I 
119TH CONGRESS 
1ST SESSION H. R. 1013 
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) in-
troduced the following bill; which was referred to the Committee on Fi-
nancial Services 
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 Representa-
tives 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. 4102. ENHANCEMENT OF 403(b) PLANS. 
(a) AMENDMENTS TO THE INVESTMENT COMPANY 
ACT OF 1940.—Section 3(c)(11) of the Investment Com-
pany Act of 1940 (15 U.S.C. 80a–3(c)(11)) is amended 
to read as follows: 
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‘‘(11) Any— 
‘‘(A) employee’s stock bonus, pension, or 
profit-sharing trust which meets the require-
ments for qualification under section 401 of the 
Internal Revenue Code of 1986; 
‘‘(B) custodial account meeting the re-
quirements of section 403(b)(7) of such Code; 
‘‘(C) governmental plan described in sec-
tion 3(a)(2)(C) of the Securities Act of 1933; 
‘‘(D) collective trust fund maintained by a 
bank consisting solely of assets of one or 
more— 
‘‘(i) trusts described in subparagraph 
(A); 
‘‘(ii) government plans described in 
subparagraph (C); 
‘‘(iii) church plans, companies, or ac-
counts that are excluded from the defini-
tion of an investment company under para-
graph (14) of this subsection; or 
‘‘(iv) plans which meet the require-
ments of section 403(b) of the Internal 
Revenue Code of 1986— 
‘‘(I) if— 
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‘‘(aa) such plan is subject to 
title I of the Employee Retire-
ment 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 govern-
mental plan (as defined in sec-
tion 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 partici-
pants 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 re-
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quirements of section 401 of the Internal 
Revenue Code of 1986 or the requirements 
for deduction of the employer’s contribu-
tion under section 404(a)(2) of such Code; 
‘‘(ii) 
contributions 
under 
govern-
mental plans in connection with which in-
terests, participations, or securities are ex-
empted from the registration provisions of 
section 5 of the Securities Act of 1933 by 
section 3(a)(2)(C) of such Act; 
‘‘(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 in-
serting ‘‘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 
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available agrees to serve as a fiduciary for the plan 
with respect to the selection of the plan’s invest-
ments among which participants can choose, or (III) 
such plan is a governmental plan (as defined in sec-
tion 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 in-
vestment alternative offered under any plan de-
scribed 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 ac-
count).’’ 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 sec-
tion 403(b) of such Code’’. 
(c) AMENDMENTS TO THE SECURITIES EXCHANGE 
ACT OF 1934.—Section 3(a)(12)(C) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78c(a)(12)(C)) is amend-
ed— 
(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 
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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 fidu-
ciary 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 per-
son acting on behalf of the employer reviews and ap-
proves 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 in-
serting ‘‘(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)’’. 
Æ 
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