In my experience private sector defined pension schemes have offered  totally voluntary buy outs to those in the pension scheme.  They are given a lump sum which they may use, invest, or roll over into a tax deferred IRA which they OWN and can manage as they see fit.   If they do not consume all the assets they can be passed on to heirs thus giving them a start in a retirement scheme.   The companies off load pension liability and provide the retiree the ability to manage and grow the funds themselves going forward.   Has PERS considered this arrangement to reduce its liability?