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Growing Real Ownership for Workers Act of 2005

Introduced: July 14, 2005 See on congress.gov
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 20, 2005
Referred to the Subcommittee on Social Security.
Jul 15, 2005
Sponsor introductory remarks on measure. (CR E1499)
Jul 14, 2005
Introduced in House
Jul 14, 2005
Referred to the House Committee on Ways and Means.
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 Plain-English summary Congressional Research Service

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.

What's happening now July 20, 2005

Referred to the Subcommittee on Social Security.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 6
All 6 Republican 6
R
Wilson, Joe
South Carolina · Oct 26, 2005
 R
Foxx, Virginia
North Carolina · Jul 14, 2005
 R
Issa, Darrell
California · Jul 14, 2005
 R
McCaul, Michael T.
Texas · Jul 14, 2005
 R
Sessions, Pete
Texas · Jul 14, 2005
 R
Wicker, Roger F.
Mississippi · Jul 14, 2005
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3304: Growing Real Ownership for Workers Act of 2005. 109th Congress. Open America. https://openamerica.io/bill/109-HR-3304/
MLA
"H.R. 3304: Growing Real Ownership for Workers Act of 2005." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-HR-3304/.
Bluebook (legal)
H.R. 3304, 109th Cong. (2026), https://openamerica.io/bill/109-HR-3304/.
Markdown link
[H.R. 3304: Growing Real Ownership for Workers Act of 2005](https://openamerica.io/bill/109-HR-3304/)
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