119 HR 5169 IH: Retire through Ownership Act U.S. House of Representatives 2025-09-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I119th CONGRESS1st SessionH. R. 5169IN THE HOUSE OF REPRESENTATIVESSeptember 8, 2025Mr. Allen introduced the following bill; which was referred to the Committee on Education and WorkforceA BILLTo 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.

1.

Short title

This Act may be cited as the Retire through Ownership Act.

2.

Amending adequate consideration definition

(a)

In General

Section 3(18) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(18)) is amended— (1)by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively; (2)by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively; (3)by inserting (A) before The term; and (4)by adding at the end the following: (B) For purposes of clause (ii) of subparagraph (A), a fiduciary of an employee stock ownership plan (as defined in section 407(d)(6)) may in good faith rely upon a valuation provided by an independent valuation or business appraiser if such expert or appraiser relied upon the principles and methodologies set forth in Internal Revenue Service Revenue Ruling 59–60 (as amplified, clarified, distinguished, or modified from time to time) in determining the fair market value of the asset. . (b)

Effective Date

The amendments made by subsection (a) shall apply with respect to determinations described in section 3(18)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(18)(B)) (as added by such subsection) that are made on or after the date of enactment of this Act.