Creating Voluntary Portable Benefit Account Act

SB 714, the "Voluntary Portable Benefit Account Act," creates a system allowing independent contractors in West Virginia to establish personal accounts to pay for benefits like health insurance, retirement, or life insurance. It directly affects independent contractors and the businesses (hiring parties) that contract with them. The bill allows hiring parties or contractors themselves to voluntarily contribute funds to these accounts, but requires a clear written agreement where the contractor must opt in and can always opt out. Contributions cannot be used to determine whether a worker is classified as an independent contractor. The law defines key terms and outlines how these accounts must be administered by approved providers like banks or investment firms.