Sy Larson of New Jersey AARP
Annuities can be a useful investment tool when planning for retirement. However, the annuities market is plagued by fraudulent behavior and deceitful tactics that could turn a worthy investment into a living nightmare.Senator Bill Baroni (R-14) and Assembly members Linda R. Greenstein (D-14) and Wayne P. De Angelo (D-14) are sponsoring a bill that will help to clean up the annuity industry.
Bills S1165/A2252, or the Predatory Annuities Prevention Act, will help protect customers entering the annuity market. The bill proposes a one-page form that explains the details of the annuity and a ban on salespeople using false titles and untruthful practices in annuity sales. Also, customers will be granted a 10-day grace period during which an annuity can be cancelled.
We invite New Jersey citizens to join us in the fight against predatory annuity salespeople. Call the predatory annuities prevention hotline at 1-800-260-0130 to urge your legislators to cosponsor this very important legislation. United, we can pass this excellent bill that will reshape the annuity industry for the better.
Sy Larson, president
AARP-New Jersey
Rockingham Row
Princeton
