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May 15, 2014JEFFERSON CITY, Mo. | By: Associated Press (AP)
Missouri lawmakers have passed a measure intended to block business arrangements in which public employees sign over their future pension rights to get quick cash.
State Treasurer, Clint Zweifel, says the bill would make Missouri the first state to prohibit pension advances targeting public employees.
Under the arrangements, retired employees receive an up front lump sum of money from a business, which then gets the rights to all or part of the future pension payments. The deals often carry consumer fees.
A bill given final approval yesterday would prohibit the transfer of the pension rights to other entities. It gives the attorney general power to investigate and take legal action against such businesses.