#aaith ,,congress  #ast ,session  ,s4   
#bdjc  ,,an ,,act  ,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 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 make a good faith     

reliance on a valuation provided by an  
independent valuation expert or business
 appraiser that has relied upon the     
principles and methodologies set forth  
in ,internal ,revenue ,service ,revenue 
,ruling #ei-fj 7as amplified and        
modified by the ,internal ,revenue      
,service from time to time7 in          
determining the fair market value of an 
asset described in such clause4  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 such authority available to the  
,secretary 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     
,passed the ,senate ,october #i1        
#bjbe4,secretary