Bill > S424

This bill aims to enhance 403(b) retirement plans, which are tax-sheltered annuity plans primarily used by employees of public schools, certain non-profit organizations, and religious groups. The legislation makes technical amendments to several securities laws (the Investment Company Act of 1940, the Securities Act of 1933, and the Securities Exchange Act of 1934) to provide more flexibility and oversight for these retirement plans. Specifically, the bill modifies existing regulations to clarify and expand the conditions under which 403(b) plans can be exempt from certain securities registration requirements. Key provisions include requiring employers to serve as fiduciaries for plan investment selections, allowing for specific types of collective trust funds, and ensuring that governmental and church-related plans have appropriate investment review processes. The changes are designed to provide more robust protections for plan participants by ensuring that investment alternatives are carefully reviewed and selected, while also simplifying regulatory compliance for educational institutions, charities, and other qualifying organizations offering these retirement plans.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/424/all-info