The National Association of Insurance and Financial Advisors (NAIFA) urges Congress to pass H.R. 1013, the bipartisan Retirement Fairness for Charities and Educational Institutions Act, which would expand retirement investment options for more than 10 million Americans participating in 403(b) retirement plans. These workers include teachers, nurses, hospital employees, college and university staff, and employees of charitable and nonprofit organizations. The legislation would correct a longstanding inequity that limits their access to investment options already available to participants in other workplace retirement plans. Read the statement of support.
“Where someone works should not determine the retirement savings investment options available to them,” said NAIFA CEO Kevin Mayeux, CAE. “Teachers, healthcare professionals, and nonprofit employees deserve the same opportunities to build financial security as other American workers. H.R. 1013 would provide greater choice while maintaining important regulatory oversight and investor protections.”
The legislation would allow 403(b) plans to offer two established investment options: Collective Investment Trusts (CITs) and nonregistered insurance company separate accounts. CITs are professionally managed, cost-efficient investment funds already widely used in 401(k) plans, while insurance company separate accounts can provide additional investment flexibility and support solutions offering principal protection and guaranteed lifetime retirement income. Both are subject to regulatory oversight, and the legislation preserves applicable investor protections and fiduciary responsibilities. Congress took an important first step toward expanding these options through the bipartisan SECURE 2.0 Act of 2022, but additional securities law changes are necessary to fully implement those reforms.
H.R. 1013 has demonstrated strong bipartisan support. The House previously approved similar provisions in March 2024 by a vote of 301–125 and again in December 2025 by a vote of 302–123. The legislation currently has 24 House cosponsors, while its Senate companion, S. 424, has 21 cosponsors. “Congress has already demonstrated broad bipartisan agreement on this issue,” Mayeux said. “Now is the time to finish the job and ensure that millions of Americans working in education, healthcare, and nonprofit organizations have access to the same retirement savings opportunities as other workers. NAIFA urges the House to pass H.R. 1013 and move this important legislation forward.”