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11-10-802. Accounts and deposit.

Arkansas Code — all titles (historical 2020) · legal_authorities

11-10-802. Accounts and deposit.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 11-10-802

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Stable record: arkansas_code:legal_authorities:11-10-802
Source file: gov.ar.code.title.11.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a1e4fa0a656d4b50012adf10fcc0f61cb30b500c2970b7a185255c742814d7f8

Source location: content.xml paragraph 13920

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11-10-802. Accounts and deposit. (a)(1) The Director of the Division of Workforce Services shall be ex officio treasurer and custodian of the Unemployment Compensation Fund and disbursing officer of the Division of Workforce Services. (2) The director shall administer the Unemployment Compensation Fund and shall maintain within the Unemployment Compensation Fund three (3) separate accounts: (A) A clearing account; (B) An Unemployment Compensation Trust Fund Account; and (C) A benefit account. (b)(1)(A) All moneys payable to the Unemployment Compensation Fund, upon receipt by the director, shall be immediately deposited into the clearing account. (B) All moneys in the clearing account after clearance shall, except as otherwise provided in this section, be deposited immediately with the United States Secretary of the Treasury to the credit of the account of this state in the federal Unemployment Trust Fund, established and maintained pursuant to section 904 of the Social Security Act any provisions of law in this state relating to the deposit, administration, release, or disbursement of moneys in the possession or custody of this state to the contrary notwithstanding. (C) All moneys received in the clearing account as proceeds of § 11-10-706(f) shall be deposited and credited to the Division of Workforce Services Special Fund, § 19-5-984, pursuant to § 11-10-716. (2) The benefit account shall consist of all moneys requisitioned from this state's account in the federal Unemployment Trust Fund in the United States Treasury. (3) Except as otherwise provided in this section, moneys in the clearing and benefit accounts may be deposited into any depository bank in which general funds of the state may be deposited, but no public deposit insurance charge or premium shall be paid out of the fund. (4) It shall be lawful for any bank to secure such deposit with it by the pledge or escrow of the assets of the bank consisting of bonds, notes, or certificates of indebtedness which are direct obligations of the United States or of this state, and moneys in the clearing and benefit accounts shall not be commingled with other state funds but shall be maintained in separate accounts on books of the depository bank, and collateral pledged for this purpose shall be kept separate and distinct from any collateral pledged to secure other funds of the state. (c)(1) The director shall furnish bond to the state with a corporate surety thereon, conditioned that he or she will faithfully perform his or her duties of employment and will properly account for all funds received and disbursed by him or her. (2) The bond shall be executed in the amount prescribed and in accordance with the applicable provisions of Arkansas law which prescribe surety bonds for state officers and employees and for officers and employees of state boards and commissions.

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Arkansas Code — all titles (historical 2020) · legal_authorities

11-10-706. Future rates — Stabilization tax.

11-10-706. Future rates — Stabilization tax. (a)(1) Each employer shall be required to pay a stabilization tax on wages paid by the employer with respect to employment. (2) This stabilization tax shall not be credited to the separate account of each employer. (b) The stabilization tax shall be determined as follows: (1) If the assets of the Unemployment Compensation Fund on the computation date are equal to or greater than two percent (2%) but less than two and one-half percent (2.5%) of total payrolls for employment during the preceding calendar year, the stabilization tax shall be one-tenth of one percent (0.1%); (2) If the assets of the Unemployment Compensation Fund on the computation date are greater than one and one-half percent (1.5%) but less than two percent (2%) of total payrolls for employment during the preceding calendar year, the stabilization tax shall be two-tenths of one percent (0.2%); (3) If the assets of the Unemployment Compensation Fund on the computation date are greater than one percent (1%) but less than one and one-half percent (1.5%) of total payrolls for employment during the preceding calendar year, the stabilization tax shall be three-tenths of one percent (0.3%); (4) If the assets of the Unemployment Compensation Fund on the computation date are greater than one-half of one percent (0.5%) but less than one percent (1%) of total payrolls for employment during the preceding calendar year, the stabilization tax shall be four-tenths of one percent (0.4%); (5) If the assets of the Unemployment Compensation Fund on the computation date are less than one-half of one percent (0.5%) of total payrolls for employment during the preceding calendar year, the stabilization tax shall be seven-tenths of one percent (0.7%); and (6) If the

Source: Arkansas Code — historical release 78 (November 6, 2020) · 11-10-706

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 11-10-706. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

11-10-716. Collection — Interest on past due contributions.

11-10-716. Collection — Interest on past due contributions. (a)(1) If contributions are not paid on the date on which they are due and payable as prescribed by the Director of the Division of Workforce Services, the whole or part thereafter remaining unpaid shall bear interest at the rate of one and one-half percent (1.5%) per month from and after the due date until payment is received by the director. (2) In computing interest for any period less than a full month, the rate shall be five-hundredths of a percent (0.05%) for each day or fraction thereof. (3) The date as of which payment of contributions, if mailed, is deemed to have been received may be determined by such rules as the director may prescribe. (b)(1)(A) At the end of each month, deposits in the Unemployment Compensation Fund Clearing Account which have been established as interest and penalty payments collected pursuant to §§ 11-10-716 — 11-10-723 shall be paid over to the Treasurer of State and credited by him or her to the Division of Workforce Services Special Fund, § 19-5-984, created and established in the State Treasury. (B) All withdrawals shall be upon voucher warrants issued, or caused to be issued, by the director for any one (1) or more of the following purposes as authorized by legislative appropriation: (i) Refunds of the interest and penalties erroneously paid; (ii) Replacements of money lost or erroneously expended, as provided by § 11-10-322; and (iii) Such other and additional purposes necessary to the proper administration of this chapter as specifically provided in the appropriation for the Division of Workforce Services. (2) Funds received as a result of the application of funds withdrawn from the fund pursuant to and in accordance with the withdrawal purposes and prov

Source: Arkansas Code — historical release 78 (November 6, 2020) · 11-10-716

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 11-10-716. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

19-5-984. Division of Workforce Services Special Fund.

19-5-984. Division of Workforce Services Special Fund. (a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Division of Workforce Services Special Fund”. (b)(1) The fund shall consist of unemployment compensation contribution interest and penalty payments collected under §§ 11-10-716 — 11-10-723 and interest and penalty payments on overpayments collected under § 11-10-532. (2) The fund shall be used for refunds of interest and penalties erroneously paid and other additional purposes as determined by the Director of the Division of Workforce Services under §§ 11-10-532 and 11-10-716 — 11-10-723 to be necessary to the proper administration of the following: (A) The Division of Workforce Services Law, § 11-10-101 et seq.; (B) The Arkansas Workforce Innovation and Opportunity Act, § 15-4-3701 et seq., or its successor; (C) The Temporary Assistance for Needy Families Program, § 20-76-101 et seq., or its successor; (D) The Arkansas Works Act of 2016, § 23-61-1001 et seq., or its successor; and (E) Any other programs transferred under the direction and supervision of the Division of Workforce Services, by either executive order or legislative enactment, or their successor programs. (c)(1) The fund shall include a subaccount for penalties collected under § 11-10-532(a)(3) that are in excess of fifteen percent (15%) of the overpayment. (2) The subaccount under subdivision (c)(1) of this section shall be used exclusively for activities to protect the integrity of the unemployment insurance program that are necessary to the proper administration of the Division of Workforce Services Law, § 11-10-101 et seq., as determined by the director. (d) The director sh

Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-984

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 19-5-984. This identifies an authority to review, not proof of applicability.