A bill to amend the Federal Unemployment Tax Act with respect to the pension offset provision.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to declare: (1) that specified requirements for approval of State laws relating to the reduction of unemployment benefits because of pension payments 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; and (2) that State law may provide limitations on the amount of any such reduction to take into account contributions made by the individual for the pension, retirement or retired pay, annuity, or other similar periodic payments.…