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NV SB336

NV SB336
Establishes provisions relating to portable benefit accounts. (BDR 53-621)


summary

Introduced
03/12/2025
In Committee
04/28/2025
Crossed Over
04/28/2025
Passed
Dead
05/17/2025

Introduced Session

Potential new amendment
83rd Legislature (2025)

Bill Summary

AN ACT relating to compensation; authorizing a sole proprietor or independent contractor to open a portable benefit account under certain circumstances; authorizing certain contributions to and disbursements from a portable benefit account under certain circumstances; setting forth certain restrictions on the consideration by the Labor Commissioner of a contribution to a portable benefit account in determining whether the holder of the account should be classified as an employee; and providing other matters properly relating thereto.

AI Summary

This bill establishes a framework for portable benefit accounts specifically designed for sole proprietors and independent contractors in Nevada. The legislation allows these self-employed individuals to open an account that can receive contributions from themselves or their clients, with funds designated for specific purposes such as health insurance premiums, prescription drug costs, medical expenses, income replacement insurance, life insurance, or individual retirement accounts. Accounts must be administered through a bank, credit union, or investment manager, and the bill includes important protections for independent contractors, such as requiring clear, optional consent for client contributions and ensuring that these contributions cannot be used by the Labor Commissioner as the sole basis for reclassifying a worker's employment status. Notably, the bill includes a safeguard that requires the Labor Commissioner to make at least three additional findings of fact before determining that a worker is misclassified, even if contributions to a portable benefit account are considered. The legislation aims to provide flexible financial benefits for self-employed workers while maintaining clarity around their employment classification, and will take effect on July 1, 2025.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

(Pursuant to Joint Standing Rule No. 14.3.3, no further action allowed.) (on 05/17/2025)

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