Section 657.205 - Deduction of retirement pay; exceptions(1) Subject to the provisions of subsections (2) to (5) of this section, an individual is disqualified for benefits for any week with respect to which the individual is receiving, will receive, or has received a governmental or other pension, retirement or retired pay, annuity, or other similar periodic payment based on the previous work of the individual, if payment is received under a plan maintained or contributed to by a base year employer of the individual.(2) In determining disqualification for any week under subsection (1) of this section, if the remuneration and payments referred to in subsection (1) of this section cover a period greater than and include such week, a pro rata share of such remuneration and payments shall be apportioned to such week or weeks. Except as provided in subsection (3) of this section, such payments made in a lump sum upon separation or in weekly or other installments shall be considered as payments with respect to weeks following separation without regard to the existence or lack thereof of an employee-employer relationship during the weeks such pay is allocated pursuant to rules of the Director of the Employment Department.(3) An individual is not disqualified for benefits and the director may not reduce benefits under this section to an individual who:(a) If otherwise eligible, is entitled to benefits for any week;(b) Is a dislocated worker who has been terminated as a result of any permanent closure of or any substantial layoff at a plant, facility or enterprise; and(c) Elects to receive a payment referred to in subsection (1) of this section in a lump sum.(4) If payments referred to in subsection (1) of this section are being received by an individual under the federal Social Security Act, the director shall take into account the individual's contribution and make no reduction in the weekly benefit amount.(5) If under this section the remuneration and payments, or the pro rata share thereof, in any week are less than the benefits which would otherwise be due under this chapter for such week, such individual is entitled to receive for such week, if otherwise eligible, benefits reduced by the amount of such remuneration and payments. Amended by 1955 c.655 §13; 1957 c.699 §4; 1963 c.468 §1; 1969 c.569 §2; 1973 c.380 §1; 1975 c.661 §1; 1977 c.294 §3; 1979 c.185 §1; 1981 c.62 §1; 1983 c.157 §1; 1985 c.432 §1; 1987 c.270 §1; 2001 c.663 §1