As used in this chapter:
(1) "Benefit ratio" means:
(a) for the period of January 1, 2011, through December 31, 2013, the number calculated by dividing the sum of all benefits charged to an employer during the forty calendar quarters immediately preceding the calculation date by the sum of the employer's taxable payroll for the same period. If fewer than forty but more than one calendar quarter of data are available, the data from those available calendar quarters shall be used in the calculation. The benefit ratio must be calculated annually using data for quarters filed through June thirtieth of the current year to the sixth decimal place;
(b) from January 1, 2014, the number calculated by dividing the sum of all benefits charged to an employer during the twelve calendar quarters immediately preceding the calculation date by the sum of the employer's taxable payroll for the same period. If fewer than twelve but more than one calendar quarters of data are available, the data from those available calendar quarters shall be used in the calculation. The benefit ratio must be calculated annually using data for quarters filed through June thirtieth of the current year to the sixth decimal place.
(2) "Department" means the Department of Employment and Workforce.
(3) "Statewide average required rate" means the amount of income projected to be needed by the unemployment insurance trust fund for the upcoming calendar year divided by the estimated taxable wages over the same period rounded to the sixth decimal place.
(4) "Statewide average interest surcharge" means the amount of income projected to be needed to pay interest on outstanding federal advances during the upcoming calendar year divided by the estimated taxable wages for the upcoming calendar year.
HISTORY: 2010 Act No. 234, Section 1, eff January 1, 2011; 2011 Act No. 63, Section 1, eff June 14, 2011.
Effect of Amendment
The 2011 amendment in subsection (1)(a) substituted "sum" for "average", "sum of the employer's" for "employer's average", and "for" for "during" in the first sentence, substituted "one calendar quarter" for "four calendar quarters" in the second sentence, and substituted "using data for quarters filed through June thirtieth of the current year" for "on July first" in the third sentence; and in subsection (B) in the first sentence substituted "sum" for "average", "sum of the employer's" for "employer's average", and "for" for "during", in the second sentence substituted "one calendar quarters" for "four calendar quarters", and in the third sentence substituted "using data for quarters filed through June thirtieth of the current year" for "on July first".
Structure South Carolina Code of Laws
Title 41 - Labor and Employment
Chapter 31 - Contributions And Payments To The Unemployment Trust Fund
Section 41-31-10. General rate of contribution.
Section 41-31-20. Employers' accounts.
Section 41-31-30. Classification of employers.
Section 41-31-40. Base rate computation periods.
Section 41-31-45. Debt status estimates; promulgation of regulations.
Section 41-31-50. Determination of tax rates.
Section 41-31-52. Benefits for seasonal workers.
Section 41-31-55. Additional surcharges when fund insolvent; rates; deposit in special account.
Section 41-31-80. Omitted by 2010 Act No. 234, Section 1, eff January 1, 2011.
Section 41-31-90. Effect of change of corporate name.
Section 41-31-100. Successor by purchase, merger of entire business as employer; notice.
Section 41-31-110. Computation of base rates applicable to successors.
Section 41-31-120. Successor by merger, purchase of part of established business.
Section 41-31-130. Refunds not authorized; adjustments made by deductions from future payments.
Section 41-31-140. Transfer of experience rating account.
Section 41-31-150. Treatment of fractions of a cent.
Section 41-31-160. Contribution reports shall not be required more frequently than quarterly.
Section 41-31-170. Report to employer on status of account; protests.
Section 41-31-320. Examination of reports and computation of contribution; notice of excess due.
Section 41-31-330. Imposition of penalty.
Section 41-31-350. Penalty for failure to file report.
Section 41-31-360. Adjustments and refunds.
Section 41-31-370. Interest on unpaid contributions.
Section 41-31-380. Lien for contributions, interest, penalties, and costs.
Section 41-31-390. Issuance of warrant of execution for collection.
Section 41-31-400. Procedure under execution.
Section 41-31-420. Priorities under legal dissolution or distribution.
Section 41-31-600. Definition of "nonprofit organization".
Section 41-31-610. Application of article.
Section 41-31-620. Election to make payments in lieu of contributions.
Section 41-31-640. Security to insure payments.
Section 41-31-650. Failure to post security.
Section 41-31-660. Amount of payments; group accounts.
Section 41-31-810. Application of Article 5.
Section 41-31-910. General provisions.
Section 41-31-920. Inclusion of assessments in quarterly contribution report.