Applicable employment retention plan
The term “applicable employment retention plan” means an employment retention plan maintained by—
(i)#
a local educational agency (as defined in section 8101 of the Elementary and Secondary Education Act of 1965 ( 20 U.S.C. 7801 )), or
(ii)#
an education association which principally represents employees of 1 or more agencies described in clause (i) and which is described in section 501(c)(5) or (6) and exempt from taxation under section 501(a).