,,ii #aaf? ,,congress #b;d ,session ,s4 #djdd ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #bc1 #bjbj ,mrs4 ,murray introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,arm$ ,s]vices ,a ,,bill ,to improve ! provision ( f9ancial lit]acy tra9+ & in=mation relat+ to ! ,bl5d$ ,retirem5t ,sy/em to memb]s ( ! ,arm$ ,=ces1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,re-op5 ,enrollm5t = ,s]vicememb]s to ,opt-9 to ,updat$ ,retirem5t ,*oice = ,endur+ ,security ,act ( #bjbj or ! ,,res\rces ,act4 #b4 ,improvem5ts to f9ancial lit]acy tra9+ 7a7 ,9 g5]al ,subsection 7a7 ( section #iib ( title #aj1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 p>agraph 7#b77;,c71 by /rik+ grade ,e-#d & ins]t+ grade ,e-#f2 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#e7 ,9 c>ry+ out ! program to provide tra9+ "u ?is subsection1 ! ,secret>y conc]n$ %all-- 7,a7 require ! developm5t ( a /&>d curriculum across all milit>y dep>tm5ts = su* tra9+ t-- 7i7 focuses on ensur+ t memb]s ( ! arm$ =ces :o receive su* tra9+ develop pr(ici5cy 9 f9ancial lit]acy r ?an focus+ on completion ( tra9+ modules2 7ii7 is bas$ on be/ practices 9 ! f9ancial s]vices indu/ry1 su* z ! use ( a social le>n+ approa* & ! incorporation ( elem5ts ( behavioral economics or gamification2 & 7iii7 is design$ to address ! ne$s ( memb]s & _! families2 7,b7 ensure t su* tra9+-- 7i7 is conduct$ by a f9ancial s]vices c\nselor :o is qualifi$ z describ$ 9 p>agraph 7#c7 ( subsection 7b7 or by o!r means z describ$ 9 p>agraph 7#b77;,a77ii7 ( t subsection2 7ii7 is provid$1 to ! ext5t practicable-- 7,i7 9 a class held 9 p]son ) few] ?an #ej att5dees2 or 7,,ii7 "o-on-"o betwe5 ! memb] & a f9ancial s]vices c\nselor or a qualifi$ repres5tative describ$ 9 subclause 7,,iii7 or 7,,iv7 ( subsection 7b77#b77;,a77ii72 & 7iii7 is provid$ us+ comput]-bas$ me?ods only if me?ods describ$ 9 clause 7ii7 are impractical or unavailable2 7,c7 ensure t-- 7i7 an 9-p]son class describ$ 9 subp>agraph 7,b77i77,i7 is available to ! sp\se ( a memb]2 & 7ii7 if a sp\se ( a memb] is unable to att5d su* a class 9 p]son-- 7,i7 tra9+ is available to ! sp\se ?r\gh ,milit>y ,one,source2 & 7,,ii7 ! memb] is in=m$ dur+ ! 9-p]son tra9+ ( ! memb] "u subp>agraph 7,b77i7 ) respect to h[ ! memb]'s sp\se c access ! tra9+2 & 7,d7 ensure t su* tra9+1 & all docum5ts & mat]ials provid$ 9 relation to su* tra9+1 are pres5t$ or writt5 9 mann] t ! ,secret>y det]m9es c be und]/ood by ! av]age enli/$ memb]4 4 7b7 ,qualifi$ repres5tatives = c\nsel+ = memb]s & sp\ses ,subsection 7b77#b77;,a77ii7 ( su* section is am5d$ by add+ at ! end ! foll[+3 7,,iv7 ,?r\gh qualifi$ repres5tatives ( banks or cr$it unions op]at+ on milit>y in/allations pursuant to an op]at+ agreem5t ) ! ,dep>tm5t ( ,def5se or a milit>y dep>tm5t4 4 7c7 ,provision ( retirem5t in=mation ,su* section is fur!r am5d$-- 7#a7 by r$esignat+ subsections 7d7 & 7e7 z subsections 7e7 & 7g71 respectively2 & 7#b7 by ins]t+ aft] subsection 7c7 ! foll[+ new subsection 7d73 7d7 ,provision ( retirem5t in=mation ,9 ea* tra9+ "u subsection 7a7 & 9 ea* meet+ to provide c\nsel+ "u subsection 7b71 a memb] ( ! arm$ =ces %all be provid$ )-- 7#a7 all =ms relat+ to retirem5t t are relevant to ! memb]1 includ+ ) respect to ! ,?rift ,sav+s ,plan2 7#b7 in=mation ) respect to h[ to f9d additional in=mation2 & 7#c7 contact in=mation =-- 7,a7 c\nselors provid$ ?r\gh-- 7i7 ! ,p]sonal ,f9ancial ,c\nselor program1 ! ,p]sonal ,f9ancial ,managem5t program1 or ,milit>y ,one,source2 or 7ii7 nonpr(it organizations or ag5cies t h 9 effect agreem5ts ) ! ,dep>tm5t ( ,def5se to provide f9ancial s]vices c\nsel+2 or 7,b7 qualifi$ repres5tatives ( banks or cr$it unions op]at+ on milit>y in/allations pursuant to an op]at+ agreem5t ) ! ,dep>tm5t ( ,def5se or a milit>y dep>tm5t4 4 7d7 ,advisory c\ncil on f9ancial read9ess ,su* section is fur!r am5d$ by ins]t+ aft] subsection 7e71 z r$esignat$ by subsection 7c77#a71 ! foll[+ new subsection3 7f7 ,advisory c\ncil on f9ancial read9ess 7#a7 ,e/abli%m5t ,!re is e/abli%$ an ,advisory ,c\ncil on ,f9ancial ,read9ess 79 ?is section ref]r$ to z ! ,c\ncil74 7#b7 ,memb]%ip 7,a7 ,9 g5]al ,! ,c\ncil %all consi/ ( #ab memb]s appo9t$ by ! ,secret>y ( ,def5se1 z foll[s3 7i7 ,?ree %all be repres5tatives ( milit>y support organizations4 7ii7 ,?ree %all be repres5tatives ( vet]ans s]vice organizations4 7iii7 ,?ree %all be repres5tatives ( private1 nonpr(it organizations ) a ve/$ int]e/ 9 education & communication ( f9ancial education & f9ancial s]vices4 7iv7 ,?ree %all be repres5tatives ( gov]nm5tal entities ) a ve/$ int]e/ 9 education & communication ( f9ancial education & f9ancial s]vices4 7,b7 ,qualifications ,! ,secret>y %all appo9t memb]s to ! ,c\ncil f among individuals qualifi$ to appraise milit>y comp5sation1 milit>y retirem5t1 & f9ancial lit]acy tra9+4 7,c7 ,t]ms ,memb]s ( ! ,c\ncil %all s]ve = t]ms ( ?ree ye>s1 except t1 ( ! memb]s fir/ appo9t$-- 7i7 five %all be appo9t$ = t]ms ( "o ye>2 7ii7 five %all be appo9t$ = t]ms ( two ye>s2 & 7iii7 five %all be appo9t$ = t]ms ( ?ree ye>s4 7,d7 ,reappo9tm5t ,a memb] ( ! ,c\ncil may be reappo9t$ = additional t]ms4 7,e7 ,vacancies ,any memb] appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m ( (fice = :i* su* memb]'s pr$ecessor 0 appo9t$ %all be appo9t$ only = ! rema9d] ( su* t]m4 7#c7 ,duties & functions ,! ,c\ncil %all-- 7,a7 advise ! ,secret>y ) respect to matt]s relat+ to ! f9ancial lit]acy & f9ancial read9ess ( memb]s ( ! arm$ =ces2 & 7,b7 submit to ! ,secret>y recomm5dations ) respect to ^? matt]s4 7#d7 ,meet+s 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 ! ,c\ncil %all meet