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Personal Reemployment Accounts President’s Growth and Jobs Plan – January 7 th , 2003 ■ Encourage consumer spending to boost economy ■ Promote job creation through individual and business investment ■ Deliver critical help to unemployed workers

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president s growth and jobs plan january 7 th 2003
President’s Growth and Jobs Plan – January 7th, 2003

■ Encourage consumer spending to boost economy

■ Promote job creation through individual and business investment

■ Deliver critical help to unemployed workers

personal reemployment accounts one part of plan
Personal Reemployment Accounts – One Part of Plan

■ $3.6 billion in new resources

■ In addition to the $6.2 billion proposed for Adults in 03 and 04 budget

■ To states by formula and locals by Governor’s sub-state allocation

■ To support job growth and quick return to the labor market

introduced january 29 th back to work incentive act
Introduced January 29th – Back to Work Incentive Act

■ HR 444

■ By Congressman John Porter (R-Nev.)

■ House Education and Workforce Committee

accounts set up in fy 2003 and fy 2004
Accounts Set Up in FY 2003 and FY 2004.

■ $1.6 billion available in FY 2003

■ $2.0 billion available in FY 2004

■ 2% for state operational costs to administer/5% for local

■ Individuals have 1 year to use

■ At least 1.2 million to be served 

pool of eligible unemployed workers
Pool of Eligible Unemployed Workers

■ UI recipients profiled as “likely to exhaust”

■ Those who have recently exhausted

■ Plus other criteria chosen by states

■ Not an entitlement – Selected by state from pool

level of account
Level of Account

■ Up to $3,000 per person

■ State can choose lesser amount

■ Must be consistent statewide

accounts can be used for
Accounts Can Be Used For

■ Training, child care, transportation, relocation, etc.

■ Purchased from inside or outside One-Stop System

■ If a UI exhaustee, for income support

■ Tax-exempt (unless received as bonus or used for income support)

how they will work
How They Will Work

■ Flexibility and choice

■ Non-transferable; can only get once

■ Will not interfere with or replace UI benefits

■ One-Stop administers the account

■ Pays account holder invoices up front or with documentation

■ Reemployment Plan recommended but not mandatory

■ One-Stop cannot overrule customer choice

bonus available
Bonus Available

■ If job found by 13th UI-compensated week, or

■ If job found by 13th week if exhaustee

■ Keep cash balance of account as bonus (60% at job/40% after 6 months retention)

no double dipping
No Double-Dipping

■ During year of account no free WIA intensive/training services

■ Must use your account to purchase intensive/training services.

■ Core One-Stop services still free

■ After year of account, all WIA services are free

account safeguards
Account Safeguards

■ Mostly determined by states themselves

■ Feds will set broad parameters and monitor

■ Accountability - locals to state; state to feds

charts new territory in employment and training
Charts New Territory in Employment and Training

■ Less than a voucher

■ More than an Individual Training Account

■ Equivalent of a “personal block grant”

■ Will build upon current workforce investment system

benefits
Benefits

■ Provides assistance to 1.2 million more unemployed workers than the 726,000 adults and dislocated workers registered and served by WIA funding.

■ Provides additional tools and resources to the One-Stop system to serve workers.