Sec. 661. IMPROVEMENT OF FINANCIAL LITERACY AND PREPAREDNESS OF MEMBERS OF THE ARMED FORCES
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## SEC. 661 IMPROVEMENT OF FINANCIAL LITERACY AND PREPAREDNESS OF MEMBERS OF THE ARMED FORCES ###
(a)Sense of Congress on Financial Literacy and Preparedness of Members It is the sense of Congress that— ####
(1)the Secretary of Defense should strengthen arrangements with other departments and agencies of the Federal Government and nonprofit organizations in order to improve the financial literacy and preparedness of members of the Armed Forces; and ####
(2)the Secretaries of the military departments and the Chiefs of Staff of the Armed Forces should provide support for the financial literacy and preparedness training carried out under section 992 of title 10, United States Code, as amended by subsections (b), (c), and (d). ###
(b)Provision of Financial Literacy and Preparedness Training Subsection
(a)of section 992 of title 10, United States Code, is amended— ####
(1)in the subsection heading, by striking “Consumer Education” and inserting “Financial Literacy Training”; ####
(2)in paragraph (1), by striking “education” in the matter preceding subparagraph
(A)and inserting “financial literacy training”; ####
(3)by striking paragraph
(2)and inserting the following new paragraph: > > #### “(2) > > Training under this subsection shall be provided to a member of the armed forces— > > > ##### “(A) > > as a component of the initial entry training of the member; > > > ##### “(B) > > upon arrival at the first duty station of the member; > > > ##### “(C) > > upon arrival at each subsequent duty station, in the case of a member in pay grade E-4 or below or in pay grade O-3 or below; > > > ##### “(D) > > on the date of promotion of the member, in the case of a member in pay grade E-5 or below or in pay grade O-4 or below; > > > ##### “(E) > > when the member vests in the Thrift Savings Plan
(TSP)under section 8432(g)(2)(C) of title 5; > > > ##### “(F) > > when the member becomes entitled to receive continuation pay under section 356 of title 37, at which time the training shall include, at a minimum, information on options available to the member regarding the use of continuation pay; > > > ##### “(G) > > at each major life event during the service of the member, such as— > > > ###### “(i) > > marriage; > > > ###### “(ii) > > divorce; > > > ###### “(iii) > > birth of first child; or > > > ###### “(iv) > > disabling sickness or condition; > > > ##### “(H) > > during leadership training; > > > ##### “(I) > > during pre-deployment training and during post-deployment training; > > > ##### “(J) > > at transition points in the service of the member, such as— > > > ###### “(i) > > transition from a regular component to a reserve component; > > > ###### “(ii) > > separation from service; or > > > ###### “(iii) > > retirement; and > > > ##### “(K) > > as a component of periodically recurring required training that is provided to the member at a military installation.” > ; ####
(4)in paragraph (3), by striking “paragraph (2)(B)” and inserting “paragraph (2)(J)”; and ####
(5)by adding at the end the following new paragraph: > > #### “(4) > > The Secretary concerned shall prescribe regulations setting forth any other events and circumstances (in addition to the events and circumstances described in paragraph (2)) upon which the training required by this subsection shall be provided.” > . ###
(c)Survey of Members’ Financial Literacy and Preparedness Such section is further amended— ####
(1)by redesignating subsection
(d)as subsection (e); and ####
(2)by inserting after subsection
(c)the following new subsection (d): > > ### “(d) Financial Literacy and Preparedness Survey > > > ####
(1)> > The Director of the Defense Manpower Data Center shall annually include in the status of forces survey a survey of the status of the financial literacy and preparedness of members of the armed forces. > > > #### “(2) > > The results of the annual financial literacy and preparedness survey— > > > ##### “(A) > > shall be used by each of the Secretaries concerned as a benchmark to evaluate and update training provided under this section; and > > > ##### “(B) > > shall be submitted to the Committees on Armed Services of the Senate and the House of Representatives.” > . ###
(d)Financial Services Defined Subsection
(e)of such section, as redesignated by subsection (c)(1) of this section, is amended by adding at the end the following new paragraph: > > #### “(4) > > Health insurance, budget management, Thrift Savings Plan (TSP), retirement lump sum payments (including rollover options and tax consequences), and Survivor Benefit Plan (SBP).” > . ###
(e)Clerical Amendments ####
(1)Section heading The heading of such section is amended to read as follows: > > ## “SEC. 992 Financial literacy training: financial services” > . ####
(2)Table of sections The table of sections at the beginning of chapter 50 of such title is amended by striking the item related to section 992 and inserting the following new item:" “992. Financial literacy training: financial services.” ". ###
(f)Implementations **[**[10 U.S.C. 992 note](/us/usc/t10/s992)**]** Not later than six months after the date of the enactment of this Act, the Secretary of the military department concerned and the Secretary of the Department in which the Coast Guard is operating shall commence providing financial literacy training under section 992 of title 10, United States Code, as amended by subsections (b), (c), and
(d)of this section, to members of the Armed Forces.
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Sec. 661
IMPROVEMENT OF FINANCIAL LITERACY AND PREPAREDNESS OF MEMBERS OF THE ARMED FORCES
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