§ 60.2-604. Reduction of benefit amount by amount of pension; elimination of pension reduction based on fund so...
The weekly benefit amount payable to an individual for any week which begins in a period for which such individual is receiving a governmental or other pension, retirement or retired pay, annuity, or any other similar periodic payment under a plan maintained or contributed to by a base period or chargeable employer based on the previous work of such individual, including payments received by such individual in accordance with § 65.2-500 or 65.2-502, shall be reduced, but not below zero, by an amount equal to the amount of such pension, retirement or retired pay, annuity, or other payment, which is reasonably attributable to such week; except that (i) where the fund balance factor determined pursuant to subsection A of § 60.2-533 is below 50 percent, effective the first Sunday in January following the determination of the fund balance factor, the weekly benefit amount payable to an individual for any week shall be reduced, but not below zero, by an amount equal to 50 percent of Social Security Act or Railroad Retirement Act retirement benefits received by such individual and attributable to such week or (ii) where the fund balance factor determined pursuant to subsection A of § 60.2-533 meets or exceeds 50 percent, effective the first Sunday in January following the determination of the fund balance factor, the weekly benefit amount payable to an individual for any week shall not be reduced by any amount of Social Security Act or Railroad Retirement Act retirement benefits received by such individual and attributable to such week.
(1977, c. 330, § 60.1-48.1; 1978, c. 269; 1986, c. 480; 1987, c. 3; 2003, cc. 534, 555; 2005, c. 1.)
Sections: Previous 60.2-600 60.2-601 60.2-602 60.2-603 60.2-604 60.2-605 60.2-606 60.2-607 60.2-608 60.2-608.1 60.2-608.2 60.2-609 60.2-610 60.2-611 60.2-612 NextLast modified: April 16, 2009