IB 

Union Calendar No. 139

108TH CONGRESS 

1ST SESSION H. R. 1533

[Report No. 108–248] 

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 

SEPTEMBER 3, 2003

Additional sponsors: Mr. GONZALEZ, Mr. PAUL, Mr. JONES of North Carolina, 

Mr. FRANK of Massachusetts, Mr. HAYWORTH, Mr. SHIMKUS, Mr. SHERMAN, Mr. KANJORSKI, Mr. DAVIS of Alabama, Mrs. MALONEY, Ms. 

HOOLEY of Oregon, Mr. MEEKS of New York, Mr. RYUN of Kansas, and 

Mr. SCOTT of Virginia 

SEPTEMBER 3, 2003

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 

A BILL

To amend the securities laws to permit church pension plans 

to be invested in collective trusts.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,
2

•HR 1533 RH 

1 SECTION 1. CONFORMING AMENDMENTS FOR CHURCH 

2 PLAN PARTICIPATION IN COLLECTIVE 

3 FUNDS. 

4 (a) AMENDMENT TO THE INVESTMENT COMPANY

5 ACT OF 1940.—Section 3(c)(11) of the Investment Com6 pany Act of 1940 (15 U.S.C. 80a–3(c)(11)) is amended 

7 by striking ‘‘such trusts or government plans, or both’’ 

8 and inserting ‘‘one or more of such trusts, government 

9 plans, or church plans, companies or accounts that are ex10 cluded from the definition of an investment company 

11 under paragraph (14) of this subsection’’. 

12 (b) AMENDMENTS TO THE SECURITIES ACT OF

13 1933.—Section 3(a)(2) of the Securities Act of 1933 (15 

14 U.S.C. 77c(a)(2)) is amended—

15 (1) by striking ‘‘or’’ at the end of clause (B); 

16 and 

17 (2) by inserting before ‘‘other than any plan de18 scribed in clause (A)’’ the following: ‘‘, or (D) a 

19 church plan, company, or account that is excluded 

20 from the definition of an investment company under 

21 section 3(c)(14) of the Investment Company Act of 

22 1940,’’. 

23 (c) AMENDMENTS TO THE SECURITIES EXCHANGE

24 ACT OF 1934.—
3

•HR 1533 RH 

1 (1) Section 3(a)(12)(C) of the Securities Ex2 change Act of 1934 (15 U.S.C. 78c(a)(12)(C)) is 

3 amended—

4 (A) by striking ‘‘or’’ at the end of clause 

5 (ii); and 

6 (B) by inserting before ‘‘other than any 

7 plan described in clause (i)’’ the following: ‘‘or 

8 (iv) a church plan, company, or account that is 

9 excluded from the definition of an investment 

10 company under section 3(c)(14) of the Invest11 ment Company Act of 1940,’’. 

12 (2) Section 12(g)(2)(H) of the Securities Ex13 change Act of 1934 (15 U.S.C. 78l(g)(2)(H)) is 

14 amended—

15 (A) by striking ‘‘or’’ at the end of clause 

16 (i); and 

17 (B) by inserting before the period at the 

18 end the following: ‘‘, or (iii) a church plan, com19 pany, or account that is excluded from the defi20 nition of an investment company under section 

21 3(c)(14) of the Investment Company Act of 

22 1940’’. 
Union Calendar No. 139

108TH CONGRESS 

1ST SESSION H. R. 1533

[Report No. 108–248] 

A BILL

To amend the securities laws to permit church 

pension plans to be invested in collective trusts. 

SEPTEMBER 3, 2003

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed