SB2403: Retire through Ownership Act
- Introduced (completed)
- Passed One Chamber (completed)
- Passed Both Chambers (completed)
- 4Became Law (current step)
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Bill information
Summary
A bill to amend the Employee Retirement Income Security Act of 1974 to provide a clear definition of adequate consideration for certain closely held stock, and for other purposes.
Plain-language summary
This bill amends the Employee Retirement Income Security Act of 1974, a federal law regulating retirement plans. It provides a clear definition of what counts as 'adequate consideration' when retirement plans buy or sell stock in closely held companies (private businesses not traded publicly). The bill helps retirement plan administrators understand fair pricing rules for these stock transactions. The bill has passed both of Congress.
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SB2403: Retire through Ownership Act