State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter48 > 48-622_01

48-622.01. State Unemployment Insurance TrustFund; created; use; investment; commissioner; powers and duties; cessationof state unemployment insurance tax; effect.(1) There ishereby created in the state treasury a special fund to be known as the StateUnemployment Insurance Trust Fund. All state unemployment insurance tax collectedunder sections 48-648 to 48-661, less refunds, shall be paid into the fund.Such money shall be held in trust for the sole and exclusive use of paymentof unemployment insurance benefits. Any money in the fund available for investmentshall be invested by the state investment officer pursuant to the NebraskaCapital Expansion Act and the Nebraska State Funds Investment Act, exceptthat interest earned on money in the fund shall be credited to the NebraskaTraining and Support Trust Fund at the end of each calendar quarter.(2) The commissioner shall have authority to determine when and in whatamounts withdrawals from the State Unemployment Insurance Trust Fund for paymentof benefits are necessary. Amounts withdrawn for payment of benefits shallbe immediately forwarded to the Secretary of the Treasury of the United Statesof America to the credit of the state's account in the Unemployment TrustFund, provisions of law in this state relating to the deposit, administration,release, or disbursement of money in the possession or custody of this stateto the contrary notwithstanding.(3) If and when the state unemployment insurance tax ceases to existas determined by the Governor, all money then in the State Unemployment Insurance TrustFund less accrued interest shall be immediately transferred to the creditof the state's account in the Unemployment Trust Fund, provisions of law inthis state relating to the deposit, administration, release, or disbursementof money in the possession or custody of this state to the contrary notwithstanding.The determination to eliminate the state unemployment insurance tax shallbe based on the solvency of the state's account in the Unemployment TrustFund and the need for training of Nebraska workers. Accrued interest in theState Unemployment Insurance Trust Fund shall be credited to the NebraskaTraining and Support Trust Fund. SourceLaws 1994, LB 1337, § 4; Laws 1995, LB 7, § 48; Laws 2009, LB631, § 2. Cross ReferencesNebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.