Political Quotes

“This amendment, sponsored by Mr. Lucas, would be better titled the retirement hazard for charities and educational institutions amendment because it puts the retirement savings of public interest professionals at risk. 403(b) retirement plans cater to teachers, school administrators, professors, nonprofit employees, and healthcare workers. These individuals dedicate their lives to the public interest. They invest in the future of our children. They ensure we get the healthcare we need, even during a global pandemic, and too often, they aren't paid nearly enough to do the work that they do. There are current restrictions on how 403(b) plans can invest their assets, and this is to ensure that these retirement accounts are generally safe investments. However, this amendment would allow 403(b) plans to invest in two types of risky, unregistered securities: collective investment trusts, or CITs, which is a type of pooled investment vehicle, and insurance products called variable annuities, both of which are considered fairly risky products for unsophisticated investors. Madam Chair, under this amendment, neither of these products would be subject to regulation or oversight by the SEC. More than half of all 403(b) plans are not covered by ERISA protections, meaning that this newly allowed risky investment activity would also escape the oversight of the Department of Labor.…”