(c)
(1) The training program established under subsection (b) of this section shall provide for comprehensive training in the provisions and administration of this subchapter and chapter 84 of this title, shall be designed to promote fully informed retirement decisions by employees and Members under this subchapter and individuals subject to chapter 84 of this title, and shall be revised as necessary to assure that the information furnished to retirement counselors of agencies under the program is current.
(2) The Director shall conduct a training session under the training program at least once every 3 months.
(3) Once each year, each retirement counselor of an agency shall successfully complete a training session conducted under the training program.
Amendments
1986—Subsec. (c)(1). Pub. L. 99–556 substituted “subsection (b)” for “subsection (b)(1)”.
Effective Date
Section effective June 6, 1986, see section 702(b)(3) of Pub. L. 99–335, set out as a note under section 8401 of this title.
Enhancing Financial Literacy
Pub. L. 108–469, § 2, Dec. 21, 2004, 118 Stat. 3892, provided that:
“(a) In General.— The Federal Retirement Thrift Investment Board (in this section referred to as the ‘Board’) shall periodically evaluate whether the tools available to participants provide the information needed to understand, evaluate, and compare financial products, services, and opportunities offered through the Thrift Savings Plan. The Board shall use these evaluations to improve its existing education program for Thrift Savings Plan participants.
“(b) Report on Financial Literacy Efforts.— The Board shall annually report to the Committee on Governmental Affairs [now Committee on Homeland Security and Governmental Affairs] of the Senate and the Committee on Government Reform [now Committee on Oversight and Government Reform] of the House of Representatives on its Thrift Savings Plan education efforts on behalf of plan participants.
“(c) Strategy.—
As part of the retirement training offered by Office of Personnel Management under
section 8350 of title 5, United States Code, the Office, in consultation with the Board, shall—
“(1)
not later than 6 months after the date of enactment of this Act [Dec. 21, 2004], develop and implement a retirement financial literacy and education strategy for Federal employees that—
“(A) shall educate Federal employees on the need for retirement savings and investment; and
“(B) provide information related to how Federal employees can receive additional information on how to plan for retirement and calculate what their retirement investment should be in order to meet their retirement goals; and
“(2) submit a report to the Committee on Governmental Affairs [now Committee on Homeland Security and Governmental Affairs] of the Senate and the Committee on Government Reform [now Committee on Oversight and Government Reform] of the House of Representatives on the strategy described under paragraph (1).”