II 

117TH CONGRESS 

1ST SESSION S. 2995 

To improve the provision of financial literacy training and information relating 

to the Blended Retirement System to members of the Armed Forces. 

IN THE SENATE OF THE UNITED STATES 

OCTOBER 19, 2021 

Mrs. MURRAY introduced the following bill; which was read twice and referred 

to the Committee on Armed Services 

A BILL 

To improve the provision of financial literacy training and 

information relating to the Blended Retirement System 

to members of the Armed Forces. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Re-open Enrollment 

5 for Servicemembers to Opt-in to Updated Retirement 

6 Choice for Enduring Security Act of 2021’’ or the ‘‘RE7 SOURCES Act of 2021’’. 


pamtmann on DSKBC07HB2PROD with BILLS
2 

•S 2995 IS

1 SEC. 2. IMPROVEMENTS TO FINANCIAL LITERACY TRAIN2 ING; PROVISION OF INFORMATION RELATING 

3 TO THE BLENDED RETIREMENT SYSTEM. 

4 (a) IMPROVEMENTS TO FINANCIAL LITERACY TRAIN5 ING.— 

6 (1) IN GENERAL.—Subsection (a) of section 

7 992 of title 10, United States Code, is amended— 

8 (A) in paragraph (2)(C), by striking 

9 ‘‘grade E–4’’ and inserting ‘‘grade E–6’’; 

10 (B) by adding at the end the following new 

11 paragraph: 

12 ‘‘(5) In carrying out the program to provide training 

13 under this subsection, the Secretary concerned shall— 

14 ‘‘(A) require the development of a standard cur15 riculum across all military departments for such 

16 training that— 

17 ‘‘(i) focuses on ensuring that members of 

18 the armed forces who receive such training de19 velop proficiency in financial literacy rather 

20 than focusing on completion of training mod21 ules; 

22 ‘‘(ii) is based on best practices in the fi23 nancial services industry, such as the use of a 

24 social learning approach and the incorporation 

25 of elements of behavioral economics or gamifi26 cation; and 


pamtmann on DSKBC07HB2PROD with BILLS
3 

•S 2995 IS

1 ‘‘(iii) is designed to address the needs of 

2 members and their families; 

3 ‘‘(B) ensure that such training— 

4 ‘‘(i) is conducted by a financial services 

5 counselor who is qualified as described in para6 graph (3) of subsection (b) or by other means 

7 as described in paragraph (2)(A)(ii) of that 

8 subsection; 

9 ‘‘(ii) is provided, to the extent prac10 ticable— 

11 ‘‘(I) in a class held in person with 

12 fewer than 50 attendees; or 

13 ‘‘(II) one-on-one between the member 

14 and a financial services counselor or a 

15 qualified representative described in sub16 clause (III) or (IV) of subsection 

17 (b)(2)(A)(ii); and 

18 ‘‘(iii) is provided using computer-based 

19 methods only if methods described in clause (ii) 

20 are impractical or unavailable; 

21 ‘‘(C) ensure that— 

22 ‘‘(i) an in-person class described in sub23 paragraph (B)(i)(I) is available to the spouse of 

24 a member; and 


pamtmann on DSKBC07HB2PROD with BILLS
4 

•S 2995 IS

1 ‘‘(ii) if a spouse of a member is unable to 

2 attend such a class in person— 

3 ‘‘(I) training is available to the spouse 

4 through Military OneSource; and 

5 ‘‘(II) the member is informed during 

6 the in-person training of the member 

7 under subparagraph (B)(i) with respect to 

8 how the member’s spouse can access the 

9 training; 

10 ‘‘(D) ensure that such training, and all docu11 ments and materials provided in relation to such 

12 training, are presented or written in manner that 

13 the Secretary determines can be understood by the 

14 average enlisted member.’’. 

