The act creates the educator pay raise fund (fund), which consists of money that the general assembly may appropriate or transfer to the fund. The creation of the fund is conditioned on passage of a ballot measure by November 2027 that increases state tax revenue and requires the revenue to be deposited into the fund. The department of education (department) must distribute any money appropriated from the fund to assist school districts, charter schools, and boards of cooperative services in increasing teacher salaries and the hourly wage paid to other employees.The act creates the educator pay raise fund task force (task force) to recommend a process by which the department will disburse money from the fund to school districts and charter schools. The act specifies considerations that the process must address, including requiring that a school district or charter school must at least maintain the level of funding it provides for educator salaries and wages from revenue other than money received from the fund. The president of the senate and the speaker of the house of representatives must appoint the task force members who represent specific constituencies listed in the act. The task force must submit its recommendations to the education committees of the general assembly by January 15, 2022.(Note: This summary applies to this bill as enacted.)