Congress Eyes CUs As Part Of SocialSecurity Reform

WASHINGTON - (06/22/05) -- Lawmakers will air a proposalThursday that would pose federally insured Retirement SavingsAccounts in credit unions and banks as alternatives to the currentSocial Security system. The savings accounts would be designed tolet workers put part of the money they currently pay into theSocial Security system into a product that is similar to afederally insured CD, potentially allowing them to earn a greaterreturn than in other options being considered to Social Security.Like personal accounts, individuals would own their own RSAs andcould pass them on to the heirs. Among those scheduled to testifyduring a House Financial Services hearing on the proposal are:David Brock, president of Community Educators CU, Rockledge, Fla.,on behalf of CUNA; as well as bank and retirement fundrepresentatives.