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H.R. 33 (112th): Church Plan Investment Clarification Act

The text of the bill below is as of Jul 1, 2011 (Reported by House Committee).

Source: GPO

IB

Union Calendar No. 81

112th CONGRESS

1st Session

H. R. 33

[Report No. 112–131]

IN THE HOUSE OF REPRESENTATIVES

January 5, 2011

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


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.


1.

Short title

This Act may be cited as the Church Plan Investment Clarification Act.

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 income 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 convention or association of churches, or an organization 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 participating 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.

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