Each week while Congress is in session, our Policy team delivers a key update to highlight a topical benefits, health, or retirement news item from the Hill, such as a newly introduced bill, a summary of a committee hearing, or another hot-button matter.
Sen. Katie Britt (R-AL) introduced the Retirement Fairness for Charities and Educational Institutions Act (S. 4917) to allow 403(b) plans to invest in collective investment trusts (“CITs”). Sen. Britt was joined by Sens. Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI) as original co-sponsors of the bill. A similar provision was included in H.R. 2799, which passed the House in March and has since been referred to the Senate.
The senators have introduced this 403(b) bill separately from H.R. 2799 in order to maximize support for the idea, though it may face headwinds from certain Democrats in the Senate such as Senator Elizabeth Warren who have expressed concerns about allowing CITs in public retirement plans.
