HR 5169
· 119th Congress
· Labor and Employment
Retire through Ownership Act
Sponsor
Latest action
Placed on the Union Calendar, Calendar No. 383.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Jan 14, 2026
committee
Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-448.
Education and Workforce Committee
Jan 14, 2026
other
Placed on the Union Calendar, Calendar No. 383.
Sep 17, 2025
committee
Committee Consideration and Mark-up Session Held
Education and Workforce Committee
Sep 17, 2025
committee
Ordered to be Reported (Amended) by the Yeas and Nays: 35 - 0.
Education and Workforce Committee
Sep 08, 2025
introduced
Introduced in House
Sep 08, 2025
introduced
Referred to the House Committee on Education and Workforce.
Education and Workforce Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
CRS summaries
Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.
00
Introduced in House
Sep 08, 2025
Retire through Ownership Act
This bill allows the fiduciary of an Employee Stock Ownership Plan (ESOP) to rely on a valuation provided by an independent valuation or business appraiser in determining the fair market value of the plan's securities if the securities are not traded on a national securities exchange (i.e., not publicly traded) and the expert or appraiser follows specified methodologies.
In general, ESOPs are defined contribution pension plans where employees accrue shares of their employers' stock in individual accounts as part of their compensation. After separating from employment or retiring, employees receive the cash value of their shares.
Under the bill, an independent appraiser or expert must adhere to the methodology established under the Internal Revenue Service Ruling 59-60, which prescribes the factors a professional business appraiser should consider in forming a valuation of the stock for a closely held business.
via Congressional Research Service · published through congress.gov
Changelog
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih / is — Introduced in House / Senate. First filed version.rfh / rfs — Referred to a committee for review.rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs / pch — Placed on Calendar for floor consideration.eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh / rds — Received by the other chamber.eah / eas — Engrossed Amendment. The other chamber passed an amended version.ath / ats — Agreed to. Both chambers settled on the same text.enr — Enrolled. Final reconciled text, sent to the President.pl — Public Law. Signed by the President. It's now law.pp — Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih/is— Introduced in House / Senate. First filed version.rfh/rfs— Referred to a committee for review.rh/rs— Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs/pch— Placed on Calendar for floor consideration.eh/es— Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh/rds— Received by the other chamber.eah/eas— Engrossed Amendment. The other chamber passed an amended version.ath/ats— Agreed to. Both chambers settled on the same text.enr— Enrolled. Final reconciled text, sent to the President.pl— Public Law. Signed by the President. It's now law.pp— Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
Line-level diff between text versions of this bill — what actually changed at each legislative stage.
+64
−13
27 unchanged
--- Introduced (House)
+++ Reported (House)
@@ -1,11 +1,14 @@
[From the U.S. Government Publishing Office]
-[H.R. 5169 Introduced in House (IH)]
+[H.R. 5169 Reported in House (RH)]
<DOC>
+Union Calendar No. 383
119th CONGRESS
-1st Session
+2d Session
H. R. 5169
+
+[Report No. 119-448]
To amend the Employee Retirement Income Security Act of 1974 to provide
a clear definition of adequate consideration for certain closely held
@@ -19,6 +22,20 @@
Mr. Allen introduced the following bill; which was referred to the
Committee on Education and Workforce
+
+January 14, 2026
+
+Additional sponsors: Mr. Edwards, Mr. Messmer, Mrs. McBath, and Mr.
+Baumgartner
+
+January 14, 2026
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
+[Strike out all after the enacting clause and insert the part printed
+in italic]
+[For text of introduced bill, see copy of bill as introduced on
+September 8, 2025]
_______________________________________________________________________
@@ -39,23 +56,57 @@
(a) In General.--Section 3(18) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1002(18)) is amended--
-(1) by redesignating clauses (i) and (ii) as subclauses (I)
-and (II), respectively;
+(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), respectively;
(3) by inserting ``(A)'' before ``The term''; and
(4) by adding at the end the following:
-``(B) 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 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, distinguished, or
-modified from time to time) in determining the fair market value of the
-asset.''.
+``(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,
+distinguished, 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 Ownership
+Act; or
+``(III) modify a fiduciary's obligations under section
+404.''.
(b) Effective Date.--The amendments made by subsection (a) shall
apply with respect to determinations described in section 3(18)(B) of
the Employee Retirement Income Security Act of 1974 (29 U.S.C.
1002(18)(B)) (as added by such subsection) that are made on or after
the date of enactment of this Act.
-<all>
+Union Calendar No. 383
+
+119th CONGRESS
+
+2d Session
+
+H. R. 5169
+
+[Report No. 119-448]
+
+_______________________________________________________________________
+
+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.
+
+_______________________________________________________________________
+
+January 14, 2026
+
+Reported with an amendment, committed to the Committee of the Whole
+House on the State of the Union, and ordered to be printed
Lobbying activity
Organizations whose LDA filings reference this bill, ranked by filing count. Position not disclosed — LDA does not require lobbyists to report support / oppose / monitor. Bill-number references can be stale (lobbyists sometimes copy text year-over-year), so verify against the filing description.
2
filings · 2025 Q3
2
filings · 2025 Q3
2
filings · 2026 Q4
AMERICAN BENEFITS COUNCIL
RETTAX
2
filings · 2026 Q4
via Senate LDA · self-reported quarterly. Filing count = filings mentioning this bill (no position required), not money spent on it. Click a client to see all bills they've filed on.
Cosponsors (4)
Members who signed on to support this bill.