CO SB074

Creates the Highly Effective Teacher Bonus Program enabling school districts, cooperative services boards, and charter schools to award bonuses to teachers rated as highly effective and offer monetary incentives to recruit highly effective teachers.

Department of Education annually distributes funds to local education providers using a formula of $20,000 plus $850 per classroom teacher employed in the preceding school year, with distributions made by November 1 each year beginning in 2020.

Local education providers must use distributed funds only for bonuses to highly effective teachers and recruitment incentives, and must submit annual reports by June 30 detailing bonus amounts, number of highly effective teachers hired, and any unspent funds.

Department of Education must submit a summary of provider reports to the State Board of Education and legislative education committees by January 15 each year, beginning in 2022.

Amends the Public Employees' Retirement Association definition of "salary" to exclude highly effective teacher bonuses received under this program, preventing these bonuses from counting toward retirement calculations.