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Retirement Fairness for Charities and Educational Institutions Act of 2024

S. 4917 Sen. Katie Britt (R-AL) In committee
Bill text PDF
  1. Introduced Jul 31
  2. Committee Jul 31
  3. Passed Senate Next
  4. Passed House Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Jul 31, 2024Next: Senate vote
819d ago Jul 31, 2024: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
2companies, 2 filings
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Summary

This bill amends federal securities laws to enhance 403(b) plans, which are retirement plans for 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. First, it revises the Investment Company Act of 1940 to add custodial accounts under section 403(b)(7) of the Internal Revenue Code and collective trust funds holding assets of 403(b) plans to the list of entities excluded from the definition of an investment company, with conditions such as the plan being subject to ERISA, the employer agreeing to act as a fiduciary for investment selection, or the plan being a governmental plan, and requiring employer review and approval of investments. Second, it amends the Securities Act of 1933 to exempt from registration certain 403(b) plans that meet similar conditions. Third, it amends the Securities Exchange Act of 1934 to exempt from the definition of 'security' certain 403(b) plans under similar conditions.

Summary of the bill text as introduced in Senate (Jul 31, 2024), 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.