The proposed bill aims to establish the "Voluntary Portable Benefit Account Act" in West Virginia, introducing a new article that outlines the creation and administration of voluntary portable benefit accounts for independent contractors. The bill includes definitions for key terms such as "bank," "hiring party," "voluntary portable benefit account," and "voluntary portable benefit account provider." It specifies that these accounts can be opened by independent contractors to fund various benefit plans, including health insurance, income replacement insurance, life insurance, and retirement benefits.

Additionally, the bill allows contributions to these accounts from various sources, including hiring parties, under specific conditions that ensure the contributions are voluntary and agreed upon in writing. It clarifies that contributions to a voluntary portable benefit account will not affect the employment classification of independent contractors. The legislation aims to provide a framework that supports the financial security of independent contractors by enabling them to access portable benefits that are not tied to a specific employer.

Statutes affected:
Introduced Version: 31A-10-1, 31A-10-2, 31A-10-3