The United States House of Representatives has approved legislation that makes collective investment trusts (CIT) an option for members of 403(b) plans, writes John Sullivan in a recent article for the National Tax-deferred Savings Association (NTSA).
The change is part of The Retirement Fairness for Charities and Educational Institutions Act, an amendment to H.R. 2799, Expanding Access to Capital Act of 2023.
CITs have been growing in recent years in 401(k) and 401(a) plans and the legislation is aiming to make such investment opportunities available to 403(b) members, including teachers, hospital workers, charity and non-profit employees.
To read Sullivan’s full article on NTSA, click here.