PBGC Assumes Circuit City Plan

The PBGC has assumed responsibility for the Circuit City pension plan in view of the company’s bankruptcy and impending liquidation. The agency stepped in as the underfunded plan, reported to be more than 80% funded, will be abandoned following the liquidation of the company’s assets during bankruptcy proceedings. 

Document Excerpt

WASHINGTON—The Pension Benefit Guaranty Corporation (PBGC) today announced it has assumed responsibility for a pension plan covering more than 21,000 former workers and retirees of Circuit City, a defunct electronics retailer based in Richmond, Va.

Link http://www.pbgc.gov/media/news-archive/news-releases/2009/pr09-32.html

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