The Retirement Fairness for Charities and Educational Institutions Act passed out of the House today as part of the INVEST Act. The final vote count was 302-123.
Representatives Frank D. Lucas (R-OK), Josh Gottheimer (D-NJ), Bill Foster (D-IL), and Andy Barr (R-KY) introduced H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act, in February of this year.
The bipartisan legislation ensures that teachers, charity employees, and other non-profit sector employees participating in 403(b) retirement plans have the same access to cost effective options that are available to other retirement plans, including 401(k) and 457(b) plans. This bill follows up on important steps taken under the Secure Act 2.0 to create parity for 403(b) plans.
“For too long, retirement options have unfairly disadvantaged public servants. Teachers, firefighters, and charity workers in Oklahoma do not enjoy the same access to quality retirement plans as everyone else. That is wrong,” said Congressman Frank D. Lucas. “This bipartisan bill provides the proper consistency across retirement plans and delivers a much needed solution to allow hardworking Americans’ retirement savings to thrive.”
“I’m proud to join my colleagues in leading the effort to ensure that nonprofit employees and educators have access to the same low-cost retirement investment options as their private sector counterparts,” said Congressman Foster. “By addressing these disparities, this legislation will level the playing field and help provide a secure financial future for those who dedicate their careers to serving others.”
“It’s already way too expensive to retire in New Jersey, and those who work tirelessly to serve our communities shouldn’t be penalized when they do. That’s why I’m proud to help lead the bipartisan Retirement Fairness for Charities and Educational Institutions Act to support our teachers, nurses, and non-profit workers by giving them more power over their pocketbooks,” said Congressman Gottheimer. “I will always fight so Jersey retirees can keep more of their hard earned dollars.”
“It is crucial that we provide employees of nonprofits and educational institutions with the same opportunities for retirement security as those in the private sector,” said Congressman Barr. “By allowing 403(b) plan participants access to collective investment trusts, we can enhance their investment options and promote financial stability for those who dedicate their careers to serving others.”
