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The PBGC (i.e., Pension Benefit Guaranty Corp) doesn't cover state, or other public-sector pensions. They only cover private plans that pay insurance premiums for the coverage.

Not speaking for others, but I think the poster might have been raising the issue of whether the US Government will bail out the pension and health liabilities of cities, counties, and states. Personally, I think this would be a disaster for the US as a whole, plus it would do nothing but encourage further expansion of unfunded benefits by local governments.
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