PUBLIC LAWS-CH. 608 --JUNE 23, 1948 Employer's contri- bution. 52 Stat. 1102. 45U.S. C. 1358 (a). Statement of bal- ance of account. Adjustment. 52 Stat. 1102. 45U.S.C. 358(a). 45U. .C.1358 (d), (e). 52 Stat. 1103 . 45 U. S.0. 358(f). Division of depos- its. 52 Stat. 1104 . 46U. S.C. 1300 (a). Composition of rail- road unemployment insurance account. 45 U.S. C. 358. Ante, p. 577; supra. 52 Stat. 1105. 45U. .C. 361(a). Composition of rail- road unemployment insurance administra- tion fund. "(a) Every employer shall pay a contribution, with respect to hav- ing employees in his service, equal to the percentage determined as set forth below of so much of the compensation as is not in excess of $300 for any calendar month paid by him to any employee for services rendered to him after June 30, 1939:". SEC. 5 . (a) Subsection (a) of section 8 of the Railroad Unemploy- ment Insurance Act, as amended, is further amended by substituting a colon for the period at the end thereof and adding the following: "1. With respect to compensation paid prior to January 1, 1948, the rate shall be 3 per centum; "2. With respect to compensation paid after December 31, 1947, the rate shall be as follows: "If the balance to the credit of the railroad unemploy- The rate with respect to com- ment insurance account as of the close of business pensation paid during the next on September 30 of any year, as determined by the succeeding calendar year shall Board, is: be: $450,000,000 or more-----___ _ _ _- ----- ----- -- percent. $400,000 ,000 or more but less than $450,000 ,000 - -- . 1 percent. $350,000,000 or more but less than $400,000,000__- 1% percent. $300,000 ,000 or more but less than $350,000 ,000 -_ _. 2 percent. $250,000 ,000 or more but less than $300,000 ,000- __ . 2% percent. Less than $250,000,000-------------------------_ 3 percent. "As soon as practicable following the enactment of this Act, the Board shall determine and proclaim the balance to the credit of the account as of the close of business on September 30, 1947, and on or before December 31 of 1948 and of each succeeding year, the Board shall determine and proclaim the balance to the credit of the account as of the close of business on September 30 of such year." (b) Contributions paid under subsection (a) of section 8 of the Railroad Unemployment Insurance Act, as amended, prior to the enactment of the foregoing amendment thereof which are in excess of those required by said subsection as so amended shall be subject to adjustment or refund in accordance with the provisions of subsec- tions (d) and (e) of said section 8. SEC. 6. Subsection (f) of section 8 of the Railroad Unemployment Insurance Act, as amended, is amended to read as follows: "(f) The contributions required by this Act shall be collected by the Board and shall be deposited by it with the Secretary of the Treasury of the United States, such part thereof as equals 0.2 per centum of the total compensation on which such contributions are based to be deposited to the credit of the fund and the balance to be deposited to the credit of the account." SEc. 7 . Subsection (a) of section 10 of the Railroad Unemployment Insurance Act, as amended, is amended by substituting the following for subdivision (i) of the second sentence of said subsection: "(i) such part of all contributions collected pursuant to section 8 of this Act as is in excess of 0.2 per centum of the total compensation on which such contributions are based, together with all interest collected pur- suant to section 8 (g) of this Act;". SEC. 8 . Subsection (a) of section 11 of the Railroad Unemployment Insurance Act, as amended, is amended by substituting the following for subdivision (i) of the second sentence of said subsection: "(i) such part of all contributions collected pursuant to section 8 of this Act as equals 0.2 per centum of the total compensation on which such contri- butions are based;". Approved June 23, 1948. 578 [62 STAT.
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