S. 2403

Summary

S. 2403, the Retire through Ownership Act, was introduced in the Senate on Jul 23, 2025 by Sen. Roger Marshall (R) with 1 co-sponsor. It last saw action on Oct 17, 2025: Held at the desk.

Record

Text

S. 2403 has 1 co-sponsor.

119 S2403 ES: Retire through Ownership Act
 U.S. Senate
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 119th CONGRESS  1st Session  S. 2403  IN THE SENATE OF THE UNITED STATES  AN ACT
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.
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)
(i)
For purposes of clause (ii) of subparagraph (A), a fiduciary of an employee stock ownership plan (as defined in section 407(d)(6)) may make a good faith reliance on a valuation provided by an independent valuation expert or business appraiser that has relied upon the principles and methodologies set forth in Internal Revenue Service Revenue Ruling 59–60 (as amplified and modified by the Internal Revenue Service from time to time) in determining the fair market value of an asset described in such clause.
(ii)
Clause (i) shall not be interpreted to—
(I)
preclude the Secretary from promulgating, in accordance with section 553 of title 5, United States Code, any regulation interpreting such clause;
(II)
expand the regulatory authority of the Secretary with respect to the term  adequate consideration  beyond such authority available to the Secretary on the day before the date of enactment of the  Retire through Ownership Act ; or
(III)
modify a fiduciary's obligations under section 404.
 .
(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.
    Passed the Senate October 9, 2025.    Secretary

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

A bill 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.

Sponsors

Sen. Roger Marshall (R) sponsors S. 2403, and 1 member has co-sponsored it from the day it was introduced.

Roger Marshall

Sen. · R–KS · Sponsor

Introduced Jul 23, 2025

Tim Kaine

Sen. · D–VA · Co-sponsor

Joined Jul 23, 2025 · Original

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Committees

S. 2403 went before 1 committee: Health, Education, Labor, and Pensions.

Health, Education, Labor, and Pensions

Health, Education, Labor, and Pensions

Reported By · Sep 11, 2025 · 747 Bills

Actions

S. 2403 has taken 10 actions since Jul 23, 2025, the latest on Oct 17, 2025.

Votes

S. 2403 has not gone to a roll call.

Related bills

1 bill is related to S. 2403.

HR 5169Retire through Ownership ActJan 14, 2026 · Placed on the Union Calendar, Calendar No. 383. · Related bill

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Titles

S. 2403 goes by 5 titles, 3 of them short titles.

• Retire through Ownership Act — Display Title
• Retire through Ownership Act — Short Title(s) as Passed Senate
• Retire through Ownership Act — Short Title(s) as Reported to Senate
• Retire through Ownership Act — Short Title(s) as Introduced
• A bill 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 Title as Introduced

Lobbying

2 clients hired 3 firms and 18 registered lobbyists who named S. 2403 in 5 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Retirement, Financial Institutions/Investments/Securities, Taxation/Internal Revenue Code, Health Issues, Budget/Appropriations, Education, Family issues/Abortion/Adoption, Government Issues.

Clients

Who paid to be heard, by how many filings named the bill.

Firms

Registrants who filed on the bill, by filings.

Lobbyists

Named on the filings that cite the bill.

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

Classification

The Congressional Research Service files S. 2403 under Labor and Employment, one of its 31 policy areas, and gives it 3 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; S. 2403’s is Labor and Employment.

Legislative Subjects

S. 2403 carries 3 of CRS’s legislative subjects, from Employee benefits and pensions to Securities.

Source: congress.gov · legiscan.com