compensation it would receive if this Act had not been enacted. 4. Grants for adjustment of teacher salaries (a) In general From amounts made available to carry out this section, the Secretary of Education shall award grants to eligible State educational agencies to provide, in accordance with subsection (c), cost-of-living adjustments to the annual base salary of such State and the annual salary of each teacher who is employed full-time at a qualifying school in such State. (b) Application To be eligible to receive such a grant, the State educational agency shall submit an application to the Secretary at such time, in such manner, and containing such information as the Secretary may require, including the demonstration required under subsection (d)(2). (c) Adjustment The annual base salary of the State and the annual salary of each teacher described in subsection (a) shall be increased by a percentage equal to the annual percentage increase in the Consumer Price Index for All Urban Consumers published by the Department of Labor for the most recent calendar year. (d) Eligible State defined In this section, the term eligible State means a State— (1) with an annual base salary of not less than $60,000 for teachers who are employed full-time at a qualifying school