[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[Senate]
[Page S3598]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 6470. Mrs. BRITT submitted an amendment intended to be proposed by
her to the bill S. 4784, to authorize appropriations for fiscal year
2027 for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ___. RETIREMENT FAIRNESS FOR CHARITIES AND EDUCATIONAL
INSTITUTIONS.
(a) Amendments to the Investment Company Act of 1940.--
Section 3(c)(11) of the Investment Company Act of 1940 (15
U.S.C. 80a-3(c)(11)) is amended to read as follows:
``(11) Any--
``(A) employee's stock bonus, pension, or profit-sharing
trust which meets the requirements for qualification under
section 401 of the Internal Revenue Code of 1986;
``(B) custodial account meeting the requirements of section
403(b)(7) of such Code;
``(C) governmental plan described in section 3(a)(2)(C) of
the Securities Act of 1933 (15 U.S.C. 77c(a)(2)(C));
``(D) collective trust fund maintained by a bank consisting
solely of assets of one or more--
``(i) trusts described in subparagraph (A);
``(ii) governmental plans described in subparagraph (C);
``(iii) church plans, companies, or accounts that are
excluded from the definition of an investment company under
paragraph (14) of this subsection; or
``(iv) plans which meet the requirements of section 403(b)
of the Internal Revenue Code of 1986--
``(I) if--
``(aa) such plan is subject to title I of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1001 et
seq.);
``(bb) any employer making such plan available agrees to
serve as a fiduciary for the plan with respect to the
selection of the plan's investments among which participants
can choose; or
``(cc) such plan is a governmental plan (as defined in
section 414(d) of such Code); and
``(II) if the employer, a fiduciary of the plan, or another
person acting on behalf of the employer reviews and approves
each investment alternative offered under such plan described
under subclause (I)(cc) prior to the investment being offered
to participants in the plan; or
``(E) separate account the assets of which are derived
solely from--
``(i) contributions under pension or profit-sharing plans
which meet the requirements of section 401 of the Internal
Revenue Code of 1986 or the requirements for deduction of the
employer's contribution under section 404(a)(2) of such Code;
``(ii) contributions under governmental plans in connection
with which interests, participations, or securities are
exempted from the registration provisions of section 5 of the
Securities Act of 1933 (15 U.S.C. 77e) by section 3(a)(2)(C)
of such Act (15 U.S.C. 77c(a)(2)(C));
``(iii) advances made by an insurance company in connection
with the operation of such separate account; and
``(iv) contributions to a plan described in clause (iii) or
(iv) of subparagraph (D).''.
(b) Amendments to the Securities Act of 1933.--Section
3(a)(2) of the Securities Act of 1933 (15 U.S.C. 77c(a)(2))
is amended--
(1) by striking ``beneficiaries, or (D)'' and inserting
``beneficiaries, (D) a plan which meets the requirements of
section 403(b) of such Code (i) if (I) such plan is subject
to title I of the Employee Retirement Income Security Act of
1974 (29 U.S.C. 1001 et seq.), (II) any employer making such
plan available agrees to serve as a fiduciary for the plan
with respect to the selection of the plan's investments among
which participants can choose, or (III) such plan is a
governmental plan (as defined in section 414(d) of such
Code), and (ii) if the employer, a fiduciary of the plan, or
another person acting on behalf of the employer reviews and
approves each investment alternative offered under any plan
described under clause (i)(III) prior to the investment being
offered to participants in the plan, or (E)'';
(2) by striking ``(C), or (D)'' and inserting ``(C), (D),
or (E)''; and
(3) by striking ``(iii) which is a plan funded'' and all
that follows through ``retirement income account).'' and
inserting ``(iii) in the case of a plan not described in
subparagraph (D) or (E), which is a plan funded by an annuity
contract described in section 403(b) of such Code''.
(c) Amendments to the Securities Exchange Act of 1934.--
Section 3(a)(12)(C) of the Securities Exchange Act of 1934
(15 U.S.C. 78c(a)(12)(C)) is amended--
(1) by striking ``or (iv)'' and inserting ``(iv) a plan
which meets the requirements of section 403(b) of such Code
(I) if (aa) such plan is subject to title I of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1001 et
seq.), (bb) any employer making such plan available agrees to
serve as a fiduciary for the plan with respect to the
selection of the plan's investments among which participants
can choose, or (cc) such plan is a governmental plan (as
defined in section 414(d) of such Code), and (II) if the
employer, a fiduciary of the plan, or another person acting
on behalf of the employer reviews and approves each
investment alternative offered under any plan described under
subclause (I)(cc) prior to the investment being offered to
participants in the plan, or (v)'';
(2) by striking ``(ii), or (iii)'' and inserting ``(ii),
(iii), or (iv)''; and
(3) by striking ``(II) is a plan funded'' and inserting
``(II) in the case of a plan not described in clause (iv), is
a plan funded''.
(d) Conforming Amendment to the Securities Exchange Act of
1934.--Section 12(g)(2)(H) of the Securities Exchange Act of
1934 (15 U.S.C. 78l(g)(2)(H)) is amended by striking ``or
(iii)'' and inserting ``(iii) a plan described in section
3(a)(12)(C)(iv) of this Act, or (iv)''.
______