Section 20-42-4-2 - Actuarial funding requirement; separate accounting(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.