[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-150953-en":3,"doc-seo-150953-105":29,"detail-sidebar-cat-0-en-105":89},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":20,"language":21,"language_code":22,"site_id":23,"html_lang":22,"table_of_contents":24,"faqs":25,"seo_title":26,"seo_description":14,"update_tm":27,"read_time":28},150953,687207020761,"Oliver Hayes","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","ARA Supports the Retirement Fairness for Charities and Educational Institutions Act","ARA advocates for retirement-policy changes that expand fair investment opportunities for working Americans. The American Retirement Association argues that current Securities rules create an investment restriction in 403(b) plans by preventing plan sponsors from using collective investment trusts (CITs), unlike 401(k) sponsors. The document explains what 403(b) and CITs are, why CITs can be lower-cost and diversified, and how ERISA fiduciary standards protect plan investors. ARA supports H.R. 3063 to remove this 403(b) investment inequity.","ARA Supports the Retirement Fairness for Charities and Educational Institutions Act  \nThe American Retirement Association (ARA) is a non-profit education and advocacy organization for retirement plan and benefits professionals. Our mission is to advocate for policies that give every working American the ability to have a comfortable retirement. The ARA supports fixing a quirk in the Securities laws that unnecessarily restrict the types of investments that can be made in a 403(b) plan.  \nWhat is a 403(b) plan?  \nA 403(b) plan is a type of retirement plan available to employees of certain non-profit organizations like public schools, universities, churches, and charities. Like a 401(k) plan, these employees can contribute a portion of their salary on a tax-advantaged basis to a 403(b) plan for their retirement. Under current Securities laws, 403(b) plan sponsors – unlike 401(k) plan sponsors – cannot use collective investment trusts (CITs) as an investment option in their plan.  \nWhat is a collective investment trust (CIT)?  \nA collective investment trust (CIT) is a tax-exempt investment vehicle that pools assets from multiple investors and is maintained by a bank or trust company. CITs are similar to mutual funds or exchange-traded funds (ETFs) in that they allow investors to diversify their holdings across a range of securities, such as stocks and bonds. Unlike mutual funds or ETFs – which must register with the Securities and Exchange Commission (SEC)– CITs are regulated under the Office of the Comptroller of the Currency (OCC) , a federal banking agency in the U.S. Treasury Department.  \nSince CITs are exempt from SEC registration requirements, they typically have lower fees compared to mutual funds. On average CIT fees can be 25 to 40 basis points less than mutual fund fees, which can help maximize returns for retirement plan participants. CITs also typically have lower administration and marketing and distribution costs as compared with mutual funds. These features often result in cost savings for the CIT which are then passed on to plan sponsors and participants. CITs are only offered to institutional investors , like sponsors of retirement plans. For example, CITs are widely available in 401(k) plans. According to Cerulli Associates, total CIT assets reached slightly above $3 trillion in 2018. Compared to total CIT assets of approximately $1.87 trillion in 2011, this is a 64% increase in total CIT assets over seven years.  \nHow are retirement plan investors protected?  \nThe Employee Retirement Income Security Act (ERISA) requires fiduciaries – those who manage and control the assets of a retirement plan covered under the law – to be held to the highest standard of conduct known to law. Therefore, fiduciaries that choose CITs to be included in the investment lineup of a retirement plan follow a detailed process to ensure and clearly document that they act in the best interests of retirement plan participants.  \nWhy are CITs not allowed in 403(b) plans?  \nThere is no rational basis why CITs are not allowed in 403(b) plans covered under ERISA where the employer agrees to serve as a fiduciary for the plan with respect to the selection of the plan’s investments. Congress recognized this with the introduction of the bipartisan Retirement Fairness for Charities and Educational Institutions Act ( H. R. 3063) . ARA supports H. R. 3063 to address this 403(b) plan investment inequity and urges Congress to enact this badly needed update into law.","cbCainq0m1Yv3AYQ","https://ap.wps.com/l/cbCainq0m1Yv3AYQ","pdf",129676,1,"English","en",105,"# Key Policy Advocacy\n## 403(b) Plan Basics\n## What Are Collective Investment Trusts (CITs)\n## How ERISA Protects Investors\n## Call to Action: H.R. 3063","[{\"question\":\"What is the core policy change ARA is advocating for?