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2005 SESSION

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043519840
SENATE BILL NO. 128 Offered January 14, 2004 Prefiled January 7, 2004 A BILL to amend and reenact § 60.2-604 of the Code of Virginia, relating to unemployment compensation offsets. ----------
Patrons-- Watkins, Blevins, Edwards, Hanger, Howell, Lambert, Locke, Lucas, Miller, Rerras, Reynolds, Ticer and Whipple; Delegates: Ingram, Joannou and Plum
---------- Referred to Committee on Commerce and Labor ----------

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, 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, 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.