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S. 2403 · 119th Congress · Public Law 119-124

Retire through Ownership Act

2 sections in the law, all of them in the bill as introduced.

Signed October 15, 2026 · Introduced July 23, 2025 in the Senate

Sponsor: Sen. Roger Marshall (R-KS) · 1 cosponsor (1 D)

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Our check

Grade: Pending review

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Grade = share of sections a reviewed check found not described by the bill’s title or summary: Prime Cut 0%, Lean up to 5%, Marbled up to 20%, Pork Barrel over 20%. Pending review until a person has approved the check. How we decide

X-ray · every section, in order

  1. Sec. 1 Short title, in the bill as introduced
  2. Sec. 2 Amending adequate consideration definition, in the bill as introduced

The yardstick

What the law says it does

A check compares every section with these texts, and nothing else.

Official title

To amend the Employee Retirement Income Security Act of 1974 to provide a clear definition of adequate consideration for certain closely held stock, and for other purposes.

Official summary (Congressional Research Service) · as public law

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.

How it became law

  1. IntroducedJul 23
  2. CommitteeJul 30
  3. HouseSep 16
  4. SenateOct 9
  5. SignedOct 15

As introduced: To amend the Employee Retirement Income Security Act of 1974 to provide a clear definition of adequate consideration for certain closely held stock, and for other purposes.

Key steps, cosponsors and text changes (13)

  1. Sponsor

    Sen. Roger Marshall (R-KS)

  2. Original cosponsors

    Sen. Tim Kaine (D-VA)

  3. SenateIntroduced in Senate

  4. Text: Introduced in Senate

    2 sections

  5. SenateCommittee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.

  6. Text: Reported to Senate

    0 sections: 2 removed

  7. SenatePassed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)

  8. Text: Engrossed in Senate

    2 sections

  9. HouseOn 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)

  10. HousePresented to President.

  11. Text: Enrolled Bill

    2 sections, no changes

  12. Became Public Law No: 119-124.

  13. Signed by President.

Show every recorded step (22)

  1. Sponsor

    Sen. Roger Marshall (R-KS)

  2. Original cosponsors

    Sen. Tim Kaine (D-VA)

  3. SenateRead twice and referred to the Committee on Health, Education, Labor, and Pensions.

  4. SenateIntroduced in Senate

  5. Text: Introduced in Senate

    2 sections

  6. SenateCommittee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.

  7. SenatePlaced on Senate Legislative Calendar under General Orders. Calendar No. 158.

  8. SenateCommittee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.

  9. Text: Reported to Senate

    0 sections: 2 removed

  10. SenatePassed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)

  11. Text: Engrossed in Senate

    2 sections

  12. HouseReceived in the House.

  13. HouseOn 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)

  14. HouseConsidered as unfinished business. (consideration: CR H5960)

  15. HouseAt 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.

  16. HouseDEBATE - The House proceeded with forty minutes of debate on S. 2403.

  17. HouseConsidered under suspension of the rules. (consideration: CR H5905-5906)

  18. HouseMr. Walberg moved to suspend the rules and pass the bill.

  19. HousePresented to President.

  20. Text: Enrolled Bill

    2 sections, no changes

  21. Became Public Law No: 119-124.

  22. Signed by President.

Source: GovInfo bill status and text versions. 1 cosponsors.

Every section

All 2 sections, in order

From the enrolled bill text on GovInfo. Read any section in full on Congress.gov.

  1. Sec. 1Short title
  2. Sec. 2Amending adequate consideration definition

Sponsor and cosponsors

Show all 2 members, by last name

Sponsor: Sen. Roger Marshall (R-KS)

  • Sen. Timothy Kaine (D-VA)
Share card: Retire through Ownership Act, 2 sections in the law, all of them in the bill as introduced.

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Sources: bill text and status, GovInfo (Enrolled Bill) · Official summary, Congressional Research Service · Congress.gov, as of November 1, 2026. US government works are in the public domain · This bill on Congress.gov (opens in new tab)