2005, or self-employment income derived in any tax-
able year ending after such date, 
‘‘(3) who is born on or after January 1, 1950, 
and 
‘‘(4) with respect to whom there is no election 
in effect which has been made in a timely fashion 
under subsection (b) to renounce such individual’s 
status as a participating individual or there is in ef-
fect an election under subsection (c) to renounce an 
election under subsection (b). 
The Commissioner shall notify the Board of the identity 
of each individual described in paragraphs (1), (2), and 
(3). 
‘‘(b) RENUNCIATION OF PARTICIPATION.—
‘‘(1) IN GENERAL.—An individual may elect, in 
such form and manner as shall be prescribed in reg-
ulations of the Board, to renounce such individual’s 
status as a ‘participating individual’ for purposes of 
this part. 
‘‘(2) IF ELECTION IS TIMELY.—
‘‘(A) IN GENERAL.—If an individual makes 
an election under this subsection in timely fash-
ion (as determined under regulations of the 
Board), such individual shall not be treated as 
a participating individual under this part, effec-
tive as if such individual had never been a par-
ticipating individual. 
‘‘(B) PROCEDURE.—The Board, in con-
sultation with the Secretary of the Treasury 
and the Commissioner, shall prescribe by regu-
lation procedures governing the termination of 
an individual’s status as a ‘participating indi-
vidual’ pursuant to an election described in sub-
paragraph (A). Such procedures shall include—
‘‘(i) prompt closing of the individual’s 
GROW account established under section 
255, and 
‘‘(ii) proper crediting of the balance of 
the account to the Federal Old-Age and 
Survivors Insurance Trust Fund and the 
Federal Disability Insurance Trust Fund, 
allocated between the Trust Funds as de-
termined appropriate by the Commissioner. 
‘‘(3) IF ELECTION IS NOT TIMELY.—If an indi-
vidual makes an election under this subsection other 
than in timely fashion (as determined under regula-
tions of the Board), GROW account deposits to such 
individual’s GROW account shall cease as soon as 
practicable after the date of the election, but such 
individual shall continue to be treated as a partici-
pating individual with respect to the balance in such 
individual’s GROW account. 
‘‘(4) 
NOTIFICATION
REQUIREMENT.—The 
Board shall provide for immediate notification of 
any election under this subsection to the Commis-
sioner and the Secretary of the Treasury. 
‘‘(c) REINSTATEMENT OF PARTICIPATION.—
‘‘(1) IN
GENERAL.—Any individual who has 
filed an election under subsection (b) to renounce 
such individual’s status as a ‘participating indi-
vidual’ under this part may elect, in such form and 
manner as shall be prescribed in regulations of the 
Board, to reinstate such status. Such regulations 
shall provide for regular, periodic opportunities for 
the filing of such an election. 
‘‘(2) EFFECTIVENESS
OF
REINSTATEMENT.—
An election under this subsection shall be effective 
with respect to wages earned, and self-employment 
income derived, beginning on the earliest date on 
which the Board determines it is practicable to make 
such election effective following the date of the filing 
of the election. The individual filing the election 
shall be treated as becoming a participating indi-
vidual under this part on the effective date of the 
election as if such individual first met the require-
ments of subsection (a) on such date. Nothing in 
this paragraph shall be construed to affect the rights 
or status of an individual with respect to whom 
GROW account deposits have ceased under sub-
section (b)(3) with respect to the balance in such in-
dividual’s GROW account at the time of such indi-
vidual’s election described in subsection (b)(3). 
‘‘(3) IRREVOCABILITY.—An election under this 
subsection shall be irrevocable. 
‘‘(4) 
NOTIFICATION
REQUIREMENT.—The 
Board shall provide for immediate notification of 
any election under this subsection to the Commis-
sioner and the Secretary of the Treasury. 
‘‘INTERIM INVESTMENT BY BOARD 
‘‘SEC. 254. (a) TRANSFERS TO THE BOARD.—
‘‘(1) IN GENERAL.—During each calendar year, 
the Secretary of the Treasury shall transfer to the 
Board, for deposit into an interim fund maintained 
by the Board, from amounts held in the general 
fund of the Treasury, amounts equal, in the aggre-
gate, to 100 percent of the net OASDI Trust Fund 
surplus for such calendar year. 
‘‘(2) NET OASDI TRUST FUND SURPLUS.—For 
purposes of paragraph (1), the term ‘net OASDI 
Trust Fund surplus’ for a calendar year means the 
excess, if any, of—
‘‘(A) the sum of—
‘‘(i) the total amounts which are ap-
propriated to the Federal Old-Age and 
Survivors Insurance Trust Fund and the 
Federal Disability Insurance Trust Fund 
under subsections (a) and (b) of section 
201 and attributable to such calendar year, 
and 
‘‘(ii) the total amounts which are ap-
propriated to such Trust Funds under sec-
tion 121 of the Social Security Amend-
ments of 1983 and attributable to such 
calendar year, over 
‘‘(B) the amount estimated by the Com-
missioner to be the total amount to be paid 
from such Trust Funds during such calendar 
year for all purposes authorized by section 201 
(other than payments of interest on, and repay-
ments of, loans from the Federal Hospital In-
surance Trust Fund under section 201(l)(1), 
but excluding any transfer payments between 
such Trust Funds and reducing the amount of 
any transfer to the Railroad Retirement Ac-
count by the amount of any transfers into such 
Trust Funds from such Account).