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.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4682 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 4682
To encourage savings, promote financial literacy, and expand
opportunities for young adults by establishing Lifetime Savings
Accounts.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 24, 2010
Mr. Kennedy (for himself, Mr. Petri, and Mr. Cooper) introduced the
following bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To encourage savings, promote financial literacy, and expand
opportunities for young adults by establishing Lifetime Savings
Accounts.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``America Saving for
Personal Investment, Retirement, and Education Act of 2010'' or the
``ASPIRE Act of 2010''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. ASPIRE Fund.
Sec. 3. Lifetime Savings Accounts.
Sec. 4. Certifications related to Government contributions.
Sec. 5. Rules governing Lifetime Savings Accounts relating to
investment, accounting, and reporting.
Sec. 6. Tax treatment of Lifetime Savings Accounts.
Sec. 7. Private management of Lifetime Savings Accounts.
Sec. 8. ASPIRE Fund Board.
Sec. 9. Fiduciary responsibilities.
Sec. 10. Assignment, alienation, and treatment of deceased individuals.
Sec. 11. Accounts disregarded in determining eligibility for Federal
benefits.
Sec. 12. Reports.
Sec. 13. Programs for promoting financial literacy.
SEC. 2. ASPIRE FUND.
(a) Establishment.--There is established in the Treasury of the
United States an ASPIRE Fund.
(b) Amounts Held by Fund.--The ASPIRE Fund consists of the sum of
all amounts paid into the Fund under subsections (d) and (e), increased
by the total net earnings from investments of sums held in the Fund or
reduced by the total net losses from investments of sums held in the
Fund, and reduced by the total amount of payments made from the Fund
(including payments for administrative expenses).
(c) Use of Fund.--
(1) In general.--The sums in the ASPIRE Fund are
appropriated and shall remain available without fiscal year
limitation--
(A) to invest under section 5,
(B) to make distributions as provided pursuant to
section 6,
(C) to pay the administrative expenses of carrying
out this Act, and
(D) to purchase insurance as provided in section
9(c)(2).
(2) Exclusive purposes.--The sums in the ASPIRE Fund shall
not be appropriated for any purpose other than the purposes
specified in this section and may not be used for any other
purpose.
(d) Government Contributions.--
(1) In general.--The Secretary of the Treasury shall make
transfers from the general fund of the Treasury to the ASPIRE
Fund as follows:
(A) Automatic contributions.--Upon receipt of each
certification under section 3(b), the Secretary of the
Treasury shall transfer $500.
(B) Supplemental contributions.--Upon receipt of
each certification under section 4(a), the Secretary of
the Treasury shall transfer the supplemental amount.
(C) Matching contributions.--Upon receipt of each
certification under section 4(b), the Secretary of the
Treasury shall transfer the matching amount.
(2) Adjustment for inflation.--
(A) In general.--For each fifth calendar year
beginning after 2010, the $500 amount in paragraph
(1)(A) shall be increased by such dollar amount
multiplied by the cost-of-living adjustment determined
under section 1(f)(3) of the Internal Revenue Code of
1986 determined by substituting ``calendar year 2009''
for ``calendar year 1992'' in subparagraph (B) thereof.
(B) Rounding.--If any amount adjusted under
subparagraph (A) is not a multiple of $50, such amount
shall be rounded to the next lowest multiple of $50.
(e) Private Contributions.--The Executive Director shall pay into
the ASPIRE Fund such amounts as are contributed under section 3(f).
SEC. 3. LIFETIME SAVINGS ACCOUNTS.
(a) Establishment.--The Executive Director shall establish in the
ASPIRE Fund a Lifetime Savings Account for each eligible individual
certified under subsection (b). Each such account shall be identified
to its account holder by means of the account holder's social security
account number.
(b) Certification of Account Holders.--On the date on which an
eligible individual is issued a social security account number under
section 203(c)(2) of the Social Security Act, the Commissioner of
Social Security shall certify to the Executive Director and the
Secretary of the Treasury the name of, and social security number
issued to, such eligible individual.
