House committee advances ABA-backed 403(b) bill

With a bipartisan vote of 35 to 12, the House Financial Services Committee this week advanced H.R. 3063, the Retirement Fairness for Charities and Education Institutions Act of 2023. This American Bankers Association-supported bill would amend the Exchange Act to allow 403(b) retirement plans—which are offered by public schools, hospitals and certain charities—to invest in unregistered insurance contracts and collective investment trusts that currently may be invested in by comparable retirement plans, such as 401(k) plans.