Senator Chris Dodd has introduced the Encore Service Act of 2008, which will offer stipends and educational awards to experienced Americans 55 and over, and will create the Encore Fellows Program to place outstanding older adults in one-year management and leadership positions in public service or private nonprofits.

The bill complements the new national service bill introduced by Sens. Kennedy and Hatch, which also includes provisions for encore service and calls for the creation of the Encore Fellows program. The two bills will ultimately be reconciled into a single piece of legislation.

“Whether you are a junior in high school or a new retiree, serving your country can be one of the most rewarding and unforgettable experiences of your life,” Dodd, a returned Peace Corps volunteer, said in a statement. “By harnessing the energy and enthusiasm of our nation’s youth and the wisdom and life experiences of older Americans, we can help meet many of our nation’s most pressing educational, environmental, and public safety needs through community service.”

In a forum at the ServiceNation Summit on September 11, Sens. Barack Obama and John McCain both pledged to sign the new national service legislation if they are elected president.

Here’s what Dodd’s office said about the Encore Service Act:

“The Encore Service Act will harness the expertise of older Americans by creating the Encore Service and Silver Scholars programs, which offer stipends and educational scholarships to citizens 55 years of age and older who volunteer their time and knowledge to help communities in need. The bill would also create the “Encore Fellows Program,” which would place Americans 55 years of age and older in one-year management or leadership positions in public or private nonprofit organizations. Any education scholarships awarded may be transferred to children, grandchildren or other designees. The Encore Service Act is endorsed by the AARP, Easter Seals, National Association of RSVP (Retired and Senior Volunteer Program), and the National Association of Foster Grandparent Program Directors, among other organizations.”

For a summary of the Encore Service Act of 2008, click here.