The bill establishes the framework for the creation and use of portable benefit accounts for independent contractors in Wyoming. It defines key terms such as "financial institution," "hiring party," "independent contractor," "portable benefit account," and "portable benefit account provider." The bill allows various entities, including independent contractors and companies, to voluntarily contribute funds to these accounts, which are intended to support the purchase of benefits like health insurance, income replacement, life insurance, or retirement plans. Importantly, contributions to these accounts cannot be used to determine a person's employment classification.

Additionally, the bill outlines specific conditions under which contributions can be made, including the requirement for written agreements between independent contractors and hiring parties regarding any withholding of compensation for contributions. The Department of Workforce Services is tasked with creating necessary rules for implementation. The act will take effect immediately upon completion of legislative processes, with the provisions related to portable benefit accounts specifically becoming effective on July 1, 2026.