S. 2403: Retire through Ownership Act
Sponsor
Roger Marshall
Republican · KS
What S. 2403 does
Employee Stock Ownership Plans give workers shares of their employer's stock as part of their pay. The Retire through Ownership Act lets the plan's fiduciary rely on a valuation from an independent valuation expert or business appraiser when setting the fair market value of plan assets that have no generally recognized market.
The expert or appraiser must follow specified methods, including the approach in Internal Revenue Service Ruling 59-60 for valuing the stock of a closely held business.
How the House voted
Passed · September 16, 202614 Republicans broke with their party to vote no
Josh Brecheen
Michael Cloud
Andrew Clyde
Eli Crane
Warren Davidson
Randy Fine
Russ Fulcher
Andy Harris
Clay Higgins
Rich McCormick
Mary Miller
Ralph Norman
Chip Roy
Keith SelfOn Motion to Suspend the Rules and Pass: S 2403 Retire through Ownership Act · Roll no. 314 · Official record
S2403 Legislative Journey
Signed into Law
Oct 15, 2026
Became Public Law No: 119-124.
+3 more actions this day
Action Taken
Oct 5, 2026
Presented to President.
House: Vote: 401-14
Sep 16, 2026
On 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)
House: Action Taken
Oct 17, 2025
Held at the desk.
Action Taken
Oct 16, 2025
Message on Senate action sent to the House.
Passed
Oct 9, 2025
Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
+1 more action this day
Action Taken
Sep 11, 2025
Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
About the Sponsor
Roger Marshall
Republican, KS · 9 years in Congress
Committees: the Budget, Agriculture, Nutrition, and Forestry, Health, Education, Labor, and Pensions
View full profile →
Cosponsors at time of passage (1)
This bill has 1 cosponsor: 1 Democrat. Cosponsors represent 1 state: Virginia.
Committee Sponsors
Health, Education, Labor, and Pensions Committee
1 of 21 committee members cosponsored at the time
S. 2403 Quick Facts
- Committee
- Health, Education, Labor, and Pensions
- Chamber
- Senate
- Policy
- Labor and Employment
- Introduced
- Jul 23, 2025
Became Public Law No: 119-124.
Oct 15, 2026
About Legisletter
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S. 2403 Bill Text
“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.”
Source: U.S. Government Publishing Office
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