Bill Allowing CITs in 403(b) Plans Introduced in Senate

Senators Katie Britt (R-AL), Raphael Warnock (D-GA), Bill Cassidy (R-LA), and Gary Peters (D-MI), have introduced S. 4917, the Retirement Fairness for Charities and Educational Institutions Act. According to a press release, the bill would allow collective investment trusts (CITs) as investments in 403(b) plans. Bill text is consistent with text found in H.R. 2799 which passed in the House of Representatives earlier this year.

While SECURE 2.0 amended the Internal Revenue Code to allow CITs for 403(b) arrangements, correlating securities laws amendments required to fully implement the provision were omitted.