Bill > HR1013

This bill enhances regulations for 403(b) retirement plans, which are tax-advantaged retirement savings plans typically used by employees of public schools, non-profit organizations, and certain religious organizations. The bill amends several existing securities laws to provide more flexibility and oversight for these plans, specifically modifying the Investment Company Act of 1940, the Securities Act of 1933, and the Securities Exchange Act of 1934. Key provisions include expanding the definition of exempt investment vehicles for these retirement plans, establishing new fiduciary requirements for employers offering such plans, and creating additional protections for plan participants. The bill requires employers to review and approve investment alternatives for governmental plans, mandates that employers serve as fiduciaries for plan investment selections, and clarifies the regulatory treatment of different types of retirement plan investments. These changes aim to provide greater transparency, accountability, and investment options for participants in 403(b) retirement plans while simplifying regulatory compliance for employers and plan administrators.

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https://www.congress.gov/bill/119th-congress/house-bill/1013/all-info