§ 41-31-820 — Deposit and review of premiums collected from state agencies; transfers from general fund to cover claims.

(A) Unemployment compensation premiums collected from state agencies will be deposited into a separate account and used to pay unemployment compensation benefits to eligible employees of the State. Premiums will be based on experience ratings provided by private consultants and the Department of Administration or the State Fiscal Accountability Authority. The Unemployment Compensation Funds' contribution level must be reviewed no less than biennially to ensure that premiums are commensurate with the cost of operating the Unemployment Compensation Fund. All interest earned on this account must be retained by the Unemployment Compensation Fund and used to offset costs. (B) Notwithstanding the amounts annually appropriated as "Unemployment Compensation Insurance" to cover unemployment benefit claims paid to employees of the state government who are entitled under federal law, the State Treasurer and the Comptroller General, are hereby authorized and directed to pay from the general fund of the State to the department funds necessary to cover actual benefit claims paid during the current fiscal year which exceed the amounts paid in for this purpose by the various agencies, departments, and institutions subject to unemployment compensation claims. The department must certify quarterly to the State Fiscal Accountability Authority and the Department of Administration the state's liability for such benefit claims actually paid to claimants who were employees of the State of South Carolina and entitled under federal law. The amount so certified must be remitted to the department.

Legislative History

HISTORY: 2002 Act No. 356, SECTION 1, Pt IX.J; 2010 Act No. 234, SECTION 1, eff January 1, 2011. Effect of Amendment The 2010 amendment in subsection (B) substituted "department funds necessary" for "South Carolina Employment Security Commission such funds as are necessary" in the first sentence; and substituted "department" for "Employment Security Commission" in the second and third sentences. ARTICLE 9 Payment and Collection of Departmental Administrative Contingency Assessments