Need help understanding Terminated pension

I was wondering if someone can help me understand this. My employer froze our pension in 2016, in July 2025 they terminated the plan and I just got a election kit in the mail for how I want the payment. The amount isn't much its only $4110. I asked my coworker how much his was since he started 2 months before me and his is $20,300. I was like what really and he showed me and he was right.

For the record he is 64 and I am 40. I'm assuming the age is the reason its different but I'm wonder if someone can explain it to me better as to why that effects the totals. I called the pension hot line and they were no help.

In the packet it talked age, mortality table and interest rates but it don't explain anything in detail. This is like foreign language to me. Even people that have less time here are getting more than me. Any help understanding how this is calculated would be appreciated.