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Retirement Fairness for Charities and Educational Institutions Act of 2023

H.R. 3063 Rep. FRANK LUCAS (R-OK-3) In committee
Bill text PDF
  1. Introduced May 2
  2. Committee May 2
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, May 2, 2023Next: House vote
1051d ago Dec 12, 2023: Placed on the Union Calendar, Calendar No. 251.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
5companies, 6 filings
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Summary

This bill amends federal securities laws to enhance 403(b) retirement plans, which are used by charities and educational institutions. It updates exemptions under the Investment Company Act of 1940, the Securities Act of 1933, and the Securities Exchange Act of 1934 to include certain 403(b) plans, subject to conditions like fiduciary responsibilities and investment review.

Sec. 2, Enhancement of 403(b) plans: This section amends three federal securities laws. Under the Investment Company Act of 1940, it expands the exemption for certain plans and accounts to include 403(b) custodial accounts and collective trust funds holding assets of 403(b) plans, provided the plan is subject to ERISA Title I, the employer serves as a fiduciary for investment selection, or it is a governmental plan, and the employer or fiduciary reviews and approves each investment before offering it. Under the Securities Act of 1933, it adds a similar exemption for 403(b) plans meeting the same conditions, and adjusts related text. Under the Securities Exchange Act of 1934, it adds an exemption for 403(b) plans with the same conditions, and makes conforming changes.

Summary of the bill text as reported in House (Dec 12, 2023), generated by SecBot from the official bill text; the Library of Congress summary is not yet published.

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.