On February 13, 2013, Senator Kelly Ayotte (R-NH) introduced S. 273, 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 (ESOPs). The bill is co-sponsored by Senators Roy Blunt (R-MO), Mary L. Landrieu (D-LA), and Mitch McConnell (R-KY). This bill is a response to the Department of Labor’s (DOL) proposed anti-ESOP regulation mandating all private ESOP company appraisers be ERISA fiduciaries.
As a member of The ESOP Association, SES is committed to the promotion and protection of employee ownership laws in the U.S. SES and our clients frequently participate in ESOP advocacy work, including visits to our representatives on Capitol Hill and visits from representatives to ESOP company locations nationwide. Contact us if you would like to find out more about participating in this important work.