The democrats are more inclined to bail people, businesses, states out than the republicans, but Bush disproved this. In reality, there is little difference between the two parties.
I believe you will see the union and state pensions become insolvent and they will be merged, along with the IRAs, into the social security system or one very much like it.
Bankruptcy is not a bailout, its a simple recognition that it cannot be paid back (whether for a good or bad reason that caused it). It just makes creditors eat losses. There already is a pension fund that the fed government runs when pension funds go belly up. You usually end up with half or less of what you were going.