(c) Account Balance.--The balance in an account holder's Lifetime
Savings Account at any time is the excess of--
(1) the sum of--
(A) all deposits made into the ASPIRE Fund and
credited to the account under subsection (d), and
(B) the total amount of allocations made to and
reductions made in the account pursuant to subsection
(e), over
(2) the amounts paid out of the account with respect to
such individual under section 6.
(d) Crediting of Contributions.--Pursuant to regulations which
shall be prescribed by the Executive Director, the Executive Director
shall credit to each Lifetime Savings Account the amounts paid into the
ASPIRE Fund under subsections (d) and (e) of section 2 which are
attributable to the account holder of such account.
(e) Allocation of Earnings and Losses.--The Executive Director
shall allocate to each Lifetime Savings Account an amount equal to the
net earnings and net losses from each investment of sums in the ASPIRE
Fund which are attributable, on a pro rata basis, to sums credited to
such account, reduced by an appropriate share of the administrative
expenses paid out of the net earnings, as determined by the Executive
Director.
(f) Private Contributions.--
(1) In general.--The Executive Director shall accept cash
contributions for payment into the ASPIRE Fund if such
contribution is identified (in such manner as the Executive
Director may require) with the account holder of a Lifetime
Savings Account to whom it is to be credited at the time the
contribution is made.
(2) Alternative methods of contribution.--
(A) Payroll deduction.--Under regulations
prescribed by the Executive Director and at the
election of the employer, contributions under paragraph
(1) may be made through payroll deductions.
(B) Tax refunds.--Under regulations prescribed by
the Secretary of the Treasury, contributions under
paragraph (1) may be made by an election to contribute
all or a portion of the tax refund of the contributor.
(3) Annual limitation.--
(A) Account holders under age 18.--In the case of
an account holder who has not attained age 18 at the
end of a calendar year--
(i) the limitation under section 219(b)(1)
of the Internal Revenue Code of 1986 shall not
apply, and
(ii) the Executive Director shall not
accept any contribution identified with such
account holder if such contribution, when added
to all other contributions made under this
subsection during such calendar year with
respect to such account holder, exceeds $2,000.
(B) Account holders age 18 or older.--In the case
of an account holder who is age 18 or older at the end
of a calendar year, any contribution identified with
such account holder shall be taken into account under
section 219(b)(1) of the Internal Revenue Code of 1986
for such year.
(C) Adjustment for inflation.--
(i) In general.--For each fifth calendar
year beginning after 2010, the $2,000 amount
under subparagraph (A)(ii) shall be increased
by such dollar amount multiplied by the cost-
of-living adjustment determined under section
1(f)(3) of the Internal Revenue Code of 1986
determined by substituting ``calendar year
2009'' for ``calendar year 1992'' in
subparagraph (B) thereof.
(ii) Rounding.--If any amount adjusted
under clause (i) is not a multiple of $50, such
amount shall be rounded to the next lowest
multiple of $50.
(g) Eligible Individual.--For purposes of this Act, the term
``eligible individual'' means any individual who is--
(1) a United States citizen or a person described in
paragraph (1) of section 431(b) of the Personal Responsibility
and Work Opportunity Reconciliation Act of 1996,
(2) born after December 31, 2009, and
(3) less than 18 years of age.
(h) Rights of Legal Guardian.--Until the account holder of a
Lifetime Savings Account attains age 18, any rights or duties of the
account holder under this Act with respect to such account shall be
exercised or performed by the legal guardian of such account holder.
SEC. 4. CERTIFICATIONS RELATED TO GOVERNMENT CONTRIBUTIONS.
(a) Supplemental Government Contributions.--
(1) In general.--Upon such showing as the Executive
Director may require to establish the basis for certification,
the Executive Director shall, with respect to each eligible
account holder, certify to the Secretary of the Treasury the
supplemental amount with respect to such account holder.
(2) Eligible account holder.--For purposes of this
subsection, the term ``eligible account holder'' means an
account holder of a Lifetime Savings Account who, for the last
taxable year ending before such account holder's certification
under section 3(b), has a modified adjusted gross income which
is below the applicable national median adjusted gross income
amount.
