ASPIRE Act of 2005

Summary

America Saving for Personal Investment, Retirement, and Education Act of 2005, or the ASPIRE Act of 2005 - 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, 2006, 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 of 1986, each KIDS Account shall be treated in the same manner as a Roth IRA. 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.

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

Timeline

1. 21 April 2005

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 21 April 2005

   Introduced

   Sponsor introductory remarks on measure. (CR S4112)

   Source: IntroReferral

3. 21 April 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 21 April 2005 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 April 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 April 2005

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 21 April 2005

  Open at official source

  Leesvertaling

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

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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

Sponsors

• Sen. Santorum, Rick [R-PA] · R · Sponsor
• Sen. Corzine, Jon S. [D-NJ] · D · Sponsor
• Sen. Schumer, Charles E. [D-NY] · D · Sponsor
• Sen. DeMint, Jim [R-SC] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → ASPIRE Act of 2005