[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2403 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 2403
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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IN THE SENATE OF THE UNITED STATES
July 23, 2025
Mr. Marshall (for himself and Mr. Kaine) introduced the following bill;
which was read twice and referred to the Committee on Health,
Education, Labor, and Pensions
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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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Retire through Ownership Act''.
SEC. 2. AMENDING ADEQUATE CONSIDERATION DEFINITION.
(a) In General.--Section 3(18) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1002(18)) is amended--
(1) by redesignating clauses (i) and (ii) as subclauses (I)
and (II), respectively;
(2) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii), respectively;
(3) by inserting ``(A)'' before ``The term''; and
(4) by adding at the end the following:
``(B) For purposes of clause (ii), a fiduciary of an
employee stock ownership plan as defined in section 407(d)(6)
may make a good faith reliance on the principles and
methodologies set forth in Internal Revenue Service Revenue
Ruling 59-60 (as in effect on the date of enactment of the
ERISA Adequate Consideration Act of 2025) in determining the
fair market value of an asset described in such clause.''.
(b) Effective Date.--The amendments made by subsection (a) shall
apply with respect to determinations described in section 3(18)(B) of
the Employee Retirement Income Security Act of 1974 (29 U.S.C.
1002(18)(B)) (as added by such subsection) that are made on or after
the date of enactment of this Act.
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