Tennessee SB1377 establishes the Voluntary Portable Benefit Plan Act, allowing entities to contribute to benefit plans for independent contractors.

Tennessee SB1377 amends Tennessee Code to create the Voluntary Portable Benefit Plan Act. This act allows public or private entities, including internet or application-based companies, to contribute funds to portable benefit plans as compensation for independent contractors. These plans can include health, unemployment, disability, life insurance, and retirement benefits. Contributions can come from hiring parties or a percentage of withheld compensation, provided the contractor opts in and the agreement is clear.

Tennessee SB1377 establishes the Voluntary Portable Benefit Plan Act, allowing entities to contribute to benefit plans for independent contractors.

Tennessee SB1377 amends Tennessee Code to create the Voluntary Portable Benefit Plan Act. This act allows public or private entities, including internet or application-based companies, to contribute funds to portable benefit plans as compensation for independent contractors. These plans can include health, unemployment, disability, life insurance, and retirement benefits. Contributions can come from hiring parties or a percentage of withheld compensation, provided the contractor opts in and the agreement is clear.