Retirement Fairness for Charities and Educational Institutions Act of 2023
12/15/2023, 3:57 PMSummary of Bill HR 3063
Bill 118 HR 3063, also known as the Retirement Fairness for Charities and Educational Institutions Act of 2023, aims to provide relief for certain nonprofit organizations that sponsor retirement plans for their employees. The bill seeks to address the unique challenges faced by these organizations in complying with current retirement plan regulations.Specifically, the bill proposes several key provisions. First, it would allow nonprofit organizations to make catch-up contributions to their retirement plans for employees who are age 50 or older. This provision is intended to help older employees who may not have been able to save enough for retirement due to lower salaries or other financial constraints.
Second, the bill would provide a safe harbor for nonprofit organizations that sponsor multiple employer plans (MEPs). This safe harbor would protect these organizations from certain fiduciary responsibilities and liabilities associated with MEPs, making it easier for them to offer retirement benefits to their employees. Additionally, the bill would streamline the process for nonprofit organizations to correct errors in their retirement plans, reducing the administrative burden and costs associated with compliance. Overall, the Retirement Fairness for Charities and Educational Institutions Act of 2023 aims to support nonprofit organizations in providing retirement benefits to their employees, ultimately helping to ensure financial security for those who dedicate their careers to serving others.
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Current Status of Bill HR 3063
Bill HR 3063 is currently in the status of Bill Introduced since May 2, 2023. Bill HR 3063 was introduced during Congress 118 and was introduced to the House on May 2, 2023. Bill HR 3063's most recent activity was Placed on the Union Calendar, Calendar No. 251. as of December 12, 2023Bipartisan Support of Bill HR 3063
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
32Democrat Cosponsors
20Republican Cosponsors
12Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3063
Primary Policy Focus
Labor and EmploymentPotential Impact Areas
Employee benefits and pensionsFinancial services and investmentsGovernment employee pay, benefits, personnel managementReligionSocial work, volunteer service, charitable organizationsAlternate Title(s) of Bill HR 3063
Retirement Fairness for Charities and Educational Institutions Act of 2023Retirement Fairness for Charities and Educational Institutions Act of 2023Retirement Fairness for Charities and Educational Institutions Act of 2023To amend the Federal securities laws to enhance 403(b) plans, and for other purposes.Comments
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Sponsors and Cosponsors of HR 3063
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