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Retire through Ownership Act

S. 2403, 119th Congress

Status
Public Law 119-124
Introduced
07/23/2025
Cosponsors
1
Latest action
10/15/2026

About this bill

Official title
Retire through Ownership Act
Sponsor
Roger Marshall (R-KS)
Introduced in
Senate
Policy area
Labor and Employment
Committees
Health, Education, Labor, and Pensions Committee
Became law
10/15/2026
Latest action
Became Public Law No: 119-124.

Full text and history on Congress.gov

Summary

Congressional Research Service, Public Law (10/15/2026)

Retire through Ownership Act

This act 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 assets if the assets are not securities for which there is a generally recognized market 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 act, 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.

Roll call votes on this bill

Actions

Newest first

  1. 10/15/2026

    Became Public Law No: 119-124.

  2. 10/15/2026

    Signed by President.

  3. 10/05/2026 · House

    Presented to President.

  4. 09/16/2026 · House

    Motion to reconsider laid on the table Agreed to without objection.

  5. 09/16/2026 · House

    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)

  6. 09/16/2026

    Passed/agreed to in House: 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)

  7. 09/16/2026 · House

    Considered as unfinished business. (consideration: CR H5960)

  8. 09/16/2026 · House

    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.

  9. 09/16/2026 · House

    DEBATE - The House proceeded with forty minutes of debate on S. 2403.

  10. 09/16/2026 · House

    Considered under suspension of the rules. (consideration: CR H5905-5906)

  11. 09/16/2026 · House

    Mr. Walberg moved to suspend the rules and pass the bill.

  12. 10/17/2025 · House

    Held at the desk.

  13. 10/17/2025 · House

    Received in the House.

  14. 10/16/2025 · Senate

    Message on Senate action sent to the House.

  15. 10/09/2025 · Senate

    Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)

  16. 10/09/2025

    Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.

  17. 09/11/2025 · Senate

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.

  18. 09/11/2025 · Senate

    Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.

  19. 07/30/2025 · Senate

    Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.

  20. 07/23/2025 · Senate

    Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

  21. 07/23/2025

    Introduced in Senate

Subjects: Employee benefits and pensions, Financial services and investments, Securities.

Source: U.S. Government Publishing Office, GovInfo Bill Status; Congressional Research Service summaries · Last updated 10/15/2026