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July 19, 2011 at 08:00 PM
H.R. 33, a bill that would let church and church-related retirement plans invest in collective investment trusts sailed through the House Monday.
House members voted 310-1 for the Church Plan Investment Clarification Act bill, which was introduced by Rep. Judy Biggert, R-Ill.
Collective investment trusts are unregistered, bank-managed investment vehicles that resemble mutual funds. Some defined benefit pension and defined contribution retirement plan managers see the trusts as being potentially more flexible, lower-cost alternatives to 401(k) plans.
Some insurers have units with an interest in the collective investment trust market.