\",\"answer\":\"ARA supports fixing a quirk in Securities laws that unnecessarily restricts the investment types allowed in 403(b) plans by blocking the use of collective investment trusts (CITs).\"},{\"question\":\"What is a 403(b) plan and who can use it?\",\"answer\":\"A 403(b) plan is a retirement plan available to employees of certain non-profit organizations such as public schools, universities, churches, and charities, allowing tax-advantaged salary contributions for retirement.\"},{\"question\":\"Why are CITs relevant to 403(b) plans, and how are investors protected under ERISA?\",\"answer\":\"CITs pool assets from multiple investors and can offer diversification and typically lower fees versus mutual funds. Under ERISA, fiduciaries must follow the highest standard of conduct and document that investment decisions are in the best interests of participants.\"}]","ARA Supports the Retirement Fairness for Charities and Educational Institutions Act | PDF",1787830090,3,{"code":4,"msg":30,"data":31},"ok",{"site_id":23,"language":22,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":84,"head_meta":86,"extra_data":88,"updated_unix":27},"ara-supports-the-retirement-fairness-for-charities-and-educational-institutions-act","",{"@graph":35,"@context":83},[36,52,66],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,49],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":28},"https://docshare.wps.com/document/research-report/",{"item":50,"name":13,"@type":42,"position":51},"https://docshare.wps.com/document/ara-supports-the-retirement-fairness-for-charities-and-educational-institutions-act/150953/",4,{"url":50,"name":13,"@type":53,"author":54,"headline":13,"publisher":56,"fileFormat":59,"inLanguage":22,"description":14,"dateModified":60,"datePublished":60,"encodingFormat":59,"isAccessibleForFree":61,"interactionStatistic":62},"DigitalDocument",{"name":9,"@type":55},"Person",{"url":40,"name":57,"@type":58},"DocShare","Organization","application/pdf","2026-08-27",true,{"@type":63,"interactionType":64,"userInteractionCount":4},"InteractionCounter",{"@type":65},"ViewAction",{"@type":67,"mainEntity":68},"FAQPage",[69,75,79],{"name":70,"@type":71,"acceptedAnswer":72},"What is the core policy change ARA is advocating for?","Question",{"text":73,"@type":74},"ARA supports fixing a quirk in Securities laws that unnecessarily restricts the investment types allowed in 403(b) plans by blocking the use of collective investment trusts (CITs).","Answer",{"name":76,"@type":71,"acceptedAnswer":77},"What is a 403(b) plan and who can use it?",{"text":78,"@type":74},"A 403(b) plan is a retirement plan available to employees of certain non-profit organizations such as public schools, universities, churches, and charities, allowing tax-advantaged salary contributions for retirement.",{"name":80,"@type":71,"acceptedAnswer":81},"Why are CITs relevant to 403(b) plans, and how are investors protected under ERISA?",{"text":82,"@type":74},"CITs pool assets from multiple investors and can offer diversification and typically lower fees versus mutual funds. Under ERISA, fiduciaries must follow the highest standard of conduct and document that investment decisions are in the best interests of participants.","https://schema.org",{"og:url":50,"og:type":85,"og:title":13,"og:site_name":57,"og:description":14},"article",{"robots":87,"canonical":50},"index,follow",{"doc_id":7,"site_id":23},{"code":4,"msg":5,"data":90},[91,95,99,103,108,113,118,121,126,129,133],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":92,"show_sort_weight":93,"slug":94},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":96,"show_sort_weight":97,"slug":98},"Literature",80,"literature",{"id":51,"doc_module":4,"doc_module_name":45,"category_name":100,"show_sort_weight":101,"slug":102},"Exam",70,"exam",{"id":104,"doc_module":4,"doc_module_name":45,"category_name":105,"show_sort_weight":106,"slug":107},5,"Comic",60,"comic",{"id":109,"doc_module":4,"doc_module_name":45,"category_name":110,"show_sort_weight":111,"slug":112},6,"Technology",50,"technology",{"id":114,"doc_module":4,"doc_module_name":45,"category_name":115,"show_sort_weight":116,"slug":117},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":119,"slug":120},30,"research-report",{"id":122,"doc_module":4,"doc_module_name":45,"category_name":123,"show_sort_weight":124,"slug":125},9,"Religion & Spirituality",20,"religion-spirituality",{"id":124,"doc_module":4,"doc_module_name":45,"category_name":127,"show_sort_weight":124,"slug":128},"World Cup","world-cup",{"id":130,"doc_module":4,"doc_module_name":45,"category_name":131,"show_sort_weight":130,"slug":132},10,"Lifestyle","lifestyle",{"id":134,"doc_module":4,"doc_module_name":45,"category_name":135,"show_sort_weight":104,"slug":136},19,"General","general"]