(3) Supplemental amount.--
(A) In general.--For purposes of this Act, the term
``supplemental amount'' means $500.
(B) Income phase-out.--With respect to any account
holder who has a modified adjusted gross income for the
last taxable year ending before such account holder's
certification under section 3(b) which is in excess of
75 percent of the applicable national median adjusted
gross income amount, the $500 amount in subparagraph
(A) shall be reduced (but not below zero) by an amount
which bears the same ratio to $500 as such excess bears
to 25 percent of the applicable national median
adjusted gross income amount.
(C) Adjustment for inflation.--
(i) In general.--For each fifth calendar
year beginning after 2010, each of the $500
amounts under subparagraphs (A) and (B) shall
be increased by such dollar amount multiplied
by the cost-of-living adjustment determined
under section 1(f)(3) of the Internal Revenue
Code of 1986 determined by substituting
``calendar year 2009'' for ``calendar year
1992'' in subparagraph (B) thereof.
(ii) Rounding.--If any amount adjusted
under clause (i) is not a multiple of $50, such
amount shall be rounded to the next lowest
multiple of $50.
(b) Government Matching Contribution.--
(1) In general.--Upon such showing as the Executive
Director may require to establish the basis for certification,
the Executive Director shall, with respect to each private
contribution to the account of an account holder which is made
before such account holder attains age 18, certify to the
Secretary of the Treasury the matching amount with respect to
such contribution.
(2) Matching amount.--
(A) In general.--For purposes of this subsection,
the term ``matching amount'' means, with respect to the
first $500 of private contributions to an account
during any calendar year, an amount equal to 100
percent of such contribution.
(B) Income phase-out.--With respect to any account
holder who has a modified adjusted gross income for the
last taxable year ending before such contribution which
is in excess of 75 percent of the applicable national
median adjusted gross income amount, the $500 amount in
subparagraph (A) shall be reduced (but not below zero)
by an amount which bears the same ratio to $500 as--
(i) such excess, bears to
(ii) 25 percent of the applicable national
median adjusted gross income amount.
(C) Adjustment for inflation.--
(i) In general.--For each fifth calendar
year beginning after 2010, each of the $500
amounts under subparagraphs (A) and (B) shall
be increased by such dollar amount multiplied
by the cost-of-living adjustment determined
under section 1(f)(3) of the Internal Revenue
Code of 1986 determined by substituting
``calendar year 2009'' for ``calendar year
1992'' in subparagraph (B) thereof.
(ii) Rounding.--If any amount adjusted
under clause (i) is not a multiple of $50, such
amount shall be rounded to the next lowest
multiple of $50.
(3) Private contribution.--For purposes of this subsection,
the term ``private contribution'' means a contribution accepted
under section 3(f).
(c) Definitions and Rules Relating to Modified Adjusted Gross
Income.--For purposes of this section--
(1) Special rule for account holders who can be claimed as
dependents.--In the case of an account holder of a Lifetime
Savings Account for whom a deduction is allowable under section
151 of the Internal Revenue Code of 1986 to another taxpayer,
any reference in this section to the modified adjusted gross
income of the account holder for any taxable year shall be
treated as a reference to the modified adjusted gross income of
such other taxpayer.
(2) Modified adjusted gross income.--The term ``modified
adjusted gross income'' has the meaning given such term in
section 221(b) of the Internal Revenue Code of 1986.
(3) Applicable national median adjusted gross income.--
(A) In general.--The term ``applicable national
median adjusted gross income'' means, with respect to
any calendar year, the median amount of adjusted gross
income (as defined in section 62 of the Internal
Revenue Code of 1986) for individual taxpayers for
taxable years ending in the prior calendar year as
determined by the Secretary of the Treasury.
(B) Joint returns.--The applicable national median
adjusted gross income shall be calculated and applied
separately with respect to joint returns and all other
returns.
SEC. 5. RULES GOVERNING LIFETIME SAVINGS ACCOUNTS RELATING TO
INVESTMENT, ACCOUNTING, AND REPORTING.
