Senate Bill 0070
DIGEST OF SB0070 (Updated February 1, 2001 12:00 PM - DI 102)
School retirement plans. 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: (1) who were covered by retirement or severance provisions established by the school corporation in its master contract before July 1, 1999; (2) whose benefits that accrued under the retirement or severance provisions are replaced in whole or in part by the defined contribution plan or tax sheltered annuity established by the school corporation; (3) who become participants in the defined contribution plan or tax sheltered annuity established by the school corporation; and (4) who are employees of the school corporation after June 30, 2000. Provides that the initial distribution in 2002 is equal to one-half of the amount contributed by the school corporation during the 1999-2000 and 2000- 2001 school years to fund the present value of the benefits to which the employees were entitled, as of July 1, 1999, under the retirement or severance provisions established by the school corporation in its master contract before July 1, 1999. Phases out the distribution over ten years. Transfers money from the administrative trust fund of the lottery to make the distributions.
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