IL SB2845

Reduces severance limits for university presidents, chancellors, and community college employees to 6 months of salary and benefits for contracts entered into on or after the effective date of this act (previously limited to 1 year).

Applies the new severance cap uniformly across the 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 public community colleges.

Maintains existing restrictions on employment contracts including 4-year maximum terms, prohibition of automatic rollover clauses, requirement for open board meetings for contract actions, and public notice requirements.

Allows severance payments to be placed in escrow if pending criminal charges exist against the executive related to their employment.

Requires board minutes, performance reviews, and performance-based bonus details to be made publicly available online at least 48 hours before approval.