Common use of Additional Financial Terms Clause in Contracts

Additional Financial Terms. 1. DPS will continue to honor the 2017-2020 Financial Agreement, which invested $ 45.3M million new dollars in teacher compensation over the course of the 2017-18, 2018-19, 2019-20 school years. If DPS and DCTA agree to a new structure for ProComp 3.0, DPS agrees to re- open the Financial Agreement in order to add $23 million new dollars to the system for 2019-20. 2. DPS will also use up to $6 million from the ProComp Trust Fund balance to cover the transition costs. The funds for transition costs will ensure: i. All educators will receive a base-pay increase in 2019-20. ii. Current employees who are below the agreed-upon Salary Schedule will be placed on the schedule according to their current years of service and the lane for which they are eligible. iii. Current employees who are above the agreed-upon Salary Schedule will not see any decrease in their salary. Current employees who are above the Salary Schedule will receive an agreed upon cost-of-living increase (75% base and 25% in a non-base payment) each year until the Salary Schedule catches up with them and they begin advancing on the Salary Schedule. iv. Educators who have six (6) or more banked PDUs as of January 19, 2019 may either receive a lump sum payout for all of their PDUs on or before November 7, 2019 or move one (1) lane, if they remain employed by the district. Educators with less than six (6) PDUs shall receive a lump sum payout for all of their PDUs on or before November 7, 2019. Each PDU will be valued at $1700 when cashed out in lump sum.