Indiana § 20-42-4-2 Actuarial funding requirement; separate accounting

Indiana Statutes

§ 20-42-4-2 — Actuarial funding requirement; separate accounting

Indiana·Title 20 EDUCATION·Art. 42 FIDUCIARY FUNDS AND ACCOUNTS·Ch. 4 Funding of Retirement or Severance Plan

(a)A school corporation must fund on an actuarially sound basis the postretirement or severance benefits that will be paid to employees under a plan, an agreement, or a contract described in section 1(1) of this chapter or an increase described in section 1(2) of this chapter.

(b)A school corporation must place the assets used to fund on an actuarially sound basis the postretirement or severance benefits in a separate fund or account, and the school corporation may not commingle the assets in the separate fund or account with any other assets of the school corporation. [Pre-2006 Recodification Citation: 21-2-20-2.]

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(a) A school corporation must fund on an
actuarially sound basis the postretirement or severance benefits that
will be paid to employees under a plan, an agreement, or a contract
described in section 1(1) of this chapter or an increase described in
section 1(2) of this chapter.
(b) A school corporation must place the assets used to fund on an
actuarially sound basis the postretirement or severance benefits in a
separate fund or account, and the school corporation may not
commingle the assets in the separate fund or account with any other
assets of the school corporation.
[Pre-2006 Recodification Citation: 21-2-20-2.]

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