1st, NC recent message implies discussion of Stabilization...which is mentioned in passing, but not modeled in anyway shape or form. (There's a discussion of taking some of the excess gains in Good years and using them to fill in the gaps for bad years)

Qualified Plans simply refer to IRS limits. When our 1st CBA was signed, the 260 salary cap was in excess of the qualified limits. Thus the discussion in our PBB of receiving Pension payments from the Qualified + non-qualified assets to reach a pension value of 130k. As time has marched on, our 1999 theoretical Pension has moved into the fully qualified realm. (2018 Qual Pension is 220k)

The discussion of using the DC limit is solely self imposed. It is not an applicable limit. Perfect world we would use the DB limit equivalent to a 50% payout, which would put the earnings limit at 440k.
Or go with TonyC's min desired of 1000* WB Capt.

The pancake discussion is discussing a Benefit. Each year you would accumulate a Pension benefit equivalent to 2% of your earnings for the year. That 2% is translated into notional Share's of our Group\Combined Pension assets. Over time, value of those assets would increase or decrease in value.

Value of our accumulated Pancakes would be the Highest of Actual Value or the 2% running floor of your earnings.

EG.
100k = 2k floor
150k = 2k + 3k floor = 5k pension benefit, more than likely + a little bit.