UNCLASSIFIED ROUTINE R 191539Z JUL 16 FM CNO WASHINGTON DC TO NAVADMIN INFO CNO WASHINGTON DC BT UNCLAS PASS TO OFFICE CODES: FM CNO WASHINGTON DC//N1// INFO CNO WASHINGTON DC//N1// NAVADMIN 161/16 MSGID/GENADMIN CNO WASHINGTON DC/N1/JUL// SUBJ/U.S. NAVY FINANCIAL LITERACY EDUCATION IMPLEMENTATION PLAN// REF/A/DOC/NDAA/29SEP15// REF/B/DOC/U.S.C./25NOV15// REF/C/MSG/CNO WASHINGTON DC/081342ZSEP15// REF/D/DOC/OPNAV/3SEP15// NARR/ REF A IS NATIONAL DEFENSE AUTHORIZATION ACT FISCAL YEAR 2016. REF B IS SECTION 992 OF TITLE 10 U.S. CODE, FINANCIAL LITERACY TRAINING: FINANCIAL SERVICES. REF C IS NAVADMIN 213/15, FY-16 GENERAL MILITARY TRAINING SCHEDULE. REF D IS OPNAVINST 1500.22H, GENERAL MILITARY TRAINING PROGRAM.// RMKS/1. This NAVADMIN is the first in a series of NAVADMINS designed to inform and educate Service Members and their families so that they can make sound financial decisions. The Navy recognizes that personal financial readiness of Sailors and their families must be maintained to sustain mission readiness. Personal financial readiness is a key component of the overall Family Readiness System, a network of agencies, programs, services and individuals that work in a collaborative manner to assist Service Members and their families to meet the unique challenges associated with military service. Reference (a) announced significant changes to the military retirement system and Financial Literacy Education and Readiness Program within the United States military services. Per references (a) and (b), Navy must commence expanded financial literacy education to support implementation of the blended retirement system (BRS) and enhancement of current financial education and training. 2. To meet this need, the Navy provides a range of tools and services, including personal financial management counselors, to help Service Members and their families establish a clear picture of their unique financial situation, prioritize their financial goals, and identify appropriate strategies to attain them. The Navy has developed financial readiness programs that begin at an entry level, are reinforced at the first duty station and progresses throughout a Service Member's military career lifecycle to assist Sailors in identifying their individual financial training needs at required touch points. 3. Navy will implement financial literacy education using a lifecycle approach to address the required touch points spanning existing personal financial management curricula and the financial literacy training requirements set forth in reference (c) while leveraging the existing military life cycle career development process. Information on financial literacy education, including a matrix of recommended topics for each touch point, is available at http://www.public.navy.mil/bupers- npc/support/21st_Century_Sailor/readiness/Pages/Personal-Financial -Management.aspx. These topics include, but are not limited to: a. Life insurance, casualty insurance, and other insurance. b. Investments in securities or financial instruments. c. Banking, credit, loans, deferred payment plans, and mortgages. d. Health insurance, budget management, Thrift Savings Plan, retirement lump sum payments including rollover options and tax consequences, and Survivor Benefit Plan. 4. Additionally, BRS will require Service Members to make financial decisions affecting their current readiness and long-term financial well- being. BRS is effective 1 January 2018 and service members eligible to opt- into BRS will have until 31 December 2018 to decide if they want to switch to the new plan. Everyone serving today can stay under the current system, however, those with fewer than 12 years of service as of 31 December 2017 will have an opportunity to opt-into the new retirement system. The training, education, and opt-in procedures regarding the new military retirement system, will be addressed in future NAVADMINs. 5. This NAVADMIN will remain in effect until cancelled or superseded. 6. Point of contact is Mr. David Greene, OPNAV N170C, at (901) 874-6545/DSN 882 or via e-mail at navyfinancialmanagement(at)navy.mil. 7. Released by Vice Admiral R. P. Burke, N1.// BT #0001 NNNN UNCLASSIFIED//