S. 3557 (110th): America Saving for Personal Investment, Retirement, and Education Act of 2008

Introduced:
Sep 24, 2008 (110th Congress, 2007–2009)
Sponsor:
Sen. Charles Schumer [D-NY]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 3577 (111th) on Jul 14, 2010.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on September 24, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 24, 2008
Referred to Committee Sep 24, 2008
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

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

Summary

No summaries available.

Text

Read Bill Text »

Last updated Sep 24, 2008.
26 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/24/2008--Introduced.
America Saving for Personal Investment, Retirement, and Education Act of 2008 or the ASPIRE Act of 2008 - Establishes a KIDS Account Fund in the Treasury. Establishes within the Fund a Kids Investment and Development Savings Account (KIDS Account). Makes eligible to contribute to such account, and to receive a matching federal contribution, any U.S. citizen born after December 31, 2007, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount.
Creates the KIDS Account Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each KIDS Account are allocated to investment funds in the KIDS Account Fund based on the amount of time before the account holder attains the age of 18.
States that, for purposes of the Internal Revenue Code, each KIDS Account shall be treated in the same manner as a Roth IRA. Applies Roth IRA requirements separately to KIDS accounts.
Provides for:
(1) distributions for higher education expenses; and
(2) privately managed KIDS accounts.
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 KIDS Accounts.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 5 U.S.C. Chapter 84