IB 
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) in-
troduced the following bill; which was referred to the Committee on Fi-
nancial 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] 
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A BILL 
To amend the Federal securities laws to enhance 403(b) 
plans, and for other purposes. 
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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. 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 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 (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); 
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‘‘(ii) governmental plans described in 
subparagraph (C); 
‘‘(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 
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on behalf of the employer reviews and 
approves each investment alternative 
offered under such plan described 
under subclause (I)(cc) 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 (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 
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‘‘(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 re-
quirements of section 403(b) of such Code (i) if (I) 
such plan is subject to title I of the Employee Retire-
ment Income Security Act of 1974 (29 U.S.C. 1001 
et seq.), (II) any employer making such plan avail-
able 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 fidu-
ciary 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 
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(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 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 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 in-
vestment being offered to participants in the plan, or 
(v)’’; 
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(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 Secu-
rities 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)’’. 
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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 Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
19:29 Nov 28, 2025
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