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2005 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 60.2-604 of the Code of Virginia is amended and reenacted as follows:
§ 60.2-604. Reduction of benefit amount by amount of pension; elimination of pension reduction based on fund solvency.
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.