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Labor and WelfareS. 2403Comments

Retire through Ownership Act

Official title: A bill to amend the Employee Retirement Income Security Act of 1974 to provide a clear definition of adequate consideration for certain closely held stock, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, shown after you vote

How Congress Voted

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What This Bill Does

This bill allows the fiduciary of an Employee Stock Ownership Plan (ESOP) to rely on a valuation provided by an independent valuation expert or business appraiser in determining the fair market value of the plan's securities if the securities are not traded on a national securities exchange (i.e., not publicly traded) and the expert or appraiser follows specified methodologies.

In general, ESOPs are defined contribution pension plans where employees accrue shares of their employers' stock in individual accounts as part of their compensation. After separating from employment or retiring, employees receive the cash value of their shares.

Under the bill, an independent expert or appraiser must adhere to the methodology established under the Internal Revenue Service Ruling 59-60, which prescribes the factors a professional business appraiser should consider in forming a valuation of the stock for a closely held business.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. House floor actionsPresented to President.
  2. Passed Congress
  3. House floor actionsMr. Walberg moved to suspend the rules and pass the bill.
  4. Floor Vote
  5. House floor actionsReceived in the House.
  6. SenateMessage on Senate action sent to the House.
  7. Library of CongressPassed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
  8. SenatePassed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
  9. SenateCommittee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
  10. SenateCommittee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
  11. Library of CongressIntroduced in Senate
  12. SenateRead twice and referred to the Committee on Health, Education, Labor, and Pensions.
  13. Introduced
  14. Committee

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