(a) Default Investment Program.--The ASPIRE Fund Board shall
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.
Each account holder of a Lifetime Savings Account shall be enrolled in
such program unless such account holder, in such form and manner as
prescribed by the Executive Director, elects otherwise.
(b) Other Rules.--Under regulations which shall be prescribed by
the Executive Director, and subject to the provisions of this Act, the
provisions of--
(1) section 8438 of title 5, United States Code (relating
to investment of the Thrift Savings Fund),
(2) section 8439(b) of such title (relating to engagement
of independent qualified public accountant),
(3) section 8439(c) of such title (relating to periodic
statements and summary descriptions of investment options), and
(4) section 8439(d) of such title (relating to assumption
of risk),
shall apply with respect to the ASPIRE Fund and accounts maintained in
such Fund in the same manner and to the same extent as such provisions
relate to the Thrift Savings Fund and the accounts maintained in the
Thrift Savings Fund. For purposes of this subsection, references in
such sections 8438 and 8439 to an employee, Member, former employee, or
former Member shall be deemed references to an account holder of a
Lifetime Savings Account in the ASPIRE Fund.
SEC. 6. TAX TREATMENT OF LIFETIME SAVINGS ACCOUNTS.
(a) In General.--Except as otherwise provided in this Act, for
purposes of the Internal Revenue Code of 1986--
(1) each Lifetime Savings Account shall be treated in the
same manner as a Roth IRA (within the meaning of section 408A
of such Code), except that section 408A of such Code shall be
applied separately to Lifetime Savings Accounts, and
(2) any distribution from such account shall be treated in
the same manner as a distribution from a Roth IRA.
(b) Separate Application of Taxation Rules.--For purposes of this
Act, section 408A, other than subsection (c) thereof (relating to
treatment of contributions), of the Internal Revenue Code of 1986 shall
be applied separately to Lifetime Savings Accounts.
(c) Minimum Balance.--No amount shall be distributed pursuant to
subsection (a)(2) to the extent such distribution would cause the
balance of such account to be less than the amount transferred to such
account under section 2(d)(1)(A) before the account holder--
(1) attains age 59\1/2\,
(2) dies, or
(3) becomes disabled (within the meaning of section
72(m)(7).
(d) Distributions for Higher Education.--In the case of higher
education expenses of an account holder incurred during the period
beginning on the date the account holder attains 18 and ending before
the account holder attains 25, no amount shall be treated as a
qualified distribution pursuant to subsection (a)(2) unless such amount
is paid directly to the institution of higher education (as defined in
section 101 of the Higher Education Act of 1065 (20 U.S.C. 1001)
through which the higher education is provided.
(e) Age Limitation.--Except as otherwise provided by this Act, no
distribution shall be made under subsection (a) with respect to any
account holder of a Lifetime Savings Account before such account holder
attains age 18.
(f) Qualified Rollovers Contributions.--
(1) In general.--Under regulations prescribed by the
Secretary of the Treasury in consultation with the Executive
Director, any account holder of a Lifetime Savings Account may
elect to make a rollover contribution from such account
holder's account to a privately managed Lifetime Savings
Account (as defined in section 408B of the Internal Revenue
Code of 1986).
(2) Limitation.--No rollover contribution may be made under
this paragraph to the extent that such rollover contribution
would cause the balance of such account holder's account to be
less than the minimum balance specified in subsection (c).
(g) 100 Percent Tax on Government Contributions.--
(1) Lifetime savings accounts.--
(A) In general.--In the case of any amount
distributed from a Lifetime Savings Account which is
attributable to contributions made under section 2(d)
and which would be includible in gross income (but for
this paragraph)--
(i) such amount shall not be includible in
gross income, and
(ii) the tax imposed under chapter 1 of the
Internal Revenue Code of 1986 on the
distributee for the taxable year in which such
amount is distributed shall be increased by 100
percent of such amount.
(B) Ordering rules.--For purposes of this
paragraph, distributions from Lifetime Savings Accounts
shall be treated as made from amounts attributable to
contributions made under section 3(f) and from earnings
before made from amounts attributable to contributions
made under section 2(d).
