Senate committee plans to scrutinize pension-income sales

11/20/2011 | Wall Street Journal, The

The small but growing business of retirees selling future pension payments to investors is a potential target of Sen. Tom Harkin, D-Iowa, chairman of the Senate Health, Education, Labor and Pensions Committee. Harkin wants to ensure that "laws are respected and pension participants are not abused," he said. In the practice, investors buy future benefit payments from retirees, usually through middlemen, while retirees collect cash upfront.

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