§ 550 — Unemployment insurance fund

§ 550. Unemployment insurance fund. 1. Composition and investment. (a)\nThe unemployment insurance fund shall be continued. It shall consist of\nall contributions, interest, penalties and monies from the re-employment\nservice fund pursuant to section five hundred eighty-one-b of this\narticle received and paid into the fund, and of moneys credited to this\nstate pursuant to section nine hundred three of the federal social\nsecurity act, of property and securities acquired by and through the use\nof moneys belonging to the fund, and of interest earned thereon. All\nmoney in the fund, immediately upon receipt, shall be deposited or\ninvested in the obligations of the "Unemployment Trust Fund" of the\nUnited States government or its authorized agent, so long as said trust\nfund exists, notwithstanding any other statutory provision to the\ncontrary. The commissioner shall requisition from the unemployment trust\nfund necessary amounts from time to time.\n (b) Notwithstanding any other provision of this article, any moneys\ncredited to the state pursuant to section nine hundred three of the\nfederal social security act for federal fiscal years two thousand, two\nthousand one and two thousand two, shall be transferred into the\nunemployment administration fund established pursuant to section five\nhundred fifty-one of this title. These moneys are to be used only to pay\nexpenses incurred by the state for the administration of the\nunemployment insurance law and are not to be used for the payment of\nunemployment compensation or for the administration of state public\nemployment offices.\n 2. Custodian of funds. The state commissioner of taxation and finance\nand the state comptroller shall be the custodians of the funds received\nupon requisition by the industrial commissioner from the unemployment\ntrust fund and, subject to audit by the state comptroller, the\nindustrial commissioner shall direct the disbursement thereof. The state\ncommissioner of taxation and finance, notwithstanding any other\nprovision of law, may for the purpose of such disbursement authorize any\ndepository of the fund to make payments out of any moneys therein upon\ndrafts on the fund issued by the industrial commissioner and\ncountersigned by the state comptroller. The state commissioner of\ntaxation and finance may deposit any portion of such funds which he\ndeems not needed for immediate use in the manner and subject to all the\nprovisions of law respecting the deposit of other state funds by him.\nInterest earned by such portion of such funds deposited by the state\ncommissioner of taxation and finance shall be collected by him and\nplaced to the credit of the fund.\n 3. Fund sole source of benefits. The fund shall be administered in\ntrust and shall be used solely to pay benefits, except that subject to\nthe limitations therein contained moneys credited to this fund pursuant\nto section nine hundred three of the federal social security act may\nupon an appropriation duly made by the legislature be used for the\nadministration of the unemployment insurance law and shall for such\npurpose and to the extent required be transferred to the administration\nfund established under this article. All payments shall be made upon\nvouchers drawn on the fund by the commissioner in accordance with\nprocedures established by him. The fund shall be the sole and exclusive\nsource for the payment of benefits which shall be due and payable only\nto the extent that contributions and other payments to the fund with\nincrements thereon, actually collected and credited to the fund and not\notherwise appropriated or allocated, are available therefor.\n 4. Non-liability of state. The state of New York undertakes the\nadministration of the fund without any liability on the part of the\nstate beyond the amount of moneys received through allotment from any\nagency of the United States.\n