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Senators press DEW on $1.7 billion unemployment trust fund and $15 million negative solvency surcharge
Summary
Committee members questioned why the state returned $15 million to employers under a negative solvency surcharge when the unemployment trust fund balance stood at about $1.7 billion, well above statutory minimums and projections. DEW officials cited projections, economic uncertainty and new regulatory tools as reasons for a cautious approach.
Senators on the Labor, Commerce and Industry Committee questioned Department of Employment and Workforce officials about the size of South Carolina’s unemployment insurance (UI) trust fund and the department’s decision to implement a $15 million negative solvency surcharge that reduces employer tax collections.
Mr. Floyd, DEW executive director, told the committee the department tracks the trust fund daily and provided approximate figures: a trust fund balance of about $1.7 billion, calendar-year payouts for January and February of $23,283,319.04, and a current inflow figure (tax collections for a recent reporting period) cited at $2,871,345.04. Floyd said the fund ended fiscal 2024 at about…
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