§ 20-28-9-19 — Retirement, savings, or severance pay plan

Indiana § 20-28-9-19

• Jurisdiction: Indiana
• Title 20: EDUCATION
• Art. 28: SCHOOL TEACHERS
• Ch. 9: Salary and Related Payments

Text

(a) If a governing body of a school
corporation agrees to a retirement, savings, or severance pay plan with
a teacher or with an exclusive representative under IC 20-29, the
benefits may be paid to:
(1) the teacher who is eligible under a negotiated retirement,
savings, or severance pay plan; or
(2) in the case of the teacher's death:
(A) the teacher's designated beneficiary; or
(B) the teacher's estate, if there is no designated beneficiary.
Payments may be made in a lump sum or in installments as agreed
upon by the parties or to a savings plan established under IC 5-10-1.1-1(2).
(b) Notwithstanding IC 6-1.1-20, the payments under this section
shall be made from the education fund of the school corporation and
may be made for a period exceeding one (1) year.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-6.1-5-12.]

Legislative History

As added by P.L.1-2005, SEC.12. Amended by P.L.244-2017, SEC.54.