IL SB0529

Limits severance pay for government employees to a maximum of 20 weeks of compensation in contracts or employment agreements.

Prohibits severance pay for officers, agents, employees, or contractors dismissed for misconduct by units of government.

Exempts employees of college and university intercollegiate athletics departments funded by non-State-appropriated sources (such as athletic event revenues, gifts, or donations) from severance pay restrictions.

Clarifies that severance pay entitlements only exist when contractually authorized or otherwise authorized by law.

Takes effect upon becoming law.