15 (2) QUALIFIED REPRESENTATIVES FOR COUN16 SELING FOR MEMBERS AND SPOUSES.—Subsection 

17 (b)(2)(A)(ii) of such section is amended by adding at 

18 the end the following: 

19 ‘‘(IV) Through qualified representatives of 

20 banks or credit unions operating on military in21 stallations pursuant to an operating agreement 

22 with the Department of Defense or a military 

23 department.’’. 

24 (3) PROVISION OF RETIREMENT INFORMA25 TION.—Such section is further amended— 


pamtmann on DSKBC07HB2PROD with BILLS
5 

•S 2995 IS

1 (A) by redesignating subsections (d) and 

2 (e) as subsections (e) and (g), respectively; and 

3 (B) by inserting after subsection (c) the 

4 following new subsection (d): 

5 ‘‘(d) PROVISION OF RETIREMENT INFORMATION.—In 

6 each training under subsection (a) and in each meeting 

7 to provide counseling under subsection (b), a member of 

8 the armed forces shall be provided with— 

9 ‘‘(1) all forms relating to retirement that are 

10 relevant to the member, including with respect to the 

11 Thrift Savings Plan; 

12 ‘‘(2) information with respect to how to find ad13 ditional information; and 

14 ‘‘(3) contact information for counselors pro15 vided through— 

16 ‘‘(A) the Personal Financial Counselor pro17 gram, the Personal Financial Management pro18 gram, or Military OneSource; or 

19 ‘‘(B) nonprofit organizations or agencies 

20 that have in effect agreements with the Depart21 ment of Defense to provide financial services 

22 counseling.’’. 

23 (4) ADVISORY COUNCIL ON FINANCIAL READI24 NESS.—Such section is further amended by inserting 


pamtmann on DSKBC07HB2PROD with BILLS
6 

•S 2995 IS

1 after subsection (e), as redesignated by paragraph 

2 (3)(A), the following new subsection: 

3 ‘‘(f) ADVISORY COUNCIL ON FINANCIAL READI4 NESS.— 

5 ‘‘(1) ESTABLISHMENT.—There is established an 

6 Advisory Council on Financial Readiness (in this 

7 section referred to as the ‘Council’). 

8 ‘‘(2) MEMBERSHIP.— 

9 ‘‘(A) IN GENERAL.—The Council shall con10 sist of 12 members appointed by the Secretary 

11 of Defense, as follows: 

12 ‘‘(i) Three shall be representatives of 

13 military support organizations. 

14 ‘‘(ii) Three shall be representatives of 

15 veterans service organizations. 

16 ‘‘(iii) Three shall be representatives of 

17 private, nonprofit organizations with a 

18 vested interest in education and commu19 nication of financial education and finan20 cial services. 

21 ‘‘(iv) Three shall be representatives of 

22 governmental entities with a vested inter23 est in education and communication of fi24 nancial education and financial services. 


pamtmann on DSKBC07HB2PROD with BILLS
7 

•S 2995 IS

1 ‘‘(B) QUALIFICATIONS.—The Secretary 

2 shall appoint members to the Council from 

3 among individuals qualified to appraise military 

4 compensation, military retirement, and financial 

5 literacy training. 

6 ‘‘(C) TERMS.—Members of the Council 

7 shall serve for terms of three years, except that, 

8 of the members first appointed— 

9 ‘‘(i) four shall be appointed for terms 

10 of one year; 

11 ‘‘(ii) four shall be appointed for terms 

12 of two years; and 

13 ‘‘(iii) four shall be appointed for 

14 terms of three years. 

15 ‘‘(D) REAPPOINTMENT.—A member of the 

16 Council may be reappointed for additional 

17 terms. 

18 ‘‘(E) VACANCIES.—Any member appointed 

19 to fill a vacancy occurring before the expiration 

20 of the term of office for which such member’s 

21 predecessor was appointed shall be appointed 

22 only for the remainder of such term. 

