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Retirement Investment Enhancements for 403(b) Plans in Non-Profits and Schools

This Act aims to enhance 403(b) retirement plans, commonly used by employees of schools, hospitals, and non-profit organizations, by amending federal securities laws. The changes are designed to provide greater access to collective investment funds, potentially lowering costs and improving investment returns for retirement savers. Employers offering these plans must agree to serve as fiduciaries or approve investment selections, increasing participant protection.
Key points
Increased flexibility for 403(b) plans to utilize collective trust funds, potentially leading to lower administrative costs and better investment options for participants.
New requirement for employers (or fiduciaries) to review and approve investment selections offered in 403(b) plans, enhancing oversight and financial security for employees.
The legislation primarily benefits employees in the non-profit, educational, and charitable sectors who rely on 403(b) retirement savings.
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Additional Information
Print number: 118_S_4917
Sponsor: Sen. Britt, Katie Boyd [R-AL]
Process start date: 2024-07-31
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OFFICIAL LEGAL TITLE

Retirement Fairness for Charities and Educational Institutions Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4917.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-31.

What are the main provisions?

Key points include:

  • Increased flexibility for 403(b) plans to utilize collective trust funds, potentially leading to lower administrative costs and better investment options for participants.
  • New requirement for employers (or fiduciaries) to review and approve investment selections offered in 403(b) plans, enhancing oversight and financial security for employees.
  • The legislation primarily benefits employees in the non-profit, educational, and charitable sectors who rely on 403(b) retirement savings.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Britt, Katie Boyd [R-AL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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