Worker Reemployment Accounts Act of 2004 - Amends the Workforce Investment Act of 1998 to authorize the Secretary of Labor to establish and implement a national demonstration project on personal reemployment accounts (PRAs).
Directs the Secretary to make competitive grants for such project to States or local boards or consortia to provide PRAs to eligible individuals.
Makes eligible for a PRA, in a designated State or local area, individuals who: (1) are identified as likely to exhaust unemployment compensation and in need of job search assistance to make a successful transition to new employment (or if their unemployment can be attributed in substantial part to unfair competition from Federal Prison Industries, Incorporated); (2) are receiving regular unemployment compensation under any Federal or State unemployment compensation program administered by the State; and (3) are eligible for at least 20 weeks of regular unemployment compensation.
Allows PRAs to be used to purchase intensive services, training services, or supportive services through the one-stop delivery system on a fee-for-service basis, or through other providers, consistent with specified safeguards. Provides cash reemployment bonuses, consisting of the balance of their PRAs, to recipients who obtain full-time employment before the end of the 13th week of unemployment for which compensation is paid.