IL Statutory Requirement Employee Compensation Package
In compliance with Section 7.3 of the Open Meetings Act, effective January 1, 2012, employers
participating in the Illinois Municipal Retirement Fund must post a physical copy of the compensation
package for each employee that exceeds $75,000 per year within 6 days after approving a budget and at
least 6 days prior to approving a budget for employees with a total compensation package that exceeds
$150,000. “Total compensation package” is defined in the Act to mean payment by the employer to the
employee for salary, health insurance, housing allowance, vehicle allowance, clothing allowance,
bonuses, loans, vacation days granted, personal days, and sick days granted.