SB1655 Summary: Higher Education Executive Compensation Oversight Act

• Creates oversight requirements for severance agreements at community colleges and public universities in Illinois before boards of trustees can enter into or amend such agreements.

• Community college boards must post severance agreements on their websites for 30 days, and any petition signed by 5% of eligible district voters objecting to the agreement renders it null and void.

• Public university boards must post severance agreements on their websites for 30 days and submit them to specified House and Senate committees for review.

• Public university severance agreements cannot become effective if either chamber of the General Assembly disapproves by majority vote within 30 calendar days of delivery to committees; agreements not disapproved become effective no earlier than 30 days after delivery.

• Applies to presidents or chancellors at University of Illinois, Southern Illinois University, Chicago State University, Eastern Illinois University, Governors State University, Illinois State University, Northeastern Illinois University, Northern Illinois University, Western Illinois University, and any other public universities established by the General Assembly.