
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC1102]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
                       CHAPTER 7--SOCIAL SECURITY
 
       SUBCHAPTER IX--EMPLOYMENT SECURITY ADMINISTRATIVE FINANCING
 
Sec. 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.

(Aug. 14, 1935, ch. 531, title IX, Sec. 902, as added Aug. 5, 1954, ch. 
657, Sec. 2, 68 Stat. 669; amended Pub. L. 86-778, title V, Sec. 521, 
Sept. 13, 1960, 74 Stat. 974; Pub. L. 91-373, title III, Sec. 304(a), 
(b), Aug. 10, 1970, 84 Stat. 715, 716; Pub. L. 100-203, title IX, 
Sec. 9154(b)(1), Dec. 22, 1987, 101 Stat. 1330-326; Pub. L. 102-318, 
title V, Sec. 531(b), July 3, 1992, 106 Stat. 316; Pub. L. 105-33, title 
V, Sec. 5402(a), Aug. 5, 1997, 111 Stat. 603.)


                            Prior Provisions

    A prior section 1102, act Aug. 14, 1935, ch. 531, title IX, 
Sec. 902, 49 Stat. 639, related to credit against tax. For further 
details, see Prior Law note set out preceding section 1101 of this 
title.


                               Amendments

    1997--Subsec. (a)(2). Pub. L. 105-33 substituted ``0.5 percent'' for 
``0.25 percent''.
    1992--Subsec. (a)(2). Pub. L. 102-318 substituted ``0.25 percent'' 
for ``five-eighths of 1 percent''.
    1987--Subsec. (a)(2). Pub. L. 100-203 substituted ``five-eighths'' 
for ``one-eighth''.
    1970--Subsec. (a). Pub. L. 91-373, Sec. 304(a), inserted, in 
provisions preceding par. (1), reference to the retention of the entire 
amount of the excess in the employment security administration account 
or the transfer to the extended unemployment compensation account as 
provided in section 1101(f)(3) of this title and, in par. (2), 
substituted ``one-eighth of 1 percent'' for ``four-tenths of 1 per 
centum''.
    Subsec. (c). Pub. L. 91-373, Sec. 304(b), added subsec. (c).
    1960--Pub. L. 86-778 substituted provisions for transfers between 
Federal unemployment account and employment security administration 
account for former provisions crediting the Federal unemployment account 
with funds and defining ``adjusted balance''.


                    Effective Date of 1997 Amendment

    Section 5402(b) of Pub. L. 105-33 provided that: ``This section 
[amending this section] and the amendment made by this section--
        ``(1) shall take effect on October 1, 2001, and
        ``(2) shall apply to fiscal years beginning on or after that 
    date.''


                    Effective Date of 1992 Amendment

    Section 531(e) of Pub. L. 102-318 provided that:
    ``(1) In general.--Except as provided in paragraph (2), the 
amendments made by this section [enacting section 1110 of this title and 
amending this section and sections 1101, 1104, and 1105 of this title] 
shall take effect on the date of the enactment of this Act [July 3, 
1992].
    ``(2) Changes in ceiling amounts.--The amendments made by 
subsection[s] (a)(2) and (b) [amending this section and section 1105 of 
this title] shall apply to fiscal years beginning after September 30, 
1993.''

                  Section Referred to in Other Sections

    This section is referred to in sections 1103, 1110, 1323 of this 
title.
