,,ib ,union ,calendar ,no4 #chc #aaith  
,,congress  #b;d ,session  ,h4 ,r4 #eafi
 ,report ,no4 #aai-ddh ,,in ,,the       
,,house ,,of ,,representatives          
,september #h1 #bjbe,mr4 ,allen         
introduced the following bill2 which was
 referred to the ,committee on          
,education and ,workforce  ,january #ad1
 #bjbf;,additional sponsors3 ,mr4       
,edwards1 ,mr4 ,messmer1 ,mrs4 ,mc,bath1
 and ,mr4 ,baumgartner  ,january #ad1   
#bjbf,reported with an amendment1       
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed,strike
 out all after the enacting clause and  
insert the part printed in italic,for   
text of introduced bill1 see copy of    
bill as introduced on ,september #h1    
#bjbe  ,a ,,bill  ,to amend the         
,employee ,retirement ,income ,security 
,act of #aigd to provide a clear        
definition of adequate consideration for
 certain closely held stock1 and for    
other purposes4  #a4 ,short title ,this 

,act may be cited as the ,retire through
 ,ownership ,act4  #b4 ,amending        
adequate consideration definition  7a7  
,in ,general ,section #c7ah7 of the     
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #ajjb7ah77 
is amended-- 7#a7 in subparagraph 7,a71 
by redesignating clauses 7i7 and 7ii7 as
 subclauses 7,i7 and 7,,ii71            
respectively2  7#b7 by redesignating    
subparagraphs 7,a7 and 7,b7 as clauses  
7i7 and 7ii71 respectively2  7#c7 by    
inserting 7,a7 before ,the term2 and    
7#d7 by adding at the end the following3
  7,b7 7i7 ,for purposes of clause 7ii7 
of subparagraph 7,a71 a fiduciary of an 
employee stock ownership plan 7as       
defined in section #djg7;d77#f77 may in 
good faith rely upon a valuation        
provided by an independent valuation    
expert or business appraiser if such    
expert or appraiser relied upon the     
principles and methodologies set forth  
in ,internal ,revenue ,service ,revenue 
,ruling #ei-fj 7as amplified1 clarified1

 distinguished1 or modified from time to
 time7 in determining the fair market   
value of the asset4  7ii7 ,clause 7i7   
shall not be interpreted to-- 7,i7      
preclude the ,secretary from            
promulgating1 in accordance with section
 #eec of title #e1 ,united ,states      
,code1 any regulation interpreting such 
clause2  7,,ii7 expand the regulatory   
authority of the ,secretary with respect
 to the term adequate consideration     
beyond the authority of the ,secretary  
with respect to such term on the day    
before the date of enactment of the     
,retire through ,ownership ,act2 or     
7,,iii7 modify a fiduciary's obligations
 under section #djd4  4  7b7 ,effective 
,date ,the amendments made by subsection
 7a7 shall apply with respect to        
determinations described in section     
#c7ah77;,b7 of the ,employee ,retirement
 ,income ,security ,act of #aigd 7#bi   
,u4,s4,c4 #ajjb7ah77;,b77 7as added by  
such subsection7 that are made on or    
after the date of enactment of this     

,act4  ,january #ad1 #bjbf,reported with
 an amendment1 committed to the         
,committee of the ,whole ,house on the  
,state of the ,union1 and ordered to be 
printed