II 118th CONGRESS 2d Session S. 3837 IN THE SENATE OF THE UNITED STATES February 29, 2024 Mrs. Murray (for herself and Mr. Schmitt ) introduced the following bill; which was read twice and referred to the Committee on Armed Services A BILL To improve financial literacy training for members of the Armed Forces.

1. Short title This Act may be cited as the Service Members Are Ready To Save Act of 2024 or the SMART Save Act of 2024 . 2. Improvements to financial literacy training (a) In general Subsection (a) of section 992 of title 10, United States Code, is amended— (1) in paragraph (2)(C), by striking grade E–4 and inserting grade E–6 ; (2) by adding at the end the following new paragraph: (5) In carrying out the program to provide training under this subsection, the Secretary concerned shall— (A) use a curriculum across all military departments for such training that— (i) focuses on ensuring that members of the armed forces who receive such training develop proficiency in financial literacy rather than focusing on completion of training modules; (ii) is based on best practices of the Financial Literacy Education Commission established under section 513 of the Financial Literacy and Education Improvement Act ( 20 U.S.C. 9702 ); and (iii) is designed to address the needs of members and their families; (B) ensure that such training— (i) is conducted by a financial services counselor who is qualified as described in paragraph (3) of subsection (b) or by other means as described in paragraph (2)(A)(ii) of that subsection; (ii) is provided, to the extent practicable and in a manner that does not harm mission readiness— (I) in a class held in person with fewer than 100 attendees; or (II) one-on-one between the member and a financial services counselor or a qualified representative described in subsection (b)(2)(A)(ii)(III); and (iii) is provided using computer-based methods only if methods described in clause (ii) are impractical or unavailable; (C) ensure that— (i) an in-person class described in subparagraph (B)(i)(I) is available to the spouse of a member; and (ii) if a spouse of a member is unable to attend such a class in person— (I) training is available to the spouse through an online program managed by the Department of Defense; and (II) the member is informed during the in-person training of the member under subparagraph (B)(i) with respect to how the member's spouse can access the training; and (D) ensure that such training, and all documents and materials provided in relation to such training, are presented or written in manner that the Secretary determines can be understood by the average enlisted member. . (b) Provision of retirement information Such section is further amended— (1) by redesignating subsections (d) and (e) as subsections (e) and (g), respectively; and (2) by inserting after subsection (c) the following new subsection (d): (d) Provision of retirement information In each training under subsection (a) and in each meeting to provide counseling under subsection (b), a member of the armed forces shall be provided with— (1) all forms relating to retirement that are relevant to the member, including with respect to the Thrift Savings Plan; (2) information with respect to how to find additional information; and (3) contact information for counselors provided through the Personal Financial Counselor program, the Personal Financial Management program, or online programs managed by the Department of Defense. . (c) Report on effectiveness of financial services counseling (1) In general Not later than 3 years after the date of the enactment of this Act, the Secretary of Defense shall submit to the congressional defense committees a report on financial literacy training and financial services counseling provided under section 992 of title 10, United States Code, as amended by this section, that assesses— (A) the effectiveness of such training and counseling, which shall be determined using actual localized data similar to the Unit Risk Inventory Survey of the Army; and (B) whether additional training or counseling is necessary for enlisted members of the Armed Forces or for officers. (2) Follow-on report Not later than 6 years after the date of the enactment of this Act, the Secretary shall submit to the congressional defense committees a report on the efforts of the Department of Defense to address any concerns raised in the report required by paragraph (1). (3) Congressional defense committees defined In this subsection, the term congressional defense committees has the meaning given that term in section 101 of title 10, United States Code. (d) Regulations The Secretary of Defense may prescribe such regulations as are necessary to carry out the amendments made by this section.