23 ‘‘(3) DUTIES AND FUNCTIONS.—The Council 

24 shall— 


pamtmann on DSKBC07HB2PROD with BILLS
8 

•S 2995 IS

1 ‘‘(A) advise the Secretary with respect to 

2 matters relating to the financial literacy and fi3 nancial readiness of members of the armed 

4 forces; and 

5 ‘‘(B) submit to the Secretary recommenda6 tions with respect to those matters. 

7 ‘‘(4) MEETINGS.— 

8 ‘‘(A) IN GENERAL.—Subject to subpara9 graph (B), the Council shall meet not less fre10 quently than twice each year and at such other 

11 times as the Secretary requests. 

12 ‘‘(B) DURING ELECTION PERIOD FOR

13 BLENDED RETIREMENT SYSTEM.—During the 

14 period beginning on the date of the enactment 

15 of the Re-open Enrollment for Servicemembers 

16 to Opt-in to Updated Retirement Choice for 

17 Enduring Security Act of 2021 and ending at 

18 the end of the period provided for under section 

19 1409(b)(4) and 12739(f) to elect to be enrolled 

20 in the Blended Retirement System, the Council 

21 shall meet not less frequently than every 90 

22 days. 

23 ‘‘(C) QUORUM.—A majority of members 

24 shall constitute a quorum and action shall be 


pamtmann on DSKBC07HB2PROD with BILLS
9 

•S 2995 IS

1 taken only by a majority vote of the members 

2 present and voting. 

3 ‘‘(5) SUPPORT SERVICES.—The Secretary— 

4 ‘‘(A) shall provide to the Council an execu5 tive secretary and such secretarial, clerical, and 

6 other support services as the Council considers 

7 necessary to carry out the duties of the Council; 

8 and 

9 ‘‘(B) may request that other Federal agen10 cies provide statistical data, reports, and other 

11 information that is reasonably accessible to as12 sist the Council in the performance of the du13 ties of the Council. 

14 ‘‘(6) COMPENSATION.—While away from their 

15 homes or regular places of business in the perform16 ance of services for the Council, members of the 

17 Council shall be allowed travel expenses, including 

18 per diem in lieu of subsistence, in the same manner 

19 as persons employed intermittently in the Govern20 ment service are allowed expenses under section 

21 5703 of title 5. 

22 ‘‘(7) ANNUAL REPORT.—Not less frequently 

23 than annually, the Secretary shall submit to Con24 gress a report that— 


pamtmann on DSKBC07HB2PROD with BILLS
10 

•S 2995 IS

1 ‘‘(A) describes each recommendation re2 ceived from the Council during the preceding 

3 year; and 

4 ‘‘(B) includes a statement, with respect to 

5 each such recommendation, of whether the Sec6 retary has implemented the recommendation 

7 and, if not, a description of why the Secretary 

8 has not implemented the recommendation. 

9 ‘‘(8) TERMINATION.—Section 14(a) of the Fed10 eral Advisory Committee Act (5 U.S.C. App.) (relat11 ing to termination) shall not apply to the Council. 

12 ‘‘(9) DEFINITIONS.—In this subsection: 

13 ‘‘(A) MILITARY SUPPORT ORGANIZA14 TION.—The term ‘military support organiza15 tion’ means an organization that provides sup16 port to members of the armed forces and their 

17 families with respect to education, finances, 

18 health care, employment, and overall well-being. 

19 ‘‘(B) VETERANS SERVICE ORGANIZA20 TION.—The term ‘veterans service organization’ 

21 means any organization recognized by the Sec22 retary for the representation of veterans under 

23 section 5902 of title 38.’’. 

