[nascarnation]

http://www.pbgc.gov/wr/find-an-insured-pension-plan/pbgc-protects-pensions.html

While we insure most private-sector pension plans, Congress has also defined exceptions that PBGC does not insure. For example, PBGC does not insure: federal, state, and local/municipal government pensions,

[tired&retired]

Thanks....

[GeronL]

Government exempted themselves from the rules they imposed on others to fully fund these kind of pensions.