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.
Massachusetts Mutual Insurance Company, Springfield, Mass., is the parent of First Mercantile Trust Company, a collective investment trust recordkeeper.
- Allison Bell