VIDEO MESSAGE TO CIRCUIT CITY PARTICIPANTS FROM ACTING DIRECTOR VINCE SNOWBARGER
My name is Vince Snowbarger, and I am the acting director of the Pension Benefit Guaranty Corporation or the PBGC.
Our mission at the PBGC is to protect the pension benefits of American workers.
My message today is for the men and women who worked for Circuit City, the electronics retailer now in bankruptcy: Although your company has failed, your pension is safe.
The Circuit City pension plan is now under the protection of the PBGC, America’s pension insurance program. The PBGC has stepped in as trustee, and is responsible for your benefit.
What does this mean for you?
If you are already retired, you will now receive your monthly pension benefit from the PBGC. There will be no interruption. Your check will come on time, next month, and every month.
Many Circuit City employees have earned a pension benefit, but are not yet eligible to retire. To those individuals: Your benefit is safe, and it will be there when you are ready to start collecting it.
At a time like this, we know you must have many questions.
In the next few weeks, you will receive a welcome kit with important information about your benefit.
In the meantime, we have several resources available on our Web site, pbgc.gov. We have created a special Circuit City page with answers to frequently asked questions. There is also a link to a video to introduce you to the PBGC. I also encourage you to check out MyPBA. It is our online service where you will be able to communicate with us electronically.
Circuit City workers now join the almost one and a half million Americans who rely on the PBGC for their pension benefit. You are our customers, and all PBGC employees share a commitment to the best possible customer service.
Finally, in these troubled economic times, you may wonder if the PBGC will be able to keep paying your benefit. Let me assure you that we have the resources to meet all our obligations—next month, next year, and far into the future. Thank you.