Retire through Ownership Act
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Summary
This bill amends the Employee Retirement Income Security Act of 1974 to clarify how fiduciaries of employee stock ownership plans (ESOPs) may determine the fair market value of closely held stock. Specifically, it allows ESOP fiduciaries to rely in good faith on valuations provided by independent valuation experts or business appraisers using methodologies from IRS Revenue Ruling 59-60. The bill preserves the Secretary of Labor's existing regulatory authority and does not modify fiduciaries' other obligations under ERISA.
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The recorded vote
Counted from roll-call records for sitting members · source: congress.gov
How your representatives voted
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