Senate Considers Expanding Retirement Options for Nonprofit Workers
The U.S. Senate is considering a bipartisan proposal to expand retirement savings options for approximately 15 million workers in the nonprofit sector. The proposal focuses on allowing 403(b) retirement plans, commonly used by public school teachers and nonprofit employees, to offer collective investment trusts (CITs). These trusts are typically cheaper than mutual funds due to lower federal registration and reporting costs. The proposal aims to address the fee gap between 403(b) and 401(k) plans, potentially saving workers thousands of dollars over their careers. The Senate Banking Committee discussed the proposal, which has bipartisan support. 
