[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4044 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  2d Session
                                S. 4044

To improve the provision of financial literacy training and information 
   relating to the Blended Retirement System to members of the Armed 
                    Forces, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 23, 2020

  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, and for other purposes.

    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 ``Re-open Enrollment for 
Servicemembers to Opt-in to Updated Retirement Choice for Enduring 
Security Act of 2020'' or the ``RESOURCES Act''.

SEC. 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) require the development of a standard 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 in the financial 
                services industry, such as the use of a social learning 
                approach and the incorporation of elements of 
                behavioral economics or gamification; 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--
                            ``(I) in a class held in person with fewer 
                        than 50 attendees; or
                            ``(II) one-on-one between the member and a 
                        financial services counselor or a qualified 
                        representative described in subclause (III) or 
                        (IV) of subsection (b)(2)(A)(ii); 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 Military OneSource; 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) Qualified Representatives for Counseling for Members and 
Spouses.--Subsection (b)(2)(A)(ii) of such section is amended by adding 
at the end the following:
                    ``(IV) Through qualified representatives of banks 
                or credit unions operating on military installations 
                pursuant to an operating agreement with the Department 
                of Defense or a military department.''.
    (c) 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--
                    ``(A) counselors provided through--
                            ``(i) the Personal Financial Counselor 
                        program, the Personal Financial Management 
                        program, or Military OneSource; or
                            ``(ii) nonprofit organizations or agencies 
                        that have in effect agreements with the 
                        Department of Defense to provide financial 
                        services counseling; or
                    ``(B) qualified representatives of banks or credit 
                unions operating on military installations pursuant to 
                an operating agreement with the Department of Defense 
                or a military department.''.
    (d) Advisory Council on Financial Readiness.--Such section is 
further amended by inserting after subsection (e), as redesignated by 
subsection (c)(1), the following new subsection:
    ``(f) Advisory Council on Financial Readiness.--
            ``(1) Establishment.--There is established an Advisory 
        Council on Financial Readiness (in this section referred to as 
        the `Council').
            ``(2) Membership.--
                    ``(A) In general.--The Council shall consist of 12 
                members appointed by the Secretary of Defense, as 
                follows:
                            ``(i) Three shall be representatives of 
                        military support organizations.
                            ``(ii) Three shall be representatives of 
                        veterans service organizations.
                            ``(iii) Three shall be representatives of 
                        private, nonprofit organizations with a vested 
                        interest in education and communication of 
                        financial education and financial services.
                            ``(iv) Three shall be representatives of 
                        governmental entities with a vested interest in 
                        education and communication of financial 
                        education and financial services.
                    ``(B) Qualifications.--The Secretary shall appoint 
                members to the Council from among individuals qualified 
                to appraise military compensation, military retirement, 
                and financial literacy training.
                    ``(C) Terms.--Members of the Council shall serve 
                for terms of three years, except that, of the members 
                first appointed--
                            ``(i) five shall be appointed for terms of 
                        one year;
                            ``(ii) five shall be appointed for terms of 
                        two years; and
                            ``(iii) five shall be appointed for terms 
                        of three years.
                    ``(D) Reappointment.--A member of the Council may 
                be reappointed for additional terms.
                    ``(E) Vacancies.--Any member appointed to fill a 
                vacancy occurring before the expiration of the term of 
                office for which such member's predecessor was 
