In re the Claim of Kirkikis

—Appeal from a decision of the Unemployment Insurance Appeal Board, filed August 24, 1994, which, inter alia, ruled that claimant’s benefit rate should be reduced to zero.

After leaving his position as an engineer for a telephone company, claimant received a lump-sum payment which he rolled over into an individual retirement account in lieu of receiving a monthly annuity. Taking into consideration the *850value of the lump-sum payment, the Board reduced claimant’s benefit rate to zero and charged him with a recoverable overpayment of $300. Claimant argues that because he reinvested the lump-sum…