shall be increased by such dollar amount 
multiplied by the cost-of-living adjustment 
determined under section 1(f)(3) of the In-
ternal Revenue Code of 1986 determined 
by substituting ‘‘calendar year 2009’’ for 
‘‘calendar year 1992’’ in subparagraph (B) 
thereof. 
(ii) ROUNDING.—If any amount ad-
justed 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 de-
scribed in paragraph (1) of section 431(b) of the 
Personal Responsibility and Work Opportunity Rec-
onciliation Act of 1996, 
(2) born after December 31, 2009, and 
(3) less than 18 years of age. 
(h) RIGHTS OF LEGAL GUARDIAN.—Until the ac-
count 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 per-
formed by the legal guardian of such account holder. 
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SEC. 4. CERTIFICATIONS RELATED TO GOVERNMENT CON-
TRIBUTIONS. 
(a) 
SUPPLEMENTAL
GOVERNMENT
CONTRIBU-
TIONS.— 
(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 pur-
poses of this subsection, the term ‘‘eligible account 
holder’’ means an account holder of a Lifetime Sav-
ings Account who, for the last taxable year ending 
before such account holder’s certification under sec-
tion 3(b), has a modified adjusted gross income 
which is below the applicable national median ad-
justed 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 
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section 3(b) which is in excess of 75 percent of 
the applicable national median adjusted gross 
income amount, the $500 amount in subpara-
graph (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 in-
come amount. 
(C) ADJUSTMENT FOR INFLATION.— 
(i) IN GENERAL.—For each fifth cal-
endar year beginning after 2010, each of 
the $500 amounts under subparagraphs 
(A) and (B) shall be increased by such dol-
lar 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 ad-
justed 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.— 
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(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 ac-
count 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 
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(ii) 25 percent of the applicable na-
tional 
median 
adjusted 
gross 
income 
amount. 
(C) ADJUSTMENT FOR INFLATION.— 
(i) IN GENERAL.—For each fifth cal-
endar year beginning after 2010, each of 
the $500 amounts under subparagraphs 
(A) and (B) shall be increased by such dol-
lar 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 ad-
justed 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 MODI-
FIED ADJUSTED GROSS INCOME.—For purposes of this 
section— 
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(1) SPECIAL
RULE
FOR
ACCOUNT
HOLDERS 
WHO CAN BE CLAIMED AS DEPENDENTS.—In the 
case of an account holder of a Lifetime Savings Ac-
count for whom a deduction is allowable under sec-
tion 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 hold-
er for any taxable year shall be treated as a ref-
erence 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 In-
ternal 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. 
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(B) JOINT RETURNS.—The applicable na-
tional 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 AS-
PIRE Fund Board shall establish a default investment 
program under which, in a manner similar to a lifecycle 
investment program, sums in each Lifetime Savings Ac-
count 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 pro-
gram unless such account holder, in such form and man-
ner as prescribed by the Executive Director, elects other-
wise. 
(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), 
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(2) section 8439(b) of such title (relating to en-
gagement of independent qualified public account-
ant), 
(3) section 8439(c) of such title (relating to 
periodic statements and summary descriptions of in-
vestment options), and 
(4) section 8439(d) of such title (relating to as-
sumption of risk), 
shall apply with respect to the ASPIRE Fund and ac-
counts 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 ref-
erences to an account holder of a Lifetime Savings Ac-
count 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 
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that section 408A of such Code shall be applied sep-
arately 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 sub-
section (c) thereof (relating to treatment of contributions), 
of the Internal Revenue Code of 1986 shall be applied sep-
arately to Lifetime Savings Accounts. 
(c) MINIMUM BALANCE.—No amount shall be dis-
tributed 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 591⁄2, 
(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 ac-
count holder attains 18 and ending before the account 
holder attains 25, no amount shall be treated as a quali-
fied distribution pursuant to subsection (a)(2) unless such 
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amount is paid directly to the institution of higher edu-
cation (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 Sav-
ings 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 ac-
count to a privately managed Lifetime Savings Ac-
count (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 CONTRIBU-
TIONS.— 
(1) LIFETIME SAVINGS ACCOUNTS.— 
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(A) IN
GENERAL.—In the case of any 
amount distributed from a Lifetime Savings Ac-
count which is attributable to contributions 
made under section 2(d) and which would be in-
cludible in gross income (but for this para-
graph)— 
(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 contribu-
tions made under section 2(d). 
SEC. 7. PRIVATE MANAGEMENT OF LIFETIME SAVINGS AC-
COUNTS. 
(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: 
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‘‘SEC. 408B. PRIVATELY MANAGED LIFETIME SAVINGS AC-
COUNTS. 
