The actions taken by a school corporation before January 1, 1988, to:

1. (1) establish an employee savings plan that is a defined contribution plan qualified under Section 401(a) of the Internal Revenue Code; and

2. (2) contribute amounts to the employee savings plan on behalf of the employee, with those amounts to be credited and allocated to the employee;

   are legalized.

As added by P.L.220-2011, SEC.63.