Bill Title: Amends the State Universities and State Employees Articles of the Illinois Pension Code to specify that severance payments are not included in "earnings" or "compensation" for pension purposes. Amends various Acts relating to the governance of public universities in Illinois and the Public Community College Act. Provides that, with respect to an executive administrator of a university or community college whose final rate of earnings exceeds $200,000, the governing board of the university or community college district may not award a severance payment to that employee that exceeds 30% of his or her final rate of earnings unless the severance payment is reviewed by the Board of Higher Education or the Illinois Community College Board and the respective Board approves the payment by a record vote of a majority of its members. Effective immediately.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2015-10-10 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB1291 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Melinda Bush [D]	Primary	Sponsored Bills	SD-031	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jacqueline Collins [D]	Cosponsor	Sponsored Bills	SD-016	FollowTheMoney	Ballotpedia	VoteSmart
Senator Steve Stadelman [D]	Cosponsor	Sponsored Bills	SD-034	FollowTheMoney	Ballotpedia	VoteSmart

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