61-4-1      Fund created--General purpose.
61-4-2      Contributions, receipts, and earnings constituting fund.
61-4-3      Secretary to administer fund--Liability on bond.
61-4-4      Separate accounts within fund.
61-4-5      Receipts deposited in clearing account--Refunds from clearing account--Deposits to trust fund held by secretary of treasury.
61-4-6      Requisitions on trust fund for payment of benefits and refunds.
61-4-7      Deposit of requisitioned moneys in benefit and clearing accounts--Payment of benefits and refunds.
61-4-8      Disposition of unexpended balance of requisitioned moneys.
61-4-9      Source of moneys in benefit account.
61-4-10      Depository for clearing and benefit accounts.
61-4-11      Reversion of unclaimed checks and warrants.
61-4-12      Repealed.
61-4-13      Provisions relating to trust fund dependent on separate accounting by secretary of treasury.
61-4-14      Transfer to secretary on termination of trust fund or separate accounting.
61-4-15      Investment of trust fund moneys transferred to secretary.

61-4-1. Fund created--General purpose.

There is hereby established as a special fund separate and apart from all public moneys or funds of this state an unemployment compensation fund, which shall be administered by the Department of Labor and Regulation exclusively for the purpose of this title.

Source: SL 1936 (SS), ch 3, § 9 (a); SDC 1939, § 17.0818; SL 2011, ch 1 (Ex. Ord. 11-1), § 33, eff. Apr. 12, 2011.

61-4-2. Contributions, receipts, and earnings constituting fund.

The unemployment compensation fund shall consist of:

(1)    All contributions collected under this title together with any interest and penalties thereon collected pursuant to §§ 61-5-57 and 61-5-58;

(2)    Interest earned upon any moneys in the fund;

(3)    Any property or securities acquired through the use of moneys belonging to the fund; and

(4)    All earnings of such property or securities.

All moneys in the fund shall be mingled and undivided.

Source: SL 1936 (SS), ch 3, § 9 (a); SDC 1939, § 17.0818; SL 1968, ch 86, § 1; SL 2013, ch 258, § 9.

61-4-3. Secretary to administer fund--Liability on bond.

The secretary of labor and regulation is custodian of the fund and shall administer the fund and shall issue warrants or checks upon it. The secretary is liable on the secretary's official bond for the faithful performance of the secretary's duties as custodian of the unemployment compensation fund.

Source: SL 1936 (SS), ch 3, § 9 (b); SDC 1939, § 17.0819; SL 1943, ch 81; SL 1965, ch 97, § 3; SL 2008, ch 277, § 68; SL 2011, ch 1 (Ex. Ord. 11-1), § 33, eff. Apr. 12, 2011.

61-4-4. Separate accounts within fund.

The department shall maintain within the unemployment compensation fund four separate accounts:

(1)    A clearing account;

(2)    An unemployment trust fund account;

(3)    A benefit account; and

(4)    A pool account.

Source: SL 1936 (SS), ch 3, § 9 (b); SDC 1939, § 17.0819; SL 1943, ch 81; SL 1965, ch 97, § 3; SL 1971, ch 276, § 25.

61-4-5. Receipts deposited in clearing account--Refunds from clearing account--Deposits to trust fund held by secretary of treasury.

All moneys payable to the unemployment compensation fund upon receipt thereof by the Department of Labor and Regulation shall immediately be deposited in the clearing account. Refunds payable pursuant to §§ 61-1-31 and 61-5-56 may be paid from the clearing account. After clearance thereof all other moneys in the clearing account shall immediately be deposited with the secretary of the treasury of the United States of America to the credit of the account of this state in the unemployment trust fund established and maintained pursuant to section 904 of the Social Security Act as amended, any provisions of law in this state relating to the deposit, administration, release, or disbursement of moneys in the possession or custody of this state to the contrary notwithstanding.

Source: SL 1936 (SS), ch 3, § 9 (b); SDC 1939, § 17.0819; SL 1943, ch 81; SL 1965, ch 97, § 3; SL 2011, ch 1 (Ex. Ord. 11-1), § 33, eff. Apr. 12, 2011; SL 2013, ch 258, § 10.

61-4-6. Requisitions on trust fund for payment of benefits and refunds.

Moneys shall be requisitioned from this state's account in the unemployment trust fund solely for the payment of benefits and refunds to employers. The secretary of labor and regulation shall from time to time requisition from the unemployment trust fund only such amounts as are necessary for the payment of benefits for a reasonable future period and for refunds to employers.

Source: SL 1936 (SS), ch 3, § 9 (c); SDC 1939, § 17.0820; SL 1947, ch 88, § 8; SL 1951, ch 94, § 5; SL 1965, ch 97, § 4; SL 1983, ch 22, § 11; SL 2011, ch 1 (Ex. Ord. 11-1), § 33, eff. Apr. 12, 2011.

