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Improved Financial Literacy and Retirement Options for Servicemembers

This act aims to enhance financial education for servicemembers and modify the retirement system. Servicemembers will have a second opportunity to opt into the new retirement system and receive better support in managing their finances, including lump-sum payments. The changes are designed to ensure servicemembers and their families are better financially prepared for the future.
Key points
Enhanced financial literacy training for servicemembers, focusing on practical skills and understanding rather than just module completion.
A new opportunity for servicemembers who served before 2018 but for less than 12 years to opt into the Blended Retirement System.
Requirement for spousal consent for lump-sum retirement payments and detailed disclosures about the implications of such decisions.
Establishment of an Advisory Council on Financial Readiness to advise on servicemember financial matters.
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Expired
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Additional Information
Print number: 117_S_2995
Sponsor: Sen. Murray, Patty [D-WA]
Process start date: 2021-10-19
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

RESOURCES Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2995.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-10-19.

What are the main provisions?

Key points include:

  • Enhanced financial literacy training for servicemembers, focusing on practical skills and understanding rather than just module completion.
  • A new opportunity for servicemembers who served before 2018 but for less than 12 years to opt into the Blended Retirement System.
  • Requirement for spousal consent for lump-sum retirement payments and detailed disclosures about the implications of such decisions.
  • Establishment of an Advisory Council on Financial Readiness to advise on servicemember financial matters.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Murray, Patty [D-WA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Benefits Security