SEC. 7. PRIVATE MANAGEMENT OF LIFETIME SAVINGS ACCOUNTS.
(a) In General.--Part I of subchapter D of chapter 1 of the
Internal Revenue Code of 1986 is amended by inserting after section
408A the following new section:
``SEC. 408B. PRIVATELY MANAGED LIFETIME SAVINGS ACCOUNTS.
``(a) In General.--Except as provided in this section, a privately
managed Lifetime Savings Account shall be treated in the same manner as
a Roth IRA, except that:
``(1) Qualified special purpose distributions.--Qualified
special distributions (as defined in section 408A(d)(5)) shall
include--
``(A) distributions to the extent that such
distributions do not exceed qualified higher education
expenses (as defined in section 529(e)(3)) of the
beneficiary of a privately managed Lifetime Savings
Account, reduced by the sum of--
``(i) the amount excluded from gross income
under section 127, 135, 529, or 530 by reason
of such expenses,
``(ii) the amount excluded from gross
income under section 221 by reason of such
expenses (determined without regard to the last
sentence of subsection (d)(2) thereof),
``(iii) the amount of any scholarship,
allowance, or payment described in section
25A(g)(2), and
``(iv) the amount of such expenses which
were taken into account in determining the
credit allowed to the taxpayer or any other
person under section 25A, and
``(B) amounts which within 60 days of distribution
are transferred to a qualified tuition program under
section 529 for the benefit of the account holder of a
privately managed Lifetime Savings Account or a member
of the family (within the meaning of section 529(e)(2))
of such account holder.
``(2) Nonexclusion period does not apply.--Section
408A(d)(2)(B) shall not apply.
``(3) Qualified rollover.--In lieu of the definition given
the term `qualified rollover contribution' under section
408A(e), such term shall mean a rollover contribution to a
privately managed Lifetime Savings Account from another such
account or from a Lifetime Savings Account under section
7(b)(2)(A) of the America Saving for Personal Investment,
Retirement, and Education Act of 2010, but only if such
rollover contribution meets the requirements of section
408(d)(3).
``(4) Age limitation on distributions.--Except as otherwise
provided in this section, no distribution may be made with
respect to any account holder of a privately managed Lifetime
Savings Account before such account holder attains age 18.
``(5) Taxation of government contributions.--In the case of
any distribution which is attributable to contributions made
under section 2(d) of the America Saving for Personal
Investment, Retirement, and Education Act of 2010 and which
would be includible in gross income (but for this paragraph)--
``(A) such amount shall not be includible in gross
income, and
``(B) the tax imposed under chapter 1 on the
distributee for the taxable year in which such amount
is distributed shall be increased by 100 percent of
such amount.
For purposes of this paragraph, distributions shall be treated
as made from amounts attributable to other contributions and
from earnings before made from amounts attributable to
contributions made under section 2(d) of the America Saving for
Personal Investment, Retirement, and Education Act of 2010.
``(6) Assignment, alienation, and treatment of deceased
individuals.--Section 10 of the America Saving for Personal
Investment, Retirement, and Education Act of 2010 shall apply
in lieu of treatment under this subsection as a Roth IRA.
``(b) Privately Managed Lifetime Savings Account.--For purposes of
this title, the term `privately managed Lifetime Savings Account' means
an individual retirement plan (as defined in section 7701(a)(37)) which
is designated (in such manner as the Secretary may prescribe) as a
privately managed Lifetime Savings Account and which meets the
requirements of the America Saving for Personal Investment, Retirement,
and Education Act of 2010.''.
(b) Conforming Amendment.--The table of sections for part I of
subchapter D of chapter 1 of the Internal Revenue Code of 1986 is
amended by inserting after the item related to section 408A the
following new item:
``Sec. 408B. Privately managed Lifetime Savings Accounts.''.
SEC. 8. ASPIRE FUND BOARD.
(a) In General.--There is established in the executive branch of
the Government a ASPIRE Fund Board.
