60.2-302 - Benefit account; requisitions from federal Unemployment Trust Fund. - Virginia Statutes

§ 60.2-302. Benefit account; requisitions from federal Unemployment TrustFund.

Moneys shall be requisitioned from this Commonwealth's account in theUnemployment Trust Fund solely for the payment of benefits and in accordancewith regulations prescribed by the Commission, except that money credited tothis Commonwealth's account, pursuant to § 903 of the Social Security Act (42U.S.C. § 1103), shall be used exclusively as provided in § 60.2-305. TheCommission shall requisition from the Unemployment Trust Fund such amounts,not exceeding the amount standing to its credit, as it deems necessary forthe payment of benefits for a reasonable future period. Upon receipt of suchamounts, the same shall be paid into the state treasury to the credit of thebenefit account, and shall be used solely to pay the benefits provided for inthis title. Any balance of moneys requisitioned from the Unemployment TrustFund which remains unclaimed or unpaid in the benefit account, includingundeliverable payments, after the expiration of the period for which suchsums were requisitioned shall either (i) be deducted from estimates for, andmay be utilized for the payment of, benefits during succeeding periods, or(ii) in the discretion of the Commission, be paid over to the Secretary ofthe Treasury of the United States, as provided in § 60.2-301. All benefitsshall be paid through public employment offices provided for in this title.

(Code 1950, § 60-92; 1960, c. 54; 1968, c. 738, § 60.1-108; 1986, c. 480;1993, c. 249.)