PBGC Takes Over Abandoned Circuit City Pension Plan

Law360, New York (May 27, 2009, 12:00 AM EDT) -- The Pension Benefit Guaranty Corp. has assumed responsibility for a plan covering more than 21,000 former workers and retirees of bankrupt Circuit City Stores Inc., putting the agency on the hook for $62 million of the plan's funding gap.

The agency announced it had taken control on Wednesday following the U.S. Bankruptcy Court for the Eastern District of Virginia's approval of part of the defunct electronics retailers liquidation efforts, which are expected to result in the abandonment of the underfunded plan, according to the PBGC....
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