n less frequ5tly ?an twice ea* ye> & at su* o!r times z ! ,secret>y reque/s4 7,b7 ,dur+ election p]iod = ,bl5d$ ,retirem5t ,sy/em ,dur+ ! p]iod beg9n+ on ! date ( ! enactm5t ( ! ,re-op5 ,enrollm5t = ,s]vicememb]s to ,opt-9 to ,updat$ ,retirem5t ,*oice = ,endur+ ,security ,act ( #bjbj & end+ at ! end ( ! p]iod provid$ = "u section #adji7;b77#d7 & #abgci7;f7 to elect to be enroll$ 9 ! ,bl5d$ ,retirem5t ,sy/em1 ! ,c\ncil %all meet n less frequ5tly ?an e #ij days4 7,c7 ,quorum ,a majority ( memb]s %all con/itute a quorum & action %all be tak5 only by a majority vote ( ! memb]s pres5t & vot+4 7#e7 ,support s]vices ,! ,secret>y-- 7,a7 %all provide to ! ,c\ncil an executive secret>y & su* secret>ial1 cl]ical1 & o!r support s]vices z ! ,c\ncil consid]s necess>y to c>ry out ! duties ( ! ,c\ncil2 & 7,b7 may reque/ t o!r ,f$]al ag5cies provide /ati/ical data1 reports1 & o!r in=mation t is reasonably accessible to assi/ ! ,c\ncil 9 ! p]=mance ( ! duties ( ! ,c\ncil4 7#f7 ,comp5sation ,:ile away f _! homes or regul> places ( bus9ess 9 ! p]=mance ( s]vices = ,c\ncil1 memb]s ( ! ,c\ncil %all be all[$ travel exp5ses1 includ+ p] diem 9 lieu ( subsi/5ce1 9 ! same mann] z p]sons employ$ int]mitt5tly 9 ! ,gov]nm5t s]vice are all[$ exp5ses "u section #egjc ( title #e4 7#g7 ,annual report ,n less frequ5tly ?an annually1 ! ,secret>y %all submit to ,congress a report t-- 7,a7 describes ea* recomm5dation receiv$ f ! ,c\ncil dur+ ! prec$+ ye>2 & 7,b7 includes a /atem5t1 ) respect to ea* su* recomm5dation1 ( :e!r ! ,secret>y has implem5t$ ! recomm5dation &1 if n1 a description ( :y ! ,secret>y has n implem5t$ ! recomm5dation4 7#h7 ,t]m9ation ,section #ad7;a7 ( ! ,f$]al ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 7relat+ to t]m9ation7 %all n apply to ! ,c\ncil4 7#i7 ,def9itions ,9 ?is subsection3 7,a7 ,milit>y support organization ,! t]m milit>y support organization means an organization t provides support to memb]s ( ! arm$ =ces & _! families ) respect to education1 f9ances1 heal? c>e1 employm5t1 & ov]all well-be+4 7,b7 ,vet]ans s]vice organization ,! t]m vet]ans s]vice organization means any organization recogniz$ by ! ,secret>y = ! repres5tation ( vet]ans "u section #eijb ( title #ch4 4 7e7 ,f9ancial s]vices c\nsel+ relat+ to loans f milit>y welf>e societies 7#a7 ,9 g5]al ,a milit>y welf>e society may n provide to a memb] ( ! arm$ =ces a loan unless ! memb] receives f9ancial s]vices c\nsel+ provid$ by ! society or ?r\gh c\nselors provid$ by ! ,arm$ ,=ces n lat] ?an #fj days aft] receiv+ ! loan4 7#b7 ,waiv] ,! ,secret>y ( ,def5se may1 "u regulations ! ,secret>y %all prescribe1 waive ! requirem5t to receive f9ancial s]vices c\nsel+ "u p>agraph 7#a7 if ext5uat+ circum/ances make receiv+ su* c\nsel+ impossible4 7#c7 ,milit>y welf>e society def9$ ,9 ?is p>agraph1 ! t]m milit>y welf>e society has ! mean+ giv5 t t]m 9 section #ajcc7;b7 ( title #aj1 ,unit$ ,/ates ,code4 7f7 ,report on effectiv5ess ( f9ancial s]vices c\nsel+ ,n lat] ?an #c ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ,def5se %all submit to ! congressional def5se committees 7z def9$ 9 section #aja ( title #aj1 ,unit$ ,/ates ,code7 a report on f9ancial lit]acy tra9+ & f9ancial s]vices c\nsel+ provid$ "u section #iib ( title #aj1 ,unit$ ,/ates ,code1 z am5d$ by ?is section1 t assesses-- 7#a7 ! effectiv5ess ( su* tra9+ & c\nsel+1 :i* %all be det]m9$ us+ actual localiz$ data simil> to ! ,unit ,risk ,inv5tory ,survey ( ! ,army2 & 7#b7 :e!r additional tra9+ or c\nsel+ is necess>y = enli/$ memb]s ( ! ,arm$ ,=ces or = (fic]s4 #c4 ,modifications to lump sum paym5ts ( c]ta9 retir$ pay 7a7 ,sp\sal cons5t to lump sum paym5t ,subsection 7b7 ( section #adae ( title #aj1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7#g7 ,sp\sal cons5t = election ( lump sum paym5t ,an eligible p]son :o is m>ri$ may n elect to receive a lump sum paym5t "u ?is subsection )\t ! concurr5ce ( ! p]son's sp\se1 unless ! eligible p]son e/abli%es to ! satisfaction ( ! ,secret>y conc]n$-- 7,a7 t ! sp\se's :]eab\ts _c be det]m9$2 or 7,b7 t1 due to exceptional circum/ances1 requir+ ! p]son to seek ! sp\se's cons5t w\ld o!rwise be inappropriate4 4 7b7 ,disclosures relat+ to (f] ( lump sum paym5t ,su* section is fur!r am5d$-- 7#a7 by r$esignat+ subsection 7e7 z subsection 7g72 & 7#b7 by ins]t+ aft] subsection 7d7 ! foll[+ new subsections3 7e7 ,disclosures relat+ to (f] ( lump sum paym5t 7#a7 ,9 g5]al ,n lat] ?an #ij days be=e (f]+ an eligible p]son a p>tial or full lump sum paym5t "u ?is section1 ! ,secret>y ( ,def5se %all provide a notice to ! p]son1 & ! p]son's sp\se1 if m>ri$1 t includes ! foll[+3 7,a7 ,a description ( ! available retirem5t b5efit options1 includ+-- 7i7 ! mon?ly cov]$ retir$ pay t ! p]son w\ld receive aft] ! p]son atta9s retirem5t age if ! p]son is n already receiv+ su* pay2 7ii7 ! mon?ly cov]$ retir$ pay t ! p]son w\ld receive if paym5ts beg9 imm$iately2 & 7iii7 ! am\nt ( ! lump sum paym5t ! p]son w\ld receive if ! p]son elects to receive ! lump sum paym5t4 7,b7 ,an explanation ( h[ ! am\nt ( ! lump sum paym5t 0 calculat$1 includ+ ! int]e/ rate & mortality assumptions us$ 9 ! calculation1 & :e!r any additional b5efits 7 includ$ 9 ! am\nt4 7,c7 ,a description ( h[ ! option to take ! lump sum paym5t comp>es to ! value ( ! cov]$ retir$ pay ! p]son w\ld receive if ! p]son elect$ n to take ! lump sum paym5t4 7,d7 ,a /atem5t ( :e!r1 by pur*as+ a comm]cially available annuity us+ ! lump sum paym5t1 x w\ld be possible to replicate ! /ream ( paym5ts ! p]son w\ld receive if ! p]son elect$ n to take ! lump sum paym5t4 7,e7 ,a description ( ! pot5tial implications ( accept+ ! lump sum paym5t1 includ+ possible b5efits & r$uctions 9 su* b5efits1 inve/m5t risks1 longevity risks1 & loss ( protection f cr$itors4 7,f7 ,a description ( ! tax implications ( accept+ ! lump sum paym5t1 includ+ rollov] options1 e>ly di/ribution p5alties1 & associat$ tax liabilities4 7,g7 ,in/ructions = h[ to accept or reject ! (f] ( ! lump sum paym5t & ! date by :i* ! p]son is requir$ to accept or reject ! (f]4 7,h7 ,contact in=mation = ! p]son to obta9 m in=mation or ask que/ions ab\t ! option to accept ! lump sum paym5t1 includ+ ! opportunity = a "o-on-"o meet+ ) a c\nselor provid$ ?r\gh ! ,p]sonal ,f9ancial ,c\nselor program or ! ,p]sonal ,f9ancial ,managem5t program4 7,i7 ,a /atem5t t-- 7i7 f9ancial advis]s 7o!r ?an f9ancial s]vices c\nselors provid$ ?r\gh ! ,p]sonal ,f9ancial ,c\nselor program or ! ,p]sonal ,f9ancial ,managem5t program7 may n be requir$ to act 9 ! be/ int]e/s ( ! p]son or ! p]son's b5efici>ies ) respect to det]m9+ :e!r to take ! lump sum paym5t2 & 7ii7 if ! p]son or a b5efici>y ( ! p]son is seek+ f9ancial advice f a f9ancial advis] n affiliat$ ) ! arm$ =ces1 ! p]son or b5efici>y %\ld obta9 writt5 confirmation t ! advis] is act+ z a fiduci>y to ! p]son or b5efici>y4 7,j7 ,su* o!r in=mation z ! ,secret>y consid]s to be necess>y or relevant4 7#b7 ,=m ,! ,secret>y %all ensure t any notice provid$ to an eligible p]son "u p>agraph 7#a7-- 7,a7 is writt5 9 mann] t ! ,secret>y det]m9es c be und]/ood by ! av]age enli/$ memb] ( ! arm$ =ces2 & 7,b7 is pres5t$ 9 a mann] t is n bias$ = or aga9/ acceptance ( ! (f] ( ! lump sum paym5t4 7f7 ,report requir$ ,n lat] ?an "o ye> aft] ! date ( ! enactm5t ( ! ,re-op5 ,enrollm5t = ,s]vicememb]s to ,opt-9 to ,updat$ ,retirem5t ,*oice = ,endur+ ,security ,act ( #bjbj1 & annually !reaft]1 ! ,secret>y %all submit to ! congressional def5se committees report t-- 7#a7 sets =? ! numb] ( memb]s ( ! arm$ =ces :o take a p>tial or full lump sum paym5t "u ?is section2 & 7#b7 describes ! details ( ! arrangem5ts relat+ to tak+ su* a paym5t1 includ+-- 7,a7 :e!r memb]s h tak5 a p>tial lump sum paym5t 9 ex*ange = r$uc$ future b5efits2 7,b7 :e!r memb]s h tak5 a full lump sum paym5t2 & 7,c7 in=mation relat+ to ! memb]s :o h tak5 a p>tial or full lump sum paym5t1 su* z ! age & rank ( su* memb]s4 4 #d4 ,additional election p]iod = ,bl5d$ ,retirem5t ,sy/em 7a7 ,additional election p]iod = memb]s ( uni=m$ s]vices ,section #adji7;b77#d7 ( title #aj1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by /rik+ subp>agraph 7,a7 & ins]t+ ! foll[+ new subp>agraph 7,a73 7,a7 ,r$uc$ multipli] = full tsp memb]s 7i7 ,9 g5]al ,not)/&+ p>agraphs 7#a71 7#b71 & 7#c71 9 ! case ( a memb] describ$ 9 clause 7ii7 7ref]r$ to z a full ,,tsp memb]7-- 7,i7 p>agraph 7#a77;,a7 %all be appli$ by sub/itut+ #b = #b2 7,,ii7 clause 7i7 ( p>agraph 