24 (5) REPORT ON EFFECTIVENESS OF FINANCIAL

25 SERVICES COUNSELING.—Not later than 3 years 


pamtmann on DSKBC07HB2PROD with BILLS
11 

•S 2995 IS

1 after the date of the enactment of this Act, the Sec2 retary of Defense shall submit to the congressional 

3 defense committees (as defined in section 101 of 

4 title 10, United States Code) a report on financial 

5 literacy training and financial services counseling 

6 provided under section 992 of title 10, United States 

7 Code, as amended by this subsection, that as8 sesses— 

9 (A) the effectiveness of such training and 

10 counseling, which shall be determined using ac11 tual localized data similar to the Unit Risk In12 ventory Survey of the Army; and 

13 (B) whether additional training or coun14 seling is necessary for enlisted members of the 

15 Armed Forces or for officers. 

16 (b) MODIFICATIONS TO LUMP SUM PAYMENTS OF

17 CERTAIN RETIRED PAY.— 

18 (1) SPOUSAL CONSENT TO LUMP SUM PAY19 MENT.—Subsection (b) of section 1415 of title 10, 

20 United States Code, is amended by adding at the 

21 end the following: 

22 ‘‘(7) SPOUSAL CONSENT FOR ELECTION OF

23 LUMP SUM PAYMENT.—An eligible person who is 

24 married may not elect to receive a lump sum pay25 ment under this subsection without the concurrence 


pamtmann on DSKBC07HB2PROD with BILLS
12 

•S 2995 IS

1 of the person’s spouse, unless the eligible person es2 tablishes to the satisfaction of the Secretary con3 cerned— 

4 ‘‘(A) that the spouse’s whereabouts cannot 

5 be determined; or 

6 ‘‘(B) that, due to exceptional circum7 stances, requiring the person to seek the 

8 spouse’s consent would otherwise be inappro9 priate.’’. 

10 (2) DISCLOSURES RELATING TO OFFER OF

11 LUMP SUM PAYMENT.—Such section is further 

12 amended— 

13 (A) by redesignating subsection (e) as sub14 section (g); and 

15 (B) by inserting after subsection (d) the 

16 following new subsections: 

17 ‘‘(e) DISCLOSURES RELATING TO OFFER OF LUMP

18 SUM PAYMENT.— 

19 ‘‘(1) IN GENERAL.—Not later than 90 days be20 fore offering an eligible person a lump sum payment 

21 under this section, the Secretary of Defense shall 

22 provide a notice to the person, and the person’s 

23 spouse, if married, that includes the following: 

24 ‘‘(A) A description of the available retire25 ment benefit options, including— 


pamtmann on DSKBC07HB2PROD with BILLS
13 

•S 2995 IS

1 ‘‘(i) the monthly covered retired pay 

2 that the person would receive after the per3 son attains retirement age if the person is 

4 not already receiving such pay; 

5 ‘‘(ii) the monthly covered retired pay 

6 that the person would receive if payments 

7 begin immediately; and 

8 ‘‘(iii) the amount of the lump sum 

9 payment the person would receive if the 

10 person elects to receive the lump sum pay11 ment. 

12 ‘‘(B) An explanation of how the amount of 

13 the lump sum payment was calculated, includ14 ing the interest rate and mortality assumptions 

15 used in the calculation, and whether any addi16 tional benefits were included in the amount. 

17 ‘‘(C) A description of how the option to 

18 take the lump sum payment compares to the 

19 value of the covered retired pay the person 

20 would receive if the person elected not to take 

21 the lump sum payment. 

22 ‘‘(D) A statement of whether, by pur23 chasing a retail annuity using the lump sum 

24 payment, it would be possible to replicate the 

25 stream of payments the person would receive if 


pamtmann on DSKBC07HB2PROD with BILLS
14 

•S 2995 IS

1 the person elected not to take the lump sum 

2 payment. 

3 ‘‘(E) A description of the potential implica4 tions of accepting the lump sum payment, in5 cluding possible benefits and reductions in such 

6 benefits, investment risks, longevity risks, and 

7 loss of protection from creditors. 

8 ‘‘(F) A description of the tax implications 

9 of accepting the lump sum payment, including 

10 rollover options, early distribution penalties, 

11 and associated tax liabilities. 

12 ‘‘(G) Instructions for how to accept or re13 ject the offer of the lump sum payment and the 

14 date by which the person is required to accept 

15 or reject the offer. 

