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§ 845. Management of funds upon discontinuance of Unemployment Trust Fund

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 43 P.S. Labor

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 43 P.S. Labor (Refs & Annos)
Chapter 14. Unemployment Compensation Law (Refs & Annos)
Article VI. Unemployment Compensation Fund and Administration Fund
43 P.S. § 845
§ 845. Management of funds upon discontinuance of Unemployment Trust Fund
If Title IX of the Social Security Act,1 or any amendment thereto, or any other Federal tax against which contributions under this act may be credited, shall be amended or repealed by Congress or held unconstitutional by the Supreme Court of the United States, with the result that no contributions under this act may be credited against such Federal tax, then the department shall requisition from the Unemployment Trust Fund all moneys, properties, or securities therein belonging to the Unemployment Compensation Fund of this Commonwealth, and shall credit the same to the Employers' Contribution Account in the Unemployment Compensation Fund. Thereafter all contributions received or collected under this act shall remain to the credit of the Employers' Contribution Account in the Unemployment Compensation Fund until required for the payment of compensation, in which event sufficient funds for this purpose, upon requisition of the department, shall be transferred to the credit of the Compensation Account in the aforesaid fund. All moneys standing to the credit of the Employers' Contribution Account in the Unemployment Compensation Fund shall be invested by the State Treasurer in such investments prescribed by the act of April twenty-fifth, one thousand nine hundred twenty-nine (Pamphlet Laws, seven hundred twenty-three),2 as are readily marketable, and the investment of such moneys shall at all times be so made that all the assets to the credit of the Employers' Contribution Account shall always be readily convertible into cash when needed for the payment of compensation.

Credits

1936, Second Ex.Sess., Dec. 5, P.L. (1937) 2897, art. VI, § 605.

Footnotes

42 U.S.C.A. § 1101 et seq.
72 P.S. §§ 3603, 3604.
43 P.S. § 845, PA ST 43 P.S. § 845
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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