United States

S. 2403

Retire through Ownership Act

Health, Education, Labor, and Pensions Committee · Sen. Roger Marshall (R-KS)

Official summary (Congressional Research Service, Passed Senate): 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 securities if the securities are not traded on a national securities exchange (i.e., not publicly traded) 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.

Signed by Pres. Trump 15 October 2026

Record as of 15 October 2026 — the most recent action in the official record. Status can lag; each step below carries its own date.

15 October 2026 Signed by Pres. Trump
What's next: Takes effect (on enactment unless the text sets other dates)
15 October 2026 Became Public Law
5 October 2026 Presented to President
16 September 2026 Passed House (401-14)
9 more actions
1. 16 September 2026 Motion to reconsider laid on the table Agreed to without objection.
2. 16 September 2026 Considered as unfinished business. (consideration: CR H5960)
3. 16 September 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.
4. 16 September 2026 DEBATE - The House proceeded with forty minutes of debate on S. 2403.
5. 16 September 2026 Considered under suspension of the rules. (consideration: CR H5905-5906)
6. 16 September 2026 Mr. Walberg moved to suspend the rules and pass the bill.
7. 17 October 2025 Held at the desk.
8. 17 October 2025 Received in the House.
9. 16 October 2025 Message on Senate action sent to the House.
9 October 2025 Passed Senate with amendment (unanimous consent)
11 September 2025 Reported by committee
11 September 2025 Placed on calendar (Senate)
1 more action
1. 30 July 2025 Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
23 July 2025 Referred to committee
23 July 2025 Introduced in Senate

This path starts where the bill does — its first action in the official record. Routine procedural steps sit in the “more actions” rows above rather than on the main line.

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