Directs the State Board of Education to contract with a private, nonprofit corporation by August 1, 2015. The corporation will administer a program that will require local boards of education to submit proposals for local initiatives designed to develop advanced teaching role prototypes and reallocate funding to pay advanced role salary supplements.

Requires the corporation to select the first cohort (up to 10 local school administrative units) by December 1, 2015. Outlines criteria the corporation should apply in the selection process. Specifies how funding may be used and accountability for the local units. 

Requires the local units selected in the first cohort to submit financial sustainability plans no later than January 1, 2016, with a revision process to follow. Requires implementation to begin in the 2016-17 school year, with full implementation by the following year. Requires the local units to submit annual reports.

Provides that the intent is to have a second cohort of up to 50 local units beginning in the 2017-18 school year if funds are available and for the corporation to provide support to other local units in the future.

Requires the State Board of Education to increase flexibility for any local unit in the first or second cohort with respect to converting positions within a unit to dollar equivalents and exceeding class size maximums.

Directs the nonprofit corporation to evaluate the program and submit recommendations to the General Assembly.

Effective July 1, 2015.