Kentucky Statutes 341.612 – Interest payment fund
Current as of: 2024 | Check for updates
|
Other versions
(1) There is created within the State Treasury a special fund for unemployment insurance known as the interest payment fund which shall be administered separate and apart from all public money or funds of the state.
(2) The unemployment insurance interest payment fund shall be used exclusively for the purposes of payment of interest on advances under Title XII of the Social Security Act received from the United States Department of Labor in support of the unemployment insurance programs of the Commonwealth and repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances. The secretary shall have full power, authority, and jurisdiction over the fund, including all money, property, and securities belonging thereto, except where specified otherwise in KRS § 341.295, and he shall perform any act necessary or convenient in the administration of the fund consistent with this section.
(3) Any money collected for the purpose of paying interest on advances under Title XII of the Social Security Act or repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances shall be invested at interest in banks or other interest-bearing obligations of the United States of America. Investments shall at all times be made so that all the assets of the unemployment insurance interest payment fund shall always be convertible into cash when needed for the payment of interest on advances under Title XII of the Social Security Act or repayment of money, including any interest thereon, received from any source related to the payment of interest on advances. All interest income received under this section shall be credited to the interest payment fund. The State Treasurer shall dispose of securities or other property belonging to the unemployment insurance interest payment fund only under the direction of the secretary and the secretary of the Finance and Administration Cabinet.
(4) Any balance of money remaining in the unemployment insurance interest payment fund after all interest due and owing on advances under Title XII of the Social Security Act and repayment of money, including any interest thereon, received from any source related to the payment of interest on advances have been paid shall be credited on a proportional basis to the reserve account of each active subject contributing employer.
Effective: April 11, 2012
History: Amended 2012 Ky. Acts ch. 52, sec. 6, effective April 11, 2012. — Amended
1996 Ky. Acts ch. 266, sec. 21, effective July 15, 1996. — Created 1984 Ky. Acts ch.
326, sec. 2, effective July 13, 1984.
(2) The unemployment insurance interest payment fund shall be used exclusively for the purposes of payment of interest on advances under Title XII of the Social Security Act received from the United States Department of Labor in support of the unemployment insurance programs of the Commonwealth and repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances. The secretary shall have full power, authority, and jurisdiction over the fund, including all money, property, and securities belonging thereto, except where specified otherwise in KRS § 341.295, and he shall perform any act necessary or convenient in the administration of the fund consistent with this section.
Terms Used In Kentucky Statutes 341.612
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cabinet: means the Education and Labor Cabinet. See Kentucky Statutes 341.005
- Fund: means the unemployment insurance fund established by KRS §. See Kentucky Statutes 341.020
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Reserve account: means a separate book account maintained by the cabinet for each subject contributing employer under KRS §. See Kentucky Statutes 341.040
- Secretary: means the secretary of the Education and Labor Cabinet or his or her duly authorized representative. See Kentucky Statutes 341.005
- State: includes , in addition to the states of the United States of America, the
District of Columbia, Puerto Rico, the Dominion of Canada, and Virgin Islands. See Kentucky Statutes 341.020
(3) Any money collected for the purpose of paying interest on advances under Title XII of the Social Security Act or repayment of money, including any interest thereon, received from any source related to the payment of interest on such advances shall be invested at interest in banks or other interest-bearing obligations of the United States of America. Investments shall at all times be made so that all the assets of the unemployment insurance interest payment fund shall always be convertible into cash when needed for the payment of interest on advances under Title XII of the Social Security Act or repayment of money, including any interest thereon, received from any source related to the payment of interest on advances. All interest income received under this section shall be credited to the interest payment fund. The State Treasurer shall dispose of securities or other property belonging to the unemployment insurance interest payment fund only under the direction of the secretary and the secretary of the Finance and Administration Cabinet.
(4) Any balance of money remaining in the unemployment insurance interest payment fund after all interest due and owing on advances under Title XII of the Social Security Act and repayment of money, including any interest thereon, received from any source related to the payment of interest on advances have been paid shall be credited on a proportional basis to the reserve account of each active subject contributing employer.
Effective: April 11, 2012
History: Amended 2012 Ky. Acts ch. 52, sec. 6, effective April 11, 2012. — Amended
1996 Ky. Acts ch. 266, sec. 21, effective July 15, 1996. — Created 1984 Ky. Acts ch.
326, sec. 2, effective July 13, 1984.