S. 2403 Senate Labor and Employment
Retire through Ownership Act
Became Law, finishedBECAME LAW OCT 15, 2026
Became Law on Oct 15, 2026.
- Senate Introduced in Senate Jul 23, 2025
- Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Jul 23, 2025
- Senate Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably. Jul 30, 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. Sep 11, 2025
- Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 158. Sep 11, 2025
- Senate Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103) Oct 9, 2025
- Senate Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent. Oct 9, 2025
- Senate Passed Senate with an amendment by Unanimous Consent. Oct 9, 2025
- Senate Message on Senate action sent to the House. Oct 16, 2025
- House Received in the House. Oct 17, 2025
- House Held at the desk. Oct 17, 2025
- Senate 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) Sep 16, 2026
- House Mr. Walberg moved to suspend the rules and pass the bill. Sep 16, 2026
- House Considered under suspension of the rules. (consideration: CR H5905-5906) Sep 16, 2026
- House DEBATE - The House proceeded with forty minutes of debate on S. 2403. Sep 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. Sep 16, 2026
- House Considered as unfinished business. (consideration: CR H5960) Sep 16, 2026
- Senate 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). Sep 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) Sep 16, 2026
- House Motion to reconsider laid on the table Agreed to without objection. Sep 16, 2026
- HouseOn Motion to Suspend the Rules and Pass Sep 16, 2026
- SenatePresented to President. Oct 5, 2026
- SenateSigned by President. Oct 15, 2026
- Senate Latest actionBecame Public Law No: 119-124. Oct 15, 2026
Cosponsors
1
Subjects
Employee benefits and pensionsFinancial services and investmentsSecurities
Committees
- Health, Education, Labor, and Pensions Committee
- [Reported By, Sep 11, 2025]
- [Markup By, Jul 30, 2025]
- [Referred To, Jul 23, 2025]
Summary
Retire through Ownership ActThis 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 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 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 as of: Passed Senate]
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