Shumlin signs new law to stop pension crooks - WCAX.COM Local Vermont News, Weather and Sports-

Shumlin signs new law to stop pension crooks

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MONTPELIER, Vt. - A new law aims to stop pension crooks before they strike in Vermont. Gov. Peter Shumlin, D-Vermont, signed the measure into law Tuesday that would prevent predatory lenders from fooling retirees into borrowing against their pensions.

State Treasurer Beth Pearce, D-Vermont, says the measure means those pensions will be spent within the Vermont economy rather than lining the pockets of thieves.

"To me it's about doing the right things for our retirees and doing the right thing for the state of Vermont and I'm very proud that we were able to support this bill," said Pearce.

The state has not received any reports of this happening in Vermont, but is worried that incidents are on the rise in other parts of the country.

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