This bill amends federal securities laws to expand protections and improve retirement savings options for employees of charities and educational institutions that use 403(b) retirement plans. The legislation modifies three key securities laws—the Investment Company Act of 1940, the Securities Act of 1933, and the Securities Exchange Act of 1934—to provide 403(b) plans with clearer regulatory treatment similar to other qualified retirement plans. The bill requires that employers offering these plans either agree to serve as fiduciaries in selecting available investments or subject the plan to federal oversight, and mandates that all investment options be reviewed and approved before being offered to employees. This legislation affects nonprofit organizations, educational institutions, and their employees who participate in 403(b) plans. The bill does not specify a funding amount or implementation timeline but was introduced in July 2024 and referred to the Senate Committee on Banking, Housing, and Urban Affairs.
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