Signed into law
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.
- Measure
- S. 2403 · 119th Congress
- Latest action
- October 15, 2026
- Policy changes
- 2
- Source
- CRS summary (Public Law) · Congress.gov
Became Public Law No: 119-124.
Who wrote it
Sponsor
Sen. Roger Marshall (R-KS)Joined by 1 cosponsor, 1 of them from the day it was introduced. Introduced July 23, 2025.
All 1 cosponsors
- Sen. Tim Kaine (D-VA) · original
How Congress voted
House · September 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).
401 yea · 14 nay · 18 other · Republicans 191–14 · Democrats 209–0 · Independents 1–0 · Official record
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What it changes — and your vote
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Provision 1
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.
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Provision 2
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.
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