MO Pensions Protected

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Our View: Pensions protected

The Joplin Globe

It’s an enticing scheme for retirees who need quick cash—take out an advance on your pension and pay it back.
Sounds easy and convenient. But these so-called pension advances are fraught with hidden fees and high interest rates, and they can rob those who need their pension benefits.
Missouri has become the first state to prohibit pension advances in exchange for all or a portion of a retiree’s public pension benefit.
State Treasurer Clint Zweifel, who supported the legislation, told the Globe on Monday that closing the doors on this practice tells these types of companies that they shouldn’t bother to set up shop in Missouri.
“Without being able to make pension advances to people who have public pensions, it makes our state a whole lot less attractive to these companies,” Zweifel said.
The measure passed with bipartisan support and will keep these types of unregulated transactions with public pensions from playing out.
Rep. Tony Dugger, R-Hartville, who filed the House bill seeking the prohibition, declared the practice as “unacceptable.”
“Unregulated pension advances pose substantial financial hazards not only for Missouri’s retired public employees but also impede banks throughout Missouri from making truly informed decisions on potential loans,” Dugger said in a statement he made when introducing the legislation.
Zweifel says he wants to know if someone has been approached by businesses promoting pension advances. If that has happened to you, we would encourage you to go to the treasurer’s website, treasurer.mo.gov, and click on the pension advance portal.
http://www.joplinglobe.com/editorial/x1667061550/Our-View-Pensions-protected
Missouri State Library Reference Services 16 of 18

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