Bill > SB714

This bill creates the Voluntary Portable Benefit Account Act, which establishes a framework for independent contractors to create portable benefit accounts that are not tied to a specific employer. The bill defines key terms such as "bank" (including state and national banks), "hiring party" (the person contracting with an independent contractor), and "voluntary portable benefit account" (an account opened by an independent contractor to fund benefit plans). The act allows people or companies to voluntarily contribute funds to these accounts, which can cover benefits like health insurance, income replacement insurance, life insurance, and retirement benefits. The bill specifically stipulates that contributions to these accounts cannot be used to determine a worker's employment classification. Contributions can come from the hiring party or from a percentage of the independent contractor's compensation, but such withholdings must meet strict requirements: they must be explicitly agreed to in writing, be clear and unambiguous, be voluntary with an opt-in process, and allow the independent contractor to opt out at any time. The purpose of the bill appears to be providing more flexible benefits options for independent contractors who may not receive traditional employment benefits.

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http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=714&year=2025&sessiontype=RS&btype=bill