The proposed bill aims to establish the Portable Benefit Account Act in West Virginia, introducing a new article to the state's code. This act will create definitions for key terms such as "bank," "hiring party," "portable benefit account," and "portable benefit plan," which includes various types of insurance and retirement benefits. The act allows independent contractors to open portable benefit accounts to fund their benefit plans, which will be administered by designated providers, including banks and investment management firms.

Additionally, the bill outlines the voluntary nature of contributions to these accounts, permitting independent contractors or entities to contribute funds. It specifies that contributions should not affect the employment classification of workers and sets conditions for how funds can be withheld from compensation for these contributions. The bill emphasizes that any withholding must be agreed upon in writing and that independent contractors have the right to opt out of such agreements at any time.

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