Bill > HR6257

This bill, the Public Service Retirement Fairness Act of 2020, aims to modify the rules relating to 403(b) plans, which are retirement plans for certain public sector and non-profit employees. The key provisions of the bill are: 1. It expands the permitted investments for 403(b) plans by allowing them to invest in a group trust intended to satisfy the requirements of IRS Revenue Ruling 81-100, in addition to regulated investment company stock. 2. It amends the Investment Company Act of 1940 and the Securities Act of 1933 to clarify that 403(b) plans are exempt from certain investment company registration requirements, particularly if the plan is subject to the Employee Retirement Income Security Act (ERISA), the employer serves as a fiduciary for investment selection, or the plan is a governmental plan. 3. It makes similar amendments to the Securities Exchange Act of 1934 to exempt 403(b) plans from certain securities registration requirements, with the same conditions as above. The overall goal of the bill is to provide more flexibility and regulatory clarity for 403(b) retirement plans, particularly those in the public sector and non-profit organizations.

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https://www.congress.gov/bill/116th-congress/house-bill/6257/all-info