South Carolina General Assembly
115th Session, 2003-2004

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H. 3096

STATUS INFORMATION

General Bill
Sponsors: Rep. G.M. Smith
Document Path: l:\council\bills\bbm\9288zw03.doc

Introduced in the House on January 14, 2003
Currently residing in the House Committee on Ways and Means

Summary: Employer contributions terminate after ten years of projected benefits accumulate

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/4/2002  House   Prefiled
   12/4/2002  House   Referred to Committee on Ways and Means
   1/14/2003  House   Introduced and read first time HJ-42
   1/14/2003  House   Referred to Committee on Ways and Means HJ-42

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/4/2002

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A 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.

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