An IEP is the "Individual Education Plan". It states what grade level a child is at, the goals for the child, the teacher, and the parent. As others said, there is usually a counselor involved in determining if the child needs special classes to acheive set goals.
By law if the IEP changes, all parties are to be notified. BUT, do not count on that. I just had a nightmare with my child who needs a little help with reading. The IEP clearly states if the child is taken out of a mainstream class, I am to be told which class. Seems the school got some new program for kids slightly behind so three boys were the test subjects. Mind you, these kids tested average for their grade, they just wanted to see if it could make them above average. Now the kids have missed two weeks of spelling. I happen to have the IEP guidelines now, after a long conference at the school and the laws that apply to setting goals.
But, an IEP can also be for "gifted children". My second grader tested higher than any child ever in this district. So he has to have a plan to accomodate him to prevent boredom yet not discourage him. With that child I continually stress I do not want him treated different, I want him to learn social skills for a child his age and left in a mainstream classroom.
As Happy Momma said, the schools get extra money for each child that needs special ed of any sort. It would seem if you plan to adopt these children or child, you would be able to see some school records. To me it just seems logical to be upfront rather than get into more than you knew.
This link has more info on what an IEP is, fairly simple language with good links.
http://www.concordspedpac.org/WhatIEP.htm
Good Luck...Teresa