,,ii  #aaith ,,congress  #ast ,session  
,s4 #bdjc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bc1     
#bjbe ,mr4 ,marshall 7for himself and   
,mr4 ,kaine7 introduced the following   
bill2 which was read twice and referred 
to the ,committee on ,health1           
,education1 ,labor1 and ,pensions  ,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 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 ,for      
purposes of clause 7ii71 a fiduciary of 
an employee stock ownership plan as     
defined in section #djg7;d77#f7 may make
 a good faith reliance on the principles
 and methodologies set forth in         
,internal ,revenue ,service ,revenue    
,ruling #ei-fj 7as in effect on the date
 of enactment of the ,,erisa ,adequate  
,consideration ,act of #bjbe7 in        
determining the fair market value of an 
asset described in such clause4  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