# 119-s-2403: Retire through Ownership Act

119-s-2403, Retire through Ownership Act, is a 119th Congress bill sponsored by Sen. Marshall, Roger [R-KS] (R-KS); status became_law; PRIA reads it as touching household money (as of 2026-10-28).

- Canonical: https://policyrisk.com/legislation/119-s-2403
- As of: 2026-10-28
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-2403
- Congress: 119
- Title: Retire through Ownership Act
- Status: became_law
- Introduced: 2025-07-23
- Sponsor: Sen. Marshall, Roger [R-KS] (R-KS)
- Cosponsors: 1
- Policy area: Labor and Employment
- Touches household money: yes
- Last recorded action: 2026-10-28

## 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. - 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.

## Cosponsors (1)

- Sen. Kaine, Tim [D-VA] (D-VA), 2025-07-23T00:00:00.000Z

## Votes

| Date | Chamber | Question | Result | Yea | Nay |
| --- | --- | --- | --- | --- | --- |
| 2026-09-16T00:00:00.000Z | house | On Motion to Suspend the Rules and Pass | Passed | 401 | 14 |

## Related bills

- 119-s-1748: Kids Online Safety Act
- 119-s-3265: Improve and Enhance the Work Opportunity Tax Credit Act
- 119-s-3064: Relief of Chronic Pain Act of 2025
- 119-s-1782: Charlotte Woodward Organ Transplant Discrimination Prevention Act
- 119-s-1639: American Innovation and Jobs Act
- 119-s-1552: Living Donor Protection Act of 2025

## Sources
- [119-s-2403 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/2403)

## Related
- [119-s-1748: Kids Online Safety Act](https://policyrisk.com/legislation/119-s-1748)
- [119-s-3265: Improve and Enhance the Work Opportunity Tax Credit Act](https://policyrisk.com/legislation/119-s-3265)
- [119-s-3064: Relief of Chronic Pain Act of 2025](https://policyrisk.com/legislation/119-s-3064)
- [119-s-1782: Charlotte Woodward Organ Transplant Discrimination Prevention Act](https://policyrisk.com/legislation/119-s-1782)
- [119-s-1639: American Innovation and Jobs Act](https://policyrisk.com/legislation/119-s-1639)
- [119-s-1552: Living Donor Protection Act of 2025](https://policyrisk.com/legislation/119-s-1552)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-2403 (as of 2026-10-28).