N.Y. Labor Law § 600: Effect of retirement payments

§ 600. Effect of retirement payments. 1. Reduction of benefit rate.

(a) 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) The claimant's 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.

(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.

(d) 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.