Last progress February 5, 2025 (10 months ago)
Introduced on February 5, 2025 by Frank D. Lucas
Referred to the House Committee on Financial Services.
This bill expands what 403(b) retirement plans can invest in. These plans, used by many workers at public schools, charities, and churches, would be allowed to put money into pooled funds run by banks (collective investment trusts) and into pooled accounts run by insurance companies. This could give savers more choices for their retirement investments.
It also adds guardrails. Employers that offer these plans must take responsibility for choosing and approving the investment options. For government plans, an employer or plan fiduciary must review and approve each option before it’s offered to workers.