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S. 2403 119th Congress Senate

Retire through Ownership Act

Official title: 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.

Introduced: July 23, 2025 Introduced by: Roger Marshall Republican · Kansas See on congress.gov
Labor and Employment Employee benefits and pensionsFinancial services and investmentsSecurities
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 Everywhere this bill has been 21 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 15, 2026
Became Public Law No: 119-124.
Oct 15, 2026
Signed by President.
Oct 5, 2026
Presented to President.
Sep 16, 2026 · 7:05 PM EDT
Motion to reconsider laid on the table Agreed to without objection.
Sep 16, 2026 · 7:05 PM EDT
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 · 6:59 PM EDT
Considered as unfinished business. (consideration: CR H5960)
Sep 16, 2026 · 12:23 PM EDT
DEBATE - The House proceeded with forty minutes of debate on S. 2403.
Sep 16, 2026 · 12:23 PM EDT
Considered under suspension of the rules. (consideration: CR H5905-5906)
Sep 16, 2026 · 12:23 PM EDT
Mr. Walberg moved to suspend the rules and pass the bill.
Sep 16, 2026 · 12:34 PM EDT
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.
Oct 17, 2025
Held at the desk.
Oct 17, 2025
Received in the House.
Oct 16, 2025
Message on Senate action sent to the House.
Oct 9, 2025
Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
Oct 9, 2025
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Oct 9, 2025
Passed Senate with an amendment by Unanimous Consent.
Sep 11, 2025
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
Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
Jul 30, 2025
Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
Jul 23, 2025
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Jul 23, 2025
Introduced in Senate
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
Sep 16, 2026 House · vote #314 On Motion to Suspend the Rules and Pass Passed 401–14 See who voted →
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 Latest action October 15, 2026

Became Public Law No: 119-124.

 Plain-English summary Congressional Research Service

Retire through Ownership Act

This 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 securities if the securities are not traded on a national securities exchange (i.e., not publicly traded) 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. 

 Hearings & markups 1
 Related & companion bills 1
  • HR 5169 Retire through Ownership Act
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 8

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

  • JPMORGAN CHASE HOLDINGS LLC
    for JPMORGAN CHASE HOLDINGS LLC · New York · 3rd Quarter 2026 (July 1 - Sep 30)
  • DAVIS & HARMAN LLP
    for AMERICAN BENEFITS COUNCIL · District of Columbia · 3rd Quarter 2026 (July 1 - Sep 30)
  • AMERICAN BENEFITS COUNCIL
    for AMERICAN BENEFITS COUNCIL · District of Columbia · 1st Quarter 2026 (Jan 1 - Mar 31)
  • DAVIS & HARMAN LLP
    for AMERICAN BENEFITS COUNCIL · District of Columbia · 2nd Quarter 2026 (Apr 1 - June 30)
  • AMERICAN BENEFITS COUNCIL
    for AMERICAN BENEFITS COUNCIL · District of Columbia · 1st Quarter 2026 (Jan 1 - Mar 31)
  • DAVIS & HARMAN LLP
    for AMERICAN BENEFITS COUNCIL · District of Columbia · 1st Quarter 2026 (Jan 1 - Mar 31)

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

See all 8 filings →
 Cosponsors 1
All 1 Democratic 1
D
Kaine, Tim
Virginia · Jul 23, 2025
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2403: Retire through Ownership Act. 119th Congress. Open America. https://openamerica.io/bill/119-S-2403/
MLA
"S. 2403: Retire through Ownership Act." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-S-2403/.
Bluebook (legal)
S. 2403, 119th Cong. (2026), https://openamerica.io/bill/119-S-2403/.
Markdown link
[S. 2403: Retire through Ownership Act](https://openamerica.io/bill/119-S-2403/)
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