[Lunatic Fringe]

How about anyone retiring in the next three years gets 100% of the benefit they now expect to receive, then the fraction is pro-rated down over the next forty years (i.e., retire 4 years from now & get 97.5%; five, 95%, etc., down to 39 years, 2.5%).

Not a bad idea....

[GeronL]

I don't think a 40 year program is a good idea, maybe 15-20 years. Tough it out. Allow some kind of refund or even partial refund for those who opt out earlier.