The composite sign is horse-puckey anyway. All of the elements of the sign happen together at all points in history, and at any point in time a person looking for a fulfilment of the sign will see ample evidence that it is being fulfilled. The whole 'sign' thing is complete bollocks - actually, many of the facets of the 'sign' have decreased since 1914; the society just lie. Yes, they tell bare faced lies and the JWs just swallow them without checking it out. Also, it is human nature to believe that things are worse than they used to be, we have such a myopic viewpoint, and religions like the JWs take advantage of this.
But I think you haven't quite got the idea with the 1995 change in the understanding of the term 'generation'. While it is no longer measurement of the average lifespan of a human from 1914 it is still linked to a human timescale. The society are fond of saying things like 'in Grandfather's day' as meaning not just a day but a whole time period spanning over one hundred years, so the word 'generation' can mean a time period longer than the lifespan of a human, but not much longer.
So, according to the 'new light' all of the people born in 1914 can now die but it won't be much longer; you see, the 'generation' now means all those that observe the 'signs' occuring since 1914. Technically, this can go on ad infinitum because the generation is constantly being renewed. However, there is another scripture that is thrown into the pot - Matthew 24:22 where it says that 'those days' (the tribulation) must be cut short on account of the chosen ones. So, the tribulation must occur while at least some of the very old anointed are still alive (according to 'present truth'). But that understanding will be 'adjusted' sometime soon I think.