Political Quotes

“One of the most difficult decisions a worker will ever undertake is determining how to save for retirement. This requires an individual to forecast decades into the future, ensuring one has the ability to navigate through life, family, and economic events. For many teachers and nonprofit employees, their retirement savings are through 403(b) plans. However, these public servants in 403(b) plans are unable to benefit from the same cost-effective investment products that are available in all other plans, including 401(k) plans, government 457(b) plans, and the Federal Thrift Savings Plan. Since the creation of 403(b) retirement plans back in 1958, there have been many changes to how we save for retirement, both in the law and the overall economy. This amendment will allow 403(b) plans the ability to invest in collective investment trusts, or CITs, and insurance company separate accounts. CITs and insurance company separate accounts are both pooled investment vehicles sponsored and maintained by a bank or trust company, or an insurance company, respectively. This measure originated in SECURE 2.0 last Congress, which passed the House Ways and Means Committee unanimously. The SECURE 2.0 Act that ultimately became law included the required changes to the tax code but did not include the necessary changes to securities law. The data speaks for itself.…”