Tying what teachers earn to what students learn has reemerged as an important educational policy lever and regained much interest among researchers and policymakers both in the United States and around the world (Liang, 2013; Liang & Akiba, 2011; Podgursky & Springer, 2007). Theoretically, performance pay programs can (a) motivate teachers to strengthen their instruction, (b) improve the quality of the teaching profession, and (c) enhance student learning (Lazear, 2003). On the first issue, a recent study has provided some evidence that when aligned with teacher evaluation focusing on instruction, performance related pay is promising in enhancing teachers’ instructional practices (Liang & Akiba, 2015). On the second one, we still have no evidence of its impact on teacher recruitment and retention.