Applicable voluntary early retirement incentive plan
For purposes of this subparagraph, the term “applicable voluntary early retirement incentive plan” means a voluntary early retirement incentive plan maintained by—
(I)#
a local educational agency (as defined in section 8101 of the Elementary and Secondary Education Act of 1965), or
(II)#
an education association which principally represents employees of 1 or more agencies described in subclause (I) and which is described in section 501(c)(5) or (6) and exempt from tax under section 501(a).