IB 
Union Calendar No. 81 
112TH CONGRESS 
1ST SESSION 
H. R. 33 
[Report No. 112–131] 
To amend the Securities Act of 1933 to specify when certain securities 
issued in connection with church plans are treated as exempted securities 
for purposes of that Act. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 5, 2011 
Mrs. BIGGERT introduced the following bill; which was referred to the 
Committee on Financial Services 
JULY 1, 2011 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
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A BILL 
To amend the Securities Act of 1933 to specify when certain 
securities issued in connection with church plans are 
treated as exempted securities for purposes of that Act. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SECURITIES ACT OF 1933 AMENDMENT. 
Section 3(a)(2) of the Securities Act of 1933 (15 
U.S.C. 77c(a)(2)) is amended— 
(1) by inserting ‘‘(other than a retirement in-
come account described in section 403(b)(9) of the 
Internal Revenue Code of 1986, to the extent that 
the interest or participation in such single trust fund 
or collective trust fund is issued to a church, a con-
vention or association of churches, or an organiza-
tion described in section 414(e)(3)(A) of such Code 
establishing or maintaining the retirement income 
account or to a trust established by any such entity 
in connection with the retirement income account)’’ 
after ‘‘403(b) of such Code’’; and 
(2) by inserting ‘‘(other than a person partici-
pating in a church plan who is described in section 
414(e)(3)(B)
of
the
Internal
Revenue
Code
of 
1986)’’ after ‘‘section 401(c)(1) of such Code’’. 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Church Plan Investment 
Clarification Act’’. 
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SEC. 2. SECURITIES ACT OF 1933 AMENDMENT. 
Section 3(a)(2) of the Securities Act of 1933 (15 U.S.C. 
77c(a)(2)) is amended— 
(1) by inserting ‘‘(other than a retirement in-
come account described in section 403(b)(9) of the In-
ternal Revenue Code of 1986, to the extent that the in-
terest or participation in such single trust fund or 
collective trust fund is issued to a church, a conven-
tion or association of churches, or an organization de-
scribed in section 414(e)(3)(A) of such Code estab-
lishing or maintaining the retirement income account 
or to a trust established by any such entity in connec-
tion with the retirement income account)’’ after 
‘‘403(b) of such Code’’; and 
(2) by inserting ‘‘(other than a person partici-
pating in a church plan who is described in section 
414(e)(3)(B) of the Internal Revenue Code of 1986)’’ 
after ‘‘section 401(c)(1) of such Code’’. 
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Union Calendar No. 81 
112TH CONGRESS 
1ST SESSION 
H. R. 33 
[Report No. 112–131] 
A BILL 
To amend the Securities Act of 1933 to specify 
when certain securities issued in connection with 
church plans are treated as exempted securities 
for purposes of that Act. 
JULY 1, 2011 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Mar 15 2010 
20:32 Jul 01, 2011
Jkt 099200
PO 00000
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