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.
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),
.