SB2163 Summary

• School boards must vote on salary increases exceeding 6% above the prior year for Teachers' Retirement System members, with a 30-day public notice period before the vote.

• Public notice for salary increases must include the employee's name and position, the dollar amount and percentage of increase, and the present value of resulting pension benefits above the 6% threshold.

• University boards of trustees must vote on earnings increases exceeding 6% above the prior year for State Universities Retirement System participants, with the same 30-day notice and disclosure requirements.

• Requirements apply to all Illinois public universities including University of Illinois, Southern Illinois University, and the regional universities (Chicago State, Eastern Illinois, Governors State, Illinois State, Northeastern Illinois, Northern Illinois, and Western Illinois).

• Act takes effect immediately upon becoming law.