WASHINGTON  Legislation to change pre-World War II securities laws, allowing church pension programs to pool assets with private and government pension plans unanimously passed the House Sept. 3, The Associated Press reported.
The legislation amends current law so church pension plans can take part in "collective trusts" where corporate and other secular pension plans join together for investment purposes in stock and non-stock areas.
Rep. Judy Biggert, R-Ill., who sponsored the bill with Rep. Harold Ford, D-Tenn., said it would make it easier for church plans to diversify their investments and to share the risk of transaction costs with other pension plans.
The bill must still be considered by the Senate.
