Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Retirement Security Education Act of
2005''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) Improving financial literacy is a critical and complex
task for Americans of all ages.
(2) Low levels of savings and high levels of personal and
real estate debt are serious problems for many households
nearing retirement. Personal savings rates have fallen to a
dangerously low 2 percent.
(3) Approximately half of working Americans have any form
of pension coverage. Today, just 21 percent of workers have
defined benefit coverage and just 27 percent of workers are
enrolled in 401(k)s.
(4) Because women have longer life expectancies, the number
of poor older women is more than twice the number of poor older
men. Studies have also found that there is a substantial gender
gap in all sources of retirement income including Social
Security, pensions, savings and earnings from post-retirement
employment.
(5) The more limited timeframe that mid-life and older
individuals and families have to assess the realities of their
individual circumstances, to recover from counter-productive
choices and decision-making processes, and to benefit from more
informed financial practices, has immediate impact and near
term consequences for Americans nearing or of retirement age.
(6) Research indicates that there are now 4 basic sources
of retirement income security. Those sources are social
security benefits, pensions and savings, healthcare insurance
coverage, and, for an increasing number of older individuals,
necessary earnings from working during ''retirement'' years.
(7) The Congressional Budget Office has found that about a
quarter of baby-boomer households have so far failed to
accumulate significant savings and that they appear likely to
depend entirely on government benefits in retirement.
(8) Over the next 30 years, the number of older individuals
in the United States is expected to double, from 35,000,000 to
nearly 75,000,000, and long-term care costs are expected to
skyrocket.
(9) Over the next 25 years, the number of individuals over
65 years of age requiring long term care services is expected
to double to approximately 12 million.
(10) Fraud against older individuals, including
telemarketing schemes, predatory lending, identity theft and
Internet fraud has risen dramatically.

SEC. 3. GRANT PROGRAM TO ENHANCE FINANCIAL AND RETIREMENT LITERACY AND
REDUCE FINANCIAL ABUSE AND FRAUD AMONG MID-LIFE AND OLDER
AMERICANS.

(a) Authority.--The Secretary is authorized to award grants to
eligible entities to provide financial education programs to mid-life
and older individuals who reside in local communities in order to--
(1) enhance and promote knowledge of financial issues,
long-term care, and retirement issues among such individuals;
and
(2) reduce financial abuse and fraud, including
telemarketing, mortgage, and pension fraud, among such
individuals.
(b) Eligible Entities.--An entity is eligible to receive a grant
under this section if such entity is--
(1) a State agency or area agency on aging; or
(2) a non-profit organization organized under section
501(c)(3) of the Internal Revenue Code with a proven record of
providing--
(A) services to mid-life and older individuals;
(B) consumer awareness programs; or
(C) supportive services to low-income families.
(c) Application.--An eligible entity desiring a grant under this
section shall submit an application to the Secretary in such form and
containing such information as the Secretary may require, including a
plan for continuing the programs provided with grant funds under this
section after the grant expires.
(d) Limitation on Administrative Costs.--A recipient of a grant
under this section may not use more than 4 percent of the total amount
of the grant in each fiscal year for the administrative costs of
carrying out the programs provided with grant funds under this section.
(e) Evaluation and Report.--
(1) Establishment of performance measures.--The Secretary
shall develop measures to evaluate the programs provided with
grant funds under this section.
(2) Evaluation according to performance measures.--Applying
the performance measures developed under paragraph (1), the
Secretary shall evaluate the programs provided with grant funds
under this section in order to--
(A) judge the performance and effectiveness of such
programs;
(B) identify which programs represent the best
practices of entities developing such programs for mid-
life and older individuals; and
(C) identify which programs may be replicated.
(3) Annual reports.--For each fiscal year in which a grant
is awarded under this section, the Secretary shall submit a
report to Congress containing a description of the status of
the grant program under this section, a description of the
programs provided with grant funds under this section, and the
results of the evaluation of such programs under paragraph (2).

SEC. 4. NATIONAL TRAINING AND TECHNICAL ASSISTANCE PROGRAM.

(a) Authority.--The Secretary is authorized to award a grant to 1
or more eligible entities to--
(1) create and make available instructional materials and
information that promote financial education; and
(2) provide training and other related assistance regarding
the establishment of financial education programs to eligible
entities awarded a grant under section 3.
(b) Eligible Entities.--An entity is eligible to receive a grant
under this section if such entity is a nonprofit organization organized
under Section 501(c)(3) of the Internal Revenue Code with substantial
experience in the field of financial education.
(c) Application.--An eligible entity desiring a grant under this
section shall submit an application to the Secretary in such form and
containing such information as the Secretary may require.
(d) Basis and Term.--The Secretary shall award a grant under this
section on a competitive, merit basis.

SEC. 5 SENSE OF CONGRESS.

It is the sense of Congress that, in providing assistance under
this Act, the Secretary should place a high priority on the provision
of such assistance to organizations that have demonstrated experience
in providing financial education to older women.

SEC. 6. DEFINITIONS.

In this Act:
(1) area agency on aging.--The term ''area agency on
aging'' has the meaning given such term in section 102 of the
Older Americans Act of 1965 (42 U.S.C. 3002).
(2) Financial education.--The term ''financial education''
means education that promotes an understanding of consumer,
economic, and personal finance concepts, including saving for
retirement, long-term care, and estate planning and education
on predatory lending, identity theft, and financial abuse
schemes.
(3) Mid-life individual.--The term ''mid-life individual''
means an individual aged 45 to 64 years.
(4) Older individual.--The term ''older individual'' means
an individual aged 65 or older.
(5) Secretary.--The term ''Secretary'' means the Secretary
of Health and Human Services.
(6) State agency.--The term ''State agency'' has the
meaning given such term in section 102 of the Older Americans
Act of 1965 (42 U.S.C. 3002).

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

(a) Authorization.--There is authorized to be appropriated to carry
out this Act, $100,000,000 for each of the fiscal years 2006 through
2010.
(b) Limitation on Funds for Evaluation and Report.--The Secretary
may use to carry out section 3(e) not more than $200,000 of the amount
appropriated under subsection (a) for each fiscal year.
(c) Limitation on Funds for Training and Technical Assistance.--The
Secretary shall use to carry out section 4 not less than 5 percent, and
not more than 10 percent, of the amount appropriated under subsection
(a) for each fiscal year.
A:
Retirement Security Education Act of 2005 - Authorizes the Secretary of Health and Human Services to award grants to eligible entities to provide financial education programs to mid-life and older individuals who reside in local communities in order to: (1) enhance their financial and retirement knowledge; and (2) reduce financial abuse and fraud, including telemarketing, mortgage, and pension fraud, among them.

Authorizes the Secretary to award a grant to one or more eligible entities to: (1) create and make available instructional materials and information that promote financial education; and (2) provide training and other related assistance regarding the establishment of financial education programs.

Expresses the sense of Congress that organizations with demonstrated experience in providing financial education to older women should receive high priority for assistance under this Act.