16 ‘‘(H) Contact information for the person to 

17 obtain more information or ask questions about 

18 the option to accept the lump sum payment, in19 cluding the opportunity for a one-on-one meet20 ing with a counselor provided through the Per21 sonal Financial Counselor program or the Per22 sonal Financial Management program. 

23 ‘‘(I) A statement that— 

24 ‘‘(i) financial advisers (other than fi25 nancial services counselors provided 


pamtmann on DSKBC07HB2PROD with BILLS
15 

•S 2995 IS

1 through the Personal Financial Counselor 

2 program or the Personal Financial Man3 agement program) may not be required to 

4 act in the best interests of the person or 

5 the person’s beneficiaries with respect to 

6 determining whether to take the lump sum 

7 payment; and 

8 ‘‘(ii) if the person or a beneficiary of 

9 the person is seeking financial advice from 

10 a financial adviser not affiliated with the 

11 armed forces, the person or beneficiary 

12 should obtain written confirmation that the 

13 adviser is acting as a fiduciary to the per14 son or beneficiary. 

15 ‘‘(J) Such other information as the Sec16 retary considers to be necessary or relevant. 

17 ‘‘(2) FORM.—The Secretary shall ensure that 

18 any notice provided to an eligible person under para19 graph (1)— 

20 ‘‘(A) is written in manner that the Sec21 retary determines can be understood by the av22 erage enlisted member of the armed forces; and 

23 ‘‘(B) is presented in a manner that is not 

24 biased for or against acceptance of the offer of 

25 the lump sum payment. 


pamtmann on DSKBC07HB2PROD with BILLS
16 

•S 2995 IS

1 ‘‘(f) REPORT REQUIRED.—Not later than one year 

2 after the date of the enactment of the Re-open Enrollment 

3 for Servicemembers to Opt-in to Updated Retirement 

4 Choice for Enduring Security Act of 2021, and annually 

5 thereafter, the Secretary shall submit to the congressional 

6 defense committees report that— 

7 ‘‘(1) sets forth the number of members of the 

8 armed forces who take a lump sum payment under 

9 this section; and 

10 ‘‘(2) describes the details of the arrangements 

11 relating to taking such a payment, including— 

12 ‘‘(A) whether members have taken a lump 

13 sum payment in exchange for reduced future 

14 benefits; and 

15 ‘‘(B) information relating to the members 

16 who have taken a lump sum payment, such as 

17 the age and rank of such members.’’. 

18 (c) ADDITIONAL ELECTION PERIOD FOR BLENDED

19 RETIREMENT SYSTEM.— 

20 (1) ADDITIONAL ELECTION PERIOD FOR MEM21 BERS OF UNIFORMED SERVICES.—Section 

22 1409(b)(4) of title 10, United States Code, is 

23 amended— 

24 (A) by striking subparagraph (A) and in25 serting the following new subparagraph (A): 


pamtmann on DSKBC07HB2PROD with BILLS
17 

•S 2995 IS

1 ‘‘(A) REDUCED MULTIPLIER FOR FULL

2 TSP MEMBERS.— 

3 ‘‘(i) IN GENERAL.—Notwithstanding 

4 paragraphs (1), (2), and (3), in the case of 

5 a member described in clause (ii) (referred 

6 to as a ‘full TSP member’)— 

7 ‘‘(I) paragraph (1)(A) shall be 

applied by substituting ‘2’ for ‘21 8 ⁄2’; 

9 ‘‘(II) clause (i) of paragraph 

10 (3)(B) shall be applied by substituting 

11 ‘60 percent’ for ‘75 percent’; and 

12 ‘‘(III) clause (ii)(I) of such para13 graph shall be applied by substituting 

‘2’ for ‘21 14 ⁄2’. 

