I. The maximum weekly benefit amount of any individual who is receiving retirement pay, which means in this section a government or other pension, retirement or retired pay, annuity, or any similar periodic payment based on previous work, shall be reduced by an amount equal to such retirement pay or other payment which the commissioner finds can be reasonably said to apply to such week. In the case of such a payment, not made under the Social Security Act or the Railroad Retirement Act of 1974, if the base period employer or chargeable employer under N.H. Rev. Stat. § 282-A:74 does not contribute to the fund from which such payments are made, this paragraph shall not apply.
II. If the employee contributed 50 percent or more to retirement pay as described in paragraph I, no portion of said payments shall be deducted from the individual’s maximum weekly benefit amount. For purposes of this section, the employee’s contribution shall be rounded up to the nearest percent.