This bill establishes a system for portable benefits for workers who provide services to consumers through contracting agents, defined as entities that facilitate service provision and make payments to workers classified as independent contractors. Contracting agents that employ at least 50 individual workers over a 12-month period are required to contribute funds to qualified benefit providers, which are nonprofit organizations designated by the workers. The contribution amount is set at the lesser of 25% of the total fee collected from consumers or $6 per hour worked, and these contributions must be made monthly. Qualified benefit providers are mandated to use these funds to offer benefits such as workers' compensation insurance, health insurance, paid time off, and retirement benefits, with provisions for workers to opt out of certain benefits in exchange for compensation.

The bill also outlines the criteria for organizations to become qualified benefit providers, including requirements for nonprofit status, board composition, independence from conflicting interests, and fiduciary duties to workers. The Department of Labor and Workforce Development is tasked with implementing and administering the act, including monitoring compliance and establishing procedures for workers to select and change their benefit providers. Additionally, workers are granted the right to take private legal action against contracting agents for noncompliance with contribution requirements. Importantly, the bill clarifies that the benefits provided under this act will not affect determinations of a worker's employment status under state unemployment law.