House Panel Advances Bill to Permit CITs in 403(b) Plans
The U.S. House Financial Services Committee Advances Bill to Permit CITs in 403(b) Plans, commonly used by nonprofit employees
May 21, 2025
The U.S. House Financial Services Committee has advanced H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act of 2025, with a 43–8 vote. This bipartisan legislation aims to allow 403(b) retirement plans—commonly used by nonprofit employees—to invest in collective investment trusts (CITs), aligning their investment options with those available to 401(k) plans.
“The advancement of H.R. 1013 marks a pivotal moment in retirement plan evolution, offering nonprofit employees access to the same investment opportunities as their 401(k) counterparts, ” said Freddie Jacobs, Jr., CEO at Global Trust Company (GTC). “At GTC, we stand ready to support asset managers, plan sponsors, and consultants in navigating this change, leveraging our extensive experience in sponsoring and administering CITs to deliver cost effective, compliant, and scalable solutions.”
To learn more, visit https://www.globaltrustco.com/. GTC is a subsidiary of NRS Trust Administration, a BPAS company.