Retirement; annuities; Social Security
Sec. 4. (a) An individual shall be ineligible for waiting period or
benefit rights: For any week with respect to which the individual
receives, is receiving, or has received payments equal to or exceeding
his weekly benefit amount in the form of:
(1) deductible income as defined and applied in IC 22-4-5-1 and
IC 22-4-5-2; or
(2) any pension, retirement or annuity payments, under any plan
of an employer whereby the employer contributes a portion or
all of the money. This disqualification shall apply only if some
or all of the benefits otherwise payable are chargeable to the
experience or reimbursable account of such employer, or would
have been chargeable except for the application of this chapter.
For the purposes of this subdivision (2), federal old age,
survivors and disability insurance benefits are not considered
payments under a plan of an employer whereby the employer
maintains the plan or contributes a portion or all of the money
to the extent required by federal law.
(b) If the payments described in subsection (a) are less than his
weekly benefit amount an otherwise eligible individual shall not be
ineligible and shall be entitled to receive for such week benefits
reduced by the amount of such payments.
(c) This section does not preclude an individual from delaying a
claim to pension, retirement, or annuity payments until the individual
has received the benefits to which the individual would otherwise be
eligible under this chapter. Weekly benefits received before the date
the individual elects to retire shall not be reduced by any pension,
retirement, or annuity payments received on or after the date the
individual elects to retire.
(Formerly: Acts 1947, c.208, s.1505; Acts 1953, c.177, s.17; Acts
1967, c.310, s.20; Acts 1971, P.L.355, SEC.38.) As amended by Acts
1981, P.L.209, SEC.9; P.L.3-1998, SEC.1; P.L.290-2001, SEC.9.
Last modified: May 27, 2006