House committee advances ABA-backed 403(b) expense

With a bipartisan vote of 35 to 12, the House Financial Services Committee today advanced H.R. 3063, the Retirement Fairness for Charities and Education Institutions Act of 2023. This American Bankers Association-supported expense would modify the Exchange Act to enable 403(b) retirement strategies—which are provided by public schools, medical facilities and specific charities—to buy unregistered insurance coverage agreements and cumulative financial investment trusts that presently might be bought by equivalent retirement strategies, such as 401(k) strategies.


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