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 2023’’. 
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) 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 require-
ments of section 403(b)(7) of such Code; 
‘‘(C) governmental plan described in section 
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); 
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‘‘(iii) church plans, companies, or ac-
counts that are excluded from the definition 
of an investment company under paragraph 
(14) of this subsection; or 
‘‘(iv) plans which meet the require-
ments of section 403(b) of the Internal Rev-
enue 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 govern-
mental 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 described 
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under subclause (I)(bb) prior to the in-
vestment 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 require-
ments of section 401 of the Internal Revenue 
Code of 1986 or the requirements for deduc-
tion 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 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 subparagraph (D)(iv).’’. 
(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— 
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(1) by striking ‘‘or (D)’’ and inserting ‘‘(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 fidu-
ciary 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 described under clause (i)(II) 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 inserting ‘‘(iii) in the case of a plan not de-
scribed in subparagraph (D), which is a plan fund-
ed’’. 
(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— 
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(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 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 described under subclause 
(I)(bb) prior to the investment being offered to par-
ticipants 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’’. 
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Union Calendar No. 251 
118TH CONGRESS 
1ST SESSION 
H. R. 3063 
[Report No. 118–311] 
A BILL 
To amend the Federal securities laws to enhance 
403(b) plans, and for other purposes. 
DECEMBER 12, 2023 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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