A bill to modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to exclude appraisers of employee stock ownership plans.

Bill: 113-s-273
Sponsor: full_name: Sen. Ayotte, Kelly [R-NH]
Introduced: 2013-02-11
Policy area: Labor and Employment
Subjects: Accounting and auditing

Employee benefits and pensions

Securities
Latest action: action_date: 2013-02-11
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2013-02-11
action_desc: Introduced in Senate
text: <p>Amends the Employee Retirement Income and Security Act of 1974 (ERISA) to exclude appraisers of employee stock ownership plans (ESOPs) from the meaning of a fiduciary subject to ERISA.</p>

tv_txt: II 113th CONGRESS 1st Session S. 273 IN THE SENATE OF THE UNITED STATES February 11, 2013 Ms. Ayotte (for herself, Mr. McConnell , Ms. Landrieu , and Mr. Blunt ) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to exclude appraisers of employee stock ownership plans.

1. Fiduciary exclusion Section 3(21)(A) of the Employee Retirement Income and Security Act of 1974 ( 29 U.S.C. 1002(21)(A) ) is amended by inserting and except to the extent a person is providing an appraisal or fairness opinion with respect to qualifying employer securities (as defined in section 407(d)(5)) included in an employee stock ownership plan (as defined in section 407(d)(6)), after subparagraph (B), .