II 

118TH CONGRESS 

2D SESSION S. 4917 

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

other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 31, 2024 

Mrs. BRITT (for herself, Mr. PETERS, Mr. CASSIDY, and Mr. WARNOCK) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To amend the Federal securities laws to enhance 403(b) 

plans, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Retirement Fairness 

5 for Charities and Educational Institutions Act of 2024’’. 

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

7 (a) AMENDMENTS TO THE INVESTMENT COMPANY

8 ACT OF 1940.—Section 3(c)(11) of the Investment Com9 pany Act of 1940 (15 U.S.C. 80a–3(c)(11)) is amended 

10 to read as follows: 


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1 ‘‘(11) Any— 

2 ‘‘(A) employee’s stock bonus, pension, or 

3 profit-sharing trust which meets the require4 ments for qualification under section 401 of the 

5 Internal Revenue Code of 1986; 

6 ‘‘(B) custodial account meeting the re7 quirements of section 403(b)(7) of such Code; 

8 ‘‘(C) governmental plan described in sec9 tion 3(a)(2)(C) of the Securities Act of 1933 

10 (15 U.S.C. 77c(a)(2)(C)); 

11 ‘‘(D) collective trust fund maintained by a 

12 bank consisting solely of assets of one or 

13 more— 

14 ‘‘(i) trusts described in subparagraph 

15 (A); 

16 ‘‘(ii) government plans described in 

17 subparagraph (C); 

18 ‘‘(iii) church plans, companies, or ac19 counts that are excluded from the defini20 tion of an investment company under para21 graph (14) of this subsection; or 

22 ‘‘(iv) plans that meet the require23 ments of section 403(b) of the Internal 

24 Revenue Code of 1986— 

25 ‘‘(I) if— 


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1 ‘‘(aa) such plan is subject to 

2 title I of the Employee Retire3 ment Income Security Act of 

4 1974 (29 U.S.C. 1001 et seq.); 

5 ‘‘(bb) any employer making 

6 such plan available agrees to 

7 serve as a fiduciary for the plan 

8 with respect to the selection of 

9 the plan’s investments among 

10 which participants can choose; or 

11 ‘‘(cc) such plan is a govern12 mental plan (as defined in sec13 tion 414(d) of such Code); and 

14 ‘‘(II) if the employer, a fiduciary 

15 of the plan, or another person acting 

16 on behalf of the employer reviews and 

17 approves each investment described 

18 under subclause (I)(bb) prior to the 

19 investment being offered to partici20 pants in the plan; or 

21 ‘‘(E) separate account the assets of which 

22 are derived solely from— 

23 ‘‘(i) contributions under pension or 

24 profit-sharing plans which meet the re25 quirements of section 401 of the Internal 


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1 Revenue Code of 1986 or the requirements 

2 for deduction of the employer’s contribu3 tion under section 404(a)(2) of such Code; 

4 ‘‘(ii) contributions under govern5 mental plans in connection with which in6 terests, participations, or securities are ex7 empted from the registration provisions of 

8 section 5 of the Securities Act of 1933 (15 

9 U.S.C. 77e) by section 3(a)(2)(C) of such 

10 Act (15 U.S.C. 77c(a)(2)(C)); 

11 ‘‘(iii) advances made by an insurance 

12 company in connection with the operation 

13 of such separate account; and 

14 ‘‘(iv) contributions to a plan described 

15 in subparagraph (D)(iv).’’. 

16 (b) AMENDMENTS TO THE SECURITIES ACT OF

17 1933.—Section 3(a)(2) of the Securities Act of 1933 (15 

18 U.S.C. 77c(a)(2)) is amended— 

19 (1) by striking ‘‘or (D) a’’ and inserting ‘‘(D) 

20 a plan which meets the requirements of section 

21 403(b) of such Code (i) if (I) such plan is subject 

22 to title I of the Employee Retirement Income Secu23 rity Act of 1974 (29 U.S.C. 1001 et seq.), (II) any 

24 employer making such plan available agrees to serve 

25 as a fiduciary for the plan with respect to the selecVerDate Sep 11 2014 00:02 Aug 30, 2024 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S4917.IS S4917

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1 tion of the plan’s investments among which partici2 pants can choose, or (III) such plan is a govern3 mental plan (as defined in section 414(d) of such 

4 Code), and (ii) if the employer, a fiduciary of the 

5 plan, or another person acting on behalf of the em6 ployer reviews and approves each investment de7 scribed under clause (i)(II) prior to the investment 

8 being offered to participants in the plan, or (E) a’’; 

9 (2) by striking ‘‘(C), or (D)’’ and inserting 

10 ‘‘(C), (D), or (E)’’; and 

11 (3) by striking ‘‘(iii) which is a plan funded’’ 

12 and inserting ‘‘(iii) in the case of a plan not de13 scribed in subparagraph (D), which is a plan fund14 ed’’. 

15 (c) AMENDMENTS TO THE SECURITIES EXCHANGE

16 ACT OF 1934.—Section 3(a)(12)(C) of the Securities Ex17 change Act of 1934 (15 U.S.C. 78c(a)(12)(C)) is amend18 ed— 

19 (1) by striking ‘‘or (iv)’’ and inserting ‘‘(iv) a 

20 plan which meets the requirements of section 403(b) 

21 of such Code (I) if (aa) such plan is subject to title 

22 I of the Employee Retirement Income Security Act 

23 of 1974 (29 U.S.C. 1001 et seq.), (bb) any employer 

24 making such plan available agrees to serve as a fidu25 ciary for the plan with respect to the selection of the 


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1 plan’s investments among which participants can 

2 choose, or (cc) such plan is a governmental plan (as 

3 defined in section 414(d) of such Code), and (II) if 

4 the employer, a fiduciary of the plan, or another per5 son acting on behalf of the employer reviews and ap6 proves each investment described under subclause 

7 (I)(bb) prior to the investment being offered to par8 ticipants in the plan, or (v)’’; 

9 (2) by striking ‘‘(ii), or (iii)’’ and inserting 

10 ‘‘(ii), (iii), or (iv)’’; and 

11 (3) by striking ‘‘(II) is a plan funded’’ and in12 serting ‘‘(II) in the case of a plan not described in 

13 clause (iv), is a plan funded’’. 

Æ 


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