SB0151 Summary

• Reduces maximum severance for university presidents and chancellors from 1 year to 6 months of salary and benefits for contracts entered into, amended, renewed, or extended after the 101st General Assembly effective date.

• Applies the 6-month severance cap to all public universities (University of Illinois, Southern Illinois University, Chicago State University, Eastern Illinois University, Governors State University, Illinois State University, Northeastern Illinois University, Northern Illinois University, and Western Illinois University).

• Reduces maximum severance for community college district employees from 1 year to 6 months of salary and benefits for contracts entered into, amended, renewed, or extended after the 101st General Assembly effective date.

• Maintains existing restrictions on university and community college employment contracts including 4-year maximum contract terms, prohibition of automatic rollover clauses, escrow provisions for severance during pending criminal charges, open meeting requirements, and public notice provisions.

• Requires performance-based bonuses and incentive compensation for university presidents and chancellors to be Board-approved in open meetings with performance metrics disclosed to the public at least 48 hours before approval.