119-HR5169

Bill is currently in: House
Path to Law
House Senate President

119th CONGRESS

1st Session

H. R. 5169

1. Short title
2. Amending adequate consideration definition

1. Short title

This Act may be cited as the "Retire through Ownership Act".

2. Amending adequate consideration definition

(a) In General - Section 3(18) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(18)) is amended—

(1) - by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively;

(2) - by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively;

(3) - by inserting "(A)" before "The term"; and

(4) - by adding at the end the following:

(B) - For purposes of clause (ii) of subparagraph (A), a fiduciary of an employee stock ownership plan (as defined in section 407(d)(6)) may in good faith rely upon a valuation provided by an independent valuation or business appraiser if such expert or appraiser relied upon the principles and methodologies set forth in Internal Revenue Service Revenue Ruling 59–60 (as amplified, clarified, distinguished, or modified from time to time) in determining the fair market value of the asset.

(b) Effective Date - The amendments made by subsection (a) shall apply with respect to determinations described in section 3(18)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(18)(B)) (as added by such subsection) that are made on or after the date of enactment of this Act.