He said that included the value of pension. Government pensions are amazingly good. If you can ever be a government employee, do it.
Suppose you dick around for a couple years before going back to college. You graduate at 25 and be a teacher. After 30 years of service, you get full pension, so that would be age 55. Average American lives to roughly 80, so you could be on pension for about 25 years. My dad has one of those full pension deals since he was a government worker (not a teacher) and it's a really sweet deal.
Police, military, and fire pensions are why governments are going bankrupt like crazy. It was anticipated that the guy would get paid $50k per year then die within a couple years of retirement, so the total cost of the employee was $50k. It turns out people live really damn long these days so now those employees retroactively cost about $100k per year. That's obviously a major concern. That would be like if you bought a car for $5k thinking it was all good, but the car is actually broken and you need to pump another $5k into it just to make it work properly. Even though the sticker price was $5k, saying the true cost of it was $10k would be more accurate.