I'm assuming you meant $47500 instead of $4750 gross pay in your last year. $47500 * .02 * 32 (I assume 32 years of service @ 2%/yr X a HI-1) would give you $30400 per year for the defined benefit (DB). Would that payout have a COLA in future years or remain at $30400?
To generate $30400 per year on the defined contribution (DC) side, using the 4% rule for simplicity you would need 25x that amount as your ending nest egg which is $760000. If you did put in 10% your last 5 years and had it matched a further 10%, assuming your final salary over those 5 years invested @6% gives roughly 55k (or 58k if 8% growth). That means you would need a further ~700k to make them equal in a vacuum*. If you were to make the choice to switch to DC plan, would you be starting at $0 or would what you had contributed to the DB plan for all those years switch over? Let's assume you made $47500 for each of the past 27 (5 yrs to go, 32-5=27) years you worked - that 8% of salary invested @6% would be ~$250000 after 27 years and $330000 after 32. 330k from first 27 + 55k from last 5 = 385k. 385k << 760k, thus I would stick with the DB if those numbers are reasonable assumptions.
If your current DB comes with a COLA, this is even a stronger case for keeping the DB.
* This ignores things like passing money to beneficiaries in the event of a death as the DB would be finished but whatever is left in your DC fund could be passed to heirs.
