2006 Code of Virginia § 60.2-604 - Reduction of benefit amount by amount of pension; elimination of pension reduction based on fund so...

60.2-604. Reduction of benefit amount by amount of pension; elimination ofpension reduction based on fund solvency.

The weekly benefit amount payable to an individual for any week which beginsin a period for which such individual is receiving a governmental or otherpension, retirement or retired pay, annuity, or any other similar periodicpayment under a plan maintained or contributed to by a base period orchargeable employer based on the previous work of such individual, includingpayments received by such individual in accordance with 65.2-500 or65.2-502, shall be reduced, but not below zero, by an amount equal to theamount of such pension, retirement or retired pay, annuity, or other payment,which is reasonably attributable to such week; except that (i) where the fundbalance factor determined pursuant to subsection A of 60.2-533 is below 50percent, effective the first Sunday in January following the determination ofthe fund balance factor, the weekly benefit amount payable to an individualfor any week shall be reduced, but not below zero, by an amount equal to 50percent of Social Security Act or Railroad Retirement Act retirement benefitsreceived by such individual and attributable to such week or (ii) where thefund balance factor determined pursuant to subsection A of 60.2-533 meetsor exceeds 50 percent, effective the first Sunday in January following thedetermination of the fund balance factor, the weekly benefit amount payableto an individual for any week shall not be reduced by any amount of SocialSecurity Act or Railroad Retirement Act retirement benefits received by suchindividual 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.)