Pensions can be great IF the government pays for the whole thing. I work for the government and we have to kick in 5%. If I had invested that 5% over the same 25 years instead, it would be more money.
Where pensions make sense for governments is when employees work for less than 5 years. The government gets to keep the money. Where pensions make sense for employees if when people start working young and retire early. I know couples who retired at 55 and draw $100k a year in pension.
That’s true the boomers are making 100K in pensions. No other generation will see that. Pensions have been revampted in every sector including government.