Senator Kelly Ayotte Seeks Cosponsors for S. 273

On February 11, 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). 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.

The bill is cosponsored by:

Senator Roy Blunt (R-MO)

Senator Susan M. Collins (R-ME)

Senator Amy Klobuchar (D-MN)

Senator Mary L. Landrieu (D-LA)

Senator Mitch McConnell (R-KY)

On June 27, 2013, Senator Ayotte sent the following Dear Colleague letter regarding S. 273 seeking cosponsors.

Ayotte Dear Colleague Ltr 1

Ayotte Dear Colleague Ltr 2You can also view the letter here: Dear Colleague Letter.

For additional information about S. 273, please see:

Senator Kelly Ayotte speaking to The ESOP Association’s New England Chapter’s Super Regional Board of Directors/Trustees Conference

Senator Kelly Ayotte Renews Work to Protect Employee Ownership: Introduces Pro-ESOP Bill, S. 273

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