Federal · 119th Congress · Senate bill
S. 2403: Retire through Ownership Act
Became law Public Law 119-124 Official data
- Introduced
- Reported by committee
- Passed one chamber
- Passed both chambers
- Sent to President
- Became law
Last official action: · Record last updated:
Official summary
Written by the Congressional Research Service (CRS), Library of Congress for the version “Public Law”, October 15, 2026. Reproduced verbatim.
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.
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.
Recorded votes
Roll calls on passage or final agreement. Washington’s members are shown first; every member’s vote is on the roll-call page.
House Roll Call 314: On Motion to Suspend the Rules and Pass
· Passed · Yes 401, No 14, Not voting 18
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)
Washington: Rep. Suzan K. DelBene (WA-1) (D): Yes · Rep. Rick Larsen (WA-2) (D): Yes · Rep. Marie Gluesenkamp Perez (WA-3) (D): Yes · Rep. Dan Newhouse (WA-4) (R): Yes · Rep. Michael Baumgartner (WA-5) (R): Yes · Rep. Emily Randall (WA-6) (D): Yes · Rep. Pramila Jayapal (WA-7) (D): Yes · Rep. Kim Schrier (WA-8) (D): Yes · Rep. Adam Smith (WA-9) (D): Not voting · Rep. Marilyn Strickland (WA-10) (D): Yes
Official actions
- Became Public Law No: 119-124.
- Signed by President.
- Presented to President.
- 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)
- Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
- Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
- Introduced in Senate