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Growing Real Ownership for Workers Act of 2005

Introduced: July 14, 2005 See on congress.gov

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.

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.

Committees of jurisdiction 2