Tex. Labor Code Section 203.032
Management of Compensation Fund on Discontinuance of Federal Trust Fund

(a)

To the extent that a provision of this subchapter relates to the federal trust fund, the provision is operative only as long as:

(1)

the federal trust fund exists; and

(2)

the United States secretary of the treasury maintains for this state a separate book account of all funds deposited in the federal trust fund by this state for benefit purposes, with this state’s proportionate share of the earnings of the federal trust fund, from which no other state is permitted to make withdrawals.

(b)

If the federal trust fund ceases to exist or the secretary of the treasury ceases to maintain a separate book account for this state in the federal trust fund, all money, property, or securities in the federal trust fund that belong to the compensation fund shall be transferred to the comptroller. The comptroller shall hold, invest, transfer, deposit, and release the money, property, or securities in a manner approved by the commission in accordance with this subtitle.

(c)

Money held by the comptroller under Subsection (b) shall be invested in readily marketable bonds or other interest-bearing obligations of the United States of America. The money shall be invested in such a manner that the assets of the compensation fund are readily convertible at all times into cash as needed for the payment of benefits.

(d)

The comptroller may dispose of securities or other property belonging to the compensation fund only under the direction of the commission.
Acts 1993, 73rd Leg., ch. 269, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 12.07, eff. Sept. 1, 1997.

Source: Section 203.032 — Management of Compensation Fund on Discontinuance of Federal Trust Fund, https://statutes.­capitol.­texas.­gov/Docs/LA/htm/LA.­203.­htm#203.­032 (accessed May 18, 2024).

203.001
Definitions 203.002
Duties of Comptroller 203.003
Comptroller’s Bond Liability 203.004
Deposit of Funds 203.005
Application of Other Law 203.021
Unemployment Compensation Fund 203.022
Composition and Use of Clearing Account 203.023
Requisitions from Federal Trust Fund 203.024
Deposits 203.025
Use of Requisitioned Money 203.026
Accounts from Which Benefits and Refunds Are Paid 203.027
Unexpended Balance of Benefit Account 203.028
Solvency of Compensation Fund 203.029
Refund of Contributions to Federal Instrumentality 203.030
Reimbursement from or to Compensation Fund Under Reciprocal Arrangement 203.031
Nonliability of State 203.032
Management of Compensation Fund on Discontinuance of Federal Trust Fund 203.101
Limit on Application for Advance 203.102
Obligation Trust Fund 203.104
Limitation on Transfer from Obligation Trust Fund to Compensation Fund 203.105
Unemployment Obligation Assessment 203.151
Administration Fund 203.152
Use of Administration Fund 203.154
Reimbursement of Administration Fund 203.201
Special Administration Fund 203.202
Use of Special Administration Fund 203.203
Refund of Penalties 203.251
Findings and Purpose 203.252
Definitions 203.253
Request for Bond Issuance 203.254
Issuance of Bonds by Authority 203.255
Bond Proceeds 203.256
Repayment of Commission’s Financial Obligations 203.257
Bond Payments 203.258
Excess Revenue Collections and Investment Earnings 203.259
State Debt Not Created 203.260
State Not to Impair Bond Obligations 203.261
Exemption from Taxation 203.262
No Personal Liability
Green check means up to date. Up to date

Accessed:
May 18, 2024

§ 203.032’s source at texas​.gov