I 
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 Representa-
tives 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. 
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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, ac-
counting, 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 pay-
ments made from the Fund (including payments for ad-
ministrative 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 pur-
suant to section 6, 
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(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 Treas-
ury 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 trans-
fer 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.— 
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(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 ‘‘cal-
endar 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 Di-
rector 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 Ac-
count 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 ac-
count number. 
(b) CERTIFICATION OF ACCOUNT HOLDERS.—On the 
date on which an eligible individual is issued a social secu-
rity account number under section 203(c)(2) of the Social 
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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 ex-
cess of— 
(1) the sum of— 
(A) all deposits made into the ASPIRE 
Fund and credited to the account under sub-
section (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 Di-
rector, 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 attrib-
utable 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 
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losses from each investment of sums in the ASPIRE Fund 
which are attributable, on a pro rata basis, to sums cred-
ited 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 AS-
PIRE Fund if such contribution is identified (in 
such manner as the Executive Director may require) 
with the account holder of a Lifetime Savings Ac-
count to whom it is to be credited at the time the 
contribution is made. 
(2) ALTERNATIVE
METHODS
OF
CONTRIBU-
TION.— 
(A) PAYROLL DEDUCTION.—Under regula-
tions prescribed by the Executive Director and 
at the election of the employer, contributions 
under paragraph (1) may be made through pay-
roll 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. 
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(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
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 cal-
endar year beginning after 2010, the 
$2,000 amount under subparagraph (A)(ii) 
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