MissionSquare strongly supports — and encourages Congress to pass — the Retirement Fairness for Charities and Educational Institutions Act

WASHINGTON--(BUSINESS WIRE)--MissionSquare Retirement announced its support for the Retirement Fairness for Charities and Educational Institutions Act (HR 1013), following today’s House Financial Services Committee vote to advance the legislation. The legislation would benefit individuals and companies by offering greater choice and fairness in investment decisions by permitting 403(b) plans to invest in collective investment trusts (CITs). If enacted, MissionSquare believes that the act could help expand access and further build retirement security for all employees.

“Ensuring all working Americans have access to the tools they need to build a secure financial future is critical, and we are encouraged that this remains a priority among lawmakers today,” said Andre Robinson, CEO and president of MissionSquare. “We urge Congress to advance the Retirement Fairness for Charities and Educational Institutions Act forward as MissionSquare remains strongly in favor of programs that help create parity in investment options across retirement savings programs.”

The bipartisan legislation would ensure working Americans in education, charitable organizations, public service, and certain types of health care can access cost-efficient investment options available in all other retirement plan types, such as 401(k)’s and governmental 457(b)’s. While SECURE 2.0 helped move forward the necessary first step to provide 403(b) plans with lower-cost options by allowing CITs or group trusts, the securities law changes needed to make the provision effective were not included in the final bill.

“At MissionSquare, we have long utilized CITs as an effective tool to help reduce costs for the retirement savers we serve. CITs also offer a valuable option for plan administrators to consider when making investment decisions,” said Irica Solomon, head of Corporate Citizenship, Government Affairs and Advocacy at MissionSquare. “We believe that providing 403(b) and broader retirement plan savers access to these important investment options can offer greater optionality to help strengthen the financial security of the nation’s workforce.”

MissionSquare remains focused on its mission to help all plan participants retire well, which continues to drive and define the company today. The firm continues to introduce new tools and resources to help individuals and their families build retirement security.

About MissionSquare Retirement

Since its founding in 1972, MissionSquare Retirement has been dedicated to simplifying the path to retirement security for public service employees. As a mission-based financial services company, we manage and administer over $72.0 billion in assets.* Our commitment to delivering results-oriented retirement plans, education, investments, and personalized advice sets us apart. Explore how we enable public service workers to build a secure financial future. For more information, visit www.missionsq.org.

*As of Dec. 31, 2024. Includes 457(b) plans, 401(a) plans, 403(b) plans, Retirement Health Savings plans, Employer Investment Program plans, affiliated IRAs, and investment-only assets.