IL SB2310

Amends the Government Severance Pay Act to add requirement that severance pay contracts include a provision capping compensation during transition to a new position at the annual compensation of the highest-paid employee in the receiving department.

Modifies the definition of "severance pay" to include compensation provided to employees transitioning to a new position within the same unit of government, in addition to terminated employees.

Maintains existing requirements that severance pay may not exceed 20 weeks of compensation and must be prohibited when an employee is fired for misconduct.

Specifies that intercollegiate athletics employees at colleges and universities funded by non-State-appropriated sources are exempt from the act's requirements.

Declares that the amendments are declarative of existing law and shall not be construed as new enactments; takes effect immediately upon becoming law.