[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3063 Reported in House (RH)]
<DOC>
Union Calendar No. 251
118th CONGRESS
1st Session
H. R. 3063
[Report No. 118-311]
To amend the Federal securities laws to enhance 403(b) plans, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 2, 2023
Mr. Lucas (for himself, Mr. Gottheimer, Mr. Foster, and Mr. Barr)
introduced the following bill; which was referred to the Committee on
Financial Services
December 12, 2023
Additional sponsors: Mr. Nunn of Iowa, Mr. Panetta, Mr. Flood, Ms.
Sewell, Mr. Nickel, Mr. Lawler, Mr. Evans, Mr. Pappas, Mr. Trone, Mr.
Thompson of Pennsylvania, Mr. Meuser, Mr. Morelle, and Ms. Pettersen
December 12, 2023
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 May 2,
2023]
_______________________________________________________________________
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 Representatives 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 requirements for
qualification under section 401 of the Internal Revenue
Code of 1986;
``(B) custodial account meeting the requirements 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);
``(iii) church plans, companies, or
accounts that are excluded from the definition
of an investment company under paragraph (14)
of this subsection; or
``(iv) plans which meet the requirements of
section 403(b) of the Internal Revenue 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
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 subclause (I)(bb) prior to the
investment 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
requirements of section 401 of the Internal
Revenue Code of 1986 or the requirements for
deduction 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--
(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
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 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 described in
subparagraph (D), which is a plan funded''.
(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 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 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 subclause
(I)(bb) 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 inserting
``(II) in the case of a plan not described in clause (iv), is a
plan funded''.
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 Committee of the Whole
House on the State of the Union, and ordered to be printed