The Lifelong Learning Accounts Act of 2008 (H.R. 6036) would establish employer-matched, portable educational accounts that workers could use to finance their education and training, according to Rep. Rahm Emanuel (D-Ill.), who sponsored the bill.
Under the legislation, employers would receive credits for contributions they make to the lifelong learning accounts (LiLAs), he said.
"Right now, we provide 529 accounts for parents that are saving for their children's education and we provide 401(k)s for workers that want to save for their retirement," Emanuel pointed out. "But between the ages of 18-65, you are effectively on your own when it comes to saving for additional education and training."
The bill was referred to the House's Committee on Ways and Means and Committee on Education and Labor.