WASHINGTON, D.C. - The Pension Benefit Guaranty Corporation will now take over the pension plans for Value City Department Stores.

The PBGC will assume two under-funded pension plans covering about 760 former workers and retirees.

The corporation stepped in because the pensions faced abandonment as Value City began liquidating all of its assets under its bankruptcy proceedings.

Retirees under the plans will continue to receive their monthly benefit checks without interruption and other workers will receive their pensions when they are eligible to retire.