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H. Rept. 119-448 1 (2026-01-14)

handle is hein.congrecreports/crptxahyu0001 and id is 1 raw text is: AUTHENTICATED r U.S. GOVERNMENT INFORMATION 4 119TH CONGRESS REPORT 2d Session j HOUSE OF REPRESENTATIVES 119-448 RETIRE THROUGH OWNERSHIP ACT JANUARY 14, 2026.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. WALBERG, from the Committee on Education and Workforce, submitted the following REPORT [To accompany H.R. 5169] The Committee on Education and Workforce, to whom was re- ferred the bill (H.R. 5169) to amend the Employee Retirement In- come Security Act of 1974 to provide a clear definition of adequate consideration for certain closely held stock, and for other purposes, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Retire through Ownership Act. SEC. 2. AMENDING ADEQUATE CONSIDERATION DEFINITION. (a) IN GENERAL.-Section 3(18) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(18)) is amended- (1) in subparagraph (A), by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively; (2) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respec- tively; (3) by inserting (A) before The term; and (4) by adding at the end the following: (B)(i) For purposes of clause (ii) of subparagraph (A), a fiduciary of an employee stock ownership plan (as defined in section 407(d)(6)) 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 59-60 (as amplified, clarified, distin- guished, or modified from time to time) in determining the fair market value of the asset. (ii) Clause (i) shall not be interpreted to- (I) preclude the Secretary from promulgating, in accordance with section 553 of title 5, United States Code, any regulation interpreting such clause; (II) 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 Owner- ship Act; or 69-006