Sec. 902. transfers to federal unemployment account5
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## Sec. 902 transfers to federal unemployment account5 **[**[42 U.S.C. 1102](/us/usc/t42/s1102)**]** ###
(a)Whenever the Secretary of the Treasury determines pursuant to section 901(f) 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 901(f)(3), 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: 5The heading for subsection
(a)of section 902 appears in the original law in all small caps centered casing and does not conform with the style of existing subsection headings in this Act. ####
(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)Transfers to Employment Security Administration Account 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)shall be transferred to the employment security administration account as of the close of such fiscal year. ###
(c)report to the congress7 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 901(f)(3)(A), and the Federal unemployment account will reach the limit provided for such account in section 902(a), and the extended unemployment compensation account will reach the limit provided for such account in section 905(b)(2), he shall, after consultation with the Secretary of the Treasury, so report to the Congress with a recommendation for appropriate action by the Congress. 7Section 209(c) of the Job Creation and Worker Assistance Act of 2002 (P.L. 107–147; 116 Stat. 32) provides: ``(c) Limitations on Transfers.—Section 903(b) of the Social Security Act shall apply to transfers under section 903(d) of such Act (as amended by this section). For purposes of the preceding sentence, such section 903(b) shall be deemed to be amended as follows:''. Subsection (b)(1), as amended by subsection (c), reads: (b)(1) If the Secretary of Labor finds that on the transfer date described in subsection (d)(5)—
(A)a State is not eligible for certification under section 303, or
(B)the law of a State is not approvable under section 3304 of the Federal Unemployment Tax Act, then the amount available for transfer to such State's account shall, in lieu of being so transferred, remain in the Federal unemployment account. If, during fiscal year 2002 (after the transfer date described in subsection (d)(5)), the Secretary of Labor finds and certifies to the Secretary of the Treasury that such State is eligible for certification under section 303, that the law of such State is approvable under such section 3304, or both, the Secretary of the Treasury shall transfer such amount from the Federal unemployment account to the account of such State. If the Secretary of Labor does not so find and certify to the Secretary of the Treasury before the close of such fiscal year then the amount which was available for transfer to such State's account under subsection
(d)shall (as of the close of fiscal year 2002) become unrestricted as to use as part of the Federal unemployment account.
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- 116 Stat. 32
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