The Texas plan sure sounds a lot better than GWB's private account proposal.
From today's WaPo:
"If a worker sets aside $1,000 a year for 40 years, and earns 4 percent annually on investments, the account would grow to $99,800 in today's dollars, but the government would keep $78,700 -- or about 80 percent of the account. The remainder, $21,100, would be the worker's. "
What happened in Texas was a complete opt out of SS with all funds invested or buying insurance. As the article points out this was made illegal in 1983. Under the current FICA setup you could not allow a complete opt out or who would pay for current retirees?