On August 26, 2011, Gov. Pat Quinn signed Senate Bill 1831 (Public Act 97-0609). This law makes several changes to the Illinois Municipal Retirement Fund (IMRF) statute and amends the Open Meetings Act.
Effective January 1, 2012, within six days of approving its budget, an IMRF employer must post the total compensation package for each employee receiving a total compensation package that exceeds $75,000 a year.
At least six days before an IMRF employer approves an employee's total compensation package that will equal or exceed $150,000 a year, the employer must post the total compensation package for that employee.
For this statute, "total compensation package" means payment by the employer to the employee for salary, health insurance, a housing allowance, a vehicle allowance, a clothing allowance, bonuses, loans, vacation days granted and sick days granted.