H.R. 1013

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1013 Reported in House (RH)]

<DOC>

Union Calendar No. 340
119th CONGRESS
1st Session
H. R. 1013

[Report No. 119-390]

To amend the Federal securities laws to enhance 403(b) plans, and for 
other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

February 5, 2025

Mr. Lucas (for himself, Mr. Gottheimer, Mr. Foster, and Mr. Barr) 
introduced the following bill; which was referred to the Committee on 
Financial Services

November 28, 2025

Additional sponsors: Mr. Meuser, Ms. Pettersen, Mr. Nunn of Iowa, Mr. 
Morelle, Mr. Panetta, Mr. Sessions, Ms. Sewell, Mr. Suozzi, Mr. Neguse, 
Mr. Vindman, Mr. Harder of California, Mr. Lawler, Mr. Norcross, Mr. 
David Scott of Georgia, Ms. Houlahan, Ms. Bynum, Mr. Schneider, Ms. 
McBride, Mr. Davis of North Carolina, Mr. Horsford, and Mr. Courtney

November 28, 2025

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed 
in italic]
[For text of introduced bill, see copy of bill as introduced on 
February 5, 2025]

_______________________________________________________________________

A BILL

To amend the Federal securities laws to enhance 403(b) plans, and for 
other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Retirement Fairness for Charities 
and Educational Institutions Act of 2025''.

SEC. 2. ENHANCEMENT OF 403(B) PLANS.

(a) Amendments to the Investment Company Act of 1940.--Section 
3(c)(11) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)(11)) 
is amended to read as follows:
``(11) Any--
``(A) trust forming part of an employee's stock 
bonus, pension, or profit-sharing plan which meets the 
requirements for qualification under section 401 of the 
Internal Revenue Code of 1986;
``(B) custodial account meeting the requirements of 
section 403(b)(7) of such Code;
``(C) governmental plan described in section 
3(a)(2)(C) of the Securities Act of 1933 (15 U.S.C. 
77c(a)(2)(C));
``(D) collective trust fund maintained by a bank 
consisting solely of assets of one or more--
``(i) trusts described in subparagraph (A);
``(ii) governmental plans described in 
subparagraph (C);
``(iii) church plans, companies, or 
accounts that are excluded from the definition 
of an investment company under paragraph (14) 
of this subsection; or
``(iv) plans which meet the requirements of 
section 403(b) of the Internal Revenue Code of 
1986--
``(I) if--
``(aa) such plan is subject 
to title I of the Employee 
Retirement Income Security Act 
of 1974 (29 U.S.C. 1001 et 
seq.);
``(bb) any employer making 
such plan available agrees to 
serve as a fiduciary for the 
plan with respect to the 
selection of the plan's 
investments among which 
participants can choose; or
``(cc) such plan is a 
governmental plan (as defined 
in section 414(d) of such 
Code); and
``(II) if the employer, a fiduciary 
of the plan, or another person acting 
on behalf of the employer reviews and 
approves each investment alternative 
offered under such plan described under 
subclause (I)(cc) prior to the 
investment being offered to 
participants in the plan; or
``(E) separate account the assets of which are 
derived solely from--
``(i) contributions under pension or 
profit-sharing plans which meet the 
requirements of section 401 of the Internal 
Revenue Code of 1986 or the requirements for 
deduction of the employer's contribution under 
section 404(a)(2) of such Code;
``(ii) contributions under governmental 
plans in connection with which interests, 
participations, or securities are exempted from 
the registration provisions of section 5 of the 
Securities Act of 1933 (15 U.S.C. 77e) by 
section 3(a)(2)(C) of such Act (15 U.S.C. 
77c(a)(2)(C));
``(iii) advances made by an insurance 
company in connection with the operation of 
such separate account; and
``(iv) contributions to a plan described in 
clause (iii) or (iv) of subparagraph (D).''.
(b) Amendments to the Securities Act of 1933.--Section 3(a)(2) of 
the Securities Act of 1933 (15 U.S.C. 77c(a)(2)) is amended--
(1) by striking ``beneficiaries, or (D)'' and inserting 
``beneficiaries, (D) a plan which meets the requirements of 
section 403(b) of such Code (i) if (I) such plan is subject to 
title I of the Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1001 et seq.), (II) any employer making such plan 
available agrees to serve as a fiduciary for the plan with 
respect to the selection of the plan's investments among which 
participants can choose, or (III) such plan is a governmental 
plan (as defined in section 414(d) of such Code), and (ii) if 
the employer, a fiduciary of the plan, or another person acting 
on behalf of the employer reviews and approves each investment 
alternative offered under any plan described under clause 
(i)(III) prior to the investment being offered to participants 
in the plan, or (E)'';
(2) by striking ``(C), or (D)'' and inserting ``(C), (D), 
or (E)''; and
(3) by striking ``(iii) which is a plan funded'' and all 
that follows through ``retirement income account).'' and 
inserting ``(iii) in the case of a plan not described in 
subparagraph (D) or (E), which is a plan funded by an annuity 
contract described in section 403(b) of such Code.''.
(c) Amendments to the Securities Exchange Act of 1934.--Section 
3(a)(12)(C) of the Securities Exchange Act of 1934 (15 U.S.C. 
78c(a)(12)(C)) is amended--
(1) by striking ``or (iv)'' and inserting ``(iv) a plan 
which meets the requirements of section 403(b) of such Code (I) 
if (aa) such plan is subject to title I of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1001 et 
seq.), (bb) any employer making such plan available agrees to 
serve as a fiduciary for the plan with respect to the selection 
of the plan's investments among which participants can choose, 
or (cc) such plan is a governmental plan (as defined in section 
414(d) of such Code), and (II) if the employer, a fiduciary of 
the plan, or another person acting on behalf of the employer 
reviews and approves each investment alternative offered under 
any plan described under subclause (I)(cc) prior to the 
investment being offered to participants in the plan, or (v)'';
(2) by striking ``(ii), or (iii)'' and inserting ``(ii), 
(iii), or (iv)''; and
(3) by striking ``(II) is a plan funded'' and inserting 
``(II) in the case of a plan not described in clause (iv), is a 
plan funded''.
(d) Conforming Amendment to the Securities Exchange Act of 1934.--
Section 12(g)(2)(H) of the Securities Exchange Act of 1934 (15 U.S.C. 
78l(g)(2)(H)) is amended by striking ``or (iii)'' and inserting ``(iii) 
a plan described in section 3(a)(12)(C)(iv) of this Act, or (iv)''.
Union Calendar No. 340

119th CONGRESS

1st Session

H. R. 1013

[Report No. 119-390]

_______________________________________________________________________

A BILL

To amend the Federal securities laws to enhance 403(b) plans, and for 
other purposes.

_______________________________________________________________________

November 28, 2025

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed