SECTION 240:10-3-41. Application of retirement proceeds and severance pay

Latest version.

(a)   Lump-sum retirement payment. A lump-sum distribution from a retirement plan shall be deductible from benefits in the week received.
(b)   Regular retirement payments. If a claimant is receiving monthly retirement payments that are required to be deducted from unemployment insurance benefits pursuant to 40 O.S. §2-411, the Commission shall deduct 7/30ths of the monthly retirement payment from each week of unemployment benefits received.
(c)   Severance pay. Severance pay which is deemed wages shall be deductible from benefits in the week received.

[Source: Amended at 9 Ok Reg 1327, eff 2-27-92 (emergency); Amended at 9 Ok Reg 1833, eff 6-11-92; Amended at 21 Ok Reg 779, eff 5-1-04; Amended at 29 Ok Reg 459, eff 5-15-12]

                    
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