Maximum offset allowance
The maximum offset allowance is equal to—
(i)#
in the case of benefits attributable to any year of service with the employer taken into account under the plan, ¾ percent of the participant’s final average compensation, and
(ii)#
in the case of total benefits, ¾ percent of the participant’s final average compensation, multiplied by the participant’s years of service (not in excess of 35) with the employer taken into account under the plan.
In no event shall the maximum offset allowance exceed 50 percent of the benefit which would have accrued without regard to the offset reduction.