Ch. 73

LAWS OF MARYLAND

will receive with respect to a week in the form of a retirement
payment from a base period employing unit for which he performed
services and which pays all of the cost of such retirement
payment, or from a trust, annuity, profit sharing plan, or
insurance fund, or under an annuity or insurance contract, to or
under which a base period employing unit for which he performed
service pays or has paid all the premiums or contributions; and
(ii) one half of the amount which an individual has received or
will receive with respect to a week in the form of a retirement
payment from a base period employing unit for which he performed
services and which pays some, but not all, of the cost of such
retirement, or from a trust, annuity, profit sharing plan, or
insurance fund, or under an annuity or insurance contract, to or
under which a base period employing unit for which he performed
services pays or has paid some, but not all of the premiums or
contributions.

(2)  However, if such retirement pay, calculated
pursuant to subsection (1), is less than his weekly benefit
amount, an otherwise eligible individual is not ineligible and is
entitled to receive for such week benefits reduced by the amount,
calculated pursuant to subsection (1), of such payments.

(3)  (i) For the purposes of calculating the weekly
rate of a pension, annuity or retirement, or retired pay,
periodic payments shall be prorated on a weekly basis to the
period between the periodic payments; and

(ii) A lump sum payment of a pension, annuity,
or retirement or retired pay, or from a trust, profit sharing
plan, or insurance fund, or under an annuity or insurance
contract shall be allocated to a number of weeks following the
date of separation according to the number of weeks of pay
received at the individual's last pay rate. HOWEVER, IN THE
EVENT THAT AN EMPLOYER PAYS A RETIREMENT BENEFIT AS DESCRIBED IN
THIS SUBPARAGRAPH DUE TO A LAYOFF OR SHUTDOWN OF OPERATIONS, THE
BENEFIT AMOUNT SHALL NOT BE DEDUCTIBLE FROM UNEMPLOYMENT
INSURANCE BENEFITS FOR THE PERIOD OF ELIGIBILITY FOR UNEMPLOYMENT
INSURANCE BENEFITS.

(4)  In the case of payments in the form of a pension,
annuity, retirement, or retired pay paid to an individual under
the Social Security Act or the Railroad Retirement Act of 1974,
the individual's weekly benefit amount shall be reduced by the
amount calculated pursuant to § 6(g)(l)(i) and (ii) if any of
that individual's base period employers were subject to the
provisions of the Social Security Act or the Railroad Retirement
Act of 1974 with respect to wages paid to the individual.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is an
emergency measure, is necessary for the immediate preservation of
the public health and safety, has been passed by a yea and nay

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