S. 2403, the Retire through Ownership Act, was signed by the President on October 15, 2026.
S. 2403 — Retire through Ownership Act
What it does
This bill amends ERISA to clarify that employee stock ownership plan (ESOP) fiduciaries can rely in good faith on independent valuations using IRS Revenue Ruling 59–60 methodology when determining fair market value of closely held stock. The change codifies an existing valuation standard and shields fiduciaries from liability for good-faith reliance on expert appraisals, making it easier for ESOPs to value and acquire private company shares.
Quorum's transparency scan gave Retire through Ownership Act a moderate transparency flag.
What happens next
S. 2403 was signed by the President. It is now law.
Who is behind it
Filed by Roger Marshall. Cosponsored by Tim Kaine.
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