S-3837 : Still Just a Bill

The "Service Members Are Ready To Save Act of 2024" or the "SMART Save Act of 2024" (S.3837) aims to improve financial literacy training for members of the Armed Forces. Key provisions include:

• Expanding required financial literacy training to service members up to grade E-6.
• Standardizing the training curriculum across all military departments, focusing on proficiency and aligning with the Financial Literacy Education Commission's best practices. The curriculum should also address the needs of service members and their families.
• Prioritizing in-person training sessions with smaller class sizes or one-on-one counseling, while limiting computer-based methods to situations where other options are impractical.
• Making in-person classes available to spouses of service members and providing online alternatives managed by the Department of Defense.
• Ensuring that training materials are easily understandable by the average enlisted member.
• Providing retirement information, including relevant forms and contact information for counselors, during financial training and counseling sessions.
• Requiring the Secretary of Defense to submit reports to Congress assessing the effectiveness of the training and counseling programs, and identifying any needed improvements.