The "Retire through Ownership Act" proposes to amend the Employee Retirement Income Security Act of 1974 (ERISA) to establish a clearer definition of adequate consideration for closely held stock within employee stock ownership plans (ESOPs). This legislation modifies Section 3(18) of ERISA, which defines "adequate consideration," by adding a new provision. This provision permits fiduciaries of ESOPs to rely in good faith on valuations provided by independent experts or business appraisers. For such reliance to be valid, the independent expert must have determined the fair market value of the asset by adhering to the principles and methodologies outlined in Internal Revenue Service Revenue Ruling 59-60 . This amendment aims to provide a more definitive and reliable standard for valuing non-publicly traded stock in ESOP transactions, thereby reducing ambiguity for fiduciaries and applying to determinations made on or after the bill's enactment date.