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Committee unanimously reports bill giving ESOP fiduciaries guidance on valuing employer stock
Summary
The House Education and Labor Committee reported HR 5169, the Retire Through Ownership Act, with bipartisan support; it allows ESOP fiduciaries to rely in good faith on independent valuations that follow long-standing IRS valuation guidance and preserves the Labor Department's rulemaking authority.
The House Committee on Education and Labor unanimously voted to report HR 5169, the Retire Through Ownership Act, which would provide valuation guidance for employee stock ownership plans (ESOPs) by allowing ESOP fiduciaries to rely in good faith on independent valuations that use Internal Revenue Service guidance (including Revenue Ruling 59‑60) when valuing closely held employer stock.
Representative Allen, the bill’s sponsor, said ESOP…
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