1. (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. (1) the teacher who is eligible under a negotiated retirement, savings, or severance pay plan; or

   2. (2) in the case of the teacher's death:

      1. (A) the teacher's designated beneficiary; or

      2. (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).

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.