15 ‘‘(ii) FULL TSP MEMBERS.—A mem16 ber described in this clause is— 

17 ‘‘(I) a member who first becomes 

18 a member of the uniformed services 

19 on or after January 1, 2018; 

20 ‘‘(II) a member described in sub21 paragraph (B) who makes the election 

22 described in that subparagraph; or 

23 ‘‘(III) a member who made the 

24 election described in subparagraph 

25 (B), as in effect on the day before the 


pamtmann on DSKBC07HB2PROD with BILLS
18 

•S 2995 IS

1 date of the enactment of the Re-open 

2 Enrollment for Servicemembers to 

3 Opt-in to Updated Retirement Choice 

4 for Enduring Security Act of 2021.’’; 

5 (B) by striking subparagraph (B) and in6 serting the following new subparagraph (B): 

7 ‘‘(B) ELECTION TO PARTICIPATE IN MOD8 ERNIZED RETIREMENT SYSTEM.—Pursuant to 

9 subparagraph (C), a member of a uniformed 

10 service serving on December 31, 2017, who has 

11 served in the uniformed services for fewer than 

12 12 years as of the date selected by the Sec13 retary of Defense under subparagraph (C)(i)(I), 

14 may elect, in exchange for the reduced multi15 pliers described in subparagraph (A) for pur16 poses of calculating the retired pay of the mem17 ber, to receive Thrift Savings Plan contribu18 tions pursuant to section 8440e(e) of title 5.’’; 

19 (C) in subparagraph (C)(i), by striking 

20 ‘‘the period’’ and all that follows and inserting 

21 that following: ‘‘the period that— 

22 ‘‘(I) begins on a date selected by 

23 the Secretary of Defense, which— 


pamtmann on DSKBC07HB2PROD with BILLS
19 

•S 2995 IS

1 ‘‘(aa) may be not earlier 

2 than January 1, 2023, and not 

3 later than January 1, 2024; and 

4 ‘‘(bb) shall be the same as 

5 the date selected under section 

6 12739(f)(2)(B)(i)(I)(aa); and 

7 ‘‘(II) ends on the date that is 

8 180 days after the date selected under 

9 subclause (I).’’; 

10 (D) by redesignating subparagraph (E) as 

11 subparagraph (F); and 

12 (E) by inserting after subparagraph (D) 

13 the following new subparagraph (E): 

14 ‘‘(E) SPECIAL RULES RELATING TO THE

15 SECOND ELECTION PERIOD.—The Secretary 

16 concerned shall— 

17 ‘‘(i) to the extent practicable, provide 

18 to each member described in subparagraph 

19 (B) (and the member’s spouse, if mar20 ried)— 

21 ‘‘(I) a class, to be held in person 

22 and with fewer than 50 attendees, on 

23 the Blended Retirement System and 

24 the differences between that system 


pamtmann on DSKBC07HB2PROD with BILLS
20 

•S 2995 IS

1 and the predecessor retirement sys2 tem; and 

3 ‘‘(II) financial counseling de4 scribed in section 992(b) focused on 

5 the suitability of the Blended Retire6 ment System in the context of the 

7 member’s personal circumstances; 

8 ‘‘(ii) require each such member to 

9 make the election described in subpara10 graph (B) or decline to make that election; 

11 ‘‘(iii) document the decision of the 

12 member under clause (ii) in a statement 

13 that describes the features of the Blended 

14 Retirement System and of the predecessor 

15 retirement system; and 

16 ‘‘(iv) have the member (and the mem17 ber’s spouse, if married) sign the state18 ment described in clause (iii) to acknowl19 edge understanding of those features.’’. 

