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Sen. Warren rips Primerica president during Senate panel on DOL rule BenefitsPro
“Regulators found the firm had acted properly,” countered Schneider.
Thank you Sen Warren (D-MA)![salute :salute: :salute:](/styles/smilies/salute.gif)
“Regulators found the firm had acted properly,” countered Schneider.
“I’m going to stop you right there,” said Warren. “The question about the regulators is the question about is it legal to do that, and that is exactly the problem we’ve got. It is legal to do that,” she stated.
When Warren again asked about the wisdom of cashing out guaranteed pensions just before retirement, Schneider explained that in some instances, it might be sound advice. He provided the example of a gravely ill pension participant, who in Florida is prohibited from passing pension assets on to heirs.
“I’m sorry. Are you suggesting these 238 people were weeks away from dying and that’s why they all got that advice,” asked an incredulous Warren.
“Senator, the courts dismissed those cases,” argued Schneider.
“Because it is legal activity. I think we’ve established that Mr. Schneider, that no one broke the law. The question is whether the law should be changed,” challenged Warren.
Thank you Sen Warren (D-MA)
![salute :salute: :salute:](/styles/smilies/salute.gif)