House Committee Advances Bill to Expand Low-Cost Investment Options for School and Nonprofit Retirement Plans

From policy text

“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”

From policy text

“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”