Dane Dougherty

Bill 119 HR 1013, also known as the "Enhancing 403(b) Plans Act," aims to amend the Federal securities laws in order to improve 403(b) retirement plans. These plans are tax-advantaged retirement savings accounts typically offered by non-profit organizations, such as schools and hospitals, to their employees.

The main goal of this bill is to enhance the transparency and oversight of 403(b) plans, ultimately benefiting the individuals who participate in these retirement accounts. The bill includes provisions that require 403(b) plan sponsors to provide participants with clear and easily understandable information about their investment options, fees, and performance. This increased transparency is intended to help participants make more informed decisions about their retirement savings.

Additionally, the bill seeks to strengthen the fiduciary responsibilities of 403(b) plan sponsors and administrators. This includes requiring them to act in the best interests of plan participants and to disclose any potential conflicts of interest that may impact their decision-making. Overall, the Enhancing 403(b) Plans Act aims to improve the overall quality and effectiveness of 403(b) retirement plans, ultimately helping individuals better prepare for their financial futures.