(a) This article shall be known and may be cited as the “Portable Benefits Act.” (b) For purposes of this article, the following words have the following meanings: (1) BANK. A banking corporation or trust company entitled to operate within the State of Alabama under Title 5. (2) HIRING PARTY. A person or entity who hires or enters into a contract for the performance of work with an independent contractor. (3) PORTABLE BENEFIT ACCOUNT. An account opened by an independent contractor which is: a. Administered by a portable benefit account provider; and b. Owned by an independent contractor for the purpose of funding the purchase of one or more benefit plans, including, but not limited to, plans that provide health benefits, income replacement insurance, life insurance, or retirement benefits. (4) PORTABLE BENEFIT ACCOUNT PROVIDER. The administrator of a portable benefit account and includes: a. A bank; b. An investment management firm; and c. A technology provider or program manager that offers services through a bank or investment management firm.
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