The point is that pensions are highly valued by teachers often available as early as fifty five, and can be considered a measurable part of their overall compensation.
Pensions are, of course, deferred compensation. IRS makes sure you pay taxes on them!
A lot of teacher retirement funds have been playing the stock market with a buy high sell low mentality. The Florida teachers fund was buying ENRON up to and through the implosion of the stock price.