,,ii ,cal5d> ,no4 #aeh #aai? ,,congress 
#a/ ,session  ,s4 #bdjc  ,,9 ,,! ,,s5ate
 ,,( ,,! ,,unit$ ,,/ates  ,july #bc1    
#bjbe,mr4 ,m>%all 7= himself & ,mr4     
,ka9e7 introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,heal?1 ,education1 ,labor1 & ,p5sions  
,septemb] #aa1 #bjbe,report$ by ,mr4    
,cassidy1 ) an amendment,strike out all 
aft] ! enact+ clause & ins]t ! "p pr9t$ 
9 italic  ,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$-- 7#a7 by r$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 ,= purposes ( clause
 7ii71 a fiduci>y ( an employee /ock    
own]%ip plan z def9$ 9 section          
#djg7;d77#f7 may make a good fai?       
reliance on ! pr9ciples & me?odologies  
set =? 9 ,int]nal ,rev5ue ,s]vice       
,rev5ue ,rul+ #ei-fj 7z 9 effect on !   
date ( enactm5t ( ! ,,erisa ,adequate   
,consid]ation ,act ( #bjbe7 9 det]m9+ ! 
fair m>ket value ( an asset describ$ 9  
su* clause4  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  #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$-- 7#a7 by r$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   
make a good fai? reliance on a valuation
 provid$ by an indep5d5t valuation exp]t
 or bus9ess apprais] t has reli$ ^u !   
pr9ciples & me?odologies set =? 9       
,int]nal ,rev5ue ,s]vice ,rev5ue ,rul+  
#ei-fj 7z amplifi$ & modifi$ by !       
,int]nal ,rev5ue ,s]vice f "t to "t7 9  
det]m9+ ! fair m>ket value ( an asset   
describ$ 9 su* clause4  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 su*    
au?ority available to ! ,secret>y 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     
,septemb] #aa1 #bjbe,report$ ) an       
am5dm5t