South Carolina § 41-31-55 Additional surcharges when fund insolvent; rates; deposit in special account.

South Carolina Statutes

§ 41-31-55 — Additional surcharges when fund insolvent; rates; deposit in special account.

South Carolina·Title 41 LABOR AND EMPLOYMENT·Ch. 31 CONTRIBUTIONS AND PAYMENTS TO THE UNEMPLOYMENT TRUST FUND

(A)In any calendar year in which the State Unemployment Insurance Trust Fund is insolvent, the State shall impose additional surcharges on all contributory employers to pay interest on the outstanding debt. The estimated amount of interest to be paid in the upcoming year will be divided by the estimated taxable payroll for the calendar year. The result rounded to the next higher one-hundredth of one percent is the statewide average surcharge.

(B)The rate for class twenty will be set so that the entire schedule raises the income required to pay interest surcharges for the year, subject to the structure defined in subsection (A). The rate for each preceding benefit rate class shall be equal to ninety percent of the rate calculated for the succeeding class, except that the rate class twelve

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(A) In any calendar year in which the State Unemployment Insurance Trust Fund is insolvent, the State shall impose additional surcharges on all contributory employers to pay interest on the outstanding debt. The estimated amount of interest to be paid in the upcoming year will be divided by the estimated taxable payroll for the calendar year. The result rounded to the next higher one-hundredth of one percent is the statewide average surcharge. (B) The rate for class twenty will be set so that the entire schedule raises the income required to pay interest surcharges for the year, subject to the structure defined in subsection (A). The rate for each preceding benefit rate class shall be equal to ninety percent of the rate calculated for the succeeding class, except that the rate class twelve shall be set at one-fourth the rate calculated for rate class twenty. (C) These funds shall be deposited in a special account as provided in Section 41-33-810.

South Carolina § 41-31-55 (Additional surcharges when fund insolvent; rates; deposit in special account.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 2010 Act No. 234, SECTION 1, eff January 1, 2011; 2011 Act No. 3, SECTION 11, eff March 14, 2011. Effect of Amendment The 2011 amendment in subsection (A), in the first sentence, inserted "contributory" before "employers; and added subsection (C) relating to deposit into a special account.