SB 714
Creating Voluntary Portable Benefit Account Act
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill establishes the Voluntary Portable Benefit Account Act in West Virginia. It creates a system where independent contractors can voluntarily contribute to portable benefit accounts, which can be used to purchase health insurance, retirement benefits, or other types of coverage. These accounts are administered by designated providers, such as banks or investment firms, and contributions are made through agreements between hiring parties and independent contractors.
Key provisions
- Creates ‘Voluntary Portable Benefit Accounts’ for independent contractors.
- Defines key terms like ‘Bank,’ ‘Hiring Party,’ and ‘Voluntary Portable Benefit Plan.’
- Allows independent contractors to voluntarily contribute funds to these accounts.
- Specifies that contributions cannot be used to determine employment classification.
- Outlines methods for making contributions, including voluntary withholdings from compensation with explicit written agreement.
- Designates eligible administrators of the accounts (banks, investment firms, etc.).
- Establishes that the account is assigned to a beneficiary, not an employer or hiring party.
Who is affected
- Independent Contractors
- Hiring Parties
- Banks
- Investment Management Firms
- Benefit Plan Providers
Notable changes
- Introduces a new mechanism for independent contractors to access and fund benefit plans.
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