1. (1) "Department" means the South Carolina Department of Employment and Workforce.
2. (2) "Fund adequacy target" means an average high-cost multiple of one. See S.C. Code Ann. Sections 41-31-45(A)(5).
3. (3) "Solvency surcharge" is a surcharge imposed on contributory employers in each year the unemployment trust fund is solvent but the trust fund reserve does not meet the fund adequacy target.
4. (4) "Fiscal year" begins on July first of each year and ends on June thirtieth of the succeeding year.
5. (5) "Tax year" begins on January first of each year and ends on December thirty-first of each year.
6. (6) "Trust fund reserve" means the unemployment compensation fund, excluding distributions from the federal government, pursuant to 42 U.S.C. 1103, commonly referred to as the Reed Act. See S.C. Code Ann. Sections 41-31-45 (A)(6) and Sections 41-33-10.
7. (7) "Cap" is the greater amount of either: (1) the actual benefits paid in the prior fiscal year or (2) the projected benefits for the next tax year.

HISTORY: Added by State Register Volume 39, Issue No. 6, Doc. No. 4475, eff June 26, 2015.