Lets a retirement plan fiduciary rely in good faith on an independent appraiser's valuation of closely held stock, using Revenue Ruling 59-60 principles, when deciding whether the price paid for an asset is adequate consideration.

• Amends the definition of adequate consideration in Section 3(18) of the Employee Retirement Income Security Act of 1974
• Allows an employee stock ownership plan fiduciary to rely in good faith on a valuation by an independent valuation expert or business appraiser that follows IRS Revenue Ruling 59-60
• Preserves the Secretary of Labor's authority to issue interpreting regulations and does not change the fiduciary's obligations under Section 404
• Applies to valuation determinations made on or after the date of enactment

• Health, Education, Labor, and Pensions Committee (Senate)

Labor and Employment