                appointed shall be appointed only for the remainder of 
                such term.
            ``(3) Duties and functions.--The Council shall--
                    ``(A) advise the Secretary with respect to matters 
                relating to the financial literacy and financial 
                readiness of members of the armed forces; and
                    ``(B) submit to the Secretary recommendations with 
                respect to those matters.
            ``(4) Meetings.--
                    ``(A) In general.--Subject to subparagraph (B), the 
                Council shall meet not less frequently than twice each 
                year and at such other times as the Secretary requests.
                    ``(B) During election period for blended retirement 
                system.--During the period beginning on the date of the 
                enactment of the Re-open Enrollment for Servicemembers 
                to Opt-in to Updated Retirement Choice for Enduring 
                Security Act of 2020 and ending at the end of the 
                period provided for under section 1409(b)(4) and 
                12739(f) to elect to be enrolled in the Blended 
                Retirement System, the Council shall meet not less 
                frequently than every 90 days.
                    ``(C) Quorum.--A majority of members shall 
                constitute a quorum and action shall be taken only by a 
                majority vote of the members present and voting.
            ``(5) Support services.--The Secretary--
                    ``(A) shall provide to the Council an executive 
                secretary and such secretarial, clerical, and other 
                support services as the Council considers necessary to 
                carry out the duties of the Council; and
                    ``(B) may request that other Federal agencies 
                provide statistical data, reports, and other 
                information that is reasonably accessible to assist the 
                Council in the performance of the duties of the 
                Council.
            ``(6) Compensation.--While away from their homes or regular 
        places of business in the performance of services for Council, 
        members of the Council shall be allowed travel expenses, 
        including per diem in lieu of subsistence, in the same manner 
        as persons employed intermittently in the Government service 
        are allowed expenses under section 5703 of title 5.
            ``(7) Annual report.--Not less frequently than annually, 
        the Secretary shall submit to Congress a report that--
                    ``(A) describes each recommendation received from 
                the Council during the preceding year; and
                    ``(B) includes a statement, with respect to each 
                such recommendation, of whether the Secretary has 
                implemented the recommendation and, if not, a 
                description of why the Secretary has not implemented 
                the recommendation.
            ``(8) Termination.--Section 14(a) of the Federal Advisory 
        Committee Act (5 U.S.C. App.) (relating to termination) shall 
        not apply to the Council.
            ``(9) Definitions.--In this subsection:
                    ``(A) Military support organization.--The term 
                `military support organization' means an organization 
                that provides support to members of the armed forces 
                and their families with respect to education, finances, 
                health care, employment, and overall well-being.
                    ``(B) Veterans service organization.--The term 
                `veterans service organization' means any organization 
                recognized by the Secretary for the representation of 
                veterans under section 5902 of title 38.''.
    (e) Financial Services Counseling Relating to Loans From Military 
Welfare Societies.--
            (1) In general.--A military welfare society may not provide 
        to a member of the armed forces a loan unless the member 
        receives financial services counseling provided by the society 
        or through counselors provided by the Armed Forces not later 
        than 60 days after receiving the loan.
            (2) Waiver.--The Secretary of Defense may, under 
        regulations the Secretary shall prescribe, waive the 
        requirement to receive financial services counseling under 
        paragraph (1) if extenuating circumstances make receiving such 
        counseling impossible.
            (3) Military welfare society defined.--In this paragraph, 
        the term ``military welfare society'' has the meaning given 
        that term in section 1033(b) of title 10, United States Code.
    (f) Report on Effectiveness of Financial Services Counseling.--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 (as defined in section 101 of title 10, United States Code) 
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--
            (1) 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
            (2) whether additional training or counseling is necessary 
        for enlisted members of the Armed Forces or for officers.

