1. Short title This Act may be cited as the Public Service Retirement Fairness Act of 2020 . 2. Enhancement of 403 (b) plans (a) Permitted investments (1) In general Section 403(b)(7)(A)(i) of the Internal Revenue Code of 1986 is amended to read as follows: (i) the amounts to be held in that custodial account are invested in regulated investment company stock or a group trust intended to satisfy the requirements of Internal Revenue Service Revenue Ruling 81–100 (or any successor guidance), and . (2) Conforming amendment Section 403(b)(7) of such Code is amended by striking for regulated investment company stock . (3) Effective date The amendments made by this subsection shall apply to amounts invested after December 31, 2019. (b) 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; (D) collective trust fund maintained by a bank consisting solely of assets of one or more of such trusts, government plans, or church plans, companies or accounts that are excluded from the definition of an investment company under paragraph (14) of this subsection; (E) plan which meets the requirements of section 403(b) of the Internal Revenue Code of 1986 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)