Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The Consumer Financial Protection Bureau released a consumer advisory Tuesday that warns of the potential dangers of pension advances, and provided a list of guidelines for those considering advances to help them proceed with caution.

Pension advances are offers of a loan or cash advance in exchange for some or all of a retiree’s future pension payments. The CFPB guidelines, titled “3 Pension Advance Traps to Avoid” advises, first and foremost, that those considering a pension advance to explore alternatives and consult with a financial professional to weigh their options. There are non-profit credit counseling agencies with sliding-scale fees for those in difficult financial situations.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

Dig Deeper



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.