IAA Applauds House Passage of Bill that Gives Nonprofit Employees Access to the Same Investment Options as Other Retirement Savers
November 11, 2026
Contact: IAA VP of Communications & Marketing Janay Rickwalder
The Investment Adviser Association (IAA) applauds the U.S. House of Representatives for passing H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act, bipartisan legislation that would expand investment options in retirement plans for nonprofit employees (403(b) plans).
“Today’s House passage of the Retirement Fairness for Charities and Educational Institutions Act is an important step toward ensuring that more workers have access to the investment options they need to build a secure retirement,” said Karen Barr, President & CEO of the Investment Adviser Association. “Teachers, healthcare workers, nonprofit employees, and others who dedicate their careers to serving our communities and participate in 403(b) plans deserve the same retirement investment choices available to those with 401(k) plans. We applaud the bipartisan support for this commonsense legislation and urge the Senate to follow suit.”
The legislation would allow 403(b) retirement plans to invest in collective investment trusts (CITs), an investment option already available to 401(k) plans. By removing this longstanding disparity, the legislation would give workers at schools, hospitals, charities, and other tax-exempt organizations greater investment choice and flexibility as they save for retirement.
The IAA strongly supports this bipartisan effort to create parity in retirement savings options and encourages the Senate to quickly advance its companion legislation, S. 424.
About the Investment Adviser Association
The IAA is the leading organization dedicated to advancing the interests of fiduciary investment advisers. For nearly 90 years, the IAA has been advocating for advisers before Congress and U.S. and global regulators, promoting best practices and providing education and resources to empower advisers to effectively serve their clients, the capital markets, and the U.S. economy. Our members range from global asset managers to the medium- and small-sized firms that make up the majority of our industry. Together, the IAA’s firms manage more than $57 trillion in assets for a wide variety of individual and institutional clients, including pension plans, trusts, mutual funds, private funds, endowments, foundations, and corporations. For more information, please visit www.investmentadviser.org.
