SB2334 Summary

• Requires governing boards of all Illinois public universities and community colleges to post university/community college president employment contracts on their websites, including all amendments and documents modifying initial contracts.

• Limits severance payments to one year of salary and benefits for presidents and chancellors under new contracts.

• Prohibits contracts with determinate terms from exceeding 4 years and bans automatic rollover clauses in new employment agreements.

• Mandates that final actions on formation, renewal, extension, or termination of president and chancellor contracts occur during open board meetings with public notice compliant with the Open Meetings Act.

• Requires board approval of performance-based bonuses and incentive compensation in open meetings, with performance criteria and goals made public at least 48 hours before approval; mandates posting of board minutes, packets, and annual performance reviews online.