Skip to content

Retirement Fairness for Charities and Educational Institutions Act Heads to Senate

CSpan screenshot for 403(b) plan parity vote.WASHINGTON, D.C. – The U.S. House of Representatives today passed the Retirement Fairness for Charities and Educational Institutions Act (H.R. 1013) by a bipartisan vote of 295-128. The bill would give 403(b) plan participants access to the same cost-efficient investment options already available in 401(k) plans and other employer-sponsored plans. These plans mainly serve teachers, hospital workers, clergy, and nonprofit employees.

The bill amends federal securities law to let 403(b) plans use collective investment trusts (CITs) and nonregistered insurance company separate accounts. Federal law already allows 401(k) plans, 457(b) plans, and the federal Thrift Savings Plan to use them. Sponsors include Reps. Frank Lucas (R-Okla.), Josh Gottheimer (D-N.J.), Bill Foster (D-Ill.), and Andy Barr (R-Ky.).

The Insured Retirement Institute (IRI) has advocated for this change across several Congresses.

“Where you work should not limit your retirement savings options,” said Wayne Chopus, President and CEO, IRI. “We were pleased to see the House once again express strong bipartisan support to giving more than 10 million teachers, nurses, and other nonprofit workers access to the same low-cost retirement investment options available to millions of other participants in employer-sponsored retirement plans. Now it’s time for the Senate to act.”

# # #

Contact: Dan Zielinski

Stay Informed

Latest News

March 18, 2026

DFA1: Highlights from the IRI Digital First for Annuities Hackathon

In the latest episode of DFA1, Katherine Dease, Chief Technology and Innovation Officer, talks about the recent, successful IRI Hackathon…

Read more
March 17, 2026

IRI VISION: COURT DECISION RESTORES CHOICE AND ACCESS FOR RETIREMENT SAVERS

The federal court’s decision to vacate the Department of Labor’s 2024 “Retirement Security Rule” is welcome news for millions of…

Read more
March 17, 2026

FEDERAL COURT VACATES BIDEN-ERA, ONE-SIZE-FITS-ALL FIDUCIARY RULE

IRI Calls Decision a Victory for Consumers WASHINGTON, D.C. – A federal court vacated a 2024 Biden Administration Department of Labor…

Read more
Scroll To Top