EMPLOYMENT TAXES 185 section (a), by the amount bearing the same ratio to such additional credit as the amount of contributions made at such lower rate bears to the total of his contributions paid for such year under such law. (c) DErINrNONs.- As used in this section- (1) RESERVE ACCOUNT.-T he term "reserve account" means a separate account in an unemployment fund, with respect to an em- ployer or group of employers, from which compensation is payable only with respect to the unemployment of individuals who were in the employ of such employer, or of one of the employers com- prising the group. (2) POOLE FUND.- The term "pooled fund" means an unemploy- ment fund or any part thereof in which all contributions are mingled and undivided, and from which compensation is payable to all eligible individuals, except that to individuals last employed by employers with respect to whom reserve accounts are main- tained by the State agency, it is payable only when such accounts are exhausted. (3) GUARANTEED EMPLOYMENT ACCOUNT.-The term "guaranteed employment account" means a separate account, in an unemploy- ment fund, of contributions paid by an employer (or group of em- ployers) who (A) guarantees in advance thirty hours of wages for each of forty calendar weeks (or more, with one weekly hour deducted for each added week guaranteed) in twelve months, to all the individuals in his employ in one or more distinct establishments, except that any such individual's guaranty may commence after a probationary period (included within twelve or less consecutive calendar weeks), and (B) gives security or assurance, satisfactory to the State agency, for the fulfillment of such guaranties, from which account compensation shall be payable with respect to the unemployment of any such individual whose guaranty is not fulfilled or renewed and who is otherwise eligible for compensation under the State law. (4) YEAR OF COMPENSATION EXPERIENCE.-The term "year of com- pensation experience", as applied to an employer, means any calen- dar year throughout which compensation was payable with respect to any individual in his employ who became unemployed and was eligible for compensation. SEC. 1603. APPROVAL OF STATE LAWS. (a) REQUIREMENTS. -The Social Security Board shall approve any State law submitted to it, within thirty days of such submission, which it finds provides that- (1) All compensation is to be paid through public employment offices in the State or such other agencies as the Board may approve; (2) No compensation shall be payable with respect to any day of unemployment occurring within two years after the first day of the first period with respect to which contributions are required; (3) All money received in the unemployment fund shall imme- diately upon such receipt be paid over to the Secretary of the Treasury to the credit of the Unemployment Trust Fund established by section 904 of the Social Security Act, 49 Stat. 640 (U. S . C., Title 42, § 1104); (4) All money withdrawn from the Unemployment Trust Fund by the State agency shall be used solely in the payment of compen- sation, exclusive of expenses of administration; (5) Compensation shall not be denied in such State to any other- wise eligible individual for refusing to accept new work under any of the following conditions: (A) If the position offered is vacant due directly to a strike, lockout, or other labor dispute; (B) if the 98907 0 -39--PT . x -13
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