A trio of lawmakers in Congress have introduced a bill in the House that would modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to make clear that appraisers of employee stock ownership plans are not fiduciaries under ERISA.
The bipartisan bill, H.R. 2041, was introduced Monday by Reps. Brett S. Guthrie, R-Ky., David Loebsack, D-Iowa, and Lynn Jenkins, R-Kan. It is the companion bill to S. 273, which was introduced by Senator Kelly Ayotte, R-N.H., in February. The bills come in response to a proposed regulation from the Department of Labor mandating that all private ESOP company appraisers be ERISA fiduciaries.
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