Retirement Fairness for Charities and Educational Institutions Act of 2025 · Introduced in House (2025-02-05)

SEC. 4102. Enhancement of 403 plans

Enhancement of 403 plans

(a) Amendments to the Investment Company Act of

Section 3(c)(11) of the Investment Company Act of 1940 () is amended to read as follows: 15 U.S.C. 80a–3(c)(11)
Amendments to the Investment Company Act of
- Any—
  - employee’s stock bonus, pension, or profit-sharing trust which meets the requirements for qualification under of the Internal Revenue Code of 1986; section 401
  - custodial account meeting the requirements of section 403(b)(7) of such Code;
  - governmental plan described in section 3(a)(2)(C) of the Securities Act of 1933;
  - collective trust fund maintained by a bank consisting solely of assets of one or more—
    - (i) trusts described in subparagraph (A);
    - (ii) government plans described in subparagraph (C);
    - (iii) church plans, companies, or accounts that are excluded from the definition of an investment company under paragraph (14) of this subsection; or
    - (iv) plans which meet the requirements of of the Internal Revenue Code of 1986— section 403(b)
    - if—
    - such plan is subject to title I of the Employee Retirement Income Security Act of 1974 (); 29 U.S.C. 1001 et seq.
    - any employer making such plan available agrees to serve as a fiduciary for the plan with respect to the selection of the plan’s investments among which participants can choose; or
    - such plan is a governmental plan (as defined in section 414(d) of such Code); and
    - if the employer, a fiduciary of the plan, or another person acting on behalf of the employer reviews and approves each investment alternative offered under such plan described under subclause (I)(cc) prior to the investment being offered to participants in the plan; or
  - separate account the assets of which are derived solely from—
    - (i) contributions under pension or profit-sharing plans which meet the requirements of of the Internal Revenue Code of 1986 or the requirements for deduction of the employer’s contribution under section 404(a)(2) of such Code; section 401
    - (ii) contributions under governmental plans in connection with which interests, participations, or securities are exempted from the registration provisions of section 5 of the Securities Act of 1933 by section 3(a)(2)(C) of such Act;
    - (iii) advances made by an insurance company in connection with the operation of such separate account; and
    - (iv) contributions to a plan described in clause (iii) or (iv) of subparagraph (D).

(b) Amendments to the Securities Act of

Section 3(a)(2) of the Securities Act of 1933 () is amended— 15 U.S.C. 77c(a)(2)
Amendments to the Securities Act of
- by striking and inserting ;
- by striking (C), or (D)and inserting (C), (D), or (E); and
- by striking (iii) which is a plan fundedand all that follows through and inserting retirement income account)..

Section 3(a)(12)(C) of the Securities Exchange Act of 1934 () is amended— 15 U.S.C. 78c(a)(12)(C)
Amendments to the Securities Exchange Act of
- by striking and inserting ;
- by striking (ii), or (iii)and inserting (ii), (iii), or (iv); and
- by striking (II) is a plan fundedand inserting (II) in the case of a plan not described in clause (iv), is a plan funded.

(d) Conforming Amendment to the Securities Exchange Act of 1934

Section 12(g)(2)(H) of the Securities Exchange Act of 1934 () is amended by striking or (iii)and inserting (iii) a plan described in section 3(a)(12)(C)(iv) of this Act, or (iv). 15 U.S.C. 78l(g)(2)(H)

H.R. 1013

Table of contents

SEC. 1. Short title

SEC. 4102. Enhancement of 403 plans