South Dakota § 61-5-31 - Interest on negative balance in employer's experience rating account.
Full text of South Dakota South Dakota Codified Laws § 61-5-31 — Interest on negative balance in employer's experience rating account., with citation guidance and answers to common questions.
§ 61-5-31. Interest on negative balance in employer's experience rating account.
Any employer whose experience rating account, as determined pursuant to § 61-5-25, has a negative reserve shall, in addition to the contribution rate, pay interest on the negative balance in the employer's experience rating account, excluding any negative balance existing on December 31, 2006. Following December 31, 2008, and each year thereafter, the department shall determine the interest due and owing on each negative balance account. Interest shall be owed only if the employer had a negative account balance on the computation date used for the annual interest calculation and a negative account balance on the ending date of each of the seven preceding calendar quarters. The interest rate shall be the average of the quarterly interest rates paid by the United States Treasury on unemployment insurance trust fund reserves in the calendar year ending on the interest calculation date. The interest rate so determined will be applied to the amount by which the negative account increased from December 31, 2006, or from the date the employer became subject to this title if later, to the computation date used for the interest calculation date for the year. Interest due and owing shall be paid in equal quarterly payments during the year following the computation date, with each payment due on the last day of each quarter. The computation date and experience rating account balance used to determine contribution rates shall be used in the application of this section. Any interest payments shall be credited to the experience rating account of the employer. The terms and conditions of this title which apply to the payment and collection of contributions also apply to the payment and collection of the negative account interest assessments.
Source: SL 2006, ch 267, § 4; SL 2011, ch 226, § 1; SDCL § 61-5-18.16; SL 2012, ch 252, § 59.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 61-5-31
What does South Dakota Codified Laws § 61-5-31 cover?
Section 61-5-31 ("Interest on negative balance in employer's experience rating account.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 61-5-31?
A common citation format is "South Dakota Codified Laws § 61-5-31" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 61-5-31 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.