Setting all that aside - it is still an absurdly rich benefit when you compare what is paid in vs. what you get out.
That's kind of a broad statement. Pensions come in many different flavors, and you can't paint them all with the same brush.
I'm a federal employee and my pension is only 1% of my highest-3-year salary average times years of service. Doing the math on that (and assuming historic market returns for the pension fund in which it is invested, and average life expectancy), I would have to work 41 years before I get more out of it than is put in by both me and my employer. I don't intend to work 41 years, since I didn't even start until I was 31.
Federal pensions were a lot more generous until the introduction of FERS in the 1980s. The current system is still a good deal if you start young and work a long career. It's a pretty crappy deal if you want to retire early.
On the bright side, the employer contribution to my pension doesn't count as part of my salary, so I don't pay taxes on it. Sucks that my salary is reduced by that amount compared to my market value in the private sector, but I'm trying to find the silver lining here.
And on the flip side, the federal pension fund is the first place Congress goes when the budget comes up short. It gets raided to pay for wars and medicare payments on as semiregular basis, and employee contributions go up and benefits go down every time we have a budget crisis, so it's not exactly a guaranteed benefit.