Originally Posted by
Freighthumper
If one already had 25 years, then they could have got the full pension with the increase and also the new increased B plan with MBCP. We have quite a few people in their 50s that would have really cashed in with this.
The MBCBP was NOT an improved\increased\additional B plan. It was a Defined Benefit Plan.
Albeit a Defined Benefit Plan with a lump sum distribution option that began at 59.5. Someone who had elected to transfer into the MBCBP could have rolled those compensation credits and plus interest credits into an IRA. But, unlike a B plan...the MBCBP "balance" would be purely notional...no actual securities\investments in your name. And no personal control over where it was invested.
The shortcomings CT pointed out just as relevant today as they were during the ratification period, but there also would have been benefits.
But the benefits of switching for everyone with years to go, or the potential for 30 YOS, don't make up for the other shortcomings that were present in the TA