Skip to content
PoliticalRepoPoliticalRepo

United States · Bill · S

S. 3557 (110th)

ASPIRE Act of 2008

referredUnited States· United States Congress· EN

Introduced

24 September 2008

Last action

24 September 2008 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Schumer, Charles E. [D-NY]

Subjects

Taxation, Education

Source updated

10 December 2025

Taxation · Education

Official sourceDownload fileView documentsShare

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 24 September 2008

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 24 September 2008

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

View fileDownload file

This file cannot be previewed here. Use View or Download.

Leesvertaling

Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in Senate (text)

    Introduced in Senate · EN · 24 September 2008

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 24 September 2008

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in Senate

    summary · EN · 24 September 2008

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

Related records

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.