H.R. 4682 (111th): America Saving for Personal Investment, Retirement, and Education Act of 2010

Introduced:
Feb 24, 2010 (111th Congress, 2009–2010)
Sponsor:
Rep. Patrick Kennedy [D-RI1]
Status:
Died (Referred to Committee)
See Instead:

S. 3577 (same title)
Referred to Committee — Jul 14, 2010

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on February 24, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 24, 2010
Cosponsors
5 cosponsors (4D, 1R) (show)
Committees

House Ways and Means

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

Full Title

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

Summary

No summaries available.

Text

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Last updated Feb 24, 2010.
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.

2/24/2010--Introduced.
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.

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