Senate advances Portable Benefit Account Act after committee striking amendment; oversight moved to Division of Labor

CHARLESTON — Lawmakers on the West Virginia Senate floor adopted a committee striking amendment to House Bill 4009, the Portable Benefit Account Act, that substantially reshapes the bill’s administrative structure and definitions.

Senator from Wood, explaining the amendment, said it replaces provisions at the governor’s request and shifts regulatory authority from the offices of the insurance commissioner to the Division of Labor. "It removes involvement by the offices of the insurance commissioner and moves provisions from chapter 33 to chapter 21," the senator said on the floor.

The amendment also broadened the statutory definition of a portable benefit plan to include unemployment benefits and expanded the category of authorized plan providers to include banks, investment-management firms, technology providers and any other person who demonstrates to the satisfaction of the Division of Labor that the person will administer accounts consistent with the article’s requirements. The floor commentary noted clarifications to rulemaking authority, including language designed to safeguard contributions for independent contractors.

Senator from Wood urged adoption of the committee amendment; the Senate adopted it by voice vote and later advanced the bill to third reading with the right to amend. Floor-recorded votes later showed the bill passed with 34 yays and 0 nays on the machine vote recorded by the clerk.

Why it matters: The measure seeks to create a statutory framework for portable benefit accounts — mechanisms that can let independent contractors and similar workers accrue benefits that follow them across jobs. Moving oversight to the Division of Labor and broadening eligible providers are intended to align administration and supervision of accounts with labor oversight rather than traditional insurance regulation.

Next steps: With the committee amendment adopted, the bill advanced through third reading; clerks recorded later passage votes. Regulatory rulemaking and administrative guidance will be needed to implement the new oversight structure.

(Quotes and actions are attributed to speakers on the Senate floor; vote tallies are as recorded by the clerk.)