Bill > HR7506

This bill, known as the "Service Members Are Ready To Save Act of 2024" or the "SMART Save Act of 2024," aims to improve financial literacy training for members of the Armed Forces. The key provisions include: 1. Expanding the mandatory financial literacy training to include enlisted members up to the rank of E-6 (previously only up to E-4), and ensuring the curriculum focuses on developing financial literacy proficiency rather than just completing training modules. 2. Requiring the training to be conducted in person, with class sizes under 100 attendees or one-on-one with a qualified financial counselor, and making online training available only if in-person options are impractical. 3. Ensuring spouses have access to the in-person financial literacy training or an online program managed by the Department of Defense. 4. Requiring members to be provided with relevant retirement information, including forms and contact details for financial counseling programs. 5. Mandating the Department of Defense to submit reports on the effectiveness of the financial literacy training and counseling, and any additional measures needed to address concerns.

Military Affairs and Security

https://www.congress.gov/bill/118th-congress/house-bill/7506/all-info