New Compensation Posting Requirement
Public Act 97-609, effective January 12, 2012, added a section to OMA which applies to employers participating in the Illinois Municipal Retirement Fund.
Employers participating in the Illinois Municipal Retirement Fund must:
1) post on their websites the “total compensation package” for each employee making over $75,000 per year within 6 business days of approving their budget; and
2) post on their websites at least 6 days before approval an employee’s “total compensation package” that is equal to or in excess of $150,000.
If the employer does not maintain a website then a physical copy of this information must be posted at its principal office. 5 ILCS 120/7.3.