INDIANA PUBLIC LAW 199 AND SECTION 457 SOLUTION Sample Clauses

INDIANA PUBLIC LAW 199 AND SECTION 457 SOLUTION. Because of Indiana Public Law 253-2001 which requires schools to solve their unfunded liabilities and to pre-fund any increase in benefits after June 30, 2001, the School Corporation and the Association have agreed to revise the Early Retirement Incentive Program under Article XII and Retirement Severance Program under Article XIII under the Contract in effect as of June 30, 2001 and restate the same as set forth in this Article XII with respect to teachers who are employed by the School Corporation and who remain continuously so employed until eligible for benefits. Retirement Benefits hereunder shall be provided by an eligible deferred compensation plan under Section 401(a) or the Internal Revenue Code (401(a) Plan) to be created by the School Corporation to fund these benefits. Funding for the 401(a) Plan will be from bonds to be issued by the School Corporation in accordance with the requirements and limits of P.L. 253-2001.
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