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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
7/9/2012--Public Law. Church Plan Investment Clarification Act - Amends the Securities Act of 1933 with respect to when certain securities issued in connection with retirement income accounts available only to certain kinds of church plans are treated as exempted from registration and disclosure requirements under such Act (exempted securities).
Considers as an exempted security a certain kind of retirement income account (available only to church plans), to the extent that the interest or participation in a single trust fund or collective trust fund (e.g., a "stable value fund") is issued to: (1) a church, a convention or association of churches, or a specified kind of organization (including a church pension board established to maintain employee benefit programs) which establishes or maintains the retirement income account; or (2) a trust established by any such entity in connection with the retirement income account.
Revises a further such exclusion from exempted security treatment of plans whose participants may include persons (in particular clergymen) who may be considered self-employed for certain tax purposes. Allows exempted security treatment of such plans.
(In effect, an exemption from registration and related requirements is granted to collective trust funds that are invested in by kinds of church plans currently excluded from making such investments.)