Code of Virginia

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Code of Virginia
Title 60.2. Unemployment Compensation
Chapter 3. Funds
12/5/2022

Article 1. Unemployment Compensation Fund.

§ 60.2-300. Fund continued; accounts maintained.

The special fund established in the state treasury and known as the Unemployment Compensation Fund is continued. The Comptroller shall maintain within the fund two separate accounts:

1. A clearing account; and

2. A benefit account.

Code 1950, § 60-90; 1968, c. 738, § 60.1-106; 1986, c. 480.

§ 60.2-301. Clearing account; payment to credit of federal Unemployment Trust Fund.

All taxes and other moneys required by this title to be paid to the Unemployment Compensation Fund and collected by the Commission, and any interest or earnings upon any moneys or property belonging to the fund shall, promptly upon collection, be paid into the state treasury and credited to the clearing account. Any interest collected on taxes shall be paid into the Special Unemployment Compensation Administration Fund continued by § 60.2-314. Refunds, except for interest collected payable pursuant to § 60.2-524, may be paid from the clearing account. After clearance thereof, all other moneys in the clearing account, including undeliverable payments, shall immediately be paid over to the Secretary of the Treasury of the United States, to the credit of the Unemployment Trust Fund established by the Social Security Act, to be held for the Commonwealth upon the terms and conditions provided in the Social Security Act.

Code 1950, § 60-91; 1968, c. 738, § 60.1-107; 1986, c. 480; 1993, c. 249; 1995, c. 515.

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

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

§ 60.2-303. Moneys appropriated to Commission.

All moneys paid into the state treasury and credited to the Unemployment Compensation Fund are hereby appropriated to the Commission for the purposes set forth in this article.

Code 1950, § 60-93; 1968, c. 738, § 60.1-109; 1986, c. 480.

§ 60.2-304. Disbursements by State Treasurer upon warrants of Comptroller.

All payments and disbursements from the Unemployment Compensation Fund shall be made by the State Treasurer upon warrants of the Comptroller issued upon vouchers signed by the Commissioner or by such other person as the Commissioner may designate for that purpose.

Code 1950, § 60-94; 1968, c. 738, § 60.1-110; 1986, c. 480.

§ 60.2-305. Requisition or use of money credited to Commonwealth in Unemployment Trust Fund.

A. 1. Money credited to the account of this Commonwealth in the Unemployment Trust Fund by the Secretary of the Treasury of the United States, pursuant to § 903 of the Social Security Act (42 U.S.C. § 1103), may not be requisitioned from this Commonwealth's account or used except for the payment of benefits and for the payment of expenses incurred for the administration of this title.

2. Such money may be requisitioned, pursuant to § 60.2-302, for the payment of benefits. Such money may also be requisitioned and used for the payment of expenses incurred for the administration of this title but only pursuant to a specific appropriation by the General Assembly and only if the expenses are incurred and the money requisitioned after the enactment of an appropriation law which:

a. Specifies the purpose for which such money is appropriated and the amount appropriated therefor;

b. Limits the period within which such money may be obligated to a period ending not more than two years after the date of the enactment of the appropriation law; and

c. Limits the amount which may be obligated during any twelve-month period beginning on July 1 and ending on the next June 30 to an amount which does not exceed the amount by which (i) the aggregate of the amount credited to the account of this Commonwealth, pursuant to § 903 of the Social Security Act (42 U.S.C. § 1103), during the same twelve-month period and the thirty-four preceding twelve-month periods, exceeds (ii) the aggregate of the amounts obligated for administration and paid out for benefits and charged against the amounts credited to the account of this Commonwealth pursuant to such section during such thirty-five twelve-month periods.

B. Amounts credited to this Commonwealth's account in the Unemployment Trust Fund under § 903 of the Social Security Act (42 U.S.C. § 1103) which are obligated for administration or paid out for benefits shall be charged against equivalent amounts which were first credited and which are not already so charged. However, no amount obligated for administration during a twelve-month period specified in subdivision 2 of subsection A of this section may be charged against any amount credited during such a twelve-month period earlier than the thirty-fourth preceding such period.

C. Money requisitioned as provided for the payment of expenses of administration shall be deposited in the Unemployment Compensation Administration Fund, but, until expended, shall remain a part of the Unemployment Trust Fund. The Commission shall maintain a separate record of the deposit, obligation, expenditure and return of funds so deposited.

Code 1950, § 60-94.1; 1960, c. 54; 1968, c. 131; 1968, c. 738, § 60.1-111; 1970, c. 732; 1972, c. 23; 1986, c. 480.