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 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.
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