The description of the regular badge still says
This badge is granted when you reach trust level 3. Thanks for being a regular part of our community over a period of months. You’re now one of the most active readers, and a reliable contributor that makes our community great. You can now recategorize and rename topics, take advantage of more powerful spam flags, access a private lounge area, and you’ll also get lots more likes per day.
Since there is no private lounge area by default maybe that part should be removed.