(p) Any otherwise eligible individuals shall be paid with respect to any week a benefit amount equal to the individual's weekly benefit amount less that part of a retirement pension or annuity, if any, received by the individual or for which the individual is eligible under a private pension plan which is financed entirely by a base period employer of such employee, and which is in excess of the weekly benefit amount for which the individual is eligible under this chapter. If there is employee participation in financing a pension plan, such deduction shall be reduced in the same proportion as the employee's contribution to the pension bears to the total pension amount. If such retirement pension or annuity payment deductible under this subsection is received on other than a weekly basis, the amount thereof shall be allocated and prorated in accordance with such regulation as the Department shall prescribe. This subsection shall apply only to any new claim filed after August 9, 1961. The weekly benefit amount payable to an individual for any week which begins after March 31, 1980, and which begins in a period with respect to which such individual is receiving or is eligible to receive a governmental or other pension, retirement or retired pay, annuity or any other similar periodic payment which is based on the previous work of such individual or which begins in a period with respect to which such individual is receiving or is eligible for sickness disability or workers' compensation benefits shall be reduced (but not below 0) by the sum of the prorated weekly amount of such pension, retirement or retired pay, annuity or other payment and the prorated weekly amount of such disability or worker's compensation benefits payment which is reasonably attributable to such work; provided that, in the case of the pension retirement or retired pay, annuity or other payment, if the provisions of the Federal Unemployment Tax Act [ 26 U.S.C. § 3301 et seq.] permit:
(1) The requirements of this paragraph shall only apply in the case of a pension, retirement or retired pay, annuity or other similar periodic payment under a plan maintained (or contributed to) by a base period or chargeable employer (as determined under this act);(2) The amount of any such reduction shall be determined taking into account contributions made by the individual for the pension, retirement or retired pay, annuity or other similar periodic payment;(3) In the case of a payment in the form of a pension, annuity, retirement or retired payment paid to an individual under the Social Security Act [ 42 U.S.C. § 301 et seq.] or the Railroad Retirement Act of 1974 [ 45 U.S.C. § 231 et seq.], the individual's contribution shall be taken into consideration and the weekly benefit amount payable to said individual for any week which begins after July 1, 1997, shall be reduced by 25% of the individual's weekly benefit amount under the Social Security Act or the Railroad Retirement Act of 1974;(4) In the case of a payment in the form of a pension, annuity, retirement or retired payment paid to an individual under the Social Security Act ( 42 U.S.C. § 301 et seq.), or the Railroad Retirement Act of 1974 ( 45 U.S.C. § 231 et seq.), the individual's contribution shall be taken into consideration and the weekly benefit amount payable to said individual for any week which begins after January 1, 1999, shall not be reduced.(5) Any overpayment which may result from the retroactive application of this paragraph may, at the discretion of the Secretary of Labor, be waived.