An investigation by the Government Accountability Office has found that a federal pension program aimed at low-income veterans isn't living up to its promises, and is also particularly easy to abuse.
According to the New York Times, the veterans' program is so full of loopholes that an entire industry has popped up across the country to help moderately well-off veteran retirees hide their assets so they can qualify for more federal funding.
The GAO report concedes that the practice is not actually illegal, but notes that it goes against the spirit of the retirement benefits program. It also notes that many veterans who attempt to access the benefits, for good or bad, have been stung with especially high charges for inappropriate products.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
