I'm posting a spreadsheet in the thread, so others can do a sanity check. Didn't think posting it here would cause any particular invasion of privacy or personal info.
DR% = discount rate, COLA% self-explanatory, and ER% is the "effective rate", derived by dividing DR by COLA ((1+DR)/(1+COLA))-1. Change DR to see the effect of different discount rates.
The data indicate the current age, and the pension payout for that year. Each following year is adjusted by the COLA%. Since no payments occur until age 60, those cells are zeroes. These cells can also be changed, and the changes will be reflected in the resulting NPV.
Note that things get weird if, say, you input a 1% DR and a 3% COLA. The numbers get really large, because the ER goes negative...
Have Funds, Will Retire
...not doing anything of true substance...