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[108th Congress Public Law 359]
[From the U.S. Government Printing Office]

[DOCID: f:publ359.108]

[[Page 118 STAT. 1666]]

Public Law 108-359
108th Congress

                                 An Act

 
   To amend the securities laws to permit church pension plans to be 
 invested in collective trusts. <<NOTE: Oct. 25, 2004 -  [H.R. 1533]>> 

    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 striking ``other than any plan described in clause 
        (A), (B), or (C)'' and inserting 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, other than any plan 
        described in subparagraph (A), (B), (C), or (D)''.

    (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

[[Page 118 STAT. 1667]]

                under section 3(c)(14) of the Investment Company Act of 
                1940''.

    Approved October 25, 2004.

LEGISLATIVE HISTORY--H.R. 1533:
---------------------------------------------------------------------------

HOUSE REPORTS: No. 108-248 (Comm. on Financial Services).
CONGRESSIONAL RECORD:
                                                        Vol. 149 (2003):
                                    Sept. 3, considered and passed 
                                        House.
                                                        Vol. 150 (2004):
                                    Oct. 1, considered and passed 
                                        Senate, amended.
                                    Oct. 8, House concurred in Senate 
                                        amendment.

                                  <all>
```