Federal law defines adequate consideration for closely held ESOP stock under ERISA
President Trump signed S. 2403, the Retire through Ownership Act, into law on October 15, 2026, the White House said. The Act amends section 3(18) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(18)) to provide that an employee stock ownership plan fiduciary may rely in good faith on a valuation by an independent valuation expert or business appraiser using the principles and methodologies of IRS Revenue Ruling 59-60 in determining fair market value.
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