The
LiLA Link
May 12, 2008
In this Issue:
What are LiLAs?
LiLAs are worker-owned, employer-matched portable accounts used to finance lifelong learning. They are similar in concept to 401(k) retirement accounts except the funds can be used for education and training throughout one’s lifetime.
CAEL’s vision is for every worker to have access to a LiLAs. CAEL is working with partners across the country to promote policy in support of LiLAs.
Spread the Word
Please forward this e-newsletter to a friend or colleague. Subscribe by visiting the CAEL Website at www.cael.org/lilas.htm
Contact Information
For more information about LiLAs, contact Amy Sherman,
Associate VP for Policy and Strategic Alliances at asherman@cael.org.
www.cael.org
As part of its mission to increase access to lifelong learning for working adults, the Council for Adult and Experiential Learning (CAEL) is leading the Lifelong Learning Accounts (LiLASM) initiative. We’d like to take a moment to share some exciting recent developments in our LiLA activities.
New LiLA National Legislation Announced
Last century, when the economy was failing millions of Americans, President Franklin Roosevelt offered our people a New Deal. Today, millions of Americans are facing similar challenges in a rapidly changing world. In short, we need a New Deal for the New Economy.
On May 12th, Representative Rahm Emanuel (D-IL), addressed the Financial Services Forum’s town hall discussion on “Succeeding in the Global Economy” at the Illinois Institute of Technology. At the forum, Emanuel announced his plans to introduce the Lifelong Learning Accounts Act of 2008 with Congressman Jim Ramstad (R-MN). A fundamental building block for Emanuel’s New Deal for the New Economy is educating and training our workers. Under current law, workers can take a deduction for education and training, but only if the expense is directly related to their current job. In addition, there is no savings vehicle for education and training that encourages employer participation. Emanuel’s LiLA plan addresses these shortcomings by allowing workers to use their account at their discretion for education and training that bolsters their current career or allows them to transition to a new career. In addition, it creates a credit for employer contributions to the accounts.
Click here for the press release.
Click here for the bill summary.
We are grateful to all who are working to make LiLAs a reality for working adults everywhere. We will share our progress with you as new developments occur.