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Bill would let ESOP managers rely on IRS rule to value private stock

Passed one chamberS. 2403Latest action

Sponsor: Roger Marshall · Senator · KS

AIDecoded by AI · checked against the record
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Official title: Retire through Ownership Act

119th Congress

Topics: Jobs & the economy

Introduced:

Read the official bill on Congress.gov

In plain words

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The Retire through Ownership Act lets ESOP fiduciaries rely on IRS Revenue Ruling 59-60 to value privately held company stock.

40-second read · 4 questions answered below

What does this do?

This bill amends ERISA to clarify how fiduciaries can value closely held stock in Employee Stock Ownership Plans. It allows them to rely in good faith on IRS Revenue Ruling 59-60, an existing tax valuation standard, when determining fair market value. The change would apply to valuations made after enactment.

Who does it affect?

It affects employees in ESOPs at privately held companies, plus business owners, plan administrators, and fiduciaries who manage these plans. Attorneys and financial professionals advising on ESOP transactions could also be affected.

Why does it matter?

The change could reduce legal uncertainty and disputes over whether fiduciaries paid a fair price for stock on behalf of employees. It gives plan managers a clearer standard to point to when defending valuation decisions.

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Read the official bill on Congress.gov

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Where does it stand?

  1. IntroducedJul 23, 2025
  2. Senate committee
  3. Senate vote
  4. HouseYou are here · Oct 5, 2026
  5. The president's desk

Right now: it passed the Senate and now goes to the House. If the House changes it, it goes back to the Senate before reaching the president.

Latest action: — Presented to President.

Data as of October 11, 2026

Recorded votes

Roll-call votes recorded since January 3, 2025.

  1. House · · Roll call 314

    As recorded

    Question
    On Motion to and Pass
    Result:
    Passed
    401
    Nay
    14
    0
    18

    Republicans 191 yes, 14 no, 13 not voting · Democrats 209 yes, 5 not voting · Independent 1 yes

    Official record
    How members voted

    The official record lists how each member voted.Official record

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