Missouri Gov. Jay Nixon has signed into law the prohibition of pension advances to public employees.
As a result, Missouri became the first state to prohibit pension advances to public employees, though other states are beginning to move in a similar direction.
In April, Vermont passed a law requiring pension advance companies be licensed by the state and ordered them to comply with the interest-rate limits placed on other regulated lenders.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
