# S. 2403 (119th): Retire through Ownership Act

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.

## How this bill is scored

Tier: no Tier 1 record. A bill with no record cannot newly become Tier 1.
Lane: employee_ownership. Category: not stored. Lane tag: not stored.
Lane: pension_policy. Category: not stored. Lane tag: not stored.
Lane: retirement. Category: not stored. Lane tag: not stored.
Lane: tax_administration. Category: not stored. Lane tag: not stored.
Lane: unclear. Category: not stored. Lane tag: not stored.
Tier 1 sign-off: no record. A bill with no record cannot newly become Tier 1.
Stored polarity: mixed. Only tags the rules mark scoreable on a mixed bill are scored. A yea can draw a penalty or a credit according to the tag. A nay on a tag scored as good can draw a penalty.
Roll 314: On Motion to Suspend the Rules and Pass. Vote type: final_passage.
Polarity rationale: Reviewed enrichment (llm_import) polarity: The bill is a technical retirement-plan valuation measure. It may modestly serve honest stewardship and employee retirement security by relying on independent expert valuation under an established methodology, but it does not directly restrain a named evil or directly advance one. Its moral weight is prudential and administrative, so 'mixed' fits better than a hard verdict.
Theological note: The measure concerns the fair and honest valuation of workers' retirement stake in employer stock. Scripture's concern for honest weights, just wages, and faithful stewardship of others' assets makes accurate valuation and sound fiduciary conduct relevant. The bill itself appears to be a prudential administrative provision rather than a direct advance or restraint of a named moral harm.

## Recorded votes

Roll 314: On Motion to Suspend the Rules and Pass. Yea 401 · Nay 14 · Other 18.

HTML: https://justmeasure.org/bill/s-2403-119/