Retire through Ownership Act
Introduced Jul 23, 2025 by Sen. Roger Marshall
Both chambers passed it. It's headed to the President to be signed or vetoed.
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.
Summary by the Congressional Research Service.
- Oct 5, 2026Presented to President.
- Sep 16, 2026Motion to reconsider laid on the table Agreed to without objection.
- Sep 16, 2026On 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)
- Sep 16, 2026Passed/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)
- Sep 16, 2026Considered as unfinished business. (consideration: CR H5960)
- Sep 16, 2026At 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.
- Sep 16, 2026DEBATE - The House proceeded with forty minutes of debate on S. 2403.
- Sep 16, 2026Considered under suspension of the rules. (consideration: CR H5905-5906)
- Sep 16, 2026Mr. Walberg moved to suspend the rules and pass the bill.
- Oct 17, 2025Held at the desk.
- Oct 17, 2025Received in the House.
- Oct 16, 2025Message on Senate action sent to the House.
- Oct 9, 2025Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
- Oct 9, 2025Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
- Sep 11, 2025Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
- Sep 11, 2025Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
- Jul 30, 2025Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
- Jul 23, 2025Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- Jul 23, 2025Introduced in Senate