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PBGC Takes Over Circuit City Pension Plan

The plan, which covers more than 21,000 former workers and retirees, is estimated to be 82 percent funded, with $284.9 million in assets to cover $349 million in liabilities.

  • June 1, 2009
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The Pension Benefit Guaranty Corp. took over the defined-benefit pension plan of defunct electronic retailer Circuit City Stores Inc., Richmond, Virginia.

The plan, which covers more than 21,000 former workers and retirees, is estimated to be 82 percent funded, with $284.9 million in assets to cover $349 million in liabilities.

The Pension Benefit Guaranty Corp. expects to cover $62 million of the $64 million shortfall, the agency said in a news release.

Circuit City filed for Chapter 11 bankruptcy protection in November 2008 and subsequently liquidated. The pension plan was terminated March 31.

Filed by Jerry Geisel of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com

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