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.
You 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