3.0.0 3557 2019-11-15T21:59:20Z 2019-11-15T21:59:20Z Senate S S 2008-09-24 110 ssfi00 Finance Committee Senate Standing Referred to 2008-09-24T19:49:20Z ASPIRE Act of 2007 110 3740 HR 2007-10-03 Referred to the House Committee on Ways and Means. Related bill CRS 2008-09-24 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-09-24 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N Taxation College costs Economics and Public Finance Education Education savings accounts Families Finance and Financial Sector Financial planning Government trust funds Higher education Income tax Individual retirement accounts Investments Labor and Employment Law Mutual funds Personal budgets Saving and investment Student aid Tax-deferred compensation plans Trusts and trustees Taxation 00 2008-09-24 Introduced in Senate 2008-12-23T15:12:24Z America Saving for Personal Investment, Retirement, and Education Act of 2008 or the ASPIRE Act of 2008 - Establishes a KIDS Account Fund in the Treasury.

Establishes within the Fund a Kids Investment and Development Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching federal contribution, any U.S. citizen born after December 31, 2007, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount.

Creates the KIDS Account Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the account holder attains the age of 18.

States that, for purposes of the Internal Revenue Code, each KIDS Account shall be treated in the same manner as a Roth IRA. Applies Roth IRA requirements separately to KIDS accounts.

Provides for: (1) distributions for higher education expenses; and (2) privately managed KIDS accounts.

Subjects the Board to the same composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board.

Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of KIDS Accounts.

]]> ASPIRE Act of 2008 Short Titles as Introduced America Saving for Personal Investment, Retirement, and Education Act of 2008 Short Titles as Introduced ASPIRE Act of 2008 Official Title as Introduced A bill to encourage savings, promote financial literacy, and expand opportunities for young adults by establishing KIDS Accounts. Display Title ASPIRE Act of 2008 Introduced in Senate 2008-09-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3557is/xml/BILLS-110s3557is.xml 2008-09-24 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.