[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6493 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 6493

 To ensure that members of the uniformed services will have access to 
 information to make informed choices regarding the retirement options 
                    to be made available to members.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 8, 2016

  Mr. Veasey introduced the following bill; which was referred to the 
                      Committee on Armed Services

_______________________________________________________________________

                                 A BILL


 
 To ensure that members of the uniformed services will have access to 
 information to make informed choices regarding the retirement options 
                    to be made available to members.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Service Members Financial Planning 
Assistance Act of 2016''.

SEC. 2. RETIREMENT PLANNING ASSISTANCE FOR MEMBERS OF THE ARMED FORCES 
              WHO WILL BE ELIGIBLE TO MAKE AN ELECTION OF LUMP SUM 
              PAYMENT OF CERTAIN MILITARY RETIRED PAY.

    (a) Availability of Assistance.--Effective as of January 1, 2018, 
and as if included therein as enacted, subsection (b) of section 1415 
of title 10, United States Code, to be added by section 633 of the 
National Defense Authorization Act for Fiscal Year 2016 (Public Law 
114-92; 129 Stat. 847), is amended by adding at the end the following 
new paragraph:
            ``(7) Assistance in making election.--The Secretary 
        concerned shall ensure that an eligible person has access to 
        retirement planning assistance with a certified financial 
        planner, at no cost to the eligible person, to help the 
        eligible person weigh the potential benefits and drawbacks of 
        making the election under paragraph (1) to receive a lump sum 
        payment of certain retain pay and of selecting a particular 
        payment percentage under clause (i) or (ii) of subparagraph (A) 
        of such paragraph.''.
    (b) Implementation.--Notwithstanding the delayed effective date in 
subsection (a), the Secretary concerned (as defined in section 101(5) 
of title 37, United States Code) shall take appropriate actions to 
ensure the availability of the retirement planning assistance required 
by paragraph (7) of section 1415(b) of title 10, United States Code, as 
added by subsection (a), to members of the uniformed services by 
December 30, 2017.
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