H.R. 1013 — Retirement Fairness for Charities and Educational Institutions Act of 2025

This section establishes the short title of the Act as the “Retirement Fairness for Charities and Educational Institutions Act of 2025.”

This section expands the securities-law exemptions for 403(b) retirement arrangements by adding custodial accounts under section 403(b)(7) of the Internal Revenue Code and by expressly covering 403(b) plans that are subject to title I of the Employee Retirement Income Security Act of 1974, are offered by an employer that agrees to act as a fiduciary for investment selection, or are governmental plans under section 414(d) of the Internal Revenue Code. It also requires, for governmental 403(b) plans, that the employer, a plan fiduciary, or another person acting on behalf of the employer review and approve each investment alternative before it is offered to participants. As background, 403(b) plans are tax-favored retirement plans commonly used by public schools, colleges, hospitals, and other nonprofit employers. The section makes conforming changes to the Securities Act of 1933 and the Securities Exchange Act of 1934 to align the registration and reporting exemptions with these expanded 403(b) plan categories.