Section 1 Short title
This Act may be cited as the “Service Members Financial Planning Assistance Act of 2016”.
Service Members Financial Planning Assistance Act of 2016
A BILL
To ensure that members of the uniformed services will have access to information to make informed choices regarding the retirement options to be made available to members.
Sec. 2 Retirement planning assistance for members of the Armed Forces who will be eligible to make an election of lump sum payment of certain military retired pay
Availability of assistance— Effective as of January 1, 2018, and as if included therein as enacted, subsection (b) of section 1415 of title 10, United States Code, to be added by section 633 of the National Defense Authorization Act for Fiscal Year 2016 (Public Law 114–92; 129 Stat. 847), is amended by adding at the end the following new paragraph:
“(7) Assistance in making election—The Secretary concerned shall ensure that an eligible person has access to retirement planning assistance with a certified financial planner, at no cost to the eligible person, to help the eligible person weigh the potential benefits and drawbacks of making the election under paragraph (1) to receive a lump sum payment of certain retain pay and of selecting a particular payment percentage under clause (i) or (ii) of subparagraph (A) of such paragraph.”
Implementation— Notwithstanding the delayed effective date in subsection (a), the Secretary concerned (as defined in section 101(5) of title 37, United States Code) shall take appropriate actions to ensure the availability of the retirement planning assistance required by paragraph (7) of section 1415(b) of title 10, United States Code, as added by subsection (a), to members of the uniformed services by December 30, 2017.