[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1533 Enrolled Bill (ENR)]

        H.R.1533

                       One Hundred Eighth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

          Begun and held at the City of Washington on Tuesday,
           the twentieth day of January, two thousand and four


                                 An Act


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

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.