US EditionPublished • loading... • Updated
Faith leaders urge SEC to expand retirement options for nonprofit workers
The coalition says 14.5 million Americans in 403(b) plans could gain up to $590 million a year in retirement savings.
- On Tuesday, a coalition of faith-based and nonprofit groups wrote to SEC Chairman Paul S. Atkins, requesting the agency allow 403 plans to invest in collective investment trusts, or CITs.
- Private-Sector 401 plans already utilize CITs, but 403 plans—used by nonprofits, churches, and public schools—remain restricted to annuities and mutual funds.
- According to one study, access to CITs could generate 0.08% in annual fee savings, potentially recouping $28,000 in retirement savings for 403 plan participants by age 65.
- Lawmakers passed the SECURE 2.0 Act in 2022 to remove tax barriers, and the House passed TheINVEST Act this session, which now awaits Senate action.
- Signers including the American Center for Law and Justice, Faith Wins, and CatholicVote, alongside former Sen. Rick Santorum and former Rep. Randy Hultgren , cited strong public support for the requested changes.
Insights by Ground AI
17 Articles
17 Articles
Coverage Details
Total News Sources17
Leaning Left2Leaning Right4Center8Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
Factuality
To view factuality data please Upgrade to Premium
