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Chair highlights bipartisan bid to equalize retirement options for nonprofit employees
Summary
The chair said Sen. Britt and Sen. Warnock introduced legislation, cosponsored by others, to level the playing field between 403(b) and 401(k) plans and extend lower-cost investment options to nonprofit workers, affecting an estimated 15,000,000 employees.
The chair said Senator Britt has introduced legislation, cosponsored by Senator Warnock, to level the treatment of 403(b) and 401(k) plans so nonprofit employees can access lower-cost investment options similar to those available to typical 401(k) savers. He noted that this change would reach about 15,000,000 nonprofit employees, listing hospital workers and teachers as examples.
The chair presented the retirement-parity proposal as one of several bipartisan measures the committee will consider as part of a broader push to expand investment access. He asked witnesses to comment on how such technical fixes might be implemented and whether they would meaningfully expand low-cost retirement-investing options for nonprofit employees.