61-4-7. Deposit of requisitioned moneys in benefit and clearing accounts--Payment of benefits and refunds.

Upon receipt thereof, the secretary shall deposit the moneys requisitioned for the payment of benefits in the benefit account and shall issue warrants or checks for the payment of benefits solely from the benefit account. The secretary shall deposit the moneys requisitioned for the payment of refunds in the clearing account and shall issue checks for the payment of refunds solely from the clearing account.

Expenditures from the benefit account and refunds from the clearing account are not subject to any provisions of law requiring specific appropriations or other formal release by state officers of money in their custody.

Source: SL 1936 (SS), ch 3, § 9 (c); SDC 1939, § 17.0820; SL 1947, ch 88, § 8; SL 1951, ch 94, § 5; SL 1965, ch 97, § 4; SL 2008, ch 277, § 69.

61-4-8. Disposition of unexpended balance of requisitioned moneys.

Any balance of moneys requisitioned from the unemployment trust fund, which remains unclaimed or unpaid in the benefit account or clearing account after the expiration of the period for which sums were requisitioned, shall either be deducted from estimates for, and may be utilized for the payment of benefits or refunds during succeeding periods, or in the discretion of the secretary of labor and regulation shall be redeposited with the secretary of the treasury of the United States of America to the credit of this state's account in the unemployment trust fund as provided in § 61-4-5.

Source: SL 1936 (SS), ch 3, § 9 (c); SDC 1939, § 17.0820; SL 1947, ch 88, § 8; SL 1951, ch 94, § 5; SL 1965, ch 97, § 4; SL 2011, ch 1 (Ex. Ord. 11-1), § 33, eff. Apr. 12, 2011.

61-4-9. Source of moneys in benefit account.

The benefit account shall consist of all moneys requisitioned from the state's account in the unemployment trust fund.

Source: SL 1936 (SS), ch 3, § 9 (b); SDC 1939, § 17.0819; SL 1943, ch 81; SL 1965, ch 97, § 3.

61-4-10. Depository for clearing and benefit accounts.

Moneys in the clearing and benefit accounts may be deposited under the direction of the secretary of labor and regulation in any bank or public depository in which general funds of the state may be deposited. However, no public deposit insurance charge or premium may be paid out of the fund.

Source: SL 1936 (SS), ch 3, § 9 (b); SDC 1939, § 17.0819; SL 1943, ch 81; SL 1965, ch 97, § 3; SL 2008, ch 277, § 70; SL 2011, ch 1 (Ex. Ord. 11-1), § 33, eff. Apr. 12, 2011.

61-4-11. Reversion of unclaimed checks and warrants.

If after twenty-four months, any check or warrant issued pursuant to the provisions of this title is unclaimed by the intended recipient, the amount of such check shall remain or revert to the credit of the original fund or account against which it was drawn, any provisions of the law in this state to the contrary notwithstanding.

Source: SDC 1939, § 17.0820 as added by SL 1965, ch 97, § 4.

61-4-12. Repealed by SL 1969, ch 86.

61-4-13. Provisions relating to trust fund dependent on separate accounting by secretary of treasury.

The provisions of §§ 61-4-1 to 61-4-11, inclusive, to the extent that they relate to the unemployment trust fund shall be operative only so long as such unemployment trust fund continues to exist and so long as the secretary of the treasury of the United States of America continues to maintain for this state a separate book account of all funds deposited therein by this state for benefit purposes, together with this state's proportionate share of the earnings of such unemployment trust fund, from which no other state is permitted to make withdrawals.

Source: SL 1936 (SS), ch 3, § 9 (d); SDC 1939, § 17.0821; SL 1965, ch 97, § 5.

61-4-14. Transfer to secretary on termination of trust fund or separate accounting.

If and when the unemployment trust fund ceases to exist, or the separate book account mentioned in § 61-4-13 is no longer maintained, all moneys, properties, or securities therein belonging to the unemployment compensation fund of this state shall be transferred to the secretary of labor and regulation who shall hold, invest, transfer, sell, deposit, and release such moneys, properties, or securities in accordance with the provisions of this title.

Source: SL 1936 (SS), ch 3, § 9 (d); SDC 1939, § 17.0821; SL 1965, ch 97, § 5; SL 2011, ch 1 (Ex. Ord. 11-1), § 33, eff. Apr. 12, 2011.

61-4-15. Investment of trust fund moneys transferred to secretary.

Moneys transferred to the secretary of labor and regulation pursuant to § 61-4-14 shall be invested in the following readily marketable classes of securities: bonds or other interest-bearing obligations of the United States of America or of the state of South Dakota. Such investment shall at all times be so made that all the assets of the fund shall always be readily convertible into cash when needed for the payment of benefits.

Source: SL 1936 (SS), ch 3, § 9 (d); SDC 1939, § 17.0821; SL 1965, ch 97, § 5; SL 2011, ch 1 (Ex. Ord. 11-1), § 33, eff. Apr. 12, 2011.