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U.S. Code as of:
01/19/04
Section 1102. Transfers between Federal Unemployment Account and Employment Security Administration Account
(a) Determination of excess; amount transferred
Whenever the Secretary of the Treasury determines pursuant to
section 1101(f) of this title that there is an excess in the
employment security administration account as of the close of any
fiscal year and the entire amount of such excess is not retained in
the employment security administration account or transferred to
the extended unemployment compensation account as provided in
section 1101(f)(3) of this title, there shall be transferred (as of
the beginning of the succeeding fiscal year) to the Federal
unemployment account the balance of such excess or so much thereof
as is required to increase the amount in the Federal unemployment
account to whichever of the following is the greater:
(1) $550 million, or
(2) the amount (determined by the Secretary of Labor and
certified by him to the Secretary of the Treasury) equal to 0.5
percent of the total wages subject (determined without any
limitation on amount) to contributions under all State
unemployment compensation laws for the calendar year ending
during the fiscal year for which the excess is determined.
(b) Unemployment account excesses
The amount, if any, by which the amount in the Federal
unemployment account as of the close of any fiscal year exceeds the
greater of the amounts specified in paragraphs (1) and (2) of
subsection (a) of this section shall be transferred to the
employment security administration account as of the close of such
fiscal year.
(c) Report to Congress
Whenever the Secretary of Labor has reason to believe that in the
next fiscal year the employment security administration account
will reach the limit provided for such account in section
1101(f)(3)(A) of this title, and the Federal unemployment account
will reach the limit provided for such account in subsection (a) of
this section, and the extended unemployment compensation account
will reach the limit provided for such account in section
1105(b)(2) of this title, he shall, after consultation with the
Secretary of the Treasury, so report to the Congress with a
recommendation for appropriate action by the Congress.
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