House Passes Financial Services Committee’s Bipartisan Retirement Fairness Bill

Today, the House passed H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act, by a vote of 295-128. Led by Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03), this bipartisan bill expands retirement investment options for the millions of people working in public schools, community health clinics, and churches who rely on 403(b) plans. 

By removing outdated regulatory barriers, the bill permits 403(b) plans to invest in Collective Investment Trusts (CITs) and insurance company separate accounts, cost-effective investment options already available through 401(k) plans. This legislation promotes competition and creates more opportunities for hardworking Americans to grow their retirement savings. 

Chairman French Hill (AR-02) said, “Public school teachers, first responders, and nonprofit employees dedicate their careers to serving others, yet outdated laws limit their retirement investment options and can leave them paying higher ees. H.R. 1013 fixes this problem by giving these workers access to the same cost-effective options available in 401(k) plans. I thank Capital Markets Subcommittee Chairman Ann Wagner for her longstanding leadership and Congressman Frank Lucas for his work to advance this bipartisan bill.” 

• Watch Chairman Hill's floor remarks here.                     

Chairman Lucas said, “Hardworking public servants with 403(b) plans should have access to the same investment options available to private sector plans so they can better prepare for retirement and provide for their families. I am grateful that the House has passed the Retirement Fairness for Charities and Educational Institutions Act, and I urge the Senate to swiftly take up and pass this bill to send it to President Trump’s desk.”  

• Watch Chairman Lucas' floor remarks here.                      

Capital Markets Subcommittee Chairman Ann Wagner (MO-02) said, “It is so important that we expand retirement options for hardworking Americans, especially healthcare and charity workers, teachers, and others who sacrifice every day to better their communities. This legislation will remove unnecessary barriers and help make it easier for families to invest for their future.” 

• Watch Chairman Wagner’s floor remarks here.                     

Subcommittee on Oversight and Investigations Chairman Dan Meuser (PA-09) also spoke in support of the legislation.

• Watch his floor remarks here.

Click here for the bill text. 

Click here for a one-pager 

Further Background: 

• On February 26, 2025, the Subcommittee on Capital Markets held a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.” 
• On March 25, 2025, the Full Committee held a hearing entitled “Beyond Silicon Valley: Expanding Access to Capital Across America” 
• On May 20, 2025, the Committee advanced the Retirement Fairness for Charities and Educational Institutions Act by a vote of 43-8. 
• On December 11, 2025, the House passed H.R. 3383, the INVEST Act, which included H.R. 1013, by a vote of 302–123. 

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