ASPIRE Act of 2004

Summary

America Saving for Personal Investment, Retirement, and Education Act of 2004, or the ASPIRE Act of 2004 - Establishes a KIDS Account Fund (KIDS) in the Treasury. Establishes within the KIDS Account Fund a Kids Investment and Development Savings Account (KIDS Account). Provides that a U.S. citizen born after December 31, 2005, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount, is eligible to contribute to such account and to receive a matching Federal contribution. Establishes 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. Subjects the Board to the same statutory 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.

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Timeline

1. 22 July 2004

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 22 July 2004

   Introduced

   Sponsor introductory remarks on measure. (CR S8736)

   Source: IntroReferral

3. 22 July 2004

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 22 July 2004 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 July 2004

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 July 2004

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 July 2004

  Open at official source

Sponsors

• Sen. Santorum, Rick [R-PA] · R · Sponsor
• Sen. Corzine, Jon S. [D-NJ] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to → ASPIRE Act of 2004