United States 119th Congress Status: Passed Senate Bipartisan · 1 R · 1 D cosponsors

S 2403 — Retire through Ownership Act

Last action — Held at the desk.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill has passed the Senate. Introduced July 23, 2025. It now moves to the second chamber.

Next likely step: consideration and a floor vote in the House.

Prognosis

Likely to advance 66% · high confidence

Where this bill stands today.

Odds of enactment

Moderate

How often bills like it became law.

  • Passed Senate

    Current position in the legislative process.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (1 R · 1 D) — cross-party backing.

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

6 added · 41 removed

Plain-language change summary

The updated version of S 2403 indicates that the text has been modified to remove references to the short title of the bill and the specific section regarding the definition of adequate consideration under the Employee Retirement Income Security Act of 1974. This change simplifies the bill by eliminating the introductory and definitional elements, which may streamline the legislative process or focus the discussion on different aspects of the bill. The practical effect is that readers will no longer see the specific title or the detailed definitions in this version.

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Latest
2403 Reported in Senate (RS)] <DOC> Calendar No.
2403 Engrossed in Senate (ES)] <DOC> 119th CONGRESS 1st Session S.
158 119th CONGRESS 1st Session S.
2403 _______________________________________________________________________ AN ACT To 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.
2403 To 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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1.
_______________________________________________________________________ IN THE SENATE OF THE UNITED STATES July 23, 2025 Mr.
Marshall (for himself and Mr.
Kaine) introduced the following bill;
which was read twice and referred to the Committee on Health, Education, Labor, and Pensions September 11, 2025 Reported by Mr.
Cassidy, with an amendment [Strike out all after the enacting clause and insert the part printed in italic] _______________________________________________________________________ A BILL To 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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, <DELETED>SECTION 1.
SHORT TITLE.</DELETED> <DELETED> This Act may be cited as the ``Retire through Ownership Act''.</DELETED> <DELETED>SEC.
2.
AMENDING ADEQUATE CONSIDERATION DEFINITION.</DELETED> <DELETED> (a) In General.--Section 3(18) of the Employee Retirement Income Security Act of 1974 (29 U.S.C.
1002(18)) is amended--</DELETED> <DELETED> (1) by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively;</DELETED> <DELETED> (2) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively;</DELETED> <DELETED> (3) by inserting ``(A)'' before ``The term'';
and</DELETED> <DELETED> (4) by adding at the end the following:</DELETED> <DELETED> ``(B) For purposes of clause (ii), a fiduciary of an employee stock ownership plan as defined in section 407(d)(6) may make a good faith reliance on the principles and methodologies set forth in Internal Revenue Service Revenue Ruling 59-60 (as in effect on the date of enactment of the ERISA Adequate Consideration Act of 2025) in determining the fair market value of an asset described in such clause.''.</DELETED> <DELETED> (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.</DELETED> SECTION 1.
Calendar No.
Passed the Senate October 9, 2025.
158 119th CONGRESS 1st Session S.
Attest:
2403 _______________________________________________________________________ A BILL To 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.
Secretary.
_______________________________________________________________________ September 11, 2025 Reported with an amendment
119th CONGRESS 1st Session S.
2403 _______________________________________________________________________ AN ACT To 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.
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Action History

  1. Received in the House.

  2. Held at the desk.

  3. Message on Senate action sent to the House.

  4. Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.

  5. Passed Senate with an amendment by Unanimous Consent. (consideration: CR S7103; text: CR S7103)

  6. Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.

  7. Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.

  8. Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.

  9. Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.

  10. Introduced in Senate

  11. Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 545 not signed on

Sponsors (1)

Co-sponsors (1)

Not signed on (545)

545 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Subjects

housing labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors S 2403?
S 2403 is sponsored by Marshall, Roger (Republican) and Kaine, Tim (Democratic).
What is the current status of S 2403?
This bill has passed the Senate. Introduced July 23, 2025. It now moves to the second chamber.
Where can I track S 2403?
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