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WV SB714
Bill
Status
Introduced
3/6/2025
Primary Sponsor
Patricia Rucker
Click for details
AI Summary
- Creates a new "Voluntary Portable Benefit Account Act" allowing independent contractors to open accounts for purchasing health insurance, income replacement insurance, life insurance, and retirement benefits
- Permits hiring parties (including internet-based and app-based companies) to voluntarily contribute funds to these accounts on behalf of independent contractors
- Allows contributions from either hiring party funds or withheld compensation from independent contractors, provided the withholding is agreed to in writing and the contractor opts in
- Specifies that contributions to voluntary portable benefit accounts cannot be used as a factor in determining a worker's employment classification as an independent contractor
- Accounts must be administered by approved providers including banks, investment firms, technology providers, or others approved by the Bank Commissioner
Legislative Description
Creating Voluntary Portable Benefit Account Act
Banking and Finance
Last Action
To Banking and Insurance
3/6/2025
Committee Referrals
Banking and Insurance3/6/2025
Full Bill Text
No bill text available