20 (2) ADDITIONAL ELECTION PERIOD FOR MEM21 BERS OF RESERVE COMPONENTS.—Section 12739(f) 

22 of title 10, United States Code, is amended— 

23 (A) by striking paragraph (1) and insert24 ing the following new paragraph (1): 


pamtmann on DSKBC07HB2PROD with BILLS
21 

•S 2995 IS

1 ‘‘(1) REDUCED MULTIPLIER FOR FULL TSP

2 MEMBERS.— 

3 ‘‘(A) IN GENERAL.—Notwithstanding sub4 section (a) or (c), in the case of a person de5 scribed in subparagraph (B) (referred to as a 

6 ‘full TSP member’)— 

7 ‘‘(i) subsection (a)(2) shall be applied 

by substituting ‘2 percent’ for ‘21 8 ⁄2 per9 cent’; 

10 ‘‘(ii) subparagraph (A) of subsection 

11 (c)(2) shall be applied by substituting ‘60 

12 percent’ for ‘75 percent’; and 

13 ‘‘(iii) subparagraph (B)(ii) of such 

14 subsection shall be applied by substituting 

‘2 percent’ for ‘21 15 ⁄2 percent’. 

16 ‘‘(B) FULL TSP MEMBERS.—A person de17 scribed in this subparagraph is— 

18 ‘‘(i) a person who first performs re19 serve component service on or after Janu20 ary 1, 2018, after not having performed 

21 regular or reserve component service on or 

22 before that date; 

23 ‘‘(ii) a person described in paragraph 

24 (2)(A) who makes the election described in 

25 that paragraph; or 


pamtmann on DSKBC07HB2PROD with BILLS
22 

•S 2995 IS

1 ‘‘(iii) a person who made the election 

2 described in paragraph (2)(A), as in effect 

3 on the day before the date of the enact4 ment of the Re-open Enrollment for 

5 Servicemembers to Opt-in to Updated Re6 tirement Choice for Enduring Security Act 

7 of 2021.’’; 

8 (B) in paragraph (2)— 

9 (i) by striking subparagraph (A) and 

10 inserting the following new subparagraph 

11 (A): 

12 ‘‘(A) IN GENERAL.—Pursuant to subpara13 graph (B), a person performing reserve compo14 nent service on December 31, 2017, who has 

15 performed fewer than 12 years of service as of 

16 the date selected by the Secretary of Defense 

17 under subparagraph (B)(i)(I) (as computed in 

18 accordance with section 12733 of this title), 

19 may elect, in exchange for the reduced multi20 pliers described in paragraph (1) for purposes 

21 of calculating the retired pay of the person, to 

22 receive Thrift Savings Plan contributions pur23 suant to section 8440e(e) of title 5.’’; 


pamtmann on DSKBC07HB2PROD with BILLS
23 

•S 2995 IS

1 (ii) in subparagraph (B)(i), by strik2 ing ‘‘the period’’ and all that follows and 

3 inserting that following: ‘‘the period that— 

4 ‘‘(I) begins on a date selected by 

5 the Secretary of Defense, which— 

6 ‘‘(aa) may be not earlier 

7 than January 1, 2023, and not 

8 later than January 1, 2024; and 

9 ‘‘(bb) shall be the same as 

10 the date selected under section 

11 1409(b)(4)(C)(i)(I)(aa); and 

12 ‘‘(II) ends on the date that is 

13 180 days after the date selected under 

14 subclause (I).’’; 

15 (C) by redesignating paragraph (3) as 

16 paragraph (4); and 

17 (D) by inserting after paragraph (2) the 

18 following new paragraph (3): 

19 ‘‘(3) SPECIAL RULES RELATING SECOND ELEC20 TION PERIOD.—The Secretary concerned shall— 

21 ‘‘(A) to the extent practicable, provide to 

22 each person described in paragraph (2)(A) (and 

23 the person’s spouse, if married)— 

24 ‘‘(i) a class, to be held in person and 

25 with fewer than 50 attendees, on the 


pamtmann on DSKBC07HB2PROD with BILLS
24 

•S 2995 IS

1 Blended Retirement System and the dif2 ferences between that system and the pred3 ecessor retirement system; and 

4 ‘‘(ii) financial counseling described in 

5 section 992(b) focused on the suitability of 

6 the Blended Retirement System in the con7 text of the person’s personal circum8 stances; 

9 ‘‘(B) require each such person to make the 

10 election described in paragraph (2)(A) or de11 cline to make that election; 

12 ‘‘(C) document the decision of the member 

13 under subparagraph (B) in a statement that de14 scribes the features of the Blended Retirement 

15 System and of the predecessor retirement sys16 tem; and 

17 ‘‘(D) have the member (and the member’s 

18 spouse, if married) sign the statement described 

19 in subparagraph (C) to acknowledge under20 standing of those features.’’. 

