# 119-s-424: Retirement Fairness for Charities and Educational Institutions Act of 2025

119-s-424, Retirement Fairness for Charities and Educational Institutions Act of 2025, is a 119th Congress bill sponsored by Sen. Britt, Katie Boyd [R-AL] (R-AL); status introduced; PRIA reads it as touching household money (as of 2026-10-03).

- Canonical: https://policyrisk.com/legislation/119-s-424
- As of: 2026-10-03
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-424
- Congress: 119
- Title: Retirement Fairness for Charities and Educational Institutions Act of 2025
- Status: introduced
- Introduced: 2025-02-05
- Sponsor: Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Cosponsors: 21
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-10-03

## Summary

**Would let 403(b) retirement plans use collective investment trusts and bring many 403(b) vehicles under federal securities-law oversight.** It would align treatment across the Investment Company Act of 1940, the Securities Act of 1933, and the Securities Exchange Act of 1934 and require employers or fiduciaries to review and approve each investment option before it is offered to participants. - Workers and participants in public schools, charities, and churches would see 403(b) investment options subject to securities-law rules and ERISA-style fiduciary protections, increasing oversight and transparency. - Employers and plan sponsors that make 403(b) plans available would need to serve as fiduciaries for investment selection or ensure a fiduciary reviews and approves each investment alternative before offering it. - Banks, trust companies, insurance separate accounts, and fund managers would face expanded coverage under the Investment Company Act and related registration and oversight when their vehicles hold 403(b) plan assets.

## Cosponsors (21)

- Sen. Marshall, Roger [R-KS] (R-KS), 2026-09-29T00:00:00.000Z
- Sen. Warnock, Raphael G. [D-GA] (D-GA), 2025-02-05T00:00:00.000Z
- Sen. Cassidy, Bill [R-LA] (R-LA), 2025-02-05T00:00:00.000Z
- Sen. Peters, Gary C. [D-MI] (D-MI), 2025-02-05T00:00:00.000Z
- Sen. Hagerty, Bill [R-TN] (R-TN), 2025-02-13T00:00:00.000Z
- Sen. Crapo, Mike [R-ID] (R-ID), 2025-02-13T00:00:00.000Z
- Sen. Rosen, Jacky [D-NV] (D-NV), 2025-02-18T00:00:00.000Z
- Sen. Tillis, Thomas [R-NC] (R-NC), 2025-02-18T00:00:00.000Z
- Sen. Coons, Christopher A. [D-DE] (D-DE), 2025-03-06T00:00:00.000Z
- Sen. Cramer, Kevin [R-ND] (R-ND), 2025-03-06T00:00:00.000Z
- Sen. Rounds, Mike [R-SD] (R-SD), 2025-03-06T00:00:00.000Z
- Sen. Kaine, Tim [D-VA] (D-VA), 2025-03-12T00:00:00.000Z
- Sen. Gallego, Ruben [D-AZ] (D-AZ), 2025-03-13T00:00:00.000Z
- Sen. Daines, Steve [R-MT] (R-MT), 2025-04-04T00:00:00.000Z
- Sen. Alsobrooks, Angela D. [D-MD] (D-MD), 2025-04-08T00:00:00.000Z
- Sen. Ricketts, Pete [R-NE] (R-NE), 2025-04-08T00:00:00.000Z
- Sen. Kennedy, John [R-LA] (R-LA), 2025-09-03T00:00:00.000Z
- Sen. Van Hollen, Chris [D-MD] (D-MD), 2025-09-03T00:00:00.000Z
- Sen. McCormick, David [R-PA] (R-PA), 2025-10-07T00:00:00.000Z
- Sen. Hickenlooper, John W. [D-CO] (D-CO), 2025-10-07T00:00:00.000Z
- Sen. Scott, Tim [R-SC] (R-SC), 2026-07-14T00:00:00.000Z

## Provisions PRIA read

- New rules for 403(b) plans: benefit, medium. If enacted, this bill would change how many 403(b) retirement arrangements are treated under federal securities law. It would add 403(b) plans, certain custodial accounts, bank collective trusts, and separate accounts to the lists of excluded retirement vehicles. It would also require an employer,…

## Related bills

- 119-sres-913: A resolution relating to the death of the Honorable Nancy Kassebaum, former United States Senator for the State of Kansas.
- 119-sres-897: A resolution honoring the life, service, and legacy of the Honorable Jon Llewellyn Kyl, former Senator for the State of Arizona.
- 119-sres-801: A resolution honoring the life and legacy of the Honorable Lindsey Olin Graham, a Senator from the State of South Carolina.
- 119-sres-755: A resolution honoring the life of the Honorable Donald W. Riegle, Jr., former Senator for the State of Michigan.
- 119-sres-739: A resolution honoring the life and legacy of John Seymour, the late Senator for the State of California.
- 119-sres-723: A resolution honoring the life of Dirk Arthur Kempthorne, former United States Senator for the State of Idaho.

## Sources
- [119-s-424 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/424)

## Related
- [119-sres-913: A resolution relating to the death of the Honorable Nancy Kassebaum, former Uni…](https://policyrisk.com/legislation/119-sres-913)
- [119-sres-897: A resolution honoring the life, service, and legacy of the Honorable Jon Llewel…](https://policyrisk.com/legislation/119-sres-897)
- [119-sres-801: A resolution honoring the life and legacy of the Honorable Lindsey Olin Graham,…](https://policyrisk.com/legislation/119-sres-801)
- [119-sres-755: A resolution honoring the life of the Honorable Donald W. Riegle, Jr., former S…](https://policyrisk.com/legislation/119-sres-755)
- [119-sres-739: A resolution honoring the life and legacy of John Seymour, the late Senator for…](https://policyrisk.com/legislation/119-sres-739)
- [119-sres-723: A resolution honoring the life of Dirk Arthur Kempthorne, former United States…](https://policyrisk.com/legislation/119-sres-723)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-424 (as of 2026-10-03).