From the Desk of Senator Tim Kaine
As a member of the Senate's Special Committee on Aging, I'm excited about the opportunity to address the issues impacting our nation's senior population. This week, the Committee tackled a topic that many seniors, particularly military veterans, have been affected by: pension advance schemes.
Some pension advance companies use predatory tactics and attractive advertisements to take advantage of seniors' pension plans. They promise to provide a lump sum in exchange for monthly payments directly from a person's pension plan. Sadly, many of these deals end up bankrupting seniors, including many veterans who earned their pensions serving our country.
The Aging Committee discussed this problem, asked about solutions or alternatives to pension advances and debated whether stronger oversight is needed in order to protect people from falling victim to these schemes.
You can watch the whole hearing here and watch my comments and questions during it here. Always feel free to contact my seven offices, in Washington, D.C. and throughout Virginia, by phone, mail or my website with questions and suggestions.