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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.
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