S.3577 - ASPIRE Act of 2010111th Congress (2009-2010)
|Sponsor:||Sen. Schumer, Charles E. [D-NY] (Introduced 07/14/2010)|
|Committees:||Senate - Finance|
|Latest Action:||07/14/2010 Read twice and referred to the Committee on Finance.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.3577 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (07/14/2010)
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.