3.0.0 4682 2023-01-11T13:16:35Z 2023-01-11T13:16:35Z House H HR 2010-02-24 111 hswm00 Ways and Means Committee House Standing Referred to 2010-02-24T15:08:39Z ASPIRE Act of 2010 111 3577 S 2010-07-14 Read twice and referred to the Committee on Finance. Related bill CRS 2010-02-24 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2010-02-24 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-02-24 Introduced in House IntroReferral 1000 9 Library of Congress K000113 Rep. Kennedy, Patrick J. [D-RI-1] PATRICK KENNEDY D RI J. 1 N P000265 Rep. Petri, Thomas E. [R-WI-6] TOM PETRI R WI 6 2010-02-24 True C000754 Rep. Cooper, Jim [D-TN-5] JAMES COOPER D TN H. 5 2010-02-24 True T000465 Rep. Tsongas, Niki [D-MA-5] Niki Tsongas D MA 5 2010-03-19 False L000551 Rep. Lee, Barbara [D-CA-9] BARBARA LEE D CA 9 2010-06-10 False C001037 Rep. Capuano, Michael E. [D-MA-8] MICHAEL CAPUANO D MA E. 8 2010-08-10 False Finance and Financial Sector Department of the Treasury Employee benefits and pensions Executive agency funding and structure Financial literacy Financial services and investments Government trust funds Higher education Income tax exclusion Student aid and college costs Finance and Financial Sector 00 2010-02-24 Introduced in House 2010-09-03T20:58:03Z America Saving for Personal Investment, Retirement, and Education Act of 2010 or ASPIRE Act of 2010 - Establishes an ASPIRE Fund in the Treasury, including a Lifetime Savings Account. Makes eligible to contribute to such an account, and to receive certain federal contributions, any U.S. citizen or lawful resident alien born after December 31, 2009, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount.

Prescribes requirements for distributions for higher education expenses.

States that, for purposes of the Internal Revenue Code (IRC), each Lifetime Savings Account shall be treated in the same manner as a Roth IRA. Amends the IRC to require that, except in certain respects, privately managed Lifetime Savings Accounts be treated also in the same manner as a Roth IRA.

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

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 Lifetime Savings Accounts.

]]> America Saving for Personal Investment, Retirement, and Education Act of 2010 Display Title America Saving for Personal Investment, Retirement, and Education Act of 2010 Official Title as Introduced To encourage savings, promote financial literacy, and expand opportunities for young adults by establishing Lifetime Savings Accounts. Introduced in House IH Short Titles as Introduced America Saving for Personal Investment, Retirement, and Education Act of 2010 Short Titles as Introduced ASPIRE Act of 2010 Introduced in House 2010-02-24T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr4682ih/xml/BILLS-111hr4682ih.xml 2010-02-24 Referred to the House Committee on Ways and Means. 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.