VirginiaHB24432025 Regular SessionHouse

Portable benefit accounts; Va. resident who has worked as an independent contractor to establish.

Sponsored By: Phillip A. Scott (Republican)

Failed

Summary

Portable benefit accounts. Authorizes a Virginia resident who has worked as an independent contractor to establish a portable benefit account. Under the bill, a portable benefit account may be offered through and administered by a bank, investment management firm, technology provider, or program manager that offers services through a bank or investment management firm. Distributions from the account may be used for the payment of various health-related costs and other benefits including income replacement insurance, life insurance, or retirement benefits. Under the bill, contributions may be made using the funds of a hiring party or a percentage of funds withheld from the compensation owed to a sole proprietor or independent contractor. The bill provides that contributions using withheld funds can only be made if (i) withheld compensation is expressly agreed to in writing; (ii) such agreement is clear, unambiguous, and prominently displayed in the work contract or a separate notice; (iii) such withholdings are voluntary and require a sole proprietor or independent contractor to opt in; and (iv) a sole proprietor or independent contractor may elect to opt out of such withholdings at any time.

Labor and Commerce

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Phillip A. Scott

    Republican • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 4 • No: 3

House vote • 1/23/2025

Subcommittee recommends passing by indefinitely

Yes: 4 • No: 3 • Other: 1

Actions Timeline

  1. Left in Labor and Commerce

    2/5/2025House
  2. Subcommittee recommends passing by indefinitely (4-Y 3-N)

    1/23/2025House
  3. Fiscal Impact Statement from Department of Planning and Budget (HB2443)

    1/21/2025House
  4. Assigned L & C sub: Subcommittee #2

    1/21/2025House
  5. Referred to Committee on Labor and Commerce

    1/8/2025House
  6. Prefiled and ordered printed; Offered 01-08-2025 25104200D

    1/8/2025House

Bill Text

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