As reported by BNA Securities Law Daily [subscription required], the Senate on Thursday passed H.R. 33, the Church Plan Investment Clarification Act (full text). The House passed the bill almost a year ago. The bill is a technical amendment to the Securities Act of 1933 that, as explained by The Hill (7/18/2011), is designed to allow churches to manage their pension plans more effectively. It will now be possible for churches to invest their pension funds in a collective investment trust maintained by a bank.