Ind. Code § 20-28-9-19

Retirement, savings, or severance pay plan

Redline — January 1, 2018 → current.View current text →

Current — January 1, 2023

As of January 1, 2018

Note: This version of section effective until 1-1-2019. See also following version of this section, effective 1-1-2019.

Sec. 19. (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 ~~general~~ fund of the school corporation and may be made for a period exceeding one (1) year.

(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.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.