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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Short Titles

Short Titles - Senate

Short Titles as Introduced

ASPIRE Act of 2010
America Saving for Personal Investment, Retirement, and Education Act of 2010

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to encourage savings, promote financial literacy, and expand opportunities for young adults by establishing Lifetime Savings Accounts.

Actions Overview (1)

Date Actions Overview
07/14/2010Introduced in Senate

All Actions (1)

Date All Actions
07/14/2010Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Dodd, Christopher J. [D-CT]* 07/14/2010

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance07/14/2010 Referred to

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Latest Summary (1)

There is one summary for S.3577. View summaries

Shown Here:
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.