(1) With the authorization of the Department of Consumer and Business Services, the amount of any permanent total disability benefits payable to an injured worker shall be reduced by the amount of any disability benefits the worker receives from federal Social Security.
(a) If the benefit amount to which the worker is entitled pursuant to this chapter exceeds the worker’s federal disability benefit limitation determined pursuant to 42 U.S.C. 424(a), the reduction in worker’s compensation benefits authorized by this subsection shall not be administered in such manner as to lower the amount the worker would have received pursuant to this chapter had such reduction not been made.
(b) If the benefit amount to which the worker is entitled pursuant to this chapter is less than the worker’s federal disability benefit limitation determined pursuant to 42 U.S.C. 424(a), the reduction in worker’s compensation benefits authorized by this subsection shall not be administered in such manner as to lower the amount of combined benefits the worker receives below the federal benefit limitation.
(2) No reduction of permanent total disability benefits shall be made pursuant to this section unless authorized by the department.
(3) No reduction of benefits shall be authorized pursuant to this section except upon actual receipt of federal Social Security disability benefits by the injured worker.
(4) The effective date of the operation of any offset provided in this section shall be the date established in the authorization provided in subsection (1) of this section, whether the authorization was issued prior to or subsequent to May 8, 1979.