ASA Applauds Bipartisan House Passage of Bill Expanding Retirement Options for Teachers and Nonprofit Workers

WASHINGTON – The American Securities Association (ASA) today applauded the House of Representatives’ bipartisan passage of H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act. Led by Reps. Frank Lucas (R-Okla.) and Josh Gottheimer (D-N.J.), the bill would allow 403(b) retirement plans, which cover employees of public schools, hospitals, charities and other nonprofits, to offer collective investment trusts (CITs). CITs are a lower-cost investment option already available to 401(k) savers.

“ASA applauds the House for passing H.R. 1013 with strong bipartisan support, giving teachers, nurses, and other nonprofit workers the same cost-efficient investment options already available to 401(k) savers,” said ASA President and CEO Chris Iacovella. “The legislation will support retirement security for American workers while maintaining strong investor protections in 403(b) plans. We urge the Senate to pass H.R. 1013 and finish the work Congress started in SECURE 2.0.”

###

The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.