Current Status Bill Number:4123 Type of Legislation:Joint Resolution JR Introducing Body:House Introduced Date:19970508 Primary Sponsor:Ways and Means Committee HWM 30 All Sponsors:Ways and Means Committee Drafted Document Number:bbm\9445jm.97 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Unemployment Insurance Study Committee created, Employment Security Commission, compensation
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19970520 Introduced, read first time, 06 SF
referred to Committee
House 19970515 Read third time, sent to Senate
House 19970514 Read second time
House 19970508 Introduced, read first time
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INTRODUCED
May 8, 1997
H. 4123
S. Printed 5/8/97--H.
Read the first time May 8, 1997.
TO PROVIDE FOR THE CONTRIBUTION RATES WITH RESPECT TO THE COMPUTATION OF THE STATEWIDE RESERVE RATIO FOR EMPLOYER CONTRIBUTIONS TO THE STATE UNEMPLOYMENT COMPENSATION FUND FOR THE PERIOD JANUARY 1, 1998 THROUGH DECEMBER 31, 1998; TO PROVIDE FOR THE APPLICABILITY OF CERTAIN PROVISIONS OF LAW FOR THE SAME PERIOD; AND TO CREATE THE UNEMPLOYMENT INSURANCE STUDY COMMITTEE, PROVIDE FOR ITS MEMBERSHIP, DUTIES, AND RELATED MATTERS, AND PROVIDE FOR ITS DISSOLUTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Notwithstanding any provision contained in Section 41-31-80 of the 1976 Code, with respect to the computation of the statewide reserve ratio for employer contributions to the state unemployment compensation fund, for the period January 1, 1998 through December 31, 1998 the following contribution rates apply:
If the resultant percentage of the employer's reserve balance divided by the annual payroll equals or exceeds 9%, then the contribution rate is .54%;
If the resultant percentage of the employer's reserve balance divided by the annual payroll equals 8% but is less than 9%, then the contribution rate is .89%;
If the resultant percentage of the employer's reserve balance divided by the annual payroll equals 7% but is less than 8%, then the contribution rate is 1.24%;
If the resultant percentage of the employer's reserve balance divided by the annual payroll equals 6% but is less than 7%, then the contribution rate is 1.59%;
If the resultant percentage of the employer's reserve balance divided by the annual payroll equals 5% but is less than 6%, then the contribution rate is 1.94%;
If the resultant percentage of the employer's reserve balance divided by the annual payroll equals 4% but is less than 5%, then the contribution rate is 2.29%;
If the resultant percentage of the employer's reserve balance divided by the annual payroll is less than 4%, then the contribution rate is 2.64%.
SECTION 2. All other provisions of Chapters 27 through 42, Title 41 of the 1976 Code are applicable for the period January 1, 1998 through December 31, 1998.
SECTION 3. (A) There is created the Unemployment Insurance Study Committee to examine the present unemployment tax rate structure and provide recommendations for modifying the current taxable wages, contribution rates, and fund balances so that the Trust Fund has adequate funds to meet future unemployment benefits needs in the event of an economic slowdown.
(B) The study committee shall be comprised of eleven members as follows:
(1) three private sector representatives to be appointed by the Governor;
(2) the Speaker Pro Tempore of the House of Representatives or his designee from the membership of the House of Representatives, and two members of the House Ways and Means Committee to be appointed by the chairman of that committee;
(3) the President Pro Tempore of the Senate or his designee from the membership of the Senate, and two members of the Senate Finance Committee to be appointed by the chairman of that committee;
(4) the chairman of the South Carolina Employment Security Commission or his designee from the membership of that commission; and
(5) the President of the South Carolina Chamber of Commerce or his designee.
(C) The members of the study committee shall elect a chairman and shall meet at such times and places as the chairman shall determine to be necessary. The members of the study committee shall serve without compensation and shall not receive any mileage, subsistence, or per diem in the performance of their duties. The study shall submit written findings and recommendations, in accordance with its stated purpose under this section, to the Governor, the Ways and Means Committee of the House of Representatives, and the Finance Committee of the Senate not later than November 3, 1997, at which time the committee shall be dissolved.
SECTION 4. This joint resolution takes effect upon approval by the Governor and, except as otherwise specifically provided in this joint resolution, expires December 31, 1998.