- Not enactedThe President has not signed this bill
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- The house has not voted
House Committee on Ways and MeansIntroducedFebruary 24th, 2010
- house Committees
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America Saving for Personal Investment, Retirement, and Education Act of 2010
To encourage savings, promote financial literacy, and expand opportunities for young adults by establishing Lifetime Savings Accounts.
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.