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136Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19990112Primary Sponsor: McConnellAll Sponsors: McConnell, Matthews, Courtney, Patterson, Reese, Hayes, Jackson, Passailaigue, Giese, Branton, GloverDrafted Document Number: l:\council\bills\bbm\10011jm99.docResiding Body: HouseCurrent Committee: Labor, Commerce and Industry Committee 26 HLCISubject: Workers' Compensation Accident Fund, Trust Fund balance provisionsHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990218 Introduced, read first time, 26 HLCI referred to Committee Senate 19990217 Read third time, sent to House Senate 19990216 Read second time Senate 19990210 Committee report: Favorable 11 SJ Senate 19990112 Introduced, read first time, 11 SJ referred to Committee Senate 19981216 Prefiled, referred to Committee 11 SJ Versions of This Bill Revised on February 10, 1999 - Word format
Indicates Matter Stricken
Indicates New Matter
February 10, 1999
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.
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.
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