AI-assisted research summary: This section creates an unemployment insurance interest payment fund and tells officials how to manage, invest, credit, and distribute money in it.
341.612 Interest payment fund. (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.