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

Terms Used In Indiana Code 20-28-9-19

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(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.]

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

  Previous section
Next section  
 Chapter 9 Contents