SEC. 3. MODIFICATIONS TO LUMP SUM PAYMENTS OF CERTAIN RETIRED PAY.

    (a) Spousal Consent to Lump Sum Payment.--Subsection (b) of section 
1415 of title 10, United States Code, is amended by adding at the end 
the following:
            ``(7) Spousal consent for election of lump sum payment.--An 
        eligible person who is married may not elect to receive a lump 
        sum payment under this subsection without the concurrence of 
        the person's spouse, unless the eligible person establishes to 
        the satisfaction of the Secretary concerned--
                    ``(A) that the spouse's whereabouts cannot be 
                determined; or
                    ``(B) that, due to exceptional circumstances, 
                requiring the person to seek the spouse's consent would 
                otherwise be inappropriate.''.
    (b) Disclosures Relating to Offer of Lump Sum Payment.--Such 
section is further amended--
            (1) by redesignating subsection (e) as subsection (g); and
            (2) by inserting after subsection (d) the following new 
        subsections:
    ``(e) Disclosures Relating to Offer of Lump Sum Payment.--
            ``(1) In general.--Not later than 90 days before offering 
        an eligible person a partial or full lump sum payment under 
        this section, the Secretary of Defense shall provide a notice 
        to the person, and the person's spouse, if married, that 
        includes the following:
                    ``(A) A description of the available retirement 
                benefit options, including--
                            ``(i) the monthly covered retired pay that 
                        the person would receive after the person 
                        attains retirement age if the person is not 
                        already receiving such pay;
                            ``(ii) the monthly covered retired pay that 
                        the person would receive if payments begin 
                        immediately; and
                            ``(iii) the amount of the lump sum payment 
                        the person would receive if the person elects 
                        to receive the lump sum payment.
                    ``(B) An explanation of how the amount of the lump 
                sum payment was calculated, including the interest rate 
                and mortality assumptions used in the calculation, and 
                whether any additional benefits were included in the 
                amount.
                    ``(C) A description of how the option to take the 
                lump sum payment compares to the value of the covered 
                retired pay the person would receive if the person 
                elected not to take the lump sum payment.
                    ``(D) A statement of whether, by purchasing a 
                commercially available annuity using the lump sum 
                payment, it would be possible to replicate the stream 
                of payments the person would receive if the person 
                elected not to take the lump sum payment.
                    ``(E) A description of the potential implications 
                of accepting the lump sum payment, including possible 
                benefits and reductions in such benefits, investment 
                risks, longevity risks, and loss of protection from 
                creditors.
                    ``(F) A description of the tax implications of 
                accepting the lump sum payment, including rollover 
                options, early distribution penalties, and associated 
                tax liabilities.
                    ``(G) Instructions for how to accept or reject the 
                offer of the lump sum payment and the date by which the 
                person is required to accept or reject the offer.
                    ``(H) Contact information for the person to obtain 
                more information or ask questions about the option to 
                accept the lump sum payment, including the opportunity 
                for a one-on-one meeting with a counselor provided 
                through the Personal Financial Counselor program or the 
                Personal Financial Management program.
                    ``(I) A statement that--
                            ``(i) financial advisers (other than 
                        financial services counselors provided through 
                        the Personal Financial Counselor program or the 
                        Personal Financial Management program) may not 
                        be required to act in the best interests of the 
                        person or the person's beneficiaries with 
                        respect to determining whether to take the lump 
                        sum payment; and
                            ``(ii) if the person or a beneficiary of 
                        the person is seeking financial advice from a 
                        financial adviser not affiliated with the armed 
                        forces, the person or beneficiary should obtain 
                        written confirmation that the adviser is acting 
                        as a fiduciary to the person or beneficiary.
                    ``(J) Such other information as the Secretary 
                considers to be necessary or relevant.
            ``(2) Form.--The Secretary shall ensure that any notice 
        provided to an eligible person under paragraph (1)--
                    ``(A) is written in manner that the Secretary 
                determines can be understood by the average enlisted 
                member of the armed forces; and
                    ``(B) is presented in a manner that is not biased 
                for or against acceptance of the offer of the lump sum 
                payment.
    ``(f) Report Required.--Not later than one year after the date of 
the enactment of the Re-open Enrollment for Servicemembers to Opt-in to 
Updated Retirement Choice for Enduring Security Act of 2020, and 
annually thereafter, the Secretary shall submit to the congressional 
defense committees report that--
            ``(1) sets forth the number of members of the armed forces 
        who take a partial or full lump sum payment under this section; 
        and
            ``(2) describes the details of the arrangements relating to 
        taking such a payment, including--
                    ``(A) whether members have taken a partial lump sum 
                payment in exchange for reduced future benefits;
                    ``(B) whether members have taken a full lump sum 
                payment; and
                    ``(C) information relating to the members who have 
                taken a partial or full lump sum payment, such as the 
                age and rank of such members.''.

SEC. 4. ADDITIONAL ELECTION PERIOD FOR BLENDED RETIREMENT SYSTEM.

