SB 68
Creating Voluntary Portable Benefit Account Act
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Sign in to take action- Introduced
- 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 require written agreement for employer-sponsored contributions.
Key provisions
- Creates voluntary portable benefit accounts for independent contractors.
- Allows independent contractors to contribute funds to these accounts.
- Defines key terms like ‘voluntary portable benefit account,’ ‘voluntary portable benefit plan,’ and ‘voluntary portable benefit account provider.’
- Specifies that contributions to these accounts cannot be used to determine employment classification.
- Outlines requirements for employer-sponsored contributions, including written agreements and an opt-in process.
- Designates eligible administrators of the accounts (banks, investment firms, technology providers, etc.)
- Establishes that a ‘bank’ is defined as a state bank, national bank, or out-of-state, state-chartered bank with a certificate of authority.
- Defines ‘hiring party’ as a person who hires or contracts with an independent contractor.
Who is affected
- Independent contractors
- Employers of independent contractors
- Banks and financial institutions
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