7#c77;,b7 %all be appli$ by sub/itut+ #fj p]c5t = #ge p]c5t2 & 7,,iii7 clause 7ii77,i7 ( su* p>agraph %all be appli$ by sub/itut+ #b = #b4 7ii7 ,full ,,tsp memb]s ,a memb] describ$ 9 ?is clause is-- 7,i7 a memb] :o fir/ becomes a memb] ( ! uni=m$ s]vices on or aft] ,janu>y #a1 #bjah2 7,,ii7 a memb] describ$ 9 subp>agraph 7,b7 :o makes ! election describ$ 9 t subp>agraph2 or 7,,iii7 a memb] :o made ! election describ$ 9 subp>agraph 7,b71 z 9 effect on ! day be=e ! date ( ! enactm5t ( ! ,re-op5 ,enrollm5t = ,s]vicememb]s to ,opt-9 to ,updat$ ,retirem5t ,*oice = ,endur+ ,security ,act ( #bjbj4 2 7#b7 by /rik+ subp>agraph 7,b7 & ins]t+ ! foll[+ new subp>agraph 7,b73 7,b7 ,election to p>ticipate 9 mod]niz$ retirem5t sy/em ,pursuant to subp>agraph 7,c71 a memb] ( a uni=m$ s]vice s]v+ on ,decemb] #ca1 #bjag1 :o has s]v$ 9 ! uni=m$ s]vices = few] ?an #ab ye>s z ( ! date select$ by ! ,secret>y ( ,def5se "u subp>agraph 7,c77i77,i71 may elect1 9 ex*ange = ! r$uc$ multipli]s describ$ 9 subp>agraph 7,a7 = purposes ( calculat+ ! retir$ pay ( ! memb]1 to receive ,?rift ,sav+s ,plan contributions pursuant to section #hddj;e7e7 ( title #e4 2 7#c7 9 subp>agraph 7,c77i71 by /rik+ ! p]iod & all t foll[s & ins]t+ t foll[+3 8! p]iod t-- 7,i7 beg9s on a date select$ by ! ,secret>y ( ,def5se1 :i*-- 7aa7 may be n e>li] ?an ! date t is "o ye> aft] date ( ! enactm5t ( ! ,re-op5 ,enrollm5t = ,s]vicememb]s to ,opt-9 to ,updat$ ,retirem5t ,*oice = ,endur+ ,security ,act ( #bjbj1 & n lat] ?an ! date t is two ye>s aft] su* date ( enactm5t2 & 7bb7 %all be ! same z ! date select$ "u section #abgci7;f77#b77;,b77i77,i77aa72 & 7,,ii7 ends on ! date t is #ahj days aft] ! date select$ "u subclause 7,i74 2 7#d7 by r$esignat+ subp>agraph 7,e7 z subp>agraph 7,f72 & 7#e7 by ins]t+ aft] subp>agraph 7,d7 ! foll[+ new subp>agraph 7,e73 7,e7 ,special rules relat+ second election p]iod ,! ,secret>y conc]n$ %all-- 7i7 to ! ext5t practicable1 provide to ea* memb] describ$ 9 subp>agraph 7,b7 7& ! memb]'s sp\se1 if m>ri$7-- 7,i7 a class1 to be held 9 p]son & ) few] ?an #ej att5dees1 on ! ,bl5d$ ,retirem5t ,sy/em & ! diff]5ces betwe5 t sy/em & ! pr$ecessor retirem5t sy/em2 & 7,,ii7 f9ancial c\nsel+ describ$ 9 section #iib7;b7 focus$ on ! suitability ( ! ,bl5d$ ,retirem5t ,sy/em 9 ! context ( ! memb]'s p]sonal circum/ances2 7ii7 require ea* su* memb] to make ! election describ$ 9 subp>agraph 7,b7 or decl9e to make t election2 7iii7 docum5t ! decision ( ! memb] "u clause 7ii7 9 a /atem5t t describes ! features ( ! ,bl5d$ ,retirem5t ,sy/em & ( ! pr$ecessor retirem5t sy/em2 & 7iv7 h ! memb] 7& ! memb]'s sp\se1 if m>ri$7 sign ! /atem5t describ$ 9 clause 7iii7 to ackn[l$ge und]/&+ ( ^? features4 4 7b7 ,additional election p]iod = memb]s ( res]ve compon5ts ,section #abgci7;f7 ( title #aj1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by /rik+ p>agraph 7#a7 & ins]t+ ! foll[+ new p>agraph 7#a73 7#a7 ,r$uc$ multipli] = full tsp memb]s 7,a7 ,9 g5]al ,not)/&+ subsection 7a7 or 7c71 9 ! case ( a p]son describ$ 9 subp>agraph 7,b7 7ref]r$ to z a full ,,tsp memb]7-- 7i7 subsection 7a77#b7 %all be appli$ by sub/itut+ #b p]c5t = #b p]c5t2 7ii7 subp>agraph 7,a7 ( subsection 7c77#b7 %all be appli$ by sub/itut+ #fj p]c5t = #ge p]c5t2 & 7iii7 subp>agraph 7,b77ii7 ( su* subsection %all be appli$ by sub/itut+ #b p]c5t = #b p]c5t4 7,b7 ,full ,,tsp memb]s ,a p]son describ$ 9 ?is subp>agraph is-- 7i7 a p]son :o fir/ p]=ms res]ve compon5t s]vice on or aft] ,janu>y #a1 #bjah1 aft] n hav+ p]=m$ regul> or res]ve compon5t s]vice on or be=e t date2 7ii7 a p]son describ$ 9 p>agraph 7#b77;,a7 :o makes ! election describ$ 9 t p>agraph2 or 7iii7 a p]son :o made ! election describ$ 9 p>agraph 7#b77;,a71 z 9 effect on ! day be=e ! date ( ! enactm5t ( ! ,re-op5 ,enrollm5t = ,s]vicememb]s to ,opt-9 to ,updat$ ,retirem5t ,*oice = ,endur+ ,security ,act ( #bjbj4 2 7#b7 9 p>agraph 7#b7-- 7,a7 by /rik+ subp>agraph 7,a7 & ins]t+ ! foll[+ new subp>agraph 7,a73 7,a7 ,9 g5]al ,pursuant to subp>agraph 7,b71 a p]son p]=m+ res]ve compon5t s]vice on ,decemb] #ca1 #bjag1 :o has p]=m$ few] ?an #ab ye>s ( s]vice z ( ! date select$ by ! ,secret>y ( ,def5se "u subp>agraph 7,b77i77,i7 7z comput$ 9 accordance ) section #abgcc ( ?is title71 may elect1 9 ex*ange = ! r$uc$ multipli]s describ$ 9 p>agraph 7#a7 = purposes ( calculat+ ! retir$ pay ( ! p]son1 to receive ,?rift ,sav+s ,plan contributions pursuant to section #hddj;e7e7 ( title #e4 2 7,b7 9 subp>agraph 7,b77i71 by /rik+ ! p]iod & all t foll[s & ins]t+ t foll[+3 8! p]iod t-- 7,i7 beg9s on a date select$ by ! ,secret>y ( ,def5se1 :i*-- 7aa7 may be n e>li] ?an ! date t is "o ye> aft] date ( ! enactm5t ( ! ,re-op5 ,enrollm5t = ,s]vicememb]s to ,opt-9 to ,updat$ ,retirem5t ,*oice = ,endur+ ,security ,act ( #bjbj1 & n lat] ?an ! date t is two ye>s aft] su* date ( enactm5t2 & 7bb7 %all be ! same z ! date select$ "u section #adji7;b77#d77;,c77i77,i77aa72 & 7,,ii7 ends on ! date t is #ahj days aft] ! date select$ "u subclause 7,i74 2 7#c7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d72 & 7#d7 by ins]t+ aft] p>agraph 7#b7 ! foll[+ new p>agraph 7#c73 7#c7 ,special rules relat+ second election p]iod ,! ,secret>y conc]n$ %all-- 7,a7 to ! ext5t practicable1 provide to ea* p]son describ$ 9 p>agraph 7#b77;,a7 7& ! p]son's sp\se1 if m>ri$7-- 7i7 a class1 to be held 9 p]son & ) few] ?an #ej att5dees1 on ! ,bl5d$ ,retirem5t ,sy/em & ! diff]5ces betwe5 t sy/em & ! pr$ecessor retirem5t sy/em2 & 7ii7 f9ancial c\nsel+ describ$ 9 section #iib7;b7 focus$ on ! suitability ( ! ,bl5d$ ,retirem5t ,sy/em 9 ! context ( ! p]son's p]sonal circum/ances2 7,b7 