10 USC 992 – Financial literacy training: financial services
(a)
(A) financial services that are available under law to members;
(B) financial services that are routinely offered by private sector sources to members;
(C) practices relating to the marketing of private sector financial services to members;
(D) such other matters relating to financial services available to members, and the marketing of financial services to members, as the Secretary considers appropriate; and
(E) such other financial practices as the Secretary considers appropriate.
Terms Used In 10 USC 992
- Contract: A legal written agreement that becomes binding when signed.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(2) Training under this subsection shall be provided to a member of the armed forces—
(A) as a component of the initial entry training of the member;
(B) upon arrival at the first duty station of the member;
(C) upon arrival at each subsequent duty station, in the case of a member in pay grade E-4 or below or in pay grade O-3 or below;
(D) on the date of promotion of the member, in the case of a member in pay grade E-5 or below or in pay grade O-4 or below;
(E) when the member vests in the Thrift Savings Plan (TSP) under section 8432(g)(2)(C) of title 5;
(F) when the member becomes entitled to receive continuation pay under section 356 of title 37, at which time the training shall include, at a minimum, information on options available to the member regarding the use of continuation pay;
(G) at each major life event during the service of the member, such as—
(i) marriage;
(ii) divorce;
(iii) birth of first child; or
(iv) disabling sickness or condition;
(H) during leadership training;
(I) during pre-deployment training and during post-deployment training;
(J) at transition points in the service of the member, such as—
(i) transition from a regular component to a reserve component;
(ii) separation from service; or
(iii) retirement; and
(K) as a component of periodically recurring required training that is provided to the member at a military installation.
(3) The training provided at a military installation under paragraph (2)(J) shall include information on any financial services marketing practices that are particularly prevalent at that military installation and in the vicinity.
(4) The Secretary concerned shall prescribe regulations setting forth any other events and circumstances (in addition to the events and circumstances described in paragraph (2)) upon which the training required by this subsection shall be provided.
(b)
(2)(A) In the case of a military installation at which at least 2,000 members of the armed forces on active duty are assigned, the Secretary concerned—
(i) shall provide counseling on financial services under this subsection through a full-time financial services counselor at such installation; and
(ii) may provide such counseling at such installation by any means elected by the Secretary from among the following:
(I) Through members of the armed forces in pay grade E-7 or above, or civilians, who provide such counseling as part of their other duties for the armed forces or the Department of Defense.
(II) By contract, including contract for services by telephone and by the Internet.
(III) Through qualified representatives of nonprofit organizations and agencies under formal agreements with the Department of Defense to provide such counseling.
(B) In the case of any military installation not described in subparagraph (A), the Secretary concerned shall provide counseling on financial services under this subsection at such installation by any of the means set forth in subparagraph (A)(ii), as elected by the Secretary concerned.
(3) Each financial services counselor under paragraph (2)(A)(i), and any other individual providing counseling on financial services under paragraph (2), shall be an individual who, by reason of education, training, or experience, is qualified to provide helpful counseling to members of the armed forces and their spouses on financial services and marketing practices described in subsection (a)(1). Such individual may be a member of the armed forces or an employee of the Federal Government.
(4) The Secretary concerned shall take such action as is necessary to ensure that each financial services counselor under paragraph (2)(A)(i), and any other individual providing counseling on financial services under paragraphs (2), is free from conflicts of interest relevant to the performance of duty under this section and, in the performance of that duty, is dedicated to furnishing members of the armed forces and their spouses with helpful information and counseling on financial services and related marketing practices.
(c)
(d)
(2) The results of the annual financial literacy and preparedness survey—
(A) shall be used by each of the Secretaries concerned as a benchmark to evaluate and update training provided under this section; and
(B) shall be submitted to the Committees on Armed Services of the Senate and the House of Representatives.
(e)
(1) Life insurance, casualty insurance, and other insurance.
(2) Investments in securities or financial instruments.
(3) Banking, credit, loans, deferred payment plans, and mortgages.
(4) Health insurance, budget management, Thrift Savings Plan (TSP), retirement lump sum payments (including rollover options and tax consequences), and Survivor Benefit Plan (SBP).