S 0136 General Bill, By McConnell, Matthews, Courtney, Patterson, Reese, Hayes, 
Jackson, Passailaigue, Giese, Branton and Glover
 A BILL TO AMEND SECTION 42-7-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO RECEIPTS FOR THE CREDIT OF THE STATE ACCIDENT FUND AND
 EXPENDITURES FROM THE FUND, SO AS TO PROVIDE THAT THE WORKERS' COMPENSATION
 TRUST FUND BALANCE SHALL NOT BE TREATED AS "CARRY FORWARD" REVENUE BUT MUST BE
 MANAGED SO AS TO APPROXIMATE THE ANNUAL ACTUARIAL ESTIMATE OF INCURRED BUT
 UNPAID LIABILITIES.

   12/16/98  Senate Prefiled
   12/16/98  Senate Referred to Committee on Judiciary
   01/12/99  Senate Introduced and read first time SJ-53
   01/12/99  Senate Referred to Committee on Judiciary SJ-53
   02/10/99  Senate Committee report: Favorable Judiciary SJ-4
   02/16/99  Senate Read second time SJ-17
   02/17/99  Senate Read third time and sent to House SJ-15
   02/18/99  House  Introduced and read first time HJ-5
   02/18/99  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-5

Indicates New Matter

COMMITTEE REPORT

February 10, 1999

S. 136

Introduced by Senators McConnell, Matthews, Courtney, Patterson, Reese, Hayes, Jackson, Passailaigue, Giese, Branton and Glover

S. Printed 2/10/99--S.

Read the first time January 12, 1999.

To whom was referred a Bill (S. 136), to amend Section 42-7-10, as amended, Code of Laws of South Carolina, 1976, relating to receipts for the credit of the State Accident Fund, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass:

EDWARD E. SALEEBY, for Committee.

EXPLANATION OF IMPACT:

State Accident Fund:

This bill would have no direct fiscal impact on the Workers' Compensation Trust Fund. The Workers' Compensation Fund is funded through premiums paid annually by participating entities that include state government. The fund's purpose is to cover the ultimate cost of the state's liabilities for worker's compensation claims of injured public employees of participating municipal, county, and state agencies.

Approved By:

Les Boles

Office of State Budget

TO AMEND SECTION 42-7-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO RECEIPTS FOR THE CREDIT OF THE STATE ACCIDENT FUND AND EXPENDITURES FROM THE FUND, SO AS TO PROVIDE THAT THE WORKERS' COMPENSATION TRUST FUND BALANCE SHALL NOT BE TREATED AS "CARRY FORWARD" REVENUE BUT MUST BE MANAGED SO AS TO APPROXIMATE THE ANNUAL ACTUARIAL ESTIMATE OF INCURRED BUT UNPAID LIABILITIES.

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

SECTION 1. Section 42-7-10(A) of the 1976 Code, as last amended by Section 987 of Act 181 of 1993, is further amended to read:

"(A) There is established as a separate agency of state government a separate fund to be known as the State Accident Fund, hereinafter referred to as the 'fund' or 'state fund' in this article. This fund consists of annual premium charges, recoveries from the Second Injury Fund, recoveries by subrogation, and, subject to subsection (B) of this section, of all income or revenue derived from investing these funds. Receipts for the credit of the fund and expenditures from the fund must be handled in the manner provided by law governing all state funds; provided, that the workers' compensation trust fund balance shall not be treated as 'carry forward' revenue for budgetary purposes but must be managed so as to approximate the annual actuarial estimate of incurred but unpaid liabilities."

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