North Carolina § 96-6 - 2. Unemployment Insurance Reserve Fund.

§ 96-6. 2. Unemployment Insurance Reserve Fund.

Establishment and Use. - The Unemployment Insurance Reserve Fund is established as an enterprise fund. The Fund consists of the revenues derived from the surtax imposed under G.S. 96-9.7. Monies in the Fund may be used only for the following purposes: Interest payments required on advances under Title XII of the Social Security Act. Principal payments on advances under Title XII of the Social Security Act. Transfers to the Unemployment Insurance Fund for payment of benefits. Administrative costs for the collection of the surtax. Refunds of the surtax. Fund Capped. - The balance in the Unemployment Insurance Reserve Fund on January 1 of any year may not exceed the greater of fifty million dollars ($50,000,000) or the amount of interest paid the previous September on advances under Title XII of the Social Security Act. Any amount in the fund that exceeds the cap must be transferred to the Unemployment Insurance Fund. History (2013-2, s. 1(b); 2013-224, ss. 4, 19.) Editor's Note. - This section was enacted as G.S. 96-6.1 by Session Laws 2013-2, s. 1(b), and was renumbered as this section at the direction of the Revisor of Statutes. Session Laws 2013-2, s. 11, as amended by Session Laws 2013-224, s. 19, provides: "This act becomes effective July 1, 2013. Changes made by this act to unemployment benefits apply to claims for benefits filed on or after June 30, 2013. The requirements of G.S. 96-15(a1) apply to any week of an attached claim filed on or after June 30, 2013. Changes made by this act to require an account balance by an employer that is a governmental entity or a nonprofit organization and that elects to finance benefits by making reimbursable payments in lieu of contributions apply to advance payments payable for calendar quarters beginning on or after July 1, 2013. Changes made by this act to the determination and application of the contribution rate apply to contributions payable for calendar quarters beginning on or after January 1, 2014." At the direction of the Revisor of Statutes, the spelling of the word "moneys" was changed to "monies" in the third sentence of subsection (a). Effect of Amendments. - Session Laws 2013-224, s. 4, effective June 27, 2013, substituted "an enterprise fund" for "a special revenue fund" in the first sentence of subsection (a).