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Panel approves bill to create portable benefit accounts for independent contractors
Summary
The Insurance Subcommittee voted 6-0 to advance House Bill 494, which would authorize voluntary, portable benefit accounts for independent contractors to receive benefits such as health insurance and retirement without changing their employment status.
House Bill 494, a proposal to let independent contractors receive benefits through voluntary portable accounts, was approved by the Insurance Subcommittee on Feb. 26 and will advance to the full Insurance Committee.
The bill, explained by Chairman Baum, would "allow independent contractors to have portable benefit accounts" that the worker could use for health insurance, income replacement insurance, life insurance, retirement benefits and other employment-related benefits. Baum said the accounts would be voluntary, flexible and portable so they would remain with a worker who changed customers or had multiple clients.
The bill targets workers commonly categorized as independent contractors — "gig…
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