IIB 
111TH CONGRESS 
2D SESSION 
H. R. 5993 
IN THE SENATE OF THE UNITED STATES 
SEPTEMBER 29, 2010 
Received; read twice and referred to the Committee on Veterans’ Affairs 
AN ACT 
To amend title 38, United States Code, to ensure that bene-
ficiaries of Servicemembers’ Group Life Insurance receive 
financial counseling and disclosure information regarding 
life insurance payments, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Securing America’s 
Veterans Insurance Needs and Goals Act of 2010’’ or the 
‘‘SAVINGS Act of 2010’’. 
SEC. 2. FINANCIAL COUNSELING AND DISCLOSURE INFOR-
MATION FOR SERVICEMEMBERS’ GROUP LIFE 
INSURANCE BENEFICIARIES. 
(a) FINANCIAL COUNSELING AND DISCLOSURE IN-
FORMATION.— 
(1) IN
GENERAL.—Section 1966 of title 38, 
United States Code, is amended by adding at the 
end the following new subsection: 
‘‘(e)(1) In order to be an eligible life insurance com-
pany under this section, a life insurance company shall— 
‘‘(A) make available, both orally and in writing, 
financial counseling to a beneficiary or other person 
otherwise entitled to payment upon the establish-
ment of a valid claim under section 1970(a) of this 
title; and 
‘‘(B) at the time that such beneficiary or other 
person entitled to payment establishes a valid claim 
under section 1970(a) of this title, provide to such 
beneficiary or other person the disclosures described 
in paragraph (2). 
‘‘(2) The disclosures provided pursuant to paragraph 
(1)(B) shall— 
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‘‘(A) be provided both orally and in writing; and 
‘‘(B) include information with respect to the 
payment of the claim, including— 
‘‘(i) an explanation of the methods avail-
able to receive such payment, including— 
‘‘(I) receipt of a lump-sum payment; 
‘‘(II) allowing the insurance company 
to maintain the lump-sum payment; 
‘‘(III) receipt of thirty-six equal 
monthly installments; and 
‘‘(IV) any alternative methods; 
‘‘(ii) an explanation that any such payment 
that is maintained by the life insurance com-
pany or paid in thirty-six equal monthly install-
ments by the company is not insured by the 
Federal Deposit Insurance Corporation; 
‘‘(iii) an explanation of the interest rate 
earned on any such payment that is maintained 
by the life insurance company or paid in thirty- 
six equal monthly installments by the company 
and how such rate compares to the interest rate 
earned by accounts at financial institutions, in-
cluding demand accounts; and 
‘‘(iv) other relevant information. 
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‘‘(3) In order to be an eligible life insurance company 
under this section, a life insurance company may not 
charge any fees to a beneficiary or other person otherwise 
entitled to payment upon the establishment of a valid 
claim under section 1970(a) of this title for any purpose, 
including for maintaining such payment with the com-
pany. 
‘‘(4) The Secretary shall include in each annual per-
formance and accountability report submitted by the Sec-
retary to Congress information concerning— 
‘‘(A) the number of individuals who received fi-
nancial counseling under paragraph (1)(A); 
‘‘(B) the number of individuals who received the 
disclosures under paragraph (1)(B); 
‘‘(C) the type of information received by such 
individuals during such counseling; and 
‘‘(D) any recommendations, complaints, or 
other information with respect to such counseling 
that the Secretary considers relevant.’’. 
(2) REGULATIONS.—The Secretary of Veterans 
Affairs shall prescribe regulations to carry out sec-
tion 1966(e) of title 38, United States Code, as 
added by paragraph (1). 
(b) OFFICE OF SURVIVORS ASSISTANCE.— 
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(1) ADVISORY ROLE.—Subsection (b) of section 
321 of such title is amended— 
(A) by striking ‘‘The Office’’ and inserting 
‘‘(1) The Office’’; and 
(B) by adding at the end the following: 
‘‘(2) The Director of the Office shall attend each 
meeting of the Advisory Council on Servicemembers’ 
Group Life Insurance under section 1974 of this title.’’. 
(2) RESOURCES.—Subsection (d) of such sec-
tion is amended— 
(A) by striking ‘‘The Secretary’’ and in-
serting ‘‘(1) The Secretary’’; and 
(B) by adding at the end the following: 
‘‘(2) In carrying out paragraph (1), the Secretary 
shall ensure that the Office has the personnel necessary 
to serve as a resource to provide individuals described in 
paragraph (1) and (2) of subsection (a) with information 
on how to receive the Servicemembers’ Group Life Insur-
ance financial counseling pursuant to section 1966(e)(1) 
of this title.’’. 
Passed the House of Representatives September 29, 
2010. 
Attest: 
LORRAINE C. MILLER, 
Clerk. 
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