(A) There is hereby created in the State Treasury a special fund to be known as the Department of Employment and Workforce interest assessment fund.
(B) The fund shall consist of all assessments collected pursuant to Section 41-31-55(A).
(C) All money in the interest assessment fund must be deposited, administered, and disbursed in the same manner and under the same conditions and requirements as are provided by law for other special funds in the State Treasury, except that money in this fund shall not be commingled with other state funds, but shall be maintained in a separate account on the books of a depository bank. They shall be secured by such bank or banks by such securities or surety bond as required by law of depositories of state funds.
(D) All monies which are deposited or paid into the fund are appropriated and made available to the department. All monies in this fund shall be expended solely for the purpose of defraying the cost of interest on advances from the federal Unemployment Trust Fund as provided in the Social Security Act, Section 1202(b)(3)(A).
(E) Any balances in the fund shall not lapse at any time but shall be continuously available to the department for expenditure consistent with Chapters 27 through 41 of this title. The department shall issue its requisition approved by the executive director or any designated individual, officer, or agent for payment of such costs of interest to the Comptroller General who shall draw his warrant in the usual form provided by law on the State Treasurer, who shall pay it by check on the interest assessment fund.
HISTORY: 2011 Act No. 3, Section 12, eff March 14, 2011.
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.