[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1232 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1232

  To modify the definition of fiduciary under the Employee Retirement 
  Income Security Act of 1974 to exclude appraisers of employee stock 
                            ownership plans.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                June 20 (legislative day, June 16), 2011

     Ms. Ayotte (for herself, Ms. Snowe, Ms. Collins, Mr. Brown of 
 Massachusetts, and Ms. Landrieu) introduced the following bill; which 
  was read twice and referred to the Committee on Health, Education, 
                          Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
  To modify the definition of fiduciary under the Employee Retirement 
  Income Security Act of 1974 to exclude appraisers of employee stock 
                            ownership plans.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. FIDUCIARY EXCLUSION.

    Section 3(21)(A) of the Employee Retirement Income and Security Act 
of 1974 (29 U.S.C. 1002(21)(A)) is amended by inserting ``and except to 
the extent a person is providing an appraisal or fairness opinion with 
respect to qualifying employer securities (as defined in section 
407(d)(5)) included in an employee stock ownership plan (as defined in 
section 407(d)(6)),'' after ``subparagraph (B),''.
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