SB1770 Engrossed

LRB094 03706 WGH 33711 b






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    AN ACT concerning unemployment insurance.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Unemployment Insurance Act is amended  by 
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changing Section 2103.1 as follows:
 



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    (820 ILCS 405/2103.1)  (from Ch. 48, par. 663.1)



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    Sec. 2103.1. Employment Security Administrative Fund. 

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    There is hereby established the Employment Security 
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Administrative Fund.
Notwithstanding any other provision of 
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this Act, all amounts received
pursuant to subsection B of 
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Section 1506.3 shall be deposited in the
Employment Security 
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Administrative Fund held by the State Treasurer as
ex-officio 
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custodian thereof separate and apart from all other State

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moneys.  Such moneys shall be expended by the Director for 
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purposes
authorized by Section 1704.  Moneys in
this fund
shall 
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not be commingled
with other State funds, but they shall be 
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deposited as required by law and
maintained in a separate 
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account on the books of a savings and loan
association or bank.  
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The Governor shall determine when in his judgment the
amounts 
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accumulated in the Employment Security Administrative Fund are 
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in
excess of amounts needed for the proper administration of 
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this Act and
shall direct the State Treasurer to transfer such 
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excess amounts from the
Employment Security Administrative 
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Fund to this State's account in the
unemployment trust fund.

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    The State Treasurer shall be liable on his general official 
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bond for the
faithful performance of his duties as custodian of 
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the Employment Security
Administrative Fund.  Such liability on 
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his official bond shall exist in
addition to the liability upon 
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any separate bond given by him.  All sums
recovered for losses 
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sustained by the Employment Security Administrative
Fund shall 
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be deposited in the fund.

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    The Director shall annually on or before the first day of 
 


 






SB1770 Engrossed
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LRB094 03706 WGH 33711 b




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March report in
writing to the Employment Security Advisory 
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Board concerning the deposits
into and expenditures made from 
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the Employment Security Administrative Fund.

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    On July 1, 2005, or as soon thereafter as may be reasonably 
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practicable, all remaining funds in the Employment Security 
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Administrative Fund shall be transferred to the clearing 
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account, and, upon the transfer of such funds, the Employment 
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Security Administrative Fund is abolished.

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    This Section is repealed on January 1, 2006.

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(Source: P.A. 86-1367; 87-1178.)

 

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    Section 99. Effective date. This Act takes effect July 1, 
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2005.