§ 214. Special fund for disability benefits. There is hereby created a fund which shall be known as the special fund for disability benefits to provide for the payment of disability benefits under sections two hundred seven, two hundred thirteen and attendance fees under subdivision two of section two hundred thirty-two of this article. 1. For the purpose of accumulating funds for payment of benefits to the disabled unemployed, there is hereby assessed a contribution at the rate of two-tenths of one per centum of the wages paid during the period from January first, nineteen hundred fifty to June thirtieth, nineteen hundred fifty inclusive, to employees in the employment of covered employers on or after January first, nineteen hundred fifty, but not in excess of twelve cents per week as to each such employee, of which the employee shall contribute one-tenth of one per centum of his wages but not in excess of six cents per week, and the employer shall make an equal contribution. The contributions of the employee shall be deducted from his wages in the same manner as provided in section two hundred nine. On or before April thirtieth, nineteen hundred fifty, the employer shall pay to the chairman the contributions with respect to wages paid during the quarterly period ending March thirty-first, nineteen hundred fifty, and on or before July thirty-first, nineteen hundred fifty, the employer shall pay to the chairman the contributions with respect to wages paid during the quarterly period ending June thirtieth, nineteen hundred fifty. 2. As promptly as practicable after April first, nineteen hundred fifty-eight and thereafter annually as soon as practicable after April first in each year, the chairman shall ascertain the condition of the fund, and if as of any such date the net assets of the fund shall be one million dollars or more below the sum of twelve million dollars, the chairman shall assess and collect from all carriers hereinafter specified an amount sufficient to restore the fund to an amount equal to twelve million dollars. Carriers subject to this assessment shall be such carriers as shall have covered employees in employment during the preceding three calendar years or any portion or portions thereof. The proportion of the total assessment to be assessed upon and collected from each carrier shall be that proportion thereof that the total of the payrolls covered by such carrier during said three calendar years bears to the total of all such payrolls covered by all such carriers during said three calendar years, except that the term "payrolls" as used herein shall be deemed limited to the first seven thousand dollars of earnings of each employee during any calendar year and except that there shall be excluded the payroll of employees of a class or classes for whom plan benefits provided under this article are payable during unemployment for a period not less than the period provided in section two hundred seven under an agreement between the employer or an association of employers and an association of the employees which has been accepted as a plan under section two hundred eleven. The chairman, before making an assessment as herein provided, shall give thirty days notice to all such carriers, in the same manner provided in section two hundred twenty-eight, that an itemized statement of the condition of the fund is open for inspection. 3. Whenever the net assets of the fund shall be less than three million dollars and the disability claims currently being paid shall indicate the necessity of supplementing the assets of the fund before the next annual assessment can be made, the chairman may assess and collect for all such carriers, in the same proportions established for the last preceding annual assessment, an amount sufficient in the discretion of the chairman for the needs of the fund, but not in excess of an amount sufficient to restore the fund to twelve million dollars.Before making any such emergency assessment the chairman shall give thirty days notice to such carriers in the same manner as provided with respect to annual assessments, and an itemized statement of the condition of the fund shall, in like manner, be open for inspection. 4. All contributions and assessments received by the chairman under the provisions of this section shall be credited to the fund herein established and deposited by the chairman to the credit of the commissioner of taxation and finance for the benefit of the fund. The superintendent of insurance may examine into the condition of the fund at any time on his own initiative or upon the request of the chairman. 5. Notwithstanding any inconsistent provision of law to the contrary, effective April first, two thousand nine, any amounts available in excess of the maximum net asset balance of twelve million dollars pursuant to subdivision two of this section, shall be transferred by the comptroller to the general fund, at the request of the director of the budget.
§ 214. Special fund for disability benefits. There is hereby created a fund which shall be known as the special fund for disability benefits to provide for the payment of disability benefits under sections two hundred seven, two hundred thirteen and attendance fees under subdivision two of section two hundred thirty-two of this article. 1. For the purpose of accumulating funds for payment of benefits to the disabled unemployed, there is hereby assessed a contribution at the rate of two-tenths of one per centum of the wages paid during the period from January first, nineteen hundred fifty to June thirtieth, nineteen hundred fifty inclusive, to employees in the employment of covered employers on or after January first, nineteen hundred fifty, but not in excess of twelve cents per week as to each such employee, of which the employee shall contribute one-tenth of one per centum of his wages but not in excess of six cents per week, and the employer shall make an equal contribution. The contributions of the employee shall be deducted from his wages in the same manner as provided in section two hundred nine. On or before April thirtieth, nineteen hundred fifty, the employer shall pay to the chairman the contributions with respect to wages paid during the quarterly period ending March thirty-first, nineteen hundred fifty, and on or before July thirty-first, nineteen hundred fifty, the employer shall pay to the chairman the contributions with respect to wages paid during the quarterly period ending June thirtieth, nineteen hundred fifty. 2. As promptly as practicable after April first, nineteen hundred fifty-eight and thereafter annually as soon as practicable after April first in each year, the chairman shall ascertain the condition of the fund, and if as of any such date the net assets of the fund shall be one million dollars or more below the sum of twelve million dollars, the chairman shall assess and collect from all carriers hereinafter specified an amount sufficient to restore the fund to an amount equal to twelve million dollars. Carriers subject to this assessment shall be such carriers as shall have covered employees in employment during the preceding three calendar years or any portion or portions thereof. The proportion of the total assessment to be assessed upon and collected from each carrier shall be that proportion thereof that the total of the payrolls covered by such carrier during said three calendar years bears to the total of all such payrolls covered by all such carriers during said three calendar years, except that the term "payrolls" as used herein shall be deemed limited to the first seven thousand dollars of earnings of each employee during any calendar year and except that there shall be excluded the payroll of employees of a class or classes for whom plan benefits provided under this article are payable during unemployment for a period not less than the period provided in section two hundred seven under an agreement between the employer or an association of employers and an association of the employees which has been accepted as a plan under section two hundred eleven. The chairman, before making an assessment as herein provided, shall give thirty days notice to all such carriers, in the same manner provided in section two hundred twenty-eight, that an itemized statement of the condition of the fund is open for inspection. 