To modify the definition of fiduciary under the Employee Retirement Income Security Act of 1974 to exclude appraisers of employee stock ownership plans.

Amends the Employee Retirement Income and Security Act of 1974 (ERISA) to exclude appraisers of employee stock ownership plans (ESOPs) from the meaning of a fiduciary subject to ERISA.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2041 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 2041

  To modify the definition of fiduciary under the Employee Retirement 
  Income Security Act of 1974 to exclude appraisers of employee stock 
                            ownership plans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 17, 2013

Mr. Guthrie (for himself, Mr. Loebsack, and Ms. Jenkins) introduced the 
 following bill; which was referred to the Committee on Education and 
                             the Workforce

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. 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),''.
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