HOUSE COMMITTEE TO VOTE ON RETIREMENT PLAN PARITY, INVESTOR DISCLOSURE, AND SENIOR PROTECTION MEASURES

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) is urging the House Financial Services Committee to approve three bipartisan bills to establish parity for retirement plans used by teachers, hospital workers, clergy, and others, more effectively provide required disclosures to investors, and strengthen fraud protections for senior citizens.

All three measures are supported by IRI and were included in its 2025 Federal Retirement Security Blueprint. The Retirement Fairness for Charities and Educational Institutions Act, HR 1013, provides 403(b) retirement plan participants access to the same cost-efficient investment options already available to all other employer-sponsored retirement plan participants. These retirement plans principally serve teachers, hospital workers, clergy, and non-profit employees.

The bill amends federal securities law to authorize the use of collective investment trusts (CITs) and unregistered insurance company separate accounts within 403(b) retirement savings plans.

“Retirement savers participating in other employer-sponsored retirement plans, such as 401(k) plans, have access to cost-effective collective investment trusts (CITs) and unregistered insurance company separate accounts,” said Wayne Chopus, President and CEO at IRI. “The legislation will provide parity for 403(b) plan participants and also allow plan providers increased flexibility to build more robust investment lineups with lower-cost options that preserve principal and provide protected guaranteed lifetime income solutions.”

The second bill, the Improving Disclosure for Investors Act, HR 2441, would direct the U.S. Securities and Exchange Commission (SEC) to issue a rule permitting the electronic delivery of, and access to, documents the SEC requires registered investment companies to provide investors while preserving an individual investors’ right to receive information by paper if preferred.

“The Improving Disclosure for Investors Act will reduce the cost associated with sharing reports and disclosures to investors and increase the likelihood of investors accessing pertinent information,” Chopus said.

Electronic delivery provides a more widely accessible, cost-effective, and speedy means to convey and receive information than paper delivery. Using electronic delivery to communicate with investors also creates opportunities for the industry to provide dynamic, real-time information rather than static data making it easier for consumers to find information at a level of detail they prefer.

The third IRI-supported measure, the Senior Security Act, HR 1469, would create an interdivisional task force at the SEC to investigate the challenges facing investors and determine meaningful recommendations to Congress about what other measures might be needed to increase protections for the most vulnerable Americans.

Additionally, the bill directs the Government Accountability Office (GAO) to study and report on the economic impact and consequences of elder financial exploitation to help policymakers better understand the breadth and scope that financial exploitation of older Americans has on the U.S. economy.

“Older Americans who worked and saved to achieve a secure and dignified retirement are often exposed to financial exploitation that threatens their savings,” Chopus said. “We support efforts to reduce this threat and to by increasing protections and resources to combat financial fraud and exploitation,” Chopus said.

“We are grateful for the leadership of Chairman French Hill (R-Mich.) for bringing these important measures to a vote and we urge the committee to advance all three,” Chopus added. “We also want to thank Rep. Frank Lucas (R-Okla.), Rep. Andy Barr (R-Ky.), Rep. Bill Foster (D-Ill.), and Rep. Josh Gottheimer (D-N.J.) for their leadership on the Retirement Fairness for Religious and Educational Institutions Act; Rep. Bill Huizenga (R-Ark.), Jake Auchincloss (D-Mass.), Bryan Steil (R-Wisc.), and Rep. Wiley Nickel (D-N.C.) for championing the Improving Disclosure for Investors Act, and Rep. Ann Wagner (R-Mo.) and Rep. Gottheimer for their efforts on the Senior Security Act.”

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Contact: Dan Zielinski