Retire through Ownership Act

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 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 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.

Who lobbied on this bill

5 lobbying reports from 3 clients mention S. 2403. The client pays; the firm does the lobbying. Reports don't say whether the client supports or opposes the bill.

Source: Lobbying Disclosure Act reports at LDA.gov, retrieved November 11, 2026. We search each report's text for the bill number; one report can cover many issues. The Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.

All actions

1. Oct 15, 2026 — Became Public Law No: 119-124.
2. Oct 15, 2026 — Signed by President.
3. Oct 5, 2026 — Presented to President.
4. Sep 16, 2026 — Motion to reconsider laid on the table Agreed to without objection.
5. Sep 16, 2026 — 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)
6. Sep 16, 2026 — 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)
7. Sep 16, 2026 — Considered as unfinished business. (consideration: CR H5960)
8. Sep 16, 2026 — 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.
9. Sep 16, 2026 — DEBATE - The House proceeded with forty minutes of debate on S. 2403.
10. Sep 16, 2026 — Considered under suspension of the rules. (consideration: CR H5905-5906)
11. Sep 16, 2026 — Mr. Walberg moved to suspend the rules and pass the bill.
12. Oct 17, 2025 — Held at the desk.
13. Oct 17, 2025 — Received in the House.
14. Oct 16, 2025 — Message on Senate action sent to the House.
15. Oct 9, 2025 — Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
16. Oct 9, 2025 — Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
17. Sep 11, 2025 — Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
18. 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.
19. Jul 30, 2025 — Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
20. Jul 23, 2025 — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
21. Jul 23, 2025 — Introduced in Senate