Retirement Fairness for Charities and Educational Institutions Act of 2025
Sponsored By: Representative Lucas
In Committee
Summary
This bill would _expand the range of pooled investment vehicles_ that 403(b) retirement plans for charities and educational institutions can use. It would do that by changing core securities laws so certain trusts, custodial accounts, governmental plans, bank collective trust funds, and separate accounts qualify as 403(b) investment options under defined conditions and fiduciary checks.
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- Workers and plan participants: Would likely see a wider variety of pooled investment choices inside 403(b) plans, which could increase available options for retirement saving.
- Employers and plan sponsors (charities and schools): Could offer new pooled vehicles but must meet ERISA or governmental-plan criteria and perform ongoing employer fiduciary review and approval before offering investment alternatives.
- Banks and asset managers: Would gain clearer authority to operate collective trust funds and separate accounts that serve 403(b) plans when those funds meet the bill's asset restrictions and eligibility rules.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New investment options for 403(b) workers
If enacted, this bill would let some 403(b) plans use more pooled investments without SEC registration. Plans would need to meet 403(b) rules and either be under ERISA, have the employer serve as the investment fiduciary, or be a government plan. Each investment option would need review and approval before it is offered to workers. Participants could see more choices and lower compliance burdens, but may get fewer public registration disclosures.
Sponsors & CoSponsors
Sponsor
Lucas
OK • R
Cosponsors
Rep. Gottheimer, Josh [D-NJ-5]
NJ • D
Sponsored 2/5/2025
Rep. Foster, Bill [D-IL-11]
IL • D
Sponsored 2/5/2025
Barr
KY • R
Sponsored 2/5/2025
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 2/21/2025
Rep. Pettersen, Brittany [D-CO-7]
CO • D
Sponsored 3/3/2025
Rep. Nunn, Zachary [R-IA-3]
IA • R
Sponsored 3/3/2025
Rep. Morelle, Joseph D. [D-NY-25]
NY • D
Sponsored 3/4/2025
Rep. Panetta, Jimmy [D-CA-19]
CA • D
Sponsored 3/10/2025
Sessions
TX • R
Sponsored 3/24/2025
Sewell
AL • D
Sponsored 4/7/2025
Rep. Suozzi, Thomas R. [D-NY-3]
NY • D
Sponsored 4/24/2025
Rep. Neguse, Joe [D-CO-2]
CO • D
Sponsored 5/15/2025
Rep. Vindman, Eugene Simon [D-VA-7]
VA • D
Sponsored 5/21/2025
Rep. Harder, Josh [D-CA-9]
CA • D
Sponsored 5/29/2025
Rep. Lawler, Michael [R-NY-17]
NY • R
Sponsored 6/3/2025
Norcross
NJ • D
Sponsored 6/26/2025
Scott, David
GA • D
Sponsored 7/16/2025
Rep. Houlahan, Chrissy [D-PA-6]
PA • D
Sponsored 7/22/2025
Rep. Bynum, Janelle S. [D-OR-5]
OR • D
Sponsored 8/15/2025
Rep. Schneider, Bradley Scott [D-IL-10]
IL • D
Sponsored 9/15/2025
McBride
DE • D
Sponsored 9/30/2025
Davis (NC)
NC • D
Sponsored 9/30/2025
Rep. Horsford, Steven [D-NV-4]
NV • D
Sponsored 10/24/2025
Rep. Courtney, Joe [D-CT-2]
CT • D
Sponsored 11/19/2025
Roll Call Votes
No roll call votes available for this bill.
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