2015 US Code
Title 5 - Government Organization and Employees (Sections 101 - 11001)
Part III - Employees (Sections 2101 - 11001)
Subpart G - Insurance and Annuities (Sections 8101 - 9009)
Chapter 83 - Retirement (Sections 8301 - 8351)
Subchapter III - Civil Service Retirement (Sections 8331 - 8351)
Sec. 8350 - Retirement counseling
Publication Title | United States Code, 2012 Edition, Supplement 3, Title 5 - GOVERNMENT ORGANIZATION AND EMPLOYEES |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 5 - GOVERNMENT ORGANIZATION AND EMPLOYEES PART III - EMPLOYEES Subpart G - Insurance and Annuities CHAPTER 83 - RETIREMENT SUBCHAPTER III - CIVIL SERVICE RETIREMENT Sec. 8350 - Retirement counseling |
Contains | section 8350 |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 99-335, title II, §205(a), June 6, 1986, 100 Stat. 592; amended Pub. L. 99-556, title II, §202, Oct. 27, 1986, 100 Stat. 3135. |
Statutes at Large References | 100 Stat. 592, 3135 118 Stat. 3892 |
Public and Private Laws | Public Law 99-335, Public Law 99-556, Public Law 108-469 |
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(a) For the purposes of this section, the term "retirement counselor", when used with respect to an agency, means an employee of the agency who is designated by the head of the agency to furnish information on benefits under this subchapter and chapter 84 of this title and counseling services relating to such benefits to other employees of the agency.
(b) The Director of the Office of Personnel Management shall establish a training program for all retirement counselors of agencies of the Federal Government.
(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.
(Added Pub. L. 99–335, title II, §205(a), June 6, 1986, 100 Stat. 592; amended Pub. L. 99–556, title II, §202, Oct. 27, 1986, 100 Stat. 3135.)
AMENDMENTS1986—Subsec. (c)(1). Pub. L. 99–556 substituted "subsection (b)" for "subsection (b)(1)".
EFFECTIVE DATESection 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 LITERACYPub. 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)."
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