The House Financial Services Committee approved legislation that would allow teachers and nonprofit workers to access the same retirement investment options as private-sector 401(k) participants.
The Retirement Fairness for Charities and Educational Institutions Act (H.R. 3063) builds on work Congress started last year by modifying securities laws to extend nonprofit 403(b) plans the same exemptions 401(k)s, 457(b)s, and the US government’s Thrift Savings Plan use to access pooled investment arrangements.
The committee voted 35-12 in favor of the bill Wednesday, sending it to the House for a floor vote.
Collective investment trusts and unregistered insurance company separate accounts ...