Sec. 15. Financial education
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Not later than 6 months after the date of the enactment of this Act— the Department of the Treasury Office of Financial Education, in consultation with the Department of Labor, shall develop and implement an outreach plan to educate small businesses on the types of retirement plans available and the benefits and requirements of such plans, and the Secretary of the Treasury and the Secretary of Labor shall develop recommendations for small businesses in order to improve retirement outcomes.
Such recommendations shall take into account established behavioral trends of employee investment and the effect of default design features such as auto escalation, expansion of auto rollovers, auto diversification for near retirees, and automatic forms of distribution. Not later than 1 year after the date of the enactment of this Act, the Secretary of the Treasury, in consultation with the Secretary of Education, shall develop sample age-appropriate curricula to be made available for financial literacy education in elementary and secondary schools.
Such curricula shall include the following: How to balance a checkbook, read a credit card statement, and calculate interest rates. What a pay stub is and why Federal and State income taxes and Social Security and Medicare taxes are withheld from wages. The differences between various types of bank accounts. The significance of a credit score and how to read credit reports. The marketing techniques frequently used by individuals and businesses to attract patrons. The importance of saving for college and retirement, including the various methods for saving such as traditional pensions, 401(k)s, and IRAs.