HB 4009
Relating to the creation of the Portable Benefit Account Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes the Portable Benefit Account Act in West Virginia. It creates a system where independent contractors can establish and contribute to portable benefit accounts to fund retirement, health, life, and income replacement insurance. These accounts are administered by designated providers, such as banks or investment firms, and are designed to offer benefits independent of traditional employer-sponsored plans. The act outlines specific requirements for establishing and managing these accounts, including voluntary contributions and clear written agreements.
Key provisions
- Creates the Portable Benefit Account Act.
- Defines key terms such as ‘portable benefit account,’ ‘portable benefit plan,’ and ‘portable benefit account provider.’
- Allows independent contractors to voluntarily contribute to portable benefit accounts.
- Specifies that contributions to these accounts cannot be used to determine employment classification.
- Outlines requirements for voluntary contributions, including written agreements and opt-in options for independent contractors.
- Identifies eligible institutions to administer the accounts, including banks and investment firms.
- Includes a short title for the act: ‘Portable Benefit Account Act.’
- Establishes definitions for ‘Bank’ and ‘Hiring Party’.
Who is affected
- Independent Contractors
- Employers
- Banks
- Investment Management Firms
- Benefit Plan Providers
Notable changes
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