Teacher retention grant program.

Creates the teacher retention grant (grant). Provides that certain schools qualify for a grant if one or more licensed teachers employed by the school or directly providing virtual education were rated as effective or highly effective. Requires certain schools to create and submit policies to the department of education (department) in order to receive a grant. Provides that the amount of a grant is equal to $37.50 multiplied by a school's current ADM. Provides that the department shall distribute the grant in accordance with the following priorities: (1) to the extent possible, to achieve geographic balance throughout Indiana and to include urban, suburban, and rural schools; and (2) to address a documented need for teacher retention grants based on a low teacher retention rate as determined by the department. Makes conforming changes treating teacher retention grants in the same manner as teacher appreciation grants.