H.R. 3304 · 109th Congress
Social Security Overhaul bill
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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McCrerySponsor46 cosponsors · 46 R
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Wilson37 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Growing Real Ownership for Workers Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) to add a new part B (GROW Accounts Program) under which a GROW Accounts Board shall establish a GROW account for each participating individual.
What it does: CRS summary · Introduced in House · Jul 14, 2005
Growing Real Ownership for Workers Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) to add a new part B (GROW Accounts Program) under which a GROW Accounts Board shall establish a GROW account for each participating individual.
Directs the Secretary of the Treasury, during each calendar year, to transfer to the Board for deposit into an interim fund, amounts equal in the aggregate to 100% of the net OASDI Trust Fund surplus for such calendar year.
Requires the interim fund to be invested by the Board in marketable Government Securities.
Provides for distributions of an account balance at retirement and treatment of part A (Old Age, Survivors, and Disability Insurance) benefit payments.
Amends the Internal Revenue Code to: (1) exempt all GROW accounts from federal taxes; (2) make account distributions taxable as Social Security benefits; and (3) exempt assets of GROW accounts from the estate tax.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Growing Real Ownership for Workers Act of 2005
Latest action (Jul 20, 2005): Referred to the Subcommittee on Social Security.
Policy area: Social Welfare · Origin: House · Introduced: Jul 14, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML) · Embed in your story
No recorded floor vote found.