Scroll to History Page
Scroll to Previous Versions Links List
Scroll to Full Text
Download This Bill in Microsoft Word format

Bill 4900

                    Current Status

Bill Number:                      4900
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020313
Primary Sponsor:                  G.M. Smith
All Sponsors:                     G.M. Smith and J. Young
Drafted Document Number:          l:\council\bills\bbm\10859zcw02.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Employment security, employer's 
                                  contribution for may be terminated after 
                                  reserve balance equals ten years of projected 
                                  benefits


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020313  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 41-31-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE GENERAL RATE OF CONTRIBUTION FOR EMPLOYMENT SECURITY PURPOSES, SO AS TO PROVIDE THAT AN EMPLOYER'S REQUIREMENT TO PAY CONTRIBUTIONS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 41 TERMINATES UPON THE EMPLOYER'S ACCUMULATION OF A RESERVE BALANCE EQUAL TO TEN YEARS OF PROJECTED BENEFITS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 41-31-10 of the 1976 Code, as last amended by Act 37 of 1999, is further amended to read:

    "Section 41-31-10.    (A)    Each employer shall pay contributions equal to five and four-tenths percent of wages paid by him during each year except as may be otherwise provided in Chapters 27 through 41 of this title.

    (B)    For calendar year 2000 and subsequent years, employers subject to the payment of contributions are subject also to an adjustment over and above their base rate, if required by Section 41-31-80(2).

    (C)    Notwithstanding any other provision of law with respect to employment security contributions, an employer's requirement to pay contributions in accordance with the provisions of this title terminates upon the employer's accumulation of a reserve balance equal to ten years of projected benefits."

SECTION    2.    This act takes effect upon approval by the Governor.

This web page was last updated on Tuesday, December 8, 2009 at 11:37 A.M.