    (a) Additional Election Period for Members of Uniformed Services.--
Section 1409(b)(4) of title 10, United States Code, is amended--
            (1) by striking subparagraph (A) and inserting the 
        following new subparagraph (A):
                    ``(A) Reduced multiplier for full tsp members.--
                            ``(i) In general.--Notwithstanding 
                        paragraphs (1), (2), and (3), in the case of a 
                        member described in clause (ii) (referred to as 
                        a `full TSP member')--
                                    ``(I) paragraph (1)(A) shall be 
                                applied by substituting `2' for `2\1/
                                2\';
                                    ``(II) clause (i) of paragraph 
                                (3)(B) shall be applied by substituting 
                                `60 percent' for `75 percent'; and
                                    ``(III) clause (ii)(I) of such 
                                paragraph shall be applied by 
                                substituting `2' for `2\1/2\'.
                            ``(ii) Full tsp members.--A member 
                        described in this clause is--
                                    ``(I) a member who first becomes a 
                                member of the uniformed services on or 
                                after January 1, 2018;
                                    ``(II) a member described in 
                                subparagraph (B) who makes the election 
                                described in that subparagraph; or
                                    ``(III) a member who made the 
                                election described in subparagraph (B), 
                                as in effect on the day before the date 
                                of the enactment of the Re-open 
                                Enrollment for Servicemembers to Opt-in 
                                to Updated Retirement Choice for 
                                Enduring Security Act of 2020.'';
            (2) by striking subparagraph (B) and inserting the 
        following new subparagraph (B):
                    ``(B) Election to participate in modernized 
                retirement system.--Pursuant to subparagraph (C), a 
                member of a uniformed service serving on December 31, 
                2017, who has served in the uniformed services for 
                fewer than 12 years as of the date selected by the 
                Secretary of Defense under subparagraph (C)(i)(I), may 
                elect, in exchange for the reduced multipliers 
                described in subparagraph (A) for purposes of 
                calculating the retired pay of the member, to receive 
                Thrift Savings Plan contributions pursuant to section 
                8440e(e) of title 5.'';
            (3) in subparagraph (C)(i), by striking ``the period'' and 
        all that follows and inserting that following: ``the period 
        that--
                                    ``(I) begins on a date selected by 
                                the Secretary of Defense, which--
                                            ``(aa) may be not earlier 
                                        than the date that is one year 
                                        after date of the enactment of 
                                        the Re-open Enrollment for 
                                        Servicemembers to Opt-in to 
                                        Updated Retirement Choice for 
                                        Enduring Security Act of 2020, 
                                        and not later than the date 
                                        that is two years after such 
                                        date of enactment; and
                                            ``(bb) shall be the same as 
                                        the date selected under section 
                                        12739(f)(2)(B)(i)(I)(aa); and
                                    ``(II) ends on the date that is 180 
                                days after the date selected under 
                                subclause (I).'';
            (4) by redesignating subparagraph (E) as subparagraph (F); 
        and
            (5) by inserting after subparagraph (D) the following new 
        subparagraph (E):
                    ``(E) Special rules relating second election 
                period.--The Secretary concerned shall--
                            ``(i) to the extent practicable, provide to 
                        each member described in subparagraph (B) (and 
                        the member's spouse, if married)--
                                    ``(I) a class, to be held in person 
                                and with fewer than 50 attendees, on 
                                the Blended Retirement System and the 
                                differences between that system and the 
                                predecessor retirement system; and
                                    ``(II) financial counseling 
                                described in section 992(b) focused on 
                                the suitability of the Blended 
                                Retirement System in the context of the 
                                member's personal circumstances;
                            ``(ii) require each such member to make the 
                        election described in subparagraph (B) or 
                        decline to make that election;
                            ``(iii) document the decision of the member 
                        under clause (ii) in a statement that describes 
                        the features of the Blended Retirement System 
                        and of the predecessor retirement system; and
                            ``(iv) have the member (and the member's 
                        spouse, if married) sign the statement 
                        described in clause (iii) to acknowledge 
                        understanding of those features.''.
    (b) Additional Election Period for Members of Reserve Components.--
Section 12739(f) of title 10, United States Code, is amended--
            (1) by striking paragraph (1) and inserting the following 
        new paragraph (1):
            ``(1) Reduced multiplier for full tsp members.--
                    ``(A) In general.--Notwithstanding subsection (a) 
                or (c), in the case of a person described in 
                subparagraph (B) (referred to as a `full TSP member')--
                            ``(i) subsection (a)(2) shall be applied by 
                        substituting `2 percent' for `2\1/2\ percent';
                            ``(ii) subparagraph (A) of subsection 
                        (c)(2) shall be applied by substituting `60 
                        percent' for `75 percent'; and
                            ``(iii) subparagraph (B)(ii) of such 
                        subsection shall be applied by substituting `2 
                        percent' for `2\1/2\ percent'.
                    ``(B) Full tsp members.--A person described in this 
                subparagraph is--
                            ``(i) a person who first performs reserve 
                        component service on or after January 1, 2018, 
                        after not having performed regular or reserve 
                        component service on or before that date;
                            ``(ii) a person described in paragraph 
                        (2)(A) who makes the election described in that 
                        paragraph; or
                            ``(iii) a person who made the election 
