Ind. Code ch. 20-42-4

in effect

Ind. Code § 20-42-4-1 Application

Sec. 1. This chapter applies to a school corporation that: (1) after June 30, 2001, establishes a retirement or severance plan that will require the school corporation to pay postretirement or severance benefits to employees of the school corporation; or (2) includes in a collective bargaining agreement or other contract entered into after June 30, 2001, a provision to increase: (A) the benefit; or (B) the unfunded liability; under a retirement or severance provision that will require the school corporation to pay postretirement or severance benefits to employees of the school corporation. [Pre-2006 Recodification Citation: 21-2-20-1.] As added by P.L.2-2006, SEC.165.

Ind. Code § 20-42-4-2 Actuarial funding requirement; separate accounting

Sec. 2. (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.] As added by P.L.2-2006, SEC.165.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/20Fetched: 10/17/2026