mr. Henderson passes away two years after his wife retires.  Due to the language in her pension plan, Mrs. Henderson is stuck giving up $500 a month, every month, for the next thirty years.  In the end, a seemingly innocent decision to protect the love of her life, costs her $180,000 in pension benefits ($6000/yr. for 30 years).

Mrs. Claxton, a Pennsylvania State Trooper, decides to take the maximum pension option whereby her husband would receive nothing upon her death, but she receives the full pension during her life.  If she were to die in service, the pension system would pay out to her beneficiaries the present value of her pension which exceeds $1,000,000.  She passes away five years after retirement having received $200,000 in benefits.  

Mr. Parker, an employee for a large manufacturing company retires with forty years of service.  Because his wife raised their five children and has no pension of her own, he decides to take the joint and survivor annuity whereby she would continue to receive his pension upon his death.  They tragically die in a common car accident five years after his retirement.   The children receive nothing and the pension payments stop.

Mrs. Palmieri, a judge working for the state of New York, retires and takes the joint and survivor annuity whereby her husband would continue to receive her pension upon her death.  She must give up $600/mo for this protection.  Mr. and Mrs. Palmieri both live a long and wonderful retirement and live into their 90's.  Mrs. Palmieri dies at age 93 and her husband dies two months later.  While Mr. Palmieri does receive two pension checks totaling $12,000, Mrs. Palmieri gave up over $210,000 in reduced pension benefits during her lifetime. 

All of these situations can be avoided by completely understanding how your pension works.  That's where Defined steps in.