Groups Make Available Elderly Scam Prevention
Materials
July 1, 2008 (PLANSPONSOR.com) - The Financial
Industry Regulatory Authority (FINRA) and the International
Foundation of Employee Benefit Plans are working together to
get out the word about two new online resources to help
companies and their older workers protect themselves from
early retirement scams.
The employer resource, "
Help Your Employees Achieve Their Retirement Dream: Tips
for Spotting Early Retirement Scams," offers tips on
evaluating the financial professionals involved in early
retirement seminars and the seminar materials such as
invitations, slides, handouts and scripts.
Company representatives may also refer early
retirement seminar materials to FINRA for review if they
have concerns. FINRA staff will review all seminar
materials referred and inform the company whether the
materials are consistent with applicable standards,
according to a news release.
A second resource,
Early Retirement Seminars 101: Smart Tips for Spotting
Retirement Scams, alerts employees to the pitfalls of early
retirement schemes.
"After helping employees lay the groundwork
for financial independence in retirement through
company-sponsored plans, companies don't want to
unwittingly help scamsters lure their employees into an
early - and financially perilous - retirement," said
FINRA CEO Mary L. Schapiro, in the announcement.
"While many third-party seminars offer solid
information, others - especially those that promote early
retirement - may include misleading, even fraudulent
promises of big financial returns and the dream of a
comfortable, but ultimately unsustainable, retirement
lifestyle."
The materials are available at
www.finra.org/investor
and
www.ifebp.org/FinancialLiteracyResources
.
Fred Schneyer
editors@plansponsor.com