Labor Code § 203.032

If the federal trust fund ends or the required separate account is not maintained, related money, property, or securities must be transferred to the comptroller, who must manage and invest them under commission-approved rules.

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Jurisdiction: United States — Texas
Instrument: Code
Version: Undated source snapshot
Language: en
Official source: View official record ↗

compensation fund federal trust fund investment management

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Provisions of Labor Code § 203.032

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203.032
Labor Code § 203.032
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AI-assisted research summary: If the federal trust fund ends or the required separate account is not maintained, related money, property, or securities must be transferred to the comptroller, who must manage and invest them under commission-approved rules.

Sec. 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. SUBCHAPTER C. ADVANCES FROM FEDERAL TRUST FUND AND OBLIGATION ASSESSMENT

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Labor Code § 203.032

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