MissionSquare Retirement has come out in strong support of the Retirement Fairness for Charities and Educational Institutions Act (HR 1013) following a vote in the House Financial Services Committee to advance it. This legislation aims to provide education and charitable workers greater choice in their investment options by allowing 403(b) plans to invest in collective investment trusts (CITs). MissionSquare believes that enacting this act could significantly enhance retirement security for its employees.
CEO Andre Robinson stated that it is essential for all working Americans to have the necessary tools to secure their financial futures. The bipartisan legislation seeks to ensure that workers in education, charities, public service, and certain health care sectors gain access to cost-efficient investment options comparable to those available in 401(k)s and governmental 457(b)s. Although SECURE 2.0 initiated critical developments for 403(b) plans, it did not encompass the securities law changes necessary to activate the new provisions.
MissionSquare is committed to helping its clients retire comfortably and continues to develop resources to enhance their financial security.
Key Points
- MissionSquare supports the Retirement Fairness for Charities and Educational Institutions Act (HR 1013).
- The act aims to permit 403(b) plans to invest in collective investment trusts (CITs), enhancing investment choices.
- It focuses on providing cost-efficient retirement options for educational and charitable workers.
- CEO Andre Robinson emphasises the importance of secure financial futures for workers across various sectors.
- Despite progress made with SECURE 2.0, additional securities law changes are needed for the act to take full effect.
Why should I read this?
If you’re in the education or charity sectors or just care about retirement fairness, this article is a must-read! It gives insight into important legislation that could open up new investment options for you or your organisation and strengthen your financial security. Don’t miss out on understanding how these changes could benefit you or your peers!
