Yep. If they paid out the value of those pensions upon retirement at the cost of a similar annuity and an estimate for the health care costs, people would proba

Yep. If they paid out the value of those pensions upon retirement at the cost of a similar annuity and an estimate for the health care costs, people would probably be more angry than they are now, as they don't realize just how generous these are. To buy an annuity at age 55 worth $100k / year with guaranteed health, dental, long term care, etc. for an employee who's estimated to live another 30 years would cost a few million dollars. A quick Google search shows that the media 401k balance at 55 - 65 in the US is under $75k. The amount of non-guaranteed dividends, cap gains, and withdrawals made to ensure it lasts 30 years would probably not even cover the cost of Obamacare from 55 to 65 when they're eligible for Medicare.