§ 22-4-15-4 — Retirement; annuities; Social Security

(a) An individual shall be ineligible for waiting
period or benefit rights for any week with respect to which the
individual receives, is receiving, or has received payments equal to or
exceeding the individual's weekly benefit amount in the form of:
(1) deductible income as defined and applied in IC 22-4-5-1 and
IC 22-4-5-2; or
(2) any pension, retirement or annuity payments, under any plan
of an employer whereby the employer contributes all of the
money. The following apply to a disqualification under this
subdivision:
(A) The disqualification shall apply only if some or all of the
benefits otherwise payable:
(i) are chargeable to the experience or reimbursable account
of such employer; or
(ii) would have been chargeable except for the application of
this chapter.
(B) Notwithstanding clause (A), the disqualification does not
apply to a distribution from a pension, retirement, or annuity
plan of an employer when an individual uses the distribution to
satisfy a severe financial hardship resulting from an
unforeseeable emergency that is the result of events beyond the
individual's control.
(C) Federal old age, survivors, and disability insurance benefits
are not considered payments under a plan of an employer
whereby the employer maintains the plan or contributes a
portion or all of the money to the extent required by federal law.
(b) If the payments described in subsection (a) are less than an
individual's weekly benefit amount an otherwise eligible individual
shall not be ineligible and shall be entitled to receive for such week
benefits reduced by the amount of such payments.
(c) This section does not preclude an individual from delaying a
claim to pension, retirement, or annuity payments until the individual
has received the benefits to which the individual would otherwise be
eligible under this chapter. Weekly benefits received before the date
the individual elects to retire shall not be reduced by any pension,
retirement, or annuity payments received on or after the date the
individual elects to retire.
Formerly: Acts 1947, c.208, s.1505; Acts 1953, c.177, s.17;
Acts 1967, c.310, s.20; Acts 1971, P.L.355, SEC.38. As amended by
Acts 1981, P.L.209, SEC.9; P.L.3-1998, SEC.1; P.L.290-2001, SEC.9;
P.L.2-2011, SEC.14; P.L.85-2023, SEC.4.