(1) As used in this part:(1) “Benefit plan” includes:(A) Health insurance;(B) Income replacement insurance;(C) Life insurance;(D) Retirement benefits; and(E) Other benefits that may customarily be provided as part of a benefit plan;(2) “Employee” means an individual who performs services for an employer for wages, and the services performed by the individual qualify as an employer-employee relationship with the employer based upon consideration of the twenty-factor test described in § 50-2-111;(3) “Hiring party” means a person who hires or enters into a contract with an independent contractor;(4) “Independent contractor” means an individual who performs services for a hiring party in exchange for compensation, and the relationship with the hiring party qualifies the individual as an independent contractor based upon consideration of the twenty-factor test described in § 50-2-111;(5) “Portable benefit account” means an account opened by an independent contractor to fund the purchase of one (1) or more benefit plans and that is administered by a third-party portable benefit account provider chosen by the independent contractor and assigned to a beneficiary of one (1) or more benefit plans rather than a hiring party; and(6) “Portable benefit account provider” means a bank, as defined in Section 3(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. § 1813(a)(1)); an investment management firm; or a technology provider or program manager that offers services through a bank or investment management firm.
(1) “Benefit plan” includes:(A) Health insurance;(B) Income replacement insurance;(C) Life insurance;(D) Retirement benefits; and(E) Other benefits that may customarily be provided as part of a benefit plan;
(A) Health insurance;
(B) Income replacement insurance;
(C) Life insurance;
(D) Retirement benefits; and
(E) Other benefits that may customarily be provided as part of a benefit plan;
(2) “Employee” means an individual who performs services for an employer for wages, and the services performed by the individual qualify as an employer-employee relationship with the employer based upon consideration of the twenty-factor test described in § 50-2-111;
(3) “Hiring party” means a person who hires or enters into a contract with an independent contractor;
(4) “Independent contractor” means an individual who performs services for a hiring party in exchange for compensation, and the relationship with the hiring party qualifies the individual as an independent contractor based upon consideration of the twenty-factor test described in § 50-2-111;
(5) “Portable benefit account” means an account opened by an independent contractor to fund the purchase of one (1) or more benefit plans and that is administered by a third-party portable benefit account provider chosen by the independent contractor and assigned to a beneficiary of one (1) or more benefit plans rather than a hiring party; and
(6) “Portable benefit account provider” means a bank, as defined in Section 3(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. § 1813(a)(1)); an investment management firm; or a technology provider or program manager that offers services through a bank or investment management firm.