‘‘(a) IN GENERAL.—Except as provided in this sec-
tion, a privately managed Lifetime Savings Account shall 
be treated in the same manner as a Roth IRA, except that: 
‘‘(1) QUALIFIED SPECIAL PURPOSE DISTRIBU-
TIONS.—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 edu-
cation 
expenses 
(as 
defined 
in 
section 
529(e)(3)) of the beneficiary of a privately man-
aged 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 
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‘‘(iv) the amount of such expenses 
which were taken into account in deter-
mining the credit allowed to the taxpayer 
or any other person under section 25A, 
and 
‘‘(B) amounts which within 60 days of dis-
tribution are transferred to a qualified tuition 
program under section 529 for the benefit of 
the account holder of a privately managed Life-
time Savings Account or a member of the fam-
ily (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 def-
inition given the term ‘qualified rollover contribu-
tion’ 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, Re-
tirement, and Education Act of 2010, but only if 
such rollover contribution meets the requirements of 
section 408(d)(3). 
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‘‘(4) AGE LIMITATION ON DISTRIBUTIONS.—Ex-
cept as otherwise provided in this section, no dis-
tribution may be made with respect to any account 
holder of a privately managed Lifetime Savings Ac-
count before such account holder attains age 18. 
‘‘(5) TAXATION
OF
GOVERNMENT
CONTRIBU-
TIONS.—In the case of any distribution which is at-
tributable to contributions made under section 2(d) 
of the America Saving for Personal Investment, Re-
tirement, 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 Per-
sonal Investment, Retirement, and Education Act of 
2010. 
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‘‘(6) ASSIGNMENT, ALIENATION, AND
TREAT-
MENT OF DECEASED INDIVIDUALS.—Section 10 of 
the America Saving for Personal Investment, Retire-
ment, and Education Act of 2010 shall apply in lieu 
of treatment under this subsection as a Roth IRA. 
‘‘(b) PRIVATELY MANAGED LIFETIME SAVINGS AC-
COUNT.—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 pre-
scribe) 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 sec-
tions for part I of subchapter D of chapter 1 of the Inter-
nal 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 execu-
tive branch of the Government a ASPIRE Fund Board. 
(b) COMPOSITION, DUTIES, 
AND
RESPONSIBIL-
ITIES.—Subject to the provisions of this Act, the provi-
sions of— 
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(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 Exec-
utive Director), 
(3) section 8475 of such title (relating to in-
vestment policies), and 
(4) section 8476 of such title (relating to ad-
ministrative provisions), 
shall apply with respect to the ASPIRE Fund Board in 
the same manner and to the same extent as such provi-
sions relate to the Federal Retirement Thrift Investment 
Board. 
SEC. 9. FIDUCIARY RESPONSIBILITIES. 
(a) IN GENERAL.—Under regulations of the Sec-
retary 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 Sav-
ings Fund and the accounts maintained in the Thrift Sav-
ings Fund. 
(b) INVESTIGATIVE
AUTHORITY.—Any authority 
available to the Secretary of Labor under section 504 of 
the Employee Retirement Income Security Act of 1974 
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(29 U.S.C. 1134) is hereby made available to the Sec-
retary of Labor, and any officer designated by the Sec-
retary of Labor, to determine whether any person has vio-
lated, or is about to violate, any provision applicable under 
subsection (a). 
(c) EXCULPATORY PROVISIONS; INSURANCE.— 
(1) IN GENERAL.—Any provision in an agree-
ment or instrument which purports to relieve a fidu-
ciary from responsibility or liability for any responsi-
bility, 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 pol-
icy of insurance permits recourse by the insurer 
against the fiduciary in the case of a breach of a fi-
duciary obligation. 
SEC. 10. ASSIGNMENT, ALIENATION, AND TREATMENT OF 
DECEASED INDIVIDUALS. 
(a) ASSIGNMENT AND ALIENATION.—Under regula-
tions which shall be prescribed by the Executive Director, 
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rules relating to assignment and alienation applicable 
under chapter 84 of title 5, United States Code, with re-
spect 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 INDI-
VIDUALS.—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 indi-
vidual’s death, the Executive Director shall close the ac-
count 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 sur-
viving 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 deter-
mined to be entitled thereto under the laws of the domicile 
of the deceased account holder. 
SEC. 11. ACCOUNTS DISREGARDED IN DETERMINING ELIGI-
BILITY 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 ben-
efit or service, paid for in whole or in part with Federal 
funds, including student financial aid. 
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SEC. 12. REPORTS. 
The Executive Director, in consultation with the Sec-
retary of the Treasury, shall annually transmit a written 
report to the Congress. Such report shall include— 
(1) a detailed description of the status and op-
eration 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 LIT-
ERACY. 
The Secretary of the Treasury, in coordination with 
the Financial Literacy and Education Commission, shall 
develop programs to promote the financial literacy of ac-
count 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). 
Æ 
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