II 112th CONGRESS 1st Session S. 1232 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.

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),.