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Senate Bill 0396


Senate Bill 0396

ARCHIVE (2000)

Latest Information

 

DIGEST OF INTRODUCED BILL


School corporation retirement plan conversion. Provides that a school corporation is entitled to a retirement plan conversion distribution if the school corporation establishes a defined contribution plan or a tax sheltered annuity for employees of the school corporation who: (1) were participants in a retirement plan or severance plan established by the school corporation before July 1, 1999; (2) integrate their benefits accrued under the retirement plan or severance plan with the defined contribution plan or tax sheltered annuity established by the school corporation; and (3) become participants in the defined contribution plan or tax sheltered annuity established by the school corporation. Provides that the distribution is initially equal to one-half of the amount contributed by the school corporation during the year to fund the present value of the benefits to which the employees were entitled, as of July 1, 1999, under the retirement plan or severance plan established by the school corporation before July 1, 1999. Transfers money from the administrative trust fund of the lottery to make the distributions. Phases out the distribution over ten years.
    Current Status:
     In Committee - first House
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