119th Congress · introduced in the Senate · Jul 23, 2025
Retire through Ownership Act
Official title from Congress.gov
Latest action (Oct 15, 2026): Became Public Law No: 119-124.
View on Congress.govPolicy area: Labor and Employment
Congressional Research Service summary, version: 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.
Includes amendment, cloture, and procedural votes. Each is labeled with its exact question; only a passage question is a vote to pass the bill.
House · Sep 16, 2026 · Roll call 314 · Passed
Became Public Law No: 119-124.
Became Public Law No: 119-124.
Signed by President.
Signed by President.
Presented to President.
Presented to President.
Motion to reconsider laid on the table Agreed to without objection.
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) Roll call details
Passed/agreed to in House: 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) Roll call details
Considered as unfinished business. (consideration: CR H5960)
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
DEBATE - The House proceeded with forty minutes of debate on S. 2403.
Considered under suspension of the rules. (consideration: CR H5905-5906)
Mr. Walberg moved to suspend the rules and pass the bill.
Held at the desk.
Received in the House.
Employee benefits and pensions · Financial services and investments · Securities
LD-2 reports whose issue descriptions explicitly cite this bill (bill type and number validated against Congress.gov records). A citation does not establish the client's position or any contact with a member.
Loading lobbying reportsMessage on Senate action sent to the House.
Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Introduced in Senate
Actions from Congress.gov, newest first.
Coverage: reports for 2025 onward, posted Jan 1, 2025 through Oct 23, 2026.
11 citations.
JPMORGAN CHASE HOLDINGS LLC · lobbying firm or registrant: JPMORGAN CHASE HOLDINGS LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Small Business
$1,460,000
Spent on own lobbying
S. 2403 - Discussed small business lending, access to capital, and succession planning issues.
Congress inferred from the report year; bill number matches Congress.gov records and the bill predates the report; no title was cited with it. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BENEFITS COUNCIL · lobbying firm or registrant: DAVIS & HARMAN LLP
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 19, 2026 · issue area: Retirement
$30,000
Paid to lobbying firm
…t Act. S. 2335, Pensions for All Act. S. 2003, Strengthening Benefit Plans Act. H.R. 6722, Automatic IRA Act. H.R. 6084, ERISA Litigation Reform Act. H.R. 5169/S. 2403, Retire through Ownership Act. S. 1728, Employee Ownership Representation Act. H.R. 9765/S. 5148, Improving Retirement Security for Family Caregivers Act. (118…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BENEFITS COUNCIL · lobbying firm or registrant: DAVIS & HARMAN LLP
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 19, 2026 · issue area: Taxation/Internal Revenue Code
$30,000
Paid to lobbying firm
…t Act. S. 2335, Pensions for All Act. S. 2003, Strengthening Benefit Plans Act. H.R. 6722, Automatic IRA Act. H.R. 6084, ERISA Litigation Reform Act. H.R. 5169/S. 2403, Retire through Ownership Act. S. 1728, Employee Ownership Representation Act. H.R. 9765/S. 5148, Improving Retirement Security for Family Caregivers Act. (118…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BENEFITS COUNCIL · lobbying firm or registrant: AMERICAN BENEFITS COUNCIL
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · amended · posted Sep 10, 2026 · issue area: Retirement
$280,000
Spent on own lobbying
…alth accounts, IRC sec. 401(h) limited access to surplus, S. 2003 Child Saving Accounts (IRC sec. 530A, Trump Accounts) Retire Through Ownership Act, HR 5160 / S. 2403
Congress inferred from the report year; bill number matches Congress.gov records and the bill predates the report; no title was cited with it. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BENEFITS COUNCIL · lobbying firm or registrant: DAVIS & HARMAN LLP
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 17, 2026 · issue area: Retirement
$30,000
Paid to lobbying firm
…t Act. S. 2335, Pensions for All Act. S. 2003, Strengthening Benefit Plans Act. H.R. 6722, Automatic IRA Act. H.R. 6084, ERISA Litigation Reform Act. H.R. 5169/S. 2403, Retire through Ownership Act. S. 1728, Employee Ownership Representation Act. H.R. 9765/S. 5148, Improving Retirement Security for Family Caregivers Act. (118…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BENEFITS COUNCIL · lobbying firm or registrant: DAVIS & HARMAN LLP
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 17, 2026 · issue area: Taxation/Internal Revenue Code
$30,000
Paid to lobbying firm
…t Act. S. 2335, Pensions for All Act. S. 2003, Strengthening Benefit Plans Act. H.R. 6722, Automatic IRA Act. H.R. 6084, ERISA Litigation Reform Act. H.R. 5169/S. 2403, Retire through Ownership Act. S. 1728, Employee Ownership Representation Act. H.R. 9765/S. 5148, Improving Retirement Security for Family Caregivers Act. (118…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BENEFITS COUNCIL · lobbying firm or registrant: DAVIS & HARMAN LLP
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 16, 2026 · issue area: Retirement
$50,000
Paid to lobbying firm
…t Act. S. 2335, Pensions for All Act. S. 2003, Strengthening Benefit Plans Act. H.R. 6722, Automatic IRA Act. H.R. 6084, ERISA Litigation Reform Act. H.R. 5169/S. 2403, Retire through Ownership Act. S. 1728, Employee Ownership Representation Act. H.R. 9765/S. 5148, Improving Retirement Security for Family Caregivers Act. (118…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BENEFITS COUNCIL · lobbying firm or registrant: DAVIS & HARMAN LLP
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 16, 2026 · issue area: Taxation/Internal Revenue Code
$50,000
Paid to lobbying firm
…t Act. S. 2335, Pensions for All Act. S. 2003, Strengthening Benefit Plans Act. H.R. 6722, Automatic IRA Act. H.R. 6084, ERISA Litigation Reform Act. H.R. 5169/S. 2403, Retire through Ownership Act. S. 1728, Employee Ownership Representation Act. H.R. 9765/S. 5148, Improving Retirement Security for Family Caregivers Act. (118…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BENEFITS COUNCIL · lobbying firm or registrant: DAVIS & HARMAN LLP
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 16, 2026 · issue area: Retirement
$60,000
Paid to lobbying firm
…t Act. S. 2335, Pensions for All Act. S. 2003, Strengthening Benefit Plans Act. H.R. 6722, Automatic IRA Act. H.R. 6084, ERISA Litigation Reform Act. H.R. 5169/S. 2403, Retire through Ownership Act. S. 1728, Employee Ownership Representation Act.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN BENEFITS COUNCIL · lobbying firm or registrant: DAVIS & HARMAN LLP
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 16, 2026 · issue area: Taxation/Internal Revenue Code
$60,000
Paid to lobbying firm
…t Act. S. 2335, Pensions for All Act. S. 2003, Strengthening Benefit Plans Act. H.R. 6722, Automatic IRA Act. H.R. 6084, ERISA Litigation Reform Act. H.R. 5169/S. 2403, Retire through Ownership Act. S. 1728, Employee Ownership Representation Act.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AFL-CIO · lobbying firm or registrant: AFL-CIO
2025 Q3 report (Jul 1, 2025 – Sep 30, 2025) · posted Oct 20, 2025 · issue area: Retirement
$860,000
Spent on own lobbying
S 1582 GENIUS Act HR 3633 CLARITY Act H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act S. 2217-The Independent Retirement Fairness Act S. 2403- Retire Through Ownership Act S. 1727- Employee Ownership Fairness Act of 2025 S.1728-Employees Ownership Representation Act of 2025 Americas Act
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing