Press Releases

There is strong and widespread support for H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act, which passed the U.S. House of Representatives on Wednesday by a bipartisan vote of 295-128.

For a one-pager on the bill, click here.

For text of the bill, click here.

For more information, click here.

Here is what they are saying:

“There’s no good reason why a teacher or nurse should have fewer retirement investment options simply because they participate in a 403(b) plan instead of a 401(k). Today’s bipartisan vote moves us closer to fixing that inequity and helping millions of Americans keep more of their hard-earned savings invested for retirement. Congress started this work in SECURE 2.0, and now the Senate has an opportunity to finish the job,” said Brian Graff, CEO of the American Retirement Association.

“Where you work should not limit your retirement savings options. 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,” said Wayne Chopus, President and CEO of the Insured Retirement Institute.

“Today’s House passage of the Retirement Fairness for Charities and Educational Institutions Act is an important step toward ensuring that more workers have access to the investment options they need to build a secure retirement. Teachers, healthcare workers, nonprofit employees, and others who dedicate their careers to serving our communities and participate in 403(b) plans deserve the same retirement investment choices available to those with 401(k) plans. We applaud the bipartisan support for this commonsense legislation and urge the Senate to follow suit,” said Karen Barr, President and CEO of the Investment Adviser Association.

“ICI applauds the House of Representatives for its passage of the bipartisan Retirement Fairness for Charities and Educational Institutions Act. Nurses, teachers, and nonprofit workers should have the same opportunities for a secure financial future and retirement as private sector employees. This bill accomplishes that goal. We encourage the Senate to move swiftly to pass this legislation,” said the Investment Company Institute (ICI).

“SIFMA applauds House leadership for bringing H.R. 1013 to the floor, and we thank Representatives Frank Lucas, Josh Gottheimer, Bill Foster, and Andy Barr for their leadership on this commonsense, bipartisan bill. Employees of charities, schools, and other nonprofits deserve the same access to low-cost investment options that 401(k) and Thrift Savings Plan participants already enjoy. H.R. 1013 levels the playing field for 403(b) savers, and we urge Congress to pass this pragmatic legislation,” said Kenneth E. Bentsen, Jr., President and CEO of SIFMA.

“Teachers, nurses, and nonprofit employees deserve access to the same range of retirement investment options in their 403(b) accounts that are available to other American workers who save for retirement through a 401(k) account. We commend the members of the House for passing this important legislation that expands investment choice for American retirement savers,” said Mike Flood, Senior Vice President of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness.

Other organizations that have expressed support for the bill include American Bankers Association, American Council of Life Insurers, Christian Employers Alliance, Financial Services Institute, Institute for Portfolio Alternatives, MissionSquare, National Association of Insurance and Financial Advisors, Prudential, SPARK Institute, Teachers Insurance and Annuity Association, and Vanguard.

###