I'm one of those "small" PERS recipients...so I know what you mean.  I like the idea of a "cap".....but, if all the money were invested when it might have been "full amt. each month" ....it wouldn't make any difference.  Anytime you create an unfunded mandate based on deferred payment of an increasing liability, you're asking for real trouble.  Indeed, Oregon public employers found that real trouble.  Gary Crum