The Unemployment Trust Fund (UTF) is composed of 59 accounts in the United States Treasury related to unemployment insurance program. Specifically, there are 53 state accounts, 4 federal accounts, and 2 accounts in connection with Railroad Retirement Board.
There is one account for each state (plus District of Columbia, Puerto Rico, and the Virgin Islands). Each state account consists of the contributions and reimbursements collected by the state. Interest earned on these amounts are credited to the state accounts. Money is withdrawn from state accounts mainly to pay unemployment benefits, with limited statutory exceptions.
States sometimes use the term "Unemployment Trust Fund" to refer to their own state account.
Federal accountsedit
There are four federal accounts in the UTF that are used to provide federal financing.
1. The Employment Security Administration Account (ESAA) is used to fund the administrative costs of the UI system and of other related programs. Virtually all of the income to this account is from FUTA tax.
2. The Extended Unemployment Compensation Account (EUCA) pays for the federal share (50%) of benefit outlays under the federal-state EB program. EUCA is also used to fund temporary recessionary benefit programs, such as the Emergency Unemployment Compensation (EUC) program.
3. The Federal Unemployment Account (FUA) provides loans to states under Title XII of the Social Security Act. All state loan repayments, either voluntary or through FUTA credit reduction, are deposited in this account, and so are loan interest payments.
4. The Federal Employees Compensation Account (FECA) finances benefit payments to former federal civilian and military employees.
unemployment, trust, fund, composed, accounts, united, states, treasury, related, unemployment, insurance, program, specifically, there, state, accounts, federal, accounts, accounts, connection, with, railroad, retirement, board, contents, state, accounts, fed. The Unemployment Trust Fund UTF is composed of 59 accounts in the United States Treasury related to unemployment insurance program Specifically there are 53 state accounts 4 federal accounts and 2 accounts in connection with Railroad Retirement Board Contents 1 State accounts 2 Federal accounts 3 See also 4 External linksState accounts editThere is one account for each state plus District of Columbia Puerto Rico and the Virgin Islands Each state account consists of the contributions and reimbursements collected by the state Interest earned on these amounts are credited to the state accounts Money is withdrawn from state accounts mainly to pay unemployment benefits with limited statutory exceptions States sometimes use the term Unemployment Trust Fund to refer to their own state account Federal accounts editThere are four federal accounts in the UTF that are used to provide federal financing 1 The Employment Security Administration Account ESAA is used to fund the administrative costs of the UI system and of other related programs Virtually all of the income to this account is from FUTA tax 2 The Extended Unemployment Compensation Account EUCA pays for the federal share 50 of benefit outlays under the federal state EB program EUCA is also used to fund temporary recessionary benefit programs such as the Emergency Unemployment Compensation EUC program 3 The Federal Unemployment Account FUA provides loans to states under Title XII of the Social Security Act All state loan repayments either voluntary or through FUTA credit reduction are deposited in this account and so are loan interest payments 4 The Federal Employees Compensation Account FECA finances benefit payments to former federal civilian and military employees See also editFederal Unemployment Tax Act FUTA credit reductionExternal links editUnemployment Trust Fund Reports Title XII Advance Activities Schedule Retrieved from https en wikipedia org w index php title Unemployment Trust Fund amp oldid 981512705, wikipedia, wiki, book, books, library,
