House Bill 494 introduces the "Voluntary Portable Benefit Plan Act," which establishes a framework for independent contractors to receive benefits through a portable benefit plan. This plan allows public or private entities, including internet-based companies, to voluntarily contribute funds to benefit plans for independent contractors. The bill defines key terms such as "employee," "hiring party," "independent contractor," and "portable benefit plan," which includes various types of insurance and retirement benefits. Contributions to these plans must not affect a worker's employment classification and require clear, written agreements that allow independent contractors to opt-in or opt-out of contributions.

Additionally, the bill amends existing Tennessee Code Annotated sections to incorporate the new portable benefit account contributions into the definitions and requirements for marketplace platforms and contractor relationships. Specifically, it modifies language regarding compensation and insurance benefits provided to marketplace contractors and clarifies the understanding of control over personal vehicles in relation to independent contractors. The act is set to take effect upon becoming law, emphasizing the importance of public welfare.

Statutes affected:
Introduced: 50-8-101(1)(B), 50-8-101, 50-8-102(a)(9), 50-8-102, 65-15-301(4), 65-15-301