The network was founded in August 2004 by Jim Hosking, a retired pilot for bankrupt United Airlines, one of the most infamous cases of big US companies not being able to pay their pension obligations. In April 2005, The Pension Benefit Guaranty Corporation and United Airlines reached an agreement in which the insurer agreed to take over four of the carrier’s plans (SeeUnited, PBGC Hammer Out Plan Takeover Pact).
“The termination of promised pension benefits by American corporations is one of the greatest tragedies facing the nation today,” said Hosking, PPN chairman, in a release about the Web site. “It may have a devastating effect on working families for generations to come. PPN’s mission is to assist those workers and retirees who have been or could be financially impacted by the termination of promised pension benefits — which unfortunately includes more than 44 million Americans.”
According to the release, the site – www.protectpensions.org – providesresources to inform and motivate workers and retirees to safeguard their pensions.
Also trying to draw attention to the increasing cases of pension defaults is Stewardesses Stripped, a group of active and retired flight attendants who have just released their second calendar, featuring scantily clad women to make the point that pensions are being stripped.
To get a copy of the 2007 calendar, go to www.stewsstripped.com .
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