I 
109TH CONGRESS 
1ST SESSION H. R. 3304
To amend the Social Security Act and the Internal Revenue Code of 1986 
to stop the Congress from spending Social Security’s tax revenue sur-
pluses on other Government programs by dedicating those surpluses 
to personal accounts. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 14, 2005
Mr. MCCRERY (for himself, Mr. SHAW, Mr. SAM JOHNSON of Texas, Mr. 
RYAN of Wisconsin, Mr. SHADEGG, Mr. HERGER, Mr. LEWIS of Ken-
tucky, Mr. BRADY of Texas, Mr. CANTOR, Mr. CHOCOLA, Mr. AKIN, Mr. 
ALEXANDER, Mr. BACHUS, Mr. BAKER, Mr. BARRETT of South Carolina, 
Mr. BARTLETT of Maryland, Mr. BISHOP of Utah, Mr. CONAWAY, Mr. 
FEENEY, Ms. FOXX, Mr. FLAKE, Mr. GILCHREST, Mr. GINGREY, Mr. 
HENSARLING, Mr. ISSA, Mr. ISTOOK, Mr. JINDAL, Mr. KINGSTON, Mr. 
KUHL of New York, Mr. MCCAUL of Texas, Mr. MCHENRY, Mrs. 
MYRICK, Mrs. NORTHUP, Mr. PENCE, Mr. PITTS, Mr. PRICE of Georgia, 
Mr. SESSIONS, Mr. WELDON of Florida, and Mr. WICKER) introduced the 
following bill; which was referred to the Committee on Ways and Means 
A BILL 
To amend the Social Security Act and the Internal Revenue 
Code of 1986 to stop the Congress from spending Social 
Security’s tax revenue surpluses on other Government 
programs by dedicating those surpluses to personal ac-
counts.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Growing Real Ownership for Workers Act of 2005’’. 
(b) TABLE OF CONTENTS.—The table of contents is 
as follows:
Sec. 1. Short title; table of contents. 
TITLE I—GROW ACCOUNTS PROGRAM 
Sec. 101. Establishment of the GROW Accounts Program. 
‘‘PART B—GROW ACCOUNTS PROGRAM 
‘‘Sec. 251. Definitions. 
‘‘Sec. 252. Establishment of Program. 
‘‘Sec. 253. Participation in Program. 
‘‘Sec. 254. Interim investment by Board. 
‘‘Sec. 255. GROW accounts. 
‘‘Sec. 256. Investment of accounts. 
‘‘Sec. 257. Distributions of account balance at retirement. 
‘‘Sec. 258. Treatment of part A benefit payments. 
‘‘Sec. 259. Additional rules relating to disposition of account assets. 
‘‘Sec. 260. Administration of the Program. 
Sec. 102. Annual account statements. 
Sec. 103. Report and Congressional consideration of proposals regarding alter-
native investment options and other matters. 
TITLE II—TAX TREATMENT 
Sec. 201. Tax treatment of GROW accounts. 
Sec. 202. Benefits taxable as Social Security benefits. 
Sec. 203. Estate tax not to apply to assets of GROW accounts.
TITLE I—GROW ACCOUNTS 
PROGRAM 
SEC. 101. ESTABLISHMENT OF THE GROW ACCOUNTS PRO-
GRAM. 
(a) IN GENERAL.—Title II of the Social Security Act 
is amended—
(1) by inserting before section 201 the fol-
lowing:
‘‘PART A—INSURANCE BENEFITS’’; and 
(2) by adding at the end of such title the fol-
lowing new part: 
‘‘PART B—GROW ACCOUNTS PROGRAM 
‘‘DEFINITIONS 
‘‘SEC. 251. For purposes of this part—
‘‘(1) PARTICIPATING
INDIVIDUAL.—The term 
‘participating individual’ has the meaning provided 
in section 253(a). 
‘‘(2) ACCOUNT ASSETS.—The term ‘account as-
sets’ means, with respect to a GROW account, the 
total amount transferred to such account, increased 
by earnings credited under this part and reduced by 
losses and administrative expenses under this part. 
‘‘(3) CERTIFIED
ACCOUNT
MANAGER.—The 
term ‘certified account manager’ means a person 
who is certified under section 260(b). 
‘‘(4) BOARD.—The term ‘Board’ means the 
GROW Accounts Board established under section 
260(a)(1). 
‘‘(5) EXECUTIVE DIRECTOR.—The term ‘Execu-
tive Director’ means the Executive Director of the 
Board appointed under section 260(a)(2). 
‘‘(6) 
COMMISSIONER.—The 
term 
‘Commis-
sioner’ means the Commissioner of Social Security.
‘‘(7) PROGRAM.—The term ‘Program’ means 
the GROW Accounts Program established under this 
part. 
‘‘(8) RETIREMENT BENEFIT.—The term ‘retire-
ment benefit’ means, with respect to any month— 
‘‘(A) an old-age insurance benefit under 
section 202(a) for such month, 
‘‘(B) a wife’s insurance benefit or hus-
band’s insurance benefit under subsection (b) 
or (c) of section 202 for such month, if the wife 
or husband has attained age 62 as of the end 
of such month, 
‘‘(C) a widow’s insurance benefit or wid-
ower’s insurance benefit under subsection (e) or 
(f) of section 202 for such month, if the widow 
or widower has attained age 60 as of the end 
of such month, and 
‘‘(D) a parent’s insurance benefit under 
section 202(h). 
‘‘(9) RETIREMENT
DATE.—The term ‘retire-
ment date’ means, in connection with an individual, 
the earliest date on which such individual—
‘‘(A) is entitled to a benefit described in 
subparagraph (A) or (D) of paragraph (8), or
‘‘(B) is entitled to a benefit described in 
subparagraph (B) or (C) of paragraph (8) and 
has attained the age described in such subpara-
graph. 
‘‘ESTABLISHMENT OF PROGRAM 
‘‘SEC. 252. There is hereby established a GROW Ac-
counts Program. Except as otherwise provided under this 
part, the Program shall be governed by regulations which 
shall be prescribed by the GROW Accounts Board. The 
Board, the Commissioner, and the Secretary of the Treas-
ury shall consult with each other in issuing regulations 
relating to their respective duties under this part. Such 
regulations shall provide for appropriate exchange of in-
formation to assist them in performing their respective du-
ties under this part. 
‘‘PARTICIPATION IN PROGRAM 
‘‘SEC. 253. (a) PARTICIPATING INDIVIDUAL.—For 
purposes of this part, the term ‘participating individual’ 
means any individual—
‘‘(1) who is a citizen or national of the United 
States or has been assigned a social security account 
number that was, at the time of assignment, or at 
any later time, consistent with the requirements of 
subclause (I) or (III) of section 205(c)(2)(B)(i), 
‘‘(2) who is credited under part A with wages 
paid for services performed after December 31,