3. Whenever the net assets of the fund shall be less than three million dollars and the disability claims currently being paid shall indicate the necessity of supplementing the assets of the fund before the next annual assessment can be made, the chairman may assess and collect for all such carriers, in the same proportions established for the last preceding annual assessment, an amount sufficient in the discretion of the chairman for the needs of the fund, but not in excess of an amount sufficient to restore the fund to twelve million dollars.Before making any such emergency assessment the chairman shall give thirty days notice to such carriers in the same manner as provided with respect to annual assessments, and an itemized statement of the condition of the fund shall, in like manner, be open for inspection. 4. All contributions and assessments received by the chairman under the provisions of this section shall be credited to the fund herein established and deposited by the chairman to the credit of the commissioner of taxation and finance for the benefit of the fund. The superintendent of insurance may examine into the condition of the fund at any time on his own initiative or upon the request of the chairman. 5. Notwithstanding any inconsistent provision of law to the contrary, effective April first, two thousand nine, any amounts available in excess of the maximum net asset balance of twelve million dollars pursuant to subdivision two of this section, shall be transferred by the comptroller to the general fund, at the request of the director of the budget.
§ 214. Special fund for disability benefits. There is hereby created a fund which shall be known as the special fund for disability benefits to provide for the payment of disability benefits under sections two hundred seven, two hundred thirteen and attendance fees under subdivision two of section two hundred thirty-two of this article. 1. For the purpose of accumulating funds for payment of benefits to the disabled unemployed, there is hereby assessed a contribution at the rate of two-tenths of one per centum of the wages paid during the period from January first, nineteen hundred fifty to June thirtieth, nineteen hundred fifty inclusive, to employees in the employment of covered employers on or after January first, nineteen hundred fifty, but not in excess of twelve cents per week as to each such employee, of which the employee shall contribute one-tenth of one per centum of his wages but not in excess of six cents per week, and the employer shall make an equal contribution. The contributions of the employee shall be deducted from his wages in the same manner as provided in section two hundred nine. On or before April thirtieth, nineteen hundred fifty, the employer shall pay to the chairman the contributions with respect to wages paid during the quarterly period ending March thirty-first, nineteen hundred fifty, and on or before July thirty-first, nineteen hundred fifty, the employer shall pay to the chairman the contributions with respect to wages paid during the quarterly period ending June thirtieth, nineteen hundred fifty. 2. As promptly as practicable after April first, nineteen hundred fifty-eight and thereafter annually as soon as practicable after April first in each year, the chairman shall ascertain the condition of the fund, and if as of any such date the net assets of the fund shall be one million dollars or more below the sum of twelve million dollars, the chairman shall assess and collect from all carriers hereinafter specified an amount sufficient to restore the fund to an amount equal to twelve million dollars. Carriers subject to this assessment shall be such carriers as shall have covered employees in employment during the preceding three calendar years or any portion or portions thereof. The proportion of the total assessment to be assessed upon and collected from each carrier shall be that proportion thereof that the total of the payrolls covered by such carrier during said three calendar years bears to the total of all such payrolls covered by all such carriers during said three calendar years, except that the term "payrolls" as used herein shall be deemed limited to the first seven thousand dollars of earnings of each employee during any calendar year and except that there shall be excluded the payroll of employees of a class or classes for whom plan benefits provided under this article are payable during unemployment for a period not less than the period provided in section two hundred seven under an agreement between the employer or an association of employers and an association of the employees which has been accepted as a plan under section two hundred eleven. The chairman, before making an assessment as herein provided, shall give thirty days notice to all such carriers, in the same manner provided in section two hundred twenty-eight, that an itemized statement of the condition of the fund is open for inspection. 3. Whenever the net assets of the fund shall be less than three million dollars and the disability claims currently being paid shall indicate the necessity of supplementing the assets of the fund before the next annual assessment can be made, the chairman may assess and collect for all such carriers, in the same proportions established for the last preceding annual assessment, an amount sufficient in the discretion of the chairman for the needs of the fund, but not in excess of an amount sufficient to restore the fund to twelve million dollars.Before making any such emergency assessment the chairman shall give thirty days notice to such carriers in the same manner as provided with respect to annual assessments, and an itemized statement of the condition of the fund shall, in like manner, be open for inspection. 4. All contributions and assessments received by the chairman under the provisions of this section shall be credited to the fund herein established and deposited by the chairman to the credit of the commissioner of taxation and finance for the benefit of the fund. The superintendent of insurance may examine into the condition of the fund at any time on his own initiative or upon the request of the chairman. 5. Notwithstanding any inconsistent provision of law to the contrary, effective April first, two thousand nine, any amounts available in excess of the maximum net asset balance of twelve million dollars pursuant to subdivision two of this section, shall be transferred by the comptroller to the general fund, at the request of the director of the budget.
