S 2403 119th Congress
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.
Official Title as Introduced Congress.gov
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Bill journey
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Introduction Congress.gov
Introduced
Introduced in the Senate.
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Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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Introduced in Senate
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Introduced in Senate
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Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
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Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
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Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
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Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
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Reported to Senate
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Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
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Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
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Engrossed in Senate
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Message on Senate action sent to the House.
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Received in the House.
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Held at the desk.
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Official action Congress.gov · 12:23 pm UTC
Mr. Walberg moved to suspend the rules and pass the bill.
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Considered under suspension of the rules. (consideration: CR H5905-5906)
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DEBATE - The House proceeded with forty minutes of debate on S. 2403.
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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.
Open bill recordOfficial action Congress.gov · 6:59 pm UTC
Considered as unfinished business. (consideration: CR H5960)
Open bill recordOfficial action Congress.gov · 7:05 pm UTC
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)
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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)
Open bill recordOfficial action Congress.gov · 7:05 pm UTC
Motion to reconsider laid on the table Agreed to without objection.
Open bill recordHouse roll call Congress.gov · 11:05 pm UTC
House roll 314
On Motion to Suspend the Rules and Pass
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Presented to President.
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Presented to President.
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Became Public Law No: 119-124.
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Became Public Law No: 119-124.
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Signed by President.
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Signed by President.
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Public Law 119-124
Retire through Ownership Act
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Public Law
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View the complete bill journey as an accessible table
| Date and time | Record | Official detail | Source |
|---|---|---|---|
| IntroductionIntroduced | Introduced in the Senate. | Congress.gov | |
| Official actionRead twice and referred to the Committee on Health, Education, Labor, and Pensions. | No additional detail supplied.IntroReferral · Senate | Congress.gov | |
| Official actionIntroduced in Senate | No additional detail supplied.IntroReferral · Library of Congress · Code 10000 | Congress.gov | |
| Text versionIntroduced in Senate | A dated text-version record is available. | Congress.gov | |
| Official actionCommittee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably. | No additional detail supplied.Committee · Senate | Congress.gov | |
| Official actionPlaced on Senate Legislative Calendar under General Orders. Calendar No. 158. | No additional detail supplied.Calendars · Senate | Congress.gov | |
| Official actionCommittee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report. | No additional detail supplied.Committee · Senate | Congress.gov | |
| Official actionCommittee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report. | No additional detail supplied.Committee · Library of Congress · Code 14000 | Congress.gov | |
| Text versionReported to Senate | A dated text-version record is available. | Congress.gov | |
| Official actionPassed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103) | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionPassed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent. | No additional detail supplied.Floor · Library of Congress · Code 17000 | Congress.gov | |
| Text versionEngrossed in Senate | A dated text-version record is available. | Congress.gov | |
| Official actionMessage on Senate action sent to the House. | No additional detail supplied.Floor · Senate | Congress.gov | |
| Official actionReceived in the House. | No additional detail supplied.Floor · House floor actions · Code H14000 | Congress.gov | |
| Official actionHeld at the desk. | No additional detail supplied.Floor · House floor actions · Code H15000 | Congress.gov | |
| Official actionMr. Walberg moved to suspend the rules and pass the bill. | No additional detail supplied.Floor · House floor actions · Code H30300 | Congress.gov | |
| Official actionConsidered under suspension of the rules. (consideration: CR H5905-5906) | No additional detail supplied.Floor · House floor actions · Code H30000 | Congress.gov | |
| Official actionDEBATE - The House proceeded with forty minutes of debate on S. 2403. | No additional detail supplied.Floor · House floor actions · Code H8D000 | Congress.gov | |
| Official actionAt 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. | No additional detail supplied.Floor · House floor actions · Code H37220 | Congress.gov | |
| Official actionConsidered as unfinished business. (consideration: CR H5960) | No additional detail supplied.Floor · House floor actions · Code H30000 | Congress.gov | |
| Official actionOn 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) | No additional detail supplied.Floor · House floor actions · Code H37300 | Congress.gov | |
| Official actionPassed/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) | No additional detail supplied.Floor · Library of Congress · Code 8000 | Congress.gov | |
| Official actionMotion to reconsider laid on the table Agreed to without objection. | No additional detail supplied.Floor · House floor actions · Code H38310 | Congress.gov | |
| House roll callHouse roll 314 | On Motion to Suspend the Rules and PassPassed | Congress.gov | |
| Official actionPresented to President. | No additional detail supplied.Floor · House floor actions · Code E20000 | Congress.gov | |
| Official actionPresented to President. | No additional detail supplied.President · Library of Congress · Code 28000 | Congress.gov | |
| Official actionBecame Public Law No: 119-124. | No additional detail supplied.President · Library of Congress · Code E40000 | Congress.gov | |
| Official actionBecame Public Law No: 119-124. | No additional detail supplied.BecameLaw · Library of Congress · Code 36000 | Congress.gov | |
| Official actionSigned by President. | No additional detail supplied.President · Library of Congress · Code E30000 | Congress.gov | |
| Official actionSigned by President. | No additional detail supplied.BecameLaw · Library of Congress · Code 36000 | Congress.gov | |
| Enactment recordPublic Law 119-124 | Retire through Ownership Act | Congress.gov | |
| Text versionPublic Law | A dated text-version record is available. | Congress.gov |
House roll calls join only on matching Congress, legislation type, and number. Senate roll calls join only on matching source-supplied document type and number, not question text. Committee and related-measure relationships have no date in their relationship records and therefore are counted above but never placed on the chronology.
Congressional Research Service
CRS summary
Retire through Ownership ActThis 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.
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.
Official documents
Text versions
- Enrolled BillNot supplied
- Engrossed in SenateOct 9, 2025
- Reported to SenateSep 11, 2025
- Introduced in SenateJul 23, 2025
- Public LawOct 16, 2026