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- Alaska Statutes.
- Title 23. Labor and Workers' Compensation
- Chapter 20. Alaska Employment Security Act
- Section 150. Discontinuance of Unemployment Trust Fund.
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. Employment Security Administration Fund.
AS 23.20.150. Discontinuance of Unemployment Trust Fund.
- (a) To the extent that AS 23.20.130
- 23.20.140 relate to the unemployment trust fund,
they are operative only so long as the unemployment trust fund exists and so long as the Secretary of the Treasury of
the United States of America maintains for the state a separate book account of all funds deposited in it by this state
for benefit purposes, together with the state's proportionate share of the earnings of the unemployment trust fund,
from which no other state may make withdrawals.
- (b) If the unemployment trust fund ceases to exist, or a separate book account is no longer maintained, all money,
property, or security in the fund which belongs to the unemployment compensation fund of the state shall be transferred
to the treasurer of the unemployment compensation fund, who shall hold, invest, transfer, sell, deposit, and release
the money, property, or security in a manner approved by the department in accordance with this chapter. However, the
money shall be invested in bonds or other interest-bearing obligations of the United States and the investments shall
be made so that all the assets of the fund are readily convertible into cash when needed for the payment of benefits.
The treasurer may dispose of securities or other property belonging to the unemployment compensation fund only under
the direction of the department.
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