Section 600. Effect of retirement payments

1. Reduction of benefit rate. If
  a claimant retires or is retired from employment by an employer and, due
  to such retirement, is receiving a pension or retirement payment under a
  plan  financed  in  whole  or  in part by such employer, such claimant's
  benefit  rate  for  four  effective  days  otherwise  applicable   under
  subdivision  seven  of  section  five hundred ninety shall be reduced as
  hereinafter provided.
    2. Application. The reduction shall apply only to benefits which  when
  paid  will be chargeable to the account of the employer who provided the
  pension or retirement benefit.
    3. Amount of reduction. If the pension or retirement payment  is  made
  under  a  plan  to  which  the  employer  is  the  sole contributor, the
  claimant's benefit rate shall be reduced by the largest number of  whole
  dollars which is not more than the prorated weekly amount of his pension
  or  retirement  payment  under  such  plan. If the pension or retirement
  payment is made under a plan to which  the  employer  is  not  the  sole
  contributor, the claimant's benefit rate shall be reduced by the largest
  number  of whole dollars which is not more than one-half of the prorated
  weekly amount of his pension or retirement payments under such plan, but
  no reduction shall apply if the claimant demonstrates that the  employer
  contributed less than fifty per centum to the plan.
    4.  Reduction equal to benefit rate. If the amount to be deducted from
  a claimant's benefit rate equals or  exceeds  such  rate,  he  shall  be
  ineligible  to receive any benefits which if paid would be chargeable to
  the employer involved  in  the  pension  or  retirement  plan,  but  any
  benefits which would in the absence of this section be chargeable to the
  accounts of other employers shall be payable to the claimant.
    5. Reduction not established. If, at the time benefits are payable, it
  has  not  been  established  that  the  claimant  will be receiving such
  pension or retirement payment, benefits due  shall  be  paid  without  a
  reduction,  subject to review within the period and under the conditions
  as provided in subdivisions three  and  four  of  section  five  hundred
  ninety-seven with respect to retroactive payment of remuneration.
    6. Limitation. For the purposes of this section, the terms "pension or
  retirement  payment"  and  "governmental or other pension, retirement or
  retired pay, annuity, or any other similar  periodic  payment  which  is
  based on previous work" shall not include payments made from a qualified
  trust  to  an  eligible  retirement  plan under the terms and conditions
  specified in section four hundred two of the internal revenue  code  for
  federal  income  tax  purposes, such payments commonly known as eligible
  rollover distributions.
    7. Alternative condition. (a) When a reduction for retirement payments
  is required by the federal unemployment tax act as a condition for  full
  tax  credit,  in  which  event  the provisions of subdivisions one, two,
  three, four and five of this section shall not be operative, the benefit
  rate of a claimant who is receiving a  governmental  or  other  pension,
  retirement  or  retired  pay,  annuity,  or  any  other similar periodic
  payment which is based  on  his  previous  work,  shall  be  reduced  as
  hereinafter provided, if such payment is made under a plan maintained or
  contributed to by his base period employer and, except for payments made
  under  the  social  security act or the railroad retirement act of 1974,
  the claimant's employment with,  or  remuneration  from,  such  employer
  after  the beginning of the base period affected his eligibility for, or
  increased the amount  of,  such  pension,  retirement  or  retired  pay,
  annuity, or other similar periodic payment.
    (b)  If  the claimant made no contribution for the pension, retirement
  or retired pay, annuity, or other similar periodic payment, his  benefit
  rate  shall  be  reduced by the largest number of whole dollars which is

  not more than the pro-rated  weekly  amount  of  such  payment.  If  the
  claimant was the sole contributor for the pension, retirement or retired
  pay,  annuity,  or  other  similar  periodic payment, no reduction shall
  apply.  If  the  claimant's contributions for the pension, retirement or
  retired pay, annuity, or other similar periodic payment were  less  than
  one  hundred  per centum, the commissioner shall determine the amount of
  the reduction by taking into account the claimant's contributions  in  a
  manner consistent with the federal unemployment tax act.
    (c)  If, at the time benefits are payable, it has not been established
  that the claimant will be receiving such pension, retirement or  retired
  pay,  annuity  or  other  payment,  benefits due shall be paid without a
  reduction, subject to review within the period and under the  conditions
  as  provided  in  subdivisions  three  and  four of section five hundred
  ninety-seven with respect to retroactive payment of remuneration.