AR SB504

Creates the Teacher Salary Equalization Fund beginning with the 2021-2022 school year to provide additional funding to school districts with below-average teacher salaries.

Establishes a statewide target average annual teacher salary of $51,822 for the 2021-2022 and 2022-2023 school years, with the House and Senate Education Committees jointly setting targets for subsequent years.

Calculates equalization funding as $185 multiplied by the school district's average daily membership for the previous school year for districts below the statewide target.

Restricts equalization funds to be expended only for teacher salaries and benefits, and prevents districts receiving such funds from also receiving funds from the Educator Compensation Reform Fund in the same year.

Declares an emergency to allow immediate implementation for the 2021-2022 school year to address teacher shortages and competitive salary concerns identified in a 2020 adequacy study.