ALBANY, N.Y. (WKBW) — Governor Andrew Cuomo signed new legislation that protects veterans from pension poaching and other scams.
The Pension Poaching Prevention Act makes it illegal for anyone to receive compensation for assisting a veteran with a claim. The law also prevents businesses and organizations from charging unreasonable fees and guaranteeing a person will get a specific amount of money.
"Our veterans bravely put their lives on the line to protect our country and our freedoms, and we owe it to them to help ensure they have the protections and resources they need to be financially stable in the future," Governor Cuomo said in a statement. "There are plenty of business that legitimately assist veterans and their families. However, there are far too many bad actors who prey upon the individuals who have valiantly served our state and our nation, causing irreparable financial harm."
According to Governor Cuomo's office, the number of pension poaching scams are increasing nationwide. Pension poaching involves insurance agents, financial planners and other entities who target veterans and the elderly.
"I applaud the signing of The Pension Poaching Prevention Act by Governor Cuomo, which provides some of strongest fiscal protections in the nation for Veterans and their families," Division of Veterans' Service Director Jim McDonough said. "Now, those that served and call New York home will know that their earned benefits will be protected from those who would take advantage of them."
The Pension Poaching Prevention Act will go into law in 120 days.
