Olivia Mitchell, Ph.D. of Economics who is an Employee Benefit Plans professor at Wharton School of Business states that State and Local pensions are not governed by ERISA and are only backstopped by the taxpayer.
Regarding Social Security in the movie Dr. Mitchell states that if nothing is done concerning the current state of Social Security, people receiving Social Security, and future Social Security recipients will see a 35% cut in benefits by 2034. That is closer than you may first think!