When making these calculations, remember:

- lifetime annuity

- include death protection (at least in my state, surviving spouses continue receiving pension payments).

- Everything above $19,500 is fully taxed (...and, in fact, not including tax on that $19.5K isn't even an apples-to-apples comparison).

Anyways, you can add or subtract many tens of thousands to the annual salary equivalent and the point remains the same: without a pension, $100K is not "special person who doesn't need non-compete" money.