Plain English Breakdown
The official source material does not provide additional details on the specific impacts of contributions on employment classification beyond what is already stated in the bill text.
Independent Contractor Voluntary Portable Benefits Act
This act establishes a new chapter in Louisiana's laws that allows independent contractors to have portable benefit accounts funded by contributions from hiring parties or the contractors themselves.
What This Bill Does
- Creates Chapter 11-B of Title 23 of the Louisiana Revised Statutes, which includes R.S. 23:1821 through 1823.
- Defines key terms such as 'bank', 'hiring party', and 'portable benefit account'.
- Allows contributions to portable benefit accounts from hiring parties or independent contractors by agreement.
Who It Names or Affects
- Independent contractors who want portable benefits like health insurance, disability pay, life insurance, and retirement.
- Companies or individuals hiring independent contractors.
Terms To Know
- Portable benefit account
- An account owned by an independent contractor for funding the purchase of one or more benefit plans such as health insurance, disability pay, life insurance, and retirement benefits.
- Hiring party
- A person or entity that hires an independent contractor who meets the rebuttable presumption standard established in R.S. 23:1711.1.
Limits and Unknowns
- The act does not apply to the Louisiana Workers' Compensation Law.
- It is unclear how many hiring parties will choose to contribute to these accounts.