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Credit: Rudzhan/Adobe StockFollowing a push by the Senate Banking, Housing and Urban Affairs Committee to allow 403(b) plans to invest using collective investment trusts (CITs), six investor advocacy groups sent a letter to the committee, expressing that they “strongly oppose” the Empowering Main Street in America Act of 2024.
CITs are tax-exempt, pooled investment vehicles similar to mutual funds that are maintained by a bank or trust company exclusively for qualified plans, including 401(k)s and certain types of government plans. CITs and mutual funds account for 47% of all target-date strategy assets as of year-end 2022, according to Morningstar, which predicts CITs are on pace to overtake mutual funds as the most popular target-date vehicle in the next two years.
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