Ch. 14                                    LAWS OF MARYLAND

(g) (1) For any week with respect to which [he] THE
INDIVIDUAL RETIRES OR IS RETIRED FROM EMPLOYMENT BY AN EMPLOYER
AND DUE TO SUCH RETIREMENT is receiving or has received an
amount, calculated pursuant to 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, 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 a state or federal workmen's compensation program)
under a plan paid for in whole or in part by a base period
employer. IN THE EVENT THAT AN EMPLOYER PAYS A RETIREMENT
BENEFIT AS DESCRIBED IN THIS SECTION DUE TO A LAYOFF OR SHUTDOWN
OF OPERATIONS, THE BENEFIT AMOUNT SHALL NOT BE A BAR TO
UNEMPLOYMENT INSURANCE BENEFITS FOR THE PERIOD OF ELIGIBILITY FOR
UNEMPLOYMENT INSURANCE BENEFITS. (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 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.

(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,

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