S. 2403 Sent to the President Labor and Employment

Retire through Ownership Act

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.

  1. Introduced
  2. Committee
  3. Passed Senate
  4. Passed House
  5. To President
  6. Became law
Sponsor Sen. Marshall, Roger [R-KS] Introduced July 23, 2025 Cosponsors 1 (1 D) Latest action October 5, 2026

Summary

Retire through Ownership Act
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. 

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Roll-call votes

Actions

  1. Oct 5, 2026 Presented to President.
  2. Sep 16, 2026 Motion to reconsider laid on the table Agreed to without objection.
  3. Sep 16, 2026 On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 401 - 14 (Roll no. 314). (text: CR H5905)
  4. Sep 16, 2026 Considered as unfinished business. (consideration: CR H5960)
  5. Sep 16, 2026 At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  6. Sep 16, 2026 DEBATE - The House proceeded with forty minutes of debate on S. 2403.
  7. Sep 16, 2026 Considered under suspension of the rules. (consideration: CR H5905-5906)
  8. Sep 16, 2026 Mr. Walberg moved to suspend the rules and pass the bill.
  9. Oct 17, 2025 Held at the desk.
  10. Oct 17, 2025 Received in the House.
  11. Oct 16, 2025 Message on Senate action sent to the House.
  12. Oct 9, 2025 Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)

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