Mississippi Code 1972 (2023) › Title 71 - LABOR AND INDUSTRY (§§ 71-1-1 — 71-17-7) › Chapter 5 - UNEMPLOYMENT COMPENSATION (§§ 71-5-1 — 71-5-547) › Article 9 - UNEMPLOYMENT COMPENSATION FUND (§§ 71-5-451 — 71-5-459) › Section 71-5-453 - Accounts and deposits

The department shall be the treasurer and custodian of the fund, and shall administer such fund in accordance with the directions of the department, and shall issue its warrants upon it in accordance with such regulations as the department shall prescribe. The department shall maintain within the fund three (3) separate accounts:
(a)
a clearing account,
(b)
an unemployment trust fund account, and
(c)
a benefit payment account. All monies payable to the fund, upon receipt thereof by the department, shall be immediately deposited in the clearing account. Refunds payable pursuant to Section
71-5-383
may be paid from the clearing account by the department. Transfers pursuant to Section
71-5-114
of all interest, penalties and damages collected shall be made to the Special Employment Security Administration Fund as soon as practicable after the end of each calendar quarter. Workforce Enhancement Training contributions, Mississippi Office of Workforce Development contributions and Mississippi Works contributions shall be deposited into the Workforce Investment and Training Holding Account as described in this section. All other monies in the clearing account shall be immediately deposited with the Secretary of the Treasury of the United States of America to the Unemployment Trust Fund account for the State of Mississippi, 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 monies in the possession or custody of this state to the contrary notwithstanding. The benefit account shall consist of all monies requisitioned from this state's account in the Unemployment Trust Fund. Except as herein otherwise provided, monies in the clearing and benefit accounts may be deposited by the department, in any bank or public depository in which general funds of the state may be deposited, but no public deposit insurance charge or premium shall be paid out of the fund. The department shall be liable for the faithful performance of its duties in connection with the Unemployment Compensation Fund under this chapter. A Workforce Investment and Training Holding Account shall be established by and maintained under the control of the Mississippi Department of Employment Security. Contributions collected pursuant to the provisions in this chapter for the Workforce Enhancement Training Fund, Mississippi Office of Workforce Development Fund and the Mississippi Works Fund shall be transferred from the clearing account into the Workforce Investment and Training Holding Account on the same schedule and under the same conditions as funds transferred to the Unemployment Compensation Fund. Such funds shall remain on deposit in the holding account for a period of thirty (30) days. After such period, Workforce Enhancement Training contributions shall be transferred to the appropriate Mississippi Community College Board Treasury Account, with oversight provided by the Mississippi Office of Workforce Development, by the department. The Mississippi Office of Workforce Development contributions shall be transferred to the Mississippi Office of Workforce Development Treasury Account for the Mississippi Office of Workforce Development Fund. The Mississippi Works contributions shall be transferred to the Mississippi Department of Employment Security Treasury Account for the Mississippi Works Fund. Such transfers shall occur within fifteen (15) days after the funds have resided in the Workforce Investment and Training Holding Account for thirty (30) days. One (1) such transfer shall be made monthly, but the department, in its discretion, may make additional transfers in any month. In the event such funds transferred are subsequently determined to be erroneously paid or collected, or if deposit of such funds is denied or rejected by the banking institution for any reason, or deposits are unable to clear drawer's account for any reason, the funds must be reimbursed by the recipient of such funds within thirty (30) days of mailing of notice by the department demanding such refund, unless funds are available in the Workforce Investment and Training Holding Account. In that event such amounts shall be immediately withdrawn from the Workforce Investment and Training Holding Account by the department and redeposited into the clearing account.
Codes, 1942, § 7395; Laws, 1940, ch. 295; Laws, 1958, ch. 536, § 1(b); Laws, 1964, ch. 448, § 1(b); Laws, 1982, ch. 383, § 4; Laws, 2005, ch. 437, § 3, eff. 1/1/2005.
Amended by Laws, 2023, ch. 542, HB 588,§ 6, eff. 7/1/2023.
Amended by Laws, 2020, ch. 476, SB 2564,§ 6, eff. 7/1/2020.
Amended by Laws, 2016, ch. 302, SB 2808, 3, eff. 3/21/2016.
Amended by Laws, 2014, ch. 504, SB 2958, 3, eff. 4/21/2014.
Amended by Laws, 2013, ch. 309, HB 932, 10, eff. 3/6/2013.