I think the end game for those boomers and X'rs are the first ones out the door get full value, close to full value, the rest get paid back nominally and will have to figure out how to stretch it, yes their will be some that inch out a good life or enough because of the size of their pension

There will be some that get decent value from the spread between deflationary gains in productivity and exposure to more risk assets (I can see it my parents and grandparents porfolio allocations, their firms are adding a lot more equity exposure these days)

the majority get rugged pulled and have to rely on the state to supplement their life in addition to family if that is possible.