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Public Act 97-0609 became law in August 2011. The act requires that all Illinois Municipal Retirement Fund (IMRF) employers must post information for each employee having a total compensation package that exceeds $75,000 per year within 6 days of approval of a budget.
The Act also provides that any IMRF employer that approves an employee’s total compensation package equal to or in excess of $150,000 per year must post the total compensation package at least 6 days before the approval of said compensation package or a budget.
For purposes of the Act, “Total Compensation Package” means payment by the employer for salary, health insurance, a housing allowance, a vehicle allowance, a clothing allowance, bonuses, loans, vacation days granted and sick days granted.