(b) Composition, Duties, and Responsibilities.--Subject to the
provisions of this Act, the provisions of--
(1) section 8472 of title 5, United States Code (relating
to composition of Federal Retirement Thrift Investment Board),
(2) section 8474 of such title (relating to Executive
Director),
(3) section 8475 of such title (relating to investment
policies), and
(4) section 8476 of such title (relating to administrative
provisions),
shall apply with respect to the ASPIRE Fund Board in the same manner
and to the same extent as such provisions relate to the Federal
Retirement Thrift Investment Board.
SEC. 9. FIDUCIARY RESPONSIBILITIES.
(a) In General.--Under regulations of the Secretary of Labor, the
provisions of sections 8477 and 8478 of title 5, United States Code,
shall apply in connection with the ASPIRE Fund and the accounts
maintained in such Fund in the same manner and to the same extent as
such provisions apply in connection with the Thrift Savings Fund and
the accounts maintained in the Thrift Savings Fund.
(b) Investigative Authority.--Any authority available to the
Secretary of Labor under section 504 of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1134) is hereby made available to the
Secretary of Labor, and any officer designated by the Secretary of
Labor, to determine whether any person has violated, or is about to
violate, any provision applicable under subsection (a).
(c) Exculpatory Provisions; Insurance.--
(1) In general.--Any provision in an agreement or
instrument which purports to relieve a fiduciary from
responsibility or liability for any responsibility, obligation,
or duty under this Act shall be void.
(2) Insurance.--Amounts in the ASPIRE Fund available for
administrative expenses shall be available and may be used at
the discretion of the Executive Director to purchase insurance
to cover potential liability of persons who serve in a
fiduciary capacity with respect to the Fund and accounts
maintained therein, without regard to whether a policy of
insurance permits recourse by the insurer against the fiduciary
in the case of a breach of a fiduciary obligation.
SEC. 10. ASSIGNMENT, ALIENATION, AND TREATMENT OF DECEASED INDIVIDUALS.
(a) Assignment and Alienation.--Under regulations which shall be
prescribed by the Executive Director, rules relating to assignment and
alienation applicable under chapter 84 of title 5, United States Code,
with respect to amounts held in accounts in the Thrift Savings Fund
shall apply with respect to amounts held in Lifetime Savings Accounts
in the ASPIRE Fund.
(b) Treatment of Accounts of Deceased Individuals.--In the case of
a deceased account holder of a Lifetime Savings Account which has an
account balance greater than zero, upon receipt of notification of such
individual's death, the Executive Director shall close the account and
shall transfer the balance in such account to the Lifetime Savings
Account of such account holder's surviving spouse or, if there is no
such account of a surviving spouse, to the duly appointed legal
representative of the estate of the deceased account holder, or if
there is no such representative, to the person or persons determined to
be entitled thereto under the laws of the domicile of the deceased
account holder.
SEC. 11. ACCOUNTS DISREGARDED IN DETERMINING ELIGIBILITY FOR FEDERAL
BENEFITS.
Amounts in any Lifetime Savings Account shall not be taken into
account in determining any individual's or household's financial
eligibility for, or amount of, any benefit or service, paid for in
whole or in part with Federal funds, including student financial aid.
SEC. 12. REPORTS.
The Executive Director, in consultation with the Secretary of the
Treasury, shall annually transmit a written report to the Congress.
Such report shall include--
(1) a detailed description of the status and operation of
the ASPIRE Fund and the management of the Lifetime Savings
Accounts, and
(2) a detailed accounting of the administrative expenses in
carrying out this Act, including the ratio of such
administrative expenses to the balance of the ASPIRE Fund and
the methodology adopted by the Executive Director for
allocating such expenses among the Lifetime Savings Accounts.
SEC. 13. PROGRAMS FOR PROMOTING FINANCIAL LITERACY.
The Secretary of the Treasury, in coordination with the Financial
Literacy and Education Commission, shall develop programs to promote
the financial literacy of account holders of Lifetime Savings Accounts
and the legal guardians of such account holders who have the rights
with respect to such accounts under section 3(h).
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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