S. 2403 · Where this bill is now
On the President's desk
Sent to the President Oct 5, 2026
What this bill does
In plain words · AI-written from the official summarySimplifies valuation of company stock in employee plans
Ever wondered how a company figures out what its own stock is worth when it's not traded publicly. This bill lets the person managing an Employee Stock Ownership Plan (ESOP) use a valuation from an independent expert or business appraiser to determine the fair market value of company securities that aren't publicly traded, as long as the expert follows established IRS valuation methods.
How it affects you
If you participate in an ESOP at a private company, this could affect how your retirement benefits are calculated when you leave or retire. The bill makes the valuation process more straightforward by allowing companies to rely on professional appraisals rather than other methods, which may lead to fairer valuations of what your shares are actually worth.
Read the official summary (Passed Senate, Oct 9, 2025)
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionS. 2403
AN ACT
Retire through Ownership Act
Sponsor: Sen. Roger Marshall (R-KS) · Introduced Jul 23, 2025 · Labor and Employment · 4 versions of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Oct 5, 2026: “Presented to President.”
How Congress voted
Official roll callsHouse · On Motion to Suspend the Rules and Pass · Sep 16, 2026
Motion to Suspend the Rules and Pass Passed 401–14
| Party | Yes | No | Didn’t vote |
|---|---|---|---|
| Democrats | 209 | 0 | 5 |
| Independents | 1 | 0 | 0 |
| Republicans | 191 | 14 | 13 |
14 members voted against most of their party: 14 Republicans voted No.
Congress votes on whole bills and amendments, not on single sections.