S 2403
· 119th Congress
· Labor and Employment
Retire through Ownership Act
Sponsor
Latest action
Held at the desk.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Oct 17, 2025
floor
Received in the House.
Oct 17, 2025
floor
Held at the desk.
Oct 16, 2025
floor
Message on Senate action sent to the House.
Oct 09, 2025
passed
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Oct 09, 2025
passed
Passed Senate with an amendment by Unanimous Consent.
Sep 11, 2025
committee
Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report.
Health, Education, Labor, and Pensions Committee
Sep 11, 2025
other
Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.
Jul 30, 2025
committee
Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably.
Health, Education, Labor, and Pensions Committee
Jul 23, 2025
introduced
Introduced in Senate
Jul 23, 2025
introduced
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Health, Education, Labor, and Pensions Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
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.
+8
−61
33 unchanged
--- Reported (Senate)
+++ Engrossed (Senate)
@@ -1,36 +1,15 @@
[From the U.S. Government Publishing Office]
-[S. 2403 Reported in Senate (RS)]
+[S. 2403 Engrossed in Senate (ES)]
<DOC>
-Calendar No. 158
119th CONGRESS
1st Session
S. 2403
-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.
-
_______________________________________________________________________
-IN THE SENATE OF THE UNITED STATES
-
-July 23, 2025
-
-Mr. Marshall (for himself and Mr. Kaine) introduced the following bill;
-which was read twice and referred to the Committee on Health,
-Education, Labor, and Pensions
-
-September 11, 2025
-
-Reported by Mr. Cassidy, with an amendment
-[Strike out all after the enacting clause and insert the part printed
-in italic]
-
-_______________________________________________________________________
-
-A BILL
+AN ACT
To amend the Employee Retirement Income Security Act of 1974 to provide
a clear definition of adequate consideration for certain closely held
@@ -38,36 +17,6 @@
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
-
-<DELETED>SECTION 1. SHORT TITLE.</DELETED>
-
-<DELETED> This Act may be cited as the ``Retire through Ownership
-Act''.</DELETED>
-
-<DELETED>SEC. 2. AMENDING ADEQUATE CONSIDERATION DEFINITION.</DELETED>
-
-<DELETED> (a) In General.--Section 3(18) of the Employee Retirement
-Income Security Act of 1974 (29 U.S.C. 1002(18)) is amended--</DELETED>
-<DELETED> (1) by redesignating clauses (i) and (ii) as
-subclauses (I) and (II), respectively;</DELETED>
-<DELETED> (2) by redesignating subparagraphs (A) and (B) as
-clauses (i) and (ii), respectively;</DELETED>
-<DELETED> (3) by inserting ``(A)'' before ``The term'';
-and</DELETED>
-<DELETED> (4) by adding at the end the following:</DELETED>
-<DELETED> ``(B) For purposes of clause (ii), a fiduciary of
-an employee stock ownership plan as defined in section
-407(d)(6) may make a good faith reliance on the principles and
-methodologies set forth in Internal Revenue Service Revenue
-Ruling 59-60 (as in effect on the date of enactment of the
-ERISA Adequate Consideration Act of 2025) in determining the
-fair market value of an asset described in such
-clause.''.</DELETED>
-<DELETED> (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.</DELETED>
SECTION 1. SHORT TITLE.
@@ -108,8 +57,12 @@
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.
-Calendar No. 158
+Passed the Senate October 9, 2025.
+
+Attest:
+
+Secretary.
119th CONGRESS
1st Session
@@ -118,14 +71,8 @@
_______________________________________________________________________
-A BILL
+AN ACT
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.
-
-_______________________________________________________________________
-
-September 11, 2025
-
-Reported with an amendment
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.
3
filings · 2026 Q3
2
filings · 2026 Q4
AMERICAN BENEFITS COUNCIL
RETTAX
2
filings · 2026 Q4
AFL-CIO
RET
1
filings · 2025 Q3
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 (1)
Members who signed on to support this bill.