Jump to Navigation
Jump to Content

Pension advance

​Pension advance firms could get windfall from Dallas funding crisis

News Item

A proposal being floated by state lawmakers to fix the troubled Dallas police and fire pension could benefit companies that some fear would prey upon retirees seeking advances on their plans.

More...

Comments to Consumer Financial Protection Bureau on Pension Advance Loans (October 13, 2016)

Regulations

The Consumer Financial Protection Bureau issued a Request for Information on financial products that present consumer protection issues but are not included in the Bureau’s proposed rule on payday loans. The Pension Rights Center submitted comments on pension advances, a type of loan designed to skirt federal and state laws on disclosure and interest rates.

More...

Plucking people’s pensions

News Item

That’s what’s happening for some folks who are giving up rights to future pension payments, reports The Washington Post’s Jonnelle Marte. It’s called pension advances, which offer retirees a lump-sum cash advance in exchange for all, or part, of their future pension payments, according to Marte.

More...

The facts about pension advances

Publication

This fact sheet describes pension advances, financial transactions in which a company gives a retiree a lump-sum cash payment in return for some or all of the retiree’s monthly pension payments for a specified period of time. Pension advances can have extremely high interest rates and threaten the economic security of the retirees who receive them.

More...

Controversial Pension Advance Industry Flourishes With Little Federal, State Scrutiny

News Item

Effectively unregulated in all but two states, pension advance outfits offer lump-sum payments in exchange for a claim on future pension payouts, often from military retirees. As recent reports from the Government Accountability Office have found, the effective interest rates can be astronomical. In California, rates ranged as high as 84 percent, 7 times the state’s legal maximum.

More...

5 Things to Know About Pension Advances

News Item

If you need money in a pinch you may be tempted to take an advance on your pension. However, if you’re not careful, you could get lured into a scam and lose the money you’ve worked so hard for.

More...

13 On Your Side Consumer Alert: Pension Advances

News Item

Michigan Attorney General Bill Schuette is warning consumers about a relatively new practice called pension advances.

More...

Bill would regulate pension advance schemes marketed to federal and military retirees

Legislation

On October 23, 2013, Representative Matt Cartwright (D-PA) introduced H.R. 3310, the Annuity Safety and Security Under Reasonable Enforcement Act of 2013 (ASSURE Act).

More...
print Syndicate content