U.S Code last checked for updates: May 27, 2024
§ 1104.
Unemployment Trust Fund
(a)
Establishment
(b)
Investments
(c)
Sale or redemption of obligations
(d)
Treatment of interest and proceeds
(e)
Separate book accounts
The Fund shall be invested as a single fund, but the Secretary of the Treasury shall maintain a separate book account for each State agency, the employment security administration account, the Federal unemployment account, the railroad unemployment insurance account, and the railroad unemployment insurance administration fund and shall credit quarterly (on March 31, June 30, September 30, and December 31, of each year) to each account, on the basis of the average daily balance of such account, a proportionate part of the earnings of the Fund for the quarter ending on such date. For the purpose of this subsection, the average daily balance shall be computed—
(1)
in the case of any State account, by reducing (but not below zero) the amount in the account by the balance of advances made to the State under section 1321 of this title, and
(2)
in the case of the Federal unemployment account—
(A)
by adding to the amount in the account the aggregate of the reductions under paragraph (1), and
(B)
by subtracting from the sum so obtained the balance of advances made under section 1323 of this title to the account.
(f)
Payment to State agencies and Railroad Retirement Board
(g)
Federal unemployment account; establishment
(Aug. 14, 1935, ch. 531, title IX, § 904, 49 Stat. 640; June 25, 1938, ch. 680, § 10(e)–(g), 52 Stat. 1104, 1105; Oct. 3, 1944, ch. 480, title IV, § 401, 58 Stat. 789; Aug. 6, 1947, ch. 510, § 5(a), 61 Stat. 794; Aug. 28, 1950, ch. 809, title IV, § 404(b), 64 Stat. 560; Aug. 5, 1954, ch. 657, § 5(b)–(f), 68 Stat. 673; Pub. L. 85–927, pt. II, § 204, Sept. 6, 1958, 72 Stat. 1782; Pub. L. 86–346, title I, § 104(3), Sept. 22, 1959, 73 Stat. 622; Pub. L. 86–778, title V, § 521, Sept. 13, 1960, 74 Stat. 976; Pub. L. 98–369, div. B, title VI, § 2663(d)(3), July 18, 1984, 98 Stat. 1167; Pub. L. 102–318, title V, § 531(d)(3), July 3, 1992, 106 Stat. 317.)
cite as: 42 USC 1104