                        described in paragraph (2)(A), as in effect on 
                        the day before the date of the enactment of the 
                        Re-open Enrollment for Servicemembers to Opt-in 
                        to Updated Retirement Choice for Enduring 
                        Security Act of 2020.'';
            (2) in paragraph (2)--
                    (A) by striking subparagraph (A) and inserting the 
                following new subparagraph (A):
                    ``(A) In general.--Pursuant to subparagraph (B), a 
                person performing reserve component service on December 
                31, 2017, who has performed fewer than 12 years of 
                service as of the date selected by the Secretary of 
                Defense under subparagraph (B)(i)(I) (as computed in 
                accordance with section 12733 of this title), may 
                elect, in exchange for the reduced multipliers 
                described in paragraph (1) for purposes of calculating 
                the retired pay of the person, to receive Thrift 
                Savings Plan contributions pursuant to section 8440e(e) 
                of title 5.'';
                    (B) in subparagraph (B)(i), by striking ``the 
                period'' and all that follows and inserting that 
                following: ``the period that--
                                    ``(I) begins on a date selected by 
                                the Secretary of Defense, which--
                                            ``(aa) may be not earlier 
                                        than the date that is one year 
                                        after date of the enactment of 
                                        the Re-open Enrollment for 
                                        Servicemembers to Opt-in to 
                                        Updated Retirement Choice for 
                                        Enduring Security Act of 2020, 
                                        and not later than the date 
                                        that is two years after such 
                                        date of enactment; and
                                            ``(bb) shall be the same as 
                                        the date selected under section 
                                        1409(b)(4)(C)(i)(I)(aa); and
                                    ``(II) ends on the date that is 180 
                                days after the date selected under 
                                subclause (I).'';
            (3) by redesignating paragraph (3) as paragraph (4); and
            (4) by inserting after paragraph (2) the following new 
        paragraph (3):
            ``(3) Special rules relating second election period.--The 
        Secretary concerned shall--
                    ``(A) to the extent practicable, provide to each 
                person described in paragraph (2)(A) (and the person's 
                spouse, if married)--
                            ``(i) a class, to be held in person and 
                        with fewer than 50 attendees, on the Blended 
                        Retirement System and the differences between 
                        that system and the predecessor retirement 
                        system; and
                            ``(ii) financial counseling described in 
                        section 992(b) focused on the suitability of 
                        the Blended Retirement System in the context of 
                        the person's personal circumstances;
                    ``(B) require each such person to make the election 
                described in paragraph (2)(A) or decline to make that 
                election;
                    ``(C) document the decision of the member under 
                subparagraph (B) in a statement that describes the 
                features of the Blended Retirement System and of the 
                predecessor retirement system; and
                    ``(D) have the member (and the member's spouse, if 
                married) sign the statement described in subparagraph 
                (C) to acknowledge understanding of those features.''.
    (c) Conforming Amendment.--Section 8440(e)(1) of title 5, United 
States Code, is amended--
            (1) in subparagraph (A), by striking ``; or'' and inserting 
        a semicolon;
            (2) in subparagraph (B)--
                    (A) in clause (ii), by striking ``has'' and 
                inserting ``had'';
                    (B) by striking clause (iii) and inserting the 
                following new clause (iii):
                            ``(iii) made the election described in 
                        section 1409(b)(4)(B) or 12729(f)(2) of title 
                        10, as in effect before the date of the 
                        enactment of the Re-open Enrollment for 
                        Servicemembers to Opt-in to Updated Retirement 
                        Choice for Enduring Security Act of 2020, to 
                        receive Thrift Savings Plan contributions under 
                        this subsection in exchange for the reduced 
                        multipliers described in section 1409(b)(4)(A) 
                        or 12739(f)(1) of title 10, as applicable and 
                        so in effect, for purposes of calculating the 
                        retired pay of the member; or''; and
            (3) by adding at the end the following:
                    ``(C) who--
                            ``(i) first entered a uniformed service 
                        before January 1, 2018;
                            ``(ii) has completed fewer than 12 years of 
                        service in the uniformed services as of the 
                        date selected by the Secretary of Defense under 
                        sections 1409(b)(4)(C)(i)(I)(aa) and 
                        12739(f)(2)(B)(i)(I)(aa); and
                            ``(iii) makes the election described in 
                        section 1409(b)(4)(B) or 12729(f)(2) of title 
                        10 to receive Thrift Savings Plan contributions 
                        under this subsection in exchange for the 
                        reduced multipliers described in section 
                        1409(b)(4)(A) or 12739(f)(1) of title 10, as 
                        applicable, for purposes of calculating the 
                        retired pay of the member.''.
    (d) Training of Certain Officers.--The Secretary of Defense shall 
ensure that each member of the armed forces in pay grade E-9 or below 
or in pay grade O-6 or below receives training with respect to the 
features of the Blended Retirement System, without regard to whether 
the members is eligible to make an election between the Blended 
Retirement System and the predecessor retirement system, so that member 
is able to answer the questions of other members if necessary.

SEC. 5. REPORT ON IMPROVED ACCESS TO THRIFT SAVINGS PLAN.

    Not later than 18 months after the date of the enactment of this 
Act, the Federal Retirement Thrift Investment Board shall submit to 
Congress a plan for improving the access of members of the Armed Forces 
to information about the Thrift Savings Plan that--
            (1) takes into account the time likely to pass between the 
        mailing of account information to a member of the Armed Forces 
        and the time the member is likely to receive the information; 
        and
            (2) makes recommendations for statutory changes necessary 
        to improve such access.

SEC. 6. REGULATIONS.

    The Secretary of Defense may prescribe such regulations as are 
necessary to carry out the amendments made by this section.
                                 <all>