H.R. 1533, amending the Investment Company Act of 1940, the Securities Act of 1933 and the Securities Exchange Act of 1934 to permit church pension plans to invest in collective trusts, has passed the House and now goes to the President for his signature. A previous post on the legislation is here. This article from the Associated Press via the Seattle Post Intelligencer–“Church Pension Asset Pooling Bill Passes“–reports:
The House sponsors, Reps. Judy Biggert, R-Ill., and Harold Ford, D-Tenn., said their bill would enable thousands of church plans, set up so clergy and lay church employees can save for retirement, to enjoy the benefits of collective buying power.The bill, approved by voice vote, would make it easier for church plans to diversify their investments and to share the risk of transaction costs with other pension plans.
You can read about the history behind the legislation here.