CHAPTER 4. FUNDING OF RETIREMENT OR SEVERANCE PLAN

IC 20-42-4
    Chapter 4. Funding of Retirement or Severance Plan

IC 20-42-4-1
Application
    Sec. 1. This chapter applies to a school corporation that:
        (1) after June 30, 2001, establishes a retirement or severanceplan that will require the school corporation to paypostretirement or severance benefits to employees of the schoolcorporation; or
        (2) includes in a collective bargaining agreement or othercontract entered into after June 30, 2001, a provision toincrease:
            (A) the benefit; or
            (B) the unfunded liability;
        under a retirement or severance provision that will require theschool corporation to pay postretirement or severance benefitsto employees of the school corporation.
As added by P.L.2-2006, SEC.165.

IC 20-42-4-2
Actuarial funding requirement; separate accounting
    Sec. 2. (a) A school corporation must fund on an actuarially soundbasis the postretirement or severance benefits that will be paid toemployees under a plan, an agreement, or a contract described insection 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 anactuarially sound basis the postretirement or severance benefits in aseparate fund or account, and the school corporation may notcommingle the assets in the separate fund or account with any otherassets of the school corporation.
As added by P.L.2-2006, SEC.165.