[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 273 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                 S. 273

  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

                           February 11, 2013

 Ms. Ayotte (for herself, Mr. McConnell, Ms. Landrieu, and Mr. Blunt) 
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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