The Unemployment Trust Fund. 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund: The State shall use the following methodology to calculate State interest liabilities on funds withdrawn from the several accounts in the UTF under the Unemployment Insurance program. Based on statements provided by its financial institution, or other appropriate source, the State shall determine the actual interest earnings and the related banking costs attributable to funds withdrawn from its account in the UTF. At the end of the State's fiscal year, the State shall calculate the percentage of its total unemployment compensation expenditures for (1) funds withdrawn from the State account in the UTF, or the State %, and (2) funds withdrawn from the Federal Employees Compensation Account (FECA) and the Extended Unemployment Compensation Account (EUCA) and any other accounts of Federal funds in the UTF, or the Federal %. The State shall calculate the actual interest earnings and the related banking costs attributable to funds withdrawn from the State account in the UTF by multiplying the State % by the amount of the actual interest earnings and the related banking costs of the account as a whole. The State's liability for interest on funds withdrawn from its account in the UTF shall consist of the actual interest earnings attributable to such funds less the related banking costs attributed to such funds. The State shall determine the average daily cash balance of its unemployment compensation benefit payment account for its fiscal year. The State shall calculate the average daily cash balance of Federal funds by multiplying the Federal % by the average daily cash balance of the benefit payment account on the whole. The State's liability for interest on funds withdrawn from the FECA and EUCA (and any other benefit accounts of Federal funds in the UTF from which the State draws funds) shall be the average daily cash balance of Federal funds multiplied by the annualized rate equal to the average equivalent yields of 13-week Treasury bills auctioned during the State's fiscal year.
The Unemployment Trust Fund. 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund: There are no interest earnings on funds withdrawn from the State account, as the State has implemented the estimated clearance funding technique, an interest-neutral funding technique, for such transfers. For transfers of funds from the State account in the UTF that do not follow the technique specified in section 6.2 and result in a positive balance of funds in a State account, the State's liability for interest on funds withdrawn from its account in the UTF shall consist of the actual interest earnings of the benefit payment account attributed to such funds less the related banking costs attributed to such funds.
The Unemployment Trust Fund. 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund: There are no interest earnings on funds withdrawn from the State account, as the State has implemented ZBA, an interest-neutral funding technique, for such transfers. For transfers from the UTF that do not follow the technique specified in section 6.2 and result in a positive balance of funds in a State account, the State's liability for interest on funds withdrawn from its account in the UTF shall consist of the actual interest earnings of the benefit payment account on the pro-rata share less the related banking costs attributed to such funds.
The Unemployment Trust Fund. 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund: Federal and State Funds are Interest Neutral: There are no interest earnings on funds withdrawn from the State account, as the State has implemented estimated clearance, an interest- neutral funding technique, for such transfers. For transfers of funds from the State and Federal accounts in the UTF that do not follow the technique specified in section 6.2 and result in a positive balance of funds in a State account, the State's liability for interest on funds withdrawn from its account in the UTF shall consist of the actual interest earnings of the benefit payment account on the pro-rata share less the related banking costs attributed to such funds. For Federal funds withdrawn from the UTF and result in a positive balance in a State account, the State shall multiply the amount of Federal funds withdrawn by the daily rate equal to the average equivalent yields of 13-week Treasury bill auctioned during the State's fiscal year. The result is multiplied times the number of days ahead of the average day of clearance the Federal funds were deposited in a State account. This amount shall constitute the State's interest liability to be remitted back to the Federal government.
The Unemployment Trust Fund. 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund: The State shall track daily (1) federal funds received, (2) actual disbursement amounts, and (3) the residual between (1) and (2). The interest liabilities will be based on the residual (3) of federal funds. Calculation Procedure: I = P x R x CT, where I = State's total interest liability P = Total annual residual of federal funds R = Annualized rate equal to the average equivalent yields of 13-week Treasury bills auctioned during a State's fiscal year divided by 365 days CT = Dollar-weighted average number of days residual of federal funds are held by State prior to disbursement.
The Unemployment Trust Fund. 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund: UTF does not apply
The Unemployment Trust Fund. 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund: When the Funding Techniques are properly used, there should be no interest earnings on funds withdrawn from the State account, as the State has implemented Actual Clearance, ZBA -ACH and Actual Drawdown - Weekly for paper checks, which are interest-neutral funding techniques, for such transfers. For UTF transfers that do not follow the technique specified in section 6.2 and result in a positive balance of funds in a State account, the State's liability for interest on funds withdrawn from its account in the UTF shall consist of the actual interest earnings of the benefit payment account on the pro-rata share less the related banking costs attributed to such funds.
The Unemployment Trust Fund. 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund:
The Unemployment Trust Fund. 8.3.1 The State shall use the following method to calculate State interest liabilities on funds withdrawn from the several accounts in the Unemployment Trust Fund: The State's interest liability on funds withdrawn from the State Account in the Unemployment Trust Fund shall consist of actual interest earnings attributable to such funds while held in a State account, less banking costs associated with such funds. This interest shall be deposited in the State's account in the Unemployment Trust Fund. For funds withdrawn from the Federal Benefit Accounts in the Unemployment Trust Fund, the State's interest liability shall be based on the average daily balance of such funds, multiplied by the 13-week Treasury Bill Rate specified in 31 CFR Part 205.
The Unemployment Trust Fund. 10.5.1 The State shall use the following method to calculate and document the State interest liabilities for the FECA and the EUCA: The liability shall be calculated by multiplying the annualized rate required by the CMIA times the Federal portion of the average daily balance in the commingled account. The estimated average daily balance in the commingled account shall be determined by multiplying the FECA and EUCA percentage of total daily deposits in the commingled account times the average daily balance of the commingled account.
