SB3793 - Accelerating School Funding Equity Act of 2020

• School districts must pay the employer normal cost of teacher pensions beginning in fiscal year 2021, shifting responsibility from the State to local districts.

• The State appropriates funds from the Common School Fund to the State Board of Education on a continuing basis starting fiscal year 2021 to reimburse districts for pension costs through the evidence-based funding formula.

• Modifies the evidence-based funding formula to include employer normal cost of teacher pensions in the employee benefit investments calculation for organizational units.

• Adjusts the Base Funding Minimum calculation for fiscal years 2021 and beyond to account for pension cost shifts and prevent districts from losing funding due to the transition.

• Establishes a phase-in approach for excluding excess State payments from the Base Funding Minimum, with 33% excluded in 2021-22, 66% in 2022-23, and 100% thereafter, with excluded amounts redistributed as new funding.