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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1533 Introduced in House (IH)]

108th CONGRESS
  1st Session
                                H. R. 1533

   To amend the securities laws to permit church pension plans to be 
                     invested in collective trusts.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 1, 2003

Mrs. Biggert (for herself and Mr. Ford) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
   To amend the securities laws to permit church pension plans to be 
                     invested in collective trusts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CONFORMING AMENDMENTS FOR CHURCH PLAN PARTICIPATION IN 
              COLLECTIVE FUNDS.

    (a) Amendment 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 by striking ``such trusts or government plans, or both'' and 
inserting ``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''.
    (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 ``or'' at the end of clause (B); and
            (2) by inserting before ``other than any plan described in 
        clause (A)'' the following: ``, or (D) a church plan, company, 
        or account that is excluded from the definition of an 
        investment company under section 3(c)(14) of the Investment 
        Company Act of 1940,''.
    (c) Amendments to the Securities Exchange Act of 1934.--
            (1) Section 3(a)(12)(C) of the Securities Exchange Act of 
        1934 (15 U.S.C. 78c(a)(12)(C)) is amended--
                    (A) by striking ``or'' at the end of clause (ii); 
                and
                    (B) by inserting before ``other than any plan 
                described in clause (i)'' the following: ``or (iv) a 
                church plan, company, or account that is excluded from 
                the definition of an investment company under section 
                3(c)(14) of the Investment Company Act of 1940,''.
            (2) Section 12(g)(2)(H) of the Securities Exchange Act of 
        1934 (15 U.S.C. 78l(g)(2)(H)) is amended--
                    (A) by striking ``or'' at the end of clause (i); 
                and
                    (B) by inserting before the period at the end the 
                following: ``, or (iii) a church plan, company, or 
                account that is excluded from the definition of an 
                investment company under section 3(c)(14) of the 
                Investment Company Act of 1940''.
                                 <all>
```