S. 2403Retire through Ownership Act

1 recorded actionWhat the measure does Read on Congress.gov

Sponsor: Roger Marshall [R-KS]
Cosponsors: 1 · 1 Democrat
Policy area: Labor and Employment
Committee: Health, Education, Labor, and Pensions Committee
Latest action: Oct 5, 2026 · Presented to President.

IntroducedJul 23, 2025
Passed the SenateOct 9, 2025
Passed the HouseSep 16, 2026
Sent to the PresidentOct 5, 2026
Became lawNot yet reached

What the measure doesCRS summary

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 the nonpartisan Congressional Research Service, describing S. 2403 as passed Senate on Oct 9, 2025. It is not the text of the measure; a later amendment may have changed what it does.

How every member votedHouse roll call 314

House Sep 16, 2026

On Motion to Suspend the Rules and Pass

Retire through Ownership Act

Passed · Two-thirds required

401 Yea 14 Nay 18 not voting

Crossed both parties 14 of 415 voting members broke with their own party: 14 Republicans.

Open the official roll call

How the chamber split

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DemocratsIndependentsRepublicansFilled: YeaRing: NayGrey: not voting or present

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All members433 members

Democratic214 members

Independent1 member

Republican218 members

marks half of the votes cast. A party’s majority is the side most of its voting members took.

Cosponsors1 · 1 Democrat

Signing on is not a vote: a member can cosponsor S. 2403 and vote against it. 1 signed when it was filed.

DTim Kaine [D-VA]Original

Loading the public record

S. 2403Retire through Ownership Act

What the measure doesCRS summary

How every member votedHouse roll call 314

On Motion to Suspend the Rules and Pass

How the chamber split

Cosponsors1 · 1 Democrat

S. 2403Retire through Ownership Act

What the measure doesCRS summary

How every member votedHouse roll call 314

On Motion to Suspend the Rules and Pass

How the chamber split

Cosponsors1 · 1 Democrat

Who lobbied on S. 24034 organizations

Who lobbied on S. 24034 organizations