H.R. 1767 · 109th Congress
ASPIRE Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
FordSponsor5 cosponsors · 2 D, 3 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Apr 21, 2005
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: ASPIRE Act of 2005
Also known as: America Saving for Personal Investment, Retirement, and Education Act of 2005
Latest action (Apr 21, 2005): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Apr 21, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.