require ea* su* p]son to make ! election describ$ 9 p>agraph 7#b77;,a7 or decl9e to make t election2 7,c7 docum5t ! decision ( ! memb] "u subp>agraph 7,b7 9 a /atem5t t describes ! features ( ! ,bl5d$ ,retirem5t ,sy/em & ( ! pr$ecessor retirem5t sy/em2 & 7,d7 h ! memb] 7& ! memb]'s sp\se1 if m>ri$7 sign ! /atem5t describ$ 9 subp>agraph 7,c7 to ackn[l$ge und]/&+ ( ^? features4 4 7c7 ,con=m+ am5dm5t ,section #hddj7;e77#a7 ( title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subp>agraph 7,a71 by /rik+ 2 or & ins]t+ a semicolon2 7#b7 9 subp>agraph 7,b7-- 7,a7 9 clause 7ii71 by /rik+ has & ins]t+ _h2 7,b7 by /rik+ clause 7iii7 & ins]t+ ! foll[+ new clause 7iii73 7iii7 made ! election describ$ 9 section #adji7;b77#d77;,b7 or #abgbi7;f77#b7 ( title #aj1 z 9 effect be=e ! date ( ! enactm5t ( ! ,re-op5 ,enrollm5t = ,s]vicememb]s to ,opt-9 to ,updat$ ,retirem5t ,*oice = ,endur+ ,security ,act ( #bjbj1 to receive ,?rift ,sav+s ,plan contributions "u ?is subsection 9 ex*ange = ! r$uc$ multipli]s describ$ 9 section #adji7;b77#d77;,a7 or #abgci7;f77#a7 ( title #aj1 z applicable & s 9 effect1 = purposes ( calculat+ ! retir$ pay ( ! memb]2 or 2 & 7#c7 by add+ at ! end ! foll[+3 7,c7 :o-- 7i7 fir/ ent]$ a uni=m$ s]vice be=e ,janu>y #a1 #bjah2 7ii7 has complet$ few] ?an #ab ye>s ( s]vice 9 ! uni=m$ s]vices z ( ! date select$ by ! ,secret>y ( ,def5se "u sections #adji7;b77#d77;,c77i77,i77aa7 & #abgci7;f77#b77;,b77i77,i77aa72 & 7iii7 makes ! election describ$ 9 section #adji7;b77#d77;,b7 or #abgbi7;f77#b7 ( title #aj to receive ,?rift ,sav+s ,plan contributions "u ?is subsection 9 ex*ange = ! r$uc$ multipli]s describ$ 9 section #adji7;b77#d77;,a7 or #abgci7;f77#a7 ( title #aj1 z applicable1 = purposes ( calculat+ ! retir$ pay ( ! memb]4 4 7d7 ,tra9+ ( c]ta9 (fic]s ,! ,secret>y ( ,def5se %all ensure t ea* memb] ( ! arm$ =ces 9 pay grade ,e-#i or bel[ or 9 pay grade ,o-#f or bel[ receives tra9+ ) respect to ! features ( ! ,bl5d$ ,retirem5t ,sy/em1 )\t reg>d to :e!r ! memb]s is eligible to make an election betwe5 ! ,bl5d$ ,retirem5t ,sy/em & ! pr$ecessor retirem5t sy/em1 s t memb] is able to answ] ! que/ions ( o!r memb]s if necess>y4 #e4 ,report on improv$ access to ,?rift ,sav+s ,plan ,n lat] ?an #ah mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,f$]al ,retirem5t ,?rift ,inve/m5t ,bo>d %all submit to ,congress a plan = improv+ ! access ( memb]s ( ! ,arm$ ,=ces to in=mation ab\t ! ,?rift ,sav+s ,plan t-- 7#a7 takes into acc\nt ! "t likely to pass betwe5 ! mail+ ( acc\nt in=mation to a memb] ( ! ,arm$ ,=ces & ! "t ! memb] is likely to receive ! in=mation2 & 7#b7 makes recomm5dations = /atutory *anges necess>y to improve su* access4 #f4 ,regulations ,! ,secret>y ( ,def5se may prescribe su* regulations z are necess>y to c>ry out ! am5dm5ts made by ?is section4