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QUICK TAKE: Senate Committee Considers Pension-Resale Probe -- WSJ QUICK TAKE: Senate Committee Considers Pension-Resale Probe -- WSJ

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Congress

CONGRESS

QUICK TAKE: Senate Committee Considers Pension-Resale Probe -- WSJ

The Senate Health, Education, Labor, and Pensions Committee is considering investigating the practice of purchasing pensions to sell to investors, The Wall Street Journal reports.

Committee ChairmanTom Harkin, D-Iowa, said middlemen profit from selling the pensions of veterans and other retirees, "a worrisome new practice that deserves careful scrutiny."

 

Investors themselves won't be targeted. Instead, middlemen such as website operators, firms that bundle transactions, and the financial advisers who connect pensioners to investors will be investigated.

"It is critically important that people forced to make these tough decisions have the information they need to make wise choices, and don't fall victim to unscrupulous or illegal practices," Harkin said.

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