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U.S. Code as of:
01/19/04
Section 360. Railroad unemployment insurance account
(a) Funds constituting account; availability for benefits or
refunds
The Secretary of the Treasury shall maintain in the unemployment
trust fund established pursuant to section 1104 of title 42 an
account to be known as the railroad unemployment insurance account.
This account shall consist of (i) such part of all contributions
collected pursuant to section 358 of this title as is in excess of
0.65 per centum of the total compensation on which such
contributions are based, together with all interest collected
pursuant to section 358(g) (!1) of this title; (ii) all amounts
transferred or paid into the account pursuant to section 363 or
section 364 of this title; (iii) all additional amounts
appropriated to the account in accordance with any provision of
this chapter or with any provision of law now or hereafter adopted;
(iv) a proportionate part of the earnings of the unemployment trust
fund, computed in accordance with the provisions of section 1104(e)
of title 42; (v) all amounts realized in recoveries for
overpayments or erroneous payments of benefits; (vi) all amounts
transferred thereto pursuant to section 361 of this title; (vii)
all fines or penalties collected pursuant to the provisions of this
chapter; and (viii) all amounts credited thereto pursuant to
section 352(f) or section 362(g) of this title. Notwithstanding any
other provision of law, all moneys credited to the account shall be
mingled and undivided, and are permanently appropriated to the
Board to be continuously available to the Board without further
appropriation, for the payment of benefits and refunds under this
chapter, and no part thereof shall lapse at any time, or be carried
to the surplus fund or any other fund.
(b) Payment of benefits or refunds
All moneys in the account shall be used solely for the payment of
the benefits and refunds provided for by this chapter. The Board
shall, from time to time, certify to the Secretary of the Treasury
the name and address of each person or company entitled to receive
benefits or a refund payment under this chapter, the amount of such
payment, and the time at which it shall be made. Prior to audit or
settlement by the General Accounting Office, the Secretary of the
Treasury, through the Fiscal Service of the Treasury Department,
shall make payments from the account directly to such person or
company of the amount of benefits or refund so certified by the
Board: Provided, however, That if the Board shall so request, the
Secretary of the Treasury, through the Fiscal Service of the
Treasury Department, shall transmit benefits payments to the Board
for distribution by it through employment offices or in such other
manner as the Board deems proper.
(c) Annual report to Congress
The Board shall include in its annual report to Congress a
statement with respect to the status and operation of the account.
(d) Transfer and retransfer of funds; interest
Whenever the Board finds at any time that the balance in the
railroad unemployment insurance account will be insufficient to pay
the benefits and refunds which it estimates are due, or will become
due, under this chapter, it shall request the Secretary of the
Treasury to transfer from the Railroad Retirement Account to the
credit of the railroad unemployment insurance account such moneys
as the Board estimates would be necessary for the payment of such
benefits and refunds, and the Secretary shall make such transfer.
Whenever the Board finds that the balance in the railroad
unemployment insurance account, without regard to the amounts
transferred pursuant to the next preceding sentence, is sufficient
to pay such benefits and refunds, it shall request the Secretary of
the Treasury to retransfer from the railroad unemployment insurance
account to the credit of the Railroad Retirement Account such
moneys as in its judgment are not needed for the payment of such
benefits and refunds, plus interest at a rate for each fiscal year
equal to the average rate of interest borne by all special
obligations held by the Railroad Retirement Account on the last day
of the preceding fiscal year, rounded to the nearest multiple of
one-eighth of 1 per centum, and the Secretary shall make such
retransfer. In determining the balance in the railroad unemployment
insurance account as of September 30 of any year pursuant to
section 358(a) of this title, any moneys transferred from the
Railroad Retirement Account to the credit of the railroad
unemployment insurance account which have not been retransferred as
of such date from the latter account to the credit of the former,
plus the interest accrued thereon to that date, shall be
disregarded.
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