All Roll Calls
Yes: 401 • No: 14
119-s-2403119th CongressWALLET
Retire through Ownership Act
Sponsored By: Senator Marshall, Roger [R-KS]
Became Law
Summary
Creates a limited, clear safe harbor letting ESOP fiduciaries rely in good faith on independent valuations that follow IRS Revenue Ruling 59-60 when judging adequate consideration. It preserves existing ERISA §404 fiduciary duties and limits the change to determinations made after the law's effective date.
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- ESOP fiduciaries: Allows a fiduciary of an Employee Stock Ownership Plan to rely on an independent valuation expert or business appraiser that used Rev. 59-60 principles when determining fair market value for covered assets. This reliance must be in good faith.
- Companies and sellers in ESOP deals: Adds predictability for post-enactment ESOP transactions by codifying an accepted valuation pathway for valuing plan assets.
- Appraisers and regulators: Anchors the valuation approach to IRS Rev. 59-60 while preserving the Secretary's ability to issue regulations under 5 U.S.C. §553 and without expanding regulatory authority beyond pre-existing scope.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Marshall, Roger [R-KS]
KS • R
Cosponsors
Sen. Kaine, Tim [D-VA]
VA • D
Sponsored 7/23/2025
Roll Call Votes
house vote • 9/16/2026
On Motion to Suspend the Rules and Pass
Yes: 401 • No: 14