Growing Real Ownership for Workers Act of 2005
Latest action · Jul 20, 2005 Referred to the Subcommittee on Social Security.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 14, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 48
Members who signed on, in the order they did. Signatures ran from Jul 14, 2005 to Oct 26, 2005, with 38 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KY | Anne M. Northup | Original | Jul 14, 2005 |
| R-LA | Bobby Jindal | Original | Jul 14, 2005 |
| R-IN | Chris Chocola | Original | Jul 14, 2005 |
| R-CA | Darrell Issa | Original | Jul 14, 2005 |
| R-FL | Dave Weldon | Original | Jul 14, 2005 |
| R-FL | E. Clay Shaw Jr. | Original | Jul 14, 2005 |
| R-VA | Eric Cantor | Original | Jul 14, 2005 |
| R-OK | Ernest J. Istook Jr. | Original | Jul 14, 2005 |
| R-SC | J. Gresham Barrett | Original | Jul 14, 2005 |
| R-GA | Jack Kingston | Original | Jul 14, 2005 |
| R-TX | Jeb Hensarling | Original | Jul 14, 2005 |
| R-AZ | Jeff Flake | Original | Jul 14, 2005 |
| R-AZ | John B. Shadegg | Original | Jul 14, 2005 |
| R-NY | John R. "Randy" Kuhl Jr. | Original | Jul 14, 2005 |
| R-PA | Joseph R. Pitts | Original | Jul 14, 2005 |
Actions 4
Everything that happened, newest first.
- Jul 20, 2005Referred to the Subcommittee on Social Security.
- Jul 15, 2005Sponsor introductory remarks on measure. (CR E1499)
- Jul 14, 2005Introduced in House
- Jul 14, 2005Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Social Welfare.
- Annuities
- Congress
- Congressional oversight
- Congressional reporting requirements
- Congressional veto
- Divorce
- Economics and Public Finance
- Estate tax
- Executive reorganization
- Families
- Finance and Financial Sector
- Financial statements
- Government Operations and Politics
- Government paperwork
- Government publicity
- Government securities
- Government trust funds
- Income tax
- Labor and Employment
- Mutual funds
- Old age, survivors and disability insurance
- Retirement income
- Saving and investment
- Social Welfare
- Survivors' benefits
- Tax exemption
- Tax-deferred compensation plans
- Taxation
Text 1
Each version as it was printed, newest first.
- Jul 14, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.