Indiana Code 21-38-1-2. “Compensation”
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Sec. 2. “Compensation” means the sum of the following:
(2) An amount not to exceed two thousand dollars ($2,000) received from the state educational institution in contemplation of the employee’s retirement, including severance pay, termination pay, retirement bonus, or commutation of sick leave or personal leave.
(1) The fiscal year salary received by an employee.
Terms Used In Indiana Code 21-38-1-2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
[Pre-2007 Higher Education Recodification Citation: 21-6.1-8-1(1).]
As added by P.L.2-2007, SEC.279.