(A) The department shall report, by October first of each year, to the General Assembly, the Review Committee, and to the Governor the amount in the unemployment trust fund and make an assessment of its funding level.
(B)(1) The annual assessment report must contain a trend chart concerning the unemployment trust fund's annual balance each year for at least the previous five years. The chart must compare the ending balance for each year with the minimum reserves needed to withstand an average recession and a severe recession.
(2) The annual assessment report also must contain an analysis of the cost paid to beneficiaries and cost-shifting, if any, from companies without a negative balance in their account fund to companies with a negative balance in their fund account. The analysis must be conducted with accepted actuarial principles on the basis of statistics of employment, business activity, and other relevant factors for the longest possible period. The analysis also must include recommendations for adjusting the tax structure to address inequities that arise due to cost-shifting.
HISTORY: 1999 Act No. 73, Section 3, eff June 11, 1999; 2010 Act No. 146, Section 8, eff March 30, 2010.
Effect of Amendment
The 2010 amendment rewrote this section to require the Department of Workforce to file annual reports including trend charts and cost analyses.
Structure South Carolina Code of Laws
Title 41 - Labor and Employment
Chapter 33 - Employment And Workforce - Funds
Section 41-33-10. Creation and content of unemployment compensation fund.
Section 41-33-20. Department to control fund.
Section 41-33-30. State Treasurer shall administer fund and issue warrants upon it.
Section 41-33-40. Three separate accounts within fund; collections credited to clearing account.
Section 41-33-45. Annual reports; trend charts; cost analysis.
Section 41-33-60. Withdrawals from unemployment trust fund shall constitute benefit account.
Section 41-33-70. Deposit of moneys in clearing and benefit accounts.
Section 41-33-90. Requisitions by department on State Treasurer.
Section 41-33-100. Deposit of amounts drawn by department; security.
Section 41-33-110. Representatives of department shall sign checks; bonds of representatives.
Section 41-33-120. Payment of refunds.
Section 41-33-170. Disposition of unused amounts in benefit payment account.
Section 41-33-180. Withdrawals from unemployment trust fund for certain federal benefits.
Section 41-33-190. Bank account for payment of certain federal benefits.
Section 41-33-200. Disposition of unused funds withdrawn for certain federal benefits.
Section 41-33-210. Management of funds upon discontinuance of unemployment trust funds.
Section 41-33-220. Liability of State Treasurer on bond.
Section 41-33-420. Deposit, administration, and disbursement of fund.
Section 41-33-430. Use of fund; requisitions and warrants.
Section 41-33-440. Expenditure of monies in fund.
Section 41-33-450. Liability of State Treasurer on bond.
Section 41-33-460. State shall replace funds lost or improperly spent.
Section 41-33-610. Department of Employment and Workforce special administration fund.
Section 41-33-710. Department of Employment and Workforce administrative contingency fund.
Section 41-33-810. Department of Employment and Workforce interest assessment fund.
Section 41-33-910. Department of Employment and Workforce integrity fund.