21 (3) CONFORMING AMENDMENT.—Section 

22 8440e(e)(1) of title 5, United States Code, is 

23 amended— 

24 (A) in subparagraph (A), by striking ‘‘; 

25 or’’ and inserting a semicolon; 


pamtmann on DSKBC07HB2PROD with BILLS
25 

•S 2995 IS

1 (B) in subparagraph (B)— 

2 (i) in clause (ii), by striking ‘‘has’’ 

3 and inserting ‘‘had’’; 

4 (ii) by striking clause (iii) and insert5 ing the following new clause (iii): 

6 ‘‘(iii) made the election described in 

7 section 1409(b)(4)(B) or 12729(f)(2) of 

8 title 10, as in effect before the date of the 

9 enactment of the Re-open Enrollment for 

10 Servicemembers to Opt-in to Updated Re11 tirement Choice for Enduring Security Act 

12 of 2021, to receive Thrift Savings Plan 

13 contributions under this subsection in ex14 change for the reduced multipliers de15 scribed in section 1409(b)(4)(A) or 

16 12739(f)(1) of title 10, as applicable and 

17 so in effect, for purposes of calculating the 

18 retired pay of the member; or’’; and 

19 (C) by adding at the end the following: 

20 ‘‘(C) who— 

21 ‘‘(i) first entered a uniformed service 

22 before January 1, 2018; 

23 ‘‘(ii) has completed fewer than 12 

24 years of service in the uniformed services 

25 as of the date selected by the Secretary of 


pamtmann on DSKBC07HB2PROD with BILLS
26 

•S 2995 IS

1 Defense under sections 

2 1409(b)(4)(C)(i)(I)(aa) and 

3 12739(f)(2)(B)(i)(I)(aa); and 

4 ‘‘(iii) makes the election described in 

5 section 1409(b)(4)(B) or 12729(f)(2) of 

6 title 10 to receive Thrift Savings Plan con7 tributions under this subsection in ex8 change for the reduced multipliers de9 scribed in section 1409(b)(4)(A) or 

10 12739(f)(1) of title 10, as applicable, for 

11 purposes of calculating the retired pay of 

12 the member.’’. 

13 (4) TRAINING OF CERTAIN OFFICERS.—The 

14 Secretary of Defense shall ensure that each member 

15 of the armed forces in pay grade E–9 or below or 

16 in pay grade O–6 or below receives training with re17 spect to the features of the Blended Retirement Sys18 tem, without regard to whether the member is eligi19 ble to make an election between the Blended Retire20 ment System and the predecessor retirement system, 

21 so that member is able to answer the questions of 

22 other members if necessary. 

23 (d) REPORT ON IMPROVED ACCESS TO THRIFT SAV24 INGS PLAN.—Not later than 18 months after the date of 

25 the enactment of this Act, the Federal Retirement Thrift 


pamtmann on DSKBC07HB2PROD with BILLS
27 

•S 2995 IS

1 Investment Board shall submit to Congress a plan for im2 proving the access of members of the Armed Forces to 

3 information about the Thrift Savings Plan that— 

4 (1) takes into account the time likely to pass 

5 between the mailing of account information to a 

6 member of the Armed Forces and the time the mem7 ber is likely to receive the information; and 

8 (2) makes recommendations for statutory 

9 changes necessary to improve such access. 

10 (e) REGULATIONS.—The Secretary of Defense may 

11 prescribe such regulations as are necessary to carry out 

12 the amendments made by this section. 

Æ 


pamtmann on DSKBC07HB2PROD with BILLS