Bill 3189

                    Current Status

Bill Number:                       3189
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19950110
Primary Sponsor:                   P. Harris 
All Sponsors:                      P. Harris, Waldrop, Neilson,
                                   Baxley, J. Brown, Inabinett,
                                   Jennings, Kelley, Rhoad, Shissias and
                                   Wilkes 
Drafted Document Number:           PT\1536AC.95
Residing Body:                     Senate
Current Committee:                 Medical Affairs Committee 13
                                   SMA
Date of Last Amendment:            19950214
Subject:                           Eldercare Trust Fund

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

Senate  19950216  Introduced, read first time,             13 SMA
                  referred to Committee
House   19950215  Read third time, sent to Senate
House   19950214  Amended, read second time
House   19950208  Committee report: Favorable with         27 H3M
                  amendment
House   19950110  Introduced, read first time,             27 H3M
                  referred to Committee

Indicates Matter Stricken
Indicates New Matter

AMENDED

February 14, 1995

H. 3189

Introduced by REPS. P. Harris, Waldrop, Neilson, Baxley, J. Brown, Inabinett, Jennings, Kelley, Rhoad, Shissias and Wilkes

S. Printed 2/14/95--H.

Read the first time January 10, 1995.

A BILL

TO AMEND SECTION 43-21-180, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ELDERCARE TRUST FUND MONIES AND DISBURSEMENTS, SO AS TO MAKE ALL ASSETS OF THE FUND AVAILABLE FOR DISBURSEMENT AFTER ALLOWANCES FOR OPERATING EXPENSES RATHER THAN ONLY SEVENTY-FIVE PERCENT OF THE FUNDS UNTIL FIVE MILLION DOLLARS ACCRUE; AND TO PROVIDE THAT ANY ASSETS HELD IN THE FUND UNDER THE FORMER PROVISIONS OF SECTION 43-21-180 MUST BE RELEASED AND DISBURSED IN ACCORDANCE WITH THIS SECTION.

Amend Title To Conform

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

SECTION 1. Section 43-21-180 of the 1976 Code, as last amended by Section 1029, Act 181 of 1993, is further amended to read:

"Section 43-21-180. (A) Until the assets of Funds deposited in the trust fund exceed five million dollars, not more than seventy-five percent of the amount deposited in the trust fund each year from contributions plus and all earnings from the investment of monies of the trust fund credited during the previous fiscal year these funds, after allowances for operating expenses, is are available for disbursement upon authorization of the division. However, in any year in which more than two hundred thousand dollars is deposited in the trust fund, twenty-five percent of the amount over two hundred thousand dollars and earnings from the investment of these funds must be placed in a separate account. When the assets of this separate account exceed five million dollars, no further deposits are required to be made to the separate account and all future earnings from the investment of the monies in this separate account also are available for distribution upon authorization of the division."

(B) When the assets in the trust fund exceed five million dollars, all credited earnings plus all future annual deposits to the trust fund from contributions are available for disbursement upon authorization of the division.

SECTION 2. Assets in the Eldercare Trust Fund, which have been held pursuant to Section 43-21-180 of the 1976 Code, before amendment by Section 1 of this act, must be released for disbursement pursuant to Section 43-21-180 of the 1976 Code, as amended by Section 1 of this act.

SECTION 3. This act takes effect upon approval by the Governor.