,,ib ,union ,cal5d> ,no4 #chc #aai?     
,,congress  #b;d ,session  ,h4 ,r4 #eafi
 ,report ,no4 #aai-ddh ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,septemb] #h1     
#bjbe,mr4 ,all5 introduc$ ! foll[+ bill2
 :i* 0 ref]r$ to ! ,committee on        
,education & ,work=ce  ,janu>y #ad1     
#bjbf;,additional sponsors3 ,mr4        
,edw>ds1 ,mr4 ,messm]1 ,mrs4 ,mc,bath1 &
 ,mr4 ,baumg>tn]  ,janu>y #ad1          
#bjbf,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be printed,strike
 out all aft] ! enact+ clause & ins]t ! 
"p pr9t$ 9 italic,for text ( introduc$  
bill1 see copy ( bill z introduc$ on    
,septemb] #h1 #bjbe  ,a ,,bill  ,to am5d
 ! ,employee ,retirem5t ,income         
,security ,act ( #aigd to provide a cle>
 def9ition ( adequate consid]ation =    
c]ta9 closely held /ock1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,retire ?r\gh ,own]%ip     
,act4  #b4 ,am5d+ adequate consid]ation 
def9ition  7a7 ,9 ,g5]al ,section #c7ah7

 ( ! ,employee ,retirem5t ,income       
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#ajjb7ah77 is am5d$-- 7#a7 9 subp>agraph
 7,a71 by r$esignat+ clauses 7i7 & 7ii7 
z subclauses 7,i7 & 7,,ii71             
respectively2  7#b7 by r$esignat+       
subp>agraphs 7,a7 & 7,b7 z clauses 7i7 &
 7ii71 respectively2  7#c7 by ins]t+    
7,a7 be=e ,! t]m2 &  7#d7 by add+ at !  
end ! foll[+3  7,b7 7i7 ,= purposes (   
clause 7ii7 ( subp>agraph 7,a71 a       
fiduci>y ( an employee /ock own]%ip plan
 7z def9$ 9 section #djg7;d77#f77 may 9 
good fai? rely ^u a valuation provid$ by
 an indep5d5t valuation exp]t or bus9ess
 apprais] if su* exp]t or apprais] reli$
 ^u ! pr9ciples & me?odologies set =? 9 
,int]nal ,rev5ue ,s]vice ,rev5ue ,rul+  
#ei-fj 7z amplifi$1 cl>ifi$1 di/+ui%$1  
or modifi$ f "t to "t7 9 det]m9+ ! fair 
m>ket value ( ! asset4  7ii7 ,clause 7i7
 %all n be int]pret$ to-- 7,i7 preclude 
! ,secret>y f promulgat+1 9 accordance )
 section #eec ( title #e1 ,unit$ ,/ates 
,code1 any regulation int]pret+ su*     

clause2  7,,ii7 exp& ! regulatory       
au?ority ( ! ,secret>y ) respect to !   
t]m adequate consid]ation beyond !      
au?ority ( ! ,secret>y ) respect to su* 
t]m on ! day be=e ! date ( enactm5t ( ! 
,retire ?r\gh ,own]%ip ,act2 or  7,,iii7
 modify a fiduci>y's obligations "u     
section #djd4  4  7b7 ,effective ,date  
,! am5dm5ts made by subsection 7a7 %all 
apply ) respect to det]m9ations describ$
 9 section #c7ah77;,b7 ( ! ,employee    
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajjb7ah77;,b77 7z 
add$ by su* subsection7 t are made on or
 aft] ! date ( enactm5t ( ?is ,act4     
,janu>y #ad1 #bjbf,report$ ) an am5dm5t1
 committ$ to ! ,committee ( ! ,:ole     
,h\se on ! ,/ate ( ! ,union1 & ord]$ to 
be pr9t$