Illinois Compiled Statutes 110 ILCS 670/15-185 – Employment contract limitations.This Section applies to the …
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Employment contract limitations.This Section applies to the employment contracts of the president or all chancellors of the University entered into, amended, renewed, or extended after the effective date of this amendatory Act of the 99th General Assembly. This Section does not apply to collective bargaining agreements. With respect to employment contracts entered into with the president or all chancellors of the University:
(1) Severance under the contract may not exceed one
(1) Severance under the contract may not exceed one
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year salary and applicable benefits.
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(2) A contract with a determinate start and end date
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may not exceed 4 years.
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(3) The contract may not include any automatic
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rollover clauses.
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(4) Severance payments or contract buyouts may be
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placed in an escrow account if there are pending criminal charges against the president or all chancellors of the University related to their employment.
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(5) Final action on the formation, renewal,
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extension, or termination of the employment contracts of the president or all chancellors of the University must be made during an open meeting of the Board.
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(6) Public notice, compliant with the provisions of
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the Open Meetings Act, must be given prior to final action on the formation, renewal, extension, or termination of the employment contracts of the president or all chancellors of the University and must include a copy of the Board item or other documentation providing, at a minimum, a description of the proposed principal financial components of the president’s or all chancellors’ appointments.
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(7) Any performance-based bonus or incentive-based
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compensation to the president or all chancellors of the University must be approved by the Board in an open meeting. The performance upon which the bonus is based must be made available to the public no less than 48 hours before Board approval of the performance-based bonus or incentive-based compensation.
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(8) Board minutes, board packets, and annual
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performance reviews concerning the president or all chancellors of the University must be made available to the public on the University’s Internet website.
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Terms Used In Illinois Compiled Statutes 110 ILCS 670/15-185
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.