HR-7506 : Still Just a Bill

The "Service Members Are Ready To Save Act of 2024" or the "SMART Save Act of 2024" (H.R. 7506) aims to improve financial literacy training for members of the Armed Forces. Key provisions include:

• Expanded Training Scope: Mandates financial literacy training for service members up to grade E-6, expanding beyond the previous E-4 threshold.
• Curriculum Standardization: Requires a standardized curriculum across all military departments, emphasizing proficiency in financial literacy based on best practices from the Financial Literacy Education Commission. The curriculum must also address the needs of service members and their families.
• Training Delivery Methods: Prioritizes in-person classes with fewer than 100 attendees or one-on-one counseling, limiting computer-based methods to situations where other options are impractical.
• Spousal Access: Ensures in-person classes are available to spouses of service members and provides online training options if in-person attendance is not possible. Members will be informed about spousal training resources.
• Plain Language: Requires that all training materials be presented in a way that is easily understandable for the average enlisted member.
• Retirement Information: Mandates the provision of relevant retirement forms, information on finding additional resources, and contact information for financial counselors during training and counseling sessions, with particular attention to the Thrift Savings Plan.
• Effectiveness Reporting: Requires the Secretary of Defense to submit reports to congressional defense committees assessing the effectiveness of the financial literacy training and counseling programs, and to address any identified concerns.