Curious, what calculator did you use? I found a calculator that gives you PV based on gender, age, actuarial mortality table, setback, monthly payments and interest rate but there's no input to add a COLA factor.
It's true about a lot of folks not including the value of pension. Granted, for non-SS govt, since you're also contributing part of your salary to your pension and will likely receive reduced or no SS, the PV of pension should be discounted based on contributions in excess of SS 6.2% and PV of SS benefits.
Another thing most folks don't consider when computing the compensation package are leave, medical and other fringe benefits. Having worked briefly at a place where we only got 3 holidays a year (Thanksgiving, Christmas and New Year) and knowing plenty of nurses and retail employees who have to work even on those days, I must say I love the paid holidays we get at work on top of the earned vacation leave.