House Bill No. 466 mandates that public school systems in Louisiana provide a permanent salary increase for teachers and other school employees, specifically a minimum of $2,000 for certificated personnel and $1,000 for noncertificated personnel. This salary increase, along with any related benefits, must be funded using the net savings that the school systems realize from a reduction in their employer contribution rate due to the state's payment of certain unfunded accrued liabilities of the Teachers' Retirement System of Louisiana. If the savings are insufficient to cover the full salary increases, the remaining funds will be sourced from the minimum foundation program formula.

Additionally, if a school system realizes excess savings beyond what is needed for the salary increases, those funds can only be used for specific purposes, including hiring personnel in critical shortage areas, funding summer enrichment programs, supporting early childhood education initiatives, and enhancing school security. The bill is set to take effect with the school year following its effective date, contingent upon the adoption of a proposed amendment to Article VII of the Louisiana Constitution.