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RALEIGH, N.C. – State Employees’ Credit Union (SECU) and Local Government Federal Credit Union (LGFCU) are coming to the rescue of government employees who retired before Oct. 1 and are in danger of not receiving their benefits payments. Because of last minute legislative changes, there was a substantial increase in the number of government employees who chose to retire before Oct. 1. The problem is all these new retirement applications have caused delays in benefit payments for the new retirees. The credit unions have partnered with State Treasurer Richard H. Moore to offer bridge loans for retirees who may experience a financial hardship due to the delayed payment. Both credit unions have agreed to provide the loans for a total cost of $.50, regardless of the loan amount. “We are working diligently to process the unprecedented level of retirement applications received this fall,” said Moore. “To ensure that no one is adversely effected during the holidays I approached SECU and LGFCU who agreed to offer an interest free bridge loan option, which we hope will prevent financial hardship for retirees during this high volume period.” The number of retirees affected by the delayed payments is more than 2,000, according to LGFCU.

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