1976

LAWS OF MARYLAND

Ch. 492

PARAGRAPHS (I) AND (II), equal to or in excess of his weekly
benefit amount in the form of a pension, annuity or
[retirement, or retired pay] RETIREMENT OR RETIRED PAY, OR
ANY OTHER SIMILAR PERIODIC PAYMENT WHICH IS BASED ON ANY
PREVIOUS INSURED WORK OF THE INDIVIDUAL FOR A BASE PERIOD
EMPLOYER (but excluding payments from [the federal social
security program or] a state or federal workmen's
compensation program) under a plan paid for in whole or in
part by a base period [employer, as provided below:]
EMPLOYER. (i) The entire amount which an individual
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 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 [remuneration] 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. Any benefit payment
reduced under this subsection constitutes a full week's
benefits for computing duration during the benefit year.

(3)  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.

[(4) Notwithstanding the provisions of
paragraphs (1) through (3) above, the provisions of this
paragraph shall apply when and to the extent that such
application is required in order for this article to be
certified by the U.S. Secretary of Labor so that employers
in the State can receive a full tax credit against the tax
imposed by the Federal Unemployment Tax Act. The weekly
benefit amount payable to an individual for any week which
begins in a period with respect to which such individual is
receiving a governmental or other pension, retirement or
retired pay, annuity, or any other similar periodic payment
which is based on any previous work of such individual 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.]