Media Encoder CS4 not saving bitrate settings

Sorry if this is not the proper place to post this... there is not specific forum for the Media Encoder app.

My problem is with the MAC version of Adobe Media Encoder CS4.

I import a file to encode, select "H.264" from the format tab and "HDTV 1080p 2997 High Quality" from the Preset tab.

I then click on the preset to open the "Export Settings" window.
I scroll down to "Bitrate Settings" and change VBR to CBR and move the slider to 15Mbps. I then click "save" and save a new preset.

I start the encode and check out the finished H.264 file. It looks great but the bitrate is not 15Mbps.... it is 32Mbps.

So I go back and open my preset and that is where the problem is.... the Bitrate setting is still 35Mbps. So I slide it back down to 15Mbps and re-encode. Same thing. The resulting file is 32Mbps

I cannot create a CBR setting at 15Mbps and cannot figure out how to make a preset from "scratch".

Am I missing something simple here?
Any help appreciated.

Gonna try Compressor and see what happens.

Thanks,

-mark