3.0.0 3577 2023-01-11T13:21:44Z 2023-01-11T13:21:44Z Senate S S 2010-07-14 111 ssfi00 Finance Committee Senate Standing Referred to 2010-07-14T15:01:53Z America Saving for Personal Investment, Retirement, and Education Act of 2010 111 4682 HR 2010-02-24 Referred to the House Committee on Ways and Means. Related bill CRS 2010-07-14 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-07-14 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N D000388 Sen. Dodd, Christopher J. [D-CT] CHRISTOPHER DODD D CT JOHN 2010-07-14 True 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 2010-07-14 Introduced in Senate 2010-09-03T20:56:19Z 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, 2010, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount.

Amends the Internal Revenue Code (IRC) to exclude from an individual's gross income any amount paid by an employer to the Lifetime Savings Account of an employee or any person treated as an employee.

Prescribes requirements for distributions for higher education expenses.

States that, for IRC purposes, 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 also be treated 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.

]]> ASPIRE Act of 2010 Display Title ASPIRE Act of 2010 Official Title as Introduced A bill to encourage savings, promote financial literacy, and expand opportunities for young adults by establishing Lifetime Savings Accounts. Introduced in Senate IS Short Titles as Introduced ASPIRE Act of 2010 Short Titles as Introduced America Saving for Personal Investment, Retirement, and Education Act of 2010 Introduced in Senate 2010-07-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3577is/xml/BILLS-111s3577is.xml 2010-07-14 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.